Company: TPET
Filing Date: 2025-02-05
Form Type: S-1/A
Source: 0001493152-25-005014
Chunk: 80

Company: Trio Petroleum Corp.
Filing Date: 2025-02-05
Form: S-1/A
Chunk 80
---
 |   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 | %  |

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 expenses consist primarily of exploratory geological and geophysical costs, delay rentals and exploratory overhead, and are expensed as incurred. Exploration expenses decreased by approximately $0.1 million as compared to the prior year period due to a decrease in exploratory, geological, and geophysical costs incurred during the period.

General and administrative expenses

General and administrative expenses consist primarily of personnel expenses, including salaries, benefits and stock-based compensation expense for employees and consultants in executive, finance and accounting, legal, operations support, information technology and human resource functions. General and administrative expenses also include corporate facility costs including rent, utilities, depreciation, amortization and maintenance, as well as legal fees related to intellectual property and corporate matters and fees for accounting and consulting services.

General and administrative expenses increased for year ended October 31, 2024 by approximately $1.4 million as compared to the prior period due to increases in legal fees of $210,000, increased insurance expenses of