Company: TPET
Filing Date: 2025-02-05
Form Type: S-1/A
Source: 0001493152-25-005014
Chunk: 82

Company: Trio Petroleum Corp.
Filing Date: 2025-02-05
Form: S-1/A
Chunk 82
---
 (156,045 | ) |

Current assets decreased because of i) a decrease to the cash account of approximately $1.3 million due to increased payroll expenses and additional cash outlays for capital expenditures for the oil and gas properties, offset by an increase in prepaid assets of approximately $0.2 million. Current liabilities increased because of i) an increase in accounts payable of approximately $0.5 million, as well as an increase in notes payable – related parties of approximately $0.3 million.

Cash Flows

Our cash flows for the year ended October 31, 2024, in comparison to our cash flows for the year ended October 31, 2023, can be summarized as follows:

|                                           |     | Years ended October 31, |       2024 |   |     |   |       2023 |   |
|:------------------------------------------|:----|:------------------------|-----------:|:--|:----|:--|-----------:|:--|
| Net cash used in operating activities     |     | $                       | (3,840,744 | ) |     | $ | (4,036,834 | ) |
| Net cash used in investing activities     |     |                         | (1,089,882 | ) |     |   | (2,189,859 | ) |
| Net cash provided by financing activities |     |                         |  3,654,647 |   |     |   |  7,714,969 |   |
| Net change in cash                        |     | $                       | (1,275,979 | ) |     | $ |  1,488,276 |   |

Cash Flows from Operating Activities

For the years ended October 31, 2024 and 2023, cash used in operating activities was $3,840,744 and $4,036,834, respectively. The cash used in operations for the year ended October 31, 2024 was primarily attributable to our net loss of $9,626,797, adjusted for non-cash expenses in the aggregate amount of $5,042,982, as well as $743,071 of net cash provided to fund changes in the levels of operating assets and liabilities. Our cash used in operations for year ended October 31, 2023 was primarily attributable to our net loss of $6,544,426, adjusted for non-cash expenses in the aggregate amount of $2,520,829, as