Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 45

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 13
Chunk 45
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The
Company’s Registration Statement (Amendment No. 9) on Form S-1/A was filed with the SEC on March 24, 2023; its Initial Public Offering
was declared effective on April 17, 2023 and closed on April 20, 2023 (collectively, the “Offering” or “IPO”).
The Company sold 100,000 shares of common stock at a public offering price of $60.00 per share for gross proceeds of $6,000,000. After
deducting the underwriting commissions, discounts and offering expenses payable by the Company, it received net proceeds of approximately
$4,940,000. The Company’s common stock is listed on the NYSE American under the symbol TPET. The Company also issued warrants to
purchase 5,000 shares of common stock to the underwriters at an exercise price of $66.00 per share (110% of public offering price), the
cost of which was offset to additional paid-in capital upon IPO.

NOTE
5 – REVENUE FROM CONTRACTS WITH CUSTOMERS

Disaggregation
of Revenue from Contracts with Customers

The
following table disaggregates revenue by significant product type for the periods below:

 SCHEDULE
OF DISAGGREGATES REVENUE

    As
    of October 31,  
    As
    of October 31, 

    2024  
    2023 
  
    Oil
    sales 
    $213,204  
    $       - 

    Total
    revenues from customers 
    $213,204  
    $- 

There
were no significant contract liabilities or transaction price allocations to any remaining performance obligations as of October 31,
2024 (no revenue in 2023).

Significant
concentrations of credit risk

For
the year ended October 31, 2024 (no revenue in 2023), the Company had only one purchaser, which accounts for 10% or more of the Company’s
total oil and natural gas revenue for this period.

NOTE
6 – OIL AND NATURAL GAS PROPERTIES

The
following tables summarize the Company’s oil and gas activities.

SCHEDULE OF OIL AND NATURAL GAS PROPERTIES

    As
    of October 31,  
    As
    of October 31, 

    2024  
    2023 
  
    Oil