Quarterly report pursuant to Section 13 or 15(d)

Note 26 - Subsequent Events

Note 26 - Subsequent Events
9 Months Ended
Sep. 30, 2018
Note 26 - Subsequent Events

Note 26 – Subsequent events


On October 13, 2018, Partner II delivered equipment to Pueblo West in Colorado at a sales price of $442,114 which is being leased to Pueblo West under a financing lease.


On October 30, 2018, the Company entered into a Recovery Purchase Agreement with Electrum. Electrum is plaintiff in an ongoing legal action pending in the Supreme Court of British Columbia (“Litigation”). The Company will pay $100,000 towards ongoing legal costs of the Litigation in exchange for 10% of anything of value received by Electrum as a result of the Litigation (the “Legal Recovery”) plus an additional 1% of the Legal Recovery for each additional $10,000 of litigation costs paid by the Company above the initial $100,000 paid by the Company.


Also, on October 31, 2018, the Company entered into a separate Capital Agreement to provide $100,000 of capital to Electrum. On the earlier to occur of (i) November 1, 2021, and (ii) the final resolution of the Litigation , the Company will receive $100,000 from Electrum and 10% of the Legal Recovery. For each full month for the period between October 31, 2018 and the final resolution of the Litigation, Electrum shall either (i) pay interest to the Company in the amount of $833.34 or (ii) increase the Legal Recovery owed to the Company by 0.083334%.


On October 30, 2018, Mentor purchased an additional $50,000 convertible promissory note from NeuCourt maturing October 31, 2020. Principal and unpaid interest on the Note may be converted into a blend of shares of a to-be-created series of Preferred Stock and Common Stock of NeuCourt (i) on closing of a future financing round of at least $750,000, (ii) on the election of NeuCourt on maturity of the Note, or (iii) on election of Mentor following NeuCourt’s election to prepay the Note.


On November 8, 2018, the Company received payment of $27,561 from NeuCourt in satisfaction of the $25,000 principal and accrued interest of $2,561 on the November 8, 2016 convertible note receivable which was subsequently cancelled.