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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON
D.C. 20549
FORM
10-K/A
(Amendment
No. 1)
☒
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the Fiscal Year Ended October 31, 2023
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the transition period from _______ to ________.
Commission
file number: 001-41643
TRIO
PETROLEUM CORP.
(Exact
name of Registrant as specified in its charter)
Delaware |
|
87-1968201 |
(State
or other jurisdiction of
incorporation
or organization) |
|
(I.R.S.
Employer
Identification
No.) |
|
|
|
5401 Business Park South, Suite 115
Bakersfield,
CA |
|
93309 |
(Address
of principal executive offices) |
|
(Zip
Code) |
Registrant’s
telephone number, including area code: (661) 324-3911
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common
Stock, par value $0.0001 per share |
|
TPET |
|
NYSE
American LLC |
Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. ☐ Yes
☒ No
Indicate
by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. ☐ Yes
☒ No
Indicate
by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). ☒ Yes ☐ No
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company,
or an emerging growth company. See the definitions of large accelerated filer, accelerated filer, smaller reporting company, and emerging
growth company in Rule 12b-2 of the Exchange Act.
Large
Accelerated Filer |
☐ |
|
Accelerated
Filer |
☐ |
Non-Accelerated
Filer |
☒ |
|
Smaller
Reporting Company |
☒ |
|
|
|
Emerging
Growth Company |
☒ |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate
by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness
of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered
public accounting firm that prepared or issued its audit report. ☐
If
securities are registered pursuant to Section 12(b) of the Act, indicate by check mark, whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued financial statements. ☐
Indicate
by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation
received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No
The
aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which
the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant’s
most recently completed second fiscal quarter, April 30, 2023, was $26,020,517.
As
of January 22, 2024, there were 31,898,294
shares of the registrant’s common stock outstanding.
EXPLANATORY
NOTE
This
amendment (the “Amendment”) is being filed to reissue the financial statements of Trio Petroleum Corp. (the “Company”),
including the notes to the financial statements, for the years ended October 31, 2023 and 2022, contained in the Annual Report on Form
10-K for the fiscal year ended October 31, 2023, filed with the Securities and Exchange Commission on January 29, 2024 (“Form 10-K),
in order to replace the Report of Independent Registered Public Accounting Firm of BF Borgers CPA PC (“Borgers”), included
in the Form 10-K, with the Report of Independent Registered Public Accounting Firm from Bush & Associates CPA LLC (“Bush”),
included in this Amendment.
Additionally,
the Consent of Independent Registered Public Accounting Firm provided by Borgers and filed as Exhibit 23.1 to the Form 10-K is also being
replaced by the Consent of Independent Registered Public Accounting Firm provided by Bush and filed as Exhibit 23.1 to this Amendment.
The
Company’s Principal Executive and Principal Financial Officer has provided new certifications dated as of the date of this filing
in connection with this Amendment (Exhibits 31.1, 31.2, 32.1 and 32.2).
Except
as described above, no other portion of the Form 10-K is being amended and this Amendment does not reflect any events occurring after
the filing of the Form 10-K.
TABLE
OF CONTENTS
PART
IV
ITEM
15. EXHIBITS, FINANCIAL STATEMENTS AND SCHEDULES.
Exhibit
No. |
|
Description |
3.1 |
|
Certificate of Incorporation of Trio Petroleum Corp. (incorporated by reference to Exhibit 3.1 of the Company’s Form S-1 (File No. 333-267380), filed with the Commission on September 12, 2022, as amended). |
3.2 |
|
Amended & Restated Certificate of Incorporation of Trio Petroleum Corp (incorporated by reference to Exhibit 3.2 of the Company’s Amendment No. 4 to Form S-1 (File No. 333-267380), filed with the Commission on January 5, 2023, as amended). |
3.3 |
|
Bylaws of Trio Petroleum Corp. (incorporated by reference to Exhibit 3.3 of the Company’s Form S-1 (File No. 333-267380), filed with the Commission on September 12, 2022, as amended). |
3.4 |
|
Amended and Restated Bylaws of Trio Petroleum Corp. (incorporated by reference to Exhibit 3.4 of the Company’s Amendment No. 4 to Form S-1 (File No. 333-267380), filed with the Commission on January 5, 2023, as amended). |
4.1 |
|
Specimen Common Stock Certificate evidencing the shares of Common Stock (incorporated by reference to Exhibit 4.1 of the Company’s Form S-1 (File No. 333-267380), filed with the Commission on September 12, 2022, as amended). |
4.2 |
|
Description of Securities of the Registrant (incorporated by reference to Exhibit 4.2 of the Company’s Form 10-K, filed with the Commission on January 29, 2024). |
4.3 |
|
Senior Secured Original Issue 7% Discount Convertible Promissory Note (incorporated by reference to Exhibit 4.1 of the Company’s Form 8-K, filed with the Commission on October 4, 2023). |
4.4 |
|
Common Stock Purchase Warrant (incorporated by reference to Exhibit 4.2 of the Company’s Form 8-K, filed with the Commission on October 4, 2023). |
4.5 |
|
Placement Agent Warrant Agreement (incorporated by reference to Exhibit 4.4 of the Company’s Form S-1/A (File No. 333-275313), filed with the Commission on November 3, 2023, as amended |
4.6 |
|
Trio Petroleum Corp. Senior Secured Original Issue 7% Discount Convertible Promissory Note with an original issue date of January 2, 2024 (incorporated by reference to Exhibit 4.1 of the Company’s Form 8-K, filed with the Commission on January 2, 2024). |
4.7 |
|
Trio Petroleum Corp. Common Stock Purchase Warrant dated January 2, 2024 (incorporated by reference to Exhibit 4.2 of the Company’s Form 8-K, filed with the Commission on January 2, 2024). |
4.8 |
|
Trio Petroleum Corp. Placement Agent Warrant Agreement - Common Stock Purchase Warrant dated January 2, 2024 (incorporated by reference to Exhibit 4.3 of the Company’s Form 8-K , filed with the Commission on January 2, 2024). |
10.1 |
|
Bid Proposal and Daywork Drilling Contract - U.S., by and Between Trio Petroleum LLC and Ensign United States Drilling (California) Inc., dated April 19, 2023 (incorporated by reference to Exhibit 10.1 of the Company’s current report on Form 8-K, filed with the Commission on April 25, 2023) |
10.2 |
|
Form of Indemnification Agreement (incorporated by reference to Exhibit 10.1 of the Company’s Form S-1 (File No. 333-267380), filed with the Commission on September 12, 2022, as amended). |
10.3† |
|
2022 Incentive Plan (incorporated by reference to Exhibit 10.2 of the Company’s Form S-1 (File No. 333-267380), filed with the Commission on September 12, 2022, as amended). |
10.4† |
|
Employment Agreement with Frank C. Ingriselli (incorporated by reference to Exhibit 10.3 of the Company’s Form S-1 (File No. 333-267380), filed with the Commission on September 12, 2022, as amended). |
10.5† |
|
Employment Agreement with Greg Overholtzer (incorporated by reference to Exhibit 10.4 of the Company’s Form S-1 (File No. 333-267380), filed with the Commission on September 12, 2022, as amended). |
10.6 |
|
