Note 1 - Nature of operations

Corporate Structure Overview

Mentor Capital, Inc. (“Mentor” or “the Company”) was reincorporated under the laws of the State of Delaware in September 2015.

The entity was originally founded as an investment partnership in Silicon Valley, California, by the current CEO in 1985 and subsequently incorporated under the laws of the State of California on July 29, 1994. On September 12, 1996, the Company’s offering statement was qualified pursuant to Regulation A of the Securities Act, and the Company began to trade its shares publicly. On August 21, 1998, the Company filed for voluntary reorganization, and on January 11, 2000, the Company emerged from Chapter 11 reorganization and relocated to San Diego. In September 2020, Mentor relocated its corporate office from San Diego, California, to Plano, Texas.

The Company’s common stock is publicly traded on OTC Markets Over-the-Counter Venture Market (“OTCQB”), under the trading symbol MNTR.

The Company’s current industry focus includes the classic energy sectors of oil and gas, and related ventures. Mentor’s gold investment adds an additional avenue for trading profit. Additionally, the Company has residual investments in legal dispute resolution services, collecting on an annuity-like financing, and the collection of a judgment that it monitors for collectability.

The following is a list of subsidiaries of Mentor Capital, Inc. as of December 31, 2025:

 Schedule of list of subsidiaries

Mentor’s 100% owned subsidiaries are headquartered in Plano, Texas and are used as vehicles to facilitate business combinations and investments.

The Company holds an active judgment of $2,539,597 plus $628,985 accrued interest as of December 31, 2025 against G Farma Settlors. The judgment amounts are fully reserved but will continue to be monitored for long-term collectability. See Notes 8, 9, and 17.

Mentor Capital, Inc.

Notes to Consolidated Financial Statements

December 31, 2025 and 2024

As of December 31, 2025, Mentor holds an 6.13% equity interest in NeuCourt, Inc. (“NeuCourt”), a development-stage AI-assisted legal dispute resolution company.

On October 4, 2024 Mentor received a final $1,000,000 payment plus accrued interest of $60,000 from Ally Waste Services, LLC to complete the purchase of Mentor’s former 51% majority owned subsidiary Waste Consolidators Inc. (“WCI”), purchased for $6,000,000 for Mentor’s equity percentage one year earlier.

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 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 10.

The Company also maintains gold investment and short-term treasury exchange-traded funds for the purpose of facilitating investment into the Company to profitably support potential future energy acquisitions and to collect low-risk interest to offset inflation, respectively. These holdings may serve as an immediately available asset that can be permanently added to the Company’s Core Q Holdings, or act as a bridge investment backing Mentor’s Series Q Preferred Stock until an acceptable energy acquisition is closed and that is permanently added to the Core Q Holdings, replacing the gold bridge. See Note 11.