2024 Q1 Form 10-Q Financial Statement
#000149315224010219 Filed on March 18, 2024
Income Statement
Concept | 2024 Q1 | 2023 Q1 |
---|---|---|
Revenue | $0.00 | |
YoY Change | ||
Cost Of Revenue | ||
YoY Change | ||
Gross Profit | ||
YoY Change | ||
Gross Profit Margin | ||
Selling, General & Admin | $1.355M | $165.0K |
YoY Change | 721.1% | -41.07% |
% of Gross Profit | ||
Research & Development | $84.59K | $0.00 |
YoY Change | -100.0% | |
% of Gross Profit | ||
Depreciation & Amortization | ||
YoY Change | ||
% of Gross Profit | ||
Operating Expenses | $1.440M | $165.7K |
YoY Change | 769.09% | -46.55% |
Operating Profit | -$1.440M | -$165.7K |
YoY Change | 769.1% | |
Interest Expense | $159.3K | -$652.6K |
YoY Change | -124.41% | 715.71% |
% of Operating Profit | ||
Other Income/Expense, Net | -$261.9K | -$652.6K |
YoY Change | -59.87% | |
Pretax Income | -$1.702M | -$818.3K |
YoY Change | 108.0% | 109.82% |
Income Tax | $0.00 | |
% Of Pretax Income | ||
Net Earnings | -$1.702M | -$818.3K |
YoY Change | 108.0% | 109.82% |
Net Earnings / Revenue | ||
Basic Earnings Per Share | -$0.05 | -$0.05 |
Diluted Earnings Per Share | -$0.05 | -$0.04 |
COMMON SHARES | ||
Basic Shares Outstanding | 31.90M shares | 17.16M shares |
Diluted Shares Outstanding | 31.60M shares | 17.16M shares |
Balance Sheet
Concept | 2024 Q1 | 2023 Q1 |
---|---|---|
SHORT-TERM ASSETS | ||
Cash & Short-Term Investments | $348.8K | $112.5K |
YoY Change | 209.92% | |
Cash & Equivalents | $348.7K | $112.5K |
Short-Term Investments | ||
Other Short-Term Assets | $127.1K | $1.960M |
YoY Change | -93.51% | |
Inventory | ||
Prepaid Expenses | $127.1K | |
Receivables | ||
Other Receivables | ||
Total Short-Term Assets | $475.9K | $2.073M |
YoY Change | -77.04% | |
LONG-TERM ASSETS | ||
Property, Plant & Equipment | $10.86M | $5.836M |
YoY Change | 86.08% | |
Goodwill | ||
YoY Change | ||
Intangibles | ||
YoY Change | ||
Long-Term Investments | ||
YoY Change | ||
Other Assets | $1.900M | |
YoY Change | ||
Total Long-Term Assets | $10.86M | $7.736M |
YoY Change | 40.38% | |
TOTAL ASSETS | ||
Total Short-Term Assets | $475.9K | $2.073M |
Total Long-Term Assets | $10.86M | $7.736M |
Total Assets | $11.34M | $9.809M |
YoY Change | 15.57% | |
SHORT-TERM LIABILITIES | ||
YoY Change | ||
Accounts Payable | $561.7K | $1.405M |
YoY Change | -60.02% | |
Accrued Expenses | ||
YoY Change | ||
Deferred Revenue | ||
YoY Change | ||
Short-Term Debt | $0.00 | $5.913M |
YoY Change | -100.0% | |
Long-Term Debt Due | $1.271M | |
YoY Change | ||
Total Short-Term Liabilities | $1.927M | $7.435M |
YoY Change | -74.09% | |
LONG-TERM LIABILITIES | ||
Long-Term Debt | $0.00 | $0.00 |
YoY Change | ||
Other Long-Term Liabilities | $369.0K | $55.68K |
YoY Change | 562.73% | |
Total Long-Term Liabilities | $369.0K | $55.68K |
YoY Change | 562.73% | |
TOTAL LIABILITIES | ||
Total Short-Term Liabilities | $1.927M | $7.435M |
Total Long-Term Liabilities | $369.0K | $55.68K |
Total Liabilities | $2.296M | $7.491M |
YoY Change | -69.35% | |
SHAREHOLDERS EQUITY | ||
Retained Earnings | -$12.15M | |
YoY Change | ||
Common Stock | $3.235K | |
YoY Change | ||
Preferred Stock | ||
YoY Change | ||
Treasury Stock (at cost) | ||
YoY Change | ||
Treasury Stock Shares | ||
Shareholders Equity | $9.040M | $2.318M |
YoY Change | ||
Total Liabilities & Shareholders Equity | $11.34M | $9.809M |
YoY Change | 15.57% |
Cashflow Statement
Concept | 2024 Q1 | 2023 Q1 |
---|---|---|
OPERATING ACTIVITIES | ||
Net Income | -$1.702M | -$818.3K |
YoY Change | 108.0% | 109.82% |
Depreciation, Depletion And Amortization | ||
YoY Change | ||
Cash From Operating Activities | -$774.4K | -$217.5K |
YoY Change | 256.11% | -49.43% |
INVESTING ACTIVITIES | ||
Capital Expenditures | $912.5K | |
YoY Change | ||
Acquisitions | ||
YoY Change | ||
Other Investing Activities | $389.7K | $0.00 |
YoY Change | ||