Purchase and Sale Agreement with Trio Petroleum LLC (incorporated by reference to Exhibit 10.5 of the Company’s Form S-1 (File No. 333-267380), filed with the Commission on September 12, 2022, as amended). |
10.7 |
|
First Amendment to Purchase and Sale Agreement with Trio Petroleum LLC (incorporated by reference to Exhibit 10.6 of the Company’s Form S-1 (File No. 333-267380), filed with the Commission on September 12, 2022, as amended). |
10.8 |
|
Second Amendment to Purchase and Sale Agreement with Trio Petroleum LLC (incorporated by reference to Exhibit 10.7 of the Company’s Form S-1 (File No. 333-267380), filed with the Commission on September 12, 2022, as amended). |
10.9 |
|
Third Amendment to Purchase and Sale Agreement with Trio Petroleum LLC (incorporated by reference to Exhibit 10.8 of the Company’s Form S-1 (File No. 333-267380), filed with the Commission on September 12, 2022, as amended). |
10.10 |
|
Fourth Amendment to Purchase and Sale Agreement with Trio Petroleum LLC (incorporated by reference to Exhibit 10.9 of the Company’s Amendment No. 1 to Form S-1 (File No. 333-267380), filed with the Commission on January 5, 2023, as amended). |
10.11 |
|
Blue Lease with Bradley Minerals (incorporated by reference to Exhibit 10.10 of the Company’s Form S-1 (File No. 333-267380), filed with the Commission on September 12, 2022, as amended). |
10.12 |
|
First Amendment to Blue Lease with Bradley Minerals (incorporated by reference to Exhibit 10.11 of the Company’s Form S-1 (File No. 333-267380), filed with the Commission on September 12, 2022, as amended). |
10.13 |
|
Red Lease with Bradley Minerals (incorporated by reference to Exhibit 10.11 of the Company’s Form S-1 (File No. 333-267380), filed with the Commission on September 12, 2022, as amended). |
10.14 |
|
First Amendment to Red Lease with Bradley Minerals (incorporated by reference to Exhibit 10.12 of the Company’s Form S-1 (File No. 333-267380), filed with the Commission on September 12, 2022, as amended). |
10.15 |
|
Second Amendment to Red Lease with Bradley Minerals (incorporated by reference to Exhibit 10.13 of the Company’s Form S-1 (File No. 333-267380), filed with the Commission on September 12, 2022, as amended). |
10.16 |
|
Third Amendment to Red Lease with Bradley Minerals (incorporated by reference to Exhibit 10.14 of the Company’s Form S-1 (File No. 333-267380), filed with the Commission on September 12, 2022, as amended). |
10.17 |
|
Fourth Amendment to Red Lease with Bradley Minerals (incorporated by reference to Exhibit 10.15 of the Company’s Form S-1 (File No. 333-267380), filed with the Commission on September 12, 2022, as amended). |
10.18 |
|
Fifth Amendment to Red Lease with Bradley Minerals (incorporated by reference to Exhibit 10.16 of the Company’s Form S-1 (File No. 333-267380), filed with the Commission on September 12, 2022, as amended). |
10.19 |
|
Securities Purchase Agreement with GenCap Fund I LLC (incorporated by reference to Exhibit 10.17 of the Company’s Amendment No. 2 to Form S-1 (File No. 333-267380), filed with the Commission on November 18, 2022, as amended). |
10.20 |
|
Convertible Promissory Note (included in Exhibit 10.19). |
10.21 |
|
Warrant Agreement with GenCap Fund I LLC (included in Exhibit 10.19). |
10.22 |
|
Security Agreement with GenCap Fund I LLC (included in Exhibit 10.19). |
10.23 |
|
Registration Rights Agreement with GenCap Fund I LLC (included in Exhibit 10.19 |
10.24 |
|
September 2022 Securities Purchase Agreement (incorporated by reference to Exhibit 10.23 of the Company’s Amendment No. 2 to Form S-1 (File No. 333-267380), filed with the Commission on November 18, 2022, as amended). |
10.25 |
|
Original Issue Discount Note (included in Exhibit 10.24). |
10.26 |
|
Pre-Funded Warrant (included in Exhibit 10.24). |
10.27 |
|
Registration Rights Agreement (included in Exhibit 10.24). |
10.28 |
|
Joint Operating Agreement (incorporated by reference to Exhibit 10.27 of the Company’s Amendment No. 2 to Form S-1 (File No. 333-267380), filed with the Commission on November 18, 2022, as amended). |
10.29 |
|
December 2022 Subscription Agreement (incorporated by reference to Exhibit 10.28 of the Company’s Amendment No. 5 to Form S-1 (File No. 333-267380), filed with the Commission on January 20, 2023, as amended). |
10.30 |
|
December 2022 Warrant (incorporated by reference to Exhibit 10.29 of the Company’s Amendment No. 5 to Form S-1 (File No. 333-267380), filed with the Commission on January 20, 2023, as amended). |
10.31 |
|
First Amendment to Convertible Promissory Note with GenCap Fund I LLC (incorporated by reference to Exhibit 10.30 of the Company’s Amendment No. 6 to Form S-1 (File No. 333-267380), filed with the Commission on February 6, 2023, as amended). |
10.32 |
|
Second Amendment to Convertible Promissory Note with GenCap Fund I LLC (incorporated by reference to Exhibit 10.31 of the Company’s Amendment No. 7 to Form S-1 (File No. 333-267380), filed with the Commission on February 28, 2023, as amended). |
10.33 |
|
Extension Letter for Note Payable with Trio Petroleum LLC (incorporated by reference to Exhibit 10.32 of the Company’s Amendment No. 7 to Form S-1 (File No. 333-267380), filed with the Commission on February 28, 2023, as amended). |
10.34 |
|
Third Amendment to Convertible Promissory Note with GenCap Fund I LLC (incorporated by reference to Exhibit 10.33 of the Company’s Amendment No. 8 to Form S-1 (File No. 333-267380), filed with the Commission on March 17, 2023, as amended). |
10.35 |
|
Second Extension Letter for Note Payable with Trio Petroleum LLC (incorporated by reference to Exhibit 10.34 of the Company’s Amendment No. 8 to Form S-1 (File No. 333-267380), filed with the Commission on March 17, 2023, as amended). |
10.36 |
|
Extension Letter for Original Issue Discount Note (incorporated by reference to Exhibit 10.35 of the Company’s Amendment No. 8 to Form S-1 (File No. 333-267380), filed with the Commission on March 17, 2023, as amended). |
10.37† |
|
Form of Employment Agreement with Stanford Eschner (incorporated by reference to Exhibit 10.31 of the Company’s Amendment No. 6 to Form S-1 (File No. 333-267380), filed with the Commission on February 6, 2023, as amended). |
10.38† |
|
Form of Employment Agreement with Terence Eschner (incorporated by reference to Exhibit 10.32 of the Company’s Amendment No. 6 to Form S-1 (File No. 333-267380), filed with the Commission on February 6, 2023, as amended). |
10.39† |
|
Form of Employment Agreement with Steven Rowlee (incorporated by reference to Exhibit 10.33 of the Company’s Amendment No. 6 to Form S-1 (File No. 333-267380), filed with the Commission on February 6, 2023, as amended). |
10.40 |
|
Underwriting Agreement, dated April 17, 2023 (incorporated by reference to Exhibit 10.1 of the Company’s Form 8-K, filed with the Commission on April 20, 2023). |
10.41 |
|
Security Agreement, dated as of October 4, 2023, by and between the Investor and Trio Petroleum Corp. (incorporated by reference to Exhibit 10.1 of the Company’s Form 8-K, filed with the Commission on October 4, 2023). |
10.42 |
|
Securities Purchase Agreement, dated as of October 4, 2023, by and between the Investor and Trio Petroleum Corp (incorporated by reference to Exhibit 10.2 of the Company’s Form 8-K, filed with the Commission on October 4, 2023). |
10.43 |
|
Mortgage, Deed of Trust, Assignment of Production, Security Agreement and Financing Statement, dated as of October 4, 2023, from Trio Petroleum Corp. to Fidelity National Corporation in trust for the benefit of the Investor (incorporated by reference to Exhibit 10.3 of the Company’s Form 8-K, filed with the Commission on October 4, 2023). |
