Company: TPET
Filing Date: 2025-06-10
Form Type: 10-Q
Source: 0001641172-25-014516
Chunk: 44

Company: Trio Petroleum Corp.
Filing Date: 2025-06-10
Form: 10-Q
Item: Part I, Item 1
Chunk 44
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 of $299,569, with shares issued numbering 340,419 at a fair value per
share of $0.88, which resulted in a loss of $8,725. As of April 30, 2025, the balance of the June 2024 Notes was zero, with noncash interest
expense related to discounts recognized in the amounts of zero and $249,805 for the three and six months ended April 30, 2025, respectively,
and $381,501 in noncash interest expense related to discounts recognized over the life of the notes.

August
1, 2024 Financing

On
August 1, 2024, the Company entered into a Securities Purchase Agreement (the “August 1st SPA”) with an investor,
pursuant to which the Company raised gross proceeds of $134,000 and received net proceeds of $110,625; in connection with the financing,
the Company issued an unsecured promissory note to the investor in the principal amount of $152,000 and an original issue discount of
$18,000 or approximately 11.8%. Interest accrues on the note at a rate of 12% per annum and the maturity date of the note is May 30,
2025. The note provides for five payments of principal and accrued interest which are payable: (i) $85,120 on January 30, 2025; (ii)
$21,280 on February 28, 2025; (iii) $21,280 on March 30, 2025; (iv) $21,280 on April 30, 2025; and (v) $21,280 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 $18,240.

    19

On
January 30, 2025, the Company made a principal payment of $85,120 in cash; during the second quarter, the Company made three additional
payments of $21,280 for a total of $63,840, and as of April