Mentor Capital, Inc.
For the period ended Mar 31, 2025. Filed May 14, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 14, 2025
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What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-09-30; filed 2024-11-13.
0001493152-24-044898
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-03-31; filed 2025-05-14.
0001641172-25-010157
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 80 previous paragraphs and 61 current paragraphs.
35 unchanged; 19 reworded; 7 added; 24 removed; 2 previous and 0 current paragraphs rearranged.
Tables are not compared: 0 previous and 2 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (7)
Current report
Mentor Capital, Inc.
Current report
In March 2025, the Company acquired three fractional, non-operating royalty interests in 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 total consideration of $1,369,899 as follows:
Current report
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. Working interest owners operating the wells we participate in bear the costs of operation and development. Accrued royalty income is estimated and recognized in the month it is produced. The difference between accrued royalty income and the amount received is adjusted when royalty payments are paid. Accrual of estimated royalty income was $2,000 and $0, at March 31, 2025 and 2024, respectively. Royalty income received was $0 and $0, at March 31, 2025 and 2024, respectively. The Company monitors changes in market conditions, commodity prices, production volumes, and other factors, which may materially impact the recoverability of our royalty interests.
Current report
On March 1, 2025, only nine (9) of the one hundred twenty-one (121) wells associated with royalty interests that the Company acquired in March 2025 were effective for revenue recognition during the last 30 days of the first quarter of 2025. Royalty revenue for the remaining one hundred twelve (112) wells will commence on April 1, 2025. Accrued revenue for the three months ended March 31, 2025 was $2,000 compared to $0 for the three months ended March 31, 2024 (“the prior year period”).
Current report
Our selling, general and administrative expenses for the three months ended March 31, 2025 was $195,975 compared to $271,263 for the prior year period, a decrease of $75,288. We experienced a ($68,048) decrease in professional expenses, a ($9,396) decrease in employee salary and benefits, a ($2,475) decrease in officer salary and benefits, and a ($184) decrease in depreciation expense, offset by $3,750 increase in board of director fees, a $508 increase in accumulated amortization expense, a $468 increase in administrative fees, a $78 increase in insurance, and a $11 increase in travel related expenses resulting in an decrease in other selling, general and administrative expenses of 27.75%, for the three months ended March 31, 2025 as compared to the prior year period.
Current report
Operating cash outflows in the three months ended March 31, 2025 was ($148,528), including ($204,715) of net income, increased by an unrealized loss on investment in securities at fair value of $42,991, increase in accounts payable of $71,976, non-cash depreciation and amortization of $85, and non-cash accumulated amortization of royalty interests of $508, offset by unrealized gain on an investment position in gold at fair value of ($7,043), royalty income receivable of ($2,000), other receivable of escrow funds of ($11,242), prepaid expenses and other assets of ($11,770), accrued expenses of ($16,549), and accrued salary, retirement and benefits to related party of ($10,769).
Current report
Cash outflows from investing activities in the three months ended March 31, 2025 were ($1,583,089) which included $82,138 proceeds from investment in securities sold, less ($295,328) purchase of a gold position, and ($1,369,899) purchase of three separate royalty interests in the Permian Basin.
Removed paragraphs (24)
Previous report
Electrum Partners, LLC (Electrum)
Previous report
Electrum Partners, LLC (“Electrum”) is a Nevada based consulting, investment, and management company. On November 18, 2022 Mentor received $459,990 from Electrum in consolidated settlement of one equity purchase, one recovery purchase, and two secured capital agreements.
Previous report
Segregation of Discontinued Operations
Previous report
On October 4, 2023, the Company sold its majority ownership interest in WCI for $6,000,000, resulting in the elimination of the Company’s facilities operations segment at the time of such sale. Following the sale, the Company received no new income from WCI and had no further involvement or continuing influence over its operations. Accordingly, the results of operations for this segment are not applicable to the Company’s continuing operations at September 30, 2024 and the results of operations related to our facilities operations segment are excluded from the three and nine months ended September 30, 2023, the prior period of comparison, and such financial results are presented as a discontinued operation. See Note 3 to the consolidated financial statements.
Previous report
Pending the application of sale proceeds to operating energy businesses, revenue for the three months ended September 30, 2024 was $0 compared to $0 for the three months ended September 30, 2023 (“the prior year period”).
