Company: TPET
Filing Date: 2025-06-10
Form Type: 10-Q
Source: 0001641172-25-014516
Chunk: 91

Company: Trio Petroleum Corp.
Filing Date: 2025-06-10
Form: 10-Q
Item: Part I, Item 8
Chunk 91
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 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

    Three
Months Ended April
30, 2025  
    Three
Months Ended April
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 30, 2024  
    Six
Months Ended
                                                                                                                                                                                                                                                                                              April
                                            30, 2025  
    Six
Months Ended
                                                                                                                                                                                                                                                                                              April
                                            30, 2024 
  
    Oil sales 
    $23,271  
    $72,923  
    $34,090  
    $72,923 

    Total revenue from customers 
    $23,271  
    $72,923  
    $34,090  
    $72,923 

There
were no significant contract liabilities or transaction price allocations to any remaining performance obligations as of April 30, 2025.

Significant
concentrations of credit risk

The
Company’s revenue is primarily generated from oil and gas sales in California, United States, and Saskatchewan, Canada. As of April
30, 2025, 100% of total revenue comes from customers located in these regions. Changes in state and provincial regulations, market conditions,
or environmental policies could significantly impact the Company’s financial performance. Additionally, fluctuations in commodity
pricing and regional demand trends within California and Saskatchewan may affect future revenues.

NOTE
5 – 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 April
                                            30, 2025  
    As
                                            of October
                                            31, 2024 

    Oil
    and gas properties – not subject to amortization 
    $12,032,132  
    $11,119,119 
  
    Accumulated
    impairment 
     —  
     — 
  
    Oil
    and gas properties – not subject to amortization, net 
    $12,032,132  
    $11,119,119 

During
the three and six months ended April 30, 2025, the Company incurred aggregated exploration costs of $11,161 and $35,882, respectively,
and during the three and six months ended