Cash From Investing Activities | -$522.8K | $0.00 |
YoY Change | ||
FINANCING ACTIVITIES | ||
Cash Dividend Paid | ||
YoY Change | ||
Common Stock Issuance & Retirement, Net | $372.0K | |
YoY Change | 520.0% | |
Debt Paid & Issued, Net | ||
YoY Change | ||
Cash From Financing Activities | $84.02K | 256.4K |
YoY Change | -67.22% | -75.82% |
NET CHANGE | ||
Cash From Operating Activities | -$774.4K | -217.5K |
Cash From Investing Activities | -$522.8K | 0.000 |
Cash From Financing Activities | $84.02K | 256.4K |
Net Change In Cash | -$1.213M | 38.88K |
YoY Change | -3220.31% | -93.83% |
FREE CASH FLOW | ||
Cash From Operating Activities | -$774.4K | -$217.5K |
Capital Expenditures | $912.5K | |
Free Cash Flow | -$1.687M | |
YoY Change |
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372000 | usd |
CY2023Q1 | us-gaap |
Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
|
40757 | usd |
CY2023Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-818281 | usd |
CY2023Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
2317600 | usd |
CY2023Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
2317600 | usd |
CY2024Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-1702048 | usd |
CY2023Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-818281 | usd |
CY2024Q1 | us-gaap |
Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
|
95200 | usd |
CY2024Q1 | TPET |
Issuance Of Equity Warrants Connected To Convertible Note
IssuanceOfEquityWarrantsConnectedToConvertibleNote
|
151490 | usd |
CY2023Q1 | TPET |
Issuance Of Equity Warrants Connected To Convertible Note
IssuanceOfEquityWarrantsConnectedToConvertibleNote
|
-13 | usd |
CY2024Q1 | us-gaap |
Accretion Expense
AccretionExpense
|
695 | usd |
CY2023Q1 | us-gaap |
Accretion Expense
AccretionExpense
|
695 | usd |
CY2024Q1 | TPET |
Conversion Of Convertible Note Payments Into Common Stock
ConversionOfConvertibleNotePaymentsIntoCommonStock
|
344682 | usd |
CY2024Q1 | TPET |
Debt Discount Premium
DebtDiscountPremium
|
-189990 | usd |
CY2024Q1 | us-gaap |
Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
|
159298 | usd |
CY2023Q1 | us-gaap |
Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
|
483823 | usd |
CY2024Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
407618 | usd |
CY2023Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
40757 | usd |
CY2024Q1 | us-gaap |
Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
|
-6297 | usd |
CY2023Q1 | us-gaap |
Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
|
193 | usd |
CY2024Q1 | us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
-47673 | usd |
CY2023Q1 | us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
75746 | usd |
CY2024Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-774431 | usd |
CY2023Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-217466 | usd |
CY2024Q1 | us-gaap |
Payments To Explore And Develop Oil And Gas Properties
PaymentsToExploreAndDevelopOilAndGasProperties
|
912511 | usd |
CY2024Q1 | TPET |
Payable To Related Party
PayableToRelatedParty
|
320000 | usd |
CY2024Q1 | us-gaap |
Proceeds From Collection Of Longterm Loans To Related Parties
ProceedsFromCollectionOfLongtermLoansToRelatedParties
|
69744 | usd |
CY2024Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-522767 | usd |
CY2023Q1 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
372000 | usd |
CY2024Q1 | us-gaap |
Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
|
375000 | usd |
CY2024Q1 | us-gaap |
Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
|
90978 | usd |
CY2023Q1 | us-gaap |
Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
|
115651 | usd |
CY2024Q1 | us-gaap |
Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
|
550000 | usd |
CY2024Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
84022 | usd |
CY2023Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