Previous report
The lack of revenue is due to the deconsolidation of our discontinued operation, WCI, which the Company sold for $6,000,000 on October 4, 2023. At the three months ended September 30, 2023, our discontinued operation had $2,151,811 in quarterly revenue, which was reported in our consolidated financials in the prior reporting period.
Previous report
Gross profit amounts of zero are due to the deconsolidation of our discontinued operation, WCI. At the three months ended September 30, 2023, gross profit for our discontinued operation was $675,134. WCI gross profit was included in our consolidated financials in the prior reporting period. Cost of goods sold of $1,476,677 at the three months ended September 30, 2023 were related to WCI.
Previous report
Our selling, general and administrative expenses for the three months ended September 30, 2024 was $154,279 compared to $145,054 for the prior year period, an increase of $9,225. We experienced a $26,800 increase in officer salary, a $4,009 increase in officer accrued benefits, a $3,462 increase in employee salary, a $2,315 increase in payroll taxes, and a $2,750 increase in board fees, offset by a ($21,148) decrease in legal fees, a ($7,802) decrease in professional audit, tax, and accounting expenses, a ($810) decrease in net administrative expenses, a ($138) decrease in insurance expense, and a ($158) decrease in depreciation, resulting in an increase in other selling, general and administrative expenses of 6.36%, for the three months ended September 30, 2024 as compared to the prior year period.
Previous report
At the three months ended September 30, 2023 selling, general and administrative expenses for our discontinued operation, WCI, was $722,809. WCI selling, general and administrative expenses were included in our consolidated financials in the prior reporting period.
Previous report
At the three months ended September 30, 2023 other income and expense, net for our discontinued operation, WCI, was ($24,004). WCI other income and expense, net was included in our consolidated financials in the prior reporting period.
Previous report
Nine Months Ended September 30, 2024, compared to Nine Months Ended September 30, 2023
Previous report
Revenues
Previous report
Pending the application of sale proceeds to operating energy businesses, revenue for the nine months ended September 30, 2024 was $0 compared to ($291) for the nine months ended September 30, 2023 (“the prior year period”).
Previous report
The lack of revenue is due to the deconsolidation of our discontinued operation, WCI, which the Company sold for $6,000,000 on October 4, 2023. At the nine months ended September 30, 2023, our discontinued operation had $ $6,432,907 in revenue year to date, which was reported in our consolidated financials in the prior reporting period.
Previous report
Gross profit
Previous report
Gross profit amounts of zero are due to the deconsolidation of our discontinued operation, WCI. At the nine months ended September 30, 2023, gross profit for our discontinued operation was $2,281,507. WCI gross profit was included in our consolidated financials in the prior reporting period. Cost of goods sold of $4,151,400 at the nine months ended September 30, 2023 were related to WCI.
Previous report
Selling, general and administrative expenses
Previous report
Our selling, general and administrative expenses for the nine months ended September 30, 2024 was $637,571 compared to $434,991 for the prior year period, an increase of $202,580. We experienced a $67,393 increase in professional audit, tax, and accounting expenses, a $81,019 increase in officer salary, a $13,258 increase in officer accrued benefits, a $7,343 increase in employee salary, a $12,103 increase in payroll taxes, and a $34,500 increase in board fees, offset by a ($1,438) decrease in net administrative expenses, a ($2,209) decrease in legal fees, a ($1,096) decrease in travel related expenses, and ($8,307) decrease in employee accrued benefits, resulting in an increase in other selling, general and administrative expenses of 46.57%, for the nine months ended September 30, 2024 as compared to the prior year period.
Previous report
At the nine months ended September 30, 2023 selling, general and administrative expenses for our discontinued operation, WCI, was $2,102,653. WCI selling, general and administrative expenses were included in our consolidated financials in the prior reporting period.
Previous report
Other income and expense
Previous report
Other income and expense, net, totaled ($133,997) for the nine months ended September 30, 2024 compared to $15,989 for the prior year period, an increase of ($149,986). The increase is due to our June 11, 2024 $250,208 impairment of investment in account receivable resulting in a ($250,208) loss on investments net, plus a ($20,640) decrease in unrealized gain on investment, offset by a $13,580 decrease in interest expense plus a $108,572 increase in interest income for the nine months ended September 30, 2024.
Previous report
At the nine months ended September 30, 2023 other income and expense, net for our discontinued operation, WCI, was ($42,709). WCI other income and expense, net was included in our consolidated financials in the prior reporting period.
