Company: TPET
Filing Date: 2025-06-10
Form Type: 10-Q
Source: 0001641172-25-014516
Chunk: 0

Company: Trio Petroleum Corp.
Filing Date: 2025-06-10
Form: 10-Q
Item: Part I, Item 1
Chunk 0
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TRIO
PETROLEUM CORP.

CONDENSED
CONSOLIDATED BALANCE SHEETS

    April 30,  
    October 31, 

    2025  
    2024 

     (unaudited)  

    ASSETS 

    Current assets: 

    Cash 
    $1,457,056  
    $285,945 
  
    Prepaid expenses 
     250,051  
     279,274 
  
    Accounts receivable 
     31,571  
     - 
  
    Total current assets 
     1,738,678  
     565,219 

    Oil and gas properties - not subject to amortization 
     12,032,132  
     11,119,119 
  
    Total assets  
    $13,770,810  
    $11,684,338 

    LIABILITIES AND STOCKHOLDERS’ EQUITY 

    Current liabilities: 

    Accounts payable and accrued liabilities 
     1,137,168  
     1,036,291 
  
    Asset retirement obligations - current 
     2,778  
     2,778 
  
    Convertible note, net of discounts 
     573,770  
     - 
  
    Due to operators 
     46,967  
     103,146 
  
    Promissory notes, net of discounts 
     15,361  
     742,852 
  
    Payable - related party 
     -  
     115,666 
  
    Note payable - related party 
     -  
     135,000 
  
    Deferred consideration payable 
     335,314  
     - 
  
    Other current liabilities 
     159,303  
     454,966 
  
    Total current liabilities 
     2,270,661  
     2,590,699 

    Long-term liabilities: 

    Asset retirement obligations, net of current portion 
     52,480  
     51,091 
  
     Total non-current liabilities  
     52,480  
     51,091 
  
    Total liabilities  
     2,323,141  
     2,641,790 

    Commitments and Contingencies(Note 8)