Company: TPET
Filing Date: 2025-02-05
Form Type: S-1/A
Source: 0001493152-25-005014
Chunk: 83

Company: Trio Petroleum Corp.
Filing Date: 2025-02-05
Form: S-1/A
Chunk 83
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 well as $13,237 of net cash used to fund changes in the levels of operating assets and liabilities.

Cash Flows from Investing Activities

For the years ended October 31, 2024 and 2023, cash used in investing activities was $1,089,882 and $2,189,859, respectively. The cash used during the current period is attributable to approximately $1.2 million related to costs for capital expenditures, which were capitalized and are reflected in the balance of the oil and gas property as of October 31, 2024. Cash used from investing activities for the year ended October 31, 2023 was attributable to approximately $3.7 million related to drilling exploratory wells and approximately $0.4 million related to acquisition and reserve analysis costs, both of which were capitalized and are reflected in the balance of the oil and gas property as of October 31, 2023. These amounts were offset by approximately $1.9 million in amounts used from the Advance to Operators account, which is designated for costs for the HV-1 well.

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Cash Flows from Financing Activities

For the years ended October 31, 2024 and 2023, cash provided by financing activities was $3,654,647 and $7,714,969, respectively. Cash provided by financing activities during the year ended October 31, 2024 was primarily attributable to proceeds of approximately $3.1 million from the issuance of promissory notes, related party notes and convertible notes payable and proceeds of approximately $1.2 million from the issuance of common shares in connection with an ATM agreement, offset by payments for debt in the amount of approximately $0.4 million and debt issuance costs of $0.3 million. Cash provided by financing activities during the year ended October 31, 2023 was primarily attributable to $6.7 million in gross proceeds from the issuance of common stock, $1.8 million in net proceeds from the exercise of warrants and $1.6 million in net proceeds from the convertible note financing, offset by the payment of offering costs of approximately $1.0 million and the payment of notes payables of approximately $1.5 million.

Our cash change
was a decrease of approximately $1.3 million as of October 31, 2024. Management believes that the cash on hand and working capital
are sufficient to meet its current anticipated cash requirements for anticipated capital expenditures and operating expenses for the
next twelve months.