Company: TPET
Filing Date: 2025-01-30
Form Type: 10-K/A
Source: 0001493152-25-004268
Chunk: 31

Company: Trio Petroleum Corp.
Filing Date: 2025-01-30
Form: 10-K/A
Chunk 31
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 1003(f)(v), the NYSE American staff (the “Staff”) determined that the Company’s continued listing is predicated on effecting a reverse stock split of its Common Stock or demonstrating sustained price improvement within a reasonable period of time, which the Staff determined to be no later than August 26, 2024.

On May 1, 2024, the NYSE American notified the Company that it had regained compliance with the NYSE American listing requirements with respect to Section 1003(f)(v) of the NYSE American Company Guide due to its shares of common stock demonstrating sustained price improvement.

NOTE 9 – INCOME TAXES

The Company accounts for income taxes under ASC 740-10, which provides for an asset and liability approach of accounting for income taxes. Under this approach, deferred tax assets and liabilities are recognized based on anticipated future tax consequences, using currently enacted tax laws, attributed to temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts calculated for income tax purposes.

Significant components of the Company’s deferred tax assets are summarized below.

SCHEDULE OF DEFERRED TAX ASSETS

| Deferred                      
 tax assets:                   |     | As             
 of October 31, 
 2024           |            |   |     | As             
 of October 31, 
 2023           |            |   |
|:------------------------------|:----|:---------------|-----------:|:--|:----|:---------------|-----------:|:--|
| Net                           
 operating loss carry forwards |     | $              |  1,699,000 |   |     | $              |  1,095,000 |   |
| Total                         
 deferred tax asset            |     |                |  1,699,000 |   |     |                |  1,095,000 |   |
| Valuation                     
 allowance                     |     |                | (1,699,000 | ) |     |                | (1,095,000 | ) |
| Deferred                      
 tax asset, net                |     | $              |          - |   |     | $              |          - |   |

As of October 31, 2024 and 2023, the Company had approximately $ 1,699,000and $ 1,095,000, respectively, in net operating loss carry-forwards for federal and state income tax reporting (tax effected) purposes. As a result of the Tax Cuts Job Act 201