Company: TPET
Filing Date: 2025-02-28
Form Type: S-1/A
Source: 0001493152-25-008715
Chunk: 214

Company: Trio Petroleum Corp.
Filing Date: 2025-02-28
Form: S-1/A
Chunk 214
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 and state corporate income tax returns. The Company expects to file these documents as soon as practicable.

The Company has evaluated its income tax positions and has determined that it does not have any uncertain tax positions. The Company will recognize interest and penalties related to any uncertain tax positions through its income tax expense.

NOTE 10 – NOTES PAYABLE

Notes payable as of October 31, 2024 and 2023 consisted of the following:

SCHEDULE OF NOTES PAYABLE

|                         |     | As 
 of |  October 
 31, 2024 |     | As 
 of |   October 
  31, 2023 |
|:------------------------|:----|:---|---------:|:----|:---|----------:|
| Convertible             
 note, net of discounts  |     | $  |        - |     | $  | 1,217,597 |
| Promissory              
 notes, net of discounts |     |    |  742,852 |     |    |         - |
| Note                    
 payable – related party |     |    |  135,000 |     |    |         - |
| Total                   
 Notes payable           |     | $  |  877,852 |     | $  | 1,217,597 |

Convertible note, net of discounts (October 2023 SPA)

On October 4, 2023, the Company entered into a securities purchase agreement (the “October 2023 SPA”) with an investor; the October 2023 SPA provides for loans in an aggregate principal amount of up to $ 3.5million under two tranches, with first and second tranche fund amounts of $ 2.0million and $ 1.5million, respectively.

In consideration for the investor’s funding of the first tranche, the Company issued i) a senior secured convertible promissory note in the aggregate principal amount of $ 2,000,000(the “Note”) and ii) a warrant to purchase up to 43,336shares of Common Stock at an initial exercise price of $ 24.00per share of Common Stock, subject to certain adjustments (the “Common Warrant”). The Note was initially convertible into shares of Common Stock at conversion price of $ 24.00, subject to certain adjustments (the “Conversion Price”), provided that the Conversion Price shall not be reduced below $ 7.00(the “Floor Price”). The Note did not bear any interest and matured