Company: TPET
Filing Date: 2025-06-10
Form Type: 10-Q
Source: 0001641172-25-014516
Chunk: 133

Company: Trio Petroleum Corp.
Filing Date: 2025-06-10
Form: 10-Q
Item: Part I, Item 8
Chunk 133
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,018,704, respectively. The cash used
in investing activities during the six months ended April 30, 2025 is attributable to approximately $0.4 million for assets acquired
at the Lloydminster, Saskatchewan properties. The cash used for the six months ended April 30, 2024 is attributable to approximately
$1.1 million related to costs for capital expenditures, which were capitalized and are reflected in the balance of the oil and gas property
as of April 30, 2024. These amounts were offset by approximately $50,000 in amounts due to operators for costs for the South Salinas
Project and the McCool Ranch Option.

Cash
Flows from Financing Activities

For
the six months ended April 30, 2025 and 2024, cash provided by/(used in) financing activities was $3,250,350 and ($1,005,098), respectively.
Cash provided by financing activities during the six months ended April 30, 2025 was primarily attributable to (i) proceeds from the
issuance of common shares in connection with an ATM agreement, (ii) proceeds from the issuance of convertible debt of approximately $0.6
million, offset by repayments of related party debt and promissory notes of approximately $0.2 million and $0.6 million, respectively.
Cash provided by financing activities during the six months ended April 30, 2024 was primarily attributable to approximately $0.6 million
in net proceeds from the issuance of convertible debt and approximately $1.0 million from the issuance of promissory notes and related
party notes, offset by payments for the convertible debt in the amount of approximately $2.6 million and debt issuance costs of $0.2
million.

Capital Resources

Since our inception, we have funded our operations
with the proceeds from equity and debt financing. We have experienced liquidity issues due to, among other reasons, our limited ability
to raise adequate capital on acceptable terms. We have historically relied upon the issuance of equity and promissory notes that are convertible
into shares of our common stock to fund our operations and have devoted significant efforts to reduce that exposure. Unless we are able
to raise additional capital through equity and/or debt financing, we believe our existing cash and cash flow from operations will be sufficient
to meet our working capital and capital expenditure needs for not more than six months from the date of this report. Future capital requirements
will depend on many factors, including the