Company: TPET
Filing Date: 2025-03-14
Form Type: 10-Q
Source: 0001493152-25-010362
Chunk: 18

Company: Trio Petroleum Corp.
Filing Date: 2025-03-14
Form: 10-Q
Item: Part I, Item 1
Chunk 18
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 had $1,961,201 in
its operating bank account and working capital of $547,056.
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 in August
2024 for gross proceeds in the aggregate amount of $359,000
from two unsecured promissory notes, as well as net proceeds of approximately $4,650,000
in connection with an “at-the-market” agreement entered into in September 2024.

The
accompanying condensed financial statements have been prepared on the basis that the Company will continue as a going concern over the
next twelve months from the date of issuance of these financial statements, which assumes the realization of assets and the satisfaction
of liabilities in the normal course of business. As of January 31, 2025, the Company has an accumulated deficit of $21,689,204 and has
experienced losses from continuing operations. Based on the Company’s cash balance as of January 31, 2025 and projected cash needs
for the twelve months following the issuance of these condensed financial statements, management estimates that it will need to generate
sufficient sales revenue and/or raise additional capital to cover operating and capital requirements. Management will need to raise the
additional funds by issuing additional shares of common stock or other equity securities or obtaining additional debt financing. Although
management has been successful to date in raising necessary funding and obtaining financing through investors, there can be no assurance
that any required future financing can be successfully completed on a timely basis, or on terms acceptable to the Company. Based on these
circumstances, management has determined that these conditions raise substantial doubt about the Company’s ability to continue
as a going concern for the twelve months