Company: TPET
Filing Date: 2025-03-14
Form Type: 10-Q
Source: 0001493152-25-010362
Chunk: 19

Company: Trio Petroleum Corp.
Filing Date: 2025-03-14
Form: 10-Q
Item: Part I, Item 1
Chunk 19
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 following the issuance of these condensed financial statements.

Accordingly,
the accompanying condensed 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
financial statements do not include any adjustments that might result from the outcome of this uncertainty.

NOTE
4 – INITIAL PUBLIC OFFERING

The
Company’s Registration Statement (Amendment No. 9) on Form S-1/A was filed with the SEC on March 24, 2023; its Initial Public Offering
was declared effective on April 17, 2023 and closed on April 20, 2023 (collectively, the “Offering” or “IPO”).
The Company sold 100,000 shares of common stock at a public offering price of $60.00 per share for gross proceeds of $6,000,000. After
deducting the underwriting commissions, discounts and offering expenses payable by the Company, it received net proceeds of approximately
$4,940,000. The Company’s common stock is listed on the NYSE American under the symbol TPET. The Company also issued warrants to
purchase 5,000 shares of common stock to the underwriters at an exercise price of $66.00 per share (110% of public offering price), the
cost of which was offset to additional paid-in capital upon IPO.

    12

NOTE
5 – 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

    For
    the three months ended January 31,  
    For
    the three months ended January 31, 

    2025  
    2024 
  
    Oil sales 
    $10,819  
    $- 

    Total revenues from
    customers 
    $10,819  
    $- 

There
were no significant contract liabilities or transaction price allocations to any remaining performance obligations as of January 31,
2025.

Significant
concentrations of credit risk

For
the three months ended January 31, 2025 and 2024, the Company had only one purchaser, which accounts for 10% or more of the Company’s
total oil