Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 113

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 14
Chunk 113
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erging 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 comparison of the Company’s 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.

    F-7

NOTE
2 –SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis
of Presentation

The
accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States
of America (“US GAAP”).

Use
of Estimates

The
preparation of financial statements in accordance with US GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets, liabilities, equity-based transaction and disclosure of contingent assets and liabilities at the date of
the financial statements, and the revenue and expenses during the reporting period.

Making
estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of
a condition, situation or set of circumstances that existed at the date of the financial statement, which management considered in formulating
its estimate, could change in the near term due to one or more future confirming events. Some of the more significant estimates required
to be made by management include estimates of oil and natural gas reserves (when and if assigned) and related present value estimates
of future net cash flows therefrom, the carrying value of oil and natural gas properties, ARO and the valuation of equity-based transactions.
Accordingly, actual results could differ significantly from those estimates.

Cash
and cash equivalents

The
Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.
The Company had no cash equivalents as of October 31, 2024 and 2023.

Prepaid
Expenses

Prepaid
expenses consist primarily of prepaid services which will be expensed as the services are provided within twelve months. As of October
31, 2024 and 2023, the balances of the prepaids account were $279,274 and $133,417, respectively.

Debt