Company: TPET
Filing Date: 2025-03-14
Form Type: 10-Q
Source: 0001493152-25-010362
Chunk: 56

Company: Trio Petroleum Corp.
Filing Date: 2025-03-14
Form: 10-Q
Item: Part I, Item 1
Chunk 56
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 private companies adopt the new or revised standard. This may make comparison of our 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 January 31, 2025 compared to the Three Months Ended January 31, 2024 (unaudited)

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

    For the Three Months Ended January 31,  

    2025  
    2024  
    Change  
    % Change 
  
    Revenues, net 
    $10,819  
    $-  
    $10,819  
     NM 
  
    Operating expenses: 

    Exploration expenses 
    $24,721  
    $84,954  
    $(59,873) 
     (70.8)%
  
    General and administrative expenses 
     711,546  
     957,690  
     (246,144) 
     (25.7)%
  
    Stock-based compensation expense 
     490,314  
     407,618  
     82,696  
     20.3%
  
    Accretion expenses 
     695  
     695  
     -  
     0.0%
  
    Total operating expenses 
     1,227,276  
     1,450,597  
     (223,321) 
     (15.4)%
  
    Loss from Operations 
     (1,216,457) 
     (1,450,597) 
     234,140  
     (16.1)%

    Other expenses: 

    Interest expenses 
     318,366  
     159,298  
     159,068  
     99.9%
  
    Loss on note conversion 
     80,702  
     92,153  
     (11,451) 
     (12.4)%
  
    Total other expenses 
     399,068  
     251,451  
     147,617  
     58.7%
  
    Loss before income taxes