Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 85

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 13
Chunk 85
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     -  
     -  
     - 
  
    Exercised 
     -  
     -  
     -  
     - 
  
    Cancelled 
     -  
     -  
     -  
     - 
  
    Expired 
     -  
     -  
     -  
     - 
  
    Outstanding,
    October 31, 2024 
     6,000  
    $10.46  
     3.8  
    $- 

    Exercisable,
    October 31, 2024 
     6,000  
    $10.46  
     3.8  
    $- 

A
summary of outstanding and exercisable options as of October 31, 2024 and 2023 is presented below:

 SCHEDULE OF OUTSTANDING AND EXERCISABLE OPTIONS

    Options
    Outstanding  
    Options
    Exercisable 

    Weighted  

    Average  

    Exercise  
    Number
    of  
    Remaining  
    Number
    of 
  
    Price  
    Shares  
    Life
    in Years  
    Shares 
  
    $10.46  
     6,000  
     3.8  
     6,000 

     6,000  
     3.8  
     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