Form 10-Q - Quarterly report [Sections 13 or 15(d)]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended July 31, 2023

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to ________.

Commission file number: 001-41643

TRIO PETROLEUM CORP.

(Exact name of Registrant as specified in its charter)

Delaware		87-1968201
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

4115 Blackhawk Plaza Circle, Suite 100 Danville, CA		94506
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (661) 324-3911

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.0001 per share		TPET		NYSE American LLC

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of large accelerated filer, accelerated filer, smaller reporting company, and emerging growth company in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer	☐	Accelerated Filer	☐
Non-Accelerated Filer	☒	Smaller Reporting Company	☒
		Emerging Growth Company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

As of September 11, 2023, there were 29,621,516 shares of the registrant’s common stock outstanding.

TRIO PETROLEUM CORP.

FORM 10-Q

For the Quarter Ended July 31, 2023

		Page

PART I. FINANCIAL INFORMATION		3

ITEM 1.	Financial Statements	3

	Condensed Balance Sheets as of July 31, 2023 (unaudited) and October 31, 2022	3

	Condensed Statements of Operations (unaudited) for the Three and Nine Months Ended July 31, 2023 and 2022	4

	Condensed Statements of Changes in Stockholders’ Equity (unaudited) for the Three and Nine Months Ended July 31, 2023 and 2022	5

	Condensed Statements of Cash Flows (unaudited) for the Nine Months Ended July 31, 2023 and 2022	6

	Notes to Unaudited Condensed Financial Statements	7

ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	21

ITEM 3.	Quantitative and Qualitative Disclosures about Market Risk	30

ITEM 4.	Controls and Procedures	30

PART II. OTHER INFORMATION		30

ITEM 1.	Legal Proceedings	30

ITEM 1A.	Risk Factors	30

ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	30

ITEM 3.	Defaults Upon Senior Securities	30

ITEM 4.	Mine Safety Disclosures	30

ITEM 5.	Other Information	30

ITEM 6.	Exhibits	31

SIGNATURES		31

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

TRIO PETROLEUM CORP.

CONDENSED BALANCE SHEETS

	July 31,			October 31,
	2023			2022
	(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	1,506,028		$	73,648
Prepaid expenses and other receivables		124,290			35,000
Deferred offering costs		-			1,643,881
Total current assets		1,630,318			1,752,529

Oil and gas properties - not subject to amortization		9,045,333			5,836,232
Advance to operators		494,950			1,900,000
Total assets	$	11,170,601		$	9,488,761

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued liabilities	$	819,926		$	1,164,055
Asset retirement obligations – current		2,778			2,778
Notes payable - investors, net of discounts		-			4,403,439
Notes payable - related party, net of discounts		-			1,025,497
Warrants liability		-			114,883
Total current liabilities		822,704			6,710,652

Long-term liabilities:
Franchise tax accrual		3,750			9,450
Asset retirement obligations, net of current portion		47,619			45,535
Total Long-term liabilities		51,369			54,985
Total liabilities		874,073			6,765,637

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, 2023 and October 31, 2022, respectively		-			-

Common stock, $0.0001 par value; 490,000,000 shares authorized; 29,621,516 and 16,972,800 shares issued and outstanding as of July 31, 2023 and October 31, 2022, respectively		2,962			1,697
Stock subscription receivable		(10,010	)		(10,010	)
Additional paid-in capital		19,430,871			6,633,893
Accumulated deficit		(9,127,295	)		(3,902,456	)
Total stockholders’ equity		10,296,528			2,723,124

Total liabilities and stockholders’ equity	$	11,170,601		$	9,488,761

The accompanying notes are an integral part of these unaudited condensed financial statements.

TRIO PETROLEUM CORP.

CONDENSED STATEMENTS OF OPERATIONS

(Unaudited)

	2023			2022			2023			2022
	For the Three Months Ended July 31,						For the Nine Months Ended July 31,
	2023			2022			2023			2022

Revenue	$	-		$	-		$	-		$	-

Operating expenses:
Exploration expense	$	199,637		$	2,638		$	225,052		$	28,669
General and administrative expenses		1,171,256			219,524			2,215,775			685,565
Stock-based compensation expense		785,962			-			896,947			-
Accretion expense		695			695			2,084			2,084
Total operating expenses		2,157,550			222,857			3,339,858			716,318

Loss from operations		(2,157,550	)		(222,857	)		(3,339,858	)		(716,318	)

Other expenses:
Interest expense		-			485,293			746,930			1,046,106
Penalty fees		-			-			-			1,322,933
Loss on settlement		13,051			-			13,051			-
Loss on note conversion		-			-			1,125,000			-
Total other expenses		13,051			485,293			1,884,981			2,369,039

Loss before income taxes		(2,170,601	)		(708,150	)		(5,224,839	)		(3,085,357	)
Provision for income taxes		-			-			-			-

Net loss	$	(2,170,601	)	$	(708,150	)	$	(5,224,839	)	$	(3,085,357	)

Basic and Diluted Net Loss per Common Share
Basic	$	(0.08	)	$	(0.05	)	$	(0.25	)	$	(0.21	)
Diluted	$	(0.08	)	$	(0.05	)	$	(0.25	)	$	(0.21	)

Weighted Average Number of Common Shares Outstanding
Basic		26,556,760			15,641,278			20,748,826			14,375,071
Diluted		26,556,760			15,641,278			20,748,826			14,375,071

The accompanying notes are an integral part of these unaudited condensed financial statements.

TRIO PETROLEUM CORP.

CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(Unaudited)

	Shares		Amount		Receivable			Capital			Deficit			Equity
					Stock			Additional						Total
	Common Stock				Subscription			Paid-in			Accumulated			Stockholders’
	Shares		Amount		Receivable			Capital			Deficit			Equity
Balance at April 30, 2023		24,799,202	$	2,480	$	(10,010	)	$	16,752,597		$	(6,956,694	)	$	9,788,373
Issuance of common stock upon exercise of warrants, net		2,499,466		245		-			1,812,390			-			1,812,635
Issuance of common stock for services		48,000		5		-			80,154			-			80,159
Issuance of restricted stock units under the Equity Incentive Plan		700,000		70		-			(70	)		-			-
Issuance of common stock for warrants that can be exercised per the Resale S-1/A		1,199,848		120		-			(120	)		-			-
Stock-based compensation		425,000		42		-			785,920			-			785,962
Net loss		-		-		-			-			(2,170,601	)		(2,170,601	)
Balance at July 31, 2023		29,621,516	$	2,962	$	(10,010	)	$	19,430,871		$	(9,127,295	)	$	10,296,528

Balance at October 31, 2022		16,972,800	$	1,697	$	(10,010	)	$	6,633,893		$	(3,902,456	)	$	2,723,124
Issuance of common stock for cash, net		400,000		40		-			371,960			-			372,000
Issuance of conversion shares related to the SPA		5,038,902		504		-			5,164,371			-			5,164,875
Issuance of commitment shares related to the SPA		375,000		38		-			1,124,962			-			1,125,000
Issuance of common shares in IPO, net of underwriting discounts and offering costs		2,000,000		200		-			3,342,426			-			3,342,626
Issuance of pre-funded warrants		-		-		-			4,000			-			4,000
Issuance of common stock upon exercise of warrants, net		2,449,466		245		-			1,812,390			-			1,812,635
Issuance of common stock for services, net		48,000		5		-			80,155			-			80,160
Issuance of restricted stock units under the Equity Incentive Plan		700,000		70		-			(70	)		-			-
Issuance of common stock for warrants that can be exercised per the Resale S-1/A		1,199,848		120		-			(120	)		-			-
Stock-based compensation		437,500		43		-			896,904			-			896,947
Net loss		-		-		-			-			(5,224,839	)		(5,224,839	)
Balance at July 31, 2023		29,621,516	$	2,962	$	(10,010	)	$	19,430,871		$	(9,127,295	)	$	10,296,528

Balance at April 30, 2022		15,572,800	$	1,557	$	(10,010	)	$	6,596,514		$	(2,479,271	)	$	4,108,790
Issuance of restricted stock units to outside directors		300,000		30		-			(30	)		-			-
Interest imputed on note payable for acquisition of unproved oil and gas properties		-		-		-			31,317			-			31,317
Net loss		-		-		-			-			(708,150	)		(708,150	)
Balance at July 31, 2022		15,872,800	$	1,587	$	(10,010	)	$	6,627,801		$	(3,187,421	)	$	3,431,957

Balance at October 31, 2021		10,982,800	$	1,098	$	(50,545	)	$	4,202,021		$	(102,064	)	$	4,050,510
Issuance of founders’ shares		80,000		8		535			-			-			543
Issuance of security interest shares to investors		4,500,000		450		-			1,322,483			-			1,322,933
Issuance of common stock for cash, net		10,000		1		40,000			19,999			-			60,000
Issuance of warrants in connection with investor financing		-		-		-			994,091			-			994,091
Issuance of restricted stock units to outside directors		300,000		30		-			(30	)		-			-
Interest imputed on note payable for acquisition of unproved oil and gas properties		-		-		-			89,237			-			89,237
Net loss		-		-		-			-			(3,085,357	)		(3,085,357	)
Balance at July 31, 2022		15,872,800	$	1,587	$	(10,010	)	$	6,627,801		$	(3,187,421	)	$	3,431,957

The accompanying notes are an integral part of these unaudited condensed financial statements.

TRIO PETROLEUM CORP.

CONDENSED STATEMENTS OF CASH FLOWS

(Unaudited)

	2023			2022
	For the Nine Months Ended July 31,
	2023			2022

CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(5,224,839	)	$	(3,085,357	)
Adjustments to reconcile net loss to net cash used in operating activities:
Bad debt expense		25,000			-
Accretion expense		2,084			2,084
Conversion of SPA		1,125,000			-
Amortization of debt discount		432,693			772,318
Write-off of SPA receivable		-			80,000
Imputed interest		-			89,237
Stock-based compensation		896,947			-
Penalty fees		-			1,322,933
Changes in operating assets and liabilities:
Prepaid expenses and other receivables		(114,290	)		(25,206	)
Accounts payable and accrued liabilities		315,045			418,938
Net cash used in operating activities		(2,542,360	)		(425,053	)

CASH FLOWS FROM INVESTING ACTIVITIES:
Other capital expenditures for unproved oil and gas properties		(249,520	)		-
Drilling costs for exploratory well		(2,959,580	)		-
Advances to operators		1,405,050			-
Net cash used in investing activities		(1,804,050	)		-

CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock, net		452,160			60,543
Proceeds from notes payable – investors		-			4,420,000
Repayment of notes payable		(1,472,512	)		(2,920,000	)
Proceeds from issuance of common stock in IPO		6,000,000			-
Cash paid for debt issuance costs		-			(505,000	)
Proceeds from exercise of warrants, net		1,812,635			-
Cash paid for deferred offering costs		(1,013,493	)		(667,843	)
Net cash provided by financing activities		5,778,790			387,700

NET CHANGE IN CASH		1,432,380			(37,353	)
Cash - Beginning of period		73,648			78,877
Cash - End of period	$	1,506,028		$	41,524

Supplemental disclosures of cash flow information:
Cash paid for interest	$	-		$	-
Cash paid for income taxes	$	-		$	-

SUPPLEMENTAL CASH FLOW INFORMATION:
Non-cash investing and financing activities:
Issuance of warrants (equity classified)	$	-		$	994,901
Issuance of RSUs	$	70		$	30
Issuance of common stock for warrants that can be exercised per the Resale S-1/A	$	120		$	-
Issuance of pre-funded warrants	$	4,000		$	-

The accompanying notes are an integral part of these unaudited condensed financial statements.

TRIO PETROLEUM CORP.

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

FOR THE THREE AND NINE MONTHS ENDED JULY 31, 2023 AND 2022

NOTE 1 – NATURE OF THE ORGANIZATION AND BUSINESS

Company Organization

Trio Petroleum Corp. (“Trio Petroleum” or the “Company”) was incorporated in the state of Delaware on July 19, 2021. The Company is engaged in the exploration and development of the South Salinas Project (“SSP”), an oil and gas property located in Monterey County, California, which it acquired from Trio Petroleum, LLC (“Trio LLC”). The Company is headquartered in Bakersfield, California, with its principal offices located at 5401 Business Park, Suite 115, Bakersfield, CA, 93309.

Acquisition of South Salinas Project

On September 14, 2021, the Company entered into a Purchase and Sale Agreement (“PSA”) with Trio LLC to acquire an 82.75% working interest in the SSP; the working interest includes the purchased percentage of the SSP’s leases, wells and inventory in exchange for $300,000 cash, a non-interest-bearing note payable of $3,700,000 due to Trio LLC on December 17, 2021 (see Note 6 and Note 8) and 4,900,000 shares of the Company’s $0.0001 par value common stock (see Note 5 and Note 9). At the time of the acquisition, this share issuance constituted 45% of the total number of issued shares of the Company. The Company accounted for the purchase as an asset acquisition, as prescribed in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 805 – Business Combinations. The assets and associated asset retirement obligations (“ARO”) were recorded based on relative fair value at the estimated fair value of the consideration paid (see Note 5). In April 2023, the Company purchased an additional 3% working interest in the SSP; see Note 5 for further information. As of July 31, 2023 and October 31, 2022, there were no proved reserves attributable to the approximate 9,300 acres of the property.

Initial Public Offering

Emerging Growth Company

The Company is an “emerging growth company,” as defined in Section 2(a)(19) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s condensed financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

NOTE 2 –SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). Amounts presented in the condensed balance sheet as of October 31, 2022 are derived from our audited financial statements as of that date. The unaudited condensed financial statements as of and for the three and nine month periods ended July 31, 2023 and 2022 have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and the interim reporting rules of the Securities and Exchange Commission(“SEC”) and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s Registration Statement (Amendment No 9) on Form S-1/A filed with the SEC on March 24, 2023. In the opinion of management, all adjustments, consisting of normal recurring adjustments (unless otherwise indicated), necessary for a fair presentation of the financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year.

Use of Estimates

The preparation of financial statements in accordance with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, equity-based transaction and disclosure of contingent assets and liabilities at the date of the financial statements, and the revenue and expenses during the reporting period.

Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statement, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Some of the more significant estimates required to be made by management include estimates of oil and natural gas reserves (when and if assigned) and related present value estimates of future net cash flows therefrom, the carrying value of oil and natural gas properties, accounts receivable, bad debt expense, ARO and the valuation of equity-based transactions. Accordingly, actual results could differ significantly from those estimates.

Cash and cash equivalents

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had no cash equivalents as of July 31, 2023 and October 31, 2022.

Prepaid Expenses

Prepaid expenses consist primarily of prepaid services which will be expensed as the services are provided within twelve months. As of July 31, 2023 and October 31, 2022, the balances of the prepaids account were $124,290 and $35,000, respectively.

Deferred Offering Costs

Deferred offering costs consist of professional fees, filing, regulatory and other costs incurred through the balance sheet date that are directly related to the planned IPO (see Note 4). As of July 31, 2023 and October 31, 2022, offering costs in the aggregate of $0 and $1,643,881, respectively, were deferred.

Debt Issuance Costs

Costs incurred in connection with the issuance of the Company’s debt have been recorded as a direct reduction against the debt and amortized over the life of the associated debt as a component of interest expense. As of July 31, 2023 and October 31, 2022, the Company recorded no debt issuance costs; as of July 31, 2023 and July 31, 2022, the Company recorded $0 and $126,250 in non-cash interest expense related to debt issuance costs.

Oil and Gas Assets and Exploration Costs – Successful Efforts

The Company is in the exploration stage and has not yet realized any revenues from its operations. It applies the successful efforts method of accounting for crude oil and natural gas properties. Under this method, exploration costs such as exploratory, geological, and geophysical costs, delay rentals and exploratory overhead are expensed as incurred. If an exploratory property provides evidence to justify potential development of reserves, drilling costs associated with the property are initially capitalized, or suspended, pending a determination as to whether a commercially sufficient quantity of proved reserves can be attributed to the area as a result of drilling. At the end of each quarter, management reviews the status of all suspended exploratory property costs considering ongoing exploration activities; in particular, whether the Company is making sufficient progress in its ongoing exploration and appraisal efforts. If management determines that future appraisal drilling or development activities are unlikely to occur, associated exploratory well costs are expensed.

Costs to acquire mineral interests in crude oil and/or natural gas properties, drill and equip exploratory wells that find proved reserves and drill and equip development wells are capitalized. Acquisition costs of unproved leaseholds are assessed for impairment during the holding period and transferred to proven crude oil and/or natural gas properties to the extent associated with successful exploration activities. Significant undeveloped leases are assessed individually for impairment, based on the Company’s current exploration plans, and a valuation allowance is provided if impairment is indicated. Capitalized costs from successful exploration and development activities associated with producing crude oil and/or natural gas leases, along with capitalized costs for support equipment and facilities, are amortized to expense using the unit-of-production method based on proved crude oil and/or natural gas reserves on a field-by-field basis, as estimated by qualified petroleum engineers. As of July 31, 2023 and October 31, 2022, all of the Company’s oil and gas properties were classified as unproved properties and were not subject to depreciation, depletion and amortization.

Unproved oil and natural gas properties

Unproved oil and natural gas properties consist of costs incurred to acquire unproved leases. Unproved lease acquisition costs are capitalized until the lease expires or when the Company specifically identifies a lease that will revert to the lessor, at which time it charges the associated unproved lease acquisition costs to exploration costs.

Unproved oil and natural gas properties are not subject to amortization and are assessed periodically for impairment on a property-by-property basis based on remaining lease terms, drilling results or future plans to develop acreage. All of the Company’s natural gas properties were classified as unproved as of July 31, 2023 and October 31, 2022; see further discussion in Note 5.

Impairment of Other Long-lived Assets

The Company reviews the carrying value of its long-lived assets annually or whenever events or changes in circumstances indicate that the historical cost-carrying value of an asset may no longer be appropriate. The Company assesses the recoverability of the carrying value of the asset by estimating the future net undiscounted cash flows expected to result from the asset, including eventual disposition. If the future net undiscounted cash flows are less than the carrying value of the asset, an impairment loss is recorded equal to the difference between the asset’s carrying value and estimated fair value. With regards to oil and gas properties, this assessment applies to proved properties.

As of July 31, 2023 and October 31, 2022, the Company had no impairment of long-lived assets.

Asset Retirement Obligations

ARO consists of future plugging and abandonment expenses on oil and natural gas properties. In connection with the SSP acquisition described above, the Company acquired the plugging and abandonment liabilities associated with six non-producing wells. The fair value of the ARO was recorded as a liability in the period in which the wells were acquired with a corresponding increase in the carrying amount of oil and natural gas properties not subject to impairment. The Company plans to utilize the six wellbores acquired in the SSP acquisition in future exploration activities. The liability is accreted for the change in its present value each period based on the expected dates that the wellbores will be required to be plugged and abandoned. The capitalized cost of ARO is included in oil and gas properties and is a component of oil and gas property costs for purposes of impairment and, if proved reserves are found, such capitalized costs will be depreciated using the units-of-production method. The asset and liability are adjusted for changes resulting from revisions to the timing or the amount of the original estimate when deemed necessary. If the liability is settled for an amount other than the recorded amount, a gain or loss is recognized.

