10-K/A - Trio Petroleum Corp. (0001898766) (Filer)

Thu, Jan 30, 9:17 PM (18 days ago)

Trio Petroleum Corp. (TPET) has reported its financial performance for the fiscal years ended October 31, 2024, and 2023, in its amended 10-K filing. The company generated $213,204 in revenue in 2024, a significant increase from $0 in 2023, primarily from oil sales. However, it incurred a net loss of $9,626,797, up from a loss of $6,544,426 the previous year, reflecting rising operating expenses totaling $6,430,918, which included exploration and administrative costs. The company's cash position deteriorated, with cash decreasing to $285,945 from $1,561,924. It reported a working capital deficit of $2,025,480 and an accumulated deficit of $20,073,679. The amendment primarily addressed the correction of the Auditor’s Report and updated financial statements, with no changes to the operational results. Looking forward, Trio Petroleum's ability to continue as a going concern is uncertain due to its reliance on debt and equity financing. The company is actively pursuing additional funding to support its operations and has plans to improve oil production from its wells. However, risks remain, including compliance with NYSE listing standards and potential market volatility.