Company: MNTR
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001620
Chunk: 311

Company: Mentor Capital, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1A
Chunk 311
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 31, 2024 and 2023,
respectively. All depreciation is included in selling, general and administrative expenses in the consolidated income statements.

    F-27

Mentor
Capital, Inc.

Notes
to Consolidated Financial Statements

December
31, 2024 and 2023

Discontinued
Operation

Prior
to the October 4, 2023 sale date, on September 30, 2023, depreciation and amortization expenses for our discontinued operations were
$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.

Note
7 – Convertible notes receivable

On
November 22, 2017, the Company invested $25,000 in NeuCourt, Inc. (“NeuCourt”) as a convertible note receivable. The note
bore interest at 5% per annum, originally matured November 22, 2019, and was amended to extend the maturity date to November 22, 2021.
No payments were required prior to maturity. However, at the time the November 22, 2017 note was extended, interest accrued through November
4, 2019, was remitted to Mentor. As consideration for the extension of the maturity date for the $25,000 note, a warrant to purchase
up to 25,000 shares of NeuCourt common stock at $0.02 per share was issued to Mentor.

On
October 31, 2018, the Company invested an additional $50,000 as a convertible note receivable in NeuCourt, which bore interest at 5%,
originally matured on October 31, 2020, and was amended to extend the maturity date to October 31, 2022. As consideration for the extension
of the maturity date for the $50,000 note plus accrued interest of $5,132, a warrant to purchase up to 52,500 shares of NeuCourt common
stock at $0.02 per share was issued to Mentor. On June 13, 2022, the Company sold $2,161 in note principal to a third party, thereby
reducing the principal face value of the note to $47,839.

Principal
and unpaid interest on the Notes could have been converted into a blend of shares