Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 277

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 1
Chunk 277
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 all disputes between us and our shareholders, which could limit its stockholders’ ability
    to obtain a favorable judicial forum for disputes with us or our directors, officers or other employees.

Risks
Relating to Our Business

We
have a history of operating losses, our management has concluded that factors raise substantial doubt about our ability to continue as
a going concern and our auditor has included an explanatory paragraph relating to our ability to continue as a going concern in its audit
report for the years ended October 31, 2024 and 2023.

For
the year ended October 31, 2024, we generated revenues of $213,204, reported a net loss of $9,626,797 and cash flows used in operating
activities of $3,840,744. For the year ended October 31, 2023, we generated no revenues, reported a net loss of $6,544,426, and cash
flows used in operating activities of $4,036,834. As of October 31, 2024, we had an accumulated deficit of $20,073,679. Our management
has concluded that our accumulated deficit and no source of revenue sufficient to cover our cost of operation as well as our dependence
on private equity and other financings raise substantial doubt about our ability to continue as a going concern, and our auditor has
included an explanatory paragraph relating to our ability to continue as a going concern in its audit report for the years ended October
31, 2024 and 2023.

Our
financial statements do not include any adjustments that might result from the outcome of this uncertainty. These adjustments would likely
include substantial impairment of the carrying amount of our assets and potential contingent liabilities that may arise if we are unable
to fulfill various operational commitments. In addition, the value of our securities would be greatly impaired. Our ability to continue
as a going concern is dependent upon generating sufficient cash flow from operations and obtaining additional capital and financing.
If our ability to generate cash flow from operations is delayed or reduced and we are unable to raise additional funding from other sources,
we may be unable to continue in business. For further discussion about our ability to continue as a going concern and our plan for future
liquidity, see “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations-Ability
to Continue as a Going Concern.”

17

We
may face delays and/or obstacles in project development due to difficulties in obtaining necessary permits from federal,