Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 1688

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 7A
Chunk 1688
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,500 and
$91,556, respectively. Conversion shares were issued numbering 30,520, 17,167 and 38,150, respectively, at fair values per share of $3.38,
$3.66 and $2.58, respectively, for total amounts of $103,091, $62,830 and $98,422, respectively. Losses in the amounts of $14,203, $12,830
and $9,534, respectively, were recognized for the difference between the value of the shares issued and the principal payment amounts.
An additional 2,317 shares were issued on October 11, 2024 at a fair value of $3.38 for a total amount of $7,838; the share issuance
was made to satisfy a make-whole-share provision which the debtor is entitled to when the effective price of the shares becomes less
than the floor price.

As
of October 31, 2024 and 2023, the balance of the June 2024 Notes was $322,419 and $0, respectively, with noncash interest expense recognized
for the amortization of debt discounts of $131,696 and $0 for the years ended October 31, 2024 and 2023, respectively.

August
1, 2024 Financing

On
August 1, 2024, the Company entered into a Securities Purchase Agreement (the “August 1st SPA”) with an investor,
pursuant to which the Company raised gross proceeds of $134,000 and received net proceeds of $110,625; in connection with the financing,
the Company issued an unsecured promissory note to the investor in the principal amount of $152,000 and an original issue discount of
$18,000 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) $85,120 on January 30, 2025; (ii)
$21,280 on February 28, 2025; (iii) $21,280 on March 30, 2025; (iv) $21,280 on April 30, 2025; and (v) $21,280 on May 30, 2025. Subject
to certain restrictions, the Company may pre