v3.25.1
STOCKHOLDERS’ EQUITY
 6 Months Ended
Apr. 30, 2025
Equity [Abstract]  
STOCKHOLDERS’ EQUITY

NOTE 9 – STOCKHOLDERS’ EQUITY

 

Common Shares

 

On January 1, 2025, the Company entered into an agreement with a consulting firm to provide investor communications and public relations services. As part of the compensation payable, the Company issued 20,000 common shares at a fair value per share of $1.40 for a total value of $28,000.

 

On January 28, 2025, the Company entered into a Note Exchange Agreement with the investor from the August 6th Financing, pursuant to which the outstanding balance of $285,852 was exchanged for shares of the Company’s common stock. The transaction was completed on February 10, 2025, with the Company issuing 230,992 shares of common stock at a price of $1.24 per share (determined as 75% of the lowest closing price of the Company’s stock during the ten trading days immediately preceding February 10, 2025) and a fair value of $1.70 for a total fair value amount of $392,686. The Company accounted for the exchange as a debt extinguishment, recognizing a loss of $141,534.

 

On April 11, 2025, the Company issued 526,536 common shares at a fair value of $1.42 per share for a total value of $747,681 in connection with the first closing of an asset acquisition from Novacor.

 

Series 1 Preferred Shares

 

Trio Canada holds an unlimited number of Series 1 Preferred Shares; under the terms of the shares, (i) holders of such shares may require the entity to purchase their shares upon submission of a retraction notice, (ii) Trio Canada is obligated to redeem the shares within 30 days of receiving a retraction notice and (iii) Trio Canada may redeem the shares at its discretion at any time. On April 4, 2025, Trio Canada issued 1,071,886 Series 1 Preferred shares (which are redeemable at CAD$1.00) at a value of US$754,000.

 

Warrants

 

A summary of the warrant activity during the six months ended April 30, 2025 is presented below:

 

          Weighted     
       Weighted  

Average

     
     

Average

   Remaining    
  

Number of

 Warrants

  

Exercise

 Price

   Life 
in Years		  

Intrinsic

 Value

 
                 
Outstanding, November 1, 2024   191,994   $15.24    3.8   $47,160 
Expired   (20,000)   30.00    -    - 
Outstanding, April 30, 2025   171,994   $13.52    3.7   $20,000 
                     
Exercisable, April 30, 2025   171,994   $13.52    3.7   $20,000 

 

A summary of the warrant activity during the three and six months ended April 30, 2024 is presented below:

 

          Weighted     
       Weighted   Average     
      Average   Remaining    
  

Number of

Warrants

  

Exercise

 Price

  

Life

in Years

  

Intrinsic

Value

 
                 
Outstanding, November 1, 2023   88,336   $22.35    7.3   $- 
Issued   29,195    12.43    4.6    - 
Outstanding, April 30, 2024   117,531   $19.89    3.7   $125,600 
                     
Exercisable, April 30, 2024   114,780   $20.10    3.7   $125,600 

 

 

A summary of outstanding and exercisable warrants as of April 30, 2025 is presented below:

 

Warrants Outstanding   Warrants Exercisable 

Exercise

Price

  

Number of

Shares

  

Weighted Average

Remaining

Life in Years

  

Number of

Shares

 
$0.20    20,000    3.0    20,000 
$66.00    5,000    3.0    5,000 
$24.00    43,336    3.4    43,336 
$26.40    4,167    3.4    4,167 
$10.00    22,279    3.7    22,279 
$11.00    2,750    3.7    2,750 
$7.91    74,462    4.2    74,462 
      171,994    3.7    171,994 

 

Stock Options

 

A summary of the option activity during the six months ended April 30, 2025 is presented below:

 

  

Number of

Options

  

Weighted

Average

Exercise Price

  

Weighted

Average

Remaining

Life in Years

  

Intrinsic

Value

 
                 
Outstanding, November 1, 2024   6,000   $10.46    3.8   $- 
Issued   -    -    -    - 
Outstanding, April 30, 2025   6,000   $10.46    3.3   $- 
                     
Exercisable, April 30, 2025   6,000   $10.46    3.3   $- 

 

A summary of the option activity during the six months ended April 30, 2024 is presented below:

 

  

Number of

Options

  

Weighted

Average

Exercise Price

  

Weighted

Average

Remaining

Life in Years

  

Intrinsic

Value

 
                 
Outstanding, November 1, 2023   6,000   $10.46    4.8   $     - 
Issued   -    -    -    - 
Outstanding, April 30, 2024   6,000   $10.46    4.3   $- 
                     
Exercisable, April 30, 2024   6,000   $10.46    4.3   $- 

 

 

A summary of outstanding and exercisable options as of April 30, 2025 is presented below:

 

Options Outstanding   Options Exercisable

Exercise

Price

  

Number

of Shares

  

Weighted Average

 Remaining

Life in Years

 

Number

of Shares

 
$10.46    6,000   3.3   6,000 
      6,000       6,000 

 

On August 15, 2023, the Company issued five-year options to purchase 6,000 shares of the Company’s common stock to a consultant of the Company, pursuant to the Plan. The options have an exercise price of $10.46 per share and vest monthly over a period of 24 months, beginning on the vesting commencement date. The options have a grant date fair value of $55,711, which will be recognized over the vesting term.

 

The assumptions used in the Black-Scholes valuation method for these options issued in 2023 were as follows:

 

Risk free interest rate   4.36%
Expected term (years)   5.0 
Expected volatility   137.1%
Expected dividends rate   0%