Company: TPET
Filing Date: 2025-06-10
Form Type: 10-Q
Source: 0001641172-25-014516
Chunk: 12

Company: Trio Petroleum Corp.
Filing Date: 2025-06-10
Form: 10-Q
Item: Part I, Item 1
Chunk 12
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 golden parachute payments not previously approved. Further,
Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting
standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do
not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting
standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements
that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of
such extended transition period which means that when a standard is issued or revised and it has different application dates for public
or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies
adopt the new or revised standard. This may make a comparison of the Company’s condensed consolidated financial statements with
another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended
transition period difficult or impossible because of the potential differences in accounting standards used.

    7

NOTE
2 –SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis
of Consolidation 

The
condensed consolidated financial statements of Trio Petroleum, Corp. include the accounts of TPET and our wholly owned Canadian subsidiary
Trio Canada. All significant intercompany profits, losses, transactions and balances have been eliminated in consolidation in the condensed
consolidated financial statements.

Basis
of Presentation

The
accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted
in the United States of America (“U.S. GAAP”). Amounts presented in the balance sheet as of October 31, 2024 are derived
from our audited financial statements as of that date. The unaudited condensed consolidated financial statements as of and for the three
and six month periods ended April 30, 2025 and 2024 have been prepared in accordance U.S. GAAP and the interim reporting rules of the
Securities and Exchange Commission (“SEC”) and should be read in conjunction with the audited financial statements and notes
thereto contained in the Company’s annual report on Form 10-K/A filed with the SEC on February 27, 2025. In the opinion of management,