Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 2476

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 11
Chunk 2476
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 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 $604,000 and $298,000 during
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  
    As
    of 

    October
    31, 2024  
    October
    31, 2023 
  
    Convertible
    note, net of discounts 
    $-  
    $1,217,597 
  
    Promissory
    notes, net of discounts 
     742,852  
     - 
  
    Note
    payable – related party 
     135,000  
     - 
  
    Total
    Notes payable 
    $877,852  
    $1,217,597 

Convertible
note, net of discounts (October