Company: TPET
Filing Date: 2025-09-12
Form Type: 10-Q
Source: 0001493152-25-013189
Chunk: 164

Company: Trio Petroleum Corp.
Filing Date: 2025-09-12
Form: 10-Q
Item: Part I, Item 8
Chunk 164
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: (i) $142,926 on January 30, 2025; (ii)
$35,731.50 on February 28, 2025; (iii) $35,731.50 on March 30, 2025; (iv) $35,731.50 on April 30, 2025; and (v) $35,731.50 on May 30,
2025. Subject to certain restrictions, the Company may prepay the note, in full and not in part, any time during the 180 day period after
the issuance date at a 3% discount to the outstanding amount of principal and interest due and payable; provided, that in the event of
a prepayment, the Company will still be required to pay the full amount of interest that would have been payable through the term of
the note, in the amount of $30,627.

Additionally,
in conjunction with two prior investors and the April 2024 Debt Financing, the Company will make two payments of $25,000 to each of the
prior investors from the net proceeds of this financing.

On
January 28, 2025, the Company entered into a Note Exchange Agreement, whereby it and the investor agreed to exchange the outstanding
balance of $285,852 for shares of the Company’s common stock. The exchange transaction was completed on February 10, 2025, pursuant
to which the Company exchanged 230,992 shares of common 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