Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 678

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 1C
Chunk 678
---
,384 

The
accompanying notes are an integral part of these financial statements.

F-5

TRIO
PETROLEUM CORP.

STATEMENTS
OF CASH FLOWS

    For
    the Years Ended October 31, 

    2024  
    2023 

    CASH
    FLOWS FROM OPERATING ACTIVITIES: 

    Net
    loss 
    $(9,626,797) 
    $(6,544,426)
  
    Adjustments
    to reconcile net loss to net cash used in operating activities: 

    Franchise
    tax fees 
     -  
     (9,450)
  
    Bad
    debt expense 
     -  
     25,000 
  
    Accretion
    expense 
     2,778  
     2,778 
  
    Conversion
    of January 2022 SPA 
     -  
     1,125,000 
  
    Debt
    discount - OID 
     (347,968) 
     (140,000)
  
    Amortization
    of debt discounts 
     2,092,671  
     473,240 
  
    Write-off
    of January 2022 SPA receivable 
     -  
     - 
  
    Issuance
    of common shares for services 
     738,300  
     - 
  
    Stock-based
    compensation 
     1,534,667  
     1,044,261 
  
    Loss
    on issuance of common shares in lieu of cash for debt payments 
     1,022,534  
     - 
  
    Changes
    in operating assets and liabilities: 

    Prepaid
    expenses and other receivables 
     (145,857) 
     (123,417)
  
    Other
    current liabilities 
     454,966  

    Accounts
    payable and accrued liabilities 
     433,962  
     110,180 
  
    Net
    cash used in operating activities 
     (3,840,744) 
     (4,036,834)

    CASH
    FLOWS FROM INVESTING ACTIVITIES: 

    Capital
    expenditures for unproved oil and gas properties 
     (1,171,