Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 1400

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 6
Chunk 1400
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regulations, including those for future reclamation and site restoration costs. Both the likelihood of new regulations and their overall
effect upon the Company vary greatly and are not predictable. The Company’s policy is to meet or, if possible, surpass standards
set by relevant legislation by application of technically proven and economically feasible measures.

Environmental
expenditures that relate to ongoing environmental and reclamation programs are charged against earnings as incurred or capitalized and
amortized depending on their future economic benefits. All of these types of expenditures incurred since inception have been charged
against earnings due to the uncertainty of their future recoverability. Estimated future reclamation and site restoration costs, when
the ultimate liability is reasonably determinable, are charged against earnings over the estimated remaining life of the related business
operation, net of expected recoveries.

Recent
Accounting Pronouncements

All
recently issued but not yet effective accounting pronouncements have been deemed to be not applicable or immaterial to the Company.

Reclassification
of Expenses

Certain
amounts in the prior periods presented have been reclassified to the current period financial statement presentation. This reclassification
has no effect on previously reported net income.

Subsequent
Events

The
Company evaluated all events and transactions that occurred after October 31, 2024 through the date of the filing of this report. See
Note 12 for such events and transactions.

NOTE
3 – GOING CONCERN AND MANAGEMENT’S LIQUIDITY PLANS

As
of October 31, 2024, the Company had $285,945 in its operating bank account and a working capital deficit of $2,025,480. To date, the
Company has been funding operations through proceeds from the issuance of common stock, financing through certain investors, the consummation
of its IPO in April 2023, and convertible note financing under two tranches in October 2023 and December 2023, pursuant to which the
Company raised total gross proceeds of $2,371,500. Additionally, the Company received funds in the amount of $125,000 from an unsecured
promissory note from its former 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, additional financing secured after the end of the period