Company: TPET
Filing Date: 2025-06-10
Form Type: 10-Q
Source: 0001641172-25-014516
Chunk: 64

Company: Trio Petroleum Corp.
Filing Date: 2025-06-10
Form: 10-Q
Item: Part I, Item 1
Chunk 64
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 resulting from lower debt
levels in the current period (non-cash interest expense is recognized as debt discounts on financings are amortized), as well as (ii)
an approximate $1.1 million loss on a note conversion recorded in the prior period, which stemmed from principal payments made via conversion
shares under the October 2023 Securities Purchase Agreement. These reductions were partially offset by a $0.6 million loss incurred in
the current period due to the abandonment of oil and gas properties.

Liquidity
and Capital Resources

Working
Capital/(Deficiency)

Our
working capital deficiency as of April 30, 2025, in comparison to our working capital deficiency as of October 31, 2024, can be summarized
as follows:

    April 30, 2025  
    October 31, 2024 
  
    Current assets 
    $1,738,678  
    $565,219 
  
    Current liabilities 
     2,270,661  
     2,590,699 
  
    Working capital (deficiency) 
    $(531,983) 
    $(2,025,480)

Current
assets increased because of i) an increase to the cash account of approximately $3.4 million due to cash proceeds from the sale of shares
related to the ATM agreement. Current liabilities decreased because of (i) a decrease in promissory notes of approximately $0.7 million,
(ii) a decrease in notes payable-related parties of $0.2 million and (iii) a decrease in other current liabilities of approximately $0.3
million, offset by increases of approximately $0.6 million and $0.3 million in convertible note debt and deferred consideration payable,
respectively.

Cash
Flows

Our
cash flows for the six months ended April 30, 2025, in comparison to our cash flows for the six months ended April 30, 2024, can be summarized
as follows:

    Six months ended April 30, 

    2025  
    2024 
  
    Net cash (used in)/provided by operating activities 
    $(1,660,469) 
    $682,525 
  
    Net cash used in investing activities 
     (453,616) 
     (1,018,704)
  
    Net cash provided by/(used in) financing activities 
     3,250,350  
     (1,