Components of the changes in ARO are shown below:

ARO, ending balance – October 31, 2022	$	48,313
Accretion expense		2,084
ARO, ending balance – July 31, 2023		50,397
Less: ARO – current		2,778
ARO, net of current portion – July 31, 2023	$	47,619

Related Parties

Related parties are directly or indirectly related to the Company, through one or more intermediaries and are in control, controlled by, or under common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. The Company discloses all related party transactions. On September 14, 2021, the Company acquired an 82.75% working interest (which was subsequently increased to an 85.75% working interest as of April 2023) in the SSP from Trio LLC in exchange for cash, a note payable to Trio LLC and the issuance of 4.9 million shares of common stock. As of the date of the acquisition, Trio LLC owned 45% of the outstanding shares of the Company and was considered a related party. As of July 31, 2023 and October 31, 2022, Trio LLC owned less than 1% and 29%, respectively, of the outstanding shares of the Company.

Income Taxes

Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets, including tax loss and credit carry forwards, and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

The Company utilizes ASC 740, Income Taxes, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. The Company accounts for income taxes using the asset and liability method to compute the differences between the tax basis of assets and liabilities and the related financial amounts, using currently enacted tax rates. A valuation allowance is recorded when it is “more likely than not” that a deferred tax asset will not be realized. At July 31, 2023 and October 31, 2022, the Company’s net deferred tax asset has been fully reserved.

For uncertain tax positions that meet a “more likely than not” threshold, the Company recognizes the benefit of uncertain tax positions in the financial statements. The Company’s practice is to recognize interest and penalties, if any, related to uncertain tax positions in income tax expense in the statements of operations when a determination is made that such expense is likely. The Company is subject to income tax examinations by major taxing authorities since inception.

Fair Value Measurements

The carrying values of financial instruments comprising cash and cash equivalents, payables, and notes payable-related party approximate fair values due to the short-term maturities of these instruments. The notes payable- related party is considered a level 3 measurement. As defined in ASC 820, Fair Value Measurements and Disclosures, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable. ASC 820 establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). This fair value measurement framework applies to both initial and subsequent measurement.

Level 1:	Quoted prices are available in active markets for identical assets or liabilities as of the reporting date.

Level 2:	Pricing inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reported date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies.

Level 3:	Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value. The significant unobservable inputs used in the fair value measurement for nonrecurring fair value measurements of long-lived assets include pricing models, discounted cash flow methodologies and similar techniques.

There are no assets or liabilities measured at fair value on a recurring basis. Assets and liabilities accounted for at fair value on a non-recurring basis in accordance with the fair value hierarchy include the initial allocation of the asset acquisition purchase price, including asset retirement obligations, the fair value of oil and natural gas properties and the assessment of impairment.

The fair value measurements and allocation of assets acquired are measured on a nonrecurring basis on the acquisition date using an income valuation technique based on inputs that are not observable in the market and therefore represent Level 3 inputs. Significant inputs used to determine the fair value include estimates of: (i) reserves; (ii) future commodity prices; (iii) operating and development costs; and (iv) a market-based weighted average cost of capital rate. The underlying commodity prices embedded in the Company’s estimated cash flows are the product of a process that begins with NYMEX forward curve pricing, adjusted for estimated location and quality differentials, as well as other factors that the Company’s management believes will impact realizable prices. These inputs require significant judgments and estimates by the Company’s management at the time of the valuation.

The fair value of additions to the asset retirement obligation liabilities is measured using valuation techniques consistent with the income approach, which converts future cash flows to a single discounted amount. Significant inputs to the valuation include: (i) estimated plug and abandonment cost per well for all oil and natural gas wells and for all disposal wells; (ii) estimated remaining life per well; (iii) future inflation factors; and (iv) the Company’s average credit-adjusted risk-free rate. These assumptions represent Level 3 inputs.

If the carrying amount of its proved oil and natural gas properties, which are assessed for impairment under ASC 360 – Property, Plant and Equipment, exceeds the estimated undiscounted future cash flows, the Company will adjust the carrying amount of the oil and natural gas properties to fair value. The fair value of its oil and natural gas properties is determined using valuation techniques consistent with the income and market approach. The factors used to determine fair value are subject to management’s judgment and expertise and include, but are not limited to, recent sales prices of comparable properties, the present value of future cash flows, net of estimated operating and development costs using estimates of proved reserves, future commodity pricing, future production estimates, anticipated capital expenditures, and various discount rates commensurate with the risk and current market conditions associated with the expected cash flow projected. These assumptions represent Level 3 inputs.

Net Loss Per Share

Basic and diluted net loss per share is computed by dividing net loss by the weighted average number of common shares outstanding during the reporting period. Diluted earnings per share is computed similar to basic loss per share, except the weighted average number of common shares outstanding are increased to include additional shares from the assumed exercise of share options, warrants and convertible notes, if dilutive.

The following common share equivalents are excluded from the calculation of weighted average common shares outstanding, because their inclusion would have been anti-dilutive (see Note 9):

	As of July 31,			As of July 31,
	2023			2022
Warrants (Note 7, Note 8)		500,000	⁽⁴⁾		7,964,286 ⁽¹⁾
Convertible Notes (Note 7, Note 8)		-			31,857,143 ⁽²⁾
Commitment Shares (Note 7, Note 8)		-			3,826,530 ⁽³⁾
Restricted stock units		-			300,000 ⁽⁵⁾
Total potentially anti-dilutive securities		500,000			43,947,959

⁽¹⁾	Balance includes warrants issued per the Securities Purchase Agreement (“SPA”) with GPL Ventures, LLC (“GPL”), which are exercisable into up to 50% of the number of shares of common stock issued upon full conversion of the Notes, with an exercise price equal to the conversion price.
⁽²⁾	Upon IPO, the debt will convert into a variable number of shares; the number of conversion shares is equal to the outstanding principal amount divided by the conversion price, which is equal to the lesser of a) the IPO price or b) the opening price of the common stock on the first trading day after the IPO multiplied by the discount of 50%.
⁽³⁾	The number of commitment shares to be issued is a variable number of shares for a fixed total dollar amount of $1,125,000, which is 25% of the aggregate Notes principal balance divided by the offering price of the IPO.
⁽⁴⁾	Balance consists of potentially anti-dilutive shares based on 1,459,878 outstanding, equity classified warrants.
⁽⁵⁾	Balance consists of restricted stock units granted to five outside directors.

Environmental Expenditures

The operations of the Company have been, and may in the future be, affected from time to time to varying degree by changes in environmental regulations, including those for future reclamation and site restoration costs. Both the likelihood of new regulations and their overall effect upon the Company vary greatly and are not predictable. The Company’s policy is to meet or, if possible, surpass standards set by relevant legislation by application of technically proven and economically feasible measures.

Environmental expenditures that relate to ongoing environmental and reclamation programs are charged against earnings as incurred or capitalized and amortized depending on their future economic benefits. All of these types of expenditures incurred since inception have been charged against earnings due to the uncertainty of their future recoverability. Estimated future reclamation and site restoration costs, when the ultimate liability is reasonably determinable, are charged against earnings over the estimated remaining life of the related business operation, net of expected recoveries.

Recent Accounting Pronouncements

All recently issued but not yet effective accounting pronouncements have been deemed to be not applicable or immaterial to the Company.

Subsequent Events

The Company evaluated all events and transactions that occurred after July 31, 2023 through the date of the filing of this report. See Note 10 for such events and transactions.

NOTE 3 – GOING CONCERN AND MANAGEMENT’S LIQUIDITY PLANS

As of July 31, 2023, the Company had $1,506,028 in its operating bank account and working capital of $807,614. To date, the Company has been funding operations through proceeds from the issuance of common stock, financing through certain investors and its IPO, which closed with net proceeds of $4,940,000. Upon consummation of the IPO, the Company used the net proceeds to i) repay a non-interest-bearing note payable in the amount of $1,032,512, and ii) repay a bridge note with three investors with a principal amount of $440,000 (see Notes 7 and 8).

The accompanying condensed financial statements have been prepared on the basis that the Company will continue as a going concern over the next twelve months from the date of issuance of these condensed financial statements, which assumes the realization of assets and the satisfaction of liabilities in the normal course of business. As of July 31, 2023, the Company has an accumulated deficit of $9,127,295 and has experienced losses from continuing operations. Based on the Company’s cash balance as of July 31, 2023 and projected cash needs for the twelve months following the issuance of these condensed financial statements, management estimates that it will need to generate sufficient sales revenue and/or raise additional capital to cover operating and capital requirements. Management will need to raise the additional funds by issuing additional shares of common stock or other equity securities or obtaining additional debt financing. Although management has been successful to date in raising necessary funding and obtaining financing through investors, there can be no assurance that any required future financing can be successfully completed on a timely basis, or on terms acceptable to the Company. Based on these circumstances, management has determined that these conditions raise substantial doubt about the Company’s ability to continue as a going concern for the twelve months following the issuance of these condensed financial statements.

Accordingly, the accompanying condensed financial statements have been prepared in conformity with U.S. GAAP, which contemplates continuation of the Company as a going concern and the realization of assets and the satisfaction of liabilities in the normal course of business. The condensed financial statements do not include any adjustments that might result from the outcome of this uncertainty.

NOTE 4 – INITIAL PUBLIC OFFERING

The Company’s Registration Statement (Amendment No 9) on Form S-1/A was filed with the SEC on March 24, 2023; its Initial Public Offering was declared effective on April 17, 2023 and closed on April 20, 2023 (collectively, the “Offering” or “IPO”). The Company sold 2,000,000 shares of common stock at a public offering price of $3.00 per share for gross proceeds of $6,000,000. After deducting the underwriting commissions, discounts and offering expenses payable by the Company, it received net proceeds of approximately $4,940,000. The Company’s common stock is listed on the NYSE American under the symbol TPET. The Company also issued warrants to purchase 100,000 shares of common stock to the underwriters at an exercise price of $3.30 per share (110% of public offering price), the cost of which was offset to additional paid-in capital upon IPO.

NOTE 5 – OIL AND NATURAL GAS PROPERTIES

The following tables summarize the Company’s oil and gas activities.

	As of July 31,		As of October 31,
	2023		2022
Oil and gas properties – not subject to amortization	$	9,045,333	$	5,836,232
Accumulated impairment		—		—
Oil and gas properties – not subject to amortization, net	$	9,045,333	$	5,836,232

During the three and nine months ended July 31, 2023, the Company incurred aggregated exploration costs of $199,637 and $225,052, respectively; these expenses were exploratory, geological and geophysical costs and were expensed on the statement of operations during the applicable periods. During the three and nine months ended July 31, 2022, the Company incurred aggregated exploration costs of $2,638 and $28,669, respectively; these costs were mainly for the purpose of the site surveys and were expensed on the statement of operations during the applicable periods. For capitalized costs, the Company incurred $1,704,081 and $3,209,101 for the three and nine months ended July 31, 2023, respectively. Of the costs incurred during the current period, approximately $1.6 million relate to drilling the HV-1 well and approximately $0.1 million relates to reserve analysis of the optioned assets (see Optioned Assets below); of the costs incurred during the nine-month period, approximately $2.9 million relates to drilling the HV-1 well, approximately $0.1 million relates to reserve analysis of the optioned assets (see Optioned Assets below) and approximately $0.2 million relates to acquisition costs. Both drilling and acquisition costs were capitalized and are reflected in the balance of the oil and gas property as of July 31, 2023. There were no capitalized costs incurred in the same period during 2022.

Leases

As of July 31, 2023, the Company holds various leases related to the unproved properties of the SSP (see Note 6 and Note 7). During February and March 2023, the Company entered into additional leases related to the unproved properties of the SSP with two groups of lessors. The first group of leases covers 360 acres and has a term of 20 years; the Company is required to make rental payments of $25/acre per year. The Company is currently in compliance with this requirement and has paid in advance the rental payment of approximately $11,000 for the period February 2023 – February 2024; this amount was expensed under the successful efforts method of accounting. The second group of leases covers 307.75 acres and has a term of 20 years; the Company is required to make rental payments of $30/acre per year. The Company is currently in compliance with this requirement and has paid in advance the rental payment of approximately $11,000 for the period from March 2023 through March 2024; this amount was expensed under the successful efforts method of accounting.

The Company did not record any impairment to the oil and gas property as of July 31, 2023, as all capitalized costs represent costs to acquire unproved property leases pending further development on the balance sheet. There is no depletion related to the oil and gas property as of July 31, 2023, as the Company does not currently have production and the acquired property is not subject to amortization as of that date.

Optioned Assets

On December 22, 2022, the Company and Trio LLC entered into the Fourth Amendment to the Purchase and Sale Agreement for the SSP. Per the terms of the Fourth Amendment, the Company was granted a 120-day option (commencing on January 1, 2023) to acquire any or all of the following three assets currently owned in part by Trio LLC (the “Optioned Assets”). The price for this option was $150,000 (the “Option Fee”), which was paid by the Company to Trio LLC in April 2023; this amount was capitalized and is reflected in the balance of the oil and gas property. The Optioned Assets are as follows:

	●	The Hangman Hollow Field asset with an option to acquire Trio LLC’s 44% working interest and their Operatorship;
	●	The Kern Front Field asset with an option to acquire Trio LLC’s 22% working interest and their Operatorship; and
	●	The Union Ave Field with an option to acquire Trio LLC’s 20% working interest and their Operatorship;

The Optioned Assets are all located in California. In order to evaluate the Optioned Assets, the Company engaged KLS Petroleum Consulting, LLC (“KLSP”) to do detailed analyses and estimations of the oil and gas reserves and of the fair market values of each of these three assets. These analyses have been completed, and notwithstanding the expiration of the option period, the Company is still evaluating its interest in acquiring any or all the Optioned Assets. As of July 31, 2023, the Company has paid approximately $37,000 to KLSP for reserve analysis of the optioned assets; this amount has been capitalized and is reflected in the balance of the oil and gas property on the balance sheet.

Additional Working Interest – South Salinas Project

In April 2023, the Company paid Trio LLC approximately $60,000 to acquire an additional 3.026471% working interest in the South Salinas Project, of which working interest amount is one-half (1/2) of the working interest that was acquired by Trio LLC; this amount was capitalized and is reflected in the balance of the oil and gas property.

Union Ave Field Agreement

On May 12, 2023, the Company announced the signing of an Acquisition Agreement to potentially acquire up to 100% of the working interest in the Union Ave Field. The agreement is between the Company and Trio LLC, on behalf of itself as Operator and holding a 20% working interest in Union Ave Field as well as to facilitate the remaining 80% working interest holders. As Trio LLC is partly owned and controlled by members of Trio’s management, this would be a related party transaction, and a special committee of Trio’s board of directors (the “Trio Special Committee”) has been formed to evaluate and negotiate the terms of this acquisition. Trio has engaged KLSP to conduct a comprehensive analysis and valuation of the asset, which analysis has been delivered to the Company and is being evaluated by the Trio Special Committee. As of July 31, 2023, the Company is still negotiating the terms of this acquisition.

NOTE 6 – RELATED PARTY TRANSACTIONS

Notes Payable – Related Party

On September 14, 2021, the Company entered into a note payable with Trio LLC as part of the agreement for the purchase of an 82.75% working interest in the SSP (see Note 1). Per the Third Amendment signed on May 27, 2022, a portion of a previous payment made to Trio LLC was used to fund a lease extension payment to a third-party; as the payment previously made was to be used for other expenditures, the amount used to fund the lease extension was added to the remaining amount due to Trio LLC, increasing it from $780,000 to $1,032,512. Per an extension to the Fourth Amendment to the PSA, the Company made the final payment of $1,032,512 upon the consummation of the IPO. As of July 31, 2023 and October 31, 2022, the balance of the note payable was $0 and $1,025,497, respectively, with interest expense recognized of $0 and $7,015 for the three and nine months ended July 31, 2023, respectively. The interest expense of $19,381 and $99,517 was recognized during the three and nine months ended July 31, 2022, respectively (see Note 8). Total payments made on the note payable for the nine months ended July 31, 2023 were $1,032,512, and for the year ended October 31, 2022 were $2,920,000.

Restricted Stock Units (“RSUs”) issued to Directors

On July 11, 2022, the Company issued 60,000 shares of its $0.0001 par common stock to each of its five outside Directors with a fair value of $0.29 per share for an aggregate grant date value of $88,200. The fair value was calculated via a third-party valuation performed using income and market methods, as well as a discounted cash flow method, with the terminal value using a market multiples method, adjusted for a lack of marketability. The shares, or RSUs, vest in full upon the six-month anniversary of the IPO, subject to the directors’ continued service on the vesting date; upon issuance, the shares will be fully paid and non-assessable. Upon consummation of the IPO, the vesting period for these shares began and for the three and nine months ended July 31, 2023, the Company recognized stock-based compensation in the amount of $44,462 and $50,262, respectively, within general and administrative expenses on the income statement, with unrecognized expense of $37,938 as of the period ended July 31, 2023.

Restricted Shares issued to Executives and Employees

In February 2022, the Company entered into employee agreements with Mr. Frank Ingriselli (Chief Executive Officer or “CEO”) and Mr. Greg Overholtzer (Chief Financial Officer or “CFO”) which, among other things, provided for the grant of restricted shares in the amounts of 1,000,000 and 100,000, respectively, pursuant to the 2022 Equity Incentive Plan (“the Plan”). Per the terms of the employee agreements, subject to continued employment, the restricted shares vest over a two-year period, under which 25% will vest upon the earlier of three months after the IPO or six months after the grant date. After this date, the remainder vest in equal tranches every six months until fully vested. As the Plan was not adopted until October 17, 2022 (see Note 7), these shares will be recorded as of that date at a fair value of $0.294 per share; such value was calculated via a third-party valuation performed using income and market methods, as well as a discounted cash flow method, with the terminal value using a market multiples method, adjusted for a lack of marketability (see Note 9). As of October 31, 2022, the Company recorded 1,100,000 restricted shares at a fair value of $323,400, and for the three and nine months ended July 31, 2023, the Company recognized stock-based compensation of $40,757 and $120,943, respectively, within general and administrative expenses on the income statement, with unrecognized expense of $196,255.

In May 2023, the Company entered into six employee agreements which, among other things, provided for the grant of an aggregate of 700,000 restricted shares pursuant to the Plan. Per the terms of the employee agreements, subject to continued employment, the restricted shares vest as follows: 25% of the shares will vest five months after the issuance date, after which the remainder vest in equal tranches every six months until fully vested. The shares were recorded on the date of issuance at a fair value of $2.15 per share for an aggregate fair value of $1,505,000, and for the three and nine months ended July 31, 2023, the Company recognized stock-based compensation of $226,242 and $226,242, respectively, within general and administrative expenses on the income statement, with unrecognized expense of $1,278,758 as of the period ended July 31, 2023.

