Company: TPET
Filing Date: 2025-06-10
Form Type: 10-Q
Source: 0001641172-25-014516
Chunk: 130

Company: Trio Petroleum Corp.
Filing Date: 2025-06-10
Form: 10-Q
Item: Part I, Item 8
Chunk 130
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) 
     2,568,706  
     (44.7)%
  
    Income tax benefit 
     -  
     -  
     -  
     - 
  
    Net loss 
    $(3,179,277) 
    $(5,747,983) 
    $2,568,706  
     (44.7)%

Revenues,
net

Revenues,
net decreased for the six months ended April 30, 2025 by approximately $0.1 million as compared to the prior period; revenues from the
six months ended April 30, 2024 were from the sale of approximately 2,100
barrels of oil from our McCool Ranch field, versus the sale of only (i) approximately 200 barrels of oil from our McCool Ranch location
and (ii) approximately 550 barrels of oil produced from our recently acquired oil and gas assets in the Lloydminster, Saskatchewan region
for the six months ended April 30, 2025.

Exploration
expenses

Under
the successful efforts method of accounting for crude oil and natural gas properties, exploration expenses consist primarily of exploratory,
geological and geophysical costs, delay rentals and exploratory overhead, and are expensed as incurred. Exploration expenses decreased
by approximately $0.1 million as compared to the prior year period due to a decrease in exploratory, geological, and geophysical costs
incurred during the period.

General
and administrative expenses

General
and administrative expenses consist primarily of personnel expenses, including salaries, benefits and stock-based compensation expense
for employees and consultants in executive, finance and accounting, legal, operations support, information technology and human resource
functions. General and administrative expenses also include corporate facility costs including rent, utilities, depreciation, amortization
and maintenance, as well as legal fees related to intellectual property and corporate matters and fees for accounting and consulting
services.

30

General
and administrative expenses decreased for the six months ended April 30, 2025 by approximately $1.0 million as compared to the prior
period due to decreases in salary expenses, advertising and marketing fees, filing fees and legal fees of approximately $330,000, $235,000,
$160,000 and $200,000, respectively.

Stock-based
compensation expense

We
record stock-based compensation expenses for costs associated with options and restricted shares granted in connection with the Plan,
as well as for shares issued as payment