2024 Q3 Form 10-Q Financial Statement

#000149315224036044 Filed on September 12, 2024

View on sec.gov

Income Statement

Concept 2024 Q3
Revenue $63.05K
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.560M
YoY Change -20.39%
% of Gross Profit
Research & Development $8.050K
YoY Change -95.98%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $1.569M
YoY Change -27.28%
Operating Profit -$1.506M
YoY Change -30.2%
Interest Expense -$668.4K
YoY Change
% of Operating Profit
Other Income/Expense, Net -$672.6K
YoY Change 5053.56%
Pretax Income -$2.179M
YoY Change 0.37%
Income Tax
% Of Pretax Income
Net Earnings -$2.179M
YoY Change 0.37%
Net Earnings / Revenue -3455.2%
Basic Earnings Per Share -$0.04
Diluted Earnings Per Share -$0.04
COMMON SHARES
Basic Shares Outstanding 50.33M shares
Diluted Shares Outstanding 50.33M shares

Balance Sheet

Concept 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $293.1K
YoY Change -80.59%
Cash & Equivalents $293.1K
Short-Term Investments
Other Short-Term Assets $324.6K
YoY Change 170.5%
Inventory
Prepaid Expenses $324.6K
Receivables
Other Receivables
Total Short-Term Assets $617.7K
YoY Change -62.11%
LONG-TERM ASSETS
Property, Plant & Equipment $11.08M
YoY Change 22.47%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $11.08M
YoY Change 16.17%
TOTAL ASSETS
Total Short-Term Assets $617.7K
Total Long-Term Assets $11.08M
Total Assets $11.70M
YoY Change 4.75%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.436M
YoY Change 75.06%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $1.574M
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.588M
YoY Change 336.14%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $50.40K
YoY Change 0.8%
Total Long-Term Liabilities $50.40K
YoY Change -1.89%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.588M
Total Long-Term Liabilities $50.40K
Total Liabilities $3.639M
YoY Change 316.27%
SHAREHOLDERS EQUITY
Retained Earnings -$18.37M
YoY Change 101.3%
Common Stock $5.033K
YoY Change 69.92%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $8.062M
YoY Change
Total Liabilities & Shareholders Equity $11.70M
YoY Change 4.75%

Cashflow Statement

Concept 2024 Q3
OPERATING ACTIVITIES
Net Income -$2.179M
YoY Change 0.37%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$563.9K
YoY Change -67.59%
INVESTING ACTIVITIES
Capital Expenditures $74.61K
YoY Change 86.53%
Acquisitions
YoY Change
Other Investing Activities -$45.25K
YoY Change -94.27%
Cash From Investing Activities -$119.9K
YoY Change -85.56%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 756.2K
YoY Change -59.99%
NET CHANGE
Cash From Operating Activities -563.9K
Cash From Investing Activities -119.9K
Cash From Financing Activities 756.2K
Net Change In Cash 72.45K
YoY Change -110.65%
FREE CASH FLOW
Cash From Operating Activities -$563.9K
Capital Expenditures $74.61K
Free Cash Flow -$638.5K
YoY Change -64.13%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2024Q3 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
usd
CY2023Q3 TPET Loss On Note Conversion
LossOnNoteConversion
usd
CY2023Q3 us-gaap Taxes And Licenses
TaxesAndLicenses
usd
CY2024Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
usd
CY2023Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
usd
CY2023Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
133417 usd
CY2023Q4 us-gaap Assets Current
AssetsCurrent
1695341 usd
CY2023Q4 us-gaap Assets
Assets
11643083 usd
CY2023Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
609360 usd
CY2023Q4 us-gaap Postemployment Benefits Liability Current
PostemploymentBenefitsLiabilityCurrent
2778 usd
CY2023Q4 us-gaap Liabilities Current
LiabilitiesCurrent
1851386 usd
CY2023Q4 us-gaap Asset Retirement Obligations Noncurrent
AssetRetirementObligationsNoncurrent
48313 usd
CY2023Q4 us-gaap Liabilities Noncurrent
LiabilitiesNoncurrent
48313 usd
CY2023Q4 us-gaap Liabilities
Liabilities
1899699 usd
CY2024Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2024Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2024Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2024Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2024Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2024Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
490000000 shares
CY2023Q3 us-gaap Exploration Expense
ExplorationExpense
199637 usd
CY2024Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1321961 usd
CY2024Q3 us-gaap Accretion Expense
AccretionExpense
695 usd
CY2023Q3 us-gaap Accretion Expense
AccretionExpense
695 usd
CY2024Q3 us-gaap Operating Expenses
OperatingExpenses
1569032 usd
CY2023Q3 us-gaap Operating Expenses
OperatingExpenses
2157550 usd
