Company: TPET
Filing Date: 2025-01-30
Form Type: 10-K/A
Source: 0001493152-25-004268
Chunk: 16

Company: Trio Petroleum Corp.
Filing Date: 2025-01-30
Form: 10-K/A
Chunk 16
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4, additional financing secured after the end of the period in August 2024 for gross proceeds in the aggregate amount of $ 359,000from two unsecured promissory notes, as well as proceeds of approximately $ 1,174,000in connection with an “at-the-market” agreement entered into in September 2024.

The accompanying financial statements have been prepared on the basis that the Company will continue as a going concern over the next twelve months from the date of issuance of these financial statements, which assumes the realization of assets and the satisfaction of liabilities in the normal course of business. As of October 31, 2024, the Company has an accumulated deficit of $ 20,073,679and has experienced losses from continuing operations. Based on the Company’s cash balance as of October 31, 2024 and projected cash needs for the twelve months following the issuance of these financial statements, management estimates that it will need to generate sufficient sales revenue and/or raise additional capital to cover operating and capital requirements. Management will need to raise the additional funds by issuing additional shares of common stock or other equity securities or obtaining additional debt financing. Although management has been successful to date in raising necessary funding and obtaining financing through investors, there can be no assurance that any required future financing can be successfully completed on a timely basis, 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.

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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 100,000shares of common stock at a public offering price of $ 60.00per share for gross proceeds of $ 6,000,000. After deducting the underwriting commissions, discounts and offering