Company: MNTR
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001493152-25-011889
Chunk: 39

Company: Mentor Capital, Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Item 1
Chunk 39
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 plan.

(2)Under the Board-approved
repurchase plan, the Company was authorized to spend up to $200,000 on the repurchase of the Company’s common stock. At December
31, 2024, the Company spent $183,993 on the repurchase of the Company’s common stock under the plan.

For
the six months ended June 30, 2025, no shares of the Company’s common stock were repurchased and no authorized repurchase plan
was in effect.

Preferred
Stock

Mentor
has 5,000,000, $0.0001 par value, preferred shares authorized.

On
July 13, 2017, the Company filed a Certificate of Designation of Rights, Preferences, Privileges and Restrictions of Series Q Preferred
Stock (“Certificate of Designation”) with the Delaware Secretary of State to designate 200,000 preferred shares as Series
Q Preferred Stock, such series having a par value of $0.0001 per share. Series Q Preferred Stock is convertible into Common Stock, at
the option of the holder, at any time after the date of issuance of such share and prior to notice of redemption of such share of Series
Q Preferred Stock by the Company, into such number of fully paid and nonassessable shares of Common Stock as determined by dividing the
Series Q Conversion Value by the Conversion Price at the time in effect for such share.

The
per share “Series Q Conversion Value,” as defined in the Certificate of Designation, shall be calculated by the Company at
least once each calendar quarter as follows: The per share Series Q Conversion Value shall be equal to the quotient of the “Core
Q Holdings Asset Value” divided by the number of issued and outstanding shares of Series Q Preferred Stock. The “Core Q Holdings
Asset Value” shall equal the value, as calculated and published by the Company, of all assets that constitute Core Q Holdings which
shall include such considerations as the Company designates and need not accord with any established or commonly employed valuation method
or considerations. “Core Q 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.

    -27-

The
“Conversion Price” of the Series Q Preferred Stock shall be