CY2024Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-1505980 usd
CY2023Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-2157550 usd
CY2024Q3 us-gaap Taxes And Licenses
TaxesAndLicenses
4210 usd
CY2024Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-672591 usd
CY2023Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-13051 usd
CY2024Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-2178571 usd
CY2023Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-2170601 usd
CY2024Q3 us-gaap Net Income Loss
NetIncomeLoss
-2178571 usd
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
-2170601 usd
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.08
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26556760 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
41234010 shares
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Entity Central Index Key
EntityCentralIndexKey
0001898766
CY2024Q3 us-gaap Convertible Notes Payable Current
ConvertibleNotesPayableCurrent
usd
CY2023Q4 us-gaap Debt Current
DebtCurrent
usd
CY2023Q4 TPET Insurance Liability Current
InsuranceLiabilityCurrent
usd
CY2023Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
usd
CY2023Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
usd
CY2024Q3 us-gaap Preferred Stock Value
PreferredStockValue
usd
CY2023Q4 us-gaap Preferred Stock Value
PreferredStockValue
usd
CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
usd
CY2023Q3 us-gaap Interest Expense Nonoperating
InterestExpenseNonoperating
usd
CY2024Q3 TPET Settlement Fees
SettlementFees
usd
CY2024Q3 TPET Loss On Note Conversion
LossOnNoteConversion
usd
us-gaap Taxes And Licenses
TaxesAndLicenses
usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
usd
TPET Stock Issued During Period Value Adjustment Related To Resale Warrants
StockIssuedDuringPeriodValueAdjustmentRelatedToResaleWarrants
usd
CY2023Q3 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
usd
CY2023Q3 TPET Stock Issued During Period Value Excercisable Warrants
StockIssuedDuringPeriodValueExcercisableWarrants
usd
us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
usd
TPET Stock Issued During Period Value Excercisable Warrants
StockIssuedDuringPeriodValueExcercisableWarrants
usd
us-gaap Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
usd
TPET Conversion Of Convertible Note Payments Into Common Stock
ConversionOfConvertibleNotePaymentsIntoCommonStock
usd
us-gaap Provision For Other Credit Losses
ProvisionForOtherCreditLosses
usd
TPET Conversion Of Agreement
ConversionOfAgreement
usd
TPET Payable To Related Party
PayableToRelatedParty
usd
TPET Debt Discount Premium
DebtDiscountPremium
usd
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
usd
us-gaap Payments To Acquire Machinery And Equipment
PaymentsToAcquireMachineryAndEquipment
usd
us-gaap Payments To Fund Longterm Loans To Related Parties
PaymentsToFundLongtermLoansToRelatedParties
usd
us-gaap Proceeds From Collection Of Longterm Loans To Related Parties
ProceedsFromCollectionOfLongtermLoansToRelatedParties
usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
usd
us-gaap Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
usd
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
usd
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
usd
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
usd
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
usd
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
usd
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
usd
us-gaap Interest Paid
InterestPaid
usd
us-gaap Interest Paid
InterestPaid
usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
usd
TPET Issuance Of Warrants Equity Classified
IssuanceOfWarrantsEquityClassified
usd
TPET Issuance Of Commitment Shares
IssuanceOfCommitmentShares
usd
TPET Issuance Of Prefunded Warrants
IssuanceOfPrefundedWarrants
usd
TPET Issuance Of Common Stock For Excercisable Warrants
IssuanceOfCommonStockForExcercisableWarrants
usd
CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
usd
CY2024Q3 us-gaap Oil And Gas Property Full Cost Method Depletion
OilAndGasPropertyFullCostMethodDepletion
usd
CY2023Q4 us-gaap Oil And Gas Property Full Cost Method Depletion
OilAndGasPropertyFullCostMethodDepletion
usd
CY2024Q3 us-gaap Convertible Notes Payable Current
ConvertibleNotesPayableCurrent
usd
dei Document Type
DocumentType
10-Q
dei Document Quarterly Report
DocumentQuarterlyReport
true
dei Document Period End Date
DocumentPeriodEndDate
2024-07-31
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2024
dei Document Transition Report
DocumentTransitionReport
false
dei Entity File Number
EntityFileNumber
001-41643
dei Entity Registrant Name
EntityRegistrantName
TRIO PETROLEUM CORP.
