Company: TPET
Filing Date: 2025-02-27
Form Type: 10-K/A
Source: 0001493152-25-008556
Chunk: 37

Company: Trio Petroleum Corp.
Filing Date: 2025-02-27
Form: 10-K/A
Chunk 37
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 amounts of $ 48,094and $ 64,334, respectively, were recognized for the difference between the value of the shares issued and the principal payment amounts.

As of April 2024, both tranches of the October 2023 SPA were fully repaid, and as of October 31, 2024 and 2023, the balance of the convertible notes, net of discounts, was $ 0and $ 1,217,597, respectively, with non-cash interest expense related to discounts recognized in the amounts of $ 1,063,372and $ 40,547, respectively.

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 $ 184,500and 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 $ 27,000or 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 Note Maturity Date”). The March 2024 Investor Note provides for five payments of principal and accrued interest which are payable: (i) $ 118,440on September 30, 2024; (ii) $ 29,610on October 30, 2024; (iii) $ 29,610on November 30, 2024; (iv) $ 29,610on December 30, 2024; and (v) $ 29,610on January 30, 2025. The Company may prepay the March 2024 Investor Note, in full and not in part, any time during the 180 day period after