Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 1775

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 8
Chunk 1775
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 exceeds the estimated undiscounted future cash flows, the Company will adjust the carrying amount of the oil
and natural gas properties to fair value. The fair value of its oil and natural gas properties is determined using valuation techniques
consistent with the income and market approach. The factors used to determine fair value are subject to management’s judgment and
expertise and include, but are not limited to, recent sales prices of comparable properties, the present value of future cash flows,
net of estimated operating and development costs using estimates of proved reserves, future commodity pricing, future production estimates,
anticipated capital expenditures, and various discount rates commensurate with the risk and current market conditions associated with
the expected cash flow projected. These assumptions represent Level 3 inputs.

Net
Loss Per Share

Basic
and diluted net loss per share is computed by dividing net loss by the weighted average number of common shares outstanding during the
reporting period. Diluted earnings per share is computed similar to basic loss per share, except the weighted average number of common
shares outstanding are increased to include additional shares from the assumed exercise of share options, warrants and convertible notes,
if dilutive.

The
following common share equivalents are excluded from the calculation of weighted average common shares outstanding, because their inclusion
would have been anti-dilutive:

 SCHEDULE
OF WEIGHTED AVERAGE COMMON SHARES OUTSTANDING ANTI_DILUTIVE

    As
    of October 31,  
    As
    of October 31, 

    2024  
    2023 
  
    Warrants 
     19,176(1) 
     19,812(2)
  
    Total
    potentially dilutive securities 
     19,176  
     19,812 

(1)Balance
                                            consists of potentially dilutive shares based on 191,994 and 88,336 outstanding, equity classified
                                            warrants, respectively.

(2)Balance
                                            consists of restricted stock units granted to five outside directors and restricted shares
                                            issued to executives.

    F-11

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