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

Company: Mentor Capital, Inc.
Filing Date: 2025-11-12
Form: 10-Q
Item: Item 1
Chunk 10
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 oil and gas properties covering approximately one
hundred twenty-one (121) wells in the Spraberry Field of the Permian Basin in West Texas, through related public auctions for a total
consideration of $1,369,899. The royalty interests entitle the Company to receive a proportional share of revenues generated from the
production of hydrocarbons from the underlying property, without incurring any operating or production costs. See Note 9.

The
Company also maintains gold investment and short-term treasury exchange-traded funds for the purpose of facilitating investment into
the Company to support potential future energy acquisitions and to collect low-risk interest to offset inflation, respectively. Mentor’s gold position values currently equal approximately two-thirds of its market capitalization. These
holdings may serve as an immediately available asset that can be temporarily added to the Company’s Core Q Holdings, and act as
a bridge investment backing Mentor’s Series Q Preferred Stock until an acceptable energy acquisition is closed and permanently added
to the Core Q Holdings, replacing the gold bridge. See Note 13.

Note
2 - Summary of significant accounting policies

Condensed
consolidated financial statements

The
unaudited condensed consolidated financial statements of the Company for the three and nine month periods ended September 30, 2025 and
2024 have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial
information and pursuant to the requirements for reporting on Form 10-Q and Regulation S-K. Accordingly, they do not include all the
information and footnotes required by accounting principles generally accepted in the United States of America for complete financial
statements. However, such information reflects all adjustments (consisting solely of normal recurring adjustments), which are, in the
opinion of management, necessary for the fair presentation of the financial position and the results of operations. Results shown for
interim periods are not necessarily indicative of the results to be obtained for the full fiscal year. The balance sheet information
as of December 31, 2024 was derived from the audited financial statements included in the Company’s financial statements as of
and for the year ended December 31, 2024 included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange
Commission (the “SEC”) on March 31, 2025. These financial statements should be read in conjunction with that report.

Basis
of presentation

The
accompanying consolidated financial statements and related notes include the activity of subsidiaries in