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
dei Entity Tax Identification Number
EntityTaxIdentificationNumber
87-1968201
dei Entity Address Address Line1
EntityAddressAddressLine1
5401 Business Park South
dei Entity Address Address Line2
EntityAddressAddressLine2
Suite 115
dei Entity Address City Or Town
EntityAddressCityOrTown
Bakersfield
dei Entity Address State Or Province
EntityAddressStateOrProvince
CA
dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
93309
dei City Area Code
CityAreaCode
(661)
dei Local Phone Number
LocalPhoneNumber
324-3911
dei Security12b Title
Security12bTitle
Common Stock, par value $0.0001 per share
dei Trading Symbol
TradingSymbol
TPET
dei Security Exchange Name
SecurityExchangeName
NYSEAMER
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
dei Entity Small Business
EntitySmallBusiness
true
dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
true
dei Entity Ex Transition Period
EntityExTransitionPeriod
false
dei Entity Shell Company
EntityShellCompany
false
CY2024Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
50328328 shares
CY2024Q3 us-gaap Cash
Cash
293107 usd
CY2023Q4 us-gaap Cash
Cash
1561924 usd
CY2024Q3 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
324603 usd
CY2024Q3 us-gaap Assets Current
AssetsCurrent
617710 usd
CY2024Q3 us-gaap Oil And Gas Property Full Cost Method Net
OilAndGasPropertyFullCostMethodNet
11083285 usd
CY2023Q4 us-gaap Oil And Gas Property Full Cost Method Net
OilAndGasPropertyFullCostMethodNet
9947742 usd
CY2024Q3 us-gaap Assets
Assets
11700995 usd
CY2024Q3 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
1435521 usd
CY2024Q3 us-gaap Postemployment Benefits Liability Current
PostemploymentBenefitsLiabilityCurrent
2778 usd
CY2023Q4 us-gaap Convertible Notes Payable Current
ConvertibleNotesPayableCurrent
1217597 usd
CY2024Q3 TPET Due To Operators Current
DueToOperatorsCurrent
18633 usd
CY2023Q4 TPET Due To Operators Current
DueToOperatorsCurrent
21651 usd
CY2024Q3 us-gaap Debt Current
DebtCurrent
1319890 usd
CY2024Q3 TPET Insurance Liability Current
InsuranceLiabilityCurrent
154002 usd
CY2024Q3 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
402725 usd
CY2024Q3 us-gaap Liabilities Current
LiabilitiesCurrent
3588138 usd
CY2024Q3 us-gaap Asset Retirement Obligations Noncurrent
AssetRetirementObligationsNoncurrent
50397 usd
CY2024Q3 us-gaap Liabilities Noncurrent
LiabilitiesNoncurrent
50397 usd
CY2024Q3 us-gaap Liabilities
Liabilities
3638535 usd
CY2023Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2023Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2023Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2023Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
490000000 shares
CY2024Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
50328328 shares
CY2024Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
50328328 shares
CY2023Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
31046516 shares
CY2023Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
31046516 shares
CY2024Q3 us-gaap Common Stock Value
CommonStockValue
5033 usd
CY2023Q4 us-gaap Common Stock Value
CommonStockValue
3105 usd
CY2024Q3 us-gaap Stockholders Equity Note Subscriptions Receivable
StockholdersEquityNoteSubscriptionsReceivable
10010 usd
CY2023Q4 us-gaap Stockholders Equity Note Subscriptions Receivable
StockholdersEquityNoteSubscriptionsReceivable
10010 usd
CY2024Q3 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
26440873 usd
CY2023Q4 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
20197171 usd
CY2024Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-18373436 usd
CY2023Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-10446882 usd
CY2024Q3 us-gaap Stockholders Equity
StockholdersEquity
8062460 usd
CY2023Q4 us-gaap Stockholders Equity
StockholdersEquity
9743384 usd
CY2024Q3 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
11700995 usd
CY2023Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
11643083 usd
CY2024Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
63052 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
135975 usd
CY2024Q3 us-gaap Exploration Expense
ExplorationExpense
8054 usd
us-gaap Exploration Expense
ExplorationExpense
132871 usd
us-gaap Exploration Expense
ExplorationExpense
225052 usd
CY2023Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1171256 usd
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3744914 usd
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2215775 usd
CY2024Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
238322 usd
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
785962 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1150852 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
896947 usd
us-gaap Accretion Expense
AccretionExpense
2084 usd
us-gaap Accretion Expense
AccretionExpense
2084 usd
us-gaap Operating Expenses
OperatingExpenses
5030721 usd
us-gaap Operating Expenses
OperatingExpenses
3339858 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
-4894746 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
-3339858 usd
CY2024Q3 us-gaap Interest Expense Nonoperating
InterestExpenseNonoperating
668381 usd
us-gaap Interest Expense Nonoperating
InterestExpenseNonoperating
1810370 usd
us-gaap Interest Expense Nonoperating
InterestExpenseNonoperating
746930 usd
CY2023Q3 TPET Settlement Fees
SettlementFees
13051 usd
TPET Settlement Fees
