Company: MNTR
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001620
Chunk: 491

Company: Mentor Capital, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 3
Chunk 491
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 of these Series D warrants.

(2)
In addition to 864,871 shares of Common Stock, Ms. Meyer also holds 438,955 Series D warrants exercisable at $0.02 per share. As of the
date of this Annual Report on Form 10-K, Ms. Meyer has not exercised any of these Series D warrants.

(3)
In addition to 87,418 shares of Common Stock, Ms. Stansfield holds 190,000 Series D warrants exercisable at $0.02 per share. As of the
date of this Annual Report on Form 10-K, Ms. Stansfield has not exercised any of these Series D warrants.

(4)
The Percentage of Class ownership of Mr. Billingsley, Ms. Meyer, and Ms. Stansfield is calculated based on the total number of outstanding
shares of Common Stock (21,686,105) and Series D warrants (4,250,000).

(5)
Calculated based on the diluted Percentage of Class ownership of the Registrant’s management, executive officers, and directors.

If
an individual or entity tried to take control of the Company, Mr. Billingsley is authorized to obtain a loan from the Company to pay
for the exercise of his unexercised Series D warrants.

38

Item
13. Certain Relationships and Related Transactions, and Director Independence.

Except
as disclosed below, between January 1, 2023, and December 31, 2024, there were no transactions, and there are no proposed transactions
in which we were or are to be a participant, involving an amount in excess of $120,000, and in which any related person had or will have
a direct or indirect material interest.

Mr.
Billingsley acts as both the Chief Executive Officer, Principal Financial Officer, and Chairman of the Board of Directors of the Company.
Ms. Stansfield acts as Treasurer of the Board of Directors of the Company, and from time to time, she provides professional financial
consulting services to the Company. Mr. Meyer acted as the Company’s Secretary but was not paid for his role and was not a Company
employee. With the exception of Mr. Billingsley, all directors are independent directors under the adopted definition of independence
from the OTC Markets OTCQB Rules. The directors are all shareholders of the Company. Ms. Stansfield is the
independent and single director on the Audit Committee.

Item
14. Principal Accounting Fees and