Company: TPET
Filing Date: 2025-06-10
Form Type: 10-Q
Source: 0001641172-25-014516
Chunk: 38

Company: Trio Petroleum Corp.
Filing Date: 2025-06-10
Form: 10-Q
Item: Part I, Item 1
Chunk 38
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 the Company
that it would attempt to reopen trading in the Common Stock on November 15, 2024, which is when the common stock is expected to begin
trading on a post-split basis, provided that NYSE American no longer deems the selling price of the Common Stock to be too low.

    17

NOTE
8 – NOTES PAYABLE

Notes
payable as of April 30, 2025 and October 31, 2024 consisted of the following:

 SCHEDULE OF NOTES PAYABLE

    As of April 30, 2025  
    As of
                                                                                October 31, 2024 
  
    Promissory notes, net of discounts 
     15,361  
     742,852 
  
    Payable – related party 
     -  
     115,666 
  
    Convertible note, net of discounts 
     573,770  
     - 
  
    Note Payable, related party 
     -  
     135,000 
  
    Total Notes payable 
    $589,131  
    $993,518 

Payable
– related party 

See
Note 6 - McCool Ranch Oil Field Asset Purchase – Related Party for further information.

March
2024 Debt Financing

The
Company executed a Securities Purchase Agreement, dated March 27, 2024 (the “SPA”) with an institutional investor (the “March
2024 Investor”), which March 2024 Investor signed and funded on April 5, 2024, and pursuant to which the Company raised gross proceeds
of $184,500 and received net proceeds of $164,500, after payment of offering expenses (the “March 2024 Debt Financing”).
The SPA contains certain representations and warranties by the March 2024 Investor and the Company and customary closing conditions.

In
connection with the March 2024 Debt Financing, the Company issued an unsecured promissory note to the March 2024 Investor, dated March
27, 2024, in the principal amount of $211,500, having an original issue discount of $27,000 or approximately 13% (the “March 2024
Investor Note”). Interest accrues on the March 2024 Investor Note at a rate of 12% per annum and the maturity date of the March
2024 Investor Note is January 30, 2025 (the “March 2024 Investor