Trillion Energy Files 20-F/A Amendment

TL;DR

Trillion Energy filed an amended 20-F for 2023, formerly Park Place Energy.

AI Summary

Trillion Energy International Inc. filed an amendment (20-F/A) on December 9, 2024, for its fiscal year ending December 31, 2023. The company, formerly known as Park Place Energy Inc. until July 20, 2015, is involved in crude petroleum and natural gas extraction.

Why It Matters

This filing provides updated financial and operational information for Trillion Energy International Inc., crucial for investors and stakeholders to assess the company's performance and outlook in the oil and gas sector.

Risk Assessment

Risk Level: medium — As a company in the volatile oil and gas sector, Trillion Energy faces inherent market and operational risks, and the filing of an amendment suggests potential for adjustments or clarifications that could impact its risk profile.

Key Numbers

• 2023 — Fiscal Year End (The period for which the 20-F/A filing provides updated information.)
• 2024 — Filing Year (The year the amended 20-F was filed.)

Key Players & Entities

• Trillion Energy International Inc. (company) — Filer of the 20-F/A amendment
• Park Place Energy Inc. (company) — Former name of Trillion Energy International Inc.
• 20231231 (date) — Fiscal year end for the reported period
• 20241209 (date) — Filing date of the amendment
• CRUDE PETROLEUM & NATURAL GAS (industry) — Company's Standard Industrial Classification

FAQ

Filing Documents

• form20-fa.htm (20-F/A) — 3258KB
• ex11-1.htm (EX-11.1) — 52KB
• ex12-1.htm (EX-12.1) — 18KB
• ex12-2.htm (EX-12.2) — 18KB
• ex13-1.htm (EX-13.1) — 4KB
• ex13-2.htm (EX-13.2) — 6KB
• ex13-3.htm (EX-13.3) — 4KB
• aud_001.jpg (GRAPHIC) — 3KB
• aud_002.jpg (GRAPHIC) — 2KB
• aud_003.jpg (GRAPHIC) — 1KB
• fin_001.jpg (GRAPHIC) — 6KB
• image_001.jpg (GRAPHIC) — 30KB
• ex13-3_001.jpg (GRAPHIC) — 17KB
• 0001493152-24-049170.txt ( ) — 16714KB
• trlef-20231231.xsd (EX-101.SCH) — 144KB
• trlef-20231231_cal.xml (EX-101.CAL) — 119KB
• trlef-20231231_def.xml (EX-101.DEF) — 490KB
• trlef-20231231_lab.xml (EX-101.LAB) — 839KB
• trlef-20231231_pre.xml (EX-101.PRE) — 684KB
• form20-fa_htm.xml (XML) — 3563KB

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 34 Item 12.

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 34 Item 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 34 Item 14. Material Modifications to the Rights of Security Holders and Use of pROCEED 34 Item 15.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 35 Item 16A. AUDIT COMMITTEE FINANCIAL EXPERT 36 Item 16B. CODE OF ETHICS 36 Item 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES 36 Item 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES 36 Item 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS 37 Item 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT 37 Item 16G. CORPORATE GOVERNANCE 37 Item 16H. MINE SAFETY DISCLOSURE 38 Item 17.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 38 Item 18.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 38 Item 19. EXHIBITS 39 GENERAL MATTERS Convention In this Form 20-F Annual Report, all references to "British Columbia" are references to the Province of British Columbia. All references to the "Government" are references to the government of the Province of British Columbia. Unless otherwise noted, all references to "common shares", "shares" or "common stock" are references to the common shares of the Company. All references to the "Company" or "Trillion" are references to "Trillion Energy International Inc.". In this document, all references to "SEC" or "Commission" are reference to the United States Securities and Exchange Commission. References to "

Selected Financial Data

Selected Financial Data The Company was incorporated as Park Place Energy Inc. in the State of Delaware in December, 2015. The Company changed its name to Trillion Energy International Inc. on March 19, 2019. Effective January 1, 2022, the Company completed a continuation of its jurisdiction from Delaware to British Columbia, Canada. The Company has selected a December 31 year end. The consolidated financial statements for the year ended December 31, 2022, are the first the Company has prepared in accordance with IFRS. The Company previously prepared its consolidated financial statements, up to and including December 31, 2021, in accordance with accounting principles generally accepted in the United States ("US GAAP"). The Company conducted a 5:1 share consolidation on September 14, 2023. The Company's selected historical audited financial data for the years ended December 31, 2022 and December 31, 2023 are set out in the table below. The selected financial data provided below are not necessarily indicative of the future results of operations or financial performance of the Company. The Company has not paid any dividends on its common shares and it does not expect to pay dividends in the foreseeable future. Year End Dec. 31, 2023 Year End Dec. 31, 2022 Year End Dec. 31, 2021 (Restated) (Restated) Amounts in accordance with IFRS (presented in U.S. dollars): Total assets 58,610,428 37,018,219 6,521,629 Total liabilities 36,397,856 16,392,288 10,982,859 Net working capital (deficiency) (12,929,942 ) (4,819,052 ) 342,551 Shareholders' equity 22,212,572 20,625,931 (4,461,230 ) Operating revenue 16,797,366 9,375,029 3,700,727 Net loss from operations (43,842 ) (6,121,754 ) (4,893,126 ) Loss per share (basic and diluted) (0.00 ) (0.10 ) (0.15 ) Weighted average number of common shares (basic and diluted) 81,084,843 62,491,482 31,633,222 2 B. Capitalization and Indebtedness Not applicable. C. Reasons

Risk Factors

Risk Factors The following risks relate specifically to the Company's business and should be considered carefully. The occurrence of any one or more of the events outlined under this section could have severe consequences on the Company's business, financial condition and results of operations and could result in the cessation of operations or bankruptcy. We have a history of losses and may not achieve consistent profitability in the future. We have incurred losses in prior years. We will need to generate and sustain increased revenue levels in future periods in order to become consistently profitable, and even if we do, we may not be able to maintain or increase our level of profitability. We may incur losses in the future for a number of reasons, including risks described herein, unforeseen expenses, difficulties, complications and delays, and other unknown risks. Our exploration, development and production activities may not be profitable or achieve our expected returns. The future performance of our business will depend upon our ability to develop oil and natural gas reserves that are economically recoverable. Success will depend upon our ability to develop prospects from which oil and natural gas reserves are ultimately discovered in commercial quantities. Without successful exploration activities, we will not be able to develop oil and natural gas reserves or generate revenues. There are no assurances that oil and natural gas reserves will be discovered in sufficient quantities to enable us to recover our exploration and development costs or sustain our business. The successful development of oil and natural gas properties requires an assessment of recoverable reserves, future oil and natural gas prices and operating costs, potential environmental and other liabilities, and other factors. Such assessments are inherently uncertain. In addition, no assurance can be given that our exploration and development activities will result in the discovery of

View Full Filing

View this 20-F/A filing on SEC EDGAR