SettlementFees
10500 usd
TPET Settlement Fees
SettlementFees
13051 usd
TPET Loss On Note Conversion
LossOnNoteConversion
1196306 usd
TPET Loss On Note Conversion
LossOnNoteConversion
1125000 usd
us-gaap Taxes And Licenses
TaxesAndLicenses
14632 usd
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-3031808 usd
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-1884981 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-7926554 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-5224839 usd
us-gaap Net Income Loss
NetIncomeLoss
-7926554 usd
us-gaap Net Income Loss
NetIncomeLoss
-5224839 usd
CY2024Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.04
CY2024Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.04
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.08
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.19
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.19
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.25
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.25
CY2024Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
50328328 shares
CY2024Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
50328328 shares
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26556760 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
41234010 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20748826 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20748826 shares
CY2024Q2 us-gaap Stockholders Equity
StockholdersEquity
9745008 usd
CY2024Q3 us-gaap Stock And Warrants Issued During Period Value Preferred Stock And Warrants
StockAndWarrantsIssuedDuringPeriodValuePreferredStockAndWarrants
257701 usd
CY2024Q3 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
238322 usd
CY2024Q3 us-gaap Net Income Loss
NetIncomeLoss
-2178571 usd
CY2024Q3 us-gaap Stockholders Equity
StockholdersEquity
8062460 usd
CY2023Q4 us-gaap Stockholders Equity
StockholdersEquity
9743384 usd
us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
694500 usd
us-gaap Stock And Warrants Issued During Period Value Preferred Stock And Warrants
StockAndWarrantsIssuedDuringPeriodValuePreferredStockAndWarrants
409191 usd
us-gaap Stock Issued During Period Value Conversion Of Units
StockIssuedDuringPeriodValueConversionOfUnits
3323587 usd
TPET Stock Issued During Period Value Issuance Of Commitment Shares In Connection With The Financings
StockIssuedDuringPeriodValueIssuanceOfCommitmentSharesInConnectionWithTheFinancings
667500 usd
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
1150852 usd
us-gaap Net Income Loss
NetIncomeLoss
-7926554 usd
CY2024Q3 us-gaap Stockholders Equity
StockholdersEquity
8062460 usd
CY2023Q2 us-gaap Stockholders Equity
StockholdersEquity
9788373 usd
CY2023Q3 us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
1812635 usd
CY2023Q3 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
80159 usd
CY2023Q3 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
785962 usd
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
-2170601 usd
CY2023Q3 us-gaap Stockholders Equity
StockholdersEquity
10296528 usd
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
2723124 usd
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
2723124 usd
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
372000 usd
us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
5164875 usd
TPET Stock Issued During Period Value Issuance Of Commitment Shares Related To The Spa
StockIssuedDuringPeriodValueIssuanceOfCommitmentSharesRelatedToTheSPA
1125001 usd
TPET Stock Issued During Period Value Issuance Of Common Shares In Ipo Net Of Underwriting Discounts And Offering Costs
StockIssuedDuringPeriodValueIssuanceOfCommonSharesInIPONetOfUnderwritingDiscountsAndOfferingCosts
3342626 usd
us-gaap Adjustments To Additional Paid In Capital Warrant Issued
AdjustmentsToAdditionalPaidInCapitalWarrantIssued
4000 usd
us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
1812635 usd
us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
80160 usd
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
896947 usd
us-gaap Net Income Loss
NetIncomeLoss
-5224839 usd
CY2023Q3 us-gaap Stockholders Equity
StockholdersEquity
10296528 usd
CY2023Q3 us-gaap Stockholders Equity
StockholdersEquity
10296528 usd
us-gaap Net Income Loss
NetIncomeLoss
-7926554 usd
us-gaap Net Income Loss
NetIncomeLoss
-5224839 usd
us-gaap Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
694500 usd
TPET Conversion Of Convertible Note Payments Into Common Stock
ConversionOfConvertibleNotePaymentsIntoCommonStock
3323587 usd
us-gaap Provision For Other Credit Losses
ProvisionForOtherCreditLosses
25000 usd
us-gaap Accretion Expense
AccretionExpense
2084 usd
us-gaap Accretion Expense
AccretionExpense
2084 usd
TPET Conversion Of Agreement
ConversionOfAgreement
1125000 usd
TPET Payable To Related Party
PayableToRelatedParty
129589 usd
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
1803758 usd
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
432693 usd
TPET Debt Discount Premium
DebtDiscountPremium
-250876 usd
us-gaap Share Based Compensation
ShareBasedCompensation
1150852 usd
us-gaap Share Based Compensation
ShareBasedCompensation
896947 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
191186 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
114290 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
826161 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