10.44 |
|
Placement Agent Agreement, dated as of May 22, 2023, by and between Spartan Capital Securities LLC and Trio Petroleum Corp. (incorporated by reference to Exhibit 10.4 of the Company’s Form 8-K, filed with the Commission on October 4, 2023) |
10.45 |
|
Registration Rights Agreement, Dated October 4, 2023, by and between the Investor and Trio Petroleum Corp. (incorporated by reference to the Company’s Form 8-K, filed with the Commission on October 4, 2023). |
10.46 |
|
Voting Agreement entered into by the Company and Frank C. Ingriselli (incorporated by reference to Exhibit 10.6 of the Company’s Form 8-K, filed with the Commission on October 4, 2023). |
10.47 |
|
Leasehold Acquisition and Development Agreement, dated November 10, 2023, entered into by and between Trio Petroleum Corp. and Heavy Sweet Oil LLC (incorporated by reference to Exhibit 10.1 of the Company’s Form 8-K, filed with the Commission on January 5, 2024). |
10.48 |
|
Amendment to Leasehold Acquisition and Development Agreement, dated December 29, 2023, entered into by and between Trio Petroleum Corp. and Heavy Sweet Oil LLC (incorporated by reference to Exhibit 10.2 of the Company’s Form 8-K, filed with the Commission on January 5, 2024). |
16.1 |
|
Letter from Marcum LLP to the Securities Exchange Commission (incorporated by reference to Exhibit 16.1 of the Company’s Amendment No. 6 to Form S-1 (File No. 333-267380), filed with the Commission on February 6, 2023, as amended). |
19.1 |
|
Insider Trading Compliance Policy Manual adopted November 27, 2023 (incorporated by reference to Exhibit 19.1 of the Company’s Form 10-K, filed with the Commission on January 29, 2024). |
23.1* |
|
Consent of Independent Registered Public Accounting Firm. |
23.2 |
|
Consent of KLS Petroleum Consulting LLC (incorporated by reference to Exhibit 4.2 of the Company’s Form 10-K, filed with the Commission on January 29, 2024). |
24 |
|
Power of Attorney (included on signature page to the Form (incorporated by reference to the Company’s Form 10-K, filed with the Commission on January 29, 2024). |
31.1* |
|
Certification of Chief Executive Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
31.2* |
|
Certification of Chief Financial Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
32.1** |
|
Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
32.2** |
|
Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
97 |
|
Executive Compensation Clawback Policy effective November 27, 2023 (incorporated by reference to Exhibit 4.2 of the Company’s Form 10-K, filed with the Commission on January 29, 2024). |
101.INS* |
|
Inline
XBRL Instance Document. |
101.SCH* |
|
Inline
XBRL Taxonomy Extension Schema Document |
101.CAL* |
|
Inline
XBRL Taxonomy Extension Calculation Linkbase Document |
101.LAB* |
|
Inline
XBRL Taxonomy Extension Label Linkbase Document |
101.PRE* |
|
Inline
XBRL Taxonomy Extension Presentation Linkbase Document |
101.DEF* |
|
Inline
XBRL Taxonomy Extension Definition Linkbase Document |
104 |
|
Cover
Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |
* |
Filed
herewith. |
** |
Furnished,
not filed |
† |
Includes
management contracts and compensation plans and arrangements |
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
TRIO
PETROLEUM CORP. |
|
|
|
By: |
/s/
Michael L. Peterson |
|
|
Michael
L. Peterson |
|
|
Chief
Executive Officer |
|
|
(Principal
Executive Officer) |
|
|
|
|
Date:
June 13, 2024 |
|
By: |
/s/
Greg Overholtzer |
|
|
Greg
Overholtzer |
|
|
Chief
Financial Officer |
|
|
(Principal
Financial Officer and
Principal
Accounting Officer) |
|
|
|
|
Date:
June 13, 2024 |
|
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the
registrant and in the capacities held on the dates indicated.
Signature |
|
Title |
|
Date |
|
|
|
|
|
/s/
Michael L. Peterson |
|
Chief
Executive Officer and Director |
|
|
Michael
L. Peterson |
|
(principal
executive officer) |
|
June
13, 2024 |
|
|
|
|
|
/s/
Greg Overholtzer |
|
Chief
Financial Officer |
|
|
Greg
Overholtzer |
|
(principal
financial officer and principal accounting officer) |
|
June
13, 2024 |
|
|
|
|
|
* |
|
Executive
Chairman and Director |
|
|
Stan
Eschner |
|
|
|
June
13, 2024 |
|
|
|
|
|
* |
|
President |
|
|
Terry
Eschner |
|
|
|
June
13, 2024 |
|
|
|
|
|
* |
|
Chief
Operating Officer |
|
|
Steven
Rowlee |
|
|
|
June
13, 2024 |
|
|
|
|
|
* |
|
Director |
|
|
Frank
Ingriselli |
|
|
|
June
13, 2024 |
|
|
|
|
|
* |
|
Director |
|
|
William
J. Hunter |
|
|
|
June
13, 2024 |
|
|
|
|
|
* |
|
Director |
|
|
John
Randall |
|
|
|
June
13, 2024 |
|
|
|
|
|
* |
|
Director |
|
|
Thomas
J. Pernice |
|
|
|
June
13, 2024 |
*By: |
/s/
Michael L. Peterson |
|
|
Michael
L. Peterson |
|
|
Attorney-in-fact |
|
TRIO
PETROLEUM CORP.
Financial
Statements for the Years Ended October 31, 2023 and 2022
Report
of Independent Registered Public Accounting Firm
To
the Shareholders and the Board of Directors of
Trio
Petroleum Corp.
OPINION
ON THE FINANCIAL STATEMENTS
We
have audited the accompanying consolidated balance sheet of Trio Petroleum Corp. (the “Company”) as of October 31, 2023 and
2022, the related consolidated statements of operations and comprehensive loss, stockholders’ equity and cash flows for the years
then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial
statements present fairly, in all material respects, the financial position of the Company as of October 31, 2023 and 2022, the results
of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United
States of America.
SUBSTANTIAL
DOUBT ABOUT THE COMPANY’S ABILITY TO CONTINUE AS A GOING CONCERN
The
accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As disclosed in Note
3 of the financial statements, the Company has suffered substantial net losses and negative cash flows from operations in recent years
and is dependent on debt and equity financing to fund its operations, all of which raise substantial doubt about the Company’s
ability to continue as a going concern. Management’s plans regarding these matters are disclosed in Note 3. The consolidated financial
statements do not include any adjustments that might result from the outcome of this uncertainty.
BASIS
FOR OPINION
These
financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial
statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United
States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities
laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We
conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company
is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits,
we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion
on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.
Our
audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or
fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding
the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides
a reasonable basis for our opinion.
Critical
Audit Matters
Critical
audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be
communicated to the audit committee and that (1) relate to accounts or disclosures that are material to the financial statements and
(2) involved our especially challenging, subjective, or complex judgements. We determined that there are no critical audit matters.
/s/ Bush & Associates CPA LLC
We have served as the Company’s auditor since 2024.
Henderson, Nevada
June 14, 2024
PCAOB ID Number 6797
TRIO
PETROLEUM CORP.
