Company: TPET
Filing Date: 2025-09-12
Form Type: 10-Q
Source: 0001493152-25-013189
Chunk: 179

Company: Trio Petroleum Corp.
Filing Date: 2025-09-12
Form: 10-Q
Item: Part I, Item 8
Chunk 179
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,500 from promissory notes with investors in 2024

    ●
    Gross proceeds of $1,440,000 from convertible debt financing in 2024

    ●
    Net proceeds of approximately $4,650,000 under an “at-the-market” agreement entered into in September 2024

    ●
    Gross proceeds of $606,000 from a private
    placement of convertible debt financing in April 2025

    ●
    Gross proceeds of $1,020,000 from a private placement of convertible debt financing in August 2025

28

Despite
these financings, our recurring losses, accumulated deficit, and working capital deficit raise substantial doubt about our ability to
continue as a going concern. Our current revenue levels are insufficient to cover operating costs, and we remain dependent on external
financing to sustain operations and fund planned development activities.

We
will require additional capital to advance drilling and development at our South Salinas and Asphalt Ridge assets, meet payment obligations,
and support ongoing operations. There is no assurance that we will be able to raise such capital on favorable terms or at all. If we
are unable to secure adequate funding or achieve operational profitability, we may need to pursue alternative strategies to reduce expenses
and conserve cash.

The
accompanying condensed consolidated financial statements have been prepared in accordance with U.S. GAAP on a going concern basis, which
assumes the realization of assets and settlement of liabilities in the normal course of business. These financial statements do not include
any adjustments that might result from the outcome of this uncertainty. Additional information is provided in Note 3 to the condensed
consolidated financial statements.

Factors
and Trends Affecting Our Business and Results of Operations

We
are mindful of global economic trends and their potential influence on commodity prices. Recent fluctuations in global oil prices, political
considerations and tariffs can impact cash flow and ultimately profitability. Mitigating factors include our relatively low lift costs
and a continued commitment to cost management and efficient production techniques. Our ability to continue to grow our business will
in large part depend on continued access to receptive capital markets.

Our primary business strategies and objectives are to grow our recently
acquired Canadian assets aggressively by acquiring projects that generate immediate cash flow and/or offer workover opportunities without
committing huge resources to new exploratory drilling, or offer transformative growth potential with strategic investment in favorable
political and economic environments such as our option on PR Spring in Uintah Basin, Utah. TP