Mentor Capital Inc
For the period ended Dec 31, 2023. Filed Apr 1, 2024.
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FY2023 · Filed Apr 1, 2024
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Item 8. Consolidated Statements of Cash Flows
| 2023 · 2022 | ||||
|---|---|---|---|---|
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
| Net loss | $3,157,658 | $(366,925) | ||
| Less net income from discontinued operations | (77,899) | (245,185) | ||
| Adjustments to reconcile net income (loss) to net cash provided by (used by) operating activities: | ||||
| Depreciation and amortization | 1,706 | 2,079 | ||
| Bad debt expense | 10,198 | - | ||
| Amortization of discount on investment in account receivable | (41,741) | (56,806) | ||
| Change in accrued interest income | - | 86,325 | ||
| Gain on sale of discontinued operation | (4,805,389) | - | ||
| (Gain) loss on investment in securities at fair value | 2,484 | 833 | ||
| (Gain) loss on long-term investments | - | 110,772 | ||
| Decrease (increase) in operating assets | ||||
| Finance lease receivable | - | 306,650 | ||
| Accounts receivable - trade | (11,398) | - | ||
| Other receivables | (15,000) | - | ||
| Prepaid expenses and other current assets | 2,867 | - | ||
| Increase (decrease) in operating liabilities | ||||
| Accounts payable | (4,383) | 1,481 | ||
| Accrued expenses | 72,089 | (173,669) | ||
| Deferred revenue | - | (16,308) | ||
| Accrued salary, retirement, and benefits - related party | (717,436) | 26,083 | ||
| Net cash provided by (used by) operating activities | (2,426,244) | (324,670) | ||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
| Purchase of investment securities | (649,847) | - | ||
| Proceeds from securities sold | - | 176 | ||
| Sale of investment of discontinued operation | 6,000,000 | - | ||
| Adjustment on sale of discontinued operation | 129,532 | - | ||
| Increase in long-term investments | (10,000) | - | ||
| Purchase of contractual interest in legal recovery | - | 396,666 | ||
| Purchases of property and equipment | (2,291) | - | ||
| Proceeds from investment in receivable | 118,201 | 42,930 | ||
| Net cash provided by (used by) investing activities | 5,585,595 | 439,772 | ||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
| Proceeds from warrants converted to common stock | 40,000 | 14,347 | ||
| Payments on repurchase of stock | (7,884) | - | ||
| Increase in notes receivable | (1,000,000) | - | ||
| Paid in capital adjustment - note receivable reduction | (1,016,879) | - | ||
| Net cash provided by (used by) financing activities | (1,984,763) | 14,347 | ||
| Net change in cash – continued operations | 1,174,588 | 129,449 | ||
| Operating cash flow - discontinued operations | 408,928 | 497,086 | ||
| Investing activities - discontinued operations | 1,480,861 | (83,284) | ||
| Financing activities - discontinued operations | (1,423,008) | (207,260) | ||
| Net change in cash | 1,641,369 | 335,991 | ||
| Cash beginning of period - continued operations | 283,431 | 192,475 | ||
| Cash beginning of period - discontinued operations | 506,499 | 261,464 | ||
| Beginning cash | 789,930 | 453,939 | ||
| Cash - end of period | 2,431,299 | 789,930 | ||
| Less cash of discontinued operations | - | (506,499) | ||
| Ending cash | $2,431,299 | $283,431 | ||
| SUPPLEMENTARY INFORMATION: | ||||
| Cash paid for interest – all operations | 64,685 | 302,312 | ||
| Less Cash paid for interest - discontinued operations | (29,992) | (42,483) | ||
| Cash paid for interest – continued operations | $34,693 | $259,829 | ||
| Cash paid for income taxes – all operations | 15,304 | 15,663 | ||
| Less Cash paid for income taxes – discontinued operations | (5,784) | (7,615) | ||
| Cash paid for income taxes – continued operations | $9,520 | $8,048 | ||
| Right of use assets acquired through operating lease liability - all operations | $ | - | $ | - |
| Right of use assets acquired through finance lease liability - all operations | - | 431,762 | ||
| Less right of use assets acquired through finance lease liability - discontinued operations | - | (431,762) | ||
| Right of use assets acquired through finance lease liability - continued operations | $ | - | $ | - |
| Property and equipment acquired via long-term debt - all operations | - | 22,480 | ||
| Less Property and equipment acquired via long-term debt - all operations | - | (22,480) | ||
| Property and equipment acquired via long-term debt - continued operations | $ | - | $ | - |
See accompanying Notes to Consolidated Financial Statements
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