BALANCE
SHEETS
| |
October 31, 2023 | | |
October 31, 2022 | |
| |
| | |
| |
ASSETS | |
| | | |
| | |
Current assets: | |
| | | |
| | |
Cash | |
$ | 1,561,924 | | |
$ | 73,648 | |
Prepaid expenses and other receivables | |
| 133,417 | | |
| 35,000 | |
Deferred offering costs | |
| - | | |
| 1,643,881 | |
Total current assets | |
| 1,695,341 | | |
| 1,752,529 | |
| |
| | | |
| | |
Oil and gas properties - not subject to amortization | |
| 9,947,742 | | |
| 5,836,232 | |
Advance to operators | |
| - | | |
| 1,900,000 | |
Total assets | |
$ | 11,643,083 | | |
$ | 9,488,761 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Accounts payable and accrued liabilities | |
$ | 609,360 | | |
$ | 1,164,055 | |
Asset retirement obligations - current | |
| 2,778 | | |
| 2,778 | |
Convertible note, net of discounts | |
| 1,217,597 | | |
| - | |
Due to operators | |
| 21,651 | | |
| - | |
Notes payable - investors, net of discounts | |
| - | | |
| 4,403,439 | |
Notes payable - related party, net of discounts | |
| - | | |
| 1,025,497 | |
Notes payable | |
| - | | |
| 1,025,497 | |
Warrants liability | |
| - | | |
| 114,883 | |
Total current liabilities | |
| 1,851,386 | | |
| 6,710,652 | |
| |
| | | |
| | |
Long-term liabilities: | |
| | | |
| | |
Franchise tax accrual | |
| - | | |
| 9,450 | |
Asset retirement obligations, net of current portion | |
| 48,313 | | |
| 45,535 | |
Total Long-term liabilities | |
| 48,313 | | |
| 54,985 | |
Total liabilities | |
| 1,899,699 | | |
| 6,765,637 | |
| |
| | | |
| | |
Commitments and Contingencies (Note 7) | |
| - | | |
| - | |
| |
| | | |
| | |
Stockholders’ Equity: | |
| | | |
| | |
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; -0- shares issued and outstanding at October 31, 2023 and 2022, respectively | |
| - | | |
| - | |
| |
| | | |
| | |
Common stock, $0.0001 par value; 490,000,000 shares authorized; 31,046,516 and 16,972,800 shares issued and outstanding as of October 31, 2023 and 2022, respectively | |
| 3,105 | | |
| 1,697 | |
Stock subscription receivable | |
| (10,010 | ) | |
| (10,010 | ) |
Additional paid-in capital | |
| 20,197,171 | | |
| 6,633,893 | |
Accumulated deficit | |
| (10,446,882 | ) | |
| (3,902,456 | ) |
Total stockholders’ equity | |
| 9,743,384 | | |
| 2,723,124 | |
| |
| | | |
| | |
Total liabilities and stockholders’ equity | |
$ | 11,643,083 | | |
$ | 9,488,761 | |
The
accompanying notes are an integral part of these financial statements.
TRIO
PETROLEUM CORP.
STATEMENTS
OF OPERATIONS
| |
2023 | | |
2022 | |
| |
For the Years Ended October 31, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Revenue | |
$ | - | | |
$ | - | |
| |
| | | |
| | |
Operating expenses: | |
| | | |
| | |
Exploration expense | |
$ | 251,743 | | |
$ | 28,669 | |
General and administrative expenses | |
| 3,311,886 | | |
| 768,379 | |
Stock-based compensation expense | |
| 1,044,261 | | |
| 6,202 | |
Accretion expense | |
| 2,778 | | |
| 2,778 | |
Total operating expenses | |
| 4,610,668 | | |
| 806,028 | |
| |
| | | |
| | |
Loss from operations | |
| (4,610,668 | ) | |
| (806,028 | ) |
| |
| | | |
| | |
Other expenses: | |
| | | |
| | |
Interest expense | |
| 791,811 | | |
| 1,661,981 | |
Penalty fees | |
| - | | |
| 1,322,933 | |
Loss on settlement | |
| 13,051 | | |
| - | |
Loss on note conversion | |
| 1,125,000 | | |
| - | |
Licenses and fees | |
| 3,896 | | |
| 9,450 | |
Total other expenses | |
| 1,933,758 | | |
| 2,994,364 | |
| |
| | | |
| | |
Provision for income taxes | |
| - | | |
| - | |
| |
| | | |
| | |
Net loss | |
$ | (6,544,426 | ) | |
$ | (3,800,392 | ) |
| |
| | | |
| | |
Basic and Diluted Net Loss per Common Share | |
| | | |
| | |
Basic | |
$ | (0.28 | ) | |
$ | (0.26 | ) |
Diluted | |
$ | (0.28 | ) | |
$ | (0.26 | ) |
| |
| | | |
| | |
Weighted Average Number of Common Shares Outstanding | |
| | | |
| | |
Basic | |
| 23,079,750 | | |
| 14,797,786 | |
Diluted | |
| 23,079,750 | | |
| 14,797,786 | |
The
accompanying notes are an integral part of these financial statements.
TRIO
PETROLEUM CORP.
STATEMENTS
OF CHANGES IN STOCKHOLDERS’ EQUITY
| |
Shares | | |
Amount | | |
Receivable | | |
Capital | | |
Deficit | | |
Equity | |
| |
| | |
| | |
Stock | | |
Additional | | |
| | |
Total | |
| |
Common Stock | | |
Subscription | | |
Paid-in | | |
Accumulated | | |
Stockholders’ | |
| |
Shares | | |
Amount | | |
Receivable | | |
Capital | | |
Deficit | | |
Equity | |
Balance at November 1, 2022 | |
| 16,972,800 | | |
$ | 1,697 | | |
$ | (10,010 | ) | |
$ | 6,633,893 | | |
$ | (3,902,456 | ) | |
$ | 2,723,124 | |
Issuance of common stock for cash, net | |
| 400,000 | | |
| 40 | | |
| - | | |
| 371,960 | | |
| - | | |
| 372,000 | |
Issuance of conversion shares related to the January 2022 SPA | |
| 5,038,902 | | |
| 504 | | |
| - | | |
| 5,164,371 | | |
| - | | |
| 5,164,875 | |
Issuance of commitment shares related to the January 2022 SPA | |
| 375,000 | | |
| 38 | | |
| - | | |
| 1,124,962 | | |
| - | | |
| 1,125,000 | |
Issuance of common shares in IPO, net of underwriting discounts and offering costs | |
| 2,000,000 | | |
| 200 | | |
| - | | |
| 3,342,426 | | |
| - | | |
| 3,342,626 | |
Issuance of pre-funded warrants | |
| - | | |
| - | | |
| - | | |
| 4,000 | | |
| - | | |
| 4,000 | |
Issuance of common stock upon exercise of warrants, net | |
| 2,449,466 | | |
| 245 | | |
| - | | |
| 1,812,390 | | |
| - | | |
| 1,812,635 | |
Issuance of common stock for services, net | |
| 285,500 | | |
| 29 | | |
| - | | |
| 366,630 | | |
| - | | |
| 366,659 | |
Issuance of restricted stock units under the Equity Incentive Plan | |
| 2,125,000 | | |
| 213 | | |
| - | | |
| (213 | ) | |
| - | | |
| - | |
Issuance of common stock for warrants that can be exercised per the Resale S-1/A | |
| 1,199,848 | | |
| 120 | | |
| - | | |
| (120 | ) | |
| - | | |
| - | |
Issuance of equity warrants in connection with convertible debt (Tranche #1) | |
| - | | |
| - | | |
| - | | |
| 332,630 | | |
| - | | |
| 332,630 | |
Stock-based compensation | |
| 200,000 | | |
| 19 | | |
| - | | |
| 1,044,242 | | |
| - | | |
| 1,044,261 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| (6,544,426 | ) | |
| (6,544,426 | ) |
