Company: TPET
Filing Date: 2025-02-28
Form Type: S-1/A
Source: 0001493152-25-008715
Chunk: 220

Company: Trio Petroleum Corp.
Filing Date: 2025-02-28
Form: S-1/A
Chunk 220
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 and October 30, 2024, the Company made cash payments in the amounts of $ 118,440and $ 29,610, respectively, and as of October 31, 2024 and 2023, the balance of the promissory note, net of discounts, was $ 67,514and $ 0, respectively, with non-cash interest expense related to discounts recognized in the amounts of $ 51,064and $ 0for the years ended October 31, 2024 and 2023, respectively.

Note Payable – Related Party

On March 26, 2024, the Company borrowed $ 125,000from its Chief Executive Officer, Michael L. Peterson, in connection with which the Company delivered to Mr. Peterson an Unsecured Subordinated Promissory Note in the principal amount of $ 125,000. The Note is payable on or before September 26, 2024, upon which date the principal balance and interest accruable at a rate of 10% per annum is due and payable to Mr. Peterson by the Company. The Company may prepay the Peterson Note at any time prior to the Peterson Note Maturity Date, in whole or in part, without premium or penalty. The Company is also required to prepay the Peterson Note, in full, prior to the Peterson Note Maturity Date from the proceeds of any equity or debt financing received by the Company of at least $ 1,000,000. As additional consideration for the Peterson Loan, the Company accelerated the vesting of 50,000shares of restricted stock awarded to Mr. Peterson under the Company’s 2022 Equity Incentive Plan. The Peterson Note also provides for acceleration of payment of the outstanding principal balance and all accrued and unpaid interest in the case of an Event of Default (as such term is defined in the Peterson Note), where there is either a payment default or a bankruptcy event.

| F-20 |

On September 26, 2024 and October 28, 2024, the Company entered into the first and second amendments, respectively, to the Peterson Note; each amendment extended the maturity dates to October 28, 2024 and November 30, 2024, respectively, and added a $ 5,000extension fee (per amendment) to the principal of the note. As of October 31, 2024 and 2023, the Peterson Note had a principal balance of $ 135,000and $ 0