Company: MNTR
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001620
Chunk: 868

Company: Mentor Capital, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 6
Chunk 868
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 exercise the
remaining Series D warrants. The Company may lower the exercise price of all or part of a warrant series at any time. Similarly, the
Company could reverse split the stock to raise the stock price above the warrant exercise price. The warrants are specifically not affected
and do not split with the shares in the event of a reverse split. If the called warrants are not exercised, the Company has the right
to designate the warrants to a new holder in return for a $0.10 per share redemption fee payable to the original warrant holders. All
such changes in the exercise price of warrants were provided for by the court in the Plan of Reorganization to provide a mechanism for
all debtors to receive value even if they could not or did not exercise their warrants. Therefore, 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