Company: MNTR
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001620
Chunk: 998

Company: Mentor Capital, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 7A
Chunk 998
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. All members of the
Audit Committee attended both meetings.

Membership
of the Audit Committee

The
Audit Committee shall be comprised of one to five directors as determined by the Board, of which a majority of the members shall satisfy
the independence requirements of Section 10A(m)(3) of the Securities Exchange Act of 1934, as amended and all other regulatory requirements
applicable to the Company.

Lori
Stansfield, CPA, our single audit committee member since April 24, 2024, and Audit Committee Chair, is considered independent under
the Audit Committee Charter. With over thirty years of experience, Ms. Stansfield fully understands
complex and straight forward financial statements, including the Company’s balance sheet, income statement, and cash flow
statement. Ms. Stansfield is an “audit committee financial expert” as defined under applicable SEC rules.

The
Audit Committee of Mentor Capital, Inc. has reviewed and discussed with management the Company’s audited financial statements for
the year ended December 31, 2024. In addition, it has discussed with Spicer Jeffries LLP the matters required by the applicable requirements
of the Public Company Accounting Oversight Board and the Commission. Also, the Audit Committee has received from Spicer Jeffries LLP
the written disclosures required by the Independence Standards Board Standard No. 1 and has discussed with Spicer Jeffries LLP its independence
from the Company. Based upon this information and these materials, the Audit Committee recommends to the Board of Directors that the
audited financial statements be included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission.

Compensation
or Nominating Committees and Conflicts of Interest

The
Board does not have a compensation committee comprised of independent directors; the functions that would have been performed by such
a committee are performed by our directors as a whole. The Board of Directors has not established a nominating committee. The Board has
been of the opinion that such committees are not necessary since the Company is small, and to date, the entire Board of Directors has
been performing the functions of such committees. Thus, there is a potential conflict of interest in that our directors and officers
have the authority to determine issues concerning management compensation and nominations that may affect management decisions.

We
do not have a policy regarding the consideration of any director candidates that may be recommended by our stockholders. Our Board has
not considered or adopted a policy regarding the consideration of director candidates recommended by our stockholders, as we