Company: TPET
Filing Date: 2025-06-10
Form Type: 10-Q
Source: 0001641172-25-014516
Chunk: 127

Company: Trio Petroleum Corp.
Filing Date: 2025-06-10
Form: 10-Q
Item: Part I, Item 8
Chunk 127
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 Total other expenses 
     694,773  
     2,097,344  
     (1,402,571) 
     (66.9)%
  
    Loss before income taxes 
     (1,563,752) 
     (4,045,935) 
     2,482,183  
     (61.4)%
  
    Income tax benefit 
     -  
     -  
     -  
     - 
  
    Net loss 
    $(1,563,752) 
    $(4,045,935) 
    $2,482,183  
     (61.4)%

28

Revenues,
net

Revenues,
net decreased for the three months ended April 30, 2025 by approximately $50,000 as compared to the prior period; revenues from the
prior period were from the sale of approximately 2,100 barrels of oil from our McCool Ranch field, which operations were terminated
in May 2025. Current revenues are the sale of approximately 550 barrels of oil from our recently acquired assets in the
Lloydminster, Saskatchewan region.

Exploration
expenses

Under
the successful efforts method of accounting for crude oil and natural gas properties, exploration expenses consist primarily of exploratory,
geological and geophysical costs, delay rentals and exploratory overhead, and are expensed as incurred. Exploration expenses decreased
by approximately $0.1 million as compared to the prior year period due to a decrease in exploratory, geological, and geophysical costs
incurred during the period.

General
and administrative expenses

General
and administrative expenses consist primarily of personnel expenses, including salaries, benefits and stock-based compensation expense
for employees and consultants in executive, finance and accounting, legal, operations support, information technology and human resource
functions. General and administrative expenses also include corporate facility costs including rent, utilities, depreciation, amortization
and maintenance, as well as legal fees related to intellectual property and corporate matters and fees for accounting and consulting
services.

General
and administrative expenses decreased for the three months ended April 30, 2025 by approximately $0.7 million as compared to the prior
period due to (i) a decrease in advertising and marketing fees of approximately $235,000, (ii) decreased legal fees of approximately
$165,000 and (iii) decreased salaries and wages of approximately $245,000, respectively.