Trio Petroleum Corp. Files 10-Q for April 30, 2024

TL;DR

**Trio Petroleum 10-Q filed! Financials for April 30, 2024 are in. Check it out.**

AI Summary

Trio Petroleum Corp. filed a 10-Q for the period ending April 30, 2024. The filing details financial information for the company, which operates in the crude petroleum and natural gas sector. Key financial data and operational updates are presented for the reporting period.

Why It Matters

This filing provides investors and stakeholders with a crucial update on Trio Petroleum's financial health and operational status, impacting investment decisions.

Risk Assessment

Risk Level: medium — As a company in the volatile oil and gas sector, Trio Petroleum faces inherent market and operational risks.

Key Numbers

• 10-Q — Filing Type (Quarterly report filed with the SEC)
• 20240430 — Reporting Period End Date (The end date for the financial information presented)

Key Players & Entities

• Trio Petroleum Corp. (company) — Filer of the 10-Q
• CRUDE PETROLEUM & NATURAL GAS (industry) — Company's Standard Industrial Classification
• 20240430 (date) — End of the reporting period

FAQ

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) — 1440KB
• ex31-1.htm (EX-31.1) — 15KB
• ex31-2.htm (EX-31.2) — 15KB
• ex32-1.htm (EX-32.1) — 8KB
• 0001493152-24-023861.txt ( ) — 7259KB
• tpet-20240430.xsd (EX-101.SCH) — 47KB
• tpet-20240430_cal.xml (EX-101.CAL) — 47KB
• tpet-20240430_def.xml (EX-101.DEF) — 271KB
• tpet-20240430_lab.xml (EX-101.LAB) — 396KB
• tpet-20240430_pre.xml (EX-101.PRE) — 345KB
• form10-q_htm.xml (XML) — 1050KB

SIGNATURES

SIGNATURES 35 2 PART I. FINANCIAL INFORMATION Item 1. Financial Statements TRIO PETROLEUM CORP. CONDENSED BALANCE SHEETS April 30, 2024 October 31, 2023 (unaudited) ASSETS Current assets: Cash $ 220,647 $ 1,561,924 Prepaid expenses 584,229 133,417 Total current assets 804,876 1,695,341 Oil and gas properties - not subject to amortization 11,008,673 9,947,742 Total assets $ 11,813,549 $ 11,643,083 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued liabilities $ 1,002,074 $ 609,360 Asset retirement obligations – current 2,778 2,778 Convertible note, net of discounts - 1,217,597 Due to operators 63,878 21,651 Promissory notes, net of discounts 238,386 - Notes payable – related parties 310,066 - Insurance liability 230,387 - Other current liabilities 171,270 - Total current liabilities 2,018,839 1,851,386 Long-term liabilities: Asset retirement obligations, net of current portion 49,702 48,313 Total non-current liabilities 49,702 48,313 Total liabilities 2,068,541 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 April 30, 2024 and October 31, 2023, respectively - - Common stock, $ 0.0001 par value; 490,000,000 shares authorized; 50,328,328 and 31,046,516 shares issued and outstanding as of April 30, 2024 and October 31, 2023, respectively 5,033 3,105 Stock subscription receivable ( 10,010 ) ( 10,010 ) Additional paid-in capital 25,944,850 20,197,171 Accumulated deficit ( 16,194,865 ) ( 10,446,882 ) Total stockholders' equity 9,745,008 9,743,384 Total liabilities and stockholders' equity $ 11,813,549 $ 11,643,083 The accompanying notes are an integral part of these unaudited condensed financial statements. 3 TRIO PETROLEUM CORP. CONDENSED (Unaudi

View Full Filing

View this 10-Q filing on SEC EDGAR