Company: TPET
Filing Date: 2025-04-15
Form Type: 10-K/A
Source: 0001641172-25-004910
Chunk: 68

Company: Trio Petroleum Corp.
Filing Date: 2025-04-15
Form: 10-K/A
Chunk 68
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 emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of our financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

Results of Operations

For the Year Ended October 31, 2024 compared to the Year Ended October 31, 2023

Our financial results for the years ended October 31, 2024 and 2023 are summarized as follows:

|                            |     | For             
 the Years Ended 
 October         
 31,             |       2024 |   |     |   |       2023 |   |     |   |     Change |   |     |     |      % 
 Change |    |
|:---------------------------|:----|:----------------|-----------:|:--|:----|:--|-----------:|:--|:----|:--|-----------:|:--|:----|:----|-------:|:---|
| Revenues, net              |     | $               |    213,204 |   |     | $ |          - |   |     | $ |    213,204 |   |     |     |  100.0 | %  |
| Operating expenses:        |     |                 |            |   |     |   |            |   |     |   |            |   |     |     |        |    |
| Exploration expenses       |     | $               |    177,416 |   |     | $ |    251,743 |   |     | $ |    (74,327 | ) |     |     |  (29.5 | )% |
| General and administrative 
 expenses                   |     |                 |  4,716,057 |   |     |   |  3,315,782 |   |     |   |  1,400,275 |   |     |     |   42.2 | %  |
| Stock-based compensation   
 expense                    |     |                 |  1,534,667 |   |     |   |  1,044,261 |   |     |   |    490,406 |   |     |     |   47.0 | %  |
| Accretion expenses         |     |                 |