Company: TPET
Filing Date: 2025-09-12
Form Type: 10-Q
Source: 0001493152-25-013189
Chunk: 70

Company: Trio Petroleum Corp.
Filing Date: 2025-09-12
Form: 10-Q
Item: Part I, Item 1
Chunk 70
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 fund changes in the levels of operating
assets and liabilities. The cash provided by operations for the nine months ended July 31, 2024 was primarily attributable to our net
loss of $7,926,554, adjusted for non-cash expenses in the aggregate amount of $6,853,494, as well as $1,191,702 of net cash provided
to fund changes in the levels of operating assets and liabilities.

Cash
Flows from Investing Activities

For
the nine months ended July 31, 2025 and 2024, cash used in investing activities totaled $966,555 and $1,138,561, respectively. The decrease
in cash used during the current period primarily reflects slightly lower capital investment activity; for the nine months ended July
31, 2025, cash outflows were primarily attributable to approximately $0.8 million in connection with the acquisition of assets related
to the Lloydminster, Saskatchewan properties. In the prior-year period, cash used in investing activities was primarily driven by approximately
$1.1 million in capital expenditures, which were capitalized and reflected in the oil and gas property balance as of July 31, 2024.

Cash
Flows from Financing Activities

For
the nine months ended July 31, 2025 and 2024, cash provided by (used in) financing activities totaled $3,250,351 and $(248,898),
respectively. Cash provided by financing activities during the nine months ended July 31, 2025 was primarily attributable to (i)
proceeds approximately $3.5 million from the issuance of shares of common stock in connection with an ATM agreement, (ii) proceeds
from the issuance of convertible debt of approximately $0.6 million, offset by repayments of related party debt and promissory notes
of approximately $0.2 million and $0.6 million, respectively. Cash used in financing activities during the nine months ended July
31, 2024 was primarily driven by payments of approximately $2.6 million related to the settlement of convertible debt and $0.2
million in debt issuance costs. These outflows were partially offset by proceeds from the issuance of new promissory notes,
convertible debt, and related party debt totaling approximately $1.8 million, $0.6 million, and $0.1 million,
respectively.

Capital
Resources

Since
our inception, we have funded our operations with the proceeds from equity and debt financing