Company: MNTR
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001620
Chunk: 329

Company: Mentor Capital, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1A
Chunk 329
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 at 0.42% per annum with annual interest only payments due. The note was issued September 13, 2011, as payment for past
amounts owed of $380,000 and included prepaid amounts of $700,000 for administrative fees payable to the Company under that certain May
31, 2005 Liquidity Agreement between the Company and WCI. The WCI note receivable and interest on the Company’s financials and
the Mentor note payable and interest on WCI’s financials were eliminated in our September 30, 2023 consolidation.

WCI
deferred fees represented deferred administrative fees relating to the paid $1,080,000 note receivable from WCI, a related party at such
time. The Company recognized $2,667 in deferred fees per month and an additional $318,667 in deferred fees on September 6, 2023, concurrent
with WCI’s payment of the note to the Company. The deferred fees on the Company’s financials and the deferred asset on WCI’s
financials were eliminated in our September 30, 2023 consolidation.

On
October 4, 2023, we sold off our majority, controlling 51% interest in WCI for $6,000,000. Upon the date of the sale, our legacy investment
in WCI was deconsolidated, and it is now reported as a discontinued operation. See Note 3.

    F-37

Mentor
Capital, Inc.

Notes
to Consolidated Financial Statements

December
31, 2024 and 2023

Note
16 – Commitments and contingencies

On
May 28, 2019, the Company and Mentor Partner I, LLC filed suit against the G Farma Entities and three guarantors to the various G Farma
agreements, described in Notes 1, 8, and 9, in the California Superior Court in and for the County of Marin. The Company primarily sought
monetary damages for breach of the G Farma agreements, including promissory notes, leases, and other agreements, to recover collateral
under a security agreement and to collect from guarantors on the agreements. The Company obtained, in January 2020, a writ of possession
to recover leased equipment within G Farma’s possession. On January 31, 2020, all remaining equipment leased to G Farma by Mentor
Partner I was repossessed by the Company. In