256349 | usd |
CY2024Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-1213176 | usd |
CY2023Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
38883 | usd |
CY2023Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
1561924 | usd |
CY2022Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
73648 | usd |
CY2024Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
348748 | usd |
CY2023Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
112531 | usd |
CY2024Q1 | TPET |
Issuance Of Warrants Equity Classified
IssuanceOfWarrantsEquityClassified
|
151490 | usd |
CY2023Q1 | TPET |
Issuance Of Warrants Equity Classified
IssuanceOfWarrantsEquityClassified
|
1108974 | usd |
CY2023Q1 | us-gaap |
Noncash Or Part Noncash Acquisition Noncash Financial Or Equity Instrument Consideration Shares Issued1
NoncashOrPartNoncashAcquisitionNoncashFinancialOrEquityInstrumentConsiderationSharesIssued1
|
30 | shares |
CY2024Q1 | us-gaap |
Nature Of Operations
NatureOfOperations
|
<p id="xdx_80F_eus-gaap--NatureOfOperations_zGL5YQBqGZPg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 1 – <span id="xdx_825_zdOJFmDskGa2">NATURE OF THE ORGANIZATION AND BUSINESS</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Company Organization</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trio Petroleum Corp. (“Trio Petroleum” or the “Company”) is an oil and gas exploration and development company headquartered in Bakersfield, California, with operations in Monterey County, California and Uintah County, Utah. The Company was incorporated on July 19, 2021, under the laws of Delaware to acquire, fund and develop oil exploration and production assets, initially in California; it has no revenue-generating operations as of the date of this filing. The Company was formed to acquire Trio Petroleum LLC’s (“Trio LLC”) approximate <span id="xdx_90D_eus-gaap--BusinessCombinationStepAcquisitionEquityInterestInAcquireePercentage_iI_pid_dp_uPure_c20240131__dei--LegalEntityAxis__custom--TrioLLCMember__us-gaap--BusinessAcquisitionAxis__custom--SouthSalinasProjectMember_z7WTIW0psbyi" title="Business acquisition increase in percentage of working interest">82.75</span>% working interest, which was subsequently increased to an approximate <span id="xdx_903_eus-gaap--BusinessAcquisitionPercentageOfVotingInterestsAcquired_iI_pid_dp_uPure_c20240131__dei--LegalEntityAxis__custom--TrioLLCMember__us-gaap--BusinessAcquisitionAxis__custom--SouthSalinasProjectMember_z3FMXK2B27rb" title="Business acquisition percentage of working interest">85.75</span>% working interest, in the large, approximately <span id="xdx_903_eus-gaap--AreaOfLand_iI_usqft_c20240131__us-gaap--BusinessAcquisitionAxis__custom--SouthSalinasProjectMember__dei--LegalEntityAxis__custom--TrioLLCMember_z1TH49WxHCU8" title="Acres of property">9,300</span>-acre South Salinas Project located in Monterey, California, and subsequently partner with certain members of Trio LLC’s management team to develop and operate those assets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Acquisition of South Salinas Project</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On September 14, 2021, the Company entered into a Purchase and Sale Agreement (“Trio LLC PSA”) with Trio LLC to acquire an <span id="xdx_909_eus-gaap--BusinessAcquisitionPercentageOfVotingInterestsAcquired_iI_dp_uPure_c20210914__us-gaap--TypeOfArrangementAxis__custom--PurchaseAndSaleAgreementMember__dei--LegalEntityAxis__custom--TrioLLCMember__us-gaap--BusinessAcquisitionAxis__custom--SouthSalinasProjectMember_zZt5XEAALH4e" title="Business acquisition percentage">82.75</span>% working interest in the South Salinas Project; the working interest included the purchased percentage of the South Salinas Project’s leases, wells and inventory in exchange for $<span