Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 822

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 2
Chunk 822
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    of common shares for services 
     738,300  
     - 
  
    Stock-based
    compensation 
     1,534,667  
     1,044,261 
  
    Loss
    on issuance of common shares in lieu of cash for debt payments 
     1,022,534  
     - 
  
    Changes
    in operating assets and liabilities: 

    Prepaid
    expenses and other receivables 
     (145,857) 
     (123,417)
  
    Other
    current liabilities 
     454,966  

    Accounts
    payable and accrued liabilities 
     433,962  
     110,180 
  
    Net
    cash used in operating activities 
     (3,840,744) 
     (4,036,834)

    CASH
    FLOWS FROM INVESTING ACTIVITIES: 

    Capital
    expenditures for unproved oil and gas properties 
     (1,171,377) 
     (362,022)
  
    Drilling
    costs for exploratory well 
     -  
     (3,749,488)
  
    Advances
    to operators 
     -  
     1,900,000 
  
    Due
    to operators 
     81,495  
     21,651 
  
    Net
    cash used in investing activities 
     (1,089,882) 
     (2,189,859)

    CASH
    FLOWS FROM FINANCING ACTIVITIES: 

    Proceeds
    from issuance of common stock, net 
     -  
     738,659 
  
    Proceeds
    from notes payable, related parties 
     250,666  
     - 
  
    Proceeds
    from convertible debt 
     550,000  
     2,000,000 
  
    Proceeds
    from promissory notes 
     2,292,972  
     - 
  
    Proceeds
    from issuance of common shares related to ATM agreement 
     1,173,679  
     - 
  
    Proceeds
    from issuance of common shares related to IPO 
     -  
     6,000,000 
  
    Proceeds
    from exercise of warrants, net