Pursuant to the Ingriselli Employment Agreement dated February 1, 2022, Mr. Ingriselli is eligible for an annual discretionary bonus; on July 20, 2023, the Company issued 200,000 restricted shares (subject to the Plan) at a fair value of $1.07 per share to Mr. Ingriselli for an aggregate fair value of $213,000. The shares vested fully on July 24, 2023 and the Company recognized stock-based compensation of $213,000 within general and administrative expenses on the income statement for the period ended July 31, 2023.

NOTE 7 – COMMITMENTS AND CONTINGENCIES

From time to time, the Company is subject to various claims that arise in the ordinary course of business. Management believes that any liability of the Company that may arise out of or with respect to these matters will not materially adversely affect the financial position, results of operations, or cash flows of the Company.

Unproved Property Leases

As of July 31, 2023, the Company holds various leases related to the unproved properties of the SSP. Two of the leases are held with the same lessor. The first lease covers 8,417 acres and is currently in “force majeure” status. On May 27, 2022, the Company entered into an Amendment to the lease agreement which provides for an extension of the current force majeure status for an additional, uncontested twelve months, during which the Company will be released from having to evidence to the lessor the existence of force majeure conditions. As consideration for the granting of the lease extension, the Company paid the lessor a one-time, non-refundable payment of $252,512; this amount was capitalized and is reflected in the balance of the oil and gas property as of October 31, 2022. The extension period commenced on June 19, 2022. As of July 31, 2023, the validity of the lease is maintained by the drilling of the HV-1 well, which is in production testing.

The second lease covers 160 acres of the SSP; it is currently held by delay rental and is renewed every three years. Until drilling commences, the Company is required to make delay rental payments of $30/acre per year. The Company is currently in compliance with this requirement and has paid in advance the delay rental payment for the period from October 2022 through October 2023.

During February and March of 2023, the Company entered into additional leases related to the unproved properties of the SSP with two groups of lessors. The first group of leases covers 360 acres and has a term of 20 years; the Company is required to make rental payments of $25/acre per year. The Company is currently in compliance with this requirement and has paid in advance the rental payment for the period February 2023 – February 2024. The second group of leases covers 307.75 acres and has a term of 20 years; the Company is required to make rental payments of $30/acre per year. The Company is currently in compliance with this requirement and has paid in advance the rental payment for the period from March 2023 through March 2024.

As of July 31, 2023, the Company assessed the unproved properties of the SSP and those adjacent to it for impairment, analyzing future drilling plans, leasehold expiration and the existence of any known dry holes in the area. Management concluded there is no impairment allowance required as of the balance sheet date.

Board of Directors Compensation

On July 11, 2022, the Company’s Board of Directors approved compensation for each of the non-employee directors of the Company, which would be effective upon the consummation of the IPO. Such compensation is structured as follows: an annual retainer of $50,000 cash plus an additional $10,000 for each Board committee upon which the Director serves, each paid quarterly in arrears. Payment for this approved compensation commenced upon successful completion of the Company’s IPO and as of July 31, 2023, the Company has recognized $78,132 in directors’ fees.

Agreements with Advisors

On July 28, 2022, the Company entered into an agreement with Spartan Capital Securities, LLC (“Spartan”) whereby Spartan will serve as the exclusive agent, advisor or underwriter in any offering of securities of the Company for the term of the agreement, which is one year. The agreement provides for a $25,000 non-refundable advance upon execution of the agreement and completion of a bridge offering to be credited against the accountable expenses incurred by Spartan upon successful completion of the IPO, a cash fee or an underwriter discount of 7.5% of the aggregate proceeds raised in the IPO, warrants to purchase a number of common shares equal to 5% of the aggregate number of common shares placed in the IPO, an expense allowance of up to $150,000 for fees and expenses of legal counsel and other out-of-pocket expenses and 1% of the gross proceeds of the IPO to Spartan for non-accountable expenses. The agreement also provides for an option to Spartan that is exercisable within 45 days after the closing of the IPO to purchase up to an additional 15% of the total number of securities offered by the Company in the IPO. For a period of 18 months following the July 28, 2023 expiration of the agreement, Spartan shall be entitled to receive the same 7.5% cash fee and 5% warrant coverage compensation under the "tail" terms of the agreement with respect to financing transactions the Company consummates with any party contacted or introduced by Spartan to the Company prior to the expiration of the Spartan agreement.

On April 20, 2023, pursuant to the agreement above, the Company issued representative warrants to Spartan to purchase up to an aggregate of 100,000 shares of common stock; these warrants may be exercised commencing from the closing of the Offering and expiring five years from the effective date of the registration statement at an exercise price of $3.30 (110% of the public offering price of the common stock).

Trio LLC – Monthly Consulting Fee

Pursuant to the Fourth Amendment to the PSA, the Company agreed, retroactively commencing on May 1, 2022, to accrue a monthly consulting fee of $35,000, due and payable by the Company to Trio LLC. This fee is intended to cover the work being done for the Company by Trio LLC’s employees prior to the closing date of the Company’s IPO. As of July 31, 2023, the Company has accrued and paid $406,000 in fees for these services.

On May 1, 2023, the Company entered into six employment agreements with Trio LLC employees; the agreements provide for compensation and restricted shares pursuant to the Plan (see Note 9) with a start date of May 1, 2023, provided that each individual continues to serve as an employee of Trio LLC on a part-time basis.

NOTE 8 – NOTES PAYABLE

Notes payable as of July 31, 2023 and October 31, 2022 consisted of the following:

SCHEDULE OF NOTES PAYABLE

	As of July 31,		As of October 31,
	2023		2022
Notes payable – related party, net of discounts	$	-	$	1,025,497
Notes payable – investors, net of discounts		-		4,137,720
Bridge Note, net of discounts		-		265,719
Total Notes payable	$	-	$	5,428,936

Notes Payable – Related Party

On September 14, 2021, the Company entered into a note payable with Trio LLC as part of the agreement for the purchase of an 82.75% working interest in the SSP (see Note 1). Per the Third Amendment signed on May 27, 2022, a portion of a previous payment made to Trio LLC was used to fund a lease extension payment to a third-party; as the payment previously made was to be used for other expenditures, the amount used to fund the lease extension was added to the remaining amount due to Trio LLC, increasing it from $780,000 to $1,032,512. Per an extension to the Fourth Amendment to the PSA, the Company made the final payment of $1,032,512 upon the consummation of the IPO. As of July 31, 2023 and October 31, 2022, the balance of the note payable was $0 and $1,025,497, respectively, with interest expense recognized of $0 and $7,015 for the three and nine months ended July 31, 2023, respectively. The interest expense of $19,381 and $99,517 was recognized during the three and nine months ended July 31, 2022, respectively (see Note 6). Total payments made on the note payable for the nine months ended July 31, 2023 were $1,032,512, and for the year ended October 31, 2022 were $2,920,000.

Notes Payable – Investors

On January 28, 2022, the Company entered into a SPA with GPL (see Note 3 and Note 7), pursuant to which (i) in exchange for $4,500,000 in consideration consisting of $4,420,000 in cash and $80,000 in the form of a receivable to be funded in a subsequent quarter, the Company issued senior secured convertible promissory notes (“Notes”) with an aggregate principal amount of $4,500,000, (ii) the Company issued warrants to purchase up to 50% of the number of shares of common stock issued upon the full conversion of the Notes, and (iii) the Company agreed to issue commitment shares (see Note 7) to the investors upon the date of the Company’s IPO. The Notes were collateralized with a security interest in the oil and gas properties, which was to be perfected by April 28, 2022. In the event the collateral was not perfected by April 28, 2022, the Company was required to deliver 4,500,000 shares (“Default Shares”) to the investors. The Default Shares were initially held in escrow until the earlier of a) the granting and perfection of the security interest, b) the conversion of the Notes upon the IPO or c) April 28, 2022. As the Company failed to perfect the security interest and no IPO occurred by April 28, 2022, the Default Shares were delivered to the investors on April 28, 2022. The shares were issued at a fair value of $0.29 per share for an aggregate value of $1,322,933, and this amount was recognized as penalty fees related to debt on the income statement.

An extension to the SPA was signed during March 2023 that extended the maturity date to April 30, 2023. The note bore interest of 8% per annum to be accrued and paid upon maturity. Because the Company’s IPO did not occur by August 1, 2022, the interest percentage increased to 15% per annum. The principal and interest payable on the Notes automatically converted into shares upon completion of the IPO. The conversion price was the lesser of i) the IPO price multiplied by the discount of 50% or ii) the opening price of the common stock on the trading day following the date of the IPO multiplied by the discount of 50%. The number of conversion shares is the outstanding principal amount divided by the conversion price. Upon the completion of the IPO, the debt converted into 5,038,902 shares with a fair value of $5,164,875.

The commitment shares were issued upon the completion of the IPO. The number of commitment shares to be issued was 375,000 shares at a fair value of $1,125,000, which is 25% of the aggregate Notes principal balance divided by the offering price of the IPO.

The warrants issued per the SPA are exercisable into up to 50% of the number of shares of common stock issued upon full conversion of the Notes, with an exercise price equal to the conversion price. Accordingly, upon IPO, warrant holders can receive up to $4,500,000 worth of common stock in exchange for a cash payment of 50% of the IPO price, or up to $2,250,000. The Company determined the warrants are equity classified and used a third party to perform a valuation to estimate their fair market value at January 28, 2022. The factors used to determine their fair value, which was $994,091, were a term of 3 years, volatility of 92%, a share price based on comparable companies and an exercise price of 50% of the stock price upon the Company’s IPO. The Company also incurred debt issuance costs of $505,000 in connection with the issuance of the Notes, Default Shares and warrants. The values of the warrants and debt issuance costs are recorded as debt discounts and amortized over the life of the Notes, which is one year.

Upon consummation of its IPO, the Company converted the aggregate outstanding principal and accrued interest balances of $4,500,000 and $664,875, respectively, into 5,038,902 shares of common stock; the number of conversion shares was calculated by dividing the aggregate balance of $5,164,875 by the opening trading price of its common stock on April 19, 2023 of $2.05, with a discount applied of 50%. The Company also issued 375,000 commitment shares, the number of which was calculated by taking 25% of the outstanding principal balance of $4,500,000 and dividing it by the IPO price of $3.00 per share, with the expense for issuing the commitment shares being recognized as a loss on the income statement as of April 30, 2023. As of July 31, 2023 and October 31, 2022, the balance of the Notes payable was $0 and $4,137,720, with interest expense of $0 and $675,405 for the three and nine months ended July 31, 2023, respectively, and interest expense of $374,773 and $762,038 for the three and nine months ended July 31, 2022, respectively.

Bridge Note

During September 2022, the Company entered into an agreement or bridge note (“Bridge Note”) with three investors; the Bridge Note includes original issue discount senior notes (“Notes”) with gross proceeds of $444,000, a 10% Original Issue Discount (“OID”) of $44,000 and debt issuance costs of $70,438, for net proceeds of $329,562 to the Company. The Bridge Note included pre-funded warrants that permit the investors to purchase a number of shares of the Company’s common stock (equal to 100% of the original principal amount of the Notes), which can be exercised from the date of the warrant agreement to five years from the date of the Company’s IPO at an exercise price of $0.01. The Notes had a maturity date of the earlier of i) April 30, 2023 or ii) the completion of the IPO (see Note 10). The Notes bore interest at 8% per annum, which would waived if the Company completed a successful IPO within 90 days of the closing of financing; in the event of default, the interest percentage would increase to 15% per annum.

The Company also issued pre-funded warrants in connection with the Bridge Note to purchase a number of shares equal to the number of dollars of the Notes, or 400,000, at an exercise price of $0.01 per share; the Company determined the warrants are equity classified and can be exercised at any time from the date of the warrant agreement to five years from the date of the completion of the IPO (see Note 9). The Company also incurred debt issuance costs of $70,438 in connection with the issuance of the Notes and warrants. The values of the OID, warrants and debt issuance costs are recorded as debt discounts and amortized over the life of the Notes as interest expense.

Upon consummation of its IPO, the Company repaid the Bridge Note in the amount of $440,000 and interest was waived by the investors. As of July 31, 2023 and October 31, 2022, the balance of the Bridge Note (which is included within the Notes payable – investors, net of discounts line item on the balance sheet) is $0 and $265,719, respectively, with interest expense of $0 and $174,281 for the three and nine months ended July 31, 2023, respectively.

NOTE 9 – STOCKHOLDERS’ EQUITY

Common Shares

On October 17, 2022, the Company issued 1,100,000 restricted shares to two of its executives pursuant to the Plan (see Note 6). As the Plan was not adopted until October 17, 2022 (see Note 7), these shares were recorded as of that date at a fair value of $0.29 per share; such value was calculated via a third-party valuation performed using income and market methods, as well as a discounted cash flow method, with the terminal value using a market multiples method, adjusted for a lack of marketability. As of October 31, 2022, the Company recorded 1,100,000 restricted shares at a fair value of $323,400 and for the three and nine months ended July 31, 2023, the Company recognized stock-based compensation of $40,757 and $120,943, respectively, within general and administrative expenses on the income statement, with unrecognized expense of $196,255.

In December 2022, the Company entered into subscription agreements with two accredited investors for the aggregate issuance of 400,000 common shares for aggregate gross cash proceeds of $400,000. The common shares are $0.0001 par value and have a purchase price of $1.00 per share.

In April 2023, the Company consummated its IPO and sold 2,000,000 shares of common stock at a public offering price of $3.00 per share for gross proceeds of $6,000,000.

On April 20, 2023, the Company issued 12,500 shares of common stock at a fair value of $2.00 per share to consultants in exchange for services rendered; the aggregate amount of $25,000 was recorded as stock-based compensation as of the end of the period.

On May 1, 2023, the Company issued 700,000 restricted shares to six of its employees pursuant to the Plan (see Note 6); the shares were recorded at a fair value of $2.15 per share for an aggregate grand date fair value of $1,505,000. As of July 31, 2023, the Company has recorded stock-based compensation expense of $226,242 for these shares as of the end of the period.

On May 2, 2023, June 23, 2023 and July 11, 2023, the Company issued 25,000, 100,000 and 100,000 shares of common stock, par value of $0.0001, respectively, at a fair value of $2.10, $0.88 and $1.21, respectively, to consultants in exchange for services rendered; the aggregate amounts of $52,500, $88,000 and $121,000, respectively, were recorded as stock-based compensation as of the end of the period.

On June 30, 2023, the Company issued 48,000 shares of common stock, par value of $0.0001, at a fair value of $1.67 to Marcum, LLP for an aggregate amount of $80,159 for partial satisfaction of an account payable.

On June 30, 2023, the Company issued a Form S-1/A, which registered for resale (i) up to 3,149,314 shares of common stock, par value $0.0001 per share which the selling stockholders may acquire upon the exercise of outstanding common warrants and (ii) up to 500,000 shares of common stock, which the selling stockholders may acquire upon the exercise of outstanding pre-funded warrants. Such warrants were issued to the selling stockholders in connection with securities purchase agreements entered into on January 28, 2022 and September 20, 2022. The Company recorded 699,848 shares of common stock that are not exercised but registered in accordance with their common warrant agreements and 500,000 shares of common stock that are not exercised but registered in accordance with their pre-funded warrant agreements upon the filing of this Form S-1/A.

On July 20, 2023, the Company issued 200,000 restricted shares pursuant to the Plan to Mr. Ingriselli (see Note 6) at a fair value of $1.07 per share for an aggregate fair value of $213,000. The shares vested fully on July 24, 2023 and the Company recognized stock-based compensation for the full value of the shares as of the end of the period.

Warrants

SPA with GPL Warrants

In January 2022, the Company entered into a SPA with GPL, which has warrants attached that are exercisable into up to 50% of the number of shares of common stock issued upon full conversion of the Notes. The Company determined the warrants are equity classified and used a third party to perform a valuation to estimate their fair market value at January 28, 2022, which was $994,091. The factors used to determine their fair value were a term of 3 years, volatility of 92%, a share price based on comparable companies and an exercise price of 50% of the stock price upon the Company’s IPO.

Upon consummation of the IPO, the Company issued an aggregate of 2,519,451 warrants to the GPL investors at an exercise price of $1.03 and an expiration date of 3 years from the date of the IPO; on July 10, 2023, the Company entered into amendments to the warrant agreements with five of the six investors, whereby i) the exercise price was reduced from $1.03 to $0.80 and ii) the number of warrants was increased by a factor of 1.25 or 489,893 warrants in order to induce full, immediate exercise. Accordingly, 2,449,466 warrants (original number of warrants was 1,959,573) were exercised at an exercise price of $0.80 per share for aggregate proceeds (net of equity issuance costs of $146,938) of $1,812,635. The shares issued for the exercise of these warrants were registered for resale as part of the Form S-1/A filed on June 30, 2023. The Company accounted for the amendments as warrant modifications, whereby the effect of the modifications is measured as the difference in relative fair value immediately before the modification and after the modification; and any increase to the relative fair value is recognized as equity issuance costs.

To assess for the change in relative fair value, the Company performed a Black Scholes Option Model calculation to quantify the fair value of 1,959,573 common warrants under their original terms as of the modification date using the following assumptions: a share price of $1.43, an exercise price of $1.03, an expected term of 3.0 years, volatility of 136%, a dividend rate of 0% and a discount rate of 4.54. The Company then performed a Black Scholes Option Model calculation to quantify the fair value of 2,449,466 common warrants with their new modified terms as of the modification date using the following assumptions: a share price of $1.53, an exercise price of $0.80, an expected term of 3.0 years, volatility of 136%, a dividend rate of 0% and a discount rate of 4.54. The aggregate difference of approximately $0.3 million between the two calculated amounts was recorded as an equity issuance cost within equity during the period to account for the change in relative fair value.

Other Warrants

In December 2022, the Company entered into subscription agreements with two accredited investors for the aggregate issuance of 400,000 common shares, as well as warrants to purchase additional shares up to the initial subscription amount; the warrants are exercisable for two years and have an exercise price equal to fifty percent of the price per share the Company sells its common shares in its IPO. The warrants were determined to be equity classified and were recorded at fair value in additional paid-in capital on the balance sheet for the period. Their fair value was based on the price the third-party investors paid for the original subscription agreements described above.

The Company also issued warrants to purchase 100,000 shares of common stock to the underwriters at an exercise price of $3.30 per share (110% of public offering price).

