Company: TPET
Filing Date: 2025-02-28
Form Type: S-1/A
Source: 0001493152-25-008715
Chunk: 88

Company: Trio Petroleum Corp.
Filing Date: 2025-02-28
Form: S-1/A
Chunk 88
---
, 2024. Cash used from investing activities for the year ended October 31, 2023 was attributable to approximately $3.7 million related to drilling exploratory wells and approximately $0.4 million related to acquisition and reserve analysis costs, both of which were capitalized and are reflected in the balance of the oil and gas property as of October 31, 2023. These amounts were offset by approximately $1.9 million in amounts used from the Advance to Operators account, which is designated for costs for the HV-1 well.

| 47 |

Cash Flows from Financing Activities

For the years ended October 31, 2024 and 2023, cash provided by financing activities was $3,654,647 and $7,714,969, respectively. Cash provided by financing activities during the year ended October 31, 2024 was primarily attributable to proceeds of approximately $3.1 million from the issuance of promissory notes, related party notes and convertible notes payable and proceeds of approximately $1.2 million from the issuance of common shares in connection with an ATM agreement, offset by payments for debt in the amount of approximately $0.4 million and debt issuance costs of $0.3 million. Cash provided by financing activities during the year ended October 31, 2023 was primarily attributable to $6.7 million in gross proceeds from the issuance of common stock, $1.8 million in net proceeds from the exercise of warrants and $1.6 million in net proceeds from the convertible note financing, offset by the payment of offering costs of approximately $1.0 million and the payment of notes payables of approximately $1.5 million.

Our cash change
was a decrease of approximately $1.3 million as of October 31, 2024. Management believes that the cash on hand and working capital
are sufficient to meet its current anticipated cash requirements for anticipated capital expenditures and operating expenses for the
next twelve months.

Contractual Obligations and Commitments

Unproved Property Leases

We hold various
leases related to the unproved properties of the South Salinas Project; two of the leases are held with the same lessor. The first lease,
which covers 8,417 acres, was amended on May 27, 2022 to provide for an extension of then-current force majeure status for an additional,
uncontested twelve months, during which we would be released from having to evidence to the lessor the existence of force maje