Company: MNTR
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001620
Chunk: 129

Company: Mentor Capital, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 129
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 1% (approximately 90,000) of the already outstanding
Series D warrants to provide for the court specified redemption mechanism for warrants not exercised timely by the original holder or
their estates. Company designees that applied during the 30 days paid 10 cents per warrant to redeem the warrant and then exercised the
Series D warrant to purchase a share. In the Company’s October 7, 2016 press release, Mentor stated that the 1% redemptions, which
were formerly on a calendar month schedule, would subsequently be initiated on a random date schedule after the prior 1% redemption is
completed to prevent potential third-party manipulation of share prices at month-end. The periodic partial redemptions may continue,
at the Company’s discretion, to be recalculated and repeated until such unexercised warrants are exhausted or the partial redemption
is otherwise truncated by the Company.

There
were no warrant redemptions in 2024 or 2023.

27

Disclosure
About Off-Balance Sheet Arrangements

We
do not have any transactions, agreements, or other contractual arrangements that constitute off-balance sheet arrangements.

Item
7A. Quantitative and Qualitative Disclosures About Market Risk.

As
a “smaller reporting company,” as defined in Rule 12b-2 of the Exchange Act, we are not required to provide the information
called for by this item.

Item
8. Financial Statements and Supplementary Data.

MENTOR
CAPITAL, INC.

INDEX
TO CONSOLIDATED FINANCIAL STATEMENTS

    Page
  
    Report of Independent Registered Public Accounting Firm (PCAOB ID: 349)
    F-1
  
    Financial
    Statements:

    Consolidated Balance Sheets
    F-2
  
    Consolidated Income Statements
    F-4
  
    Consolidated Statements of Changes in Shareholders’ Equity (Deficit)
    F-5
  
    Consolidated Statements of Cash Flows
    F-6
  
    Notes to Consolidated Financial Statements
    F-7

28

Item
9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.

On
May 8, 2024, the relationship between our Company and the firm of BF Borgers CPA PC (“BF Borgers”), our independent accountant,
was terminated upon the recommendation of the Company’s Audit Committee and by the unanimous approval of the Company’s Board
of Directors.

In
connection with the audit of our financial statements as of and for the