Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 865

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 2
Chunk 865
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 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) $85,120 on January 30, 2025; (ii)
$21,280 on February 28, 2025; (iii) $21,280 on March 30, 2025; (iv) $21,280 on April 30, 2025; and (v) $21,280 on 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 $18,240.

As
of October 31, 2024 and 2023, the balance of the August 1, 2024 Financing was $128,588 and $0, respectively, with noncash interest expense
recognized for the amortization of debt discounts of $17,963 and $0 for the years ended October 31, 2024 and 2023, respectively.

August
6, 2024 Financing

On
August 6, 2024, the Company entered into a Securities Purchase Agreement (the “August 6th SPA”) with an investor,
pursuant to which the Company raised gross proceeds of $225,000 and received net proceeds of $199,250; in connection with the Financing,
the Company issued an unsecured promissory note to the investor in the principal amount of $255,225, having an original issue discount
of $30,225 or 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) $142,926 on January 30, 2025; (ii)
$35,731.50 on February 28, 2025; (iii) $35,731.50 on March 30, 2025; (iv