Company: TPET
Filing Date: 2025-03-14
Form Type: 10-Q
Source: 0001493152-25-010362
Chunk: 0

Company: Trio Petroleum Corp.
Filing Date: 2025-03-14
Form: 10-Q
Item: Part I, Item 1
Chunk 0
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TRIO
PETROLEUM CORP.

CONDENSED
BALANCE SHEETS

    January 31,  
    October 31, 

    2025  
    2024 

     (unaudited)  

    ASSETS 

    Current assets: 

    Cash 
    $1,961,201  
    $285,945 
  
    Prepaid
    expenses 
     53,818  
     279,274 
  
    Total current assets 
     2,015,019  
     565,219 

    Oil and gas properties
    - not subject to amortization 
     11,197,284  
     11,119,119 
  
    Total
    assets 
    $13,212,303  
    $11,684,338 

    LIABILITIES AND STOCKHOLDERS’
    EQUITY 

    Current liabilities: 

    Accounts payable and accrued
    liabilities 
     1,034,523  
     1,036,291 
  
    Asset retirement obligations
    - current 
     2,778  
     2,778 
  
    Due to operators 
     20,532  
     103,146 
  
    Promissory notes, net of
    discounts 
     312,784  
     742,852 
  
    Note payable - related
    party 
     -  
     135,000 
  
    Payable - related party 
     56,334  
     115,666 
  
    Other
    current liabilities 
     41,012  
     454,966 
  
    Total current liabilities 
     1,467,963  
     2,590,699 

    Long-term liabilities: 

    Asset retirement obligations,
    net of current portion 
     51,786  
     51,091 
  
    Total non-current liabilities 
     51,786  
     51,091 
  
    Total
    liabilities 
     1,519,749  
     2,641,790 

    Commitments and Contingencies (Note 8) 
     -   
     -  

    Stockholders’ Equity: 

    Preferred stock, $0.0001 par value; 10,000,000 shares authorized;