Company: TPET
Filing Date: 2025-04-15
Form Type: 10-K/A
Source: 0001641172-25-004910
Chunk: 142

Company: Trio Petroleum Corp.
Filing Date: 2025-04-15
Form: 10-K/A
Chunk 142
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 fair value were a share price of $ 6.40, an exercise price of $ 10.00, an expected term of 5years, annualized volatility of 137.10%, a dividend rate of zeropercent and a discount rate of 3.93%.

| F-19 |

On February 1, 2024, February 16, 2024, March 22, 2024 and April 2, 2024, the Company made principal payments towards the first tranche in the amounts of $ 625,000, $ 125,000, $ 125,000, and $ 750,000, respectively, which it converted into shares at 103% for conversion amounts of $ 643,750, $ 128,750, $ 128,750and $ 772,500, respectively. Conversion shares were issued numbering 91,965, 42,917, 42,917and 257,500, respectively, at fair values per share of $ 4.80, $ 2.60, $ 2.00and $ 3.40, respectively, for total amounts of $ 441,428, $ 113,300, $ 84,117and $ 881,165, with a cash payment of $ 32,247made 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. Additional shares of 119,796and 17,576, respectively, were issued on February 1, 2024 and April 15, 2024, respectively, at fair values of $ 4.80and $ 12.60, respectively, for total amounts of $ 574,779and $ 221,449, respectively; these share issuances were made in lieu of additional cash payments related to the February 1, 2024 and March 22, 2024 principal payment conversions. Additionally, losses in the amounts of $ 391,447, $ 20,547, $ 180,566and $ 131,165, respectively, were recognized for the difference between the value of the shares issued and the principal payment amounts.

On February 5, 2024, the Company entered into the first amendment to the First Tranche Note of the October 2023 SPA; such amendment provides for i) a reduction of the floor price of the conversion price from