Company: MNTR
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001620
Chunk: 1755

Company: Mentor Capital, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 15
Chunk 1755
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 management believes that the act of
lowering the exercise price is not a change from the original warrant grants, and the Company did not record an accounting impact as
the result of such a change in exercise prices.

All
Series A and Series C warrants were exercised by December 31, 2014. All Series B warrants were exercised on January 11, 2022. Exercise
prices in effect from January 1, 2015 through December 31, 2022 for Series D warrants were $1.60. On October 14, 2023, the Board of Directors
of the Company authorized a reset of the Series D warrants strike price to $0.02 plus a $0.10 per warrant redemption fee, if applicable.

    F-33

Mentor
Capital, Inc.

Notes
to Consolidated Financial Statements

December
31, 2024 and 2023

In
2009, the Company entered into an Investment Banking agreement with Network 1 Financial Securities, Inc. and a related Strategic Advisory
Agreement with Lenox Hill Partners, LLC, with regard to a potential merger with a cancer development company. In conjunction with those
related agreements, the Company issued 689,159 Series H ($7) Warrants with a 30-year life. On November 14, 2022, the 275,647 Series H
Warrants issued to Lenox Hill Partners, LLC were canceled pursuant to a Settlement Agreement. As of December 31, 2024, there were 413,512
Series H ($7) Warrants outstanding. The warrants are subject to cashless exercise based upon the ten-day trailing closing bid price preceding
the exercise as interpreted by the Company.

As
of December 31, 2024, and 2023, the weighted average contractual life for all Mentor warrants was 13.5 years and 14.5 years, respectively,
and the weighted average outstanding warrant exercise price was $0.64 and $0.64 per share, respectively.

During
the years ended December 31, 2024 and 2023, 0 and 2,000,000 warrants were exercised, and no warrants were issued. The intrinsic value
of outstanding warrants at December 31, 2024 and 2023 was $237,150 and $180,200, respectively.

The
following table summarizes Series D common stock warrants as of each period:

 Schedule of common stock warrants

    Series D