Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 605

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 1C
Chunk 605
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-6 wells) are
excellent candidates for use as CO2 injection wells. A CCS project in the future may help reduce our carbon footprint by sequestering
and permanently storing CO2 deep underground at one or more deep wells, away from drinking water sources. Furthermore, three of the aforementioned
deep wells are directly located on three idle oil and gas pipelines that could be used to import CO2 to our CCS Project. We have opened
discussions with third parties who wish to reduce their own greenhouse gas emissions and who may be interested in participating in our
CCS project. We believe it is feasible to develop the major oil and gas resources of the South Salinas Project and to concurrently establish
a substantial CCS project and potentially a CO2 storage hub and/or Direct Air Capture (DAC) hub.

36

Going
Concern Considerations

We
have only begun to generate revenues in the current fiscal year and have incurred significant losses since inception. As of October 31,
2024, we have an accumulated deficit of $20,073,679 and a working capital deficit of $2,025,480, and for the year ended October 31, 2024,
a net loss of $9,626,797 and cash used in operation activities of $3,840,744. To date, we have been funding operations through proceeds
from the issuance of common stock, financing through certain investors, the consummation of our IPO in April 2023, and convertible note
financing under two tranches in October 2023 and December 2023, pursuant to which we raised total gross proceeds of $2,371,500. Additionally,
we received funds in the amount of $125,000 from an unsecured promissory note from our CEO, gross proceeds of $184,500 from a promissory
note with an investor in March 2024, gross proceeds of $720,000 from convertible debt financing with two investors in April 2024, gross
proceeds of $720,000 from convertible debt financing with two investors in June 2024, as well as additional financing secured after the
end of the period in August 2024 for gross proceeds in the aggregate amount of $359,000 from two unsecured promissory notes.

There
is substantial doubt regarding our ability to continue as a going concern as a result of our accumulated deficit and no source of revenue
sufficient to cover our costs of operations as well as our dependence on private equity and financing.