Company: MNTR
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001641172-25-010157
Chunk: 35

Company: Mentor Capital, Inc.
Filing Date: 2025-05-14
Form: 10-Q
Item: Item 1
Chunk 35
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 repeated
until such unexercised warrants are exhausted, or the partial redemption is otherwise paused, or truncated by the Company. For the three
months ended March 31, 2025, and 2024 no warrants were redeemed.

Note 12 - Warrant redemption liability

The Plan of Reorganization provides the right for
the Company to call, and the Company or its designee to redeem warrants that are not exercised timely, as specified in the Plan, by transferring
a $0.10 redemption fee to the former holders. Certain individuals desiring to become a Company designee to redeem warrants have deposited
redemption fees with the Company that, when warrants are redeemed, will be forwarded to the former warrant holders through DTCC or at
their last known address 30 days after the last warrant of a class is exercised, or earlier at the discretion of the Company. The Company
has arranged for a service to process the redemption fees in offset to an equal amount of liability.

In prior years the Series A, Series B, and Series
C redemption fees have been distributed through DTCC into holder’s brokerage accounts or directly to the holders. All Series A,
Series B, and Series C warrants have been exercised and are no longer outstanding.

Once the Series D warrants have been fully redeemed
and exercised, the fees for the Series D warrant series will likewise be distributed. Mr. Billingsley has agreed to assume liability for
paying these redemption fees and therefore warrant redemption fees received are retained by the Company for operating costs. Should Mr.
Billingsley be incapacitated or otherwise become unable to pay the warrant redemption fees, the Company will remit the warrant redemption
fees to former holders from amounts otherwise due to Mr. Billingsley from the Company, which are sufficient to cover the redemption fees
at March 31, 2025 and December 31, 2024.

    -25-

Note 13 - Stockholders’ equity

Common Stock

The Company was incorporated in California in 1994
and was redomiciled as a Delaware corporation, effective September 24, 2015. There are 75,000,000 authorized shares of Common Stock at
$0.0001 par value. The holders of Common Stock are entitled to one vote per share on all matters submitted to a vote of the stockholders.

Issuer Purchases of Equity Securities

On
August 8, 2014, the Company announced that it was initiating the repurchase of 300,000 shares