Mentor Capital, Inc. reported significant financial changes in its 10-Q filing for the quarter ending September 30, 2024. The company’s total revenue for the three and nine months ended September 30, 2024, was $0, a stark contrast to the $2.15 million generated from its discontinued operations in the same quarter of 2023. The facilities operations segment, which contributed $6.43 million in revenue for the nine months ended September 30, 2023, was eliminated following the sale of Waste Consolidators, Inc. for $6 million on October 4, 2023.

The company experienced an operating loss of $154,279 for the third quarter of 2024, compared to a loss of $145,054 in the same period of 2023. For the nine months ended September 30, 2024, the operating loss increased to $637,571 from $435,282 in the prior year. Selling, general, and administrative expenses rose to $637,571 for the nine months, up from $434,991 in 2023, driven by increases in professional audit, tax, and accounting expenses, as well as officer salaries.

Net loss attributable to Mentor for the third quarter of 2024 was $157,215, or $0.007 per share, an improvement from a loss of $173,163, or $0.008 per share, in the same quarter of 2023. For the nine months, the net loss increased to $786,897, or $0.033 per share, compared to a loss of $351,821, or $0.015 per share, in the prior year.

As of September 30, 2024, Mentor's total assets decreased to $3.49 million from $4.45 million at the end of 2023. Total current assets also fell to $3.38 million from $4.10 million, while total liabilities slightly increased to $532,603 from $531,124. The accumulated deficit worsened to $(8.97 million) from $(8.19 million) at the end of 2023, and total shareholders’ equity decreased to $2.96 million from $3.92 million.

The company’s cash and cash equivalents were reported at $1.68 million, down from $2.43 million at the end of 2023. The net cash used in operating activities for the nine months was $(574,818), compared to $(407,208) in the same period of 2023.

Strategically, Mentor Capital has focused on the energy sector, including oil, gas, coal, and uranium, and plans to raise additional capital through equity and debt to fund acquisitions and increase revenues. The company also divested its intellectual property rights related to vape pens in October 2023, and it continues to manage its investments, including a note receivable from Ally Waste Services, LLC, which is due in October 2024.