Company: MNTR
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001620
Chunk: 1759

Company: Mentor Capital, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 15
Chunk 1759
---
essable shares of Common Stock as determined by dividing the
Series Q Conversion Value by the Conversion Price at the time in effect for such share.

The
per share “Series Q Conversion Value,” as defined in the Certificate of Designation, shall be calculated by the Company at
least once each calendar quarter as follows: The per share Series Q Conversion Value shall be equal to the quotient of the “Core
Q Holdings Asset Value” divided by the number of issued and outstanding shares of Series Q Preferred Stock. The “Core Q Holdings
Asset Value” shall equal the value, as calculated and published by the Company, of all assets that constitute Core Q Holdings,
which shall include such considerations as the Company designates and need not accord with any established or commonly employed valuation
method or considerations. “Core Q Holdings” consists of all proceeds received by the Company on the sale of shares of Series
Q Preferred Stock and all securities, acquisitions, and business acquired from such proceeds by the Company. The Company shall periodically,
but at least once each calendar quarter, identify, update, account for, and value the assets that comprise the Core Q Holdings.

The
“Conversion Price” of the Series Q Preferred Stock shall be at the product of 105% and the closing price of the Company’s
Common Stock on a date designated and published by the Company. The Series Q Preferred Stock will be available only to accredited, institutional,
or qualified investors.

The
Company sold and issued 11 shares of Series Q Preferred Stock on May 30, 2018, at a price of $10,000 per share, for an aggregate purchase
price of $110,000 (“Series Q Purchase Price”). The Company invested the Series Q Purchase Price as capital in Partner II
to purchase equipment to be leased to Pueblo West. On September 27, 2022, Pueblo West exercised its lease prepayment option and purchased
the manufacturing equipment for $245,369. On September 28, 2022 Partner II transferred full title to the equipment to Pueblo West. Therefore,
the Core Q Holdings at December 31, 2024 and 2023 include this interest. The Core Q Holdings Asset Value at December 31, 2024 and 2023
was $20,843 and $20,843 per share, respectively. There was no contingent liability for the Series Q Preferred Stock conversion at December
31, 2024 and 2023.

At
December 31, 2024 and 2023,