A summary of the warrant activity during the three and nine months ended July 31, 2023 is presented below:

SCHEDULE OF WARRANT ACTIVITY

	Number of Warrants			Weighted Average Exercise Price		Weighted Average Remaining Life in Years		Intrinsic Value

Outstanding, May 1, 2023		3,419,451		$	1.00		2.8	$	-
Issued		489,893			0.80		2.7		-
Exercised		(2,449,466	)		0.98		-		-
Cancelled		-			-		-		-
Expired		-			-		-		-
Outstanding, July 31, 2023		1,459,878		$	1.03		3.0	$	318,000

Exercisable, July 31, 2023		1,459,878		$	1.03		3.0	$	318,000

	Number of Warrants			Weighted Average Exercise Price		Weighted Average Remaining Life in Years		Intrinsic Value

Outstanding, November 1, 2022		-		$	-		-	$	-
Issued		3,909,344			1.00		3.1		-
Exercised		(2,449,466	)		0.98		-		-
Cancelled		-			-		-		-
Expired		-			-		-		-
Outstanding, July 31, 2023		1,459,878		$	1.03		3.0	$	318,000

Exercisable, July 31, 2023		1,459,878		$	1.03		3.0	$	318,000

A summary of outstanding and exercisable warrants as of July 31, 2023 is presented below:

Warrants Outstanding				Warrants Exercisable
				Weighted
				Average
Exercise		Number of		Remaining		Number of
Price		Shares		Life in Years		Shares
$	0.01		400,000		4.7		400,000
$	1.50		400,000		1.4		400,000
$	3.30		100,000		4.7		100,000
$	1.03		559,878		2.7		559,878
			1,459,878		3.0		1,459,878

NOTE 10 – SUBSEQUENT EVENTS

In accordance with ASC 855 – Subsequent Events, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before condensed financial statements are issued, the Company has evaluated all events and transactions that occurred after July 31, 2023, through the date the condensed financial statements are available for filing.

On September 2, 2023, the Company granted a total of 425,000 shares of restricted common stock to four non-employee independent directors as consideration for their continued service pursuant to the Plan at a price of $0.64 per share; one hundred percent of the shares vest on the six-month anniversary of the vesting commencement date, which is August 28, 2023.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

You should read the following discussion and analysis of financial condition and operating results together with our financial statements and the related notes and other financial information included elsewhere in this quarterly report on Form 10-Q, as well as our audited financial statements and related notes as disclosed in our S-1, as amended. This discussion contains forward-looking statements that involve risks and uncertainties. As a result of many factors, such as those in this Quarterly Report on Form 10-Q, as well as the risk factors set forth in the section titled “Risk Factors” included in our S-1, as amended, our actual results may differ materially from those anticipated in these forward-looking statements. For convenience of presentation some of the numbers have been rounded in the text below.

Throughout this report, the terms “our,” “we,” “us,” and the “Company” refer to Trio Petroleum Corp.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements that can involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this Quarterly Report, including statements regarding our future results of operations and financial position, business strategy, prospective products, product approvals, research and development costs, future revenue, timing and likelihood of success, plans and objectives of management for future operations, future results of anticipated products and prospects, plans and objectives of management are forward-looking statements. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.

In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would” or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements contained in this Form 10-Q include, but are not limited to, statements about:

	●	our ability to find, acquire or gain access to other discoveries and prospects and to successfully develop our current discoveries and prospects;
	●	uncertainties inherent in making estimates of our oil and natural gas data;
	●	the successful implementation of our prospect discovery and development and drilling plans with the South Salinas Project;
	●	projected and targeted capital expenditures and other costs, commitments and revenues;
	●	our dependence on our key management personnel and our ability to attract and retain qualified technical personnel;
	●	the ability to obtain financing and the terms under which such financing may be available;
	●	the volatility of oil and natural gas prices;
	●	the availability and cost of developing appropriate infrastructure around and transportation to our discoveries and prospects;
	●	the availability and cost of drilling rigs, production equipment, supplies, personnel and oilfield services;
	●	other competitive pressures;
	●	potential liabilities inherent in oil and natural gas operations, including drilling risks and other operational and environmental hazards;
	●	current and future government regulation of the oil and gas industry;
	●	cost of compliance with laws and regulations;
	●	changes in environmental, health and safety or climate change laws, greenhouse gas regulation or the implementation of those laws and regulations;
	●	environmental liabilities;
	●	geological, technical, drilling and processing problems;
	●	military operations, terrorist acts, wars or embargoes;
	●	the cost and availability of adequate insurance coverage;
	●	our vulnerability to severe weather events; and
	●	other risk factors discussed in the “Risk Factors” section of this Quarterly Report.

We have based these forward-looking statements largely on our current expectations and projections about our business, the industry in which we operate and financial trends that we believe may affect our business, financial condition, results of operations and prospects, and these forward-looking statements are not guarantees of future performance or development. These forward-looking statements speak only as of the date of this Quarterly Report and are subject to a number of risks, uncertainties and assumptions described in the section titled “Risk Factors” and elsewhere in this Quarterly Report. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on these forward-looking statements as predictions of future events. The events and circumstances reflected in our forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein until after we distribute this Quarterly Report, whether as a result of any new information, future events or otherwise.

In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Quarterly Report, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and you are cautioned not to unduly rely upon these statements.

Overview

The Company was incorporated in the state of Delaware on July 19, 2021. The Company is engaged in the exploration and development of the South Salinas Project, a non-producing oil and gas property it acquired from Trio LLC. The Company is headquartered in Bakersfield, California, with its principal offices located at 5401 Business Park, Suite 115, Bakersfield, CA, 93309.

During May 2023, the Company began drilling the HV-1 confirmation well at the President’s Oilfield that is a large geologic structure and a potential large oil and gas field, which is the same location where Trio LLC drilled the HV-3A discovery well in 2018. In the fourth quarter of 2021, Trio LLC constructed the HV-1 drill pad, constructed a new access road to the drill site, and upgraded a pre-existing access road to the drill site. The bottom-hole location of the HV-1 confirmation well was planned to be near the top of a substantial anticline that is evident in 3D seismic data and near the major Rinconada Fault and other faults to potentially find Monterey Formation oil and gas reservoirs in a trapping position with abundant fractures that could enhance reservoir characteristics and oil and gas productivity. The Company anticipated that a successful outcome at the HV-1 well would largely confirm the existence of a profitable, new, large oil and gas field.

During April 2023, the Company entered into a Drilling Bid Proposal and Daywork Drilling Contract – U.S. (the “Drilling Contract”) with Ensign United States Drilling (California) Inc. (“Ensign”). Under the Drilling Contract, Ensign agreed to perform drilling services on a daywork basis to drill and complete the HV-1 confirmation well at Presidents Oilfield, with such work beginning in May 2023. The Drilling Agreement covers an initial term that will terminate upon completion of the HV-1 confirmation well at a day rate of approximately $18,250 per day, with the option to extend the Drilling Agreement for additional wells upon mutual agreement. The Drilling Agreement requires Trio LLC to pay for drilling fluids and certain additional reimbursable costs related to the equipment and materials of Ensign, as applicable. The Drilling Agreement further requires Trio LLC to pay mobilization and demobilization fees for Ensign.

On May 4, 2023, Ensign commenced drilling on the HV-1 confirmation well, and on May 16, 2023, the Company announced that the HV-1 confirmation well had confirmed a major oil and gas accumulation in the President’s Oilfield. The Monterey Formation was encountered in the HV-1 well as predicted, with significant shows of free oil in cuttings and in the mud pit. The preliminary independent interpretation of the Schlumberger image log (i.e., FMI log) of the well indicates abundant fractures and several faults and/or micro-faults. The Company is now finalizing completion operations (i.e., perforating and acidizing the well) and testing the well’s initial production rates. As of the end of August 2023, the HV-1 well has tested at rates up to 125 barrels of oil per day with associated natural gas and water in the Mid-Monterey Clay formation. These initial test results were based on swabbing operations that may not be definitive.

The Company currently plans to conduct a second test interval at the HV-1 discovery well of the South Salinas Project covering the Brown Zone (“Brown Chert”), of the Miocene Age Monterey Formation. The Brown Zone (aka Brown Chert) and the overlying Yellow Zone (aka Yellow Chert) are the primary reservoir objectives of the HV-1 well and both are attributed oil and gas reserves in the Company’s reserve report as filed with the SEC. The first test interval, the Mid-Monterey Clay, is a deeper stratigraphic interval that is not attributed oil and/or gas reserves in the Company’s reserve report but which, nevertheless, and importantly, appears to potentially be capable of commercial oil and gas production at the HV-1 well. Thus, the Brown-Zone test will be the first test in the HV-1 well of the Company’s reserves as delineated in the Company’s reserve report as filed with the SEC. The current plan is to perforate and acidize (for borehole clean-up) approximately 350 feet of the Brown Zone in an interval from approximately 5,465 to 5,850 feet measured depth and to then test the well via swabbing operations. The Company believes the Yellow Zone to be the best oil and gas reservoir target in the HV-1 well. It will be tested shortly after the test of the Brown Zone, unless the underlying Brown Zone, and/or the Brown Zone commingled with the Mid-Monterey Clay, is put on production, in which case the test of the Yellow Zone will be put on-hold until an appropriate time.

In addition to the HV-1 well, the Company has drilling permits from Monterey County for two other wells (i.e., the HV-2 and HV-4 wells) and, given adequate funding, expects to be drilling those two wells in the latter half of 2023. In such case, the South Salinas Project may have three producing wells at the end of 2023, which may largely confirm favorable project economics and underpin an aggressive permitting and subsequently an aggressive drilling and development program.

Going Concern Considerations

The Company has not generated any revenues and has incurred significant losses since inception. As of July 31, 2023, the Company has an accumulated deficit of $9,127,295 and working capital of $807,614, and for the three and nine months ended July 31, 2023, net losses of $2,170,601 and $5,224,839, respectively. To date, the Company has been funding operations through proceeds from the issuance of common stock, financing through certain investors and the consummation of its initial public offering (“IPO”) in April 2023. There is substantial doubt regarding our ability to continue as a going concern as a result of our accumulated deficit and no source of revenue sufficient to cover our costs of operations as well as our dependence on private equity and financing. See “Risk Factors—Risks Relating to Our Business—We have a history of operating losses, our management has concluded that factors raise substantial doubt about our ability to continue as a going concern and our auditor has included an explanatory paragraph relating to our ability to continue as a going concern in its audit report for the year ended October 31, 2022 and for the period from July 19, 2021 (inception) through October 31, 2021.”

The accompanying condensed financial statements have been prepared assuming the Company will continue as a going concern. As we are not generating revenues, we need to raise a significant amount of capital to pay for our development, exploration, drilling and operating costs. While the Company raised capital in April 2023 with its IPO, we expect to require additional funding in the future and there is no assurance that we will be able to raise additional needed capital or that such capital will be available under favorable terms. We are subject to all the substantial risks inherent in the development of a new business enterprise within an extremely competitive industry. Due to the absence of a long-standing operating history and the emerging nature of the markets in which we compete, we anticipate operating losses until we can successfully implement our business strategy, which includes all associated revenue streams. We may never achieve profitable operations or generate significant revenues.

The Company will require additional capital funding in order to drill our planned HV-2 and HV-4 wells and to provide for additional development costs and other payment obligations and operating costs until our planned revenue streams are fully-implemented and begin to offset our operating costs, if ever.

Since our inception, we have funded our operations with the proceeds from equity and debt financing. We have experienced liquidity issues due to, among other reasons, our limited ability to raise adequate capital on acceptable terms. We have historically relied upon the issuance of equity and promissory notes that are convertible into shares of our common stock to fund our operations and have devoted significant efforts to reduce that exposure. We anticipate that we will need to issue equity to fund our operations for the foreseeable future. If we are unable to achieve operational profitability or we are not successful in securing other forms of financing, we will have to evaluate alternative actions to reduce our operating expenses and conserve cash.

The accompanying condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. Accordingly, the condensed financial statements do not include any adjustments relating to the recoverability of assets and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. The condensed financial statements included in this report also include a going concern footnote. See Note 3 to our condensed financial statements.

Acquisition of South Salinas Project

On September 14, 2021, the Company entered into a Purchase and Sale Agreement with Trio LLC to acquire an 82.75% working interest in the South Salinas Project (which was subsequently increased to a 85.75% working interest in April 2023); the working interest includes the purchased percentage of the South Salinas Project’s leases, wells and inventory in exchange for $300,000 cash, a non-interest-bearing note payable of $3,700,000 due to Trio LLC on December 17, 2021 and 4,900,000 shares of the Company’s $0.0001 par value common stock. At the time of the acquisition, this share issuance constituted 45% of the total amount of issued shares of the Company. The Company accounted for the purchase as an asset acquisition, as prescribed in FASB ASC 805 – Business Combinations. The asset and associated asset retirement obligations were recorded based on relative fair value at the estimated fair value of the consideration paid. In April 2023, the Company purchased an additional approximate 3% working interest in the SSP and, as of July 31, 2023, there were no proved reserves attributable to the approximate 9,300 acres of the property.

Initial Public Offering

In April 2023, the Company consummated its IPO and sold 2,000,000 shares of common stock at a public offering price of $3.00 per share for gross proceeds of $6,000,000. After deducting the underwriting commissions, discounts and offering expenses payable by the Company, it received net proceeds of approximately $4,940,000. The Company’s common stock is listed on the NYSE American under the symbol TPET. The Company also issued warrants to purchase 100,000 shares of common stock to the underwriters at an exercise price of $3.30 per share (110% of public offering price).

Emerging Growth Company Status

The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the JOBS Act, and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

Results of Operations

Three Months Ended July 31, 2023 compared to the Three Months Ended July 31, 2022 (unaudited)

Our financial results for the three months ended July 31, 2023 and 2022 are summarized as follows:

	For the Three Months Ended July 31,
	2023			2022			Change			% Change
Operating expenses:
Exploration expenses	$	199,637		$	2,638		$	196,999			7,467.7	%
General and administrative expenses		1,171,256			219,524			951,732			433.5	%
Stock-based compensation expense		785,962			-			785,962			100.0	%
Accretion expenses		695			695			-			0.0	%
Total operating expenses		2,157,550			222,857			1,934,693			868.1	%
Loss from Operations		(2,157,550	)		(222,857	)		(1,934,693	)		868.1	%

Other expenses:
Interest expenses		-			485,293			(485,293	)		(100.0	)%
Loss on settlement		13,051			-			13,051			100.0	%
Total other expenses		13,051			485,293			(472,242	)		(97.3	)%
Loss before income taxes		(2,170,601	)		(708,150	)		(1,462,451	)		206.5	%
Income tax benefit		-			-			-			-
Net loss	$	(2,170,601	)	$	(708,150	)	$	(1,462,451	)		206.5	%

Exploration expenses

Under the successful efforts method of accounting for crude oil and natural gas properties, exploration expenses consist primarily of exploratory geological and geophysical costs, delay rentals and exploratory overhead, and are expensed as incurred. Exploration expenses increased by approximately $0.2 million as compared to the prior year period due to an increase in exploratory, geological, and geophysical costs incurred during the quarter.

Given adequate funding, the Company expects to begin drilling two additional wells (the HV-2 and HV-4 wells) in the last quarter of fiscal year 2023.

General and administrative expenses

General and administrative expenses consist primarily of personnel expenses, including salaries, benefits and stock-based compensation expense for employees and consultants in executive, finance and accounting, legal, operations support, information technology and human resource functions. General and administrative expenses also include corporate facility costs including rent, utilities, depreciation, amortization and maintenance, as well as legal fees related to intellectual property and corporate matters and fees for accounting and consulting services.

General and administrative expenses increased for the three months ended July 31, 2023 by approximately $1.0 million as compared to the prior period due to increased advertising and marketing fees of $360,000, director fees of $80,000, increased legal fees of approximately $220,000 and increased salaries expenses of approximately $225,000.

Stock-based compensation expense

The Company records stock-based compensation expense for costs associated with options and restricted shares granted in connection with the Plan, as well as for shares issued as payment for services. Stock-based compensation expense increased by approximately $0.8 million for the three months ended July 31, 2023 as compared to the prior period due to the amortization of approximately $525,000 in expense for restricted shares, as well as expense for shares issued for services in the amount of approximately $260,000.

Accretion expenses

The Company has an Asset Retirement Obligation (“ARO”) recorded that is associated with its oil and natural gas properties in the SSP; the fair value of the ARO was recorded as a liability and is accreted over time until the date the ARO is to be paid. For the three months ended July 31, 2023, accretion expenses remained consistent with that of the prior year period.

Other expenses, net

For the three months ended July 31, 2023, Other expenses, net decreased by approximately $0.5 million compared to the prior year period. The decrease is primarily due to decreased non-cash interest expense of $0.5 million due to debt discounts being fully amortized in the prior quarter.

Nine Months Ended July 31, 2023 compared to the Nine Months Ended July 31, 2022 (unaudited)

Our financial results for the nine months ended July 31, 2023 and 2022 are summarized as follows:

	For the Nine Months Ended July 31,
	2023			2022			Change			% Change
Operating expenses:
Exploration expenses	$	225,052		$	28,669		$	196,383			685.0	%
General and administrative expenses		2,215,775			685,565			1,530,210			223.2	%
Stock-based compensation expense		896,947			-			896,947			100.0	%
Accretion expenses		2,084			2,084			-			-
Total operating expenses		3,339,858			716,318			2,623,540			366.3	%
Loss from Operations		(3,339,858	)		(716,318	)		(2,623,540	)		366.3	%

Other expenses:
Interest expenses		746,930			1,046,106			(299,176	)		28.6	%
Penalty fees		-			1,322,933			(1,322,933	)		(100.0	)%
Loss on settlement		13,051			-			13,051			100.0	%
Loss on note conversion		1,125,000			-			1,125,000			100.0	%
Total other expenses		1,884,981			2,369,039			(484,058	)		(20.4	)%
Loss before income taxes		(5,224,839	)		(3,085,357	)		(2,139,482	)		69.3	%
Income tax benefit		-			-			-			-
Net loss	$	(5,224,839	)	$	(3,085,357	)	$	(2,139,482	)		69.3	%

Exploration expenses

Exploration expenses increased by approximately $0.2 million as compared to the prior year period due to an increase in exploratory, geological, and geophysical costs incurred during the year.

Given adequate funding, the Company expects to begin drilling two additional wells (the HV-2 and HV-4 wells) in the last quarter of fiscal year 2023.

General and administrative expenses

General and administrative expenses increased for the nine months ended July 31, 2023 by approximately $1.5 million as compared to the prior period due to increased advertising and marketing fees of $380,000 that were part of the Company’s post IPO investor relations’ programs, consulting fees of $406,000, director fees of $80,000, increased legal fees of approximately $200,000 and increased salaries expenses of approximately $320,000.

Stock-based compensation expense

Stock-based compensation increased by approximately $0.9 million for the nine months ended July 31, 2023 as compared to the prior period due to the amortization of approximately $575,000 in expense for restricted shares, as well as expense for shares issued for services in the amount of approximately $285,000.

Accretion expenses

For the nine months ended July 31, 2023, accretion expenses remained consistent with that of the prior year period. The Company expects accretion expenses to remain constant throughout the remaining calendar year of 2023.

Other expenses, net

For the nine months ended July 31, 2023, Other expenses, net remained relatively the same when compared to the prior year period. The minimal change of approximately $0.5 million is due to i) an overall decrease in non-cash interest expense of $0.3 million from the amortization of debt discounts in the current nine-month period and ii) a net decrease of $0.2 million from an off-setting of one-time charges; one for $1.3 million in penalty fees in the prior-year period and the second of a loss on conversion of $1.1 million in the current period.

