Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 896

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 3
Chunk 896
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4, in comparison to our working capital deficit as of October 31, 2023, can be summarized
as follows:

    October
    31, 2024  
    October
    31, 2023 
  
    Current assets 
    $565,219  
    $1,695,341 
  
    Current liabilities 
     2,590,699  
     1,851,386 
  
    Working capital (deficiency) 
    $(2,025,480) 
    $(156,045)

39

Current
assets decreased because of i) a decrease to the cash account of approximately $1.3 million due to increased payroll expenses and additional
cash outlays for capital expenditures for the oil and gas properties, offset by an increase in prepaid assets of approximately $0.2 million.
Current liabilities increased because of i) an increase in accounts payable of approximately $0.5 million, as well as an increase in
notes payable – related parties of approximately $0.3 million.

Cash
Flows

Our
cash flows for the year ended October 31, 2024, in comparison to our cash flows for the year ended October 31, 2023, can be summarized
as follows:

    Years
    ended October 31, 

    2024  
    2023 
  
    Net cash used in operating activities 
    $(3,840,744) 
    $(4,036,834)
  
    Net cash used in investing activities 
     (1,089,882) 
     (2,189,859)
  
    Net cash provided by financing
    activities 
     3,654,647  
     7,714,969 
  
    Net change in cash 
    $(1,275,979) 
    $1,488,276 

Cash
Flows from Operating Activities

For
the years ended October 31, 2024 and 2023, cash used in operating activities was $3,840,744 and $4,036,834, respectively. The cash used
in operations for the year ended October 31, 2024 was primarily attributable to our net loss of $9,626,797, adjusted for non-cash expenses
in the aggregate amount of $5,042,982, as well as $743,071 of net cash provided to fund changes in the levels of operating assets and
liabilities.