Company: TPET
Filing Date: 2025-06-10
Form Type: 10-Q
Source: 0001641172-25-014516
Chunk: 22

Company: Trio Petroleum Corp.
Filing Date: 2025-06-10
Form: 10-Q
Item: Part I, Item 1
Chunk 22
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ortized depending on their future economic benefits. All of these types of expenditures incurred since inception have been charged
against earnings due to the uncertainty of their future recoverability. Estimated future reclamation and site restoration costs, when
the ultimate liability is reasonably determinable, are charged against earnings over the estimated remaining life of the related business
operation, net of expected recoveries.

Recent
Accounting Pronouncements

All
recently issued but not yet effective accounting pronouncements have been deemed to be not applicable or immaterial to the Company.

Reclassification
of Expenses

Certain
amounts in the prior periods presented have been reclassified to a current period financial statement presentation. This reclassification
has no effect on previously reported net income.

Subsequent
Events

The
Company evaluated all events and transactions that occurred after April 30, 2025 through the date of the filing of this report. See Note
10 for such events and transactions.

    11

NOTE
3 – GOING CONCERN AND MANAGEMENT’S LIQUIDITY PLANS

As
of April 30, 2025, the Company had $1,457,056 in its
operating bank account and working capital deficit of $531,983.
To date, the Company has been funding operations through proceeds from the issuance of common stock, financing through certain
investors, the consummation of its initial public offering (“IPO”) in April 2023, and convertible note financing under
two tranches in October 2023 and December 2023, pursuant to which the Company raised total gross proceeds of $2,371,500.
Additionally, in 2024 the Company received funds in the amount of $125,000
from an unsecured promissory note from its former CEO, gross proceeds of $543,500
from promissory notes with investors, gross proceeds of $1,440,000
from convertible debt financing with investors and net proceeds of approximately $4,650,000
in connection with an “at-the-market” agreement entered into in September 2024. In April 2025, the Company received
gross proceeds in the amount of $606,000
from a convertible debt financing provided by one investor.

The
accompanying condensed consolidated 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 condensed consolidated financial statements, which assumes the realization
of assets and the satisfaction of liabilities in