Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 894

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 3
Chunk 894
---
667  
     1,044,261  
     490,406  
     47.0%
  
    Accretion expenses 
     2,778  
     2,778  
     -  
     0.0%
  
    Total operating expenses 
     6,430,918  
     4,614,564  
     1,816,354  
     39.4%
  
    Loss from operations 
     (6,217,714) 
     (4,614,564) 
     (1,603,150) 
     34.7%

    Other expenses: 

    Interest expense 
     2,118,548  
     791,811  
     1,326,737  
     167.6%
  
    Loss on settlement 
     -  
     13,051  
     (13,051) 
     (100.0%)
  
    Loss on note conversion 
     1,290,535  
     1,125,000  
     165,535  
     14.7%
  
    Total other expenses 
     3,409,083  
     1,929,862  
     1,479,221  
     76.6%
  
    Loss before income taxes 
     (9,626,797) 
     (6,544,426) 
     (3,082,371) 
     47.1%
  
    Income tax benefit 
     -  
     -  
     -  
     - 
  
    Net loss 
    $(9,626,797) 
    $(6,544,426) 
    $(3,082,371) 
     47.1%

38

Revenues,
net

Revenues,
net increased for year ended October 31, 2024 by approximately $0.2 million as compared to the prior period, which had no revenue; we
sold and shipped approximately 2,900 barrels of oil, primarily produced from the HH-1 well.

Exploration
expenses

Under
the successful efforts method of accounting for crude oil and natural gas properties, exploration expenses consist primarily of exploratory
geological and geophysical costs, delay rentals and exploratory overhead, and are expensed as incurred. Exploration expenses