315045 usd
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
556727 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
118642 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-2542360 usd
us-gaap Payments To Explore And Develop Oil And Gas Properties
PaymentsToExploreAndDevelopOilAndGasProperties
1135543 usd
us-gaap Payments To Explore And Develop Oil And Gas Properties
PaymentsToExploreAndDevelopOilAndGasProperties
249520 usd
us-gaap Payments To Acquire Machinery And Equipment
PaymentsToAcquireMachineryAndEquipment
2959580 usd
us-gaap Payments To Fund Longterm Loans To Related Parties
PaymentsToFundLongtermLoansToRelatedParties
3018 usd
us-gaap Proceeds From Collection Of Longterm Loans To Related Parties
ProceedsFromCollectionOfLongtermLoansToRelatedParties
1405050 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1138561 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1804050 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
452160 usd
us-gaap Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
2550000 usd
us-gaap Proceeds From Other Short Term Debt
ProceedsFromOtherShortTermDebt
1836880 usd
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
125000 usd
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
550000 usd
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
1472512 usd
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
6000000 usd
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
210778 usd
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
1812635 usd
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
1013493 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-248898 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
5778790 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-1268817 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
1432380 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
CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
293107 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1506028 usd
TPET Issuance Of Warrants Equity Classified
IssuanceOfWarrantsEquityClassified
409191 usd
TPET Issuance Of Commitment Shares
IssuanceOfCommitmentShares
667500 usd
us-gaap Noncash Or Part Noncash Acquisition Noncash Financial Or Equity Instrument Consideration Shares Issued1
NoncashOrPartNoncashAcquisitionNoncashFinancialOrEquityInstrumentConsiderationSharesIssued1
134550 shares
us-gaap Noncash Or Part Noncash Acquisition Noncash Financial Or Equity Instrument Consideration Shares Issued1
NoncashOrPartNoncashAcquisitionNoncashFinancialOrEquityInstrumentConsiderationSharesIssued1
70 shares
TPET Issuance Of Prefunded Warrants
IssuanceOfPrefundedWarrants
120 usd
TPET Issuance Of Common Stock For Excercisable Warrants
IssuanceOfCommonStockForExcercisableWarrants
4000 usd
us-gaap Nature Of Operations
NatureOfOperations
<p id="xdx_800_eus-gaap--NatureOfOperations_zMnGSSrQZN46" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 1 – <span id="xdx_820_zWqnH1xgSuF3">NATURE OF THE ORGANIZATION AND BUSINESS</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: left"><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: 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: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trio Petroleum Corp. (“Trio Petroleum”, the “Company” or “TPET”) is a California-based oil and gas exploration and development company headquartered in Bakersfield, California, with its principal executive offices located at 5401 Business Park South, Suite 115, Bakersfield, California 93309, and 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 operate oil and gas exploration, development and production projects, initially focusing on one major asset in California, the South Salinas Project (“South Salinas Project”). The Company has since acquired interests in the McCool Ranch Oil Field in Monterey County, California, and in the Asphalt Ridge Project in Uintah County, Utah. The Company has had revenue-generating operations since the McCool Ranch Oil Field was restarted on February 22, 2024, and recognized its first revenues in the fiscal quarter ended April 30, 2024, and received the proceeds from these operations in June 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: left"><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: 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: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company was initially formed to acquire from Trio Petroleum LLC (“Trio LLC”) an approximate <span id="xdx_900_eus-gaap--BusinessCombinationStepAcquisitionEquityInterestInAcquireePercentage_iI_pid_dp_uPure_c20231031__dei--LegalEntityAxis__custom--TrioLLCMember__us-gaap--BusinessAcquisitionAxis__custom--SouthSalinasProjectMember_zGZy4npiZzI3" title="Business acquisition increase in percentage of working interest">82.75</span>% working interest (which was subsequently increased to an approximate <span id="xdx_90F_eus-gaap--BusinessAcquisitionPercentageOfVotingInterestsAcquired_iI_dp_uPure_c20230430__dei--LegalEntityAxis__custom--TrioLLCMember__us-gaap--BusinessAcquisitionAxis__custom--SouthSalinasProjectMember_zrs33P6StZwc" title="Business acquisition percentage">85.775</span>% working interest in April 2023), in the large, approximately <span id="xdx_907_eus-gaap--AreaOfLand_iI_usqft_c20231031__dei--LegalEntityAxis__custom--TrioLLCMember__us-gaap--BusinessAcquisitionAxis__custom--SouthSalinasProjectMember_zqMkFY5m3Zt3" title="Acres