Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 2392

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 10
Chunk 2392
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66 and $2.58, respectively, for total amounts of $103,091, $62,830 and $98,422, respectively. An additional 2,317 shares were issued
on October 11, 2024 at a fair value of $3.38 for a total amount of $7,838; the share issuance was made to satisfy a make-whole-share
provision which the debtor is entitled to when the effective price of the shares becomes less than the floor price.

On
October 1, 2024, the Company made aggregate principal payments towards the April 2024 Debt Financings in the amount of $682,031 (of which
$7,031 was in interest) which it converted into 224,291 shares at a conversion price of approximately $3.44 per share; such share issuances
were recorded at a fair value of $3.66 per share for a total amount of $729,405 and a loss on conversion of $47,373 for the difference
between the value of the shares issued and the principal payment amounts.

On
October 18, 2024, the Company made a final principal payment towards the April 2024 Debt Financings in the amount of $75,000 which it
converted into 25,000 shares at a conversion price of approximately $3.00 per share; such share issuance was recorded at a fair value
of $3.10 per share for a total amount of $77,450 and a loss on conversion of $2,450 for the difference between the value of the shares
issued and the principal payment amount.

    F-24

Warrants

Other
Warrants

In
December 2022, the Company entered into subscription agreements with two accredited investors for the aggregate issuance of 20,000 common
shares, as well as warrants to purchase additional shares up to the initial subscription amount; the warrants are exercisable for two
years and have an exercise price equal to fifty percent of the price per share the Company sells its common shares in its IPO. The warrants
were determined to be equity classified and were recorded at fair value in additional paid-in capital on the balance sheet for the period.
Their fair value was based on the price the third-party investors paid for the original subscription agreements described above.

In
April 2023, the Company also issued warrants to purchase 5,000 shares of common stock to the underwriters at an exercise price of $66.00
per