Balance at October 31, 2023 | |
| 31,046,516 | | |
$ | 3,105 | | |
$ | (10,010 | ) | |
$ | 20,197,171 | | |
$ | (10,446,882 | ) | |
$ | 9,743,384 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance at November 1, 2021 | |
| 10,982,800 | | |
$ | 1,098 | | |
$ | (50,545 | ) | |
$ | 4,202,021 | | |
$ | (102,064 | ) | |
$ | 4,050,510 | |
Balance | |
| 10,982,800 | | |
$ | 1,098 | | |
$ | (50,545 | ) | |
$ | 4,202,021 | | |
$ | (102,064 | ) | |
$ | 4,050,510 | |
Issuance of founders’ shares | |
| 80,000 | | |
| 8 | | |
| 535 | | |
| - | | |
| - | | |
| 543 | |
Issuance of security interest shares to investors | |
| 4,500,000 | | |
| 450 | | |
| - | | |
| 1,322,483 | | |
| - | | |
| 1,322,933 | |
Issuance of common stock for cash, net | |
| 10,000 | | |
| 1 | | |
| 40,000 | | |
| 19,999 | | |
| - | | |
| 60,000 | |
Issuance of warrants in connection with investor financing | |
| - | | |
| - | | |
| - | | |
| 994,091 | | |
| - | | |
| 994,091 | |
Issuance of restricted stock units to outside directors | |
| 300,000 | | |
| 30 | | |
| - | | |
| (30 | ) | |
| - | | |
| - | |
Issuance of restricted shares to executives | |
| 1,100,000 | | |
| 110 | | |
| - | | |
| (110 | ) | |
| - | | |
| - | |
Interest imputed on note payable for acquisition of unproved oil and gas properties | |
| - | | |
| - | | |
| - | | |
| 89,237 | | |
| - | | |
| 89,237 | |
Stock-based compensation | |
| - | | |
| - | | |
| - | | |
| 6,202 | | |
| - | | |
| 6,202 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| (3,800,392 | ) | |
| (3,800,392 | ) |
Balance at October 31, 2022 | |
| 16,972,800 | | |
$ | 1,697 | | |
$ | (10,010 | ) | |
$ | 6,633,893 | | |
$ | (3,902,456 | ) | |
$ | 2,723,124 | |
Balance | |
| 16,972,800 | | |
$ | 1,697 | | |
$ | (10,010 | ) | |
$ | 6,633,893 | | |
$ | (3,902,456 | ) | |
$ | 2,723,124 | |
The
accompanying notes are an integral part of these financial statements.
TRIO
PETROLEUM CORP.
STATEMENTS
OF CASH FLOWS
| |
2023 | | |
2022 | |
| |
For the Years Ended October 31, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
CASH FLOWS FROM OPERATING ACTIVITIES: | |
| | | |
| | |
Net loss | |
$ | (6,544,426 | ) | |
$ | (3,800,392 | ) |
Adjustments to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
Franchise tax fees | |
| (9,450 | ) | |
| 9,450 | |
Bad debt expense | |
| 25,000 | | |
| - | |
Accretion expense | |
| 2,778 | | |
| 2,778 | |
Conversion of January 2022 SPA | |
| 1,125,000 | | |
| - | |
Debt discount - OID | |
| (140,000 | ) | |
| - | |
Amortization of debt discount | |
| 473,240 | | |
| 1,218,951 | |
Write-off of January 2022 SPA receivable | |
| - | | |
| 80,000 | |
Imputed interest | |
| - | | |
| 89,237 | |
Stock-based compensation | |
| 1,044,261 | | |
| 6,202 | |
Penalty fees | |
| - | | |
| 1,322,933 | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Prepaid expenses and other receivables | |
| (123,417 | ) | |
| (13,846 | ) |
Accounts payable and accrued liabilities | |
| 110,180 | | |
| 582,543 | |
Net cash used in operating activities | |
| (4,036,834 | ) | |
| (502,144 | ) |
| |
| | | |
| | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |
| | | |
| | |
Other capital expenditures for unproved oil and gas properties | |
| (362,022 | ) | |
| - | |
Drilling costs for exploratory well | |
| (3,749,488 | ) | |
| - | |
Advances to operators | |
| 1,900,000 | | |
| - | |
Due to operators | |
| 21,651 | | |
| - | |
Net cash used in investing activities | |
| (2,189,859 | ) | |
| - | |
| |
| | | |
| | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |
| | | |
| | |
Proceeds from issuance of common stock, net | |
| 738,659 | | |
| 60,543 | |
Proceeds from notes payable - investors | |
| - | | |
| 4,820,000 | |
Repayment of notes payable | |
| (1,472,512 | ) | |
| (2,920,000 | ) |
Proceeds from issuance of common stock in IPO | |
| 6,000,000 | | |
| - | |
Cash paid for debt issuance costs | |
| (350,320 | ) | |
| (575,438 | ) |
Proceeds from exercise of warrants, net | |
| 1,812,635 | | |
| - | |
Cash paid for deferred offering costs | |
| (1,013,493 | ) | |
| (888,190 | ) |
Proceeds from convertible note (Tranche #1) | |
| 2,000,000 | | |
| - | |
Net cash provided by financing activities | |
| 7,714,969 | | |
| 496,915 | |
| |
| | | |
| | |
NET CHANGE IN CASH | |
| 1,488,276 | | |
| (5,229 | ) |
Cash - Beginning of period | |
| 73,648 | | |
| 78,877 | |
Cash - End of period | |
$ | 1,561,924 | | |
$ | 73,648 | |
| |
| | | |
| | |
Supplemental disclosures of cash flow information: | |
| | | |
| | |
Cash paid for interest | |
$ | - | | |
$ | - | |
Cash paid for income taxes | |
$ | - | | |
$ | - | |
| |
| | | |
| | |
SUPPLEMENTAL CASH FLOW INFORMATION: | |
| | | |
| | |
Non-cash investing and financing activities: | |
| | | |
| | |
Issuance of warrants | |
$ | 332,630 | | |
$ | 1,108,974 | |
Issuance of RSUs | |
$ | 213 | | |
$ | 30 | |
Issuance of common stock for warrants that can be exercised per the Resale S-1/A | |
$ | 120 | | |
$ | - | |
Issuance of pre-funded warrants | |
$ | 4,000 | | |
$ | - | |
The
accompanying notes are an integral part of these financial statements.
TRIO
PETROLEUM CORP.
NOTES
TO THE FINANCIAL STATEMENTS
FOR
THE YEARS ENDED OCTOBER 31, 2023 AND 2022
NOTE
1 - NATURE OF THE ORGANIZATION AND BUSINESS
Company
Organization
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. The Company was incorporated on July 19, 2021, under the
laws of Delaware to acquire, fund and develop oil exploration and production assets 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 82.75%
working interest, which was subsequently increased to an approximate 85.75% working interest, in the large, approximately 9,300-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. (see Note 5 and Note 6).
Acquisition
of South Salinas Project
On
September 14, 2021, the Company entered into a Purchase and Sale Agreement (“Trio LLC PSA”) with Trio LLC to acquire an 82.75%
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 $300,000 cash, a non-interest-bearing note payable of $3,700,000 due to Trio LLC on December
17, 2021 (see Note 6 and Note 9) and 4,900,000 shares of the Company’s $0.0001 par value common stock (see Note 5 and Note 10).