of property">9,300</span>-acre South Salinas Project that is located in Monterey County, California, and subsequently partner with certain members of Trio LLC’s management team to develop and operate those assets. In September 2021, the Company entered into a Purchase and Sale Agreement (“Trio LLC PSA”) with Trio LLC to acquire the purchased percentage of the South Salinas Project’s leases, wells and inventory in exchange for $<span id="xdx_90A_eus-gaap--PaymentsToAcquireBusinessesGross_c20210930__20210930__us-gaap--TypeOfArrangementAxis__custom--PurchaseAndSaleAgreementMember__dei--LegalEntityAxis__custom--TrioLLCMember_zdG9sMTvqydb" title="Payments to acquire businesses net of cash acquired">300,000</span> cash, a non-interest-bearing note payable of $<span id="xdx_905_eus-gaap--AccountsPayableInterestBearingCurrentAndNoncurrent_iI_c20210930__us-gaap--TypeOfArrangementAxis__custom--PurchaseAndSaleAgreementMember__dei--LegalEntityAxis__custom--TrioLLCMember_zy6BQzvRwuic" title="Non interest bearing notes payable">3,700,000</span> and <span id="xdx_904_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20210930__20210930__us-gaap--TypeOfArrangementAxis__custom--PurchaseAndSaleAgreementMember__dei--LegalEntityAxis__custom--TrioLLCMember_zxtBNsXFXx16" title="Number of shares issued">4,900,000</span> shares of the Company’s $<span id="xdx_907_eus-gaap--CommonStockParOrStatedValuePerShare_iI_c20210930__us-gaap--TypeOfArrangementAxis__custom--PurchaseAndSaleAgreementMember__dei--LegalEntityAxis__custom--TrioLLCMember_zV65ODTHK9H2" title="Common stock price per share">0.0001</span> par value common stock (which constituted <span id="xdx_90A_ecustom--BusinessAcquisitionOfOutstandingSharesPercentage_iI_dp_uPure_c20210930__dei--LegalEntityAxis__custom--TrioLLCMember_z2UPK2XeB4Gb" title="Business acquisition percentage">45</span>% of the total number of issued shares of the Company at that time). 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. The Company holds an approximate <span id="xdx_901_ecustom--PurchaseOfAdditionalOfRoyaltiesInterestPercentage_iI_dp_uPure_c20210930__us-gaap--TypeOfArrangementAxis__custom--PurchaseAndSaleAgreementMember__dei--LegalEntityAxis__custom--TrioLLCMember_zEvkQFMoIqg2" title="Royalties percentage">68.62</span>% interest after the application of royalties (“net revenue interest”) in the South Salinas Project, while Trio LLC holds an approximate <span id="xdx_907_ecustom--PurchaseOfAdditionalInterestPercentage_iI_dp_uPure_c20210930__us-gaap--TypeOfArrangementAxis__custom--PurchaseAndSaleAgreementMember__dei--LegalEntityAxis__custom--TrioLLCMember_zHTtGI6VuZA8" title="Working interest percentage">3.8</span>% working interest in the South Salinas Project; the Company and Trio LLC are separate and distinct companies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There are two contiguous areas of notable oil/gas accumulations in the South Salinas Project; the first is the Humpback Area that occurs in the northern part of the project and the second is the Presidents Area (“Presidents Oil Field”) that occurs in the southern part of the project. As of July 31, 2024 and October 31, 2023, there were no proved reserves attributable to the approximate <span id="xdx_90A_eus-gaap--AreaOfLand_iI_usqft_c20240731__us-gaap--TypeOfArrangementAxis__custom--PurchaseAndSaleAgreementMember__dei--LegalEntityAxis__custom--TrioLLCMember_zsrXlNLN3L4h" title="Acres of property"><span id="xdx_906_eus-gaap--AreaOfLand_iI_usqft_c20231031__us-gaap--TypeOfArrangementAxis__custom--PurchaseAndSaleAgreementMember__dei--LegalEntityAxis__custom--TrioLLCMember_zfoYt9WfBJS7" title="Acres of property">9,300</span></span> acres of the property. Since it was returned to production in March 2024, the HV-3A well at the South Salinas Project has been producing oil with a generally favorable oil-water ratio; the Company expects to take steps to improve oil production from this well in the third or fourth calendar quarter of 2024 and expects to receive the first revenue from oil produced from the well in the third calendar quarter of 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: left"><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: 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: 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_901_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_dc_c20230420__20230420__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zQAEtXumulCd" title="Number of shares sold">two million</span> shares of its common stock for total gross proceeds of $<span id="xdx_900_eus-gaap--SaleOfStockConsiderationReceivedOnTransaction_c20230420__20230420__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_z3fp0DkRaT53" 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: 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: 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: 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: 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_900_eus-gaap--BusinessAcquisitionPercentageOfVotingInterestsAcquired_iI_pid_dp_uPure_c20231031__us-gaap--BusinessAcquisitionAxis__custom--TrioLLCMember__us-gaap--TypeOfArrangementAxis__custom--McCoolRanchPurchaseAgreementMember_zFmBrgRku58h" 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). In <span