Thu, Feb 27, 10:39 PM (58 days ago)
**Trio Petroleum Corp. (TPET) 10-K/A Summary** Trio Petroleum Corp. reported a net loss of $9,626.8K for FY 2024, compared to a loss of $6,544.4K in FY 2023. Revenue reached $213.2K, marking the company’s first revenue from oil sales. Operating expenses surged to $6,430.9K, driven by exploration and administrative costs. The company holds $11,119.1K in oil and gas properties, with significant investments in the South Salinas and McCool Ranch projects. This amendment addresses prior misstatements regarding authorized shares without impacting financial figures. The company notes substantial doubt about its ability to continue as a going concern due to ongoing losses and reliance on financing. Future outlook hinges on successful capital raising and operational performance improvements. Risks include reliance on investor financing, market conditions, and compliance with NYSE American listing standards. As of October 31, 2024, total liabilities increased to $2,641.8K, with a working capital deficit of $2,025.5K. Cash stood at $285.9K, reflecting a decline from prior periods. Management's strategic focus includes enhancing production and exploring additional financing opportunities to stabilize operations and improve financial health.