Company: MNTR
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001620
Chunk: 536

Company: Mentor Capital, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 3
Chunk 536
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 by the price per share of the Equity Preferred Stock (“Preferred Stock”) and (b) the number of shares of common stock
equal to the Conversion Shares minus the Preferred Stock.

The
SAFE will expire and terminate upon the earlier to occur of (i) conversion and (ii) repayment. The SAFE may be repaid by NeuCourt upon
sixty (60) days prior notice (“Repayment Notice”) to the Company unless the Company elects during that period to convert
the SAFE.

If
NeuCourt does not close an equity financing round raising $500,000 or more prior to expiration or termination of the SAFE, the Company
may elect to convert the SAFE into the number of shares of a to-be-created series of preferred stock equal to the (x) Purchase Amount
divided by (y) the Valuation Cap divided by the number of outstanding shares of NeuCourt on a fully diluted, as-converted basis (“Default
Conversion”). Additionally, if NeuCourt experiences a change of control, initial public offering, ceases operations, or enters
into a general assignment for the benefit of its creditors prior to conversion, termination, or expiration of the SAFE, the Company will
receive the greater of (a) a cash payment equal to the Purchase Amount and (b) the value of the shares issuable on Default Conversion.

On
July 22, 2022, the Company sold $989 of the SAFE Purchase Amount to a third party. On August 1, 2022, the Company sold an additional
$1,285 of the SAFE Purchase Amount to a third party, thereby reducing the aggregate outstanding SAFE Purchase Amount to $83,756.

On
January 20, 2023, the Company and NeuCourt entered into a SAFE Purchase Agreement by which the Company invested an additional $10,000
in the form of a NeuCourt Simple Agreement for Future Equity under the same terms as the previous July 15, 2022 SAFE Purchase Agreement
between NeuCourt and the Company, increasing the aggregate SAFE Purchase Amount to $93,756. At December 31, 2024 and 2023, the SAFE Purchase
Amount was $93,756.

Note
8 - Note purchase agreement and consulting agreement with G FarmaLabs Limited

On
March 17, 2017, the Company entered into a Notes Purchase Agreement with G FarmaLabs Limited (“G Farma”), a Nevada corporation.
Under the Agreement, the Company purchased two secured promissory notes from