Company: TPET
Filing Date: 2025-09-12
Form Type: 10-Q
Source: 0001493152-25-013189
Chunk: 143

Company: Trio Petroleum Corp.
Filing Date: 2025-09-12
Form: 10-Q
Item: Part I, Item 8
Chunk 143
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2025

    ●
    Gross
    proceeds of $1,020,000 from a private placement of convertible debt financing in August 2025

The
accompanying condensed consolidated financial statements have been prepared on a going concern basis, which assumes the Company will
continue to operate and meet its obligations over the twelve months following the issuance of these financial statements. However, the
Company has experienced recurring losses from operations and negative cash flows, and its current cash resources are not sufficient to
meet projected operating and capital requirements for the next twelve months.

Management
plans to address this liquidity shortfall by seeking additional capital through the issuance of equity securities, debt financing, or
other strategic arrangements. While the Company has been successful in raising capital to date, there can be no assurance that future
financing will be available on acceptable terms, or at all.

These
factors raise substantial doubt about the Company’s ability to continue as a going concern. The condensed consolidated financial
statements do not include any adjustments that might result from the outcome of this uncertainty.

NOTE
4 – 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

    Three Months Ended July 31, 2025  
    Three
                                                                               Months
 Ended 
July 31, 2024  
    Nine
                                                                               Months
 Ended 
July 31, 2025  
    Nine
Months
Ended
July 31, 2024 
  
    Oil sales 
    $192,395  
    $63,052  
    $226,485  
    $135,975 

    Total revenue from customers 
    $192,395  
    $63,052  
    $226,485  
    $135,975 

There
were no significant contract liabilities or transaction price allocations to any remaining performance obligations as of July 31, 2025.

    12

Significant
concentrations of credit risk

The
Company’s revenue is primarily generated from oil and gas sales in California, United States, and Saskatchewan, Canada. As of July
31, 2025, 100% of total revenue comes from customers located in these regions. Changes in state and provincial regulations, market conditions,
or environmental policies could significantly impact the Company’s financial performance. Additionally, fluctuations