Company: TPET
Filing Date: 2025-06-10
Form Type: 10-Q
Source: 0001641172-25-014516
Chunk: 108

Company: Trio Petroleum Corp.
Filing Date: 2025-06-10
Form: 10-Q
Item: Part I, Item 8
Chunk 108
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 Note is payable on or before
September 26, 2024, upon which date the principal balance and interest accruable at a rate of 10% per annum is due and payable to Mr.
Peterson by the Company. The Company may prepay the Peterson Note at any time prior to the Peterson Note Maturity Date, in whole or in
part, without premium or penalty. The Company is also required to prepay the Peterson Note, in full, prior to the Peterson Note Maturity
Date from the proceeds of any equity or debt financing received by the Company of at least $1,000,000. As additional consideration for
the Peterson Loan, the Company accelerated the vesting of 50,000 shares of restricted stock awarded to Mr. Peterson under the Company’s
2022 Equity Incentive Plan. The Peterson Note also provides for acceleration of payment of the outstanding principal balance and all
accrued and unpaid interest in the case of an Event of Default (as such term is defined in the Peterson Note), where there is either
a payment default or a bankruptcy event.

On
September 26, 2024 and October 28, 2024, the Company entered into the first and second amendments, respectively, to the Peterson Note;
each amendment extended the maturity dates to October 28, 2024 and November 30, 2024, respectively, and added a $5,000 extension fee
(per amendment) to the principal of the note. On November 25, 2024, the Company paid off the Peterson Note in the amount of $143,516,
with $135,000 in satisfaction of the principal amount owed and $8,516 towards accrued interest.

June
2024 Convertible Debt Financings

On
June 27, 2024, the Company entered into a securities purchase agreement (the “June 2024 SPA”) with the same April 2024 Investors
(the “June 2024 Investors”). Pursuant to the terms and conditions of the June 2024 SPA, each June 2024 Investor provided
financing of $360,000 to the Company (net of a 10% original issuance discount as described below) in the form of the June 2024 Notes
(as defined below) for aggregate gross proceeds in the amount of $720,000 (the “June 2024 Financing”) and net proceeds to
the Company, after offering expenses, of $676,200. In consideration of the June 202