Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 1013

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 3
Chunk 1013
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 $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 $100,000
or, in lieu of a cash payment, the Company may elect to complete a one-time equity issuance in the form of 50,000 shares of common stock,
as well as three monthly cash payments totaling $30,000 to be paid in the first fiscal half of 2024. The Company issued 50,000 shares
of common stock at a fair value of $7.40 per share for a total amount of $368,000.

On
April 16, 2024 and April 24, 2024, the Company issued 37