Company: TPET
Filing Date: 2025-06-10
Form Type: 10-Q
Source: 0001641172-25-014516
Chunk: 105

Company: Trio Petroleum Corp.
Filing Date: 2025-06-10
Form: 10-Q
Item: Part I, Item 8
Chunk 105
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5% of the aggregate proceeds raised in the sale and ii) warrants to purchase a number of common shares equal to 5% of the
number of common shares initially issuable upon conversion of each note tranche; warrants to purchase 4,167 and 2,750 common shares with
exercise prices of $26.40 and $11.00 for the first and second tranches, respectively, were issued to Spartan as of January 31, 2024.
Such warrants may be exercised beginning 6 months after issuance until four- and one-half years thereafter.

Notice
of Delisting or Failure to Satisfy a Continued Listing Rule or Standard from the NYSE American

On
November 5, 2024, the Company received notice from NYSE American that NYSE American had halted trading in the shares of the Common Stock
until the effectiveness of the reverse stock split the Company intended to effect because its common stock was consistently selling at
a low selling price per share in violation of Section 1003(f)(v) of the NYSE American Company Guide. NYSE American informed 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