Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 70

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 13
Chunk 70
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 senior security interest in and to all of the Company’s assets and non-real
estate properties, subject to certain exceptions, securing repayment of the April 2024 Investors Notes as set forth in an Amended and
Restated Security Agreement, dated April 24, 2024, between the Company and the April 2024 Investors (the “A&R Security Agreement”).

On
August 6, 2024, in connection with a financing dated on that date, the Company made two cash payments of $25,000 each from the proceeds
of such financing to each of the April 2024 Investors Notes.

On
August 14, 2024, the Company entered into an amendment to the April 2024 Debt Financings to extend the maturity dates of the notes from
August 16, 2024 to September 16, 2024; the amendment also provided for the accrual of interest on the outstanding principal balance of
the notes at a rate of 15% per annum from August 16, 2024, until the notes were repaid.

On
October 1, 2024, the Company made aggregate principal payments towards the April 2024 Debt Financings in the amount of $682,031 (of which
$7,031 was in interest) which it converted into 224,291 shares at a conversion price of approximately $3.44 per share; such share issuances
were recorded at a fair value of $3.66 per share for a total amount of $729,405 and a loss on conversion of $47,373 for the difference
between the value of the shares issued and the principal payment amounts.

On
October 18, 2024, the Company made a final principal payment towards the April 2024 Debt Financings in the amount of $75,000 which it
converted into 25,000 shares at a conversion price of approximately $3.00 per share; such share issuance was recorded at a fair value
of $3.10 per share for a total amount of $77,450 and a loss on conversion of $2,450 for the difference between the value of the shares
issued and the principal payment amount.

As
of October 31, 2024 and 2023, the balance of the April 2024 Debt Financings was $0 as of both dates, with non-cash interest expense related
to discounts recognized in the amounts of $816,445 and $0