Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 75

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 13
Chunk 75
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 prepay the note, in full and not in part, any time during the 180 day period after
the issuance date at a 3% discount to the outstanding amount of principal and interest due and payable; provided, that in the event of
a prepayment, the Company will still be required to pay the full amount of interest that would have been payable through the term of
the note, in the amount of $30,627.

    F-22

Additionally,
in conjunction with two prior investors and the April 2024 Debt Financing, the Company will make two payments of $25,000 to each of the
prior investors from the net proceeds of this financing.

As
of October 31, 2024 and 2023, the balance of the August 6, 2024 Financing was $224,327 and $0, respectively, with noncash interest expense
recognized for the amortization of debt discounts of $25,077 and $0 for the years ended October 31, 2024 and 2023, respectively.

NOTE
11 – STOCKHOLDERS’ EQUITY

Common
Shares

The
Company is authorized to issue an aggregate of 25,000,000 shares. The authorized capital stock is divided into: (i) 24,500,000 shares
of common stock having a par value of $0.0001 per share and (ii) 500,000 shares of preferred stock having a par value of $0.0001 per
share.

In
December 2022, the Company entered into subscription agreements with two accredited investors for the aggregate issuance of 20,000 common
shares for aggregate gross cash proceeds of $400,000. The common shares are $0.0001 par value and had a purchase price of $20.00 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