Company: TPET
Filing Date: 2025-04-15
Form Type: 10-K/A
Source: 0001641172-25-004910
Chunk: 154

Company: Trio Petroleum Corp.
Filing Date: 2025-04-15
Form: 10-K/A
Chunk 154
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,000,000shares of common stock having a par value of $ 0.0001per share and (ii) 10,000,000shares of preferred stock having a par value of $ 0.0001per share.

In December 2022, the Company entered into subscription agreements with two accredited investors for the aggregate issuance of 20,000common shares for aggregate gross cash proceeds of $ 400,000. The common shares are $ 0.0001par value and had a purchase price of $ 20.00per share.

In April 2023, the Company consummated its IPO and sold 100,000shares of common stock at a public offering price of $ 60.00per share for gross proceeds of $ 6,000,000.

In April 2023, upon consummation of its IPO, the Company also issued 18,750commitment shares, the number of which was calculated by taking 25% of the outstanding principal balance of the January 2022 Notes of $ 4,500,000and dividing it by the IPO price of $ 60.00per share

On April 20, 2023, the Company issued 625shares of common stock at a fair value of $ 40.00per share to consultants in exchange for services rendered; the aggregate amount of $ 25,000was recorded as fees for professional services as of the end of the period.

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

On May 2, 2023, June 23, 2023 and July 11, 2023, the Company issued 1,250, 5,000and 5,000shares of common stock, par value of $ 0.0001, respectively, at a fair value of $ 42.00, $ 17.60and $ 24.