Company: TPET
Filing Date: 2025-02-27
Form Type: 10-K/A
Source: 0001493152-25-008556
Chunk: 48

Company: Trio Petroleum Corp.
Filing Date: 2025-02-27
Form: 10-K/A
Chunk 48
---
 of $ 25,000was recorded as fees for professional services as of the end of the period.

On May 1, 2023, the Company issued 35,000restricted shares to six of its employees pursuant to the Plan (see Note 6); the shares were recorded at a fair value of $ 43.00per share for an aggregate grant date fair value of $ 1,505,000, and for the years ended October 31, 2024 and 2023, the Company recognized stock-based compensation of $ 753,188and $ 440,219, respectively, within stock-based compensation expenses on the income statement, with unrecognized expense of $ 311,593as of the period ended October 31, 2024.

On May 2, 2023, June 23, 2023 and July 11, 2023, the Company issued 1,250, 5,000and 5,000shares of common stock, par value of $ 0.0001, respectively, at a fair value of $ 42.00, $ 17.60and $ 24.20, respectively, to consultants in exchange for services rendered; the aggregate amounts of $ 52,500, $ 88,000and $ 121,000, respectively, were recorded as fees for professional services as of the end of the period.

On June 30, 2023, the Company issued 2,400shares of common stock, par value of $ 0.0001, at a fair value of $ 33.40to Marcum, LLP for an aggregate amount of $ 80,159for partial satisfaction of an account payable.

On June 30, 2023, the Company issued a Form S-1/A, which registered for resale (i) up to 157,466 shares of common stock, par value $0.0001 per share which the selling stockholders may acquire upon the exercise of outstanding common warrants and (ii) up to 25,000 shares of common stock, which the selling stockholders may acquire upon the exercise of outstanding pre-funded warrants. Such warrants were issued to the selling stockholders in connection with securities purchase agreements entered into on January 28, 2022 and September 20, 2022. The Company recorded 34,993 shares of common stock that are not exercised but registered in accordance with their common warrant agreements and 25,000 shares of common stock that are not