Company: TPET
Filing Date: 2025-03-14
Form Type: 10-Q
Source: 0001493152-25-010362
Chunk: 39

Company: Trio Petroleum Corp.
Filing Date: 2025-03-14
Form: 10-Q
Item: Part I, Item 1
Chunk 39
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 interest which are payable: (i) $142,926 on January 30, 2025; (ii)
$35,731.50 on February 28, 2025; (iii) $35,731.50 on March 30, 2025; (iv) $35,731.50 on April 30, 2025; and (v) $35,731.50 on 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 $30,627.

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

As
of January 31, 2025, the balance of the August 6, 2024 Financing was $251,153,
with noncash interest expense recognized for the amortization of debt discounts of $26,826
and zero
for the three months ended January 31, 2025 and 2024, respectively. See Note 11 – Subsequent Events for additional information regarding this financing.

    19

NOTE
10 – STOCKHOLDERS’ EQUITY

Common
Shares

On
November 14, 2024, the Company filed a Certificate of Amendment to its Certificate of Incorporation with the Secretary of State of the
State of Delaware to effect a Reverse Stock Split; once effective, every twenty (20) shares of the Company’s issued and outstanding
common stock will automatically be converted into one share of common stock, without any change in the par value per share. In addition,
(i) a proportionate adjustment will be made to the per share exercise price and the number of shares issuable upon the exercise of all
outstanding stock options and warrants to purchase shares of common stock, to the extent that the exercise price of such warrants is
not based solely on the market price of the common stock at the time of exercise, (ii) a proportionate adjustment will be made to any
fixed conversion prices for other