Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 76

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 13
Chunk 76
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 shares of common stock at a fair value of $40.00 per share to consultants in exchange for services
rendered; the aggregate amount of $25,000 was recorded as fees for professional services as of the end of the period.

On
May 1, 2023, the Company issued 35,000 restricted shares to six of its employees pursuant to the Plan (see Note 6); the shares were recorded
at a fair value of $43.00 per share for an aggregate grant date fair value of $1,505,000, and for the years ended October 31, 2024 and
2023, the Company recognized stock-based compensation of $753,188 and $440,219, respectively, within stock-based compensation expenses
on the income statement, with unrecognized expense of $311,593 as of the period ended October 31, 2024.

On
May 2, 2023, June 23, 2023 and July 11, 2023, the Company issued 1,250, 5,000 and 5,000 shares of common stock, par value of $0.0001,
respectively, at a fair value of $42.00, $17.60 and $24.20, respectively, to consultants in exchange for services rendered; the aggregate
amounts of $52,500, $88,000 and $121,000, respectively, were recorded as fees for professional services as of the end of the period.

On
June 30, 2023, the Company issued 2,400 shares of common stock, par value of $0.0001, at a fair value of $33.40 to Marcum, LLP for an
aggregate amount of $80,159 for partial satisfaction of an account payable.

On
June 30, 2023, the Company issued a Form S-1/A, which registered for resale (i) up to 157,466 shares of common stock, par value $0.0001
per share which the selling stockholders may acquire upon the exercise of outstanding common warrants and (ii) up to 25,000 shares of
common stock, which the selling stockholders may acquire upon the exercise of outstanding pre-funded warrants. Such warrants were issued
to the selling stockholders in connection with securities purchase agreements entered into on January 28, 2022 and September 20, 2022.
The Company recorded 34,993 shares of common stock