Company: MNTR
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001620
Chunk: 386

Company: Mentor Capital, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 2
Chunk 386
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 is to express an opinion on the Company’s financial statements based on our audits. We are a public
accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to
be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations
of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB.
Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are
free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an
audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control
over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control
over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material
misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures
included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included
evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation
of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

    /s/
    Spicer Jeffries LLP

    We
    have served as the Company’s auditor since 2024.

    Denver,
    Colorado

    March
    31, 2025

F-1

Mentor
Capital, Inc.

Consolidated
Balance Sheets

December
31, 2024 and 2023

    2024  
    2023 
  
    ASSETS 

    Current assets 

    Cash and cash equivalents 
    $2,182,121  
    $2,431,299 
  
    Investment in securities at fair value 
     1,120,482  
     647,363 
  
    Accounts receivable, net 
     -  
     1,800 
  
    Other receivable 
     -  
     15,000 
  
    Note Receivable 
     -  
     1,000,000 
  
    Prepaid expenses and