Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 2479

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 11
Chunk 2479
---
 issue discount of $38,500 and debt issuance costs of $90,978, for net proceeds of approximately $421,000. The Company also
issued warrants to purchase up to 22,279 shares of common stock with an aggregate relative fair value of $98,708; the factors used to
determine fair value were a share price of $6.40, an exercise price of $10.00, an expected term of 5 years, annualized volatility of
137.10%, a dividend rate of zero percent 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, $128,750 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