Company: TPET
Filing Date: 2025-06-10
Form Type: 10-Q
Source: 0001641172-25-014516
Chunk: 30

Company: Trio Petroleum Corp.
Filing Date: 2025-06-10
Form: 10-Q
Item: Part I, Item 1
Chunk 30
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 ended April 30, 2025. Accordingly, all capitalized
costs related to the acquisition, refurbishment, and production restart—including costs for support equipment and facilities—totaling
$500,614 have been written off and expensed in the statement of operations for the period ended April 30, 2025.

Restricted
Stock Units (“RSUs”) issued to Directors

On
June 19, 2024, the Company agreed to award 50,000 restricted stock units to a newly appointed director under the Plan; as there were
only 22,750 shares remaining for issuance under the Plan at that time, 22,500 RSUs were awarded immediately with a fair value of $6.00
per share for a grant date value of $134,550, with the remainder issued in the following quarter at a fair value of $3.32 per share for
a grant date value of $91,300. For the three and six months ended April 30, 2025, the Company recognized stock-based compensation for
these awards in the amount of $39,488 and $75,760, respectively, within stock-based compensation expenses on the income statement, with
$119,432 of unrecognized expense as of the period ended April 30, 2025.

On
October 21, 2024, the Company agreed to award 12,500 restricted stock units to a newly appointed director under the Plan; the RSUs vest
at a rate of 100% upon the six month anniversary of the commencement date and were recorded at a fair value of $3.13 per share for a
grant date value of $39,125. Additionally, on October 21, 2024, the Company agreed to award an aggregate of 37,500 restricted stock units
to current directors under the Plan; the RSUs vest at a rate of 100% upon the three month anniversary of the commencement date and were
recorded at a fair value of $3.13 per share for an aggregate grant date value of $117,375. For the three and six months ended April 30,
2025, the Company recognized stock-based compensation for these awards in the amount of $17,198 and $141,592, respectively, within stock-based
compensation expenses on the income statement, with $0 of unrecognized expense as of the period ended April 30, 2025.

Restricted
Shares issued to Executives and Employees

In
May 2023