Company: TPET
Filing Date: 2025-02-27
Form Type: 10-K/A
Source: 0001493152-25-008556
Chunk: 3

Company: Trio Petroleum Corp.
Filing Date: 2025-02-27
Form: 10-K/A
Chunk 3
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 of October 31, 2024 and 2023                                           |     | F-3  |
| Statements                                                                       
 of Operations for the Years Ended October 31, 2024 and 2023                      |     | F-4  |
| Statements                                                                       
 of Changes in Stockholders’ Equity for the Years Ended October 31, 2024 and 2023 |     | F-5  |
| Statements                                                                       
 of Cash Flows for the Years Ended October 31, 2024 and 2023                      |     | F-6  |
| Notes                                                                            
 to Financial Statements                                                          |     | F-7  |

| F-1 |

<div align='center'>Report of Independent Registered Public Accounting Firm</div>

To the Board of Directors and Shareholders of

Trio Petroleum Corp.

5401 Business Park South, Suite 115

Bakersfield, California 93309

Opinion on the Financial Statements

We have audited the accompanying balance sheets of Trio Petroleum Corp. as of October 31, 2024 and 2023, and the related statements of operations, changes in stockholder’s equity, and cash flow for each of the years then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of Trio Petroleum Corp. as of October 31, 2024 and 2023, and the results of its operations and its cash flows for each of the years then ended, in conformity with accounting principles generally accepted in the United States of America.

Substantial doubt about the Company’s ability to continue as going concern

The accompanying financial statements have been
prepared assuming that the Company will continue as a going concern. As disclosed in Note 3 of the financial statements, the Company
has suffered substantial net losses and negative cash flows from operations in recent years and is dependent on debt and equity financing
to fund its operations, all of which raise substantial doubt about the Company’s ability to continue as a going concern. Management’s
plans regarding these matters are disclosed in Note 3. The consolidated financial statements do not include any adjustments that might
result from the outcome of this uncertainty.

Basis for Opinion

These financial statements are the responsibility of the entity’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”)