Company: TPET
Filing Date: 2025-01-30
Form Type: 10-K/A
Source: 0001493152-25-004268
Chunk: 47

Company: Trio Petroleum Corp.
Filing Date: 2025-01-30
Form: 10-K/A
Chunk 47
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; 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 $ 30,627.

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Additionally, in conjunction with two prior investors and the April 2024 Debt Financing, the Company will make two payments of $ 25,000to each of the prior investors from the net proceeds of this financing.

As of October 31, 2024 and 2023, the balance of the August 6, 2024 Financing was $ 224,327and $ 0, respectively, with noncash interest expense recognized for the amortization of debt discounts of $ 25,077and $ 0for the years ended October 31, 2024 and 2023, respectively.

NOTE 11 – STOCKHOLDERS’ EQUITY

Common Shares

The Company is authorized to issue an aggregate of 25,000,000shares. The authorized capital stock is divided into: (i) 24,500,000shares of common stock having a par value of $ 0.0001per share and (ii) 500,000shares of preferred stock having a par value of $ 0.0001per share.

In December 2022, the Company entered into subscription agreements with two accredited investors for the aggregate issuance of 20,000common shares for aggregate gross cash proceeds of $ 400,000. The common shares are $ 0.0001par value and had a purchase price of $ 20.00per share.

In April 2023, the Company consummated its IPO and sold 100,000shares of common stock at a public offering price of $ 60.00per share for gross proceeds of $ 6,000,000.

In April 2023, upon consummation of its IPO, the Company also issued 18,750commitment shares, the number of which was calculated by taking 25% of the outstanding principal balance of the January 2022 Notes of $ 4,500,000and dividing it by the IPO price of $ 60.00per share

On April 20, 2023, the Company issued 625shares of common stock at a fair value of $ 40.00per share to consultants in exchange for services rendered; the aggregate amount of $ 25,000was recorded as fees for professional services as of the end