Company: MNTR
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001641172-25-010157
Chunk: 38

Company: Mentor Capital, Inc.
Filing Date: 2025-05-14
Form: 10-Q
Item: Item 1
Chunk 38
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 Holdings”
consists of all proceeds received by the Company on the sale of shares of Series Q Preferred Stock and all securities, acquisitions, and
business acquired from such proceeds by the Company. The Company shall periodically, but at least once each calendar quarter, identify,
update, account for and value, the assets that comprise the Core Q Holdings.

    -26-

Note 13 - Stockholders’
equity (continued)

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 September 30,
2022 and December 31, 2022 include this interest. The Core Q Holdings Asset Value at March 31, 2025 and December 31, 2024 was $20,843
and $20,843 per share, respectively. There was no contingent liability for the Series Q Preferred Stock conversion at March 31, 2025 and
December 31, 2024. At March 31, 2025 and December 31, 2024, the Series Q Preferred Stock could have been converted at the Conversion Price
of $0.105 and $0.105, respectively.

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

The Company had an outstanding liability to its CEO
as follows:

Schedule of outstanding liability 

    March 31,  2025  
    December 31, 2024 
  
    Accrued salaries and benefits 
    $38,154  
    $53,255 
  
    Accrued retirement and other benefits 
     689,308  
     684,976