Company: TPET
Filing Date: 2025-03-14
Form Type: 10-Q
Source: 0001493152-25-010362
Chunk: 17

Company: Trio Petroleum Corp.
Filing Date: 2025-03-14
Form: 10-Q
Item: Part I, Item 1
Chunk 17
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 have been anti-dilutive:

 SCHEDULE
OF WEIGHTED AVERAGE COMMON SHARES OUTSTANDING ANTI-DILUTIVE

    As of January 31,  
    As of January 31, 

    2025  
    2024 
  
    Warrants 
     17,358(1) 
     19,343(2)
  
    Total potentially dilutive securities 
     17,358  
     19,343 

    (1)
    Balance consists of potentially
    dilutive shares based on 171,994 and 95,252 outstanding, equity classified warrants, respectively.
  
    (2)
    Balance consists of restricted
    stock units granted to five outside directors and restricted shares issued to executives.

Environmental
Expenditures

The
operations of the Company have been, and may in the future be, affected from time to time to varying degrees by changes in environmental
regulations, including those for future reclamation and site restoration costs. Both the likelihood of new regulations and their overall
effect upon the Company vary greatly and are not predictable. The Company’s policy is to meet or, if possible, surpass standards
set by relevant legislation by application of technically proven and economically feasible measures.

Environmental
expenditures that relate to ongoing environmental and reclamation programs are charged against earnings as incurred or capitalized and
amortized depending on their future economic benefits. All of these types of expenditures incurred since inception have been charged
against earnings due to the uncertainty of their future recoverability. Estimated future reclamation and site restoration costs, when
the ultimate liability is reasonably determinable, are charged against earnings over the estimated remaining life of the related business
operation, net of expected recoveries.

Recent
Accounting Pronouncements

All
recently issued but not yet effective accounting pronouncements have been deemed to be not applicable or immaterial to the Company.

Reclassification
of Expenses

Certain
amounts in the prior periods presented have been reclassified to a current period financial statement presentation. This reclassification
has no effect on previously reported net income.

Subsequent
Events

The
Company evaluated all events and transactions that occurred after January 31, 2025 through the date of the filing of this report. See
Note 11 for such events and transactions.

    11

NOTE
3 – GOING CONCERN AND MANAGEMENT’S LIQUIDITY PLANS

As
of January 31, 2025, the Company