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Trio Petroleum Corp. (TPET-9.46%) has submitted its 10-K filing for the fiscal year ended October 31, 2024.
The filing details Trio's operations, including its acquisition of a 21.918315% working interest in the McCool Ranch Oil Field and a 2.25% working interest in the Asphalt Ridge Project in Utah.
Trio reported net revenues of $213,204 for the year, primarily from its operations at McCool Ranch, which restarted production in February 2024.
The company incurred a net loss of $9,626,797, an increase from the previous year's net loss of $6,544,426, due to higher general and administrative expenses and increased interest expenses.
Trio's total assets as of October 31, 2024, were $11,684,338, with liabilities totaling $2,641,790, resulting in stockholders' equity of $9,042,548.
The filing outlines Trio's exploration and development activities, including efforts to obtain permits for the South Salinas Project and plans for further development of the McCool Ranch Oil Field.
Trio's management has expressed substantial doubt about the company's ability to continue as a going concern due to its accumulated deficit and reliance on external financing.
The company has engaged in various financing activities, including the issuance of convertible notes and promissory notes, to fund its operations and development projects.
Trio's board of directors includes a mix of independent and non-independent members, with Robin Ross serving as CEO and Chairman.
The filing also discusses Trio's risk factors, including the speculative nature of oil and gas drilling, regulatory challenges, and market volatility in oil and natural gas prices.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Trio Petroleum Corp. annual 10-K report dated January 17, 2025. To report an error, please email earnings@qz.com.