Company: MNTR
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001620
Chunk: 1622

Company: Mentor Capital, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 13
Chunk 1622
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517 
  
    Accrued retirement and other benefits 
     684,976  
     667,648 
  
    Offset by shareholder advance 
     (261,653) 
     (261,653)
  
    Total outstanding liability 
    $476,578  
    $436,512 

As
approved by resolution of the Board of Directors in 1998, the CEO will be paid an incentive fee and a bonus, which are payable in installments
at the CEO’s option. The incentive fee is 1% of the increase in market capitalization based on the bid price of the Company’s
stock beyond the book value at confirmation of the bankruptcy, which was approximately $260,000. The bonus is 0.5% of the increase in
market capitalization for each $1 increase in stock price up to a maximum of $8 per share (4%) based on the bid price of the stock beyond
the book value at confirmation of the bankruptcy. For the years ended December 31, 2024 and 2023, there was no incentive fee expense.

Note
15 – Related party transactions

On
August 10, 2023, Mentor received a $50,000 loan from its CEO, which bore interest at 7.8% per annum, was compounded quarterly, and was
due upon demand. On October 7, 2023, the loan plus accrued interest of $545 was paid in full.

On
August 2, 2023, Mentor called a $1,080,000 note receivable from WCI, a related party at such time, plus accrued interest of $3,591. On
September 6, 2023, WCI satisfied the note and accrued interest in full. WCI’s payment consisted of $66,712 cash and a $1,016,879
credit from the Company in exchange for the other WCI shareholder’s surrender of rights to exercise 2,259,732 Series D warrants
of the Company. The Company recorded the $1,016,879 warrant credit as a reduction to additional paid in capital in accordance with ASC
480 “Distinguishing Liabilities from Equity Overall.” WCI recorded the $1,016,879 credit as a capital contribution
because it was derived from the surrender of the WCI non-controlling stockholder’s rights to exercise the Company’s 2,259,732
Series D warrants.

The
note was payable on demand,