Company: MNTR
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001620
Chunk: 1165

Company: Mentor Capital, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 9
Chunk 1165
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 from time to time. Since January 1, 2023, the Company had also obtained
Chief Financial Officer and Certified Public Accountant services from a primary consultant CPA who consulted with our former Chief Financial
Officer and current Treasurer as needed. Consulting services remained similar to that of our former consultant CFO. Since July 1, 2024,
our former Chief Financial Officer has served as the primary consultant CPA to the Company. There have been no other changes in internal
control over financial reporting in the years ended December 31, 2024 and 2023.

    (c)
    Management’s
    report on internal control over financial reporting

The
Company’s management is responsible for establishing and maintaining adequate internal control over financial reporting, as such
term is defined in Rule 13a-15(f) of the Exchange Act. The Company’s internal control system is designed to provide reasonable
assurance to the Company’s management and Board of Directors regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with GAAP. The Company’s internal control over financial reporting
includes those policies and procedures that:

●
Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of
the assets of the Company;

●
Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance
with GAAP and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors
of the Company; and

●
Provide reasonable assurance regarding the prevention or timely detection of unauthorized acquisition, use, or disposition of the Company’s
assets that could have a material effect on the financial statements.

30

Because
of its inherent limitation, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any
evaluation of effectiveness in future periods are subject to the risk that controls may become inadequate because of changes in conditions
or that the degree of compliance with the policies or procedures may deteriorate.

Management,
with the participation of our chief executive officer and principal financial officer, conducted an evaluation of the effectiveness of
the Company’s internal control over financial reporting required by Section 404 of the Sarbanes-Oxley Act of 2002 based on the
framework set forth in the Internal Control–Integrated Framework (2013) issued by the Committee of Sponsoring Organizations
of the Treadway Commission. Based on this evaluation, management concluded that our internal control over