Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 81

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 13
Chunk 81
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 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 share.

October
2023 SPA with Warrants

On
October 4, 2023 and December 29, 2023, the Company entered into placement agent agreements with Spartan (see Note 8 for further information)
for their role in connection with the two tranche fundings related to the October 2023 SPA; among other things, the agreements provide
the agent with equity-classified warrants to purchase a number of common shares equal to 5% of the number of common shares initially
issuable upon conversion of each note tranche. For