Previous report
Net results
Previous report
Operating cash inflows in the nine months ended September 30, 2024 was ($574,818), including ($786,897) of net income (loss), increased by non-cash depreciation and amortization of $807, gain (loss) on investments at fair value of ($19,925), a decrease in operating assets of ($50,781), a decrease in operating liabilities of $1,479, non-cash amortization of discount on investment in account receivable of ($9,559), and a $250,208 loss on long-term investments.
Reworded paragraphs (19)
Previous wording
The following discussion will assist in the understanding of our financial position at September 30, 2024 and the results of operations for the three and nine months ended September 30, 2024 and 2023. 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, 2024 and 2023 and our Annual Report for the year ended December 31, 2023 on Form 10-K filed with the Securities and Exchange Commission on April 1, 2024.
Current wording
The following discussion will assist in the understanding of our financial position at March 31, 2025 and the results of operations for the three months ended March 31, 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 months ended March 31, 2025 and 2024 and our Annual Report on Form 10-K for the year ended December 31, 2024.
Previous wording
We sold the entirety of our majority ownership interest in Waste Consolidators, Inc. (“WCI”) on October 4, 2023 for $6,000,000, resulting in the elimination of our facilities operations segment at that time. Accordingly, the results of operations and assets and liabilities for this segment are excluded from the Company’s continuing operations on September 30, 2024, and for all prior periods of comparison and are presented as a discontinued operation in this report.
Current wording
We sold the entirety of our majority ownership interest in Waste Consolidators, Inc. (“WCI”) on October 4, 2023 for $6,000,000, resulting in the elimination of our facilities operations segment at that time. Accordingly, the results of operations and assets and liabilities for this segment are excluded from the Company’s continuing operations on December 31, 2023, and for all prior periods of comparison and were presented as a discontinued operation.
Previous wording
In the public arena, the Company continues its 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 a dispute resolution company, and discounted funding of annuity-like fund flows. Most recently, from its new Texas base, the Company has signaled a substantial return to its energy roots, starting with a tracking investment in five New York Stock Exchange energy companies in the oil and gas, coal, and uranium markets and cooperatively acquiring operating companies in these classic energy markets.
Current wording
In the public arena, the Company continues its 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 a dispute resolution company, and discounted funding of annuity-like fund flows. Most recently, from its new Texas base, the Company has signaled a substantial return to its energy roots, starting with stock purchases in several energy companies in the oil and gas, coal, and uranium markets and purchase of fractional, non-operating royalty interests in producing oil and gas properties operating in West Texas.
Previous wording
On October 4, 2023, we sold and completely divested our majority controlling 51% interest in Waste Consolidators Inc. (“WCI”), our facilities operations segment, that provides waste management and disposal services, including waste consolidation, bulk item pickup, general property maintenance, and one-time clean-up services to business park owners, governmental centers, and apartment complexes in Phoenix, Austin, San Antonio, Houston, and Dallas. Following the sale, the Company received no new income from WCI and had no further involvement or continuing influence over its operations. WCI is now reported as a discontinued operation. WCI had been a long-standing investment, but it no longer aligns with the Company’s central business focus in the energy sector. The $6,000,000 proceeds from the sale of our WCI shares provided the Company with seed capital to seek out new business opportunities in the classic energy space.
Current wording
On October 4, 2023, we sold and completely divested our majority controlling 51% interest in Waste Consolidators Inc. (“WCI”), our facilities operations segment, that provides waste management and disposal services, including waste consolidation, bulk item pickup, general property maintenance, and one-time clean-up services to business park owners, governmental centers, and apartment complexes in Phoenix, Austin, San Antonio, Houston, and Dallas. Following the sale, the Company received no new income from WCI and had no further involvement or continuing influence over its operations. WCI is now reported as a discontinued operation. WCI had been a long-standing investment, but it no longer aligns with the Company’s central business focus in the energy sector. The $6,000,000 proceeds from the sale of our WCI shares provided the Company with capital to seek out new business opportunities in the classic energy space of oil and gas, coal, uranium, and related businesses which are Mentor Capital, Inc.’s current focus.
Previous wording
On April 18, 2016, the Company formed Mentor IP, LLC (“MCIP”), a South Dakota limited liability company and wholly owned subsidiary of Mentor. On October 24, 2023, the Company divested Mentor IP, LLC’s intellectual property and licensing rights related to a certain United States and - Canadian patent. The Company received no payment for its divestment. Patent application and maintenance fees have been expensed when paid and there were no assets related to the MCIP patents represented on the condensed consolidated financial statements at September 30, 2024 and December 31, 2023.
