Company: TPET
Filing Date: 2025-09-12
Form Type: 10-Q
Source: 0001493152-25-013189
Chunk: 34

Company: Trio Petroleum Corp.
Filing Date: 2025-09-12
Form: 10-Q
Item: Part I, Item 1
Chunk 34
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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. On November 25, 2024, the Company paid off the Peterson Note in the amount of $143,516,
with $135,000 in satisfaction of the principal amount owed and $8,516 towards accrued interest.

Consulting
Agreement

On
December 31, 2024, the employment agreement between the Company and Mr. Overholtzer ended, and on January 1, 2025, the Company entered
into an independent contractor agreement with Mr. Overholtzer, under which he continues to serve as the Chief Financial Officer of the
Company and is paid a monthly fee of $12,500; the initial term of the agreement is for one year and will be automatically renewed unless
either party provides a 30-day notice prior to the expiration of the agreement.

Loan
to Trio Canada

As
of April 4, 2025, the Company entered into a Loan and Note Purchase Agreement (the “Loan Agreement”) with Trio Canada, whereby
it made a loan (the “Subsidiary Loan”) to Trio Canada in the amount of $1,131,000 (the “Loan Amount”); in return,
Trio Canada issued to the Company a three-year promissory note with a maturity date of April 4, 2028 in the principal amount of $1,131,000
(the “Subsidiary Note”). The outstanding principal amount of the Subsidiary Note accrues interest at a rate of 12% per annum.

Under
the terms of the Loan Agreement, $585,000 of the Loan Amount is required to be used to pay the remaining cash amount payable to Novacor
in connection with the Novacor Acquisition; the remainder of the Loan Amount is to be used for ongoing operating costs of Trio Canada.
As of July 31, 2025, $700,665 has been used for consideration in the Novacor acquisition, and the remaining, unused portion of the subsidiary
loan is $430,335.

    16

NOTE
7 – COMMITMENTS AND CONTINGENCIES

Legal
Matters

From
time to time, the Company may be subject to claims and