Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 1297

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 5
Chunk 1297
---
 and the issuance of 30,000 shares of common stock. The
Company issued 30,000 shares of common stock at a fair value of $7.40 per share for a total amount of $220,800.

On
September 9, 2024, the Company entered into a media advertising agreement with a consultant; the agreement has an initial term of sixty
days and provides for a $100,000 cash payment ($50,000 upon signing and $50,000 after 30 days) and the issuance of 12,500 shares of common
stock. The Company issued the shares at a fair value of $3.60 for a total amount of $43,800.

On
September 26, 2024, October 1, 2024, and October 30, 2024, the Company made principal payments towards the June 2024 Notes in the amounts
of $88,888, $50,000 and $88,888, respectively, which it converted into shares at 103% for conversion amounts of $91,556, $51,500 and
$91,556, respectively. Conversion shares were issued numbering 30,520, 17,167 and 38,150, respectively, at fair values per share of $3.38,
$3.66 and $2.58, respectively, for total amounts of $103,091, $62,830 and $98,422, respectively. An additional 2,317 shares were issued
on October 11, 2024 at a fair value of $3.38 for a total amount of $7,838; the share issuance was made to satisfy a make-whole-share
provision which the debtor is entitled to when the effective price of the shares becomes less than the floor price.

On
October 1, 2024, the Company made aggregate principal payments towards the April 2024 Debt Financings in the amount of $682,031 (of which
$7,031 was in interest) which it converted into 224,291 shares at a conversion price of approximately $3.44 per share; such share issuances
were recorded at a fair value of $3.66 per share for a total amount of $729,405 and a loss on conversion of $47,373 for the difference
between the value of the shares issued and the principal payment amounts.

On
October 18, 2024, the Company made a final principal payment towards