Annual report pursuant to Section 13 and 15(d)

Segment Information

v3.22.1
Segment Information
 12 Months Ended
Dec. 31, 2021
Segment Reporting [Abstract]  
Segment Information

Note 20 – Segment Information

 

The Company is an operating, acquisition, and investment business. Subsidiaries in which the Company has a controlling financial interest are consolidated. The Company has two reportable segments; 1) the cannabis and medical marijuana segment which includes the cost basis of membership interests of Electrum, the contractual interest in the Electrum legal recovery, the notes receivable from G Farma, the contractual interest in the G Farma legal recovery, the equity in G Farma Equity Entities, finance leases to G Farma and finance leases to Pueblo West, the operation of subsidiaries in the cannabis and medical marijuana sector, and in 2019, included the fair value of cannabis stock securities investments, and 2) the Company’s long standing investment in WCI which works with business park owners, governmental centers, and apartment complexes to reduce their facility related operating costs. The Company also had small investments in securities listed on the NYSE and NASDAQ, an investment in note receivable from a non-affiliated party, the fair value of convertible notes receivable and accrued interest from NeuCourt, and the investment in NeuCourt that is included in the Corporate, Other, and Eliminations section below. The NeuCourt investments were previously reported as an investment that would be useful in the cannabis space, however, NeuCourt has determined that its legal services would likely be more useful to users outside of the cannabis space. Prior period segment information presented below contains reclassification of NeuCourt investments from the cannabis and medical marijuana segment to the Corporate, other, and eliminations segment.

 

   

Cannabis and

Medical

Marijuana

Segment

    

Facilities

Operations

Related

    

Corporate,

Other, and

Eliminations

     Consolidated  
2021                                
Net sales   $ 40,764     $ 5,969,674     $ -     $ 6,010,438  
Operating income (loss)     26,849       95,336       (526,521 )     (404,336 )
Interest income     -       3       70,226       70,229  
Interest expense     -       38,330       24,062       62,392  
Total assets     900,484       2,240,047       1,645,910       4,786,441  
Property additions     -       160,102       1,264       161,366  
Fixed asset depreciation and amortization     -       45,936       5,744       51,710  
                                 
2020                                
Net sales   $ 47,707     $ 4,778,249     $ -     $ 4,825,956  
Operating income (loss)     (13,258 )     (231,162 )     (829,684 )     (1,074,104 )
Interest income     -       -       92,571       92,571  
Interest expense     -       34,711       584       35,295  
Total assets     1,042,553       1,874,519       1,524,023       4,441,095  
Property additions     -       126,396       7,593       133,989  
Fixed asset depreciation and amortization     -       20,553       7,103       27,656  

 

 

 

Mentor Capital, Inc.

Notes to Consolidated Financial Statements

December 31, 2021 and 2020

 

The following table reconciles operating segments and corporate-unallocated operating income (loss) to consolidated income before income taxes for the years ended December 31, 2021 and 2020, as presented in the consolidated income statements:

 

    2021     2020  
Operating loss   $ (404,336 )   $ (1,074,104 )
Realized gain (loss) on investments in securities     1,017       (14,961 )
Gain on sale of GlauCanna rights     -       31,000  
Impairment of investments     22,718       (139,148 )
Interest income     70,229       92,571  
Interest expense     (62,392 )     (35,295 )
Gain (loss) on equipment disposals     86       67  
PPP loan forgiven     87,122       452,348  
EIDL Grant     -       10,000  
Other income     38,870       10,031  
Income before income taxes   $ (246,686 )   $ (667,491 )