Liquidity and Capital Resources

Working Capital/(Deficiency)

Our working capital as of July 31, 2023, in comparison to our working capital deficiency as of October 31, 2022, can be summarized as follows:

	July 31,		October 31,
	2023		2022
Current assets	$	1,630,318	$	1,752,529
Current liabilities		822,704		6,710,652
Working capital (deficiency)	$	807,614	$	(4,958,123	)

Current assets decreased slightly because of i) an increase to the cash account of approximately $1.4 million, offset by ii) a decrease in deferred offering costs of approximately $1.6 million, both of which are due to the closing of the IPO, which resulted in net cash proceeds of $4,940,000 and the complete reduction of deferred offering costs asset account. The decrease in current liabilities is due to i) the conversion of the $4.5 million SPA to equity and ii) the repayment of approximately $1.4 million in the notes payable, both of which occurred upon consummation of the IPO.

Cash Flows

Our cash flows for the nine months ended July 31, 2023, in comparison to our cash flows for the nine months ended July 31, 2022, can be summarized as follows:

	Nine months ended July 31,
	2023			2022
Net cash used in operating activities	$	(2,542,360	)	$	(425,053	)
Net cash used in investing activities		(1,804,050	)		-
Net cash provided by financing activities		5,778,790			387,700
Net change in cash	$	1,432,380		$	(37,353	)

Cash Flows from Operating Activities

For the nine months ended July 31, 2023 and 2022, cash used in operating activities was $2,542,360 and $425,053, respectively. The cash used in operations for the nine months ended July 31, 2023 was primarily attributable to our net loss of $5,224,839, adjusted for non-cash expenses in the aggregate amount of $2,481,724, as well as $200,756 of net cash provided to fund changes in the levels of operating assets and liabilities. Our cash used in operations for the nine months ended July 31, 2022 was primarily attributable to our net loss of $3,085,357, adjusted for non-cash expenses in the aggregate amount of $2,266,572, as well as $393,732 of net cash provided to fund changes in the levels of operating assets and liabilities.

Cash Flows from Investing Activities

For the nine months ended July 31, 2023 and 2022, cash used in investing activities was $1,804,050 and $0, respectively. The cash used during the current period is attributable to approximately $2.9 million related to drilling exploratory wells and approximately $0.3 million related to acquisition and reserve analysis costs, both of which were capitalized and are reflected in the balance of the oil and gas property as of July 31, 2023. These amounts were offset by approximately $1.4 million in amounts used from the Advance to Operators account, which is designated for costs for the HV-1 well.

Cash Flows from Financing Activities

For the nine months ended July 31, 2023 and 2022, cash provided by financing activities was $5,778,790 and $387,700, respectively. Cash provided by financing activities during the nine months ended July 31, 2023 was primarily attributable to $6.4 million in gross proceeds from the issuance of common stock and $1.8 million in net proceeds from the exercise of warrants, offset by the payment of offering costs of approximately $1.0 million and the payment of notes payables of approximately $1.5 million. Cash provided by financing activities during the nine months ended July 31, 2022 was primarily attributable to approximately $4.5 million in gross proceeds from the issuance of notes payables to investors, offset by the repayment of notes payables of approximately $2.9 million and $1.1 million for the aggregate payment of debt issuance costs and deferred offering costs.

The Company’s cash change was approximately an increase of $1.4 million as of July 31, 2023. Management believes that the cash on hand and working capital are sufficient to meet its current anticipated cash requirements for anticipated capital expenditures and operating expenses for the next twelve months.

Contractual Obligations and Commitments

Unproved Property Leases

As of July 31, 2023, the Company holds various leases related to the unproved properties of the SSP. Two of the leases are held with the same lessor. The first lease covers 8,417 acres and is currently in “force majeure” status. On May 27, 2022, the Company entered into an Amendment to the lease agreement which provides for an extension of the current force majeure status for an additional, uncontested twelve months, during which the Company will be released from having to evidence to the lessor the existence of force majeure conditions. As consideration for the granting of the lease extension, the Company paid the lessor a one-time, non-refundable payment of $252,512; this amount was capitalized and is reflected in the balance of the oil and gas property as of October 31, 2022. The extension period commenced on June 19, 2022. As of July 31, 2023, the “force majeure” status was extinguished by the drilling of the HV-1 well; the validity of the lease is maintained by the drilling of the well, which is in production testing.

Board of Directors Compensation

Agreements with Advisors

On July 28, 2022, the Company entered into an agreement with Spartan Capital Securities, LLC (“Spartan”) whereby Spartan will serve as the exclusive agent, advisor or underwriter in any offering of securities of the Company for the term of the agreement, which is one year. The agreement provides for a $25,000 non-refundable advance upon execution of the agreement and completion of a bridge offering to be credited against the accountable expenses incurred by Spartan upon successful completion of the IPO, a cash fee or an underwriter discount of 7.5% of the aggregate proceeds raised in the IPO, warrants to purchase a number of shares of common stock equal to 5% of the aggregate number of shares of common stock placed in the IPO, an expense allowance of up to $150,000 for fees and expenses of legal counsel and other out-of-pocket expenses and 1% of the gross proceeds of the IPO to Spartan for non-accountable expenses. The agreement also provides for an option to Spartan that is exercisable within 45 days after the closing of the IPO to purchase up to an additional 15% of the total number of securities offered by the Company in the IPO.

On April 20, 2023, pursuant to the agreement above, the Company issued representative warrants to Spartan to purchase up to an aggregate of 100,000 shares of common stock; these warrants may be exercised commencing from the closing of the offering on April 20, 2023, and expiring five years from the effective date of the registration statement on April 17, 2028, at an exercise price of $3.30 (110% of the public offering price of the common stock).

Trio LLC – Monthly Consulting Fee

Pursuant to the Fourth Amendment to the PSA, the Company agreed, commencing on May 1, 2022, to accrue a monthly consulting fee of $35,000, due and payable by the Company to Trio LLC. This fee is intended to cover the work being done for the Company by Trio LLC’s employees prior to the closing date of the Company’s IPO. As of July 31, 2023, the Company has accrued and paid $406,000 in fees for these services.

Critical Accounting Policies and Estimates

Basis of Presentation

We prepare our financial statements in conformity with GAAP, which requires management to make certain estimates and assumptions and apply judgments. We base our estimates and judgments on historical experience, current trends and other factors that management believes to be important at the time the condensed financial statements are prepared, and actual results could differ from our estimates and such differences could be material. Due to the need to make estimates about the effect of matters that are inherently uncertain, materially different amounts could be reported under different conditions or using different assumptions. On a regular basis, we review our critical accounting policies and how they are applied in the preparation of our condensed financial statements, as well as the sufficiency of the disclosures pertaining to our accounting policies in the footnotes accompanying our financial statements. Described below are the most significant policies we apply in preparing our condensed financial statements, some of which are subject to alternative treatments under GAAP. We also describe the most significant estimates and assumptions we make in applying these policies. See “Note 2 - Summary of Significant Accounting Policies” to our condensed financial statements.

Oil and Gas Assets and Exploration Costs – Successful Efforts

The Company is in the exploration stage and has not yet realized any revenues from its operations. It applies the successful efforts method of accounting for crude oil and natural gas properties. Under this method, exploration costs such as exploratory geological and geophysical costs, delay rentals and exploratory overhead are expensed as incurred. If an exploratory property provides evidence to justify potential development of reserves, drilling costs associated with the property are initially capitalized, or suspended, pending a determination as to whether a commercially sufficient quantity of proved reserves can be attributed to the area as a result of drilling. At the end of each quarter, management reviews the status of all suspended exploratory property costs in light of ongoing exploration activities; in particular, whether the Company is making sufficient progress in its ongoing exploration and appraisal efforts. If management determines that future appraisal drilling or development activities are unlikely to occur, associated exploratory well costs are expensed.

Unproved oil and natural gas properties

Unproved oil and natural gas properties are assessed periodically for impairment on a property-by-property basis based on remaining lease terms, drilling results or future plans to develop acreage.

Impairment of Other Long-lived Assets

Asset Retirement Obligations

ARO consists of future plugging and abandonment expenses on oil and natural gas properties. In connection with the South Salinas Project acquisition described above, the Company acquired the plugging and abandonment liabilities associated with six temporarily shut-in, idle wells. The fair value of the ARO was recorded as a liability in the period in which the wells were acquired with a corresponding increase in the carrying amount of oil and natural gas properties. The Company plans to utilize the six wellbores acquired in the South Salinas Project acquisition in future production, development and/or exploration activities. The liability is accreted for the change in its present value each period based on the expected dates that the wellbores will be required to be plugged and abandoned. The capitalized cost of ARO is included in oil and gas properties and is a component of oil and gas property costs for purposes of impairment and, if proved reserves are found, such capitalized costs will be depreciated using the units-of-production method. The asset and liability are adjusted for changes resulting from revisions to the timing or the amount of the original estimate when deemed necessary. If the liability is settled for an amount other than the recorded amount, a gain or loss is recognized.

Recent Accounting Pronouncements

All recently issued but not yet effective accounting pronouncements have been deemed to be not applicable or immaterial to the Company.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

Not Applicable. As a smaller reporting company, we are not required to provide the information required by this Item.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Our management, with the participation and supervision of our Chief Executive Officer and our Chief Financial Officer, have evaluated our disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on that evaluation, our Chief Executive Officer and our Chief Financial Officer have concluded that, as of the end of the period covered by this Quarterly Report on Form 10-Q, our disclosure controls and procedures were effective to provide reasonable assurance that information we are required to disclose in reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in SEC rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting that occurred during our third fiscal quarter ended July 31, 2023 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

We are not currently subject to any legal proceedings.

Item 1A. Risk Factors

There have been no material changes to the risk factors set forth in the section titled “Risk Factors” included in our S-1, as amended and no new Risk Factors to be added. Our business involves significant risks. You should carefully consider the risks and uncertainties described in such S-1, as amended, together with all of the other information in this Quarterly Report on Form 10-Q, as well as our audited financial statements and related notes as disclosed in our S-1, as amended. The risks and uncertainties described in our S-1, as amended, are not the only ones we face. Additional risk and uncertainties that we are unaware of or that we deem immaterial may also become important factors that adversely affect our business. The realization of any of these risks and uncertainties could have a material adverse effect on our reputation, business, financial condition, results of operations, growth and future prospects as well as our ability to accomplish our strategic objectives. In that event, the market price of our common stock could decline, and you could lose part or all of your investment.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

None.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

Item 6. Exhibits

Exhibit No.		Description
10.1		Bid Proposal and Daywork Drilling Contract – U.S., by and Between Trio Petroleum LLC and Ensign United States Drilling (California) Inc., dated April 19, 2023 (incorporated by reference to Exhibit 10.1 of the Company’s current report on Form 8-K, filed with the Commission on April 25, 2023)
31.1*		Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*		Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1**		Certification of the Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS*		Inline XBRL Instance Document.
101.SCH*		Inline XBRL Taxonomy Extension Schema Document
101.CAL*		Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.LAB*		Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE*		Inline XBRL Taxonomy Extension Presentation Linkbase Document
101.DEF*		Inline XBRL Taxonomy Extension Definition Linkbase Document
104		Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)

*	Filed herewith.
**	Furnished, not filed

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

TRIO PETROLEUM CORP.

By:	/s/ Frank C. Ingriselli
	Frank Ingriselli
	Chief Executive Officer
	(Principal Executive Officer)

	Date: September 11, 2023

By:	/s/ Greg Overholtzer
	Greg Overholtzer
	Chief Financial Officer
	(Principal Financial Officer and Principal Accounting Officer)

	Date: September 11, 2023

Exhibit 31.1

SECTION 302 CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

I, Frank C. Ingriselli, certify that:

1.	I have reviewed this Quarterly Report on Form 10-Q of Trio Petroleum Corp.

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report.

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report.

4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	(b)	(Paragraph omitted pursuant to SEC Release Nos 33-8238/34-47986 and 33-8392/34-49313);

	(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

	(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

	/s/ Frank C. Ingriselli
Date: September 11, 2023	Frank C. Ingriselli
	Principal Executive Officer

Exhibit 31.2

SECTION 302 CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

I, Greg Overholtzer, certify that:

1.	I have reviewed this Quarterly Report on Form 10-Q of Trio Petroleum Corp.

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report.

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report.

4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	(b)	(Paragraph omitted pursuant to SEC Release Nos 33-8238/34-47986 and 33-8392/34-49313);

	(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

	(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

	/s/ Greg Overholtzer
Date: September 11, 2023	Greg Overholtzer
	Principal Financial Officer

Exhibit 32.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

AND PRINCIPAL FINANCIAL OFFICER

PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Pursuant to 18 U.S.C. § 1350, the undersigned officers of Trio Petroleum Corp. (the “Company”) hereby certify that the Company’s Quarterly Report on Form 10-Q for the period ended July 31, 2023 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

	/s/ Frank C. Ingriselli
Date: September 11, 2023	Frank C. Ingriselli
	Principal Executive Officer

	/s/ Greg Overholtzer
	Greg Overholtzer
	Principal Financial Officer

The foregoing certification is being furnished solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Report or as a separate disclosure document.

Cover - shares	9 Months Ended
Cover - shares	Jul. 31, 2023	Sep. 11, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jul. 31, 2023
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--10-31
Entity File Number	001-41643
Entity Registrant Name	TRIO PETROLEUM CORP.
Entity Central Index Key	0001898766
Entity Tax Identification Number	87-1968201
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	4115 Blackhawk Plaza Circle
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	Danville
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94506
City Area Code	(661)
Local Phone Number	324-3911
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	TPET
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		29,621,516

Condensed Balance Sheets - USD ($)	Jul. 31, 2023	Oct. 31, 2022
Current assets:
Cash and cash equivalents	$ 1,506,028	$ 73,648
Prepaid expenses and other receivables	124,290	35,000
Deferred offering costs		1,643,881
Total current assets	1,630,318	1,752,529
Oil and gas properties - not subject to amortization	9,045,333	5,836,232
Advance to operators	494,950	1,900,000
Total assets	11,170,601	9,488,761
Current liabilities:
Accounts payable and accrued liabilities	819,926	1,164,055
Asset retirement obligations – current	2,778	2,778
Notes payable - related party, net of discounts		5,428,936
Warrants liability		114,883
Total current liabilities	822,704	6,710,652
Long-term liabilities:
Franchise tax accrual	3,750	9,450
Asset retirement obligations, net of current portion	47,619	45,535
Total Long-term liabilities	51,369	54,985
Total liabilities	874,073	6,765,637
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, 2023 and October 31, 2022, respectively
Common stock, $0.0001 par value; 490,000,000 shares authorized; 29,621,516 and 16,972,800 shares issued and outstanding as of July 31, 2023 and October 31, 2022, respectively	2,962	1,697
Stock subscription receivable	(10,010)	(10,010)
Additional paid-in capital	19,430,871	6,633,893
Accumulated deficit	(9,127,295)	(3,902,456)
Total stockholders’ equity	10,296,528	2,723,124
Total liabilities and stockholders’ equity	11,170,601	9,488,761
Nonrelated Party [Member]
Current liabilities:
Notes payable - related party, net of discounts		4,403,439
Related Party [Member]
Current liabilities:
Notes payable - related party, net of discounts		$ 1,025,497

Condensed Balance Sheets (Parenthetical) - $ / shares	Jul. 31, 2023	Oct. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	490,000,000	490,000,000
Common stock, shares issued	29,621,516	16,972,800
Common stock, shares outstanding	29,621,516	16,972,800

Condensed Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2023	Jul. 31, 2022
Income Statement [Abstract]
Revenue
Operating expenses:
Exploration expense	199,637	2,638	225,052	28,669
General and administrative expenses	1,171,256	219,524	2,215,775	685,565
Stock-based compensation expense	785,962		896,947
Accretion expense	695	695	2,084	2,084
Total operating expenses	2,157,550	222,857	3,339,858	716,318
Loss from operations	(2,157,550)	(222,857)	(3,339,858)	(716,318)
Other expenses:
Interest expense		485,293	746,930	1,046,106
Penalty fees				1,322,933
Loss on settlement	13,051		13,051
Loss on note conversion			1,125,000
Total other expenses	13,051	485,293	1,884,981	2,369,039
Loss before income taxes	(2,170,601)	(708,150)	(5,224,839)	(3,085,357)
Provision for income taxes
Net loss	$ (2,170,601)	$ (708,150)	$ (5,224,839)	$ (3,085,357)
Basic and Diluted Net Loss per Common Share
Basic	$ (0.08)	$ (0.05)	$ (0.25)	$ (0.21)
Diluted	$ (0.08)	$ (0.05)	$ (0.25)	$ (0.21)
Weighted Average Number of Common Shares Outstanding
Basic	26,556,760	15,641,278	20,748,826	14,375,071
Diluted	26,556,760	15,641,278	20,748,826	14,375,071