id="xdx_90B_eus-gaap--PaymentsToAcquireBusinessesGross_c20210913__20210914__us-gaap--TypeOfArrangementAxis__custom--PurchaseAndSaleAgreementMember__dei--LegalEntityAxis__custom--TrioLLCMember_zyKMgWbNbG94" title="Payments to acquire businesses net of cash acquired">300,000</span> cash, a non-interest-bearing note payable of $<span id="xdx_901_eus-gaap--AccountsPayableInterestBearingCurrentAndNoncurrent_iI_c20211217__us-gaap--TypeOfArrangementAxis__custom--PurchaseAndSaleAgreementMember__dei--LegalEntityAxis__custom--TrioLLCMember_zNuE0tYgaCLa" title="Non interest bearing notes payable">3,700,000</span> due to Trio LLC on December 17, 2021 (see Note 6 and Note 9) and <span id="xdx_900_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20211216__20211217__us-gaap--TypeOfArrangementAxis__custom--PurchaseAndSaleAgreementMember__dei--LegalEntityAxis__custom--TrioLLCMember_zmAJi0lVTsoe" title="Number of shares issued">4,900,000</span> shares of the Company’s $<span id="xdx_90E_eus-gaap--CommonStockParOrStatedValuePerShare_iI_c20211217__us-gaap--TypeOfArrangementAxis__custom--PurchaseAndSaleAgreementMember__dei--LegalEntityAxis__custom--TrioLLCMember_zgDH6r1jOPz6" title="Common stock price per share">0.0001</span> par value common stock (see Note 5 and Note 10). At the time of the acquisition, this share issuance constituted <span id="xdx_90D_ecustom--BusinessAcquisitionOfOutstandingSharesPercentage_iI_dp_uPure_c20210914__dei--LegalEntityAxis__custom--TrioLLCMember_zkLe3WmaUfE9" title="Business acquisition percentage">45</span>% 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 – <i>Business Combinations</i>. 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 <span id="xdx_90D_ecustom--PurchaseOfAdditionalInterestPercentage_iI_dp_uPure_c20230430__us-gaap--TypeOfArrangementAxis__custom--PurchaseAndSaleAgreementMember__dei--LegalEntityAxis__custom--TrioLLCMember_zNVJqw4iaZa" title="Working interest percentage">3</span>% working interest in the South Salinas Project; see Note 5 for further information. As of January 31, 2024 and October 31, 2023, there were no proved reserves attributable to the approximate <span id="xdx_90B_eus-gaap--AreaOfLand_iI_usqft_c20240131__us-gaap--TypeOfArrangementAxis__custom--PurchaseAndSaleAgreementMember__dei--LegalEntityAxis__custom--TrioLLCMember_zcH2mWqcCCyl" title="Acres of property"><span id="xdx_900_eus-gaap--AreaOfLand_iI_usqft_c20231031__us-gaap--TypeOfArrangementAxis__custom--PurchaseAndSaleAgreementMember__dei--LegalEntityAxis__custom--TrioLLCMember_zRgwn2afDAW8" title="Acres of property">9,300</span></span> acres of the property.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Initial Public Offering</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 <span id="xdx_905_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20230420__20230420__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_z3xpN3Hup6f7" title="Number of shares sold">2,000,000</span> shares of its common stock for total gross proceeds of $<span id="xdx_90E_eus-gaap--SaleOfStockConsiderationReceivedOnTransaction_c20230420__20230420__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_z2RiRThXjxi" title="Gross proceeds from sale of shares">6,000,000</span>, which is described more fully in Note 4.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Additional Acquisitions - McCool Ranch Oil Field & Asphalt Ridge Leasehold</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In October 2023, the Company entered into an agreement (“McCool Ranch Purchase Agreement”) with Trio LLC for purchase of a <span id="xdx_902_eus-gaap--BusinessAcquisitionPercentageOfVotingInterestsAcquired_iI_pid_dp_uPure_c20231031__us-gaap--BusinessAcquisitionAxis__custom--TrioLLCMember__us-gaap--TypeOfArrangementAxis__custom--McCoolRanchPurchaseAgreementMember__us-gaap--RegulatoryAssetAxis__custom--KenFronFieldMember_z94U5PrAvi7k" title="Working