Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 1564

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 7
Chunk 1564
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 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 the Company’s
2022 Equity Incentive Plan. The Peterson Note also provides for acceleration of payment of the outstanding principal balance and all
accrued and unpaid interest in the case of an Event of Default (as such term is defined in the Peterson Note), where there is either
a payment default or a bankruptcy event.

    F-20

On
September 26, 2024 and October 28, 2024, the Company entered into the first and second amendments, respectively, to the Peterson Note;
each amendment extended the maturity dates to October 28, 2024 and November 30, 2024, respectively, and added a $5,000 extension fee
(per amendment) to the principal of the note. As of October 31, 2024 and 2023, the Peterson Note had a principal balance of $135,000
and $0, respectively, and accrued interest on the loan in the amounts of $7,586 and $0, respectively.

April
2024 Convertible Debt Financings

On
April 24, 2024, the Company entered into an Amended and Restated Securities Purchase Agreement (the “A&R SPA”), pursuant
to which two institutional investors (the “April 2024 Investors”) provided an aggregate of $720,000 in financing on April
17, 2024 and April 24, 2024 (the “April 2024 Financings’) resulting in net proceeds to the Company, after offering expenses,
of $664,000. The Company also issued to the April 2024 Investors an aggregate of 75,000 shares of common stock, as and for a commitment
fee in connection with the April 2024 Financings (the “Commitment Shares”). The commitment shares were issued separately
in two amounts of 37,500 common shares at fair values of $9.80 per share and $8.00 per share for values totaling $366,000 and $301,500,
respectively; such amounts are debt issuance costs and were recorded as debt discounts to be amortized