Company: TPET
Filing Date: 2025-09-12
Form Type: 10-Q
Source: 0001493152-25-013189
Chunk: 0

Company: Trio Petroleum Corp.
Filing Date: 2025-09-12
Form: 10-Q
Item: Part I, Item 1
Chunk 0
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TRIO
PETROLEUM CORP

CONDENSED
CONSOLIDATED BALANCE SHEETS

    July 31,  
    October 31, 

    2025  
    2024 

     (unaudited)  

    ASSETS 

    Current assets: 

    Cash 
    $584,365  
    $285,945 
  
    Prepaid expenses 
     196,400  
     279,274 
  
    Accounts receivable 
     95,785  
     - 
  
    Total current assets 
     876,550  
     565,219 

    Oil and gas properties - not subject to amortization 
     12,155,186  
     11,119,119 
  
    Total assets 
    $13,031,736  
    $11,684,338 

    LIABILITIES AND STOCKHOLDERS’ EQUITY 

    Current liabilities: 

    Accounts payable and accrued liabilities 
     1,404,989  
     1,036,291 
  
    Asset retirement obligations - current 
     2,778  
     2,778 
  
    Convertible note, net of discounts 
     865  
     - 
  
    Due to operators 
     29,740  
     103,146 
  
    Promissory notes, net of discounts 
     -  
     742,852 
  
    Payable - related party 
     -  
     115,666 
  
    Note payable - related party 
     -  
     135,000 
  
    Deferred consideration payable 
     -  
     - 
  
    Other current liabilities 
     117,907  
     454,966 
  
    Total current liabilities 
     1,556,279  
     2,590,699 

    Long-term liabilities: 

    Asset retirement obligations, net of current portion 
     53,175  
     51,091 
  
    Total non-current liabilities 
     53,175  
     51,091 
  
    Total liabilities 
     1,609,454  
     2,641,790 

    Commitments and Contingencies (Note 7) 
     -  
     - 

    Stockholders’