Company: TPET
Filing Date: 2025-02-27
Form Type: 10-K/A
Source: 0001493152-25-008556
Chunk: 42

Company: Trio Petroleum Corp.
Filing Date: 2025-02-27
Form: 10-K/A
Chunk 42
---
 exceptions, securing repayment of the April 2024 Investors Notes as set forth in an Amended and Restated Security Agreement, dated April 24, 2024, between the Company and the April 2024 Investors (the “A&R Security Agreement”).

On August 6, 2024, in connection with a financing dated on that date, the Company made two cash payments of $ 25,000each from the proceeds of such financing to each of the April 2024 Investors Notes.

On August 14, 2024, the Company entered into an amendment to the April 2024 Debt Financings to extend the maturity dates of the notes from August 16, 2024 to September 16, 2024; the amendment also provided for the accrual of interest on the outstanding principal balance of the notes at a rate of 15% per annum from August 16, 2024, until the notes were repaid.

On October 1, 2024, the Company made aggregate principal payments towards the April 2024 Debt Financings in the amount of $ 682,031(of which $ 7,031was in interest) which it converted into 224,291shares at a conversion price of approximately $ 3.44per share; such share issuances were recorded at a fair value of $ 3.66per share for a total amount of $ 729,405and a loss on conversion of $ 47,373for the difference between the value of the shares issued and the principal payment amounts.

On October 18, 2024, the Company made a final principal payment towards the April 2024 Debt Financings in the amount of $ 75,000which it converted into 25,000shares at a conversion price of approximately $ 3.00per share; such share issuance was recorded at a fair value of $ 3.10per share for a total amount of $ 77,450and a loss on conversion of $ 2,450for the difference between the value of the shares issued and the principal payment amount.

As of October 31, 2024 and 2023, the balance of the April 2024 Debt Financings was $ 0as of both dates, with non-cash interest expense related to discounts recognized in the amounts of $ 816,445and $ 0for the years ended October 31, 2024 and 2023, respectively.

| F-21 |

June