Company: TPET
Filing Date: 2025-06-10
Form Type: 10-Q
Source: 0001641172-25-014516
Chunk: 62

Company: Trio Petroleum Corp.
Filing Date: 2025-06-10
Form: 10-Q
Item: Part I, Item 1
Chunk 62
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     (2,085,436) 
     (3,399,188) 
     1,313,752  
     (38.6)%

    Other expenses: 

    Interest expenses 
     348,520  
     1,141,989  
     (793,469) 
     (69.59)%
  
    Settlement fees 
     -  
     10,500  
     (10,500) 
     (100.0)%
  
    Loss on abandonment of oil and gas properties 
     574,419  
     -  
     574,419  
     100.0%
  
    Loss on extinguishment 
     90,200  
     -  
     90,200  
     100.0%
  
    Loss on note conversion 
     80,702  
     1,196,306  
     (1,115,604) 
     (93.3)%
  
    Total other expenses 
     1,093,841  
     2,348,795  
     (1,254,954) 
     (53.4)%
  
    Loss before income taxes 
     (3,179,277) 
     (5,747,983) 
     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