Company: TPET
Filing Date: 2025-03-14
Form Type: 10-Q
Source: 0001493152-25-010362
Chunk: 52

Company: Trio Petroleum Corp.
Filing Date: 2025-03-14
Form: 10-Q
Item: Part I, Item 1
Chunk 52
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 located on three idle oil and gas pipelines that could be used to import CO2 to our CCS Project. We have opened
discussions with third parties who wish to reduce their own greenhouse gas emissions and who may be interested in participating in our
CCS project. We believe it is feasible to develop the major oil and gas resources of the South Salinas Project and to concurrently establish
a substantial CCS project and potentially a CO2 storage hub and/or Direct Air Capture (DAC) hub.

Going
Concern Considerations

We
have only begun to generate revenues in the current fiscal year and have incurred significant losses since inception. As of January 31,
2025, we have an accumulated deficit of $21,689,204 and working capital of $547,056, and for the year ended January 31, 2025, a net loss
of $1,615,525 and cash used in operating activities of $920,485. To date, we have been funding operations through proceeds from the issuance
of common stock, financing through certain investors, the consummation of our IPO in April 2023, and convertible note financing under
two tranches in October 2023 and December 2023, pursuant to which we raised total gross proceeds of $2,371,500. Additionally, we received
funds in the amount of $125,000 from an unsecured promissory note from our CEO, gross proceeds of $184,500 from a promissory note with
an investor in March 2024, gross proceeds of $720,000 from convertible debt financing with two investors in April 2024, gross proceeds
of $720,000 from convertible debt financing with two investors in June 2024, as well as additional financing secured after the end of
the period in August 2024 for gross proceeds in the aggregate amount of $359,000 from two unsecured promissory notes, as well as proceeds
of approximately $4,650,000 in connection with an “at-the-market” agreement entered into in September 2024.

There
is substantial doubt regarding our ability to continue as a going concern as a result of our accumulated deficit and no source of revenue
sufficient to cover our costs of operations as well as our dependence on private equity and financing.

The
accompanying condensed financial statements have been prepared assuming we will continue as a going concern. As we have only begun to
generate revenues, we need to raise a significant amount of capital to pay for