Current wording
On April 18, 2016, the Company formed Mentor IP, LLC (“MCIP”), a South Dakota limited liability company and wholly owned subsidiary of Mentor, to hold interests related to patent rights. On October 24, 2023, the Company divested Mentor IP, LLC’s intellectual property and licensing rights related to a certain United States and Canadian patent. The Company received no payment for its divestment. Patent application and maintenance fees have been expensed when paid and there were no assets related to the MCIP patents represented on the condensed consolidated financial statements at March 31, 2025 and December 31, 2024.
Previous wording
On January 20, 2023, the Company and NeuCourt entered into a SAFE Purchase Agreement, increasing the Company’s aggregate SAFE Purchase Amount to $93,756. At September 30, 2024 and December 31, 2023, the SAFE Purchase Amount was $93,756.
Current wording
On July 15, 2022, the Company and NeuCourt entered into an Exchange Agreement whereby the Company’s outstanding convertible promissory notes and accrued interest, in an aggregate net amount of $83,756, was exchanged for a Simple Agreement for Future Equity (“SAFE”) in equal face value. On January 20, 2023, the Company and NeuCourt entered into a SAFE Purchase Agreement, increasing the Company’s aggregate SAFE Purchase Amount to $93,756. At March 31, 2025 and December 31, 2024, the SAFE Purchase Amount was $93,756.
Previous wording
On July 11, 2023, the Court entered judgment against the G Farma Settlers in favor of the Company and Mentor Partner I, LLC in the amount of $2,539,597. The judgment also accrues post-judgment interest at the rate of 10% from July 11, 2023 until such time as the judgment is paid in full. The judgment and interest receivable of $311,014 at September 30, 2024 is fully reserved pending the outcome of the Company’s collection process. Payments from G Farma and G Farma guarantors will be recognized in Other Income as they are received. The Company has retained the full reserve on the unpaid notes receivable balance and collections of the unpaid lease receivable balance due to the long history of uncertain payments from G Farma and the G Farma Settlors. Payments from G Farma and G Farma Settlors will be recognized in Other Income as they are received. Recovery payments of $3,550 and $2,000 were included in other income in the consolidated financial statements for the year ended December 31, 2022 and 2021, respectively.
Current wording
On July 11, 2023, the Court entered judgment against the G Farma Settlers in favor of the Company and Mentor Partner I, LLC in the amount of $2,539,597. The judgment also accrues post-judgment interest at the rate of 10% from July 11, 2023 until such time as the judgment is paid in full. The judgment and interest receivable of $437,646 at March 31, 2025 is fully reserved pending the outcome of the Company’s collection process. Payments from G Farma and G Farma guarantors will be recognized in Other Income as they are received. The Company has retained the full reserve on the unpaid notes receivable balance and collections of the unpaid lease receivable balance due to the history of uncertain payments from G Farma and the G Farma Settlors.
Previous wording
Mentor Partner I, LLC (“Partner I”) was reorganized under the laws of the State of Texas in February 2021. Partner I originally held the contractual rights to lease payments from G Farma and now the related settlement and judgment.
Current wording
Mentor Partner I, LLC (“Partner I”) was reorganized under the laws of the State of Texas in February 2021. Partner I originally held the contractual rights to lease payments from G Farma and now the related settlement and $2,539,591 judgment receivable plus interest receivable of $437,646 at March 31, 2025 in favor of the Company and Partner I.
Previous wording
On October 4, 2022, the Company formed TWG, LLC (“TWG”), a Texas limited liability company, as a wholly owned subsidiary of Mentor in order to prepare to fulfill certain February 16, 2022 modification agreement performance obligations related to annuity-like installment payments the Company receives from a non-affiliated party.
Current wording
On October 4, 2022, the Company formed TWG, LLC (“TWG”), a Texas limited liability company, as a wholly owned subsidiary of Mentor in order to prepare to fulfill certain February 16, 2022 modification agreement performance obligations related to installment payments the Company receives from a non-affiliated party.
