Company: TPET
Filing Date: 2025-09-12
Form Type: 10-Q
Source: 0001493152-25-013189
Chunk: 142

Company: Trio Petroleum Corp.
Filing Date: 2025-09-12
Form: 10-Q
Item: Part I, Item 8
Chunk 142
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 incurred or capitalized and
amortized depending on their future economic benefits. All of these types of expenditures incurred since inception have been charged
against earnings due to the uncertainty of their future recoverability. Estimated future reclamation and site restoration costs, when
the ultimate liability is reasonably determinable, are charged against earnings over the estimated remaining life of the related business
operation, net of expected recoveries.

Recent
Accounting Pronouncements

All
recently issued but not yet effective accounting pronouncements have been deemed to be not applicable or immaterial to the Company.

Reclassification
of Expenses

Certain
amounts in the prior periods presented have been reclassified to a current period financial statement presentation. This reclassification
has no effect on previously reported net income.

Subsequent
Events

The
Company evaluated all events and transactions that occurred after July 31, 2025 through the date of the filing of this report. See Note
10 for such events and transactions.

    11

NOTE
3 – GOING CONCERN AND MANAGEMENT’S LIQUIDITY PLANS

As
of July 31, 2025, the Company had $584,365 in its operating bank account and a working capital deficit of $679,729. The Company has incurred
significant losses since inception and, as of July 31, 2025, had an accumulated deficit of $24,639,679.

To
date, the Company has funded its operations primarily through equity and debt financings, including:

    ●
    Proceeds
    from the issuance of common stock and financing from certain investors

    ●
    Net
    proceeds from its initial public offering (“IPO”) in April 2023

    ●
    Convertible
    note financings totaling $2,371,500 in October and December 2023

    ●
    An
    unsecured promissory note of $125,000 from the Company’s former CEO in 2024

    ●
    Gross
    proceeds of $543,500 from promissory notes with investors in 2024

    ●
    Gross
    proceeds of $1,440,000 from convertible debt financing in 2024

    ●
    Net
    proceeds of approximately $4,650,000 under an “at-the-market” agreement entered into in September 2024

    ●
    Gross
    proceeds of $606,000
    from a private placement of convertible debt financing in April