interest">21.918315</span>% working interest in the McCool Ranch Oil Field located in Monterey County near the Company’s flagship South Salinas Project; the Company initially began refurbishment operations with respect to a water disposal well. After refurbishment was successfully accomplished, the Company restarted production operations on the assets (see Note 5 for further information). Additionally, in <span id="xdx_905_eus-gaap--BusinessAcquisitionDescriptionOfAcquiredEntity_c20231101__20231130__us-gaap--TypeOfArrangementAxis__custom--ARLOAgreementMember__us-gaap--BusinessAcquisitionAxis__custom--HeavySweetOilMember_zBtLwpdVXPjd" title="Business acquisition description">November 2023, the Company entered into a leasehold acquisition and development option agreement (“ARLO Agreement”) with Heavy Sweet Oil (“HSO”) for a 20% production share in HSO’s leases and <span id="xdx_904_eus-gaap--AreaOfLand_iI_uAcre_c20231130__us-gaap--TypeOfArrangementAxis__custom--ARLOAgreementMember_zX3gjUVdLoP7" title="Area of land">960</span>-acre drilling and production program and an option for the exclusive right to acquire up to a 20% interest in the Asphalt Ridge leases</span>. In December 2023, the Company amended the agreement and funded $<span id="xdx_908_eus-gaap--BusinessCombinationConsiderationTransferred1_c20231201__20231231__us-gaap--TypeOfArrangementAxis__custom--ARLOAgreementMember_zqc4BWAqWaHc" title="Business combination agreement and funded amount">200,000</span> in exchange for an immediate <span id="xdx_90E_ecustom--FinanceLeaseInterestPercentage_pid_dp_uPure_c20231201__20231231__us-gaap--TypeOfArrangementAxis__custom--ARLOAgreementMember_z68zy9imhXdk" title="Finance lease interest percentage">2</span>% interest in the leases; such funds are to be used for the building of roads and related infrastructure in furtherance of the development of the leases (see Note 5 for further information).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Emerging Growth Company</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> | |
CY2024Q1 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<p id="xdx_842_eus-gaap--UseOfEstimates_zz4dKN7FKz57" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_869_zRqvbEsThhf1">Use of Estimates</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> | |
CY2024Q1 | TPET |
Working Interest Percentage
WorkingInterestPercentage
|
0.8575 | pure |
CY2023Q4 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
|
0.27 | |
CY2024Q1 | us-gaap |
Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
|
0 | usd |
CY2023Q4 | us-gaap |
Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
|
0 | usd |
CY2024Q1 | us-gaap |
Prepaid Expense Current
PrepaidExpenseCurrent
|
127120 | usd |
CY2023Q4 | us-gaap |
Prepaid Expense Current
PrepaidExpenseCurrent
|
133417 | usd |
CY2024Q1 | us-gaap |
Deferred Finance Costs Gross
DeferredFinanceCostsGross
|
90978 | usd |
CY2023Q4 | us-gaap |
Deferred Finance Costs Gross
DeferredFinanceCostsGross
|
350320 | usd |
CY2023Q4 | us-gaap |
Asset Retirement Obligation
AssetRetirementObligation
|
51091 | usd |
CY2024Q1 | us-gaap |
Accretion Expense
AccretionExpense
|
695 | usd |
CY2024Q1 | us-gaap |
Asset Retirement Obligation
AssetRetirementObligation
|
51786 | usd |
CY2024Q1 | us-gaap |
Asset Retirement Obligation Current
AssetRetirementObligationCurrent
|
2778 | usd |
CY2024Q1 | us-gaap |
Asset Retirement Obligations Noncurrent
AssetRetirementObligationsNoncurrent
|
49008 | usd |
CY2024Q1 | us-gaap |
Cash
Cash
|
348748 | usd |
CY2024Q1 | TPET |
Working Capital
WorkingCapital
|
1450919 | usd |
CY2024Q1 | us-gaap |
Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
|
4940000 | usd |
CY2024Q1 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-12148930 | usd |
CY2023Q2 | us-gaap |
Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
|
4940000 | usd |
