Company: TPET
Filing Date: 2025-04-15
Form Type: 10-K/A
Source: 0001641172-25-004910
Chunk: 139

Company: Trio Petroleum Corp.
Filing Date: 2025-04-15
Form: 10-K/A
Chunk 139
---
 summarized below.

SCHEDULE OF DEFERRED TAX ASSETS

| Deferred                      
 tax assets:                   |     | As             
 of October 31, 
 2024           |            |   |     | As             
 of October 31, 
 2023           |            |   |
|:------------------------------|:----|:---------------|-----------:|:--|:----|:---------------|-----------:|:--|
| Net                           
 operating loss carry forwards |     | $              |  1,699,000 |   |     | $              |  1,095,000 |   |
| Total                         
 deferred tax asset            |     |                |  1,699,000 |   |     |                |  1,095,000 |   |
| Valuation                     
 allowance                     |     |                | (1,699,000 | ) |     |                | (1,095,000 | ) |
| Deferred                      
 tax asset, net                |     | $              |          - |   |     | $              |          - |   |

As of October 31, 2024 and 2023, the Company had approximately $ 1,699,000and $ 1,095,000, respectively, in net operating loss carry-forwards for federal and state income tax reporting (tax effected) purposes. As a result of the Tax Cuts Job Act 2017 (the “Act”), certain future carryforwards do not expire. The Company has not performed a formal analysis but believes its ability to use such net operating losses and tax credit carryforwards in the future is subject to annual limitations due to change of control provisions under Sections 382 and 383 of the Internal Revenue Code, which will significantly impact its ability to realize these deferred tax assets.

| F-18 |

The Company recorded a valuation allowance in the full amount of its net deferred tax assets since realization of such tax benefits has been determined by the Company’s management to be less likely than not. The valuation allowance increased $ 604,000and $ 298,000during the years ended October 31, 2024 and 2023, respectively.

A reconciliation of the statutory federal income tax benefit to actual tax benefit is as follows:

SCHEDULE OF EFFECTIVE FEDERAL INCOME TAX RATE RECONCILIATION

|                                                   |     |             As 
 of October 31, |     |    |     |             As 
 of October 31, |     |