Company: TPET
Filing Date: 2025-01-30
Form Type: 10-K/A
Source: 0001493152-25-004268
Chunk: 14

Company: Trio Petroleum Corp.
Filing Date: 2025-01-30
Form: 10-K/A
Chunk 14
---
 inflation factors; and (iv) the Company’s average credit-adjusted risk-free rate. These assumptions represent Level 3 inputs.

If the carrying amount of its proved oil and natural gas properties, which are assessed for impairment under ASC 360 – Property, Plant and Equipment,exceeds the estimated undiscounted future cash flows, the Company will adjust the carrying amount of the oil and natural gas properties to fair value. The fair value of its oil and natural gas properties is determined using valuation techniques consistent with the income and market approach. The factors used to determine fair value are subject to management’s judgment and expertise and include, but are not limited to, recent sales prices of comparable properties, the present value of future cash flows, net of estimated operating and development costs using estimates of proved reserves, future commodity pricing, future production estimates, anticipated capital expenditures, and various discount rates commensurate with the risk and current market conditions associated with the expected cash flow projected. These assumptions represent Level 3 inputs.

Net Loss Per Share

Basic and diluted net loss per share is computed by dividing net loss by the weighted average number of common shares outstanding during the reporting period. Diluted earnings per share is computed similar to basic loss per share, except the weighted average number of common shares outstanding are increased to include additional shares from the assumed exercise of share options, warrants and convertible notes, if dilutive.

The following common share equivalents are excluded from the calculation of weighted average common shares outstanding, because their inclusion would have been anti-dilutive:

SCHEDULE OF WEIGHTED AVERAGE COMMON SHARES OUTSTANDING ANTI_DILUTIVE

|                                 |     |             As 
 of October 31, |        |    |     |             As 
 of October 31, |        |    |
|                                 |     |           2024 |        |    |     |           2023 |        |    |
| Warrants                        |     |                | 19,176 | -1 |     |                | 19,812 | -2 |
| Total                           
 potentially dilutive securities |     |                | 19,176 |    |     |                | 19,812 |    |

| (1) | Balance                                                                                            
 consists of potentially dilutive shares based on 191,994 and 88,336 outstanding, equity classified 
 warrants, respectively.                                                                            |
| (2) | Balance                                                                                            
 consists of restricted stock units granted to five outside directors and restricted shares         
 issued to executives.                                                                              |

| F-11