Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 2271

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 9C
Chunk 2271
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.00 per
share.

In
April 2023, the Company consummated its IPO and sold 100,000 shares of common stock at a public offering price of $60.00 per share for
gross proceeds of $6,000,000.

In
April 2023, upon consummation of its IPO, the Company also issued 18,750 commitment shares, the number of which was calculated by taking
25% of the outstanding principal balance of the January 2022 Notes of $4,500,000 and dividing it by the IPO price of $60.00 per share

On
April 20, 2023, the Company issued 625 shares of common stock at a fair value of $40.00 per share to consultants in exchange for services
rendered; the aggregate amount of $25,000 was recorded as fees for professional services as of the end of the period.

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

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

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