Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 141

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 14
Chunk 141
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of $643,750, $128,750, $128,750 and $772,500, respectively. Conversion shares were issued numbering 91,965, 42,917, 42,917 and 257,500,
respectively, at fair values per share of $4.80, $2.60, $2.00 and $3.40, respectively, for total amounts of $441,428, $113,300, $84,117
and $881,165, with a cash payment of $32,247 made 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 119,796 and 17,576,
respectively, were issued on February 1, 2024 and April 15, 2024, respectively, at fair values of $4.80 and $12.60, respectively, for
total amounts of $574,779 and $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, $180,566
and $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 $7.00 to $3.00, ii) the issuance of additional 119,796 shares of common
stock (as noted above) to the investor in lieu of the Company’s obligation to pay cash installments under the First Tranche Note,
and iii) a new obligation of the Company to request acceleration of monthly payments in installments of $250,000 as soon as possible
to repay the remaining $1,000,000 principal balance of the First Tranche Note, with the investor converting and selling shares subject
to a) the beneficial ownership limitation of 4.99% and b) market prices of the Company’s common stock being at or above the floor
price of $3.00.

On
February 2, 2024 and February 5,