Company: MNTR
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001620
Chunk: 340

Company: Mentor Capital, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 2
Chunk 340
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Continuing
Operations

Mentor
rented 2,000 square feet of office space for $2,990 per month under a one-year lease in San Diego, California, which expired in September
2020. Mentor relocated to Plano, Texas, in September 2020 and now reimburses facilities costs of $2,456 per month to the property owners,
the Billingsley family. Reimbursable facilities costs have not increased since 2020. The Company does not pay rent. The Company’s
combined San Diego rent and facilities costs formerly totaled $4,408 per month.

MCIP,
Partner I, Partner II, and TWG office and administrative support are provided by Mentor in its Plano, Texas corporate offices.

Discontinued
Operation

Our
discontinued operation and former facilities segment, Waste Consolidators, Inc. (“WCI”), managed our former Arizona and Texas
operations from Phoenix, Arizona, where it leased 5,603 square feet of office and warehouse space pursuant to a Multi-Lessee Industrial
Net Lease effected September 15, 2022, for an initial lease term of sixty-one months commencing on October 1, 2022. The monthly base
rent was $5,603 for the period October 1, 2022, to September 30, 2023. On October 1, 2022, our discontinued operation also paid its monthly
pro rata share (3.89% of total rental square footage estimated at $1,289 per month or $0.23 per square foot per month) of the
annual common area operating expenses and common area improvements incurred by the landlord. Previously, our discontinued operation managed
its Arizona and Texas business from Tempe, Arizona, where it leased approximately 3,000 square feet of office and warehouse space for
$2,200 per month under an operating lease that expired in January 2021 and was amended February 18, 2021, to extend the lease through
February 2023. The monthly rent under the extended lease was $2,350 per month for the first year of the lease and $2,500 per month for
the second year of the lease. On January 1, 2022, our discontinued operation also paid its monthly pro rata share (1.90% of total
rentable square footage) of the common area operating expenses increase over the common area operating expenses incurred by the landlord
in the calendar year 2021.