Company: TPET
Filing Date: 2025-06-10
Form Type: 10-Q
Source: 0001641172-25-014516
Chunk: 23

Company: Trio Petroleum Corp.
Filing Date: 2025-06-10
Form: 10-Q
Item: Part I, Item 1
Chunk 23
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 the normal course of business. As of April 30, 2025, the Company has an accumulated
deficit of $23,252,956 and has experienced losses from continuing operations. Based on the Company’s cash balance as of April 30,
2025 and projected cash needs for the twelve months following the issuance of these condensed consolidated financial statements, management
estimates that it will need to generate sufficient sales revenue and/or raise additional capital to cover operating and capital requirements.
Management will need to raise the additional funds by issuing additional shares of common stock or other equity securities or obtaining
additional debt financing. Although management has been successful to date in raising necessary funding and obtaining financing through
investors, there can be no assurance that any required future financing can be successfully completed on a timely basis, or on terms
acceptable to the Company. Based on these circumstances, management has determined that these conditions raise substantial doubt about
the Company’s ability to continue as a going concern for the twelve months following the issuance of these condensed consolidated
financial statements.

Accordingly,
the accompanying condensed consolidated financial statements have been prepared in conformity with U.S. GAAP, which contemplates continuation
of the Company as a going concern and the realization of assets and the satisfaction of liabilities in the normal course of business.
The condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

NOTE
4 – REVENUE FROM CONTRACTS WITH CUSTOMERS

Disaggregation
of Revenue from Contracts with Customers

The
following table disaggregates revenue by significant product type for the periods below:

 SCHEDULE OF DISAGGREGATES REVENUE

    Three
Months Ended April
30, 2025  
    Three
Months Ended April
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 30, 2024  
    Six
Months Ended
                                                                                                                                                                                                                                                                                              April
                                            30, 2025  
    Six
Months Ended
                                                                                                                                                                                                                                                                                              April
                                            30, 2024 
  
    Oil sales 
    $23,271  
    $72,923  
    $34,090  
    $72,923 

    Total revenue from customers 
    $23,271  
    $72,923  
    $34,090  
    $72,923 

There
were no significant contract liabilities or transaction price allocations to any remaining performance obligations as of April 30, 2025.

Significant
concentrations of credit