Condensed Statements of Changes in Stockholders' Equity (Unaudited) - USD ($)	Common Stock [Member]	Share Subscription Receivables [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Beginning balance, value at Oct. 31, 2021	$ 1,098	$ (50,545)	$ 4,202,021	$ (102,064)	$ 4,050,510
Balance, shares at Oct. 31, 2021	10,982,800
Net loss				(3,085,357)	(3,085,357)
Issuance of common stock for cash, net	$ 1	40,000	19,999		60,000
Issuance of common stock for cash net, shares	10,000
Issuance of restricted stock units to outside directors	$ 30		(30)
Issuance of restricted stock units to outside directors, shares	300,000
Interest imputed on note payable for acquisition of unproved oil and gas properties			89,237		89,237
Issuance of founders’ shares	8	535			543
Issuance of founders' shares, shares	80,000
Issuance of security interest shares to investors	$ 450		1,322,483		1,322,933
Issuance of security interest shares to investors, shares	4,500,000
Issuance of warrants in connection with investor financing			994,091		994,091
Ending balance, value at Jul. 31, 2022	$ 1,587	(10,010)	6,627,801	(3,187,421)	3,431,957
Balance, shares at Jul. 31, 2022	15,872,800
Beginning balance, value at Oct. 31, 2021	$ 1,098	(50,545)	4,202,021	(102,064)	4,050,510
Balance, shares at Oct. 31, 2021	10,982,800
Ending balance, value at Oct. 31, 2022	$ 1,697	(10,010)	6,633,893	(3,902,456)	2,723,124
Balance, shares at Oct. 31, 2022	16,972,800
Beginning balance, value at Apr. 30, 2022	$ 1,557	(10,010)	6,596,514	(2,479,271)	4,108,790
Balance, shares at Apr. 30, 2022	15,572,800
Net loss				(708,150)	(708,150)
Issuance of restricted stock units to outside directors	$ 30		(30)
Issuance of restricted stock units to outside directors, shares	300,000
Interest imputed on note payable for acquisition of unproved oil and gas properties			31,317		31,317
Ending balance, value at Jul. 31, 2022	$ 1,587	(10,010)	6,627,801	(3,187,421)	3,431,957
Balance, shares at Jul. 31, 2022	15,872,800
Beginning balance, value at Oct. 31, 2022	$ 1,697	(10,010)	6,633,893	(3,902,456)	2,723,124
Balance, shares at Oct. 31, 2022	16,972,800
Issuance of common stock upon exercise of warrants, net	$ 245		1,812,390		1,812,635
Issuance of common stock upon exercise of warrants, shares	2,449,466
Issuance of common stock for services, net	$ 5		80,155		80,160
Issuance of common stock for services, shares	48,000
Issuance of restricted stock units under the Equity Incentive Plan	$ 70		(70)
Issuance of restricted stock units under the Equity Incentive Plan, shares	700,000
Issuance of common stock for warrants that can be exercised per the Resale S-1/A	$ 120		(120)
Issuance of common stock for warrants that can be exercised per the Resale S-1/A, shares	1,199,848
Stock-based compensation	$ 43		896,904		896,947
Share-based compensation, shares	437,500
Net loss				(5,224,839)	(5,224,839)
Issuance of common stock for cash, net	$ 40		371,960		372,000
Issuance of common stock for cash net, shares	400,000
Issuance of conversion shares related to the SPA	$ 504		5,164,371		5,164,875
Issuance of conversion shares related to the SPA, shares	5,038,902
Issuance of commitment shares related to the SPA	$ 38		1,124,962		1,125,000
Issuance of commitment shares related to the SPA, shares	375,000
Issuance of common shares in IPO, net of underwriting discounts and offering costs	$ 200		3,342,426		3,342,626
Issuance of common shares in IPO, net of underwriting discounts and offering costs, shares	2,000,000
Issuance of pre-funded warrants			4,000		4,000
Ending balance, value at Jul. 31, 2023	$ 2,962	(10,010)	19,430,871	(9,127,295)	10,296,528
Balance, shares at Jul. 31, 2023	29,621,516
Beginning balance, value at Apr. 30, 2023	$ 2,480	(10,010)	16,752,597	(6,956,694)	9,788,373
Balance, shares at Apr. 30, 2023	24,799,202
Issuance of common stock upon exercise of warrants, net	$ 245		1,812,390		1,812,635
Issuance of common stock upon exercise of warrants, shares	2,499,466
Issuance of common stock for services, net	$ 5		80,154		80,159
Issuance of common stock for services, shares	48,000
Issuance of restricted stock units under the Equity Incentive Plan	$ 70		(70)
Issuance of restricted stock units under the Equity Incentive Plan, shares	700,000
Issuance of common stock for warrants that can be exercised per the Resale S-1/A	$ 120		(120)
Issuance of common stock for warrants that can be exercised per the Resale S-1/A, shares	1,199,848
Stock-based compensation	$ 42		785,920		785,962
Share-based compensation, shares	425,000
Net loss				(2,170,601)	(2,170,601)
Ending balance, value at Jul. 31, 2023	$ 2,962	$ (10,010)	$ 19,430,871	$ (9,127,295)	$ 10,296,528
Balance, shares at Jul. 31, 2023	29,621,516

Condensed Statements of Cash Flows (Unaudited) - USD ($)		3 Months Ended		9 Months Ended		12 Months Ended
	Jul. 31, 2023	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2023	Jul. 31, 2022	Oct. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss		$ (2,170,601)	$ (708,150)	$ (5,224,839)	$ (3,085,357)
Adjustments to reconcile net loss to net cash used in operating activities:
Bad debt expense				25,000
Accretion expense		695	695	2,084	2,084
Conversion of SPA				1,125,000
Amortization of debt discount				432,693	772,318
Write-off of SPA receivable					80,000
Imputed interest					89,237
Stock-based compensation		785,962		896,947
Penalty fees					1,322,933
Changes in operating assets and liabilities:
Prepaid expenses and other receivables				(114,290)	(25,206)
Accounts payable and accrued liabilities				315,045	418,938
Net cash used in operating activities				(2,542,360)	(425,053)
CASH FLOWS FROM INVESTING ACTIVITIES:
Other capital expenditures for unproved oil and gas properties				(249,520)
Drilling costs for exploratory well				(2,959,580)
Advances to operators				1,405,050
Net cash used in investing activities				(1,804,050)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock, net				452,160	60,543
Proceeds from notes payable – investors					4,420,000
Repayment of notes payable				(1,472,512)	(2,920,000)
Proceeds from issuance of common stock in IPO	$ 4,940,000			6,000,000
Cash paid for debt issuance costs					(505,000)
Proceeds from exercise of warrants, net				1,812,635
Cash paid for deferred offering costs				(1,013,493)	(667,843)
Net cash provided by financing activities				5,778,790	387,700
NET CHANGE IN CASH				1,432,380	(37,353)
Cash - Beginning of period				73,648	78,877	78,877
Cash - End of period	$ 1,506,028	$ 1,506,028	$ 41,524	1,506,028	41,524	$ 73,648
Supplemental disclosures of cash flow information:
Cash paid for interest
Cash paid for income taxes
Non-cash investing and financing activities:
Issuance of warrants (equity classified)					$ 994,901
Issuance of RSUs				70	30
Issuance of common stock for warrants that can be exercised per the Resale S-1/A				$ 120
Issuance of pre-funded warrants				$ 4,000

NATURE OF THE ORGANIZATION AND BUSINESS

9 Months Ended

Jul. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

NATURE OF THE ORGANIZATION AND BUSINESS

NOTE 1 – NATURE OF THE ORGANIZATION AND BUSINESS

Company Organization

Acquisition of South Salinas Project

Initial Public Offering

Emerging Growth Company

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Jul. 31, 2023

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 –SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

Use of Estimates

Cash and cash equivalents

Prepaid Expenses

Deferred Offering Costs

Debt Issuance Costs

Oil and Gas Assets and Exploration Costs – Successful Efforts

Unproved oil and natural gas properties

Impairment of Other Long-lived Assets

As of July 31, 2023 and October 31, 2022, the Company had no impairment of long-lived assets.

Asset Retirement Obligations

Components of the changes in ARO are shown below:

ARO, ending balance – October 31, 2022	$	48,313
Accretion expense		2,084
ARO, ending balance – July 31, 2023		50,397
Less: ARO – current		2,778
ARO, net of current portion – July 31, 2023	$	47,619

Related Parties

Income Taxes

Fair Value Measurements

Level 1:	Quoted prices are available in active markets for identical assets or liabilities as of the reporting date.

Level 2:	Pricing inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reported date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies.

Level 3:	Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value. The significant unobservable inputs used in the fair value measurement for nonrecurring fair value measurements of long-lived assets include pricing models, discounted cash flow methodologies and similar techniques.

Net Loss Per Share

The following common share equivalents are excluded from the calculation of weighted average common shares outstanding, because their inclusion would have been anti-dilutive (see Note 9):

	As of July 31,			As of July 31,
	2023			2022
Warrants (Note 7, Note 8)		500,000	⁽⁴⁾		7,964,286 ⁽¹⁾
Convertible Notes (Note 7, Note 8)		-			31,857,143 ⁽²⁾
Commitment Shares (Note 7, Note 8)		-			3,826,530 ⁽³⁾
Restricted stock units		-			300,000 ⁽⁵⁾
Total potentially anti-dilutive securities		500,000			43,947,959

⁽¹⁾	Balance includes warrants issued per the Securities Purchase Agreement (“SPA”) with GPL Ventures, LLC (“GPL”), which are exercisable into up to 50% of the number of shares of common stock issued upon full conversion of the Notes, with an exercise price equal to the conversion price.
⁽²⁾	Upon IPO, the debt will convert into a variable number of shares; the number of conversion shares is equal to the outstanding principal amount divided by the conversion price, which is equal to the lesser of a) the IPO price or b) the opening price of the common stock on the first trading day after the IPO multiplied by the discount of 50%.
⁽³⁾	The number of commitment shares to be issued is a variable number of shares for a fixed total dollar amount of $1,125,000, which is 25% of the aggregate Notes principal balance divided by the offering price of the IPO.
⁽⁴⁾	Balance consists of potentially anti-dilutive shares based on 1,459,878 outstanding, equity classified warrants.
⁽⁵⁾	Balance consists of restricted stock units granted to five outside directors.

Environmental Expenditures

Recent Accounting Pronouncements

All recently issued but not yet effective accounting pronouncements have been deemed to be not applicable or immaterial to the Company.

Subsequent Events

The Company evaluated all events and transactions that occurred after July 31, 2023 through the date of the filing of this report. See Note 10 for such events and transactions.

GOING CONCERN AND MANAGEMENT’S LIQUIDITY PLANS

9 Months Ended

Jul. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

GOING CONCERN AND MANAGEMENT’S LIQUIDITY PLANS

NOTE 3 – GOING CONCERN AND MANAGEMENT’S LIQUIDITY PLANS

INITIAL PUBLIC OFFERING

9 Months Ended

Jul. 31, 2023

Initial Public Offering

INITIAL PUBLIC OFFERING

NOTE 4 – INITIAL PUBLIC OFFERING

OIL AND NATURAL GAS PROPERTIES

9 Months Ended

Jul. 31, 2023

Property, Plant and Equipment [Abstract]

OIL AND NATURAL GAS PROPERTIES

NOTE 5 – OIL AND NATURAL GAS PROPERTIES

The following tables summarize the Company’s oil and gas activities.

	As of July 31,		As of October 31,
	2023		2022
Oil and gas properties – not subject to amortization	$	9,045,333	$	5,836,232
Accumulated impairment		—		—
Oil and gas properties – not subject to amortization, net	$	9,045,333	$	5,836,232

Leases

Optioned Assets

	●	The Hangman Hollow Field asset with an option to acquire Trio LLC’s 44% working interest and their Operatorship;
	●	The Kern Front Field asset with an option to acquire Trio LLC’s 22% working interest and their Operatorship; and
	●	The Union Ave Field with an option to acquire Trio LLC’s 20% working interest and their Operatorship;

Additional Working Interest – South Salinas Project

Union Ave Field Agreement

RELATED PARTY TRANSACTIONS

9 Months Ended

Jul. 31, 2023

RELATED PARTY TRANSACTIONS

NOTE 6 – RELATED PARTY TRANSACTIONS

Notes Payable – Related Party

Restricted Stock Units (“RSUs”) issued to Directors

Restricted Shares issued to Executives and Employees

COMMITMENTS AND CONTINGENCIES

9 Months Ended

Jul. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE 7 – COMMITMENTS AND CONTINGENCIES

Unproved Property Leases

Board of Directors Compensation

Agreements with Advisors

Trio LLC – Monthly Consulting Fee

NOTES PAYABLE

9 Months Ended

Jul. 31, 2023

Debt Disclosure [Abstract]

NOTES PAYABLE

NOTE 8 – NOTES PAYABLE

Notes payable as of July 31, 2023 and October 31, 2022 consisted of the following:

SCHEDULE OF NOTES PAYABLE

	As of July 31,		As of October 31,
	2023		2022
Notes payable – related party, net of discounts	$	-	$	1,025,497
Notes payable – investors, net of discounts		-		4,137,720
Bridge Note, net of discounts		-		265,719
Total Notes payable	$	-	$	5,428,936

Notes Payable – Related Party

On September 14, 2021, the Company entered into a note payable with Trio LLC as part of the agreement for the purchase of an 82.75% working interest in the SSP (see Note 1). Per the Third Amendment signed on May 27, 2022, a portion of a previous payment made to Trio LLC was used to fund a lease extension payment to a third-party; as the payment previously made was to be used for other expenditures, the amount used to fund the lease extension was added to the remaining amount due to Trio LLC, increasing it from $780,000 to $1,032,512. Per an extension to the Fourth Amendment to the PSA, the Company made the final payment of $1,032,512 upon the consummation of the IPO. As of July 31, 2023 and October 31, 2022, the balance of the note payable was $0 and $1,025,497, respectively, with interest expense recognized of $0 and $7,015 for the three and nine months ended July 31, 2023, respectively. The interest expense of $19,381 and $99,517 was recognized during the three and nine months ended July 31, 2022, respectively (see Note 6). Total payments made on the note payable for the nine months ended July 31, 2023 were $1,032,512, and for the year ended October 31, 2022 were $2,920,000.

Notes Payable – Investors

Bridge Note

STOCKHOLDERS’ EQUITY

9 Months Ended

Jul. 31, 2023

Equity [Abstract]

STOCKHOLDERS’ EQUITY

NOTE 9 – STOCKHOLDERS’ EQUITY

Common Shares

In April 2023, the Company consummated its IPO and sold 2,000,000 shares of common stock at a public offering price of $3.00 per share for gross proceeds of $6,000,000.

Warrants

SPA with GPL Warrants

Other Warrants

The Company also issued warrants to purchase 100,000 shares of common stock to the underwriters at an exercise price of $3.30 per share (110% of public offering price).

A summary of the warrant activity during the three and nine months ended July 31, 2023 is presented below:

SCHEDULE OF WARRANT ACTIVITY

	Number of Warrants			Weighted Average Exercise Price		Weighted Average Remaining Life in Years		Intrinsic Value

Outstanding, May 1, 2023		3,419,451		$	1.00		2.8	$	-
Issued		489,893			0.80		2.7		-
Exercised		(2,449,466	)		0.98		-		-
Cancelled		-			-		-		-
Expired		-			-		-		-
Outstanding, July 31, 2023		1,459,878		$	1.03		3.0	$	318,000

Exercisable, July 31, 2023		1,459,878		$	1.03		3.0	$	318,000

	Number of Warrants			Weighted Average Exercise Price		Weighted Average Remaining Life in Years		Intrinsic Value

Outstanding, November 1, 2022		-		$	-		-	$	-
Issued		3,909,344			1.00		3.1		-
Exercised		(2,449,466	)		0.98		-		-
Cancelled		-			-		-		-
Expired		-			-		-		-
Outstanding, July 31, 2023		1,459,878		$	1.03		3.0	$	318,000

Exercisable, July 31, 2023		1,459,878		$	1.03		3.0	$	318,000

A summary of outstanding and exercisable warrants as of July 31, 2023 is presented below:

Warrants Outstanding				Warrants Exercisable
				Weighted
				Average
Exercise		Number of		Remaining		Number of
Price		Shares		Life in Years		Shares
$	0.01		400,000		4.7		400,000
$	1.50		400,000		1.4		400,000
$	3.30		100,000		4.7		100,000
$	1.03		559,878		2.7		559,878
			1,459,878		3.0		1,459,878

SUBSEQUENT EVENTS

9 Months Ended

Jul. 31, 2023

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 10 – SUBSEQUENT EVENTS

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

9 Months Ended

Jul. 31, 2023

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

Use of Estimates

Use of Estimates

Cash and cash equivalents

Cash and cash equivalents

Prepaid Expenses

Prepaid Expenses

Deferred Offering Costs

Deferred Offering Costs

Debt Issuance Costs

Debt Issuance Costs

Oil and Gas Assets and Exploration Costs – Successful Efforts

Oil and Gas Assets and Exploration Costs – Successful Efforts

Unproved oil and natural gas properties

Unproved oil and natural gas properties

Impairment of Other Long-lived Assets

Impairment of Other Long-lived Assets

As of July 31, 2023 and October 31, 2022, the Company had no impairment of long-lived assets.

Asset Retirement Obligations

Asset Retirement Obligations

Components of the changes in ARO are shown below:

ARO, ending balance – October 31, 2022	$	48,313
Accretion expense		2,084
ARO, ending balance – July 31, 2023		50,397
Less: ARO – current		2,778
ARO, net of current portion – July 31, 2023	$	47,619

Related Parties

Related Parties

Income Taxes

Income Taxes

Fair Value Measurements

Fair Value Measurements

Level 1:	Quoted prices are available in active markets for identical assets or liabilities as of the reporting date.

Level 2:	Pricing inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reported date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies.

Level 3:	Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value. The significant unobservable inputs used in the fair value measurement for nonrecurring fair value measurements of long-lived assets include pricing models, discounted cash flow methodologies and similar techniques.

Net Loss Per Share

Net Loss Per Share

The following common share equivalents are excluded from the calculation of weighted average common shares outstanding, because their inclusion would have been anti-dilutive (see Note 9):

	As of July 31,			As of July 31,
	2023			2022
Warrants (Note 7, Note 8)		500,000	⁽⁴⁾		7,964,286 ⁽¹⁾
Convertible Notes (Note 7, Note 8)		-			31,857,143 ⁽²⁾
Commitment Shares (Note 7, Note 8)		-			3,826,530 ⁽³⁾
Restricted stock units		-			300,000 ⁽⁵⁾
Total potentially anti-dilutive securities		500,000			43,947,959

⁽¹⁾	Balance includes warrants issued per the Securities Purchase Agreement (“SPA”) with GPL Ventures, LLC (“GPL”), which are exercisable into up to 50% of the number of shares of common stock issued upon full conversion of the Notes, with an exercise price equal to the conversion price.
⁽²⁾	Upon IPO, the debt will convert into a variable number of shares; the number of conversion shares is equal to the outstanding principal amount divided by the conversion price, which is equal to the lesser of a) the IPO price or b) the opening price of the common stock on the first trading day after the IPO multiplied by the discount of 50%.
⁽³⁾	The number of commitment shares to be issued is a variable number of shares for a fixed total dollar amount of $1,125,000, which is 25% of the aggregate Notes principal balance divided by the offering price of the IPO.
⁽⁴⁾	Balance consists of potentially anti-dilutive shares based on 1,459,878 outstanding, equity classified warrants.
⁽⁵⁾	Balance consists of restricted stock units granted to five outside directors.

Environmental Expenditures

Environmental Expenditures

Recent Accounting Pronouncements

Recent Accounting Pronouncements

All recently issued but not yet effective accounting pronouncements have been deemed to be not applicable or immaterial to the Company.

Subsequent Events

Subsequent Events

The Company evaluated all events and transactions that occurred after July 31, 2023 through the date of the filing of this report. See Note 10 for such events and transactions.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Jul. 31, 2023

Accounting Policies [Abstract]

SCHEDULE OF COMPONENTS OF CHANGES IN ARO

Components of the changes in ARO are shown below:

ARO, ending balance – October 31, 2022	$	48,313
Accretion expense		2,084
ARO, ending balance – July 31, 2023		50,397
Less: ARO – current		2,778
ARO, net of current portion – July 31, 2023	$	47,619

SCHEDULE OF WEIGHTED AVERAGE COMMON SHARES OUTSTANDING ANTI-DILUTIVE

The following common share equivalents are excluded from the calculation of weighted average common shares outstanding, because their inclusion would have been anti-dilutive (see Note 9):

	As of July 31,			As of July 31,
	2023			2022
Warrants (Note 7, Note 8)		500,000	⁽⁴⁾		7,964,286 ⁽¹⁾
Convertible Notes (Note 7, Note 8)		-			31,857,143 ⁽²⁾
Commitment Shares (Note 7, Note 8)		-			3,826,530 ⁽³⁾
Restricted stock units		-			300,000 ⁽⁵⁾
Total potentially anti-dilutive securities		500,000			43,947,959

⁽¹⁾	Balance includes warrants issued per the Securities Purchase Agreement (“SPA”) with GPL Ventures, LLC (“GPL”), which are exercisable into up to 50% of the number of shares of common stock issued upon full conversion of the Notes, with an exercise price equal to the conversion price.
⁽²⁾	Upon IPO, the debt will convert into a variable number of shares; the number of conversion shares is equal to the outstanding principal amount divided by the conversion price, which is equal to the lesser of a) the IPO price or b) the opening price of the common stock on the first trading day after the IPO multiplied by the discount of 50%.
⁽³⁾	The number of commitment shares to be issued is a variable number of shares for a fixed total dollar amount of $1,125,000, which is 25% of the aggregate Notes principal balance divided by the offering price of the IPO.
⁽⁴⁾	Balance consists of potentially anti-dilutive shares based on 1,459,878 outstanding, equity classified warrants.
⁽⁵⁾	Balance consists of restricted stock units granted to five outside directors.

