Company: TPET
Filing Date: 2025-09-12
Form Type: 10-Q
Source: 0001493152-25-013189
Chunk: 46

Company: Trio Petroleum Corp.
Filing Date: 2025-09-12
Form: 10-Q
Item: Part I, Item 1
Chunk 46
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 stock, based on a price of $1.24 per share, which was the product of the lowest
closing price of the Company’s stock during the ten trading days immediately prior to February 10, 2025, and 75%. The Company recorded
the exchange as a debt extinguishment and recognized a loss on extinguishment of $141,534.

As
of July 31, 2025, the balance of the August 6, 2024 Financing was $0, with noncash interest expense recognized for the amortization of
debt discounts of $0 and $26,826 for the three and nine months ended July 31, 2025, respectively.

April
2025 Financing

On
April 11, 2025, we issued an Unsecured Original Discount Convertible Promissory Note (the “Note”) to an institutional investor
(the “Convertible Note Investor”) in a principal amount of $321,176, having an original issue discount of $48,176, resulting
in a funding amount of $273,000. After the payment of $10,000 to reimburse the Convertible Note Investor for its legal fees, we received
net proceeds of $263,000.

On
April 17, 2025, we issued an amended and restated Unsecured Original Discount Convertible Promissory Note (the “Amended and Restated
Note”), in an aggregate principal amount, with the principal amount of the Note, of $712,941, having an aggregate original issue
discount of $106,941, including the original issue discount of the Note, and resulting in an aggregate funding amount, with the Note,
of $606,000. We received additional net proceeds of $333,000 and paid a commission of $33,330 to Spartan Capital Securities, LLC (“Spartan”).

The
Amended and Restated Note provides for both voluntary conversion by the Convertible Note Investor and a right for TPET to require conversion,
subject to certain conditions into shares of common stock. The Amended and Restated Note also contains “piggyback” registration
rights and the shares issuable upon conversion of the Amended and Restated Note are being registered in the registration statement of
which this prospectus forms a part in order to comply with such registration obligations.

Between
June 11 and June 23, 2025, the Company issued an aggregate of 877,340 shares of common stock to the Convertible Note Investor in satisfaction
of