id="xdx_905_eus-gaap--BusinessAcquisitionDescriptionOfAcquiredEntity_c20231101__20231130__us-gaap--TypeOfArrangementAxis__custom--ARLOAgreementMember__us-gaap--BusinessAcquisitionAxis__custom--HeavySweetOilMember_zBZhqx1Dft7d" title="Business acquisition description">November 2023, the Company entered into a leasehold acquisition and development option agreement (“ARLO Agreement”) with Heavy Sweet Oil, LLC (“HSO”), which gave the Company a 9-month option for the exclusive right to acquire up to a <span id="xdx_901_ecustom--PercentageOfProductionShare_pid_dp_uPure_c20231101__20231130__us-gaap--TypeOfArrangementAxis__custom--ARLOAgreementMember__us-gaap--BusinessAcquisitionAxis__custom--HeavySweetOilMember_zb8Rje99ifD1" title="Percentage of production share">20</span>% interest in a <span id="xdx_90C_eus-gaap--AreaOfLand_iI_uAcre_c20231130__us-gaap--TypeOfArrangementAxis__custom--ARLOAgreementMember__us-gaap--BusinessAcquisitionAxis__custom--HeavySweetOilMember_zDFFkpqzb3pg" title="Area of land">960</span>-acre drilling and production program in the Asphalt Ridge leases for $<span id="xdx_908_eus-gaap--PaymentsToAcquireLoansAndLeasesHeldForInvestment_c20231101__20231130__us-gaap--TypeOfArrangementAxis__custom--ARLOAgreementMember__us-gaap--BusinessAcquisitionAxis__custom--HeavySweetOilMember_zTjgz1fiucBd" title="Payments to acquire loans and lease">2,000,000</span>.</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_zlHlRAyVbpG" 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_zQEjbxAYfHy2" title="Finance lease interest percentage">2</span>% interest in the leases; subsequently, in January 2024, the Company funded an additional $<span id="xdx_908_eus-gaap--BusinessCombinationConsiderationTransferred1_c20240101__20240131__us-gaap--TypeOfArrangementAxis__custom--ARLOAgreementMember_zPbQFpoMrb7e" title="Business combination agreement and funded amount">25,000</span> resulting in a total <span id="xdx_908_ecustom--FinanceLeaseInterestPercentage_pid_dp_uPure_c20240101__20240131__us-gaap--TypeOfArrangementAxis__custom--ARLOAgreementMember_zG8wZA3Bv5Ja" title="Finance lease interest percentage">2.25</span>% working 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; at present, the Company has until October 10, 2024 to pay HSO an additional approximate $<span id="xdx_90B_eus-gaap--PaymentsToAcquireLoansAndLeasesHeldForInvestment_pn3n6_c20240101__20240131__us-gaap--TypeOfArrangementAxis__custom--ARLOAgreementMember__us-gaap--BusinessAcquisitionAxis__custom--HeavySweetOilMember_z01rBXDWl74g" title="Payments to acquire loans and lease">1.775</span> million to exercise the option for the remaining <span id="xdx_90C_ecustom--PercentageOfProductionShare_pid_dp_uPure_c20240101__20240131__us-gaap--TypeOfArrangementAxis__custom--ARLOAgreementMember__us-gaap--BusinessAcquisitionAxis__custom--HeavySweetOilMember_zqu3q4WbF797" title="Percentage of production share">17.75</span>% interest in the leases (see Note 6 for further information).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: left"><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: 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: 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: 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: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_842_eus-gaap--UseOfEstimates_zs0iNH1FgBig" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_868_zRJ7ZBrW8zZb">Use of Estimates</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statements in accordance with U.S. 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: 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: 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 statements, 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: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2024Q3 us-gaap Deferred Finance Costs Gross
DeferredFinanceCostsGross
210778 usd
CY2023Q4 us-gaap Deferred Finance Costs Gross
DeferredFinanceCostsGross
350320 usd
CY2023Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
51091 usd
us-gaap Accretion Expense
AccretionExpense
2084 usd
CY2024Q3 us-gaap Asset Retirement Obligation
AssetRetirementObligation
53175 usd
CY2024Q3 us-gaap Asset Retirement Obligation Current
AssetRetirementObligationCurrent
2778 usd
CY2024Q3 us-gaap Asset Retirement Obligations Noncurrent
AssetRetirementObligationsNoncurrent
50397 usd
CY2024Q3 us-gaap Cash
Cash
293107 usd
CY2024Q3 TPET Working Capital
WorkingCapital
2970428 usd
CY2024Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-18373436 usd
CY2023Q2 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
4940000 usd
CY2024Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
63052 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
135975 usd
CY2024Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
0 usd
CY2023Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
0 usd
CY2024Q3 us-gaap Oil And Gas Property Full Cost Method Gross
OilAndGasPropertyFullCostMethodGross
11083285 usd
CY2023Q4 us-gaap Oil And Gas Property Full Cost Method Gross
OilAndGasPropertyFullCostMethodGross
9947742 usd
CY2024Q3 us-gaap Oil And Gas Property Full Cost Method Net
OilAndGasPropertyFullCostMethodNet
11083285 usd
CY2023Q4 us-gaap Oil And Gas Property Full Cost Method Net
OilAndGasPropertyFullCostMethodNet
9947742 usd
CY2024Q3 us-gaap Exploration Costs
ExplorationCosts
8054 usd
us-gaap Exploration Costs
ExplorationCosts