Previous wording
On October 4, 2023, in connection with the sale of the Company’s 51% ownership interest in WCI, in addition to a $5,000,000 cash payment, the Company received a one-year unsecured, subordinated, promissory note in initial principal face amount of $1,000,000 from Ally Waste Services, LLC (“Ally”) at 6% per annum. The note is recorded at the principal face amount of $1,000,000 plus accrued interest of $60,000 and $15,000 at September 30, 2024 and December 31, 2023, respectively. The note is unsecured, subordinated, and junior in right of payment of the indebtedness of borrowed money and obligations of Ally owed to senior lenders. Subject to the terms of agreements with senior lenders, the note principal plus accrued interest is payable on October 4, 2024. Ally’s failure to pay the principal and accrued interest on October 4, 2024, among other enumerated events of default, will result in the interest rate retroactively increasing to 12% per annum. The note may be set off against any indemnification obligations owed by the Company to Ally, which indemnification obligations are secondary to indemnification obligations owed by the other WCI selling shareholder to Ally. The Company has continued to receive assurances from Ally that the purchased business is performing well, and the note will be paid, so management has not impaired the note receivable. If management is given any indication from Ally or the other WCI selling shareholder that collection is uncertain, the Company will impair the note receivable at such time.
Current wording
On October 4, 2023, in connection with the sale of the Company’s 51% ownership interest in WCI, the Company received a one-year unsecured, subordinated, promissory note in initial principal face amount of $1,000,000 from Ally Waste Services, LLC (“Ally”) at 6% per annum. The $1,000,000 initial principal face amount of the note plus accrued interest of $60,000 was paid by Ally on October 4, 2024.
Previous wording
The Company maintains a diverse and opportunistic acquisition focus. It sold its former legacy investment in the former facilities operations segment and continues looking to expand into the classic energy markets of oil, gas, coal, uranium, and related markets.
Current wording
The Company maintains a diverse and opportunistic acquisition focus. It sold its former legacy investment in the former facilities operations segment and continues looking to expand into the classic energy markets of oil, gas, coal, uranium, and related businesses. The Company signaled a substantial return to its energy roots, starting with a tracking investment in six New York Stock Exchange energy companies in the oil and gas, coal, uranium, and pipeline markets. In March 2025, the Company acquired three fractional, non-operating royalty interests in 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 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.
Previous wording
Our general headquarters functions are aimed at providing accounting, legal, and general business support for our larger investment targets and our majority-owned subsidiaries. We monitor our smaller and less than majority positions for value and investment security. Management also spends considerable effort reviewing possible acquisition candidates on an ongoing basis.
Current wording
The Company’s primary aim is to acquire revenue-generating energy assets, such as oil and gas royalties, oil service businesses or other private energy operating companies as viable opportunities for such acquisition(s) become available. Our general headquarters functions are aimed at providing accounting, legal, and general business support for our larger investment targets and our majority-owned subsidiaries. We monitor our smaller and less than majority positions for value and investment security. Management also spends considerable effort reviewing possible acquisition candidates on an ongoing basis.
Previous wording
Gross profit for the three months ended September 30, 2024 was $0 compared to $0 for the prior year period. The Company’s cost of goods sold for the three months ended September 30, 2024 were $0 and $0 for the prior year period.
Current wording
Gross profit for the three months ended March 31, 2025 was $2,000 compared to $0 for the prior year period. The Company’s cost of goods sold for the three months ended March 31, 2025 were $0 and $0 for the prior year period.
Previous wording
Other income and expense, net, totaled ($2,936) for the three months ended September 30, 2024 compared to $7,140 for the prior year period, a decrease of ($10,076). The decrease is due to a ($42,563) unrealized gain (loss) on investments resulting in a ($43,501) unrealized loss on investments compared to the prior period, offset by a $4,529 decrease in interest expense plus a $28,898 increase in interest income for the three months ended September 30, 2024.
Current wording
Other income and expense, net, totaled ($6,297) for the three months ended March 31, 2025 compared to $78,586 for the prior year period, a decrease of ($84,883) or (108.01%). The decrease is due to a $9,547 increase in realized gain on sale of investments, and a $7,043 increase in unrealized gain on investment in gold, offset by a decrease in ($84,025) unrealized gain (loss) on investment in securities plus a ($17,448) decrease in interest income for the three months ended March 31, 2025.
Previous wording
The net result for the three months ended September 30, 2024 was a net loss attributable to Mentor of ($157,215) or ($0.007) per Mentor common share compared to a net loss attributable to Mentor in the prior year period of ($173,163) or ($0.008) per Mentor common share. Management will continue to make an effort to lower operating expenses and increase revenue and gross margin. The Company will continue to look for acquisition opportunities to expand its portfolio in companies that are positive for operating revenue or have significant potential to become positive for operating revenue.
