Company: TPET
Filing Date: 2025-06-10
Form Type: 10-Q
Source: 0001641172-25-014516
Chunk: 61

Company: Trio Petroleum Corp.
Filing Date: 2025-06-10
Form: 10-Q
Item: Part I, Item 1
Chunk 61
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 decline was primarily driven by (i) an approximate $1.0 million reduction in non-cash interest expense resulting from lower debt
levels in the current period (non-cash interest expense is recognized as debt discounts on financings are amortized), as well as (ii)
an approximate $1.1 million loss on a note conversion recorded in the prior period, which stemmed from principal payments made via conversion
shares under the October 2023 Securities Purchase Agreement. These reductions were partially offset by a $0.6 million loss incurred in
the current period due to the abandonment of oil and gas properties.

29

Six
Months Ended April 30, 2025 compared to the Six Months Ended April 30, 2024 (unaudited)

Our
financial results for the six months ended April 30, 2025 and 2024 are summarized as follows:

    For the Six Months Ended
                                                                                April 30,  

    2025  
    2024  
    Change  
    % Change 
  
    Revenues, net 
    $34,090  
    $72,923  
    $(38,833) 
     (53.3)%
  
    Cost of goods sold 
     9,262  
     -  
     9,262  
     100.0%
  
    Gross profit 
     24,828  
     72,923  
     (48,095) 
     (66.0)%

    Operating expenses: 

    Exploration expenses 
    $35,882  
    $124,817  
    $(88,935) 
     (71.3)%
  
    General and administrative expenses 
     1,467,027  
     2,433,375  
     (966,348) 
     (39.7)%
  
    Stock-based compensation expense 
     605,966  
     912,530  
     (306,564) 
     (33.6)%
  
    Accretion expenses 
     1,389  
     1,389  
     -  
     0.0%
  
    Total operating expenses 
     2,110,264  
     3,472,111  
     (1,361,847) 
     (39.2)%
  
    Loss from Operations