Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 2550

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 12
Chunk 2550
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    2023 
  
    Warrants 
     19,176(1) 
     19,812(2)
  
    Total
    potentially dilutive securities 
     19,176  
     19,812 

(1)Balance
                                            consists of potentially dilutive shares based on 191,994 and 88,336 outstanding, equity classified
                                            warrants, respectively.

(2)Balance
                                            consists of restricted stock units granted to five outside directors and restricted shares
                                            issued to executives.

    F-11

Environmental
Expenditures

The
operations of the Company have been, and may in the future be, affected from time to time to varying degrees by changes in environmental
regulations, including those for future reclamation and site restoration costs. Both the likelihood of new regulations and their overall
effect upon the Company vary greatly and are not predictable. The Company’s policy is to meet or, if possible, surpass standards
set by relevant legislation by application of technically proven and economically feasible measures.

Environmental
expenditures that relate to ongoing environmental and reclamation programs are charged against earnings as incurred or capitalized and
amortized 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 the 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 October 31, 2024 through the date of the filing of this report. See
Note 12 for such events and transactions.

NOTE
3 – GOING CONCERN AND MANAGEMENT’S LIQUIDITY PLANS

As
of October 31, 2024, the Company had $285,945 in its operating bank account and a working capital deficit of $2,025,480. To date, the
Company has been funding operations through proceeds from the issuance of common stock, financing through certain investors, the consumm