Company: TPET
Filing Date: 2025-02-05
Form Type: S-1/A
Source: 0001493152-25-005014
Chunk: 193

Company: Trio Petroleum Corp.
Filing Date: 2025-02-05
Form: S-1/A
Chunk 193
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 doubt about the Company’s ability to continue as a going concern for the twelve months following the issuance of these financial statements.

Accordingly, the accompanying financial statements have been prepared in conformity with U.S. GAAP, which contemplates continuation of the Company as a going concern and the realization of assets and the satisfaction of liabilities in the normal course of business. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

| F-12 |

NOTE 4 – INITIAL PUBLIC OFFERING

The Company’s Registration Statement (Amendment No. 9) on Form S-1/A was filed with the SEC on March 24, 2023; its Initial Public Offering was declared effective on April 17, 2023 and closed on April 20, 2023 (collectively, the “Offering” or “IPO”). The Company sold 100,000shares of common stock at a public offering price of $ 60.00per share for gross proceeds of $ 6,000,000. After deducting the underwriting commissions, discounts and offering expenses payable by the Company, it received net proceeds of approximately $ 4,940,000. The Company’s common stock is listed on the NYSE American under the symbol TPET. The Company also issued warrants to purchase 5,000shares of common stock to the underwriters at an exercise price of $ 66.00per share ( 110% of public offering price), the cost of which was offset to additional paid-in capital upon IPO.

NOTE 5 – REVENUE FROM CONTRACTS WITH CUSTOMERS

Disaggregation of Revenue from Contracts with Customers

The following table disaggregates revenue by significant product type for the periods below:

SCHEDULE OF DISAGGREGATES REVENUE

|                         |     | As             
 of October 31, 
 2024           |         |     | As             
 of October 31, 
 2023           |   |
|:------------------------|:----|:---------------|--------:|:----|:---------------|:--|
| Oil                     
 sales                   |     | $              | 213,204 |     | $              | - |
| Total                   
 revenues from customers |     | $              | 213,204 |     | $              | - |

There were nosignificant contract liabilities or transaction price allocations to any remaining performance obligations as of October 31, 2024 ( norevenue in 2023).

Significant concentrations of credit