Thu, Jun 13, 8:57 PM (86 days ago)
Trio Petroleum Corp. filed a 10-K/A to amend its financial statements for the fiscal years ended October 31, 2023 and 2022. The amendment replaces the previous auditor's report with one from Bush & Associates CPA LLC. For FY 2023, Trio reported no revenue, a net loss of $6.54 million, and operating expenses totaling $4.61 million, primarily driven by general and administrative costs and stock-based compensation. The company has a working capital deficit of $156,045 and significant accumulated losses, raising concerns about its ability to continue as a going concern. Trio's assets include $9.95 million in oil and gas properties, primarily unproved. The company completed an IPO in April 2023, raising $4.94 million net. Subsequent events include a second tranche of financing under an October 2023 SPA and a new leasehold acquisition option agreement. The company's financial condition remains precarious, reliant on future financing and successful development of its oil and gas assets.