Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 869

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 2
Chunk 869
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,341, respectively, within
stock-based compensation expenses on the income statement, with no unrecognized expense as of October 31, 2024.

On
November 11, 2023, the Company entered into an agreement with a vendor to provide marketing and distribution services for a period of
six months, with compensation in the form of 10,000 shares. The Company issued the vendor 10,000 common shares at a fair market value
price of $9.60 per share for a total amount of $95,200; this amount was recognized as marketing fees in the first and second quarters
of 2024.

    F-23

On
December 18, 2023, December 29, 2023 and January 12, 2024, the Company issued conversion shares which numbered 18,393, 18,393 and 18,393,
respectively, at fair values per share of $6.80, $6.20 and $5.80, respectively, for total amounts of $125,072, $114,036 and $105,575,
with cash payments of $36,698, $35,837 and $49,935 made to the investor for the difference between the monthly conversion price and the
floor price listed in the most recent amendment to the agreement (see Note 9). Additionally, losses in the amounts of $36,770, $24,873
and $30,510, respectively, were recognized for the difference between the value of the shares issued and the principal payment amounts.

On
February 1, 2024, February 16, 2024, March 22, 2024 and April 2, 2024, the Company issued conversion shares numbering 91,965, 42,917,
42,917 and 257,500, respectively, at fair values per share of $4.80, $2.60, $2.00 and $3.40, respectively, for total amounts of $441,428,
$113,300, $84,117 and $881,165, with a cash payment of $32,247 made to the investor for the difference between the monthly conversion
price and the floor price listed in the most recent amendment to the agreement for the February 16, 2024 conversion (see Note 9). Additional
shares of 119,796 and 17,576, respectively, were issued on February 1, 2024 and April