Company: TPET
Filing Date: 2025-09-12
Form Type: 10-Q
Source: 0001493152-25-013189
Chunk: 181

Company: Trio Petroleum Corp.
Filing Date: 2025-09-12
Form: 10-Q
Item: Part I, Item 8
Chunk 181
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 previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from
being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had
a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are
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 condensed consolidated
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

Three
Months Ended July 31, 2025 compared to the Three Months Ended July 31, 2024 (unaudited)

Our
financial results for the three months ended July 31, 2025 and 2024 are summarized as follows:

    For the Three Months Ended July 31,  

    2025  
    2024  
    Change  
    % Change 
  
    Revenues 
    $192,395  
    $63,052  
    $129,343  
     205.1%
  
    Cost of goods sold 
     98,489  
     -  
     98,489  
     100.0%
  
    Gross profit 
     93,906  
     63,052  
     30,854  
     48.9%

    Operating expenses: 

    Exploration expense 
    $(266) 
    $8,054  
    $(8,320) 
     (103.3)%
  
    General and administrative expense 
     671,741  
     1,326,171  
     (654,430) 
     (49.3)%
  
    Stock-based