Company: MNTR
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001493152-25-021833
Chunk: 53

Company: Mentor Capital, Inc.
Filing Date: 2025-11-12
Form: 10-Q
Item: Item 1
Chunk 53
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 paid by the Company, were $17,360, which represents a portion of royalty income earned
by the Company in August 2025. The Company will continue to closely monitor initial royalty payments until all operators have completed the setup of
their recurring payments to Mentor.

-33-

Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The
following discussion will assist in the understanding of our financial position at September 30, 2025 and the results of operations for
the three and nine months ended September 30, 2025 and 2024. The information below should be read in conjunction with the information
contained in the unaudited Condensed Consolidated Financial Statements and related notes to the financial statements included within
this Quarterly Report on Form 10-Q for the three and nine months ended September 30, 2025 and 2024 and our Annual Report on Form 10-K
for the year ended December 31, 2024.

Corporate
Background

The
Company’s common stock is publicly traded on OTC Markets Over-the-Counter Venture Market (“OTCQB”),
under the trading symbol: MNTR.

The
Company was originally founded as an investment partnership in Silicon Valley, by the current CEO in 1985. The partnership acquired a
salsa factory, bakery, trucking company, tortilla chip plant, and an athletic club chain. The former investment partnership was incorporated
under the laws of the State of California on July 29, 1994 and on September 12, 1996, the Company’s offering statement was qualified
under Regulation A of the Securities Act of 1933 and began to trade its shares publicly. The Company relocated to San Diego, California,
and contracted to provide financial assistance and investment in small businesses. On September 24, 2015, the Company redomiciled from
California to Delaware by merging the California Mentor Capital, Inc. corporation into a newly formed Delaware entity, Mentor Capital,
Inc. Following the merger, the Company is governed under the laws of the State of Delaware. In September 2020, Mentor relocated its corporate
office from San Diego, California, to Plano, Texas.

In
the public arena, the Company maintains diverse investment activities. These have included the acquisition of oil and gas partnerships,
New York Stock Exchange gas trading company mini-tender offers, ATM ownership, facilities operations investment, cancer immunotherapy
investment, equipment financing, intellectual property investment, litigation financing, investment in