Company: MNTR
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001620
Chunk: 558

Company: Mentor Capital, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 3
Chunk 558
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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 in 2025. Mentor relocated
to Texas in September 2020, and the Company’s ability to utilize the California net operating loss carryforwards is dependent on
the future generation of California taxable income.

The
income tax provision (benefit) differs from the amount computed by applying the U.S. federal statutory corporate income tax rate of 21%
in 2024 and 2023, respectively, to net income (loss) before income taxes for the years ended December 31, 2024 and 2023 as a result of
the following:

 Schedule of income tax rate reconciliation

    2024  
    2023 
  
    Net income (loss) before income tax - continuing operations 
    $(824,176) 
    $3,087,919 
  
    US federal income tax rate 
     21% 
     21%

    Computed expected tax (benefit) - continuing operations 
     (173,077) 
     648,463 

    Net Income (loss) before income tax - discontinued operations (1) 
     -  
     83,682 
  
    US federal income tax rate 
     21% 
     21%
  
    Computed expected tax (benefit) - discontinued operations 
     -  
     17,573 

    Total computed expected tax (benefit) 
     (173,077) 
     666,036 
  
    Permanent differences and other
     114,777  
     (393,736)
  
    Change in valuation 
     58,300 
     (272,300)
  
    Federal income tax provision 
    $-  
    $- 

    (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.