Current wording
The net result for the three months ended March 31, 2025 was a net loss attributable to Mentor of ($204,715) or ($0.009) per Mentor common share compared to a net loss attributable to Mentor in the prior year period of ($208,006) or ($0.008) per Mentor common share. The Company will continue to look for acquisition opportunities to expand its portfolio in companies that are positive for operating revenue or have the potential to become positive for operating revenue.
Previous wording
Since our reorganization, we have raised capital through warrant holder exercise of warrants to purchase shares of Common Stock. At September 30, 2024 we had cash and cash equivalents of $1,682,845 and working capital of $3,316,615.
Current wording
Since our reorganization, we have raised capital through warrant holder exercise of warrants to purchase shares of Common Stock. At March 31, 2025 we had cash and cash equivalents of $450,504 and working capital of $1,679,058.
Previous wording
Net change in cash for the nine months ended September 30, 2024 were ($748,454) consisting of cash outflows from operations in the nine months ended September 30, 2024 of ($574,818) plus cash outflows from financing activities including ($286) paid in capital for Company common stock repurchases and ($173,350) in payments on repurchases of the Company’s common stock.
Current wording
Net cash outflows from financing activities for the three months ended March 31, 2025 were $0.
Previous wording
In addition, on February 9, 2015, in accordance with Section 1145 of the United States Bankruptcy Code and the Company’s court-approved Plan of Reorganization, the Company announced a minimum 30-day partial redemption of up to 1% of the already outstanding Series D warrants to provide for the court specified redemption mechanism for warrants not exercised timely by the original holder or their estates. Company designees that applied during the 30 days paid 10 cents per warrant to redeem the warrant and then exercised the Series D warrant to purchase a share at the court-specified formula of not more than one-half of the closing bid price on the day preceding the 30-day exercise period. In the Company’s October 7, 2016 press release, Mentor stated that the 1% redemptions, which were formerly priced on a calendar month schedule, would subsequently be initiated and be priced on a random date to be scheduled after the prior 1% redemption is completed to prevent potential third party manipulation of share prices at month-end. The periodic partial redemptions may continue to be recalculated and repeated until such unexercised warrants are exhausted or the partial redemption is otherwise temporarily paused, suspended, or truncated by the Company.
Current wording
In addition, on February 9, 2015, in accordance with Section 1145 of the United States Bankruptcy Code and the Company’s court-approved Plan of Reorganization, the Company announced a minimum 30-day partial redemption of up to 1% of the already outstanding Series D warrants to provide for the court specified redemption mechanism for warrants not exercised timely by the original holder or their estates. Company designees that applied during the 30 days paid 10 cents per warrant to redeem the warrant and then exercised the Series D warrant to purchase a share at the court-specified formula of not more than one-half of the closing bid price on the day preceding the 30-day exercise period. The periodic partial redemptions may continue to be recalculated and repeated until such unexercised warrants are exhausted or the partial redemption is otherwise temporarily paused, suspended, or truncated by the Company.
Previous wording
For the three and nine months ended September 30, 2024, there were no redemptions of Series D Warrants. There were no redemptions of Series D Warrants in 2023. We believe that if warrants are redeemed and exercised, partial warrant redemptions will provide monthly cash for monthly operations.
Current wording
For the three months ended March 31, 2025, there were no redemptions of Series D Warrants. There were no redemptions of Series D Warrants in 2024. We believe that if warrants are redeemed and exercised, partial warrant redemptions will provide additional monthly cash for monthly operations.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
Gross profit for the nine months ended September 30, 2024 was $0 compared to ($291) for the prior year period. The Company’s cost of goods sold for the nine months ended September 30, 2024 were $0 and $0 for the prior year period.
Previous report — wording carried elsewhere
The net result for the nine months ended September 30, 2024 was a net loss attributable to Mentor of ($786,897) or ($0.033) per Mentor common share compared to a net loss attributable to Mentor in the prior year period of ($351,821) or ($0.015) per Mentor common share. Management will continue to make an effort to lower operating expenses and increase revenue and gross margin. The Company will continue to look for acquisition opportunities to expand its portfolio in companies that are positive for operating revenue or have the potential to become positive for operating revenue.