Annual report pursuant to Section 13 and 15(d)

Segment Information

v3.24.1
Segment Information
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Segment Information

Note 19 – Segment Information

 

Continuing Operations

 

The Company is an operating, acquisition, and investment business. Subsidiaries in which the Company has a controlling financial interest are consolidated. The Company generally has two reportable segments: 1) the historic residual medical operations segment, which included the cost basis of our former membership interests of Electrum, the former contractual interest in the Electrum legal recovery, the settlement payments receivable from G Farma and its co-defendants, the former finance lease payments receivable from Pueblo West to Partner II, the operation of subsidiaries Mentor IP and Partner I, and 2) its classic energy segment which will consist of the Company’s operations and investment in the classic energy space. The classic energy segment includes the fair value of securities investments in (i) oil and gas through Exxon Mobil Corp. (XOM) stock, Occidental Petroleum Corp. (OXY) stock, and Chevron Corp. (CVX) stock, (ii) uranium through Cameco Corp. (CCJ) stock, and (iii) coal through Arch Resources, Inc. (ARCH) stock. Additionally, the Company formerly 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, which on July 15, 2022, was exchanged for a NeuCourt SAFE security investment that will be carried at cost, and the investment in NeuCourt that is included in the Corporate, Other, and Eliminations section below. Segment information for our current operating segments is as follows:

 

    Energy Segment    

Historic

Segment

    

Corporate,

Other, and

Eliminations

     Consolidated  
2023                                
Net sales   $ -     $ -     $ -     $ -  
Operating income (loss)     -       (1,305 )     (1,773,905 )     (1,775,210 )
Interest income     5,292       -       69,488       74,780  
Interest expense     -       -       15,847       15,847  
Property additions     -       -       2,291       2,291  
Fixed asset depreciation and amortization     -       -       1,706       1,706  
Total Assets     647,363       2,472       3,797,006       4,446,841  
                                 
2022                                
Net sales   $ -     $ 37,659     $ (2,585 )   $ 35,074  
Operating income (loss)     -       32,909       (493,235 )     (460,326 )
Interest income     -       -       58,726       58,726  
Interest expense     -       -       33,878       33,878  
Property additions     -       -       -       -  
Fixed asset depreciation and amortization     -       -       2,079       2,079  
Total Assets     -       1,000       4,992,892       4,993,892  

 

The following table reconciles operating segments and corporate-unallocated operating income (loss) to consolidated income before income taxes for the years ended December 31, 2023 and 2022, as presented in the consolidated income statements:

 

    2023     2022  
Operating loss   $ (1,775,210 )   $ (460,326 )
Realized gain (loss) on investments in securities     4,802,905       (170,418 )
Interest income     74,780       58,726  
Interest expense     (15,847 )     (33,878 )
Other income     1,291       555  
Income before income taxes   $ 3,087,919     $ (605,342 )

 

Discontinued Operation – Facilities Operations Segment

 

As disclosed in Note 3 of the consolidated financial statements, we sold our entire ownership interest in WCI on October 4, 2023 for $6,000,000. Following our sale of WCI, we received no new income from WCI and had no further involvement or continuing influence over its operations. Consequently, our facilities operations segment was eliminated at the time of sale. Additionally, the results of operations associated with our facilities operations segment were excluded from our continuing operations and presented as a discontinued operation in our consolidated financial statements. WCI worked with business park owners, governmental centers, and apartment complexes to reduce their facility-related operating costs. The WCI segment is now reported as a discontinued operation. See Note 3 of the consolidated financial statements for detailed financial information on our former facilities operations segment.

 

 

Mentor Capital, Inc.

Notes to Consolidated Financial Statements

December 31, 2023 and 2022