Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 1433

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 6
Chunk 1433
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 the years ended October 31, 2024 and
2023, the Company recognized stock-based compensation of $753,188 and $440,219, respectively, within stock-based compensation expenses
on the income statement, with unrecognized expense of $311,593 as of the period ended October 31, 2024.

On
May 2, 2023, June 23, 2023 and July 11, 2023, the Company issued 1,250, 5,000 and 5,000 shares of common stock, par value of $0.0001,
respectively, at a fair value of $42.00, $17.60 and $24.20, respectively, to consultants in exchange for services rendered; the aggregate
amounts of $52,500, $88,000 and $121,000, respectively, were recorded as fees for professional services as of the end of the period.

On
June 30, 2023, the Company issued 2,400 shares of common stock, par value of $0.0001, at a fair value of $33.40 to Marcum, LLP for an
aggregate amount of $80,159 for partial satisfaction of an account payable.

On
June 30, 2023, the Company issued a Form S-1/A, which registered for resale (i) up to 157,466 shares of common stock, par value $0.0001
per share which the selling stockholders may acquire upon the exercise of outstanding common warrants and (ii) up to 25,000 shares of
common stock, which the selling stockholders may acquire upon the exercise of outstanding pre-funded warrants. Such warrants were issued
to the selling stockholders in connection with securities purchase agreements entered into on January 28, 2022 and September 20, 2022.
The Company recorded 34,993 shares of common stock that are not exercised but registered in accordance with their common warrant agreements
and 25,000 shares of common stock that are not exercised but registered in accordance with their pre-funded warrant agreements upon the
filing of this Form S-1/A.

On
July 20, 2023, the Company issued 10,000 restricted shares pursuant to the Plan to Mr. Ingriselli (see Note 6) at a fair value of $21.40
per share for an aggregate fair value of $213,000. The shares vested fully on July