Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 1321

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 6
Chunk 1321
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 period is attributable to approximately $1.2 million related to costs for capital expenditures, which were capitalized
and are reflected in the balance of the oil and gas property as of October 31, 2024. Cash used from investing activities for the year
ended October 31, 2023 was attributable to approximately $3.7 million related to drilling exploratory wells and approximately $0.4 million
related to acquisition and reserve analysis costs, both of which were capitalized and are reflected in the balance of the oil and gas
property as of October 31, 2023. These amounts were offset by approximately $1.9 million in amounts used from the Advance to Operators
account, which is designated for costs for the HV-1 well.

Cash
Flows from Financing Activities

For
the years ended October 31, 2024 and 2023, cash provided by financing activities was$ 3,654,647 and $7,714,969, respectively. Cash provided
by financing activities during the year ended October 31, 2024 was primarily attributable to proceeds of approximately $3.1 million from
the issuance of promissory notes, related party notes and convertible notes payable and proceeds of approximately $1.2 million from the
issuance of common shares in connection with an ATM agreement, offset by payments for debt in the amount of approximately $0.4 million
and debt issuance costs of $0.3 million. Cash provided by financing activities during the year ended October 31, 2023 was primarily attributable
to $6.7 million in gross proceeds from the issuance of common stock, $1.8 million in net proceeds from the exercise of warrants and $1.6
million in net proceeds from the convertible note financing, offset by the payment of offering costs of approximately $1.0 million and
the payment of notes payables of approximately $1.5 million.

40

Our
cash change was a decrease of approximately $1.3 million as of October 31, 2024. Management believes that the cash on hand and working
capital are sufficient to meet its current anticipated cash requirements for anticipated capital expenditures and operating expenses
for the next twelve months.

Contractual
Obligations and Commitments

Unproved
Property Leases

We
hold various leases related to the unproved properties of the South Salinas Project; two of the leases are held with the same lessor.
The first lease, which covers 8,417