Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 122

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 14
Chunk 122
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, or on terms acceptable to the Company. Based on these circumstances, management has
determined that these conditions raise substantial doubt about the Company’s ability to continue as a going concern for the twelve
months following the issuance of these financial statements.

Accordingly,
the accompanying financial statements have been prepared in conformity with U.S. GAAP, which contemplates continuation of the Company
as a going concern and the realization of assets and the satisfaction of liabilities in the normal course of business. The financial
statements do not include any adjustments that might result from the outcome of this uncertainty.

    F-12

NOTE
4 – INITIAL PUBLIC OFFERING

The
Company’s Registration Statement (Amendment No. 9) on Form S-1/A was filed with the SEC on March 24, 2023; its Initial Public Offering
was declared effective on April 17, 2023 and closed on April 20, 2023 (collectively, the “Offering” or “IPO”).
The Company sold 100,000 shares of common stock at a public offering price of $60.00 per share for gross proceeds of $6,000,000. After
deducting the underwriting commissions, discounts and offering expenses payable by the Company, it received net proceeds of approximately
$4,940,000. The Company’s common stock is listed on the NYSE American under the symbol TPET. The Company also issued warrants to
purchase 5,000 shares of common stock to the underwriters at an exercise price of $66.00 per share (110% of public offering price), the
cost of which was offset to additional paid-in capital upon IPO.

NOTE
5 – REVENUE FROM CONTRACTS WITH CUSTOMERS

Disaggregation
of Revenue from Contracts with Customers

The
following table disaggregates revenue by significant product type for the periods below:

 SCHEDULE
OF DISAGGREGATES REVENUE

    As
    of October 31,  
    As
    of October 31, 

    2024  
    2023 
  
    Oil
    sales 
    $213,204  
    $       - 

    Total
    revenues from customers 
    $213,204  
    $- 

There
were no significant contract liabilities or transaction price allocations to any remaining performance obligations as of October 31,
2024 (no revenue in 2023).

Significant
concent