Company: TPET
Filing Date: 2025-09-12
Form Type: 10-Q
Source: 0001493152-25-013189
Chunk: 69

Company: Trio Petroleum Corp.
Filing Date: 2025-09-12
Form: 10-Q
Item: Part I, Item 1
Chunk 69
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:

    July 31, 2025  
    October 31, 2024 
  
    Current assets 
    $876,550  
    $565,219 
  
    Current liabilities 
     1,556,279  
     2,590,699 
  
    Working capital (deficiency) 
    $(679,729) 
    $(2,025,480)

Current
assets increased primarily due to a $3.4 million rise in cash, driven by proceeds from the sale of common shares under the
Company’s at-the-market (ATM) offering agreement during the fiscal quarter ended January 31, 2025. Current liabilities decreased overall, reflecting
reductions in promissory notes (approximately $0.7 million), notes payable to related parties ($0.2 million), and other current
liabilities ($0.3 million). These decreases were partially offset by an increase in accounts payable of approximately $0.4
million.

Cash
Flows

Our
cash flows for the nine months ended July 31, 2025, in comparison to our cash flows for the nine months ended July 31, 2024, can be summarized
as follows:

    Nine months ended July 31, 

    2025  
    2024 
  
    Net cash (used in) provided by operating activities 
    $(2,015,896) 
    $118,642 
  
    Net cash used in investing activities 
     (966,555) 
     (1,138,561)
  
    Net cash provided by (used in) financing activities 
     3,250,351  
     (248,898)
  
    Effect of foreign currency exchange 
     30,520  
     - 
  
    Net change in cash 
    $298,420  
    $(1,268,817)

32

Cash
Flows from Operating Activities

For
the nine months ended July 31, 2025 and 2024, cash (used in) provided by operating activities was $(2,015,896) and $118,642, respectively.
The cash used in operations for the nine months ended July 31, 2025 was primarily attributable to our net loss of $4,566,000, adjusted
for non-cash expenses in the aggregate amount of $2,540,890, as well as $9,215 of net cash used to