Thu, Sep 12, 8:06 PM (100 days ago)
For the third quarter ending July 31, 2024, Trio Petroleum Corp. reported significant financial activity, marking its first revenue of $63,052 from oil sales. This contrasts sharply with a net loss of $2,178,571, slightly higher than the previous year’s loss of $2,170,601. Total operating expenses decreased by 27.3% to $1,569,032, primarily due to reduced exploration costs, which fell by 96% to $8,054. The company’s cash position deteriorated, with current assets dropping to $617,710 from $1,695,341, and current liabilities rising significantly, leading to a working capital deficit of $2,970,428. Cash used in investing activities was substantial at $1,138,561, largely for capital expenditures. Financing activities also saw a net outflow of $248,898, reflecting repayments on convertible debt. Trio Petroleum's operations are primarily focused on the South Salinas Project and the McCool Ranch Oil Field, with ongoing efforts to optimize production and evaluate additional drilling prospects. The company continues to face uncertainties regarding its ability to secure future funding, raising concerns about its going concern status.