Common Stock |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||
| Common Stock |
The Company has an unlimited number of common shares authorized with a par value of $ CAD per share. As at September 30, 2022, common shares were issued and outstanding (December 31, 2021 - ).
For the nine months ended September 30, 2022
On March 15, 2022, the Company issued units at $ CAD per unit for gross proceeds of $ CAD ($ USD) pursuant to the closing of a non-brokered private placement. Each unit comprises one common share and one half of one share purchase warrant. Each whole warrant entitles the holder to purchase one common share for $ CAD for two years from the date of the closing of the offering. As the fair value of the common shares on the same date exceeded the issuance price, no residual value was assigned to the warrants. Cash finder’s fee of $ CAD ($ USD) were paid and finder’s warrants were issued with a fair value of $236,032 CAD ($184,181 USD). The finder’s warrants have the same terms as the warrants attached to the units.
TRILLION ENERGY INTERNATIONAL INC. Notes to the Consolidated Interim Financial Statements For the nine months ended September 30, 2022 and 2021 (Expressed in U.S. dollars) (Unaudited)
On March 16, 2022, the Company issued units at $ CAD per unit for gross proceeds of $ CAD ($ USD) pursuant to the closing of a non-brokered private placement. Each unit comprises one common share and one half of one share purchase warrant. Each whole warrant entitles the holder to purchase one common share for $ CAD for two years from the date of the closing of the offering. As the fair value of the common shares on the same date exceeded the issuance price, no residual value was assigned to the warrants. Cash finder’s fee of $ CAD ($ USD) were paid and finder’s warrants were issued with a fair value of $65,624 CAD ($51,559 USD). The finder’s warrants have the same terms as the warrants attached to the units.
On March 17, 2022, the Company closed a non-brokered private placement financing, by issuing units at $ CAD per unit for proceeds of $ CAD ($ USD). Each unit comprises one common share and one half of one share purchase warrant. Each whole warrant entitles the holder to purchase one common share for $ CAD for two years from the date of the closing of the offering.
In concurrence with the non-brokered private placement on March 17, 2022, the Company:
On March 18, 2022, the Company issued units at $ CAD per unit for gross proceeds of $ CAD ($ USD) pursuant to the closing of a non-brokered private placement. Each unit comprises one common share and one half of one share purchase warrant. Each whole warrant entitles the holder to purchase one common share for $ CAD for two years from the date of the closing of the offering. As the fair value of the common shares on the same date exceeded the issuance price, no residual value was assigned to the warrants. Cash finder’s fee of $ CAD ($ USD) was paid and finder’s warrants were issued with a fair value of $156,587 CAD ($124,130 USD). The finder’s warrants have the same terms as the warrants attached to the units.
On March 24, 2022, the Company issued units at $ CAD per unit for gross proceeds of $ CAD ($ USD) pursuant to the closing of a non-brokered private placement. Each unit comprises one common shares and one half of one share purchase warrant. Each whole warrant entitles the holder to purchase one common share for $ CAD for two years from the date of the closing of the offering. As the fair value of the common shares on the same date exceeded the issuance price, no residual value was assigned to the warrants. Cash finder’s fee of $ CAD ($ USD) was paid and finder’s warrants were issued with a fair value of $724,670 CAD ($578,137 USD). The finder’s warrants have the same terms as the warrants attached to the units.
TRILLION ENERGY INTERNATIONAL INC. Notes to the Consolidated Interim Financial Statements For the nine months ended September 30, 2022 and 2021 (Expressed in U.S. dollars) (Unaudited)
On March 28, 2022, the Company issued units at $ CAD per unit for gross proceeds of $ CAD ($ USD) pursuant to the closing of a non brokered private placement. Each unit comprises one common shares and one half of one share purchase warrant. Each whole warrant entitles the holder to purchase one common share for $ CAD for two years from the date of the closing of the offering. As the fair value of the common shares on the same date exceeded the issuance price, no residual value was assigned to the warrants. Cash finder’s fee of $ CAD ($ USD) were paid and finder’s warrants were issued with a fair value of $ CAD ($ USD). The finder’s warrants have the same terms as the warrants attached to the units.
On March 1, 2022, the Company entered into a consulting agreement with a third party. Pursuant to the consulting agreement, the Company would issue common shares for the consulting services received in March 2022. As at September 30, 2022, the common shares have not been issued and the fair value of $51,208 was recorded in obligation to issue shares. The amount of $ was expensed and included in consulting services on the consolidated statement of loss and comprehensive loss for the nine months ended September 30, 2022.
On April 8, 2022, the Company issued common shares for the exercise of warrants at $ CAD (approximately US$) for cash proceeds of $ CAD (US$). As a result, $24,736 was transferred from warrant reserves to common stock and share premium.
On April 8, 2022, the Company issued common shares for the exercise of options at $ CAD (approximately US$) for cash proceeds of $ CAD (US$). As a result, $3,695 was transferred from option reserves to common stock and share premium.
On May 26, 2022, the Company issued common shares for the exercise of warrants at $ CAD (approximately US$) for cash proceeds of $ CAD (US$). As a result, $12,604 was transferred from warrant reserves to common stock and share premium.
On May 26, 2022, the Company issued common shares for the exercise of options at $ CAD (approximately US$) for cash proceeds of $ CAD (US$). As a result, $5,173 was transferred from option reserves to common stock and share premium.
On June 3, 2022, the Company issued common shares for the exercise of warrants at $ CAD (approximately US$) for cash proceeds of $ CAD (US$). As a result, $12,604 was transferred from warrant reserves to common stock and share premium.
On June 14, 2022, the Company issued common shares for the exercise of warrants at $ CAD (approximately US$) for cash proceeds of $ CAD (US$). As a result, $6,932 was transferred from warrant reserves to common stock and share premium.
On June 14, 2022, the Company issued common shares for the exercise of options at $ CAD (approximately US$) for cash proceeds of $ CAD (US$). Common shares were issued in error. As a result, $ was recorded in shares to be cancelled, and $ was transferred from option reserves to common stock and share premium.
On June 29, 2022, the Company completed a short form prospectus, issuing units of the Company at a price of $ CAD (approximately US$) per unit for aggregate gross proceeds of up to $ CAD (approximately US$). Each unit consists of one common share of the Company and one half of one common share purchase warrant. Each warrant will be exercisable to purchase one common share of the Company at an exercise price of $ CAD (approximately USD$) until June 29, 2025. A value of $ CAD was allocated to each warrant based on the residual method.
TRILLION ENERGY INTERNATIONAL INC. Notes to the Consolidated Interim Financial Statements For the nine months ended September 30, 2022 and 2021 (Expressed in U.S. dollars) (Unaudited)
Cash finder’s fee of $ CAD ($ USD) were paid and finder’s warrants were issued with a fair value of $1,014,290 CAD ($787,785 USD). The finder’s warrants are exercisable to purchase one common shares and one half share purchase warrant of the Company at an exercise price of $ CAD (approximately USD$) until June 29, 2025. Each full warrant is exercisable at $ CAD (approximately USD$) until June 29, 2025.
On July 18, 2022, the Company issued common shares for the exercise of warrants at $ for prepaid services valued at $100,000. During the nine months ended September 30, 2022, $ was expensed and included in investor relations on the consolidated statement of loss and comprehensive loss. As at September 30, 2022, $62,955 was included in prepaid expenses and deposits on the consolidated statement of financial position.
On July 18, 2022, the Company issued common shares for the exercise of options at $ CAD (approximately US$) for cash proceeds of $ CAD (US$). As a result, $1,424 was transferred from option reserves to common stock and share premium.
On July 18, 2022, the Company issued common shares pursuant to the exercise of options at $ CAD (approximately US$). In lieu of cash, debt in the amount of $ CAD (US$) was settled. Pursuant to the issuance, $ CAD (US$) was transferred from option reserves to common stock and share premium.
