Company: TPET
Filing Date: 2025-09-12
Form Type: 10-Q
Source: 0001493152-25-013189
Chunk: 94

Company: Trio Petroleum Corp.
Filing Date: 2025-09-12
Form: 10-Q
Item: Part I, Item 2
Chunk 94
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 and is accreted over time until the date the ARO is to be paid. For the three months
ended July 31, 2025, accretion expenses remained consistent with that of the prior year period.

Other
expenses, net

For
the three months ended July 31, 2025, other expenses, net increased slightly compared to the prior year period. The modest increase was
primarily attributable to (i) a loss of approximately $0.5 million recognized in connection with the issuance of common shares in lieu
of cash for principal payments on promissory notes, and (ii) a loss of approximately $0.1 million related to the abandonment of oil and
gas properties during the current period. These increases were partially offset by (iii) a reduction in non-cash interest expense of
approximately $0.5 million, driven by lower outstanding debt levels during the current period. Non-cash interest expense reflects the
amortization of debt discounts associated with prior financings.

30

Nine
Months Ended July 31, 2025 compared to the Nine Months Ended July 31, 2024 (unaudited)

Our
financial results for the nine months ended July 31, 2025 and 2024 are summarized as follows:

    For the Nine Months Ended July 31,  

    2025  
    2024  
    Change  
    % Change 
  
    Revenues 
    $226,485  
    $135,975  
    $90,510  
     66.6%
  
    Cost of goods sold 
     107,751  
     -  
     107,751  
     100.0%
  
    Gross profit 
     118,734  
     135,975  
     (17,241) 
     (12.7)%

    Operating expenses: 

    Exploration expense 
    $35,616  
    $132,871  
    $(97,255) 
     (73.2)%
  
    General and administrative expense 
     2,138,768  
     3,759,546  
     (1,620,778) 
     (43.1)%
  
    Stock-based compensation expense 
     702,728  
     1,150,852  
     (448,124) 
     (38