Company: MNTR
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001620
Chunk: 217

Company: Mentor Capital, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1A
Chunk 217
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 presented in the Company’s annual and quarterly reports must be reviewed by the Company’s
new independent registered public accountant who is qualified, PCAOB-registered, and permitted to appear or practice before the Securities
and Exchange Commission. In light of the Order, the Audit Committee dismissed BF Borgers as our independent registered public accounting
firm on May 8, 2024. On May 15, 2024, the Company’s audit committee and Board of Directors unanimously approved the engagement
of Spicer Jeffries LLP as the Company’s independent registered public accountant, effective immediately at that time.

We
may incur material expenses or delays in financings or SEC filings due to the dismissal of BF Borgers and our stock price and access
to the capital markets may be affected.

As
a public company, we are required to file annual and quarterly financial statements with the Securities and Exchange Commission which
are audited or reviewed, as applicable, by independent registered public accountants who are PCAOB-registered, and permitted to appear
and practice before the Securities and Exchange Commission. Our access to the capital markets and our ability to make timely filings
with the Securities and Exchange Commission will depend on having financial statements re-audited and re-reviewed by independent registered
public accountants who are PCAOB-registered and permitted to appear and practice before the Securities and Exchange Commission. In addition,
we may experience delays in working with potential acquisition targets or lenders until our financial statements are re-audited and reviewed
by a new auditor. As a result, we may encounter delays, additional audit expenses, and other material costs due to our inability to rely
on our previously reviewed and audited financial statements due to the dismissal of BF Borgers. Any resulting delay in accessing or inability
to access the public capital markets could be disruptive to our operations and could affect the price and liquidity of our securities.
Any negative news about the proceedings against BF Borgers may also adversely affect investor confidence and public perception of the
Company. All of these factors could materially and adversely affect our business, the market price of our common stock, and our ability
to access the capital markets.

Variable
financial conditions can be challenging.

Prior
to the profitable October 4, 2023 sale of our discontinued operation we experienced cash flow challenges. Securing additional sources
of financing to enable us to increase investing in our target markets will be difficult, and there is no assurance of our ability to
secure such financing. A failure to obtain additional financing, or to continue to generate capital