Company: MNTR
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001641172-25-010157
Chunk: 24

Company: Mentor Capital, Inc.
Filing Date: 2025-05-14
Form: 10-Q
Item: Item 1
Chunk 24
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,300 were reclassed and concurrently impaired. Prior to the full impairment, the Company reduced the face value of its investment in account receivable by an additional $100 per month for five receivable payment installments.

On June 11, 2024, our investment in account receivable
was impaired by $250,208. The $250,208 impairment consisted of the Company’s estimate of the reduction of $287,200 purchased receivable
offset by a ($36,992) purchased receivable discount. The Company’s recognition of an impairment loss due to the uncertainty of collection
does not diminish its contractual rights to collect the full amounts due pursuant to the contract. The Company intends to continue to
vigorously pursue the payment of the annual payments and associated amounts owed by available legal means.

For the three months ended March 31, 2025 and 2024,
$0 and $4,751 of discount amortization is included in interest income, respectively.

Note 5 – Note receivable

On October 4, 2023, in connection with the sale of
the Company’s ownership interest in WCI, the Company received a one-year unsecured, subordinated, promissory note in an initial
principal face amount of $1,000,000 from Ally Waste Services, LLC (“Ally”) at 6% per annum. On the note maturity date, October
4, 2024, the Company received full payment of the one-year promissory note from Ally. The payment consisted of the payment of the $1,000,000
initial principal face amount of the note plus accrued interest of $60,000.

    -18-

Note 6 - Property and equipment

Property and equipment are comprised of the following:

 Schedule of property, plant and equipment 

    March 31, 
2025

    December 31, 
2024

    Computers
     
    $
    33,626

    $
    33,626

    Furniture and fixtures

    14,613

    14,613

    Machinery and vehicles

    -

    -

    Gross
    Property and equipment

    48,239

    48,239

    Accumulated depreciation and amortization

    (47,806)

    (47,721
    )

    Net Property and equipment
     
    $
    433

    $
    518

Depreciation and amortization expense were $85 and
$269 for