Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 466

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 1B
Chunk 466
---
6%
  
    Loss on settlement 
     -  
     13,051  
     (13,051) 
     (100.0%)
  
    Loss on note conversion 
     1,290,535  
     1,125,000  
     165,535  
     14.7%
  
    Total other expenses 
     3,409,083  
     1,929,862  
     1,479,221  
     76.6%
  
    Loss before income taxes 
     (9,626,797) 
     (6,544,426) 
     (3,082,371) 
     47.1%
  
    Income tax benefit 
     -  
     -  
     -  
     - 
  
    Net loss 
    $(9,626,797) 
    $(6,544,426) 
    $(3,082,371) 
     47.1%

38

Revenues,
net

Revenues,
net increased for year ended October 31, 2024 by approximately $0.2 million as compared to the prior period, which had no revenue; we
sold and shipped approximately 2,900 barrels of oil, primarily produced from the HH-1 well.

Exploration
expenses

Under
the successful efforts method of accounting for crude oil and natural gas properties, exploration expenses consist primarily of exploratory
geological and geophysical costs, delay rentals and exploratory overhead, and are expensed as incurred. Exploration expenses decreased
by approximately $0.1 million as compared to the prior year period due to a decrease in exploratory, geological, and geophysical costs
incurred during the period.

General
and administrative expenses

General
and administrative expenses consist primarily of personnel expenses, including salaries, benefits and stock-based compensation expense
for employees and consultants in executive, finance and accounting, legal, operations support, information technology and human resource
functions. General and administrative expenses also include corporate facility costs including rent, utilities, depreciation, amortization
and maintenance, as well as legal fees related to intellectual property and corporate matters and fees for accounting and consulting
services.

General
and administrative expenses increased for year ended October 31, 2024 by approximately $1.4 million as compared to the prior period due
to increases in legal fees of $210,000, increased insurance expenses of