Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 422

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 1
Chunk 422
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 its income tax positions and has determined that it does not have any uncertain tax positions. The Company will
recognize interest and penalties related to any uncertain tax positions through its income tax expense.

NOTE
10 – NOTES PAYABLE

Notes
payable as of October 31, 2024 and 2023 consisted of the following:

 SCHEDULE OF NOTES PAYABLE

    As
    of  
    As
    of 

    October
    31, 2024  
    October
    31, 2023 
  
    Convertible
    note, net of discounts 
    $-  
    $1,217,597 
  
    Promissory
    notes, net of discounts 
     742,852  
     - 
  
    Note
    payable – related party 
     135,000  
     - 
  
    Total
    Notes payable 
    $877,852  
    $1,217,597 

Convertible
note, net of discounts (October 2023 SPA)

On
October 4, 2023, the Company entered into a securities purchase agreement (the “October 2023 SPA”) with an investor; the
October 2023 SPA provides for loans in an aggregate principal amount of up to $3.5 million under two tranches, with first and second
tranche fund amounts of $2.0 million and $1.5 million, respectively.

In
consideration for the investor’s funding of the first tranche, the Company issued i) a senior secured convertible promissory note
in the aggregate principal amount of $2,000,000 (the “Note”) and ii) a warrant to purchase up to 43,336 shares of Common
Stock at an initial exercise price of $24.00 per share of Common Stock, subject to certain adjustments (the “Common Warrant”).
The Note was initially convertible into shares of Common Stock at conversion price of $24.00, subject to certain adjustments (the “Conversion
Price”), provided that the Conversion Price shall not be reduced below $7.00 (the “Floor Price”). The Note did not
bear any interest and matured on April 4, 2025.

Upon
the initial funding on October 4, 2023, the Company recorded gross proceeds of approximately $2.0 million, a 7% original issue discount
of $140,000 and debt issuance costs of $