Company: MNTR
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001620
Chunk: 324

Company: Mentor Capital, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1A
Chunk 324
---
 
  
    Outstanding at December 31, 2022 
     413,512 
  
    Issued 
     - 
  
    Canceled 
     - 
  
    Exercised 
     - 
  
    Outstanding at December 31, 2023 
     413,512 
  
    Outstanding balance 
     413,512 

    Issued 
     - 
  
    Canceled 
     - 
  
    Exercised 
     - 
  
    Outstanding at December 31, 2024 
     413,512 
  
    Outstanding balance 
     413,512 

    F-34

Mentor
Capital, Inc.

Notes
to Consolidated Financial Statements

December
31, 2024 and 2023

On
February 9, 2015, in accordance with Section 1145 of the United States Bankruptcy Code and the Company’s Third Amended Plan of
Reorganization, the Company announced a minimum 30-day partial redemption of up to 1% 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 of the Company’s Common stock at the court-specified formula of not more than one-half of the closing bid price
on the day preceding the 30-day exercise period. In successive months, the authorized partial warrant redemption amount was recalculated,
and the redemption offer was repeated according to the court formula. In the Company’s October 7, 2016 press release, Mentor stated
that the 1% redemptions, which were formerly priced on a calendar month schedule, would subsequently be initiated and priced on a random
date schedule after the prior 1% redemption was completed to prevent potential third-party manipulation of share prices at month-end.
The periodic partial redemptions could continue to be recalculated and repeated until such unexercised warrants are exhausted or the
partial redemption is otherwise paused or truncated by the Company. For the years ended December 31, 2024 and 2023, 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