Company: TPET
Filing Date: 2025-03-14
Form Type: 10-Q
Source: 0001493152-25-010362
Chunk: 43

Company: Trio Petroleum Corp.
Filing Date: 2025-03-14
Form: 10-Q
Item: Part I, Item 1
Chunk 43
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 31, 2025, through the date the financial statements were issued. Except for the following, there are no subsequent
events identified that would require disclosure in the financial statements.

On
January 28, 2025, the Company entered into a Note Exchange Agreement, whereby it and the investor in the August 6th
Financing agreed to exchange the outstanding balance of $285,852
for shares of the Company’s common stock. The exchange transaction was completed on February 10, 2025, pursuant to which the
Company exchanged 230,992
shares of common stock, based on a price of $1.24
per share, which was the
product of the lowest closing price of the Company’s stock during the ten trading days immediately prior to February 10, 2025,
and 75%. The Company recorded the exchange as a debt extinguishment and recognized a loss on extinguishment of $141,802.

22

Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

You
should read the following discussion and analysis of financial condition and operating results together with our financial statements
and the related notes and other financial information included elsewhere in this quarterly report on Form 10-Q, as well as our audited
financial statements and related notes as disclosed in our Form 10-K/A for the year ended October 31, 2024 (“our Form 10-K/A”).
This discussion contains forward-looking statements that involve risks and uncertainties. As a result of many factors, such as those
in this Quarterly Report on Form 10-Q, as well as the risk factors set forth in the section titled “Risk Factors” included
in our Form 10-K/A, our actual results may differ materially from those anticipated in these forward-looking statements. For convenience
of presentation some of the numbers have been rounded in the text below.

Throughout
this report, the terms “our,” “we,” “us,” and the “Company” refer to Trio Petroleum Corp.

CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS

This
Quarterly Report on Form 10-Q contains forward-looking statements that can involve substantial risks and uncertainties. All statements
other than statements of historical facts contained in this Quarterly Report, including statements regarding our future results of operations
and financial position, business strategy, prospective products, product approvals, research and development costs, future revenue, timing
and likelihood of success, plans and objectives of management for future operations, future results of