132871 usd
us-gaap Interest Costs Capitalized Adjustment
InterestCostsCapitalizedAdjustment
1100000 usd
CY2023Q3 us-gaap Exploration Costs
ExplorationCosts
199637 usd
us-gaap Exploration Costs
ExplorationCosts
225052 usd
us-gaap Interest Costs Capitalized Adjustment
InterestCostsCapitalizedAdjustment
3200000 usd
CY2023Q4 us-gaap Long Term Purchase Commitment Amount
LongTermPurchaseCommitmentAmount
200000 usd
CY2023Q4 us-gaap Long Term Purchase Commitment Description
LongTermPurchaseCommitmentDescription
the effective date for exclusive rights to the option to purchase 80% of the 100% Before Project Payout Working Interest
CY2024Q1 us-gaap Payments For Purchase Of Other Assets1
PaymentsForPurchaseOfOtherAssets1
25000 usd
TPET Working Interest Percentage
WorkingInterestPercentage
0.85775 pure
CY2024Q3 TPET Due To Operators Current
DueToOperatorsCurrent
18633 usd
CY2023Q4 TPET Due To Operators Current
DueToOperatorsCurrent
21651 usd
CY2024Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023Q4 us-gaap Convertible Notes Payable Current
ConvertibleNotesPayableCurrent
1217597 usd
CY2024Q3 us-gaap Notes Payable
NotesPayable
1574541 usd
CY2023Q4 us-gaap Notes Payable
NotesPayable
1217597 usd
CY2023Q4 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
0.34
CY2023Q4 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
0.31
CY2024Q1 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
0.29
CY2024Q1 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
0.24
CY2024Q1 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
0.13
CY2024Q1 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
0.10
CY2024Q2 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
0.17
CY2024Q1 TPET Description Of Amendment To First Tranche Note
DescriptionOfAmendmentToFirstTrancheNote
i) a reduction of the floor price of the conversion price from $0.35 to $0.15, ii) the issuance of additional 2,395,911 shares of common stock (as noted above) to the investor in lieu of the Company’s obligation to pay cash installments under the First Tranche Note, and iii) a new obligation of the Company to request acceleration of monthly payments in installments of $250,000 as soon as possible to repay the remaining $1,000,000 principal balance of the First Tranche Note, with the investor converting and selling shares subject to a) the beneficial ownership limitation of 4.99% and b) market prices of the Company’s common stock being at or above the floor price of $0.15.
CY2024Q1 us-gaap Unsecured Debt
UnsecuredDebt
125000 usd
CY2024Q3 us-gaap Interest Payable Current
InterestPayableCurrent
4384 usd
CY2023Q4 us-gaap Interest Payable Current
InterestPayableCurrent
0 usd
CY2024Q2 us-gaap Debt Conversion Converted Instrument Rate
DebtConversionConvertedInstrumentRate
1 pure
CY2024Q1 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
0.24
CY2024Q2 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
0.63
CY2024Q1 us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
574779 usd
CY2024Q2 us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
221449 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0436 pure
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1.371 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
TPET Rule10b51 Arr Modified Flag
Rule10b51ArrModifiedFlag
false
TPET Non Rule10b51 Arr Modified Flag
NonRule10b51ArrModifiedFlag
false
ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

Files In Submission

Name View Source Status
0001493152-24-036044-index-headers.html Edgar Link pending
0001493152-24-036044-index.html Edgar Link pending
0001493152-24-036044.txt Edgar Link pending
0001493152-24-036044-xbrl.zip Edgar Link pending
ex31-1.htm Edgar Link pending
ex31-2.htm Edgar Link pending
ex32-1.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
form10-q.htm Edgar Link pending
MetaLinks.json Edgar Link pending
R1.htm Edgar Link pending
R10.htm Edgar Link pending
R11.htm Edgar Link pending
R12.htm Edgar Link pending
R13.htm Edgar Link pending
R14.htm Edgar Link pending
R15.htm Edgar Link pending
R16.htm Edgar Link pending
R17.htm Edgar Link pending
R18.htm Edgar Link pending
R19.htm Edgar Link pending
R2.htm Edgar Link pending
R20.htm Edgar Link pending
R21.htm Edgar Link pending
R22.htm Edgar Link pending
R23.htm Edgar Link pending
R24.htm Edgar Link pending
R25.htm Edgar Link pending
R26.htm Edgar Link pending
R27.htm Edgar Link pending
R28.htm Edgar Link pending
R29.htm Edgar Link pending
R3.htm Edgar Link pending
R30.htm Edgar Link pending
R31.htm Edgar Link pending
R32.htm Edgar Link pending
R33.htm Edgar Link pending
R34.htm Edgar Link pending
R35.htm Edgar Link pending
R36.htm Edgar Link pending
R37.htm Edgar Link pending
R38.htm Edgar Link pending
R39.htm Edgar Link pending
R4.htm Edgar Link pending
R40.htm Edgar Link pending
R41.htm Edgar Link pending
R42.htm Edgar Link pending
R43.htm Edgar Link pending
R44.htm Edgar Link pending
R45.htm Edgar Link pending
R5.htm Edgar Link pending
R6.htm Edgar Link pending
form10-q_htm.xml Edgar Link completed
R7.htm Edgar Link pending
R8.htm Edgar Link pending
R9.htm Edgar Link pending
report.css Edgar Link pending
Show.js Edgar Link pending
tpet-20240731.xsd Edgar Link pending
tpet-20240731_cal.xml Edgar Link unprocessable
tpet-20240731_def.xml Edgar Link unprocessable
tpet-20240731_lab.xml Edgar Link unprocessable
tpet-20240731_pre.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable