Company: TPET
Filing Date: 2025-03-14
Form Type: 10-Q
Source: 0001493152-25-010362
Chunk: 121

Company: Trio Petroleum Corp.
Filing Date: 2025-03-14
Form: 10-Q
Item: Part I, Item 8
Chunk 121
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 respectively. The cash
used in operations for the three months ended January 31, 2025 was primarily attributable to our net loss of $1,615,525, adjusted for
non-cash expenses in the aggregate amount of $887,818, as well as $192,778 of net cash used to fund changes in the levels of operating
assets and liabilities. The cash used in operations for the three months ended January 31, 2024 was primarily attributable to our net
loss of $1,702,048, adjusted for non-cash expenses in the aggregate amount of $968,993, as well as $41,376 of net cash used to fund changes
in the levels of operating assets and liabilities.

28

Cash
Flows from Investing Activities

For
the three months ended January 31, 2025 and 2024, cash used in investing activities was $160,779 and $522,767, respectively. The cash
used during the three months ended January 31, 2025 is attributable to approximately $0.1 million related to costs for capital expenditures,
which were capitalized and reflected in the balance of the oil and gas property as of January 31, 2025, and $0.1 million in amounts due
to operators. The cash used during the three months ended January 31, 2024 was attributable to approximately $0.3 million related to
drilling exploratory wells and approximately $0.6 million related to acquisition costs, both of which were capitalized and reflected
in the balance of the oil and gas property as of January 31, 2024. These amounts were offset by approximately $400,000 in amounts due
to operators and related parties for costs for the South Salinas Project and the McCool Ranch Option.

Cash
Flows from Financing Activities

For
the three months ended January 31, 2025 and 2024, cash provided by financing activities was $2,756,520 and $84,022, respectively. Cash
provided by financing activities during the three months ended January 31, 2025 was primarily attributable to approximately $3.5 million
in net proceeds from the issuance of common shares in connection with an ATM agreement, offset by payments for related party debt and
promissory notes of approximately $0.2 million and $0.5 million, respectively. Cash provided by financing activities during the three
months ended January 31, 2024 was primarily attributable to approximately