Company: TPET
Filing Date: 2025-03-14
Form Type: 10-Q
Source: 0001493152-25-010362
Chunk: 120

Company: Trio Petroleum Corp.
Filing Date: 2025-03-14
Form: 10-Q
Item: Part I, Item 8
Chunk 120
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, 2025, other expenses, net increased by approximately $0.2 million when compared to the prior year
period. The increase is attributable to an increase in non-cash interest expense of $0.2 million, which is recognized as debt discounts
on financings are amortized; there were less financings in the prior period.

Liquidity
and Capital Resources

Working
Capital/(Deficiency)

Our
working capital as of January 31, 2025, in comparison to our working capital deficiency as of October 31, 2024, can be summarized
as follows:

    January
    31, 2025  
    October
    31, 2024 
  
    Current assets 
    $2,015,019  
    $565,219 
  
    Current liabilities 
     1,467,963  
     2,590,699 
  
    Working capital (deficiency) 
    $547,056  
    $(2,025,480)

Current
assets increased because of i) an increase to the cash account of approximately $1.7 million due to cash proceeds from the sale of shares
related to the ATM agreement. Current liabilities decreased because of i) a decrease in promissory notes of approximately $0.4 million,
ii) a decrease in notes payable-related parties of $0.1 million and iii) a decrease in other current liabilities of approximately $0.4
million.

Cash
Flows

Our
cash flows for the three months ended January 31, 2025, in comparison to our cash flows for the three months ended January 31, 2024,
can be summarized as follows:

    Three
    months ended January 31, 

    2025  
    2024 
  
    Net cash used in operating activities 
    $(920,485) 
    $(774,431)
  
    Net cash used in investing activities 
     (160,779) 
     (522,767)
  
    Net cash provided by financing
    activities 
     2,756,520  
     84,022 
  
    Net change in cash 
    $1,675,256  
    $(1,213,176)

Cash
Flows from Operating Activities

For
the three months ended January 31, 2025 and 2024, cash used in operating activities was $920,485 and $774,431,