At the time of the acquisition, this share issuance constituted 45% of the total number of issued shares of the Company. The Company
accounted for the purchase as an asset acquisition, as prescribed in Financial Accounting Standards Board (“FASB”) Accounting
Standards Codification (“ASC”) 805 - Business Combinations. The assets and associated asset retirement obligations
(“ARO”) were recorded based on relative fair value at the estimated fair value of the consideration paid (see Note 5). In
April 2023, the Company purchased an additional 3% working interest in the South Salinas Project; see Note 5 for further information.
As of October 31, 2023 and 2022, there were no proved reserves attributable to the approximate 9,300 acres of the property.
Initial
Public Offering
The
Company’s Registration Statement (Amendment No. 9) on Form S-1/A was filed with the SEC on March 24, 2023; its Initial Public Offering
was declared effective on April 17, 2023 and closed on April 20, 2023 (collectively, the “Offering” or “IPO”).
The Company sold 2,000,000 shares of its common stock for total gross proceeds of $6,000,000, which is described more fully in Note 4.
Emerging
Growth Company
The
Company is an “emerging growth company,” as defined in Section 2(a)(19) of the Securities Act, as modified by the Jumpstart
Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting
requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not
being required to comply with the auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act of 2002, reduced disclosure
obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding
a nonbinding advisory vote on executive compensation and approval of any golden parachute payments not previously approved. Further,
Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting
standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do
not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting
standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements
that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of
such extended transition period which means that when a standard is issued or revised and it has different application dates for public
or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies
adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which
is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult
or impossible because of the potential differences in accounting standards used.
NOTE
2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis
of Presentation
The
accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States
of America (“US GAAP”).
Use
of Estimates
The
preparation of financial statements in accordance with US GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets, liabilities, equity-based transaction and disclosure of contingent assets and liabilities at the date of
the financial statements, and the revenue and expenses during the reporting period.
Making
estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of
a condition, situation or set of circumstances that existed at the date of the financial statement, which management considered in formulating
its estimate, could change in the near term due to one or more future confirming events. Some of the more significant estimates required
to be made by management include estimates of oil and natural gas reserves (when and if assigned) and related present value estimates
of future net cash flows therefrom, the carrying value of oil and natural gas properties, accounts receivable, bad debt expense, ARO
and the valuation of equity-based transactions. Accordingly, actual results could differ significantly from those estimates.
Cash
and cash equivalents
The
Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.
The Company had no cash equivalents as of October 31, 2023 and 2022.
Prepaid
Expenses
Prepaid
expenses consist primarily of prepaid services which will be expensed as the services are provided within twelve months. As of October
31, 2023 and 2022, the balances of the prepaids account were $133,417 and $35,000, respectively.
Deferred
Offering Costs
Deferred
offering costs consist of professional fees, filing, regulatory and other costs incurred through the balance sheet date that are directly
related to the planned IPO (see Note 4). As of October 31, 2023 and 2022, offering costs in the aggregate of $0 and $1,643,881, respectively,
were deferred.
Debt
Issuance Costs
Costs
incurred in connection with the issuance of the Company’s debt have been recorded as a direct reduction against the debt and amortized
over the life of the associated debt as a component of interest expense. As of October 31, 2023 and 2022, the Company recorded $350,320
and $575,438 in debt issuance costs.
Oil
and Gas Assets and Exploration Costs - Successful Efforts
The
Company’s projects are in early development and/or exploration stages and it has not yet realized any revenues from its
operations. It applies the successful efforts method of accounting for crude oil and natural gas properties. Under this method,
exploration costs such as exploratory, geological, and geophysical costs, delay rentals and exploratory overhead are expensed as
incurred. If an exploratory property provides evidence to justify potential development of reserves, drilling costs associated with
the property are initially capitalized, or suspended, pending a determination as to whether a commercially sufficient quantity of
proved reserves can be attributed to the area as a result of drilling. At the end of each quarter, management reviews the status of
all suspended exploratory property costs considering ongoing exploration activities; in particular, whether the Company is making
sufficient progress in its ongoing exploration and appraisal efforts. If management determines that future appraisal drilling or
development activities are unlikely to occur, associated exploratory well costs are expensed.
Costs
to acquire mineral interests in crude oil and/or natural gas properties, drill and equip exploratory wells that find proved reserves
and drill and equip development wells are capitalized. Acquisition costs of unproved leaseholds are assessed for impairment during the
holding period and transferred to proven crude oil and/or natural gas properties to the extent associated with successful exploration
activities. Significant undeveloped leases are assessed individually for impairment, based on the Company’s current exploration
plans, and a valuation allowance is provided if impairment is indicated. Capitalized costs from successful exploration and development
activities associated with producing crude oil and/or natural gas leases, along with capitalized costs for support equipment and facilities,
are amortized to expense using the unit-of-production method based on proved crude oil and/or natural gas reserves on a field-by-field
basis, as estimated by qualified petroleum engineers. As of October 31, 2023 and 2022, all of the Company’s oil and gas properties
were classified as unproved properties and were not subject to depreciation, depletion and amortization.
Unproved
oil and natural gas properties
Unproved
oil and natural gas properties consist of costs incurred to acquire unproved leases. Unproved lease acquisition costs are capitalized
until the lease expires or when the Company specifically identifies a lease that will revert to the lessor, at which time it charges
the associated unproved lease acquisition costs to exploration costs.
Unproved
oil and natural gas properties are not subject to amortization and are assessed periodically for impairment on a property-by-property
basis based on remaining lease terms, drilling results or future plans to develop acreage. All of the Company’s natural gas properties
were classified as unproved as of October 31, 2023 and 2022; see further discussion in Note 5.
Impairment
of Other Long-lived Assets
The
Company reviews the carrying value of its long-lived assets annually or whenever events or changes in circumstances indicate that the
historical cost-carrying value of an asset may no longer be appropriate. The Company assesses the recoverability of the carrying value
of the asset by estimating the future net undiscounted cash flows expected to result from the asset, including eventual disposition.
If the future net undiscounted cash flows are less than the carrying value of the asset, an impairment loss is recorded equal to the
difference between the asset’s carrying value and estimated fair value. With regards to oil and gas properties, this assessment
applies to proved properties.
As
of October 31, 2023 and 2022, the Company had no impairment of long-lived assets.
Asset
Retirement Obligations
ARO
consists of future plugging and abandonment expenses on oil and natural gas properties. In connection with the South Salinas Project
acquisition described above, the Company acquired the plugging and abandonment liabilities associated with six non-producing wells. The
fair value of the ARO was recorded as a liability in the period in which the wells were acquired with a corresponding increase in the
carrying amount of oil and natural gas properties not subject to impairment. The Company plans to utilize the six wellbores acquired
in the South Salinas Project acquisition in future exploration activities. The liability is accreted for the change in its present value
each period based on the expected dates that the wellbores will be required to be plugged and abandoned. The capitalized cost of ARO
is included in oil and gas properties and is a component of oil and gas property costs for purposes of impairment and, if proved reserves
are found, such capitalized costs will be depreciated using the units-of-production method. The asset and liability are adjusted for
changes resulting from revisions to the timing or the amount of the original estimate when deemed necessary. If the liability is settled
for an amount other than the recorded amount, a gain or loss is recognized.
