Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 1317

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 6
Chunk 1317
---
required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out
of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election
to opt out is irrevocable. We have elected not to opt out of such extended transition period which means that when a standard is issued
or revised and it has different application dates for public or private companies, we, as an emerging growth company, can adopt the new
or revised standard at the time private companies adopt the new or revised standard. This may make comparison of our financial statements
with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the
extended transition period difficult or impossible because of the potential differences in accounting standards used.

Results
of Operations

For
the Year Ended October 31, 2024 compared to the Year Ended October 31, 2023

Our
financial results for the years ended October 31, 2024 and 2023 are summarized as follows:

    For
                                            the Years Ended

October
31,

    2024  
    2023  
    Change  
    %
    Change 
  
    Revenues, net 
    $213,204  
    $-  
    $213,204  
     100.0%

    Operating expenses: 

    Exploration expenses 
    $177,416  
    $251,743  
    $(74,327) 
     (29.5)%
  
    General and administrative
    expenses 
     4,716,057  
     3,315,782  
     1,400,275  
     42.2%
  
    Stock-based compensation
    expense 
     1,534,667  
     1,044,261  
     490,406  
     47.0%
  
    Accretion expenses 
     2,778  
     2,778  
     -  
     0.0%
  
    Total operating expenses 
     6,430,918  
     4,614,564  
     1,816,354  
     39.4%
  
    Loss from operations 
     (6,217,714) 
     (4,614,564) 
     (1,