Company: TPET
Filing Date: 2025-02-27
Form Type: 10-K/A
Source: 0001493152-25-008556
Chunk: 46

Company: Trio Petroleum Corp.
Filing Date: 2025-02-27
Form: 10-K/A
Chunk 46
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) $ 21,280on March 30, 2025; (iv) $ 21,280on April 30, 2025; and (v) $ 21,280on 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 $ 128,588and $ 0, respectively, with noncash interest expense recognized for the amortization of debt discounts of $ 17,963and $ 0for 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 6 thSPA”) with an investor, pursuant to which the Company raised gross proceeds of $ 225,000and 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 $ 30,225or 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