Company: TPET
Filing Date: 2025-09-12
Form Type: 10-Q
Source: 0001493152-25-013189
Chunk: 24

Company: Trio Petroleum Corp.
Filing Date: 2025-09-12
Form: 10-Q
Item: Part I, Item 1
Chunk 24
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ings, including:

    ●
    Proceeds
    from the issuance of common stock and financing from certain investors

    ●
    Net
    proceeds from its initial public offering (“IPO”) in April 2023

    ●
    Convertible
    note financings totaling $2,371,500 in October and December 2023

    ●
    An
    unsecured promissory note of $125,000 from the Company’s former CEO in 2024

    ●
    Gross
    proceeds of $543,500 from promissory notes with investors in 2024

    ●
    Gross
    proceeds of $1,440,000 from convertible debt financing in 2024

    ●
    Net
    proceeds of approximately $4,650,000 under an “at-the-market” agreement entered into in September 2024

    ●
    Gross
    proceeds of $606,000
    from a private placement of convertible debt financing in April 2025

    ●
    Gross
    proceeds of $1,020,000 from a private placement of convertible debt financing in August 2025

The
accompanying condensed consolidated financial statements have been prepared on a going concern basis, which assumes the Company will
continue to operate and meet its obligations over the twelve months following the issuance of these financial statements. However, the
Company has experienced recurring losses from operations and negative cash flows, and its current cash resources are not sufficient to
meet projected operating and capital requirements for the next twelve months.

Management
plans to address this liquidity shortfall by seeking additional capital through the issuance of equity securities, debt financing, or
other strategic arrangements. While the Company has been successful in raising capital to date, there can be no assurance that future
financing will be available on acceptable terms, or at all.

These
factors raise substantial doubt about the Company’s ability to continue as a going concern. The condensed consolidated financial
statements do not include any adjustments that might result from the outcome of this uncertainty.

NOTE
4 – REVENUE FROM CONTRACTS WITH CUSTOMERS

Disaggregation
of Revenue from Contracts with Customers

The
following table disaggregates revenue by significant product type for the periods below:

 SCHEDULE OF DISAGGREGATES REVENUE

    Three Months Ended July 31, 2025  
    Three
                                                                               Months
 Ended 
July 31, 2024  
    Nine