Company: TPET
Filing Date: 2025-02-28
Form Type: S-1/A
Source: 0001493152-25-008715
Chunk: 33

Company: Trio Petroleum Corp.
Filing Date: 2025-02-28
Form: S-1/A
Chunk 33
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 ended October 31, 2024.

On January 28, 2025, the August 6 thInvestor Note was amended to extend the payment dates of each installment payment by one month, with the first payment of $142,926 being due and payable on February 28, 2025. Concurrently with this amendment, the Company and the August 6th Investor entered into a Note Exchange Agreement, dated as of January 28, 2025, pursuant to which on February 10, 2025, the August 6 thInvestor Note was exchanged for 230,992 shares of our common stock. The Company recorded the exchange as a debt extinguishment and recognized a loss on extinguishment of $141,802; the Company has no further obligations to the investor in relation to the August 6 thInvestor Note.

Summary of Risk Factors

Investing in our common stock involves risks. In addition, our business and operations are subject to a number of risks, which you should be aware of prior to making a decision to invest in our common stock. These risks are discussed more-fully in the “Risk Factors” section of this prospectus immediately following this prospectus summary. Below is a summary of these risks.

Risks Relating to Our Business

| ● | We                                                                                                                                         
 have a history of operating losses, our management has concluded that factors raise substantial doubt about our ability to continue        
 as a going concern and our auditor has included an explanatory paragraph relating to our ability to continue as a going concern in         
 its audit report for the years ended October 31, 2024 and 2023.                                                                            |
|:--|:-------------------------------------------------------------------------------------------------------------------------------------------|
| ● | We                                                                                                                                         
 may face delays and/or obstacles in project development due to difficulties in obtaining necessary permits from federal, state, county     
 and/or local agencies, which may materially affect our business.                                                                           |
| ● | Due                                                                                                                                        
 to our contractor model for drilling operations, we will be vulnerable to any inability to engage one or more drilling rigs and associated 
 drilling personnel.                                                                                                                        |
| ● | If we fail to raise sufficient                                                                                                             
 funds in this offering and in additional financings, prior to April 10, 2025, to exercise our option to acquire up to an additional        
 17.75% working interest in an initial 960 acres of the Asphalt Ridge Leases, we could lose significant opportunity to participate          
 with a greater working interest in the expected development of a substantial number of additional wells in such