Company: TPET
Filing Date: 2025-09-12
Form Type: 10-Q
Source: 0001493152-25-013189
Chunk: 47

Company: Trio Petroleum Corp.
Filing Date: 2025-09-12
Form: 10-Q
Item: Part I, Item 1
Chunk 47
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 principal payment obligations under the Amended and Restated Note. 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.

As
of July 31, 2025, the balance of the April 2025 Financing was $865, with noncash interest expense recognized for the amortization of
debt discounts of $139,092 and $150,192 for the three and nine months ended July 31, 2025, respectively.

    21

NOTE
9 – STOCKHOLDERS’ EQUITY

Common
Shares

On
January 1, 2025, the Company entered into an agreement with a consulting firm to provide investor communications and public relations
services. As part of the compensation payable, the Company issued 20,000 common shares at a fair value per share of $1.40 for a total
value of $28,000.

On
January 28, 2025, the Company entered into a Note Exchange Agreement with the investor from the August 6th Financing, pursuant to which
the outstanding balance of $285,852 was exchanged for shares of the Company’s common stock. The transaction was completed on February
10, 2025, with the Company issuing 230,992 shares of common stock at a price of $1.24 per share (determined as 75% of the lowest closing
price of the Company’s stock during the ten trading days immediately preceding February 10, 2025) and a fair value of $1.70 for
a total fair value amount of $392,686. The Company accounted for the exchange as a debt extinguishment, recognizing a loss of $141,534.

On
April 11, 2025, the Company issued 526,536 common shares at a fair value of $1.42 per share for a total value of $747,681 in connection
with the first closing of an asset acquisition from Novacor.

On
May 14, 2025, the Company issued 23,644 shares of common stock to an investor in satisfaction of a principal payment obligation, pursuant
to a