Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 152

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 14
Chunk 152
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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) $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.

    F-22

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

NOTE
11 – STOCKHOLDERS’ EQUITY

Common
Shares

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

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

In
April