Company: TPET
Filing Date: 2025-02-27
Form Type: 10-K/A
Source: 0001493152-25-008556
Chunk: 50

Company: Trio Petroleum Corp.
Filing Date: 2025-02-27
Form: 10-K/A
Chunk 50
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 Company issued the vendor 10,000common shares at a fair market value price of $ 9.60per share for a total amount of $ 95,200; this amount was recognized as marketing fees in the first and second quarters of 2024.

| F-23 |

On December 18, 2023, December 29, 2023 and January 12, 2024, the Company issued conversion shares which numbered 18,393, 18,393and 18,393, respectively, at fair values per share of $ 6.80, $ 6.20and $ 5.80, respectively, for total amounts of $ 125,072, $ 114,036and $ 105,575, with cash payments of $ 36,698, $ 35,837and $ 49,935made to the investor for the difference between the monthly conversion price and the floor price listed in the most recent amendment to the agreement (see Note 9). Additionally, losses in the amounts of $ 36,770, $ 24,873and $ 30,510, respectively, were recognized for the difference between the value of the shares issued and the principal payment amounts.

On February 1, 2024, February 16, 2024, March 22, 2024 and April 2, 2024, the Company issued conversion shares 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 (see Note 9). 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