OIL AND NATURAL GAS PROPERTIES (Tables)

9 Months Ended

Jul. 31, 2023

Property, Plant and Equipment [Abstract]

SCHEDULE OF OIL AND NATURAL GAS PROPERTIES

The following tables summarize the Company’s oil and gas activities.

	As of July 31,		As of October 31,
	2023		2022
Oil and gas properties – not subject to amortization	$	9,045,333	$	5,836,232
Accumulated impairment		—		—
Oil and gas properties – not subject to amortization, net	$	9,045,333	$	5,836,232

NOTES PAYABLE (Tables)

9 Months Ended

Jul. 31, 2023

Debt Disclosure [Abstract]

SCHEDULE OF NOTES PAYABLE

Notes payable as of July 31, 2023 and October 31, 2022 consisted of the following:

SCHEDULE OF NOTES PAYABLE

	As of July 31,		As of October 31,
	2023		2022
Notes payable – related party, net of discounts	$	-	$	1,025,497
Notes payable – investors, net of discounts		-		4,137,720
Bridge Note, net of discounts		-		265,719
Total Notes payable	$	-	$	5,428,936

STOCKHOLDERS’ EQUITY (Tables)

9 Months Ended

Jul. 31, 2023

Equity [Abstract]

SCHEDULE OF WARRANT ACTIVITY

A summary of the warrant activity during the three and nine months ended July 31, 2023 is presented below:

SCHEDULE OF WARRANT ACTIVITY

	Number of Warrants			Weighted Average Exercise Price		Weighted Average Remaining Life in Years		Intrinsic Value

Outstanding, May 1, 2023		3,419,451		$	1.00		2.8	$	-
Issued		489,893			0.80		2.7		-
Exercised		(2,449,466	)		0.98		-		-
Cancelled		-			-		-		-
Expired		-			-		-		-
Outstanding, July 31, 2023		1,459,878		$	1.03		3.0	$	318,000

Exercisable, July 31, 2023		1,459,878		$	1.03		3.0	$	318,000

	Number of Warrants			Weighted Average Exercise Price		Weighted Average Remaining Life in Years		Intrinsic Value

Outstanding, November 1, 2022		-		$	-		-	$	-
Issued		3,909,344			1.00		3.1		-
Exercised		(2,449,466	)		0.98		-		-
Cancelled		-			-		-		-
Expired		-			-		-		-
Outstanding, July 31, 2023		1,459,878		$	1.03		3.0	$	318,000

Exercisable, July 31, 2023		1,459,878		$	1.03		3.0	$	318,000

SCHEDULE OF OUTSTANDING AND EXERCISABLE WARRANTS

A summary of outstanding and exercisable warrants as of July 31, 2023 is presented below:

Warrants Outstanding				Warrants Exercisable
				Weighted
				Average
Exercise		Number of		Remaining		Number of
Price		Shares		Life in Years		Shares
$	0.01		400,000		4.7		400,000
$	1.50		400,000		1.4		400,000
$	3.30		100,000		4.7		100,000
$	1.03		559,878		2.7		559,878
			1,459,878		3.0		1,459,878

NATURE OF THE ORGANIZATION AND BUSINESS (Details Narrative)					1 Months Ended
	Apr. 20, 2023 USD ($) shares	Apr. 20, 2023 USD ($)	Dec. 17, 2021 USD ($) $ / shares shares	Sep. 14, 2021 USD ($) shares	Apr. 30, 2023 shares	Jul. 31, 2023 ft² $ / shares	Oct. 31, 2022 ft² $ / shares
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common stock price per share \| $ / shares						$ 0.0001	$ 0.0001
IPO [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of shares sold \| shares	2,000,000				2,000,000
Gross proceeds from sale of shares \| $	$ 6,000,000	$ 6,000,000
Trio LLC [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of shares issued \| shares				4,900,000
Business acquisition percentage.				45.00%		1.00%	29.00%
Trio LLC [Member] \| South Salinas Project [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Business acquisition percentage				82.75%
Purchase And Sale Agreement [Member] \| Trio LLC [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Payments to acquire businesses net of cash acquired \| $				$ 300,000
Non interest bearing notes payable \| $			$ 3,700,000
Number of shares issued \| shares			4,900,000
Common stock price per share \| $ / shares			$ 0.0001
Working interest percentage							3.00%
Acres of property \| ft²						9,300	9,300
Purchase And Sale Agreement [Member] \| Trio LLC [Member] \| South Salinas Project [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Business acquisition percentage				82.75%

SCHEDULE OF COMPONENTS OF CHANGES IN ARO (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2023	Jul. 31, 2022	Oct. 31, 2022
Accounting Policies [Abstract]
ARO, ending balance			$ 48,313
Accretion expense	$ 695	$ 695	2,084	$ 2,084
ARO, ending balance	50,397		50,397
Less: ARO - current	2,778		2,778
ARO, net of current portion	$ 47,619		$ 47,619		$ 45,535

SCHEDULE OF WEIGHTED AVERAGE COMMON SHARES OUTSTANDING ANTI-DILUTIVE (Details) - shares

9 Months Ended

Jul. 31, 2023

Jul. 31, 2022

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Total potentially dilutive securities

500,000

43,947,959

Warrant [Member]

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Warrants

500,000

^[1]

7,964,286

^[2]

Convertible Notes [Member]

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Convertible Notes

31,857,143

^[3]

Commitment Shares [Member]

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Commitment Shares

3,826,530

^[4]

Restricted Stock Units (RSUs) [Member]

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Commitment Shares

300,000

^[5]

[1]	Balance consists of potentially anti-dilutive shares based on 1,459,878 outstanding, equity classified warrants.
[2]	Balance includes warrants issued per the Securities Purchase Agreement (“SPA”) with GPL Ventures, LLC (“GPL”), which are exercisable into up to 50% of the number of shares of common stock issued upon full conversion of the Notes, with an exercise price equal to the conversion price.
[3]	Upon IPO, the debt will convert into a variable number of shares; the number of conversion shares is equal to the outstanding principal amount divided by the conversion price, which is equal to the lesser of a) the IPO price or b) the opening price of the common stock on the first trading day after the IPO multiplied by the discount of 50%.
[4]	The number of commitment shares to be issued is a variable number of shares for a fixed total dollar amount of $1,125,000, which is 25% of the aggregate Notes principal balance divided by the offering price of the IPO.
[5]	Balance consists of restricted stock units granted to five outside directors.

SCHEDULE OF WEIGHTED AVERAGE COMMON SHARES OUTSTANDING ANTI-DILUTIVE (Details) (Parenthetical)	9 Months Ended
	Jul. 31, 2023 USD ($) shares
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Dilutive shares outstanding \| shares	1,459,878
IPO [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Warrant shares of outstanding percentage	50.00%
Commitment value \| $	$ 1,125,000
Commitment shares issued percentage	25.00%
Securities Purchase Agreement [Member] \| GPL Ventures LLC [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of shares of common stock exercisable percentage	50.00%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) shares in Millions		9 Months Ended		12 Months Ended
	Sep. 14, 2021	Jul. 31, 2023	Jul. 31, 2022	Oct. 31, 2022	Apr. 30, 2023
Property, Plant and Equipment [Line Items]
Cash equivalents		$ 0		$ 0
Prepaid expenses		124,290		35,000
Deferred offering costs				1,643,881
Debt issuance costs			$ 505,000
Non-cash interest expense related to debt issuance costs			$ 126,250
Impairment of long-lived assets		$ 0		$ 0
Trio LLC [Member]
Property, Plant and Equipment [Line Items]
Number of new shares issued	4.9
Business acquisition percentage.	45.00%	1.00%		29.00%
Trio LLC [Member] \| South Salinas Project [Member]
Property, Plant and Equipment [Line Items]
Business acquisition percentage.	82.75%
Trio LLC [Member] \| South Salinas Project [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Business acquisition percentage.					85.75%

GOING CONCERN AND MANAGEMENT’S LIQUIDITY PLANS (Details Narrative) - USD ($)			9 Months Ended
	Jul. 31, 2023	Apr. 20, 2023	Jul. 31, 2023	Jul. 31, 2022	Oct. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Cash	$ 1,506,028		$ 1,506,028
Working capital	807,614		807,614
Proceeds from public offering	4,940,000	$ 4,940,000	6,000,000
Accumulated deficit	9,127,295		9,127,295		$ 3,902,456
Three Investors [Member]
Defined Benefit Plan Disclosure [Line Items]
Principal amount	440,000		440,000
Related Party [Member]
Defined Benefit Plan Disclosure [Line Items]
Notes payable	$ 1,032,512		$ 1,032,512

INITIAL PUBLIC OFFERING (Details Narrative) - USD ($)				1 Months Ended	9 Months Ended
INITIAL PUBLIC OFFERING (Details Narrative) - USD ($)	Jul. 31, 2023	Apr. 20, 2023	Apr. 20, 2023	Apr. 30, 2023	Jul. 31, 2023	Jul. 31, 2022	Dec. 31, 2022
Subsidiary, Sale of Stock [Line Items]
Proceeds from public offering	$ 4,940,000	$ 4,940,000			$ 6,000,000
IPO [Member]
Subsidiary, Sale of Stock [Line Items]
Number of sale of stock		2,000,000		2,000,000
Sale of stock price per share		$ 3.00	$ 3.00	$ 3.00
Proceeds from sale of stock		$ 6,000,000	$ 6,000,000
Public offering price, percentage							110.00%
Over-Allotment Option [Member]
Subsidiary, Sale of Stock [Line Items]
Warrants to purchase shares		100,000	100,000				100,000
Warrants exercise price		$ 3.30	$ 3.30				$ 3.30
Public offering price, percentage		110.00%	110.00%

SCHEDULE OF OIL AND NATURAL GAS PROPERTIES (Details) - USD ($)	Jul. 31, 2023	Oct. 31, 2022
Property, Plant and Equipment [Abstract]
Oil and gas properties – not subject to amortization	$ 9,045,333	$ 5,836,232
Accumulated impairment
Oil and gas properties – not subject to amortization, net	$ 9,045,333	$ 5,836,232

OIL AND NATURAL GAS PROPERTIES (Details Narrative)			3 Months Ended		6 Months Ended	9 Months Ended
OIL AND NATURAL GAS PROPERTIES (Details Narrative)	Apr. 30, 2023 USD ($) ft²	Feb. 28, 2023 USD ($) a	Jul. 31, 2023 USD ($)	Jul. 31, 2022 USD ($)	Apr. 30, 2023 USD ($) ft²	Jul. 31, 2023 USD ($)	Jul. 31, 2022 USD ($)	May 12, 2023	Dec. 22, 2022 USD ($)
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Exploration costs			$ 199,637	$ 2,638		$ 225,052	$ 28,669
Capitalized costs			1,704,081			3,209,101
Option fee									$ 150,000
Reserve analysis of oil and gas property			37,000			37,000
Trio LLC [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Percentage of working interest	3.02647%				3.02647%			80.00%
Cash paid for additional acquisition					$ 60,000
Trio LLC [Member] \| Hangman Hollow Field Asset [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Percentage of working interest									44.00%
Trio LLC [Member] \| Ken Fron Field [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Percentage of working interest								20.00%	22.00%
Trio LLC [Member] \| Union Ave Field [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Percentage of working interest									20.00%
Union Ave Field [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Percentage of working interest								100.00%
Group One [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Area of land \| a		360
Lease term		20 years
Payments for rent		$ 25
Advance rental payment		$ 11,000
Group Two [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Area of land \| ft²	307.75				307.75
Lease term	20 years				20 years
Payments for rent	$ 30
Advance rental payment	$ 11,000				$ 11,000
Support Equipment and Facilities [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Exploration costs			1,600,000			2,900,000
Reserve analysis of optioned assets			$ 100,000			100,000
Acquisition costs						$ 200,000

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)									1 Months Ended			3 Months Ended		9 Months Ended
	Jul. 31, 2023	Jul. 20, 2023	Jul. 20, 2023	May 01, 2023	Jul. 11, 2022	May 27, 2022	Dec. 17, 2021	Sep. 14, 2021	May 31, 2023	Oct. 31, 2022	Feb. 28, 2022	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2023	Jul. 31, 2022	May 12, 2023	Apr. 30, 2023
Related Party Transaction [Line Items]
Notes payable current										$ 5,428,936
Interest expense													$ 485,293	746,930	$ 1,046,106
Fair value, grant														372,000	60,000
Stock based compensation												785,962		896,947
General and administrative expenses												1,171,256	219,524	2,215,775	685,565
2022 Equity Incentive Plan [Member]
Related Party Transaction [Line Items]
Stock based compensation	226,242
Restricted Stock Units (RSUs) [Member]
Related Party Transaction [Line Items]
Issuance of common stock for cash net, shares				700,000
Common stock par value				$ 2.15
Fair value, per share									$ 2.15
Fair value, grant				$ 1,505,000										1,505,000
Stock based compensation												226,242		226,242
General and administrative expenses														1,278,758
Grant of restricted shares									700,000
Restricted shares, vesting rate									25.00%
Restricted Stock Units (RSUs) [Member] \| Director [Member]
Related Party Transaction [Line Items]
Issuance of common stock for cash net, shares					60,000
Common stock par value					$ 0.0001
Fair value, per share					$ 0.29
Fair value, grant					$ 88,200
Stock based compensation												44,462		50,262
General and administrative expenses														37,938
Restricted Stock Units (RSUs) [Member] \| Mr Frank Ingriselli [Member]
Related Party Transaction [Line Items]
Issuance of common stock for cash net, shares			200,000
Common stock par value		$ 1.07	$ 1.07
Fair value, grant			$ 213,000
Restricted Stock Units (RSUs) [Member] \| Mr Frank Ingriselli [Member] \| 2022 Equity Incentive Plan [Member]
Related Party Transaction [Line Items]
Grant of restricted shares											1,000,000
Restricted Stock Units (RSUs) [Member] \| Mr Greg Overholtzer [Member] \| 2022 Equity Incentive Plan [Member]
Related Party Transaction [Line Items]
Grant of restricted shares											100,000
Restricted shares, vesting rate											25.00%
Restricted Stock Units (RSUs) [Member] \| Executives [Member]
Related Party Transaction [Line Items]
Stock based compensation												40,757		120,943
General and administrative expenses														196,255
Restricted Stock Units (RSUs) [Member] \| Executives [Member] \| 2022 Equity Incentive Plan [Member]
Related Party Transaction [Line Items]
Issuance of common stock for cash net, shares										1,100,000
Fair value, per share											$ 0.294
Fair value, grant										$ 323,400
Restricted Stock Units (RSUs) [Member] \| Mr. Ingriselli [Member]
Related Party Transaction [Line Items]
Issuance of common stock for cash net, shares		200,000
Fair value, per share		$ 1.07	$ 1.07
Fair value, grant		$ 213,000
General and administrative expenses														213,000
Related Party [Member]
Related Party Transaction [Line Items]
Notes payable current										1,025,497
Interest expense												0	$ 19,381	7,015	$ 99,517
Notes payable current	$ 1,032,512									$ 2,920,000		$ 1,032,512		$ 1,032,512
Trio LLC [Member]
Related Party Transaction [Line Items]
Issuance of common stock for cash net, shares								4,900,000
Trio LLC [Member] \| IPO [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction						$ 1,032,512
Trio LLC [Member] \| IPO [Member] \| Related Party [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction						1,032,512
Trio LLC [Member] \| Minimum [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction						780,000
Trio LLC [Member] \| Minimum [Member] \| Related Party [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction						780,000
Trio LLC [Member] \| Maximum [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction						1,032,512
Trio LLC [Member] \| Maximum [Member] \| Related Party [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction						$ 1,032,512
Trio LLC [Member]
Related Party Transaction [Line Items]
Business acquisition percentage																80.00%	3.02647%
Purchase And Sale Agreement [Member] \| Trio LLC [Member]
Related Party Transaction [Line Items]
Issuance of common stock for cash net, shares							4,900,000
Purchase And Sale Agreement [Member] \| Trio LLC [Member]
Related Party Transaction [Line Items]
Business acquisition percentage								82.75%

COMMITMENTS AND CONTINGENCIES (Details Narrative)										1 Months Ended	9 Months Ended
COMMITMENTS AND CONTINGENCIES (Details Narrative)	Jul. 11, 2023 shares	Jun. 23, 2023 shares	May 02, 2023 shares	Apr. 20, 2023 $ / shares shares	Apr. 20, 2023 $ / shares shares	Jul. 28, 2022 USD ($)	Jul. 11, 2022 USD ($)	May 01, 2022 USD ($)	Sep. 14, 2021 shares	Dec. 31, 2022 shares	Jul. 31, 2023 USD ($) a shares	Jul. 31, 2022 shares	Mar. 31, 2023 a	Feb. 28, 2023 a	Oct. 31, 2022 USD ($)
Trio LLC [Member]
Issuance of common stock for cash net, shares \| shares									4,900,000
Consulting fee								$ 35,000
Accrued interest expense											$ 406,000
Common Stock [Member]
Issuance of common stock for cash net, shares \| shares	100,000	100,000	25,000	12,500	100,000					400,000	400,000	10,000
Debt Instrument, Term					5 years
Share Price \| $ / shares				$ 3.30	$ 3.30
IPO [Member]
Directors fees											$ 78,132
Director [Member]
Annual retainer, additional							$ 50,000
Board Committee [Member]
Annual retainer, additional							$ 10,000
Advisors [Member]
Non refundable payment						$ 25,000
Agreement with advisors, description						cash fee or an underwriter discount of 7.5% of the aggregate proceeds raised in the IPO, warrants to purchase a number of common shares equal to 5% of the aggregate number of common shares placed in the IPO, an expense allowance of up to $150,000 for fees and expenses of legal counsel and other out-of-pocket expenses and 1% of the gross proceeds of the IPO to Spartan for non-accountable expenses. The agreement also provides for an option to Spartan that is exercisable within 45 days after the closing of the IPO to purchase up to an additional 15% of the total number of securities offered by the Company in the IPO. For a period of 18 months following the July 28, 2023 expiration of the agreement, Spartan shall be entitled to receive the same 7.5% cash fee and 5% warrant coverage compensation under the "tail" terms of the agreement with respect to financing transactions the Company consummates with any party contacted or introduced by Spartan to the Company prior to the expiration of the Spartan agreement.
Legal cost						$ 150,000
IPO [Member] \| Common Stock [Member]
[custom:PublicOfferingPricePercentage]				110.00%
First Aforementioned [Member] \| Unproved Property Lease [Member]
Area of land \| a											8,417
Non refundable payment															$ 252,512
Second Aforementioned [Member] \| Unproved Property Lease [Member]
Area of land \| a											160
Delay rental payments \| a											30		30	30
First Group [Member] \| Unproved Property Lease [Member]
Area of land \| a													360	360
Delay rental payments \| a													25	25
Second Group [Member] \| Unproved Property Lease [Member]
Area of land \| a													307.75	307.75
Lease, term													20 years	20 years

