Company: MNTR
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001620
Chunk: 1456

Company: Mentor Capital, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 11
Chunk 1456
---
 discontinued operations financials as of September 30, 2023.

    F-22

Mentor
Capital, Inc.

Notes
to Consolidated Financial Statements

December
31, 2024 and 2023

Prior
to the October 4, 2023 sale date, on September 30, 2023, depreciation and amortization expenses was $49,260. Of these amounts, depreciation
on our discontinued operation’s vehicles used to service customer accounts included in the cost of goods sold and was $16,325.
All other depreciation was associated with our discontinued operation’s selling, general, and administrative expenses.

Lessee
Leases disclosures

Our
discontinued operation’s operating leases were comprised of office space and office equipment leases. Fleet and vehicle leases
were entered into prior to January 1, 2019, and under ASC 840 guidelines, they had 4-year terms and were classified as operating leases.
Fleet leases entered into beginning January 1, 2019, under ASC 842 guidelines, were expected to be extended to 5-year terms and are classified
as finance leases.

Prior
to the October 4, 2023 sale date, on September 30, 2023, gross right of use assets recorded under finance leases related to our discontinued
operation’s vehicle fleet leases were $2,272,984 and accumulated amortization associated with our discontinued operation’s
finance leases was $712,227.

Our
discontinued operation’s lease costs were as follows:

 Schedule of lease costs recognized in consolidated statements of operations

    October 4,  2023 (1) 
  
    Operating lease cost included in cost of goods 
    $- 
  
    Operating lease cost included in operating costs 
     60,256 
  
    Total operating lease cost (1) 
     60,256 
  
    Finance lease cost, included in cost of goods: 

    Amortization of lease assets 
     269,470 
  
    Interest on lease liabilities 
     56,450 
  
    Total finance lease cost 
     325,920 
  
    Short-term lease cost 
     - 
  
    Total lease cost 
    $386,176 

    (1)
    Effective
    on the date of sale, October 4, 2023, we reported our discontinued operations financials as of September 30, 2023.

Prior
to the October 4, 2023 sale