Company: MNTR
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001620
Chunk: 1056

Company: Mentor Capital, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 7A
Chunk 1056
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 terms is met.

In
August 2022, September 2022, and October 2022, the G Farma Settlors failed to make monthly payments and failed to cure each default within
10 days’ notice from the Company pursuant to the Settlement Agreement. As a result, $2,000,000 was added to the amount payable
by the G Farma Settlors in accordance with the terms of the Settlement Agreement. The Company and Partner I sought entry of a stipulated
judgment against the G Farma Settlors for (1) $494,450, the remaining amount of the $500,000 settlement amount, which has not yet been
paid by the G Farma Settlors plus $2,000,000 and all accrued unpaid interest, (2) the Company’s incurred costs, and (3) attorneys’
fees paid by the Company to obtain the judgment.

On
July 11, 2023, the Court entered judgment against the G Farma Settlors and in favor of Mentor and Partner I in the amount of $2,539,597,
which is comprised of $2,494,450 principal (calculated as the aggregate settlement amount, less payments made by the G Farma Settlors,
plus the default addition) plus accrued and unpaid interest of $40,219, costs of $1,643, and attorneys’ fees of $3,285 incurred
by Mentor and Mentor Partner I in connection with obtaining the judgment. The judgment also accrues post-judgment interest at the rate
of 10% from July 11, 2023, until such time as the judgment is paid in full.

Net
finance leases receivable from G Farma remain fully impaired at December 31, 2024 and 2023. Payment received will first be applied against
the notes receivable described in Note 8, and if any additional amounts are recovered, they will then be applied against the finance
leases receivable. There was no finance lease revenue recognized on Partner I finance leases at December 31, 2024 and 2023, respectively.
See Note 16.

Net
finance leases receivable, non-performing, consist of the following at December 31, 2024 and 2023:

 Schedule of net finance leases receivable, non-performing

    2024  
    2023 
  
    Gross minimum lease payments receivable 
    $1,203,404