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Mentor Capital, Inc. Completes 2nd Year Audit for OTCBB Move; Reporting $0.16 Per Share in Basic Earnings

Posted by Dana in September 22nd 2009

Mentor Capital, Inc. (Pink Sheets:MNTR) completed its FY 2008 audit in preparation for filing a self-registration statement with the SEC and applying to move from the Pink Sheets to begin being quoted on the Over-the-Counter Bulletin Board system. The move to the OTCBB was accelerated by the July 8, 2009 acquisition of a significant interest in Quantum Immunologics, Inc., a leading cancer immunotherapy company now in Phase I/II FDA breast cancer trials. At year end, Mentor Capital, Inc. had $1.25 per share in securities or financial assets which included $0.32 or $173,259 in cash against $34,823 in total non-shareholder liabilities. 546,117 shares were outstanding as of December 31, 2008. During the year, earnings per basic MNTR share were $0.16. At the close of 2008, 1,386 shareholders held 28,218,840 freely tradable stepped warrants at $1, $3, $5 and $7 per share exercise prices. Upon call and exercise, the eventual expected warrant proceeds calculate to approximately $145 Million. In a subsequent event, 83% of the $1 warrant proceeds were pledged to Quantum Immunologics in exchange for 20% of the cancer fighting company private stock, with funds primarily being used to finance their FDA trials.