Components
of the changes in ARO for the years ended October 31, 2022 and 2023 are shown below:
SCHEDULE
OF COMPONENTS OF CHANGES IN ARO
ARO, ending balance - October 31, 2021 | |
$ | 45,535 | |
Accretion expense | |
| 2,778 | |
ARO, ending balance - October 31, 2022 | |
| 48,313 | |
Accretion expense | |
| 2,778 | |
ARO, ending balance - October 31, 2023 | |
| 51,091 | |
Less: ARO - current | |
| 2,778 | |
ARO, net of current portion - October 31, 2023 | |
$ | 48,313 | |
Related
Parties
Related
parties are directly or indirectly related to the Company, through one or more intermediaries and are in control, controlled by, or under
common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate
families of principal owners of the Company and its management and other parties with which the Company may deal if one party controls
or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might
be prevented from fully pursuing its own separate interests. The Company discloses all related party transactions. On September 14, 2021,
the Company acquired an 82.75% working interest (which was subsequently increased to an 85.75% working interest as of April 2023) in
the South Salinas Project from Trio LLC in exchange for cash, a note payable to Trio LLC and the issuance of 4.9 million shares of common
stock. As of the date of the acquisition, Trio LLC owned 45% of the outstanding shares of the Company and was considered a related party.
As of October 31, 2023 and 2022, Trio LLC owned less than 1% and 29%, respectively, of the outstanding shares of the Company.
Income
Taxes
Deferred
tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement
carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets, including tax loss and credit
carry forwards, and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those
temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates
is recognized in income in the period that includes the enactment date.
The
Company utilizes ASC 740, Income Taxes, which requires the recognition of deferred tax assets and liabilities for the expected
future tax consequences of events that have been included in the financial statements or tax returns. The Company accounts for income
taxes using the asset and liability method to compute the differences between the tax basis of assets and liabilities and the related
financial amounts, using currently enacted tax rates. A valuation allowance is recorded when it is “more likely than not”
that a deferred tax asset will not be realized. At October 31, 2023 and 2022, the Company’s net deferred tax asset has been fully
reserved.
For
uncertain tax positions that meet a “more likely than not” threshold, the Company recognizes the benefit of uncertain tax
positions in the financial statements. The Company’s practice is to recognize interest and penalties, if any, related to uncertain
tax positions in income tax expense in the statements of operations when a determination is made that such expense is likely. The Company
is subject to income tax examinations by major taxing authorities since inception.
Fair
Value Measurements
The
carrying values of financial instruments comprising cash and cash equivalents, payables, and notes payable-related party approximate
fair values due to the short-term maturities of these instruments. The notes payable- related party is considered a level 3 measurement.
As defined in ASC 820, Fair Value Measurements and Disclosures, fair value is the price that would be received to sell an asset
or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company
utilizes market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about
risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or
generally unobservable. ASC 820 establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy
gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and
the lowest priority to unobservable inputs (Level 3 measurement). This fair value measurement framework applies to both initial and subsequent
measurement.
Level
1: |
Quoted
prices are available in active markets for identical assets or liabilities as of the reporting date. |
|
|
Level
2: |
Pricing
inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as
of the reported date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies.
|
|
|
Level
3: |
Pricing
inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally
developed methodologies that result in management’s best estimate of fair value. The significant unobservable inputs used in
the fair value measurement for nonrecurring fair value measurements of long-lived assets include pricing models, discounted cash
flow methodologies and similar techniques. |
There
are no assets or liabilities measured at fair value on a recurring basis. Assets and liabilities accounted for at fair value on a non-recurring
basis in accordance with the fair value hierarchy include the initial allocation of the asset acquisition purchase price, including asset
retirement obligations, the fair value of oil and natural gas properties and the assessment of impairment.
The
fair value measurements and allocation of assets acquired are measured on a nonrecurring basis on the acquisition date using an income
valuation technique based on inputs that are not observable in the market and therefore represent Level 3 inputs. Significant inputs
used to determine the fair value include estimates of: (i) reserves; (ii) future commodity prices; (iii) operating and development costs;
and (iv) a market-based weighted average cost of capital rate. The underlying commodity prices embedded in the Company’s estimated
cash flows are the product of a process that begins with NYMEX forward curve pricing, adjusted for estimated location and quality differentials,
as well as other factors that the Company’s management believes will impact realizable prices. These inputs require significant
judgments and estimates by the Company’s management at the time of the valuation.
The
fair value of additions to the asset retirement obligation liabilities is measured using valuation techniques consistent with the income
approach, which converts future cash flows to a single discounted amount. Significant inputs to the valuation include: (i) estimated
plug and abandonment cost per well for all oil and natural gas wells and for all disposal wells; (ii) estimated remaining life per well;
(iii) future inflation factors; and (iv) the Company’s average credit-adjusted risk-free rate. These assumptions represent Level
3 inputs.
If
the carrying amount of its proved oil and natural gas properties, which are assessed for impairment under ASC 360 - Property,
Plant and Equipment, exceeds the estimated undiscounted future cash flows, the Company will adjust the carrying amount of the oil
and natural gas properties to fair value. The fair value of its oil and natural gas properties is determined using valuation techniques
consistent with the income and market approach. The factors used to determine fair value are subject to management’s judgment and
expertise and include, but are not limited to, recent sales prices of comparable properties, the present value of future cash flows,
net of estimated operating and development costs using estimates of proved reserves, future commodity pricing, future production estimates,
anticipated capital expenditures, and various discount rates commensurate with the risk and current market conditions associated with
the expected cash flow projected. These assumptions represent Level 3 inputs.
Net
Loss Per Share
Basic
and diluted net loss per share is computed by dividing net loss by the weighted average number of common shares outstanding during the
reporting period. Diluted earnings per share is computed similar to basic loss per share, except the weighted average number of common
shares outstanding are increased to include additional shares from the assumed exercise of share options, warrants and convertible notes,
if dilutive.
The
following common share equivalents are excluded from the calculation of weighted average common shares outstanding, because their inclusion
would have been anti-dilutive (see Note 10):
SCHEDULE
OF WEIGHTED AVERAGE COMMON SHARES OUTSTANDING ANTI-DILUTIVE
| |
As
of October 31, | | |
As
of October 31, | |
| |
2023 | | |
2022 | |
Warrants (Note 9, Note 10) | |
| 396,247 | (4) | |
| 693,107 | (1) |
Convertible Notes (Note 9, Note 10) | |
| - | | |
| 2,772,429 | (2) |
Commitment Shares (Note 9, Note 10) | |
| - | | |
| 321,428 | (3) |
Restricted stock units and shares (Note 6, Note 10) | |
| - | | |
| 1,400,000 | (5) |
Total potentially dilutive securities | |
| 396,247 | | |
| 4,486,964 | |
Environmental
Expenditures
The
operations of the Company have been, and may in the future be, affected from time to time to varying degree by changes in environmental
regulations, including those for future reclamation and site restoration costs. Both the likelihood of new regulations and their overall
effect upon the Company vary greatly and are not predictable. The Company’s policy is to meet or, if possible, surpass standards
set by relevant legislation by application of technically proven and economically feasible measures.
Environmental
expenditures that relate to ongoing environmental and reclamation programs are charged against earnings as incurred or capitalized and
amortized depending on their future economic benefits. All of these types of expenditures incurred since inception have been charged
against earnings due to the uncertainty of their future recoverability. Estimated future reclamation and site restoration costs, when
the ultimate liability is reasonably determinable, are charged against earnings over the estimated remaining life of the related business
operation, net of expected recoveries.
Recent
Accounting Pronouncements
All
recently issued but not yet effective accounting pronouncements have been deemed to be not applicable or immaterial to the Company.
