Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 1778

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 8
Chunk 1778
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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
    and gas properties – not subject to amortization 
    $11,119,119  
    $9,947,742 
  
    Accumulated
    impairment 
     —  
     — 
  
    Oil
    and gas properties – not subject to amortization, net 
    $11,119,119  
    $9,947,742 

During
the years ended October 31, 2024 and 2023, the Company incurred aggregated exploration costs of $177,416 and $251,743, respectively;
these expenses were exploratory, geological and geophysical costs and were expensed on the statement of operations during the applicable
periods. For capitalized costs, the Company incurred approximately $1.2 million and $4.1 million, respectively,