Company: TPET
Filing Date: 2025-02-05
Form Type: S-1/A
Source: 0001493152-25-005014
Chunk: 209

Company: Trio Petroleum Corp.
Filing Date: 2025-02-05
Form: S-1/A
Chunk 209
---
 benefit |     |                |   - | %  |     |                |   - | %  |
| Change                                            
 in valuation allowance                            |     |                |  21 | %  |     |                |  21 | %  |
| Effective                                         
 tax rate                                          |     |                |   - | %  |     |                |   - | %  |

As of the date of this filing, the Company has not filed its 2024 federal and state corporate income tax returns. The Company expects to file these documents as soon as practicable.

The Company has evaluated its income tax positions and has determined that it does not have any uncertain tax positions. The Company will recognize interest and penalties related to any uncertain tax positions through its income tax expense.

NOTE 10 – NOTES PAYABLE

Notes payable as of October 31, 2024 and 2023 consisted of the following:

SCHEDULE OF NOTES PAYABLE

|                         |     | As 
 of |  October 
 31, 2024 |     | As 
 of |   October 
  31, 2023 |
|:------------------------|:----|:---|---------:|:----|:---|----------:|
| Convertible             
 note, net of discounts  |     | $  |        - |     | $  | 1,217,597 |
| Promissory              
 notes, net of discounts |     |    |  742,852 |     |    |         - |
| Note                    
 payable – related party |     |    |  135,000 |     |    |         - |
| Total                   
 Notes payable           |     | $  |  877,852 |     | $  | 1,217,597 |

Convertible note, net of discounts (October 2023 SPA)

On October 4, 2023, the Company entered into a securities purchase agreement (the “October 2023 SPA”) with an investor; the October 2023 SPA provides for loans in an aggregate principal amount of up to $ 3.5million under two tranches, with first and second tranche fund amounts of $ 2.0million and $ 1.5million, respectively.

In consideration for the investor’s funding of the first tranche, the Company issued i) a senior secured convertible promissory note in the aggregate principal amount of $ 2,000,000(the “Note”) and ii) a warrant to purchase