Company: TPET
Filing Date: 2025-09-12
Form Type: 10-Q
Source: 0001493152-25-013189
Chunk: 166

Company: Trio Petroleum Corp.
Filing Date: 2025-09-12
Form: 10-Q
Item: Part I, Item 8
Chunk 166
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 firm to provide investor communications and public relations
services. As part of the compensation payable, the Company issued 20,000 common shares at a fair value per share of $1.40 for a total
value of $28,000.

On
January 28, 2025, the Company entered into a Note Exchange Agreement with the investor from the August 6th Financing, pursuant to which
the outstanding balance of $285,852 was exchanged for shares of the Company’s common stock. The transaction was completed on February
10, 2025, with the Company issuing 230,992 shares of common stock at a price of $1.24 per share (determined as 75% of the lowest closing
price of the Company’s stock during the ten trading days immediately preceding February 10, 2025) and a fair value of $1.70 for
a total fair value amount of $392,686. The Company accounted for the exchange as a debt extinguishment, recognizing a loss of $141,534.

On
April 11, 2025, the Company issued 526,536 common shares at a fair value of $1.42 per share for a total value of $747,681 in connection
with the first closing of an asset acquisition from Novacor.

On
May 14, 2025, the Company issued 23,644 shares of common stock to an investor in satisfaction of a principal payment obligation, pursuant
to a conversion agreement. The shares were issued at a conversion price of $0.90 per share, representing a total value of $28,846. The
fair value of the shares on the issuance date exceeded the principal amount settled, resulting in a recognized loss of $7,566, which
was recorded in the statement of operations.

Between
June 11 and June 23, 2025, the Company issued an aggregate of 877,340 shares of common stock to an investor in satisfaction of principal
payment obligations under a convertible debt agreement. The issuances occurred on June 11, 12, 13, 17, 18, and 23, at conversion prices
ranging from $0.81 to $0.83 per share, for a total value of $1,240,054. The fair value of the shares issued exceeded the principal amounts
settled, resulting in a total recognized loss of $528,054, which was recorded in the statement of operations.

During
the period ended July