Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 2032

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 9A
Chunk 2032
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) or (ii) the conversion floor price, which is $1.42340 (the “Floor Price”);
provided, however, that the Floor Price shall not apply after October 5, 2024, and thereafter, the conversion price will be 75% of the
Market Price. Issuance of shares of common stock to the March 2024 Investor is subject to certain beneficial ownership limitations and
not more than 19.99% of the shares of common stock outstanding on March 29, 2024 may be issued upon conversion of the March 2024 Investor
Note. The conversion price is also subject to certain adjustments or other terms in the event of (i) mergers, consolidations or recapitalization
events or (ii) certain distributions made to holders of shares of common stock.

On
September 30, 2024 and October 30, 2024, the Company made cash payments in the amounts of $118,440 and $29,610, respectively, and as
of October 31, 2024 and 2023, the balance of the promissory note, net of discounts, was $67,514 and $0, respectively, with non-cash interest
expense related to discounts recognized in the amounts of $51,064 and $0 for the years ended October 31, 2024 and 2023, respectively.

Note
Payable – Related Party

On
March 26, 2024, the Company borrowed $125,000 from its Chief Executive Officer, Michael L. Peterson, in connection with which the Company
delivered to Mr. Peterson an Unsecured Subordinated Promissory Note in the principal amount of $125,000. The Note is payable on or before
September 26, 2024, upon which date the principal balance and interest accruable at a rate of 10% per annum is due and payable to Mr.
Peterson by the Company. The Company may prepay the Peterson Note at any time prior to the Peterson Note Maturity Date, in whole or in
part, without premium or penalty. The Company is also required to prepay the Peterson Note, in full, prior to the Peterson Note Maturity
Date from the proceeds of any equity or debt financing received by the Company of at least $1,000,000. As additional consideration for
the Peterson Loan, the Company accelerated the vesting of 50,000 shares of restricted stock awarded to Mr. Peterson under