Company: TPET
Filing Date: 2025-02-27
Form Type: 10-K/A
Source: 0001493152-25-008556
Chunk: 51

Company: Trio Petroleum Corp.
Filing Date: 2025-02-27
Form: 10-K/A
Chunk 51
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 1, 2024 and March 22, 2024 principal payment conversions. Additionally, losses in the amounts of $ 391,447, $ 20,547, $ 180,566and $ 131,165, respectively, were recognized for the difference between the value of the shares issued and the principal payment amounts.

On February 2, 2024 and February 5, 2024, the Company made principal payments towards the second tranche in the amounts of $ 275,000and $ 275,000, respectively, which it converted into shares at 103% for conversion amounts of $ 283,250and $ 283,250, respectively. Conversion shares were issued numbering 94,417and 94,417, respectively, at fair values per share of $ 3.40and $ 3.60, respectively, for total amounts of $ 323,094and $ 339,334, respectively. Additionally, losses in the amounts of $ 48,094and $ 64,334, respectively, were recognized for the difference between the value of the shares issued and the principal payment amounts.

On March 20, 2024, the Company issued 5,000shares of common stock to a consultant as a settlement for non-performed marketing services per an agreement dated November 2021; such shares were issued at a fair value of $ 2.20per share for a total value of $ 10,500.

On March 26, 2024, the Company entered into an agreement with consultants to provide marketing services; the agreement has an effective date of April 26, 2024 and a term from April 1, 2024 through June 30, 2024. The terms provide for a one-time cash payment of $ 100,000or, in lieu of a cash payment, the Company may elect to complete a one-time equity issuance in the form of 50,000shares of common stock, as well as three monthly cash payments totaling $ 30,000to be paid in the first fiscal half of 2024. The Company issued 50,000shares of common stock at a fair value of $ 7.40per share for a total amount of $ 368,000.

On April 16, 2024 and April 24, 2024, the Company issued 37,500shares of common stock and 37,500shares of common stock respectively, to the April 2024