Company: TPET
Filing Date: 2025-09-12
Form Type: 10-Q
Source: 0001493152-25-013189
Chunk: 60

Company: Trio Petroleum Corp.
Filing Date: 2025-09-12
Form: 10-Q
Item: Part I, Item 1
Chunk 60
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 but have incurred significant losses since inception. As of July 31, 2025, we had
an accumulated deficit of $24,639,679 and a working capital deficit of $679,729. For the three and nine months ended July 31, 2025, we
reported net losses of $1,386,723 and $4,566,000, respectively, and used $2,015,896 in cash for operating activities.

To
date, we have funded our operations primarily through equity and debt financings, including:

    ●
    Proceeds from the issuance of common stock and financing from certain investors

    ●
    Net proceeds from our initial public offering (“IPO”) in April 2023

    ●
    Convertible note financings totaling $2,371,500 in October and December 2023

    ●
    An unsecured promissory note of $125,000 from our former CEO in 2024

    ●
    Gross proceeds of $543,500 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