Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 1401

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 6
Chunk 1401
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 in August 2024 for gross proceeds in the aggregate
amount of $359,000 from two unsecured promissory notes, as well as proceeds of approximately $1,174,000 in connection with an “at-the-market”
agreement entered into in September 2024.

The
accompanying financial statements have been prepared on the basis that the Company will continue as a going concern over the next twelve
months from the date of issuance of these financial statements, which assumes the realization of assets and the satisfaction of liabilities
in the normal course of business. As of October 31, 2024, the Company has an accumulated deficit of $20,073,679 and has experienced losses
from continuing operations. Based on the Company’s cash balance as of October 31, 2024 and projected cash needs for the twelve
months following the issuance of these financial statements, management estimates that it will need to generate sufficient sales revenue
and/or raise additional capital to cover operating and capital requirements. Management will need to raise the additional funds by issuing
additional shares of common stock or other equity securities or obtaining additional debt financing. Although management has been successful
to date in raising necessary funding and obtaining financing through investors, there can be no assurance that any required future financing
can be successfully completed on a timely basis, or on terms acceptable to the Company. Based on these circumstances, management has
determined that these conditions raise substantial doubt about the Company’s ability to continue as a going concern for the twelve
months following the issuance of these financial statements.

Accordingly,
the accompanying financial statements have been prepared in conformity with U.S. GAAP, which contemplates continuation of the Company
as a going concern and the realization of assets and the satisfaction of liabilities in the normal course of business. The financial
statements do not include any adjustments that might result from the outcome of this uncertainty.

    F-12

NOTE
4 – INITIAL PUBLIC OFFERING

The
Company’s Registration Statement (Amendment No. 9) on Form S-1/A was filed with the SEC on March 24, 2023; its Initial Public Offering
was declared effective on April 17, 2023 and closed on April 20, 2023 (collectively, the “Offering” or “IPO”).
The Company sold 100,000 shares of common stock at a public offering price of $60.00 per share for gross proceeds of $6,000,000. After
deducting the