Company: TPET
Filing Date: 2025-02-28
Form Type: S-1/A
Source: 0001493152-25-008715
Chunk: 87

Company: Trio Petroleum Corp.
Filing Date: 2025-02-28
Form: S-1/A
Chunk 87
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 year ended October 31, 2024, in comparison to our cash flows for the year ended October 31, 2023, can be summarized as follows:

|                                           |     | Years ended October 31, |       2024 |   |     |   |       2023 |   |
|:------------------------------------------|:----|:------------------------|-----------:|:--|:----|:--|-----------:|:--|
| Net cash used in operating activities     |     | $                       | (3,840,744 | ) |     | $ | (4,036,834 | ) |
| Net cash used in investing activities     |     |                         | (1,089,882 | ) |     |   | (2,189,859 | ) |
| Net cash provided by financing activities |     |                         |  3,654,647 |   |     |   |  7,714,969 |   |
| Net change in cash                        |     | $                       | (1,275,979 | ) |     | $ |  1,488,276 |   |

Cash Flows from Operating Activities

For the years ended October 31, 2024 and 2023, cash used in operating activities was $3,840,744 and $4,036,834, respectively. The cash used in operations for the year ended October 31, 2024 was primarily attributable to our net loss of $9,626,797, adjusted for non-cash expenses in the aggregate amount of $5,042,982, as well as $743,071 of net cash provided to fund changes in the levels of operating assets and liabilities. Our cash used in operations for year ended October 31, 2023 was primarily attributable to our net loss of $6,544,426, adjusted for non-cash expenses in the aggregate amount of $2,520,829, as well as $13,237 of net cash used to fund changes in the levels of operating assets and liabilities.

Cash Flows from Investing Activities

For the years ended October 31, 2024 and 2023, cash used in investing activities was $1,089,882 and $2,189,859, respectively. The cash used during the current period is attributable to approximately $1.2 million related to costs for capital expenditures, which were capitalized and are reflected in the balance of the oil and gas property as of October 31