Company: MNTR
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001620
Chunk: 136

Company: Mentor Capital, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 136
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2, the Board approved the
Company’s Audit Committee Charter and appointed David Carlile to serve as the Company’s sole Audit Committee Member to be
effective as of the filing date of Mentor’s 2021 Form 10-K, that was filed with the Securities and Exchange Commission on March
24, 2022. On April 24, 2024, upon the Board’s request, Mr. Carlile resigned and, accounting professional, Lori Stansfield, CPA,
was appointed to the Audit Committee as the Company’s Audit Committee Chair. Our Audit Committee Charter may be found on Mentor’s
website at https://ir.mentorcapital.com/corporate-governance.

Our
Audit Committee is responsible for, among other things, assisting the Board in fulfilling its general oversight responsibilities with
respect to the Company’s accounting and financial disclosures, audits of the financial statements, internal controls, and audit
functions.

As
part of the financial statement audit, the auditors are required to communicate with the Audit Committee in writing. The Audit Committee
discusses the audited financial statements with management.

33

The
Audit Committee had one special meeting with the Company’s Board of directors in 2024 and one meeting in 2023. All members of the
Audit Committee attended both meetings.

Membership
of the Audit Committee

The
Audit Committee shall be comprised of one to five directors as determined by the Board, of which a majority of the members shall satisfy
the independence requirements of Section 10A(m)(3) of the Securities Exchange Act of 1934, as amended and all other regulatory requirements
applicable to the Company.

Lori
Stansfield, CPA, our single audit committee member since April 24, 2024, and Audit Committee Chair, is considered independent under
the Audit Committee Charter. With over thirty years of experience, Ms. Stansfield fully understands
complex and straight forward financial statements, including the Company’s balance sheet, income statement, and cash flow
statement. Ms. Stansfield is an “audit committee financial expert” as defined under applicable SEC rules.

The
Audit Committee of Mentor Capital, Inc. has reviewed and discussed with management the Company’s audited financial statements for
the year ended December 31, 2024. In addition, it has discussed with Spicer Jeffries LLP the matters required by the applicable requirements
of the Public Company Accounting Oversight Board and the Commission. Also, the Audit Committee has received from Spicer Jeffries LLP
the written disclosures required