Company: TPET
Filing Date: 2025-09-12
Form Type: 10-Q
Source: 0001493152-25-013189
Chunk: 165

Company: Trio Petroleum Corp.
Filing Date: 2025-09-12
Form: 10-Q
Item: Part I, Item 8
Chunk 165
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 a funding amount of $273,000. After the payment of $10,000 to reimburse the Convertible Note Investor for its legal fees, we received
net proceeds of $263,000.

On
April 17, 2025, we issued an amended and restated Unsecured Original Discount Convertible Promissory Note (the “Amended and Restated
Note”), in an aggregate principal amount, with the principal amount of the Note, of $712,941, having an aggregate original issue
discount of $106,941, including the original issue discount of the Note, and resulting in an aggregate funding amount, with the Note,
of $606,000. We received additional net proceeds of $333,000 and paid a commission of $33,330 to Spartan Capital Securities, LLC (“Spartan”).

The
Amended and Restated Note provides for both voluntary conversion by the Convertible Note Investor and a right for TPET to require conversion,
subject to certain conditions into shares of common stock. The Amended and Restated Note also contains “piggyback” registration
rights and the shares issuable upon conversion of the Amended and Restated Note are being registered in the registration statement of
which this prospectus forms a part in order to comply with such registration obligations.

Between
June 11 and June 23, 2025, the Company issued an aggregate of 877,340 shares of common stock to the Convertible Note Investor in satisfaction
of principal payment obligations under the Amended and Restated Note. The issuances occurred on June 11, 12, 13, 17, 18, and 23, at conversion
prices ranging from $0.81 to $0.83 per share, for a total value of $1,240,054. The fair value of the shares issued exceeded the principal
amounts settled, resulting in a total recognized loss of $528,054, which was recorded in the statement of operations.

As
of July 31, 2025, the balance of the April 2025 Financing was $865, with noncash interest expense recognized for the amortization of
debt discounts of $139,092 and $150,192 for the three and nine months ended July 31, 2025, respectively.

    21

NOTE
9 – STOCKHOLDERS’ EQUITY

Common
Shares

On
January 1, 2025, the Company entered into an agreement with a consulting