Trio Petroleum Corp. Files Q3 10-Q

TL;DR

Trio Petroleum's Q3 10-Q is in. Check financials for oil & gas ops.

AI Summary

Trio Petroleum Corp. filed a 10-Q for the period ending July 31, 2024. The company, operating in crude petroleum and natural gas, is incorporated in Delaware and based in Bakersfield, California. Key financial data points and dates related to its fiscal year and reporting periods are included in the filing.

Why It Matters

This filing provides investors with an update on Trio Petroleum's financial performance and operational status for the third quarter, crucial for assessing the company's trajectory in the oil and gas sector.

Risk Assessment

Risk Level: medium — As a company in the volatile oil and gas sector, Trio Petroleum faces inherent market and operational risks that can significantly impact its financial performance.

Key Numbers

• 10-Q — Filing Type (Quarterly report filed with the SEC)
• 20240731 — Reporting Period End Date (Indicates the end of the fiscal quarter covered by the report)
• 1031 — Fiscal Year End (Indicates the end of the company's fiscal year)

Key Players & Entities

• Trio Petroleum Corp. (company) — Filer of the 10-Q
• 20240731 (date) — End of the reporting period
• CRUDE PETROLEUM & NATURAL GAS (industry) — Company's Standard Industrial Classification
• DE (location) — State of Incorporation
• BAKERSFIELD, CA (location) — Business and Mail Address City and State

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) — 1434KB
• ex31-1.htm (EX-31.1) — 16KB
• ex31-2.htm (EX-31.2) — 16KB
• ex32-1.htm (EX-32.1) — 7KB
• 0001493152-24-036044.txt ( ) — 7931KB
• tpet-20240731.xsd (EX-101.SCH) — 51KB
• tpet-20240731_cal.xml (EX-101.CAL) — 48KB
• tpet-20240731_def.xml (EX-101.DEF) — 315KB
• tpet-20240731_lab.xml (EX-101.LAB) — 476KB
• tpet-20240731_pre.xml (EX-101.PRE) — 413KB
• form10-q_htm.xml (XML) — 1057KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 3 ITEM 1.

Financial Statements

Financial Statements 3 Condensed Balance Sheets as of July 31, 2024 (unaudited) and October 31, 2023 3 Condensed Statements of Operations (unaudited) for the Three and Nine Months Ended July 31, 2024 and 2023 4 Condensed Statements of Changes in Stockholders' Equity (unaudited) for the Nine Months Ended July 31, 2024 and 2023 5 Condensed Statements of Cash Flows (unaudited) for the Nine Months Ended July 31, 2024 and 2023 7 Notes to Unaudited Condensed Financial Statements 8 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 23 ITEM 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 34 ITEM 4.

Controls and Procedures

Controls and Procedures 34

OTHER INFORMATION

PART II. OTHER INFORMATION 35 ITEM 1.

Legal Proceedings

Legal Proceedings 35 ITEM 1A.

Risk Factors

Risk Factors 35 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 36 ITEM 3. Defaults Upon Senior Securities 36 ITEM 4. Mine Safety Disclosures 36 ITEM 5. Other Information 36 ITEM 6. Exhibits 36

SIGNATURES

SIGNATURES 37 2 PART I. FINANCIAL INFORMATION Item 1. Financial Statements TRIO PETROLEUM CORP. CONDENSED BALANCE SHEETS July 31, 2024 October 31, 2023 (unaudited) ASSETS Current assets: Cash $ 293,107 $ 1,561,924 Prepaid expenses 324,603 133,417 Total current assets 617,710 1,695,341 Oil and gas properties - not subject to amortization 11,083,285 9,947,742 Total assets $ 11,700,995 $ 11,643,083 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued liabilities $ 1,435,521 $ 609,360 Asset retirement obligations – current 2,778 2,778 Convertible note, net of discounts - 1,217,597 Due to operators 18,633 21,651 Promissory notes, net of discounts 1,319,890 - Notes payable – related parties 254,589 - Insurance liability 154,002 - Other current liabilities 402,725 - Total current liabilities 3,588,138 1,851,386 Long-term liabilities: Asset retirement obligations, net of current portion 50,397 48,313 Total non-current liabilities 50,397 48,313 Total liabilities 3,638,535 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 July 31, 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 July 31, 2024 and October 31, 2023, respectively 5,033 3,105 Stock subscription receivable ( 10,010 ) ( 10,010 ) Additional paid-in capital 26,440,873 20,197,171 Accumulated deficit ( 18,373,436 ) ( 10,446,882 ) Total stockholders' equity 8,062,460 9,743,384 Total liabilities and stockholders' equity $ 11,700,995 $ 11,643,083 The accompanying notes are an integral part of these unaudited condensed financial statements. 3 TRIO PETROLEUM CORP. CONDENSED (Unaudit

View Full Filing

View this 10-Q filing on SEC EDGAR