Company: TPET
Filing Date: 2025-03-14
Form Type: 10-Q
Source: 0001493152-25-010362
Chunk: 102

Company: Trio Petroleum Corp.
Filing Date: 2025-03-14
Form: 10-Q
Item: Part I, Item 8
Chunk 102
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 Company’s common stock began
trading on a split-adjusted basis when the market opened on November 15, 2024.

On
December 5, 2024, the Company issued 21,046 common shares to allow for the round-up shares for beneficial owners as a result of the reverse
stock split which occurred on November 14, 2024.

On
December 20, 2024, the Company issued common shares in lieu of cash for principal payments towards the June 2024 Notes; such payments
were converted into shares at 103% for a conversion amount of $299,569, with shares issued numbering 340,419 at a fair value per share
of $0.88, which resulted in a loss of $8,725. See Note 9 – Notes Payable, June 2024 Convertible Debt Financings for additional
information.

On
January 1, 2025, the Company entered into a consulting agreement with Redwood Empire Financial Communications, LLC for investor communications
services; the agreement includes monthly compensation of $7,500, as well as the issuance of 20,000 restricted shares upon the funding
of the Company’s Form S-1. The initial term of the agreement is for one year and may be terminated by either party upon sixty days’
notice.

As
of January 31, 2025, 210,000 common shares that the Company had previously awarded and begun to recognize stock-based compensation for
but were not issued due to a lack of shares available for issuance under the Plan, were issued.

For
the three months ended January 31, 2025, the Company issued 2,951,169 shares in connection with an At the Market (“ATM”)
Agreement signed with Spartan Capital Securities, LLC. (“Spartan”) in which the Company issued and sold shares of its common
stock for a total offering price of up to $4,800,000. The Company received total proceeds of $3,583,142 during the period ended January
31, 2025, with $107,494 recognized as equity issuance costs for commissions paid to Spartan, for net proceeds of $3,475,648.

Warrants

 SCHEDULE OF WARRANT ACTIVITY

A
summary of the warrant activity during the three months ended January 31, 2025 is presented below:

    Weighted

    Weighted

    Average

    Number of

    Average Exercise

    Remaining