Company: TPET
Filing Date: 2025-09-12
Form Type: 10-Q
Source: 0001493152-25-013189
Chunk: 163

Company: Trio Petroleum Corp.
Filing Date: 2025-09-12
Form: 10-Q
Item: Part I, Item 8
Chunk 163
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 (i) $85,120 on January 30, 2025; (ii)
$21,280 on February 28, 2025; (iii) $21,280 on March 30, 2025; (iv) $21,280 on April 30, 2025; and (v) $21,280 on May 30, 2025. Subject
to certain restrictions, the Company may prepay the note, in full and not in part, any time during the 180 day period after the issuance
date at a 3% discount to the outstanding amount of principal and interest due and payable; provided, that in the event of a prepayment,
the Company will still be required to pay the full amount of interest that would have been payable through the term of the note, in the
amount of $18,240.

    20

During
fiscal year 2025, the Company made aggregate principal payments of $148,960 in cash; during the third quarter, the Company issued 23,644
shares of common stock to the investor in satisfaction of a principal payment obligation; the shares were issued at a conversion price
of $0.90 per share, representing a total value of $28,846. The fair value of the shares on the issuance date exceeded the principal amount
settled, resulting in a recognized loss of $7,566, which was recorded in the statement of operations. As of July 31, 2025, the balance
of the note was $0, with noncash interest expense recognized in the amount of $5,992 and $41,652 for the three and nine months ended
July 31, 2025, respectively.

August
6, 2024 Financing

On
August 6, 2024, the Company entered into a Securities Purchase Agreement (the “August 6th SPA”) with an investor,
pursuant to which the Company raised gross proceeds of $225,000 and received net proceeds of $199,250; in connection with the Financing,
the Company issued an unsecured promissory note to the investor in the principal amount of $255,225, having an original issue discount
of $30,225 or approximately 11.8%. Interest accrues on the note at a rate of 12% per annum and the maturity date of the note is May 30,
2025. The note provides for five payments of principal and accrued interest which are payable