Company: TPET
Filing Date: 2025-02-05
Form Type: S-1/A
Source: 0001493152-25-005014
Chunk: 223

Company: Trio Petroleum Corp.
Filing Date: 2025-02-05
Form: S-1/A
Chunk 223
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 note to the investor in the principal amount of $ 255,225, having an original issue discount of $ 30,225or approximately 11.8%. Interest accrues on the note at a rate of 12% per annum and the maturity date of the note is May 30, 2025. The note provides for five payments of principal and accrued interest which are payable: (i) $ 142,926on January 30, 2025; (ii) $ 35,731.50on February 28, 2025; (iii) $ 35,731.50on March 30, 2025; (iv) $ 35,731.50on April 30, 2025; and (v) $ 35,731.50on May 30, 2025. Subject to certain restrictions, the Company may 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.

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Additionally, in conjunction with two prior investors and the April 2024 Debt Financing, the Company will make two payments of $ 25,000to 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 $ 224,327and $ 0, respectively, with noncash interest expense recognized for the amortization of debt discounts of $ 25,077and $ 0for the years ended October 31, 2024 and 2023, respectively.

NOTE 11 – STOCKHOLDERS’ EQUITY

Common Shares

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

In December 2022, the Company entered into subscription agreements with two accredited investors for the aggregate issuance of