Note 25 - Subsequent Events
|12 Months Ended|
Dec. 31, 2019
|Note 25 - Subsequent Events||
Note 25 Subsequent events
On January 21, 2020 the United States Patent and Trademark Office granted a Notice of Allowance for the United States patent application in which MCIP has obtained rights. MCIP plans to apply for expedited prosecution under the Patent Prosecution Highway based upon the claims allowed in the corresponding United States patent application.
On January 22, 2020, the Superior Court of California in the County of Marin granted Mentor Capital, Inc.s and Mentor Partner I, LLCs motion for writ of possession and preliminary injunction prohibiting the G Farma Entity defendants from retaining control of or selling property leased to it by the Company. On January 31, 2020, the Company repossessed leased equipment under G Farmas control and moved it to storage under the Companys control. On March 5, 2020, the Company sold equipment with a cost of $495,967 to the highest offeror for $240,000. The Company intends to auction or sell the remaining equipment to the highest bidder or the highest offeror in the second quarter of 2020. The Company will try to recover as much of its cost in the equipment as possible given that it has never been used.
On March 6, 2020, an aggregate of 288,890 shares of Mentor Common Stock, issued to G Farma at an aggregate value of $600,002 and rescinded by the Company on October 3, 2019, due to complete failure of consideration, were cancelled and returned to the authorized but unissued shares of the Company by the Companys stock transfer agent, see Note 11. The Company recorded the rescission, at December 31, 2019, at par value.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef