Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 156

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 14
Chunk 156
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84,117 and $881,165, with a cash payment of $32,247 made to the investor for the difference between the monthly conversion
price and the floor price listed in the most recent amendment to the agreement for the February 16, 2024 conversion (see Note 9). Additional
shares of 119,796 and 17,576, respectively, were issued on February 1, 2024 and April 15, 2024, respectively, at fair values of $4.80
and $12.60, respectively, for total amounts of $574,779 and $221,449, respectively; these share issuances were made in lieu of additional
cash payments related to the February 1, 2024 and March 22, 2024 principal payment conversions. Additionally, losses in the amounts of
$391,447, $20,547, $180,566 and $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 $275,000 and
$275,000, respectively, which it converted into shares at 103% for conversion amounts of $283,250 and $283,250, respectively. Conversion
shares were issued numbering 94,417 and 94,417, respectively, at fair values per share of $3.40 and $3.60, respectively, for total amounts
of $323,094 and $339,334, respectively. Additionally, losses in the amounts of $48,094 and $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 5,000 shares 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 $2.20 per 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 $