Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 590

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 1B
Chunk 590
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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 
     0%

    F-27

NOTE
12 – 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 October 31, 2024, 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.

Notice
of Delisting or Failure to Satisfy a Continued Listing Rule or Standard from the NYSE American

On
November 5, 2024, the Company received notice from NYSE American that NYSE American had halted trading in the shares of the Common Stock
until