Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 1276

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 5
Chunk 1276
---
 with the NYSE American’s continued
listing standards. Additionally, the Notice does not result in the immediate delisting of the Company’s Common Stock from the NYSE
American.

Pursuant
to Section 1003(f)(v), the NYSE American staff (the “Staff”) determined that the Company’s continued listing is predicated
on effecting a reverse stock split of its Common Stock or demonstrating sustained price improvement within a reasonable period of time,
which the Staff determined to be no later than August 26, 2024.

On
May 1, 2024, the NYSE American notified the Company that it had regained compliance with the NYSE American listing requirements with
respect to Section 1003(f)(v) of the NYSE American Company Guide due to its shares of common stock demonstrating sustained price improvement.

NOTE
9 – INCOME TAXES

The
Company accounts for income taxes under ASC 740-10, which provides for an asset and liability approach of accounting for income taxes.
Under this approach, deferred tax assets and liabilities are recognized based on anticipated future tax consequences, using currently
enacted tax laws, attributed to temporary differences between the carrying amounts of assets and liabilities for financial reporting
purposes and the amounts calculated for income tax purposes.

Significant
components of the Company’s deferred tax assets are summarized below.

 SCHEDULE OF DEFERRED TAX ASSETS

    As
    of October 31,  
    As
    of October 31, 

    2024  
    2023 
  
    Deferred
    tax assets: 

    Net
    operating loss carry forwards 
    $1,699,000  
    $1,095,000 
  
    Total
    deferred tax asset 
     1,699,000  
     1,095,000 
  
    Valuation
    allowance 
     (1,699,000) 
     (1,095,000)
  
    Deferred
    tax asset, net 
    $-  
    $- 

As
of October 31, 2024 and 2023, the Company had approximately $1,699,000 and $1,095,000, respectively, in net operating loss carry-forwards
for federal and state income tax reporting (tax effected) purposes. As a result of the Tax Cuts Job Act 2017 (the “Act”),
certain future carryforwards do not expire