Company: TPET
Filing Date: 2025-06-10
Form Type: 10-Q
Source: 0001641172-25-014516
Chunk: 45

Company: Trio Petroleum Corp.
Filing Date: 2025-06-10
Form: 10-Q
Item: Part I, Item 1
Chunk 45
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30, 2025, the balance of the note was $15,361, with noncash interest expense
recognized in the amount of $17,569 and $35,730 for the three and six months ended April 30, 2025, respectively.

August
6, 2024 Financing

On
August 6, 2024, the Company entered into a Securities Purchase Agreement (the “August 6th SPA”) with an investor,
pursuant to which the Company raised gross proceeds of $225,000 and received net proceeds of $199,250; in connection with the Financing,
the Company issued an unsecured promissory note to the investor in the principal amount of $255,225, having an original issue discount
of $30,225 or approximately 11.8%. Interest accrues on the note at a rate of 12% per annum and the maturity date of the note is May 30,
2025. The note provides for five payments of principal and accrued interest which are payable: (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