On July 18, 2022, the Company issued common shares pursuant to the exercise of options at $ CAD (approximately US$). In lieu of cash, debt owed to the equity holder was settled in the amount of $ CAD (US$). Pursuant to the issuance, $ CAD (US$) was transferred from option reserves to common stock and share premium.
On August 18, 2022, the Company entered into a settlement agreement with the former Chief Financial Officer of the Company upon resignation, whereupon the Company will issue/pay:
On September 1, 2022, the Company issued common shares for the exercise of warrants at $ CAD (approximately US$) for cash proceeds of $ CAD (US$). As a result, $20,419 was transferred from warrant reserves to common stock and share premium.
On September 2, 2022, the Company issued common shares for the exercise of warrants at $ for cash proceeds of $.
On September 7, 2022, the Company issued common shares for the exercise of warrants at $ CAD (approximately US$) for cash proceeds of $ CAD (US$). As a result, $1,159 was transferred from warrant reserves to common stock and share premium.
On September 7, 2022, the Company issued common shares for the exercise of warrants at $ CAD (approximately US$) for cash proceeds of $ CAD (US$).
TRILLION ENERGY INTERNATIONAL INC. Notes to the Consolidated Interim Financial Statements For the nine months ended September 30, 2022 and 2021 (Expressed in U.S. dollars) (Unaudited)
On September 20, 2022, the Company issued common shares for the exercise of warrants at $ CAD (approximately US$) for cash proceeds of $ CAD (US$).
On September 21, 2022, the Company issued common shares for the exercise of warrants at $ CAD (approximately US$) for cash proceeds of $ CAD (US$). As a result, $222,636 was transferred from warrant reserves to common stock and share premium.
On September 29, 2022, stock options were exercised at $ CAD (approximately US$) for cash proceeds of $ CAD (US$). As at September 30, 2022, common shares had not been issued.
For the nine months ended September 30, 2021
On March 8, 2021, the Company closed a non-brokered private placement financing for aggregate gross proceeds of $ CAD (approximately US$) (the “March Offering”). Under the March Offering, the Company issued an aggregate of units, at a price of $ CAD per unit (approximately US$ per unit). Each unit was comprised of one Common Share and one-half of one share purchase warrant. Each warrant entitles the holder to purchase one Common Share at a price of $ CAD (approximately $) for a period of 30 months from the closing date.
On March 8, 2021, the Company settled a total of $ CAD (US$) in outstanding debt through the issuance to a creditor of units, at a price of $ CAD (US$) per unit. Each unit issued in the Debt Settlement consists of one Common Share and one warrant under the same terms as the March Offering.
On March 8, 2021, the Company closed a private placement for aggregate proceeds of $ (the “US Private Placement”). Under the US Private Placement, the corporation issued an aggregate of units at a price of $ per unit. Each unit was comprised of one Common Share and one-half of one share purchase warrant. Each warrant entitles the holder to purchase one Common Share at a price of $ for a period of 30 months from the closing date.
On March 8, 2021, convertible debt in the principal amount of $112,500 CAD (US$89,198) was converted to units at $ CAD per unit (approximately US$). Each unit issued consists of one Common Share and one warrant. Each warrant entitles the holder to purchase one Common Share at a price of US$ for a period of 24 months from the closing date.
On March 30, 2021, convertible debt in the principal amount of $37,500 CAD (US$29,528) and accrued interest of $12,000 CAD (US$9,478) was converted to units at $ CAD per unit (approximately US$). Each unit issued consists of one Common Share and one warrant. Each warrant entitles the holder to purchase one Common Share at a price of US$ for a period of 24 months from the closing date.
On March 30, 2021, the Company granted restricted share units which vested immediately. In connection with the grant, Common Shares with a fair value of $ were issued.
On March 30, 2021, the Company issued Common Shares for the exercise of warrants at $ for gross proceeds of $.
