2024 Q2 - Quarterly Report

UNITEDSTATES SECURITIESANDEXCHANGECOMMISSION WASHINGTOND.C.20549 FORM10-Q oQUARTERLYREPORTPURSUANTTOSECTION13OR15(d)OFTHESECURITIESEXCHANGEACTOF1934 FortheQuarterlyPeriodEndedApril30,2024OR ☐TRANSITIONREPORTPURSUANTTOSECTION13OR15(d)OFTHESECURITIESEXCHANGEACTOF1934 Forthetransitionperiodfromto. Commissionfilenumber:001-41643 TRIOPETROLEUMCORP. (ExactnameofRegistrantasspecifiedinitscharter) Delaware87-1968201 (Stateorotherjurisdictionof(I.R.S.Employer incorporationororganization)IdentificationNo.) 5401BusinessParkSouth,Suite115 Bakersfield,CA93309 (Addressofprincipalexecutiveoffices)(ZipCode) Registrant’stelephonenumber,includingareacode:(661)324-3911 SecuritiesregisteredpursuanttoSection12(b)oftheAct: Titleofeachclass TradingSymbol(s) Nameofeachexchangeonwhichregistered CommonStock,parvalue$0.0001pershare TPET NYSEAmericanLLC IndicatebycheckmarkwhethertheRegistrant(1)hasfiledallreportsrequiredtobefiledbySection13or15(d)oftheSecuritiesExchangeActof1934duringthepreceding12months(orforsuchshorterperiodthattheRegistrantwasrequiredtofilesuchreports),and(2)hasbeensubjecttosuchfilingrequirementsforthepast90days.☒Yes☐No IndicatebycheckmarkwhethertheregistranthassubmittedelectronicallyandpostedonitscorporateWebsite,ifany,everyInteractiveDataFilerequiredtobesubmittedandpostedpursuanttoRule405ofRegulationS-T(§232.405ofthischapter)duringthepreceding12months(orforsuchshorterperiodthattheregistrantwasrequiredtosubmitandpostsuchfiles).☒Yes☐No Indicatebycheckmarkwhethertheregistrantisalargeacceleratedfiler,anacceleratedfiler,anon-acceleratedfiler,smallerreportingcompany,oranemerginggrowthcompany.Seethedefinitionsoflargeacceleratedfiler,acceleratedfiler,smallerreportingcompany,andemerginggrowthcompanyinRule12b-2oftheExchangeAct. LargeAcceleratedFiler ☐ AcceleratedFiler ☐ Non-AcceleratedFiler ☒ SmallerReportingCompany ☒ EmergingGrowthCompany ☒ Ifanemerginggrowthcompany,indicatebycheckmarkiftheregistranthaselectednottousetheextendedtransitionperiodforcomplyingwithanyneworrevisedfinancialaccountingstandardsprovidedpursuanttoSection13(a)oftheExchangeAct.☐ Indicatebycheckmarkwhethertheregistrantisashellcompany(asdefinedinRule12b-2oftheExchangeAct).☐Yes☒NoAsofJune14,2024,therewere50,328,328sharesoftheregistrant’scommonstockoutstanding. TRIOPETROLEUMCORP.FORM10-Q FortheThreeandSixMonthsEndedApril30,2024 Page PARTI.FINANCIALINFORMATION3 ITEM1.FinancialStatements3 CondensedBalanceSheetsasofApril30,2024(unaudited)andOctober31,20233 CondensedStatementsofOperations(unaudited)fortheThreeandSixMonthsEndedApril30,2024and20234 CondensedStatementsofChangesinStockholders’Equity(unaudited)fortheSixMonthsEndedApril30,2024 and20235 CondensedStatementsofCashFlows(unaudited)fortheSixMonthsEndedApril30,2024and20237 NotestoUnauditedCondensedFinancialStatements8 ITEM2.Management’sDiscussionandAnalysisofFinancialConditionandResultsofOperations23 ITEM3.QuantitativeandQualitativeDisclosuresaboutMarketRisk33 ITEM4.ControlsandProcedures33 PARTII.OTHERINFORMATION33 ITEM1.LegalProceedings33 ITEM1A.RiskFactors33 ITEM2.UnregisteredSalesofEquitySecuritiesandUseofProceeds34 ITEM3.DefaultsUponSeniorSecurities34 ITEM4.MineSafetyDisclosures34 ITEM5.OtherInformation34 ITEM6.Exhibits34 SIGNATURES35 2 PARTI.FINANCIALINFORMATION Item1.FinancialStatements TRIOPETROLEUMCORP.CONDENSEDBALANCESHEETS April30,2024 October31,2023 (unaudited)ASSETSCurrentassets: Cash$220,647 $1,561,924 Prepaidexpenses584,229 133,417 Totalcurrentassets804,876 1,695,341 Oilandgasproperties-notsubjecttoamortization11,008,673 9,947,742 Totalassets$11,813,549 $11,643,083 LIABILITIESANDSTOCKHOLDERS’EQUITYCurrentliabilities: Accountspayableandaccruedliabilities$1,002,074 $609,360 Assetretirementobligations–current2,778 2,778 Convertiblenote,netofdiscounts- 1,217,597 Duetooperators63,878 21,651 Promissorynotes,netofdiscounts238,386 - Notespayable–relatedparties310,066 - Insuranceliability230,387 - Othercurrentliabilities171,270 - Totalcurrentliabilities2,018,839 1,851,386 Long-termliabilities:Assetretirementobligations,netofcurrentportion49,702 48,313 49,702 48,313 Totalliabilities2,068,541 1,899,699 CommitmentsandContingencies(Note7)Stockholders’Equity:Preferredstock,$0.0001parvalue;10,000,000sharesauthorized;-0-sharesissuedandoutstandingatApril30,2024andOctober31,2023,respectively- - Commonstock,$0.0001parvalue;490,000,000sharesauthorized;50,328,328and31,046,516sharesissuedandoutstandingasofApril30,2024andOctober31,2023,respectively5,033 3,105 Stocksubscriptionreceivable(10,010) (10,010) Additionalpaid-incapital25,944,850 20,197,171 Accumulateddeficit(16,194,865) (10,446,882) Totalstockholders’equity9,745,008 9,743,384 Totalliabilitiesandstockholders’equity$11,813,549 $11,643,083 Theaccompanyingnotesareanintegralpartoftheseunauditedcondensedfinancialstatements. 3 TRIOPETROLEUMCORP.CONDENSEDSTATEMENTSOFOPERATIONS (Unaudited) FortheThreeMonthsEndedFortheSixMonthsEndedApril30,April30, 2024 2023 2024 2023 Revenues,net $72,923 $- $72,923 $ - Operatingexpenses: Explorationexp