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Trio Petroleum Corp. (TPET-9.23%) has submitted its 10-Q filing for the quarterly period ended January 31, 2025.
The filing includes financial statements for the quarter, showing revenues of $10,819 from oil sales, marking an increase from no revenue in the same quarter the previous year.
Operating expenses for the quarter were $1,227,276, compared to $1,450,597 in the previous year. The decrease is attributed to reduced exploration and general administrative expenses.
The company reported a net loss of $1,615,525 for the quarter, compared to $1,702,048 in the previous year.
Cash used in operating activities was $920,485, while cash used in investing activities was $160,779. Cash provided by financing activities was $2,756,520, primarily from the issuance of common shares.
Trio Petroleum had a working capital of $547,056 as of January 31, 2025. The company acknowledges its dependence on additional capital to meet future obligations.
The filing details various projects, including the South Salinas Project, McCool Ranch Oil Field, and Asphalt Ridge Project, highlighting ongoing development and exploration activities.
Trio Petroleum continues to focus on its oil and gas exploration and development operations in California and Utah, with plans for further drilling and production efforts.
The company is classified as an emerging growth company and is taking advantage of certain exemptions from reporting requirements applicable to other public companies.
The filing also mentions the company's efforts to secure additional financing and manage its liquidity to support its operations and development plans.
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. quarterly 10-Q report dated March 14, 2025. To report an error, please email earnings@qz.com.