Company: TPET
Filing Date: 2025-03-14
Form Type: 10-Q
Source: 0001493152-25-010362
Chunk: 32

Company: Trio Petroleum Corp.
Filing Date: 2025-03-14
Form: 10-Q
Item: Part I, Item 1
Chunk 32
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 as of January 31, 2025 and October 31, 2024 consisted of the following:

 SCHEDULE OF NOTES PAYABLE

    As of  
    As of 

    January
    31, 2025  
    October
    31, 2024 
  
    Promissory notes, net of discounts 
     312,784  
     742,852 
  
    Note Payable, related
    party 
     -  
     135,000 
  
    Total Notes payable 
    $312,784  
    $877,852 

March
2024 Debt Financing

The
Company executed a Securities Purchase Agreement, dated March 27, 2024 (the “SPA”) with an institutional investor (the “March
2024 Investor”), which March 2024 Investor signed and funded on April 5, 2024, and pursuant to which the Company raised gross proceeds
of $184,500 and received net proceeds of $164,500, after payment of offering expenses (the “March 2024 Debt Financing”).
The SPA contains certain representations and warranties by the March 2024 Investor and the Company and customary closing conditions.

In
connection with the March 2024 Debt Financing, the Company issued an unsecured promissory note to the March 2024 Investor, dated March
27, 2024, in the principal amount of $211,500, having an original issue discount of $27,000 or approximately 13% (the “March 2024
Investor Note”). Interest accrues on the March 2024 Investor Note at a rate of 12% per annum and the maturity date of the March
2024 Investor Note is January 30, 2025 (the “March 2024 Investor Note Maturity Date”). The March 2024 Investor Note provides
for five payments of principal and accrued interest which are payable: (i) $118,440 on September 30, 2024; (ii) $29,610 on October 30,
2024; (iii) $29,610 on November 30, 2024; (iv) $29,610 on December 30, 2024; and (v) $29,610 on January 30, 2025. The Company may prepay
the March 2024 Investor Note, in full and not in part, any time during the 180 day period after