Note 22 - Patent and License Fee Facility with Larson
|12 Months Ended|
Dec. 31, 2018
|Note 22 - Patent and License Fee Facility with Larson||
Note 22 Patent and License Fee Facility with Larson
Effective April 4, 2016, Mentor Capital, Inc. entered into a certain Larson Mentor Capital, Inc. Patent and License Fee Facility with Agreement Provisions for an 80% / 20% Domestic Economic Interest 50% / 50% Foreign Economic Interest agreement with R. L. Larson and Larson Capital, LLC (Larson). Under this agreement, Mentors subsidiary Mentor IP, LLC (MCIP) obtained rights in an international patent application for foreign THC and CBD cannabis vape pens under the provisions of the Patent Cooperation Treaty of 1970, as amended. If and upon approval of the United States patent application, Larson intends to seek exclusive licensing rights in the United States for THC and CBD cannabis vape pens for various THC and CBD percentage ranges and concentrations. Per the agreement Mentor paid $25,000 in exchange for 15.7% of the domestic licensing rights and 41.4% of international licensing rights for the vape pens.
The entire disclosure for accounts payable, accrued expenses, and other liabilities that are classified as current at the end of the reporting period.
No definition available.