Company: MNTR
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001620
Chunk: 74

Company: Mentor Capital, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 8
Chunk 74
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 and $0.105 per Mentor
common share, respectively, which would be anti-dilutive and therefore are not included in the weighted average share calculation for
these periods.

    F-36

Mentor
Capital, Inc.

Notes
to Consolidated Financial Statements

December
31, 2024 and 2023

Note
14 – Accrued salary, accrued retirement, and incentive fee – related party

The
Company had an outstanding liability to its Chief Executive Officer (“CEO”) as follows at December 31, 2024 and 2023:

 Schedule of outstanding liability 

    2024  
    2023 
  
    Accrued salaries and benefits 
    $53,255  
    $30,517 
  
    Accrued retirement and other benefits 
     684,976  
     667,648 
  
    Offset by shareholder advance 
     (261,653) 
     (261,653)
  
    Total outstanding liability 
    $476,578  
    $436,512 

As
approved by resolution of the Board of Directors in 1998, the CEO will be paid an incentive fee and a bonus, which are payable in installments
at the CEO’s option. The incentive fee is 1% of the increase in market capitalization based on the bid price of the Company’s
stock beyond the book value at confirmation of the bankruptcy, which was approximately $260,000. The bonus is 0.5% of the increase in
market capitalization for each $1 increase in stock price up to a maximum of $8 per share (4%) based on the bid price of the stock beyond
the book value at confirmation of the bankruptcy. For the years ended December 31, 2024 and 2023, there was no incentive fee expense.

Note
15 – Related party transactions

On
August 10, 2023, Mentor received a $50,000 loan from its CEO, which bore interest at 7.8% per annum, was compounded quarterly, and was
due upon demand. On October 7, 2023, the loan plus accrued interest of $545 was paid in full.

On
August 2, 2023, Mentor called a $1,080,000 note receivable from WCI, a related party at such time, plus accrued interest of $3,591. On
September 6, 2023, W