Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 612

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 1C
Chunk 612
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0.5 million, as well as an increase in
notes payable – related parties of approximately $0.3 million.

Cash
Flows

Our
cash flows for the year ended October 31, 2024, in comparison to our cash flows for the year ended October 31, 2023, can be summarized
as follows:

    Years
    ended October 31, 

    2024  
    2023 
  
    Net cash used in operating activities 
    $(3,840,744) 
    $(4,036,834)
  
    Net cash used in investing activities 
     (1,089,882) 
     (2,189,859)
  
    Net cash provided by financing
    activities 
     3,654,647  
     7,714,969 
  
    Net change in cash 
    $(1,275,979) 
    $1,488,276 

Cash
Flows from Operating Activities

For
the years ended October 31, 2024 and 2023, cash used in operating activities was $3,840,744 and $4,036,834, respectively. The cash used
in operations for the year ended October 31, 2024 was primarily attributable to our net loss of $9,626,797, adjusted for non-cash expenses
in the aggregate amount of $5,042,982, as well as $743,071 of net cash provided to fund changes in the levels of operating assets and
liabilities. Our cash used in operations for year ended October 31, 2023 was primarily attributable to our net loss of $6,544,426, adjusted
for non-cash expenses in the aggregate amount of $2,520,829, as well as $13,237 of net cash used to fund changes in the levels of operating
assets and liabilities.

Cash
Flows from Investing Activities

For
the years ended October 31, 2024 and 2023, cash used in investing activities was $1,089,882 and $2,189,859, respectively. The cash used
during the current period is attributable to approximately $1.2 million related to costs for capital expenditures, which were capitalized
and are reflected in the balance of the oil and gas property as of October 31, 2024. Cash used from investing activities for the year
ended October 31, 2023 was attributable