Company: TPET
Filing Date: 2025-09-12
Form Type: 10-Q
Source: 0001493152-25-013189
Chunk: 48

Company: Trio Petroleum Corp.
Filing Date: 2025-09-12
Form: 10-Q
Item: Part I, Item 1
Chunk 48
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 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 31, 2025, Company did not grant any RSUs; the stock-based compensation expense related to previously granted RSUs
was $96,762, which was recognized in the condensed consolidated statements of operations.

On July 30, 2025, at the Company’s annual meeting
of stockholders, the stockholders approved an amendment to the Company’s Amended and Restated Certificate of Incorporation to reduce
the total number of authorized shares to 160,000,000, consisting of 150,000,000 shares of common stock and 10,000,000 shares of preferred
stock, each with a par value of $0.0001 per share. The certificate of amendment effectuating this change was filed with the Secretary
of State of the State of Delaware on July 30, 2025, and became effective upon filing.

Series
1 Preferred Shares

Trio
Canada is authorized to issue an unlimited number of Series 1 Preferred Shares; under the terms of the shares, (i) holders of such shares may require
the entity to purchase their shares upon submission of a retraction notice, (ii) Trio Canada is obligated to redeem the shares within
30 days of receiving a retraction notice and (iii) Trio Canada may redeem the shares at its discretion at any time. On April 4, 2025,
Trio Canada issued 1,071,886 Series 1 Preferred shares (which are redeemable at CAD$1.00