Subsequent events |
3 Months Ended |
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Mar. 31, 2016 | |
Subsequent events: | |
Subsequent events |
Note 22 Subsequent events
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" with R. L. Larson and Larson Capital, LLC (Larson), by which Mentor's to be formed subsidiary, Mentor IP, LLC, (MCIP) obtained an international patent application for foreign THC and CBD cannabis vape pens under the provisions of the Patent Cooperation Treaty of 1970, as amended. Moreover, MCIP is expected to receive exclusive licensing rights in the United States for THC and CBD cannabis vape pen licensing, contingent upon the approval of the United States patent application for the same. Mentor agreed to pay $100,000 prior to July 15, 2016, to pay $25,000 of charges advanced by Larson for early patent work and $75,000 for continuing international patent work. Mentor paid Larson $12,500 on April 4, 2016 and $12,500 on April 26, 2016.
MCIP was organized under the laws of South Dakota on April 18th 2016. |
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- References No definition available.
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- Definition 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. No definition available.
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