Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 194

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 15
Chunk 194
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 October 31, 2023 and 2024 are shown below:

 SCHEDULE
OF COMPONENTS OF CHANGES IN ARO

    ARO,
    ending balance – October 31, 2022 
    $48,313 
  
    Accretion
    expense 
     2,778 
  
    ARO,
    ending balance – October 31, 2023 
     51,091 
  
    Accretion
    expense 
     2,778 
  
    ARO,
    ending balance – October 31, 2024 
     53,869 
  
    Less:
    ARO – current 
     2,778 
  
    ARO,
    net of current portion – October 31, 2024 
    $51,091 

    F-9

Related
Parties

Related
parties are directly or indirectly related to the Company, through one or more intermediaries and are in control, controlled by, or under
common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate
families of principal owners of the Company and its management and other parties with which the Company may deal if one party controls
or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might
be prevented from fully pursuing its own separate interests. The Company discloses all related party transactions. On September 14, 2021,
the Company acquired an 82.75% working interest (which was subsequently increased to an 85.775% working interest as of April 2023) in
the SSP from Trio LLC in exchange for cash, a note payable to Trio LLC and the issuance of 245,000 shares of common stock. As of the
date of the acquisition, Trio LLC owned 45% of the outstanding shares of the Company and was considered a related party. As of October
31, 2024 and 2023, Trio LLC owned less than 1% and 1%, respectively, of the outstanding shares of the Company.

Income
Taxes

Deferred
tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement
carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets, including tax loss and credit
carry forwards, and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those