SCHEDULE OF NOTES PAYABLE (Details) - USD ($)	Jul. 31, 2023	Oct. 31, 2022
Short-Term Debt [Line Items]
Total Notes payable		$ 5,428,936
Bridge Loan [Member]
Short-Term Debt [Line Items]
Total Notes payable		265,719
Investors [Member]
Short-Term Debt [Line Items]
Total Notes payable		4,137,720
Related Party [Member]
Short-Term Debt [Line Items]
Total Notes payable		$ 1,025,497

NOTES PAYABLE (Details Narrative)				1 Months Ended		3 Months Ended		9 Months Ended		12 Months Ended
NOTES PAYABLE (Details Narrative)	Apr. 20, 2023 $ / shares	May 27, 2022 USD ($)	Jan. 28, 2022 USD ($) $ / shares shares	Sep. 30, 2022 USD ($) $ / shares shares	Jan. 31, 2022 $ / shares shares	Jul. 31, 2023 USD ($) shares	Jul. 31, 2022 USD ($)	Jul. 31, 2023 USD ($) shares	Jul. 31, 2022 USD ($)	Oct. 31, 2022 USD ($)	Jul. 11, 2023 $ / shares	Jul. 10, 2023 $ / shares	Jun. 23, 2023 $ / shares	May 02, 2023 $ / shares	Apr. 30, 2023	Dec. 31, 2022 $ / shares	Oct. 17, 2022 $ / shares	Aug. 01, 2022	Sep. 14, 2021
Debt Instrument [Line Items]
Notes payable current										$ 5,428,936
Interest expense							$ 485,293	746,930	$ 1,046,106
Gross proceeds									4,420,000
Warrants								1,812,635
Debt issuance cost									505,000
Issuance of commitment shares								$ 1,125,000
Issuance, prefunded warrant \| shares						1,459,878		1,459,878
Bridge Loan [Member]
Debt Instrument [Line Items]
Notes payable current										265,719
Interest expense						0		174,281
Gross proceeds				$ 444,000
Net proceeds				$ 329,562
Interest percentage				100.00%
Debt issuance cost				$ 70,438
Original issue discount, rate				10.00%
Original issue discount				$ 44,000
Share price \| $ / shares				$ 0.01
Issuance, prefunded warrant \| shares				400,000
Warrant, exercise price \| $ / shares				$ 0.01
Debt amount, repaid				$ 440,000
Warrant [Member]
Debt Instrument [Line Items]
Issuance, prefunded warrant \| shares					2,519,451
Warrant, exercise price \| $ / shares					$ 1.03							$ 0.80
Common Stock [Member]
Debt Instrument [Line Items]
Shares issued price per share \| $ / shares	$ 2.00										$ 1.21		$ 0.88	$ 2.10		$ 1.00
Debt instrument, term	5 years
Issuance of commitment shares								38
Share price \| $ / shares	$ 3.30
Investors [Member]
Debt Instrument [Line Items]
Notes payable current										4,137,720
Notes payable consideration			$ 4,500,000
Gross proceeds			4,420,000
Net proceeds			80,000
Debt instrument, outstanding amount			$ 4,500,000
Issued warrants to purchase, rate			50.00%
Debt instrument, collateral \| shares			4,500,000
Shares issued price per share \| $ / shares			$ 0.29														$ 0.29
Debt instrument, fair value			$ 1,322,933
Interest percentage			8.00%
Debt converted, shares \| shares			5,038,902
Debt converted, value			$ 5,164,875
Investors [Member] \| Bridge Loan [Member]
Debt Instrument [Line Items]
Notes payable						0		0		265,719
IPO [Member] \| Investors [Member]
Debt Instrument [Line Items]
Interest expense						0	374,773	675,405	762,038
Debt instrument, outstanding amount			$ 4,500,000
Shares issued price per share \| $ / shares			$ 3.00
Debt instrument, fair value			$ 994,091
Conversion price, description			i) the IPO price multiplied by the discount of 50% or ii) the opening price of the common stock on the trading day following the date of the IPO multiplied by the discount of 50%.
Number of shares issued \| shares			375,000
Number of shares issued, value			$ 1,125,000
Notes principal balance, rate			25.00%
Cash payment percentage			50.00%
Debt instrument, term			3 years
Debt issuance cost			$ 505,000
Debt instrument, periodic payment principal			4,500,000
Debt instrument, payment interest			$ 664,875
Issuance of conversion, shares \| shares			5,038,902
Issuance of conversion, value			$ 5,164,875
Conversion, per share \| $ / shares			$ 2.05
Issuance of commitment shares			$ 375,000
Notes payable						0		0		4,137,720
IPO [Member] \| Investors [Member] \| Measurement Input, Option Volatility [Member]
Debt Instrument [Line Items]
Debt instrument, easurement input			92
IPO [Member] \| Investors [Member] \| Measurement Input, Exercise Price [Member]
Debt Instrument [Line Items]
Debt instrument, easurement input			50
IPO [Member] \| Investors [Member] \| Warrant [Member]
Debt Instrument [Line Items]
Warrant exercisable, rate			0.50		0.50
IPO [Member] \| Investors [Member] \| Common Stock [Member]
Debt Instrument [Line Items]
Warrants			$ 4,500,000
Maximum [Member] \| Bridge Loan [Member]
Debt Instrument [Line Items]
Interest percentage				15.00%
Maximum [Member] \| Investors [Member]
Debt Instrument [Line Items]
Interest percentage																		15.00%
Maximum [Member] \| IPO [Member] \| Bridge Loan [Member]
Debt Instrument [Line Items]
Interest percentage				8.00%
Maximum [Member] \| IPO [Member] \| Investors [Member]
Debt Instrument [Line Items]
Warrants			$ 2,250,000
Related Party [Member]
Debt Instrument [Line Items]
Notes payable current										1,025,497
Interest expense						0	$ 19,381	7,015	$ 99,517
Notes payable current						1,032,512		1,032,512		$ 2,920,000
Notes payable						$ 1,032,512		$ 1,032,512
Trio LLC [Member] \| IPO [Member]
Debt Instrument [Line Items]
Related Party Transaction, Amounts of Transaction		$ 1,032,512
Trio LLC [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Related Party Transaction, Amounts of Transaction		780,000
Trio LLC [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Related Party Transaction, Amounts of Transaction		1,032,512
Trio LLC [Member] \| South Salinas Project [Member]
Debt Instrument [Line Items]
Business acquisition percentage																			82.75%
Trio LLC [Member] \| South Salinas Project [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Business acquisition percentage															85.75%
Trio LLC [Member] \| Related Party [Member] \| IPO [Member]
Debt Instrument [Line Items]
Related Party Transaction, Amounts of Transaction		1,032,512
Trio LLC [Member] \| Related Party [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Related Party Transaction, Amounts of Transaction		780,000
Trio LLC [Member] \| Related Party [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Related Party Transaction, Amounts of Transaction		$ 1,032,512
Purchase And Sale Agreement [Member] \| Trio LLC [Member] \| South Salinas Project [Member]
Debt Instrument [Line Items]
Business acquisition percentage																			82.75%
Purchase And Sale Agreement [Member] \| Trio LLC [Member] \| Related Party [Member] \| South Salinas Project [Member]
Debt Instrument [Line Items]
Business acquisition percentage																			82.75%

SCHEDULE OF WARRANT ACTIVITY (Details) - USD ($)	3 Months Ended		9 Months Ended
SCHEDULE OF WARRANT ACTIVITY (Details) - USD ($)	Jul. 31, 2023	Apr. 30, 2023	Jul. 31, 2023
Equity [Abstract]
Number of warrants outstanding, beginning	3,419,451
Weighted average, exercise price, beginning	$ 1.00
Weighted average remaining life in years	3 years	2 years 9 months 18 days	3 years
Intrinsic value, beginning
Number of warrants issued	489,893		3,909,344
Weighted average, exercise price, issued	$ 0.80		$ 1.00
Weighted average remaining life in years, issued	2 years 8 months 12 days		3 years 1 month 6 days
Number of warrants exercised	(2,449,466)		(2,449,466)
Weighted average, exercise price, exercised	$ 0.98		$ 0.98
Weighted average remaining life in years, exercised
Number of warrants cancelled
Weighted average, exercise price, cancelled
Number of warrants expired
Weighted average, exercise price, expired
Number of warrants outstanding, ending	1,459,878	3,419,451	1,459,878
Weighted average, exercise price, ending	$ 1.03	$ 1.00	$ 1.03
Intrinsic value, ending	$ 318,000		$ 318,000
Warrants outstanding, exercisable	1,459,878		1,459,878
Weighted average, exercise price, exercisable	$ 1.03		$ 1.03
Weighted average remaining life in years, exercisable	3 years		3 years
Intrinsic value, exercisable ending	$ 318,000		$ 318,000

SCHEDULE OF OUTSTANDING AND EXERCISABLE WARRANTS (Details) - $ / shares	Jul. 31, 2023	Jan. 31, 2022
Class of Warrant or Right [Line Items]
Number of shares warrant outstanding	1,459,878
Warrant outstanding, weighted average remaining life in years	3 years	3 years
Number of shares warrant exercisable	1,459,878
Warrant Outstanding One [Member]
Class of Warrant or Right [Line Items]
Warrant outstanding exercise price	$ 0.01
Number of shares warrant outstanding	400,000
Warrant outstanding, weighted average remaining life in years	4 years 8 months 12 days
Number of shares warrant exercisable	400,000
Warrant Outstanding Two [Member]
Class of Warrant or Right [Line Items]
Warrant outstanding exercise price	$ 1.50
Number of shares warrant outstanding	400,000
Warrant outstanding, weighted average remaining life in years	1 year 4 months 24 days
Number of shares warrant exercisable	400,000
Warrant Outstanding Three [Member]
Class of Warrant or Right [Line Items]
Warrant outstanding exercise price	$ 3.30
Number of shares warrant outstanding	100,000
Warrant outstanding, weighted average remaining life in years	4 years 8 months 12 days
Number of shares warrant exercisable	100,000
Warrant Outstanding Four [Member]
Class of Warrant or Right [Line Items]
Warrant outstanding exercise price	$ 1.03
Number of shares warrant outstanding	559,878
Warrant outstanding, weighted average remaining life in years	2 years 8 months 12 days
Number of shares warrant exercisable	559,878

STOCKHOLDERS’ EQUITY (Details Narrative)														1 Months Ended				3 Months Ended		9 Months Ended		12 Months Ended
STOCKHOLDERS’ EQUITY (Details Narrative)	Jul. 31, 2023 USD ($) $ / shares shares	Jul. 20, 2023 USD ($) $ / shares shares	Jul. 11, 2023 USD ($) $ / shares shares	Jul. 10, 2023 USD ($) $ / shares shares	Jun. 30, 2023 USD ($) $ / shares shares	Jun. 23, 2023 USD ($) $ / shares shares	May 02, 2023 USD ($) $ / shares shares	May 01, 2023 USD ($) $ / shares shares	Apr. 20, 2023 USD ($) $ / shares shares	Apr. 20, 2023 USD ($) $ / shares shares	Apr. 20, 2023 $ / shares shares	Oct. 17, 2022 $ / shares shares	Jan. 28, 2022 $ / shares shares	Apr. 30, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Oct. 31, 2022 USD ($) $ / shares shares	Jan. 31, 2022 USD ($) $ / shares shares	Jul. 31, 2023 USD ($) $ / shares shares	Jul. 31, 2022 USD ($)	Jul. 31, 2023 USD ($) $ / shares shares	Jul. 31, 2022 USD ($) shares	Oct. 31, 2022 USD ($) $ / shares shares	May 31, 2023 $ / shares	Feb. 28, 2022 $ / shares
Accumulated Other Comprehensive Income (Loss) [Line Items]
Fair value, grant																				$ 372,000	$ 60,000
Stock-based compensation expense																		$ 785,962		896,947
Gross proceeds																				$ 452,160	$ 60,543
Common stock, par value \| $ / shares	$ 0.0001															$ 0.0001		$ 0.0001		$ 0.0001		$ 0.0001
Resale amendment agreement, description					the Company issued a Form S-1/A, which registered for resale (i) up to 3,149,314 shares of common stock, par value $0.0001 per share which the selling stockholders may acquire upon the exercise of outstanding common warrants and (ii) up to 500,000 shares of common stock, which the selling stockholders may acquire upon the exercise of outstanding pre-funded warrants. Such warrants were issued to the selling stockholders in connection with securities purchase agreements entered into on January 28, 2022 and September 20, 2022. The Company recorded 699,848 shares of common stock that are not exercised but registered in accordance with their common warrant agreements and 500,000 shares of common stock that are not exercised but registered in accordance with their pre-funded warrant agreements upon the filing of this Form S-1/A
Warrants expiration term	3 years																3 years	3 years		3 years
Aggregate of warrants \| shares	1,459,878																	1,459,878		1,459,878
New Modified Terms [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Aggregate of warrants \| shares				2,449,466
Original Issue Terms [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Aggregate of warrants \| shares				1,959,573
Measurement Input, Option Volatility [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrant measurement input																	92
Measurement Input, Option Volatility [Member] \| New Modified Terms [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Expected volatility rate				136.00%
Measurement Input, Option Volatility [Member] \| Original Issue Terms [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Expected volatility rate				136.00%
Measurement Input, Exercise Price [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrant measurement input																	50
Measurement Input, Exercise Price [Member] \| New Modified Terms [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Exercise price \| $ / shares				$ 0.80
Measurement Input, Exercise Price [Member] \| Original Issue Terms [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Exercise price \| $ / shares				1.03
Measurement Input, Share Price [Member] \| New Modified Terms [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Share price \| $ / shares				1.53
Measurement Input, Share Price [Member] \| Original Issue Terms [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Share price \| $ / shares				$ 1.43
Measurement Input, Expected Term [Member] \| New Modified Terms [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Expected term				3 years
Measurement Input, Expected Term [Member] \| Original Issue Terms [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Expected term				3 years
Measurement Input, Expected Dividend Rate [Member] \| New Modified Terms [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Expected dividend rate				0.00%
Measurement Input, Expected Dividend Rate [Member] \| Original Issue Terms [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Expected dividend rate				0.00%
Measurement Input, Discount Rate [Member] \| New Modified Terms [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrant measurement input				4.54
Measurement Input, Discount Rate [Member] \| Original Issue Terms [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrant measurement input				4.54
2022 Equity Incentive Plan [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stock-based compensation expense	$ 226,242
IPO [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Gross proceeds														$ 6,000,000
Number of shares sold \| shares									2,000,000					2,000,000
Sale of stock, price per share \| $ / shares									$ 3.00	$ 3.00	$ 3.00			$ 3.00
Share based compensation expenses									$ 6,000,000	$ 6,000,000
Percentage of public offering price															110.00%
Over-Allotment Option [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrants exercise price \| $ / shares									$ 3.30	$ 3.30	$ 3.30				$ 3.30
Shares issued warrants to purchase \| shares									100,000	100,000	100,000				100,000
Percentage of public offering price									110.00%	110.00%	110.00%
Common Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Issuance of common stock for cash net, shares \| shares			100,000			100,000	25,000		12,500		100,000				400,000					400,000	10,000
Shares issued, price per share \| $ / shares			$ 1.21			$ 0.88	$ 2.10		$ 2.00	$ 2.00	$ 2.00				$ 1.00
Fair value, grant																				$ 40	$ 1
Gross proceeds															$ 400,000
Common stock, par value \| $ / shares			$ 0.0001			$ 0.0001	$ 0.0001								$ 0.0001
Share price \| $ / shares									$ 3.30	$ 3.30	$ 3.30
Common Stock [Member] \| Two Accredited Investors [Member] \| Subscription Agreements [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of shares issed \| shares															400,000
Warrant [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Equity fair value																	$ 994,091
Warrants expiration term																	3 years
Aggregate of warrants \| shares																	2,519,451
Warrants exercise price \| $ / shares				$ 0.80													$ 1.03
Warrant exercise price, description				i) the exercise price was reduced from $1.03 to $0.80 and ii) the number of warrants was increased by a factor of 1.25 or 489,893 warrants in order to induce full, immediate exercise.
Net of equity issuance costs				$ 146,938
Proceeds from issuance of warrants				1,812,635
Warrant [Member] \| New Modified Terms [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net of equity issuance costs				$ 300,000
Investors [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Shares issued, price per share \| $ / shares												$ 0.29	$ 0.29
Investors [Member] \| IPO [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Shares issued, price per share \| $ / shares													$ 3.00
Number of shares issed \| shares													375,000
Investors [Member] \| Warrant [Member] \| IPO [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrant exercisable, rate													0.50				0.50
Consultants [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stock-based compensation expense			$ 121,000			$ 88,000	$ 52,500		$ 25,000
Marcum LLP [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Share based compensation expenses					$ 80,159
Marcum LLP [Member] \| Common Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Issuance of common stock for cash net, shares \| shares					48,000
Shares issued, price per share \| $ / shares					$ 1.67
Common stock, par value \| $ / shares					$ 0.0001
Restricted Stock [Member] \| Executives [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Issuance of common stock for cash net, shares \| shares												1,100,000										1,100,000
Fair value, grant																						$ 323,400
Stock-based compensation expense																		$ 40,757		120,943
Share based compensation, unrecognized expense	$ 196,255																	196,255		196,255
Restricted Stock Units (RSUs) [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Issuance of common stock for cash net, shares \| shares								700,000
Shares issued, price per share \| $ / shares								$ 2.15
Fair value, grant								$ 1,505,000												1,505,000
Stock-based compensation expense																		226,242		226,242
Share price \| $ / shares																							$ 2.15
Restricted Stock Units (RSUs) [Member] \| Executives [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stock-based compensation expense																		$ 40,757		$ 120,943
Restricted Stock Units (RSUs) [Member] \| Executives [Member] \| 2022 Equity Incentive Plan [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Issuance of common stock for cash net, shares \| shares																1,100,000
Fair value, grant																$ 323,400
Share price \| $ / shares																								$ 0.294
Restricted Stock Units (RSUs) [Member] \| Mr Frank Ingriselli [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Issuance of common stock for cash net, shares \| shares		200,000
Shares issued, price per share \| $ / shares		$ 1.07
Fair value, grant		$ 213,000

SUBSEQUENT EVENTS (Details Narrative) - Restricted Stock [Member] - Forecast [Member]	Sep. 02, 2023 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross \| shares	425,000
Common stock par value \| $ / shares	$ 0.64