Company: TPET
Filing Date: 2025-02-27
Form Type: 10-K/A
Source: 0001493152-25-008556
Chunk: 32

Company: Trio Petroleum Corp.
Filing Date: 2025-02-27
Form: 10-K/A
Chunk 32
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) purposes. As a result of the Tax Cuts Job Act 2017 (the “Act”), certain future carryforwards do not expire. The Company has not performed a formal analysis but believes its ability to use such net operating losses and tax credit carryforwards in the future is subject to annual limitations due to change of control provisions under Sections 382 and 383 of the Internal Revenue Code, which will significantly impact its ability to realize these deferred tax assets.

| F-18 |

The Company recorded a valuation allowance in the full amount of its net deferred tax assets since realization of such tax benefits has been determined by the Company’s management to be less likely than not. The valuation allowance increased $ 604,000and $ 298,000during the years ended October 31, 2024 and 2023, respectively.

A reconciliation of the statutory federal income tax benefit to actual tax benefit is as follows:

SCHEDULE OF EFFECTIVE FEDERAL INCOME TAX RATE RECONCILIATION

|                                                   |     |             As 
 of October 31, |     |    |     |             As 
 of October 31, |     |    |
|                                                   |     |           2024 |     |    |     |           2023 |     |    |
| Federal                                           
 statutory blended income tax rates                |     |                | (21 | )% |     |                | (21 | )% |
| State                                             
 statutory income tax rate, net of federal benefit |     |                |   - | %  |     |                |   - | %  |
| Change                                            
 in valuation allowance                            |     |                |  21 | %  |     |                |  21 | %  |
| Effective                                         
 tax rate                                          |     |                |   - | %  |     |                |   - | %  |

As of the date of this filing, the Company has not filed its 2024 federal and state corporate income tax returns. The Company expects to file these documents as soon as practicable.

The Company has evaluated its income tax positions and has determined that it does not have any uncertain tax positions. The Company will recognize interest and penalties related to any uncertain tax positions through its income tax expense.

NOTE 10 - NOTES PAYABLE

Notes payable as of October 31, 2024 and 2023 consisted of the following:

SCHEDULE OF NOTES PAYABLE

|                         |     | As 
 of |  October 
 31