Company: MNTR
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001620
Chunk: 1402

Company: Mentor Capital, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 10
Chunk 1402
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 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, the Series Q Preferred Stock could have been converted at the Conversion Price of $0.105 and $0.105 per Mentor
common share, respectively, which would be anti-dilutive and therefore are not included in the weighted average share calculation for
these periods.

    F-36

Mentor
Capital, Inc.

Notes
to Consolidated Financial Statements

December
31, 2024 and 2023

Note
14 – Accrued salary, accrued retirement, and incentive fee – related party

The
Company had an outstanding liability to its Chief Executive Officer (“CEO”) as follows at December 31, 2024 and 2023:

 Schedule of outstanding liability 

    2024  
    2023 
  
    Accrued salaries and benefits 
    $53,255  
    $30,517 
  
    Accrued retirement and other benefits 
     684,976  
     667,648 
  
    Offset by shareholder advance 
     (261,653) 
     (261,653)