Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 1808

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 8
Chunk 1808
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 $224,327 and $0, respectively, with noncash interest expense
recognized for the amortization of debt discounts of $25,077 and $0 for the years ended October 31, 2024 and 2023, respectively.

NOTE
11 – STOCKHOLDERS’ EQUITY

Common
Shares

The
Company is authorized to issue an aggregate of 25,000,000 shares. The authorized capital stock is divided into: (i) 24,500,000 shares
of common stock having a par value of $0.0001 per share and (ii) 500,000 shares of preferred stock having a par value of $0.0001 per
share.

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

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

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

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

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