Company: TPET
Filing Date: 2025-03-14
Form Type: 10-Q
Source: 0001493152-25-010362
Chunk: 104

Company: Trio Petroleum Corp.
Filing Date: 2025-03-14
Form: 10-Q
Item: Part I, Item 8
Chunk 104
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, 2024 
     5,250  
    $10.46  
     4.5  
    $- 

    21

A
summary of outstanding and exercisable options as of January 31, 2025 is presented below:

 SCHEDULE OF OUTSTANDING AND EXERCISABLE OPTIONS

    Options
    Outstanding

    Options
    Exercisable

    Exercise
    Price

    Number
    of Shares

    Weighted
    Average
Remaining Life in Years

    Number
    of Shares

    $
    10.46

    6,000

    3.5

    6,000

    6,000

    6,000

On
August 15, 2023, the Company issued five-year options to purchase 6,000 shares of the Company’s common stock to a consultant of
the Company, pursuant to the Plan. The options have an exercise price of $10.46 per share and vest monthly over a period of 24 months,
beginning on the vesting commencement date. The options have a grant date fair value of $55,711, which will be recognized over the vesting
term.

The
assumptions used in the Black-Scholes valuation method for these options issued in 2023 were as follows:

 SCHEDULE OF ASSUMPTIONS USED IN BLACK-SCHOLES VALUATION METHOD FOR OPTIONS

    Risk free interest rate 
     4.36%
  
    Expected term (years) 
     5.0 
  
    Expected volatility 
     137.1%
  
    Expected dividends rate 
     0%

NOTE
11 – SUBSEQUENT EVENTS

In
accordance with ASC 855 – Subsequent Events, which establishes general standards of accounting for and disclosure of events that
occur after the balance sheet date but before financial statements are issued, the Company has evaluated all events and transactions
that occurred after January 31, 2025, through the date the financial statements were issued. Except for the following, there are no subsequent
events identified that would require disclosure in the financial statements.

On
January 28, 2025, the Company entered into a Note Exchange Agreement, whereby it and the investor in the August 6th
Financing agreed to exchange the outstanding balance of $285,852
for shares of the Company’s common stock. The exchange transaction was completed on February