$TPET

Trio Petroleum Corp

CIK:0001898766|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Jul. 31, 2026	Jul. 31, 2025	Jul. 31, 2026	Jul. 31, 2025
Income Statement [Abstract]
Revenues, net	$ 348,581	$ 192,395	$ 679,031	$ 226,485
Cost of goods sold	240,428	98,489	623,150	107,751
Gross profit	108,153	93,906	55,881	118,734
Operating expenses:
Exploration expense	37,214	(266)	85,330	35,616
General and administrative expense	922,944	671,741	2,795,174	2,138,768
Stock-based compensation expense	1,254,000	96,762	1,379,962	702,728
Accretion expense	4,694	695	10,257	2,084
Total operating expenses	2,218,852	768,932	4,270,723	2,879,196
Loss from operations	(2,110,699)	(675,026)	(4,214,842)	(2,760,462)
Other (income) expenses:
Interest expense	2,119	147,552	161,238	496,072
Loss on abandonment of oil and gas properties		37,344		611,763
(Gain) loss on extinguishment of liabilities			(8,473)	90,200
Loss on conversion		535,620	84,517	616,322
Settlement income			(43,532)
Dividend income	(182,883)		(203,568)
Loss (gain) on foreign currency transactions	41,491	(8,819)	41,491	(8,819)
Total other (income) expenses	(139,273)	711,697	31,673	1,805,538
Loss before income taxes	(1,971,426)	(1,386,723)	(4,246,515)	(4,566,000)
Provision for income taxes
Net loss	$ (1,971,426)	$ (1,386,723)	$ (4,246,515)	$ (4,566,000)
Basic and Diluted Net Loss per Common Share
Basic	$ (0.39)	$ (1.57)	$ (1.36)	$ (6.17)
Diluted	$ (0.39)	$ (1.57)	$ (1.36)	$ (6.17)
Weighted Average Number of Common Shares Outstanding
Basic	5,051,085	885,912	3,118,731	740,563
Diluted	5,051,085	885,912	3,118,731	740,563
Comprehensive loss:
Net loss	$ (1,971,426)	$ (1,386,723)	$ (4,246,515)	$ (4,566,000)
Foreign currency translation adjustment	(36,977)	(4,326)	(1,424)	30,520
Comprehensive loss	$ (2,008,403)	$ (1,391,049)	$ (4,247,939)	$ (4,535,480)

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Jul. 31, 2026	Jul. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (4,246,515)	$ (4,566,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Issuance of common shares for services	86,910	28,000
Accretion expense	10,257	2,084
Amortization of debt discounts	157,825	489,792
Stock-based compensation	1,379,962	702,728
Loss on issuance of common shares in lieu of cash for debt payments	84,517	616,322
Loss on abandonment of oil and gas properties		611,763
(Gain) loss on extinguishment of liabilities	(8,473)	90,200
Depreciation expense	13,521
Changes in operating assets and liabilities:
Accounts receivable	(105,514)	(95,785)
Prepaid expenses and other receivables	(99,773)	75,874
Accounts payable and accrued liabilities	143,469	366,185
Other liabilities	32,846	(337,059)
Net cash used in operating activities	(2,550,968)	(2,015,896)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures for unproved oil and gas properties	(108,312)	(893,149)
Due to operators	15,952	(73,406)
Net cash used in investing activities	(92,360)	(966,555)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock under at-the-market offering program, net of offering costs	26,020,227	3,475,648
Proceeds from issuance of convertible notes payable		606,000
Payment of debt issuance costs		(43,330)
Repayment of promissory notes		(588,635)
Repayment of notes payable - related party		(199,332)
Net cash provided by financing activities	26,020,227	3,250,351
Effect of foreign currency exchange	33,723	30,520
NET CHANGE IN CASH	23,410,622	298,420
Cash - Beginning of period	882,162	285,945
Cash - End of period	24,292,784	584,365
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest
Cash paid for income taxes
Non-cash investing and financing activities:
Issuance of common stock upon vesting of RSUs	159
Issuance of shares to executives and directors		21
Issuance of common shares for Capital Land asset acquisition	104,227
Issuance of common shares for Novacor asset acquisition	748,649
ARO liabilities recognized	162,321
Issuance of common shares in settlement of accounts payable	$ 379,227

Condensed Consolidated Balance Sheets - USD ($)	Jul. 31, 2026	Oct. 31, 2025
Current assets:
Cash and cash equivalents	$ 24,292,784	$ 882,162
Prepaid expenses	228,062	128,856
Accounts receivable	157,392	59,970
Total current assets	24,678,238	1,070,988
Oil and gas properties - not subject to amortization	13,137,358	12,143,122
Property, plant and equipment	84,821
Total assets	37,900,417	13,214,110
Current liabilities:
Accounts payable and accrued liabilities	1,055,957	1,305,997
Asset retirement obligations - current	14,990	2,778
Convertible notes, net of discounts		467,179
Due to operators	21,620	5,668
Other current liabilities	108,117	75,268
Total current liabilities	1,200,684	1,856,890
Long-term liabilities:
Asset retirement obligations, net of current portion	210,602	53,869
Total non-current liabilities	210,602	53,869
Total liabilities	1,411,286	1,910,759
Commitments and Contingencies (Note 7)
Stockholders’ Equity:
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; -0- shares issued and outstanding at July 31, 2026 and October 31, 2025, respectively
Common stock, $0.0001 par value; 150,000,000 shares authorized; 5,323,926 and 1,005,295 shares issued and outstanding as of July 31, 2026 and October 31, 2025, respectively	532	101
Stock subscription receivable		(10,010)
Additional paid-in capital	68,077,879	38,654,601
Accumulated other comprehensive income	13,047	14,471
Accumulated deficit	(31,602,327)	(27,355,812)
Total stockholders’ equity	36,489,131	11,303,351
Total liabilities and stockholders’ equity	$ 37,900,417	$ 13,214,110