TRILLION ENERGY INTERNATIONAL INC. Notes to the Consolidated Interim Financial Statements For the nine months ended September 30, 2022 and 2021 (Expressed in U.S. dollars) (Unaudited)
On March 30, 2021, the Company issued Common Shares for the exercise of options at $ for gross proceeds of $. In addition, the Company also issued Common Shares for the exercise of options. In lieu of cash, the Company settled $ of outstanding debt.
On March 30, 2021, the Company issued Common Shares for the exercise of warrants at $ CAD (approximately US$), with a fair value of $98,400 to settle long-term notes payable in the amount of $38,062. The Company recognized the loss on settlement of debt of $60,338.
On March 30, 2021, the Company issued Common Shares with a fair value of $ for services provided.
On March 30, 2021, the Company issued Common Shares with a fair value of $ to settle debt of $8,602. A loss of $33,006 was recognized pursuant to the issuance.
On April 16, 2021, the Company issued Common Shares for the exercise of warrants at $ CAD (approximately US$). In lieu of cash, debt in the amount of $ CAD (US$) was settled.
On April 16, 2021, the Company issued Common Shares with a fair value of $ for services provided.
On April 16, 2021, the Company issued Common Shares with a fair value of $ to settle accounts payable in the same amount.
On April 16, 2021, the Company issued Common Shares with a fair value of $ to settle debt in the amount of $. A loss of $ was recognized pursuant to the issuance.
On April 28, 2021, the Company issued Common Shares at $ CAD (approximately US$) per share for gross proceeds of $ CAD (US$) relating to the exercise of warrants.
On April 28, 2021, the Company issued Common Shares at $ CAD (approximately US$) per share for gross proceeds of $ CAD (US$) relating to the exercise of options.
On April 28, 2021, the Company issued Common Shares with a fair value of $85,739 for services provided.
On June 28, 2021, the Company issued Common Shares for the exercise of warrants at prices ranging from $ CAD - $ CAD (approximately US$ – US$) for gross proceeds of $ CAD (US$). On September 8, 2021, the remaining common shares were issued.
On June 28, 2021, the Company issued Common Shares with a fair value of $36,939 to settle accounts payable in the same amount.
On June 28, 2021, the Company issued Common Shares with a fair value of $ to settle debt in the amount of $. A loss of $ was recognized pursuant to the issuance.
On June 28, 2021, the Company issued Common Shares at $ CAD (approximately US$) per share for gross proceeds of $ CAD (US$).
On July 20, 2021, the Company issued Common Shares at $ CAD (approximately US$) per share for gross proceeds of $ CAD (US$).
TRILLION ENERGY INTERNATIONAL INC. Notes to the Consolidated Interim Financial Statements For the nine months ended September 30, 2022 and 2021 (Expressed in U.S. dollars) (Unaudited)
On August 9, 2021, the Company issued shares, as a result of the exercise of warrants with exercise prices varying from $ - $ CAD (US$ - $) for gross proceeds of $ CAD (US$). The shares issued include issued to related parties where the Company entered into promissory note agreements with the related parties for total principal receivable by the Company of $ CAD (US$). The notes bear interest at 5% per annum and mature in July 2023.
On August 20, 2021, the Company issued shares, as a result of the exercise of warrants with exercise prices varying from $ - $ CAD (US$ - $) for gross proceeds of $ CAD (US$). shares were issued in error. On September 22, 2021, of the shares issued in error were cancelled. Subsequent to September 30, 2021, the remaining shares issued in error were cancelled.
On September 7, 2021, the Company issued shares, as a result of the exercise of warrants at $ CAD (approximately US$) for gross proceeds of $ CAD (US$). shares were issued pursuant to the exercise of warrants on June 28, 2021.
On September 7, 2021, the Company issued Common Shares with a fair value of $95,000 for services provided.
On September 7, 2021, the Company issued Common Shares with fair value of $47,445 to settle accounts payable of $38,729. A loss of $8,716 was recognized pursuant to the issuance. |