Company: TPET
Filing Date: 2025-02-28
Form Type: S-1/A
Source: 0001493152-25-008715
Chunk: 84

Company: Trio Petroleum Corp.
Filing Date: 2025-02-28
Form: S-1/A
Chunk 84
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 elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, we, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of our financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

Results of Operations

For the Year Ended October 31, 2024 compared to the Year Ended October 31, 2023

Our financial results for the years ended October 31, 2024 and 2023 are summarized as follows:

|                             |     | For                     
 the Years Ended October 
 31,                     |       2024 |   |     |   |       2023 |   |     |   |     Change |   |     |     |      % 
 Change |    |
|:----------------------------|:----|:------------------------|-----------:|:--|:----|:--|-----------:|:--|:----|:--|-----------:|:--|:----|:----|-------:|:---|
| Revenues,                   
 net                         |     | $                       |    213,204 |   |     | $ |          - |   |     | $ |    213,204 |   |     |     |  100.0 | %  |
| Operating                   
 expenses:                   |     |                         |            |   |     |   |            |   |     |   |            |   |     |     |        |    |
| Exploration                 
 expenses                    |     | $                       |    177,416 |   |     | $ |    251,743 |   |     | $ |    (74,327 | ) |     |     |  (29.5 | )% |
| General                     
 and administrative expenses |     |                         |  4,716,057 |   |     |   |  3,315,782 |   |     |   |  1,400,275 |   |     |     |   42.2 | %  |
| Stock-based                 
 compensation expense        |     |                         |  1,534,667 |   |     |   |  1,044,261 |