Billingsley Chester 4

What Happened

Chester Billingsley, CEO of Mentor Capital, converted 11 Series Q Convertible Preferred Shares into 5,906,107 shares of Mentor Capital common stock on April 3, 2026. The conversion had a reported aggregate value of $347,279.12 (implied common share price $0.0588). He also made a small open-market purchase on April 7, 2026: 897 common shares at $0.06 each for $57.

The Form 4 shows the 11 Series Q preferred were surrendered (disposed) as part of the conversion (derivative transaction code C). The separate purchase (code P) was a routine open-market buy and is a modest direct purchase (a bullish signal is possible but small in size).

Key Details

• Primary conversion: 4/3/2026 — 11 Series Q preferred converted into 5,906,107 common shares; conversion value $347,279.12; implied common price $0.0588.
• Open-market purchase: 4/7/2026 — 897 shares at $0.06, total $57.
• The filing was submitted 4/7/2026 covering the 4/3/2026 conversion; timeliness (late or on-time) is not specified in the provided excerpt.
• Shares owned after the transactions are not specified in the provided data.
• Footnote highlights:
  • F1: Billingsley bought the 11 Series Q preferred on Jan 12, 2026 for $204,488 ($18,590/share). Series Q have no expiration and convert to common at no additional cost; conversion value is defined in the Certificate of Designation.
  • F2: On April 3, those 11 Series Q were eligible and converted into 5,906,107 common shares at the Series Q Conversion Value noted above.

Context

• Conversion explanation: Converting preferred shares into common is not a sale — it exchanges a derivative/preferred security for common stock, increasing the insider’s common-share holdings and the company’s common share count.
• The small open-market buy (897 shares, $57) is a direct purchase but economically minor.
• These types of filings are factual disclosures of ownership changes; they do not by themselves explain the insider’s intent.