Fri, Jun 14, 8:08 PM (85 days ago)
Trio Petroleum Corp.'s Q2 2024 financial report reveals several key points related to its financial health and operational performance. The company reported revenues of $72,923 for the quarter, primarily from its McCool Ranch Oil Field operations. However, Trio continues to face significant losses, with a net loss of $4,045,935 for the quarter, up from $2,235,957 in the same period last year. This increase is attributed to higher operating expenses, including exploration, general and administrative, and stock-based compensation costs. The company's cash position declined from $1,561,924 at the end of October 2023 to $220,647 at the end of April 2024. Trio's working capital deficit also widened to $1,213,963. Despite these challenges, the company raised additional funds through convertible debt and promissory notes, totaling $1,005,098 in net cash from financing activities. Trio's management acknowledges substantial doubt about the company's ability to continue as a going concern, citing the need for additional capital to fund ongoing operations and development projects. The company is actively working on optimizing production from its existing wells and has plans to drill additional wells, contingent on securing adequate funding.