Company: TPET
Filing Date: 2025-09-12
Form Type: 10-Q
Source: 0001493152-25-013189
Chunk: 53

Company: Trio Petroleum Corp.
Filing Date: 2025-09-12
Form: 10-Q
Item: Part I, Item 1
Chunk 53
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ors for an aggregate principal amount of $1,020,000,
with a 15%
original issue discount, resulting in net funding of $1,020,000.
After deducting placement agent and legal fees, net proceeds totaled $928,600,
which are to be used for working capital and general corporate purposes.

The
notes are convertible into common stock at the lesser of $1.32 or 90% of the lowest VWAP over the five trading days prior to the
date of a notice of conversion, subject to a floor price of $0.72 (adjustable down to $0.22 under certain conditions). The Company
may require conversion if specific trading and registration conditions are met. Investors may not convert amounts that would exceed
4.99% (or 9.99%, if elected) ownership or the maximum conversion cap. The maximum number of shares issuable upon conversion of all
notes is 1,679,127, representing 19.99% of the Company’s outstanding common stock as of the closing date.

24

Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

You
should read the following discussion and analysis of financial condition and operating results together with our condensed consolidated
financial statements and the related notes and other financial information included elsewhere in this quarterly report on Form 10-Q,
as well as our audited financial statements and related notes as disclosed in our Form 10-K/A for the year ended October 31, 2024, filed
with the SEC on April 15, 2025 (“our Form 10-K/A”). This discussion contains forward-looking statements that involve risks
and uncertainties. As a result of many factors, such as those in this Quarterly Report on Form 10-Q, as well as the risk factors set
forth in the section titled “Risk Factors” included in our Form 10-K/A, our actual results may differ materially from those
anticipated in these forward-looking statements. For convenience of presentation some of the numbers have been rounded in the text below.

Throughout
this report, the terms “our,” “we,” “us,” and the “Company” refer to Trio Petroleum Corp.

CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS

This
Quarterly Report on Form 10-Q contains forward-looking statements that can involve substantial risks and uncertainties. All statements
other than statements of historical facts contained in this Quarterly Report, including statements regarding our future results of operations
and financial position, business