2024 Q1 Form 10-Q Financial Statement

#000149315224010219 Filed on March 18, 2024

View on sec.gov

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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<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 &amp; 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

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tpet-20240131_pre.xml Edgar Link unprocessable
tpet-20240131_cal.xml Edgar Link unprocessable
tpet-20240131_def.xml Edgar Link unprocessable
tpet-20240131_lab.xml Edgar Link unprocessable