Company: TPET
Filing Date: 2025-02-05
Form Type: S-1/A
Source: 0001493152-25-005014
Chunk: 31

Company: Trio Petroleum Corp.
Filing Date: 2025-02-05
Form: S-1/A
Chunk 31
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,327, with noncash interest expense recognized for the amortization of debt discounts of $25,077 for the year ended October 31, 2024.

On January 28, 2025, the August 6 thInvestor Note was amended to extend the payment dates of each installment payment by one month, with the first payment of $142,926 being due and payable on February 28, 2025. Concurrently with this amendment, the Company and the August 6th Investor entered into a Note Exchange Agreement, dated as of January 28, 2025, pursuant to which on February 10, 2025, the August 6 thInvestor Note will be exchanged for a number of shares of common stock calculated by dividing (i) the outstanding principal amount of the August 6 thInvestor Note and any accrued and unpaid interest by (ii) 75% of the lowest closing price for the common stock on the NYSE American during the 10 trading days ending on the latest complete trading day of the common stock on the NYSE American.

Summary of Risk Factors

Investing in our common stock involves risks. In addition, our business and operations are subject to a number of risks, which you should be aware of prior to making a decision to invest in our common stock. These risks are discussed more-fully in the “Risk Factors” section of this prospectus immediately following this prospectus summary. Below is a summary of these risks.

Risks Relating to Our Business

| ● | We                                                                                                                                         
 have a history of operating losses, our management has concluded that factors raise substantial doubt about our ability to continue        
 as a going concern and our auditor has included an explanatory paragraph relating to our ability to continue as a going concern in         
 its audit report for the years ended October 31, 2024 and 2023.                                                                            |
|:--|:-------------------------------------------------------------------------------------------------------------------------------------------|
| ● | We                                                                                                                                         
 may face delays and/or obstacles in project development due to difficulties in obtaining necessary permits from federal, state, county     
 and/or local agencies, which may materially affect our business.                                                                           |
| ● | Due                                                                                                                                        
 to our contractor model for drilling operations, we will be vulnerable to any inability to engage one or more drilling rigs and associated 
 drilling personnel.                                                                                                                        |
| ● | If we fail to raise sufficient                                                                                                             
 funds in this offering and in additional financings, prior to April 10, 2025, to exercise our option to acquire up to an additional