Company: TPET
Filing Date: 2025-02-28
Form Type: S-1/A
Source: 0001493152-25-008715
Chunk: 199

Company: Trio Petroleum Corp.
Filing Date: 2025-02-28
Form: S-1/A
Chunk 199
---
 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 100,000shares of common stock at a public offering price of $ 60.00per 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 5,000shares of common stock to the underwriters at an exercise price of $ 66.00per share ( 110% of public offering price), the cost of which was offset to additional paid-in capital upon IPO.

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

|                         |     | As             
 of October 31, 
 2024           |         |     | As             
 of October 31, 
 2023           |   |
|:------------------------|:----|:---------------|--------:|:----|:---------------|:--|
| Oil                     
 sales                   |     | $              | 213,204 |     | $              | - |
| Total                   
 revenues from customers |     | $              | 213,204 |     | $              | - |

There were nosignificant contract liabilities or transaction price allocations to any remaining performance obligations as of October 31, 2024 ( norevenue in 2023).

Significant concentrations of credit risk

For the year ended October 31, 2024 ( norevenue in 2023), the Company had only one purchaser, which accounts for 10% or more of the Company’s total oil and natural gas revenue for this period.

NOTE 6 – OIL AND NATURAL GAS PROPERTIES

The following tables summarize the Company’s oil and gas activities.

SCHEDULE OF OIL AND NATURAL GAS PROPERTIES

|                                                       |     | 2024 |