Trio Petroleum Corp. Files 10-Q for Period Ending January 31, 2024

TL;DR

<b>Trio Petroleum Corp. filed its Q1 2024 10-Q, detailing operations and financial status.</b>

AI Summary

Trio Petroleum Corp. (TPET) filed a Quarterly Report (10-Q) with the SEC on March 18, 2024. Trio Petroleum Corp. filed a 10-Q report for the period ending January 31, 2024. The filing covers the first quarter of fiscal year 2024. Key dates mentioned include the IPO on April 20, 2023. The company is involved in crude petroleum and natural gas extraction. Business and mailing addresses are located in Bakersfield, CA.

Why It Matters

For investors and stakeholders tracking Trio Petroleum Corp., this filing contains several important signals. This 10-Q provides investors with an update on Trio Petroleum's financial performance and operational activities for the first quarter of fiscal year 2024. Understanding the details within this filing is crucial for assessing the company's current standing and future prospects in the oil and gas sector.

Risk Assessment

Risk Level: low — Trio Petroleum Corp. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant financial or operational disclosures that would inherently increase risk.

Analyst Insight

Review the detailed financial statements and management discussion within the 10-Q to understand Trio Petroleum's performance and outlook.

Key Numbers

• 2024-01-31 — Reporting Period End Date (The 10-Q covers the period ending on this date.)
• 2024-03-18 — Filing Date (The date the 10-Q was filed with the SEC.)
• 10-Q — Form Type (Type of filing submitted.)
• 001-41643 — SEC File Number (The SEC's file number for Trio Petroleum Corp.)

Key Players & Entities

• Trio Petroleum Corp. (company) — Filer of the 10-Q report.
• 2024-01-31 (date) — End of the reporting period for the 10-Q.
• 2024-03-18 (date) — Filing date of the 10-Q.
• Bakersfield, CA (location) — Location of the company's business and mailing addresses.
• 1311 (sic_code) — Standard Industrial Classification for Crude Petroleum & Natural Gas.
• 2023-04-20 (date) — Date of the company's IPO.

FAQ

Industry Context

Trio Petroleum Corp. operates within the Crude Petroleum & Natural Gas industry, focusing on exploration and production activities.

Regulatory Implications

The company is subject to standard SEC reporting requirements for publicly traded entities, including the filing of quarterly 10-Q reports.

What Investors Should Do

1. Analyze the financial statements within the 10-Q for revenue, expenses, and profitability trends.
2. Examine any disclosures regarding operational activities, such as exploration or production updates.
3. Review management's discussion and analysis (MD&A) for insights into the company's strategy and outlook.

Key Dates

• 2024-01-31: Quarterly Period End — Marks the end of the reporting period for the 10-Q filing.
• 2024-03-18: 10-Q Filing Date — The date Trio Petroleum Corp. submitted its quarterly report.
• 2023-04-20: IPO Date — Significant date related to the company's public offering.

Year-Over-Year Comparison

This filing represents the standard quarterly update (10-Q) for the period ending January 31, 2024, following previous filings.

Key Financial Figures

• $0.0001 — ch registered Common Stock, par value $0.0001 per share TPET NYSE American LLC

Filing Documents

• form10-q.htm (10-Q) — 873KB
• ex31-1.htm (EX-31.1) — 17KB
• ex31-2.htm (EX-31.2) — 17KB
• ex32-1.htm (EX-32.1) — 8KB
• 0001493152-24-010219.txt (&nbsp;) — 5172KB
• tpet-20240131.xsd (EX-101.SCH) — 40KB
• tpet-20240131_cal.xml (EX-101.CAL) — 40KB
• tpet-20240131_def.xml (EX-101.DEF) — 234KB
• tpet-20240131_lab.xml (EX-101.LAB) — 346KB
• tpet-20240131_pre.xml (EX-101.PRE) — 306KB
• form10-q_htm.xml (XML) — 691KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 3 ITEM 1.

Financial Statements

Financial Statements 3 Condensed Balance Sheets as of January 31, 2024 (unaudited) and October 31, 2023 3 Condensed Statements of Operations (unaudited) for the Three Months Ended January 31, 2024 and 2023 4 Condensed Statements of Changes in Stockholders' Equity (unaudited) for the Three Months Ended January 31, 2024 and 2023 5 Condensed Statements of Cash Flows (unaudited) for the Three Months Ended January 31, 2024 and 2023 6 Notes to Unaudited Condensed Financial Statements 7 ITEM 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 21 ITEM 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 30 ITEM 4.

Controls and Procedures

Controls and Procedures 31

OTHER INFORMATION

PART II. OTHER INFORMATION 31 ITEM 1.

Legal Proceedings

Legal Proceedings 31 ITEM 1A.

Risk Factors

Risk Factors 31 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 32 ITEM 3. Defaults Upon Senior Securities 32 ITEM 4. Mine Safety Disclosures 32 ITEM 5. Other Information 32 ITEM 6. Exhibits 32

SIGNATURES

SIGNATURES 33 2 PART I. FINANCIAL INFORMATION Item 1. Financial Statements TRIO PETROLEUM CORP. CONDENSED BALANCE SHEETS January 31, 2024 October 31, 2023 (unaudited) ASSETS Current assets: Cash and cash equivalents $ 348,748 $ 1,561,924 Prepaid expenses and other receivables 127,120 133,417 Total current assets 475,868 1,695,341 Oil and gas properties - not subject to amortization 10,860,253 9,947,742 Total assets $ 11,336,121 $ 11,643,083 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued liabilities $ 561,687 $ 609,360 Asset retirement obligations – current 2,778 2,778 Convertible note, net of discounts 1,270,927 1,217,597 Due to operators 91,395 21,651 Total current liabilities 1,926,787 1,851,386 Long-term liabilities: Payable to related party 320,000 - Asset retirement obligations, net of current portion 49,008 48,313 Total Long-term liabilities 369,008 48,313 Total liabilities 2,295,795 1,899,699 Commitments and Contingencies (Note 7) Stockholders' Equity: Preferred stock, $ 0.0001 par value; 10,000,000 shares authorized; - 0 - shares issued and outstanding at January 31, 2024 and October 31, 2023, respectively - - Common stock, $ 0.0001 par value; 490,000,000 shares authorized; 32,350,090 and 31,046,516 shares issued and outstanding as of January 31, 2024 and October 31, 2023, respectively 3,235 3,105 Stock subscription receivable ( 10,010 ) ( 10,010 ) Additional paid-in capital 21,196,031 20,197,171 Accumulated deficit ( 12,148,930 ) ( 10,446,882 ) Total stockholders' equity 9,040,326 9,743,384 Total liabilities and stockholders' equity $ 11,336,121 $ 11,643,083 The accompanying notes are an integral part of these unaudited condensed financial statements. 3 TRIO PETROLEUM CORP. CONDENSED (Unaudited) 2024 2023 For the Three Months Ended January 31, 2024 2023 Reven

View Full Filing

View this 10-Q filing on SEC EDGAR