Company: MNTR
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001620
Chunk: 299

Company: Mentor Capital, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1A
Chunk 299
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000
initial principal face amount of the note plus accrued interest of $60,000
was paid by Ally on October 4, 2024.

At
December 31, 2023 we recognized a $4,805,389 gain on our sale of WCI as follows:

 Schedule of gain on sale of WCI 

    Cost basis of WCI 

    Purchase price allocation at 51% WCI assets and liabilities 
     1,275,000 
  
    Net investment in 51% earnings 
     326,735 
  
    Net investment in distributions 
     (407,124)
  
    Total WCI Cost Basis 
    $1,194,611 

    Sale price of WCI 

    Payment at Closing 
     5,000,000 
  
    Promissory Note Receivable 
     1,000,000 
  
    Total WCI Sale Price 
    $6,000,000 

    Gain on sale of WCI 

    WCI sale price 
     6,000,000 
  
    Less WCI cost basis 
     (1,194,611)
  
    Total gain on sale of WCI 
    $4,805,389 

Effective
October 4, 2023, on the date of the sale of WCI, we met the criteria outlined in ASC Topic 205-20 “Discontinued Operations,”
for our $1,426,182 goodwill to be reduced to $0 and the results of operations and assets and liabilities for our facilities operations
segment were excluded from our continuing operations and presented as a discontinued operation. As a result, goodwill in an aggregate
amount of $1,426,182 was reduced to $0.

Consolidation
and deconsolidation

Consolidation

As
a result of the acquisition of our 51% ownership interest in WCI on January 1, 2014, in accordance with ASC 810-10, “Consolidation
– Overall,” we included WCI in our consolidated financial statements and eliminated all significant intercompany balances
and transactions. Net income (loss) attributable to our 49% non-controlling interest in WCI was excluded from net income (loss) attributable
to Mentor Capital, Inc. in prior annual reports on Form 10-K for and between the years ended December 31, 2014 to December 31, 2022.

    F-17