Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 751

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 2
Chunk 751
---
     1,400,275  
     42.2%
  
    Stock-based compensation
    expense 
     1,534,667  
     1,044,261  
     490,406  
     47.0%
  
    Accretion expenses 
     2,778  
     2,778  
     -  
     0.0%
  
    Total operating expenses 
     6,430,918  
     4,614,564  
     1,816,354  
     39.4%
  
    Loss from operations 
     (6,217,714) 
     (4,614,564) 
     (1,603,150) 
     34.7%

    Other expenses: 

    Interest expense 
     2,118,548  
     791,811  
     1,326,737  
     167.6%
  
    Loss on settlement 
     -  
     13,051  
     (13,051) 
     (100.0%)
  
    Loss on note conversion 
     1,290,535  
     1,125,000  
     165,535  
     14.7%
  
    Total other expenses 
     3,409,083  
     1,929,862  
     1,479,221  
     76.6%
  
    Loss before income taxes 
     (9,626,797) 
     (6,544,426) 
     (3,082,371) 
     47.1%
  
    Income tax benefit 
     -  
     -  
     -  
     - 
  
    Net loss 
    $(9,626,797) 
    $(6,544,426) 
    $(3,082,371) 
     47.1%

38

Revenues,
net

Revenues,
net increased for year ended October 31, 2024 by approximately $0.2 million as compared to the prior period, which had no revenue; we
sold and shipped approximately 2,900 barrels of oil, primarily produced from the HH-1 well.

Exploration
expenses

Under
the successful efforts method of accounting for crude oil and natural gas properties, exploration