Company: MNTR
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001620
Chunk: 1768

Company: Mentor Capital, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 15
Chunk 1768
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 operations segment is now reported as a discontinued
operation. See Note 3 of the consolidated financial statements for detailed financial information on our former facilities operations
segment.

Note
18 – Income tax

The
provision (benefit) for income taxes for the years ended December 31, 2024 and 2023 consist of the following:

 Schedule of components of income tax expense (benefit)

    2024  
    2023 
  
    Current taxes from continuing operations: 

    Federal 
    $-  
    $- 
  
    State 
     15,329  
     8,160 
  
    Total current 
     15,329 
     8,160 

    Taxes from discontinued operations(1): 

    Federal (1)
     -  
     - 
  
    State (1)
     -  
     5,783 
  
    Tax provision plus discontinued operations (1)
     15,329  
     13,943 

    Deferred tax asset: 

    Federal 
     98,300  
     (273,400)
  
    State 
     (156,600) 
     1,100 
  
    Change in valuation 
     58,300 
     (272,300)
  
    Total provision (benefit) 
    $15,329  
    $13,943 

    (1)
    We
    sold our entire ownership interest in WCI on October 4, 2023 and as a result WCI is excluded from our continuing operations and presented
    as discontinued operations. See Note 3.

The
Company has net deferred tax assets resulting from a timing difference in recognition of depreciation and reserves for uncollectible
accounts receivable and from net operating loss carryforwards.

    F-40

Mentor
Capital, Inc.

Notes
to Consolidated Financial Statements

December
31, 2024 and 2023

At
December 31, 2024, the Company had approximately $6,500,000 of federal net operating loss carryforwards, of which approximately $3,700,000
can be carried forward indefinitely, and the remaining $2,800,000 will begin to expire in 2034 and be fully expired by the year 2037.
The Company has a California net operating loss carryforward of approximately $7,100,000 that begins expiring