CY2024Q1 | us-gaap |
Oil And Gas Property Full Cost Method Gross
OilAndGasPropertyFullCostMethodGross
|
10860253 | usd |
CY2023Q4 | us-gaap |
Oil And Gas Property Full Cost Method Gross
OilAndGasPropertyFullCostMethodGross
|
9947742 | usd |
CY2024Q1 | us-gaap |
Oil And Gas Property Full Cost Method Net
OilAndGasPropertyFullCostMethodNet
|
10860253 | usd |
CY2023Q4 | us-gaap |
Oil And Gas Property Full Cost Method Net
OilAndGasPropertyFullCostMethodNet
|
9947742 | usd |
CY2024Q1 | us-gaap |
Exploration Costs
ExplorationCosts
|
84594 | usd |
CY2023Q1 | us-gaap |
Exploration Costs
ExplorationCosts
|
0 | usd |
CY2024Q1 | us-gaap |
Interest Costs Capitalized Adjustment
InterestCostsCapitalizedAdjustment
|
912511 | usd |
CY2023Q1 | us-gaap |
Interest Costs Capitalized Adjustment
InterestCostsCapitalizedAdjustment
|
0 | usd |
CY2024Q1 | us-gaap |
Area Of Land
AreaOfLand
|
8417 | acre |
CY2022Q2 | TPET |
Non Refundable Payment
NonRefundablePayment
|
252512 | usd |
CY2023Q3 | us-gaap |
Long Term Purchase Commitment Amount
LongTermPurchaseCommitmentAmount
|
200000 | usd |
CY2024Q1 | us-gaap |
Payments For Purchase Of Other Assets1
PaymentsForPurchaseOfOtherAssets1
|
25000 | usd |
CY2024Q1 | us-gaap |
Convertible Notes Payable Current
ConvertibleNotesPayableCurrent
|
1270927 | usd |
CY2023Q4 | us-gaap |
Convertible Notes Payable Current
ConvertibleNotesPayableCurrent
|
1217597 | usd |
CY2024Q1 | us-gaap |
Notes Payable
NotesPayable
|
1270927 | usd |
CY2023Q4 | us-gaap |
Notes Payable
NotesPayable
|
1217597 | usd |
CY2023Q4 | us-gaap |
Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
|
0.27 | |
CY2023Q4 | us-gaap |
Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
|
0.27 | |
CY2024Q1 | us-gaap |
Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
|
0.24 | |
CY2024Q1 | us-gaap |
Convertible Notes Payable Current
ConvertibleNotesPayableCurrent
|
1270927 | usd |
CY2023Q4 | us-gaap |
Convertible Notes Payable Current
ConvertibleNotesPayableCurrent
|
1217597 | usd |
CY2024Q1 | us-gaap |
Interest Expense
InterestExpense
|
159298 | usd |
CY2023 | us-gaap |
Interest Expense
InterestExpense
|
40547 | usd |
CY2023Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
|
1766702 | shares |
CY2023Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
1.12 | |
CY2023 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
|
P7Y3M18D | |
CY2024Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Granted
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted
|
583897 | shares |
CY2024Q1 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
|
0.62 | |
CY2024Q1 | TPET |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm
|
P4Y10M24D | |
CY2024Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
|
2350599 | shares |
CY2024Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
0.99 | |
CY2024Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
|
P4Y | |
CY2024Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
|
61600 | usd |
CY2024Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
|
2212266 | shares |
CY2024Q1 | TPET |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercisable Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisableExercisePrice
|
0.99 | |
CY2024Q1 | TPET |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Exercisable Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingExercisableContractualTerm1
|
P3Y10M24D | |
CY2024Q1 | TPET |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value Exercisable
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValueExercisable
|
61600 | usd |
CY2024Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
|
0.0436 | pure |
CY2024Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
|
P5Y | |
CY2024Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
|
1.371 | pure |
CY2024Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
|
0 | pure |