Mentor Capital Reports 66% 2018 Revenue Increase in 10-K
Annual 10-K Filing for Marijuana and Cannabis M&A Company
SAN DIEGO, CA / ACCESSWIRE / March 29, 2019 / Mentor Capital, Inc. (OTCQX: MNTR) announced that it had filed its annual 10-K filing for the year December 31, 2018, with the Securities and Exchange Commission.
The Company reports that for the year ended December 31, 2018 Mentor had revenues of $5,281,533 and gross profit of $1,582,599 with a resulting net loss attributable to Mentor of ($409,161) or (1.8 cents) per share. This is an improvement from the year ended December 31, 2017 in which Mentor had revenues of $3,182,700 and gross profit of $1,107,045 with a resulting net loss attributable to Mentor of ($753,895) or (3.4 cents) per share.
The Mentor Capital, Inc. parent company has no non-affiliate debt and collected a net payment of $1,758,949 on January 23, 2018 in satisfaction of the Company's judgment against Bhang Corporation. The Company raised $109,985 during the year ended December 31, 2018 from the issuance of Series Q preferred shares and the Company also raised $629,205 during the year ended December 31, 2018 under the authority of an 11 U.S.C. § 1145 order and $6,316 from warrant redemption fees at $0.10 per warrant from designees redeeming unexercised warrants that have been called but were not exercised timely. The Company invested $1,974,716 into cannabis-related companies during the year and the Company maintained a balance of cash of $1,470,574 at December 31, 2018 compared to $1,148,726 at December 31, 2017. The Company closed the year ended December 31, 2018 with a book value of $6,433,840 up from $6,346,613 at the end of 2017.
Mentor Capital, Inc. had 12,606 shareholders reported as of December 31, 2018, with 23,139,837 shares issued. At December 31, 2018, there were 87,456 Series B warrants outstanding with an exercise price of $0.11 per share, 6,252,954 Series D warrants outstanding with an exercise price of $1.60 per share, and 689,159 Series H warrants that are held by an investment bank at a $7.00 per share exercise price. No equity was granted to directors, insiders, consultants or investor relations firms in 2018. The Company's shares finished the year at a closing price of $0.34 per share representing a market capitalization of $7,867,545 compared to a 2017 year-end closing price of $2.29 per share and a corresponding market capitalization of $52,244,708. As of March 28, 2019, the closing price of the Company's shares was $0.47 with a corresponding market capitalization of approximately $10,875,723.
The Company is managed by Chairman, CEO, and director Chet Billingsley (66), who founded Mentor Capital first as an acquisition partnership in 1985 and was qualified as a Registered Investment Advisor. He received his undergraduate education at West Point before earning a master's degree in Applied Physics at Harvard University. His early career was at General Electric. Treasurer, CFO, and director Lori Stansfield, CPA (59), was most recently Director of Audit Services for a regional CPA firm. She graduated Magna cum Laude in accounting and received a master's degree in Marketing from the University of Colorado. Ms. Stansfield is certified as a public accountant in both Colorado and California. Secretary and director Robert Meyer (79), director and Audit Committee member Stan Shaul (54), and director and Audit Committee Chairman David Carlile (63) are independent directors, and each has been or is a business owner and major shareholder. Altogether, the directors and officers hold a 24.5% fully diluted interest in Mentor Capital with Mr. Billingsley's interest reported at 17.96% on a fully diluted basis as of March 15, 2019.
The 10-K includes December 31, 2018 audited financials and can be referenced through the SEC's EDGAR system at:
Inputting the company name, Mentor Capital, Inc. or the Company's CIK code which is 0001599117, will bring up the report. The 10-K can also be viewed at the Company's website at the Investor's Corner section under the SEC Filings tab.
About Mentor Capital: The Company seeks to come alongside and assist private medical marijuana and cannabis companies and their founders in meeting their liquidity and financial objectives, to add protection for investors and to help incubate private cannabis companies. Additional important information for investors is presented at:
This press release is neither an offer to sell, nor a solicitation of offers to purchase, securities.
Forward-Looking Statements: This press release contains forward-looking statements within the meaning of the federal securities laws, including statements concerning financial projections, financing activities, corporate combinations, product development activities and sales and licensing activities. Such forward-looking statements are not guarantees of future results or performance, are sometimes identified by words of condition such as ''should,'' ''could,'' ''expects,'' ''may,'' ''intends,'' ''seeks,'' ''looks,'' ''moves,'' or ''plans'' and are subject to a number of risks and uncertainties, known and unknown, that could cause actual results to differ materially from those intended or anticipated. Such risks include, without limitation: nonperformance of investments, partner and portfolio difficulties, potential delays in marketing and sales, problems securing the necessary financing to continue operations, problems involving continued illegality of cannabis products, potential of competitive products, services, and technologies, difficulties experienced in product development, in recruiting knowledgeable personnel and in protecting intellectual property. Further information concerning these, and other risks is included in the Company's Form 10-K filing which, along with other very important information about the Company, can be found here:
The Company undertakes no obligation to update or revise such forward-looking statements to reflect new information, events or circumstances occurring after the date of this press release.
For further information contact:
Mentor Capital, Inc.
Chet Billingsley, CEO
SOURCE: Mentor Capital, Inc.
Released March 29, 2019