Company: TPET
Filing Date: 2025-06-10
Form Type: 10-Q
Source: 0001641172-25-014516
Chunk: 90

Company: Trio Petroleum Corp.
Filing Date: 2025-06-10
Form: 10-Q
Item: Part I, Item 8
Chunk 90
---
 in April 2023, and convertible note financing under
two tranches in October 2023 and December 2023, pursuant to which the Company raised total gross proceeds of $2,371,500.
Additionally, in 2024 the Company received funds in the amount of $125,000
from an unsecured promissory note from its former CEO, gross proceeds of $543,500
from promissory notes with investors, gross proceeds of $1,440,000
from convertible debt financing with investors and net proceeds of approximately $4,650,000
in connection with an “at-the-market” agreement entered into in September 2024. In April 2025, the Company received
gross proceeds in the amount of $606,000
from a convertible debt financing provided by one investor.

The
accompanying condensed consolidated 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 condensed consolidated financial statements, which assumes the realization
of assets and the satisfaction of liabilities in the normal course of business. As of April 30, 2025, the Company has an accumulated
deficit of $23,252,956 and has experienced losses from continuing operations. Based on the Company’s cash balance as of April 30,
2025 and projected cash needs for the twelve months following the issuance of these condensed consolidated 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 condensed consolidated
financial statements.

Accordingly,
the accompanying condensed consolidated 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 condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

NOTE
4 – REVENUE FROM