Company: TPET
Filing Date: 2025-09-12
Form Type: 10-Q
Source: 0001493152-25-013189
Chunk: 170

Company: Trio Petroleum Corp.
Filing Date: 2025-09-12
Form: 10-Q
Item: Part I, Item 8
Chunk 170
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 Exercise Price  
    Number of Shares  
    Weighted Average Remaining Life in Years  
    Number of Shares 
  
    $10.46  
     6,000  
     3.0  
     6,000 

     6,000  
        
     6,000 

On
August 15, 2023, the Company issued five-year options to purchase 6,000
shares of the Company’s common stock to a consultant of the Company, pursuant to the 2022 Plan. The options have an exercise
price of $10.46
per share and vest monthly over a period of 24
months, beginning on the vesting commencement date. The options have a grant date fair value of $55,711,
which will be recognized over the vesting term.

The
assumptions used in the Black-Scholes valuation method for these options issued in 2023 were as follows:

 SCHEDULE OF ASSUMPTIONS USED IN BLACK-SCHOLES VALUATION METHOD FOR OPTIONS

    Risk free interest rate 
     4.36%
  
    Expected term (years) 
     5.0 
  
    Expected volatility 
     137.1%
  
    Expected dividends rate 
     0%

NOTE
10 – SUBSEQUENT EVENTS

In
accordance with ASC 855 – Subsequent Events, which establishes general standards of accounting for and disclosure of events that
occur after the balance sheet date but before condensed consolidated financial statements are issued, the Company has evaluated all events
and transactions that occurred after July 31, 2025, through the date the condensed consolidated financial statements were issued. Except
for the following, there are no subsequent events identified that would require disclosure in the condensed consolidated financial statements.

Resignation
and Consulting Engagement of Stanford Eschner

On
August 1, 2025, Stanford Eschner resigned from his roles as Vice Chairman and director of Trio Petroleum Corp, effective immediately.
His resignation did not result from any disagreement with the Company’s management or Board regarding operations, policies, or
practices.

Concurrently,
the Board approved Mr. Eschner’s engagement as a consultant to the Company through December 31, 2025. Under the Consulting
Agreement, Mr. Eschner will receive $4,267
per month and a one-time issuance of 15,000
shares of common stock pursuant to the Company’s 2022