Reclassification
of Expenses
Certain
amounts in the prior periods presented have been reclassified to the current period financial statement presentation. This reclassification
has no effect on previously reported net income.
Subsequent
Events
The
Company evaluated all events and transactions that occurred after October 31, 2023 through the date of the filing of this report. See
Note 11 for such events and transactions.
NOTE
3 - GOING CONCERN AND MANAGEMENT’S LIQUIDITY PLANS
As
of October 31, 2023, the Company had $1,561,924 in its operating bank account and working capital deficit of $156,045. To date, the Company
has been funding operations through proceeds from the issuance of common stock, financing through certain investors and its IPO, which
closed with net proceeds of $4,940,000. Upon consummation of the IPO, the Company used the net proceeds to i) repay a non-interest-bearing
note payable in the amount of $1,032,512, and ii) repay a bridge note with three investors with a principal amount of $440,000 (see Notes
7 and 9). Additionally, on October 4, 2023, the Company entered into a securities purchase agreement (“October 2023 SPA”)
with an institutional investor for convertible note financing in an aggregate principal amount of up to $3.5 million under two tranches;
on that same date, the investor funded the first tranche for approximately $1.9 million (net of original issue discount of 7%).
The
accompanying financial statements have been prepared on the basis that the Company will continue as a going concern over the next twelve
months from the date of issuance of these financial statements, which assumes the realization of assets and the satisfaction of liabilities
in the normal course of business. As of October 31, 2023, the Company has an accumulated deficit of $10,446,882 and has experienced losses
from continuing operations. Based on the Company’s cash balance as of October 31, 2023 and projected cash needs for the twelve
months following the issuance of these financial statements, management estimates that it will need to generate sufficient sales revenue
and/or raise additional capital to cover operating and capital requirements. Management will need to raise the additional funds by issuing
additional shares of common stock or other equity securities or obtaining additional debt financing. Although management has been successful
to date in raising necessary funding and obtaining financing through investors, there can be no assurance that any required future financing
can be successfully completed on a timely basis, or on terms acceptable to the Company. Based on these circumstances, management has
determined that these conditions raise substantial doubt about the Company’s ability to continue as a going concern for the twelve
months following the issuance of these financial statements.
Accordingly,
the accompanying financial statements have been prepared in conformity with U.S. GAAP, which contemplates continuation of the Company
as a going concern and the realization of assets and the satisfaction of liabilities in the normal course of business. The financial
statements do not include any adjustments that might result from the outcome of this uncertainty.
NOTE
4 - INITIAL PUBLIC OFFERING
The
Company’s Registration Statement (Amendment No. 9) on Form S-1/A was filed with the SEC on March 24, 2023; its Initial Public Offering
was declared effective on April 17, 2023 and closed on April 20, 2023 (collectively, the “Offering” or “IPO”).
The Company sold 2,000,000 shares of common stock at a public offering price of $3.00 per share for gross proceeds of $6,000,000. After
deducting the underwriting commissions, discounts and offering expenses payable by the Company, it received net proceeds of approximately
$4,940,000. The Company’s common stock is listed on the NYSE American under the symbol TPET. The Company also issued warrants to
purchase 100,000 shares of common stock to the underwriters at an exercise price of $3.30 per share (110% of public offering price),
the cost of which was offset to additional paid-in capital upon IPO.
NOTE
5 - OIL AND NATURAL GAS PROPERTIES
The
following tables summarize the Company’s oil and gas activities.
SCHEDULE OF OIL AND NATURAL GAS PROPERTIES
| |
As
of October 31, | | |
As
of October 31, | |
| |
2023 | | |
2022 | |
Oil and gas properties - not subject to amortization | |
$ | 9,947,742 | | |
$ | 5,836,232 | |
Accumulated impairment | |
| - | | |
| - | |
Oil and gas properties - not subject to amortization, net | |
$ | 9,947,742 | | |
$ | 5,836,232 | |
During
the years ended October 31, 2023 and 2022, the Company incurred aggregate exploration costs of $251,743 and $28,669, respectively. For
the current year, these expenses were exploratory, geological and geophysical costs and for the prior year, these costs were mainly for
the purpose of the site surveys. All costs were expensed on the statement of operations during the applicable periods. For capitalized
costs during the year ended October 31, 2023, the Company incurred $4,111,510, of which $4,011,510 and $100,000 pertained to the South
Salinas Project and McCool Ranch Oil Field, respectively. Of the costs incurred during the current period for the South Salinas Project,
$3,749,488 relates to the drilling of the HV-1 well and $262,022 relates to acquisition costs and the reserve analysis of the optioned
assets (see Optioned Assets below, Note 6). The drilling, reserve analysis and acquisition costs were capitalized and are reflected
in the balance of the oil and gas property as of October 31, 2023. During the year ended October 31, 2022, the Company paid a lessor
a one-time, non-refundable payment of $252,512 to provide for an extension of the force majeure status of the property at that time;
this amount was capitalized and reflected in the balance of the oil and gas property as of October 31, 2022.
Leases
As
of October 31, 2023, the Company holds various leases related to the unproved properties of the South Salinas Project (see Note 6 and
Note 7); two of the leases are held with the same lessor. The first lease, which covers 8,417 acres, was amended on May 27, 2022 to provide
for an extension of then-current force majeure status for an additional, uncontested twelve months, during which the Company would be
released from having to evidence to the lessor the existence of force majeure conditions. As consideration for the granting of the lease
extension, the Company paid the lessor a one-time, non-refundable payment of $252,512; this amount was capitalized and reflected in the
balance of the oil and gas property as of October 31, 2022. The extension period commenced on June 19, 2022; as of October 31, 2023,
the “force majeure” status has been extinguished by the drilling of the HV-1 well, and the validity of the lease is maintained
by the drilling of the well, which is in production testing.
The
second lease covers 160 acres
of the South Salinas Project; it is currently held by delay rental and is renewed every three years. Until drilling commences, the
Company is required to make delay rental payments of $30/acre
per year. The Company is currently in compliance with this requirement and has paid in advance the delay rental payment for the
period from October 2022 through October 2023.
During
February and March of 2023, the Company entered into additional leases related to the unproved properties of the South Salinas Project
with two groups of lessors. The first group of leases covers 360 acres and has a term of 20 years; the Company is required to make rental
payments of $25/acre per year. The Company is currently in compliance with this requirement and has paid in advance the rental payment
for the period February 2023 through February 2024. The second group of leases covers 307.75 acres and has a term of 20 years; the Company
is required to make rental payments of $30/acre per year. The Company is currently in compliance with this requirement and has paid in
advance the rental payment for the period from March 2023 through March 2024.
As
of October 31, 2023, the Company assessed the unproved properties of the South Salinas Project and those adjacent to it for impairment,
analyzing future drilling plans, leasehold expiration and the existence of any known dry holes in the area. The Company did not record
any impairment to the oil and gas property as of October 31, 2023, as all capitalized costs represent costs to acquire unproved property
leases pending further development on the balance sheet. There is no depletion related to the oil and gas property as of October 31,
2023, as the Company does not currently have production and the acquired property is not subject to amortization as of that date.
Optioned
Assets
On
December 22, 2022, the Company and Trio LLC entered into the Fourth Amendment to the Trio LLC PSA (see Note 6). Per the terms of the
Fourth Amendment, the Company was granted a 120-day option (commencing on January 1, 2023) to acquire any or all of the following three
assets currently owned in part by Trio LLC (the “Optioned Assets”). The price for this option was $150,000, which was paid
by the Company to Trio LLC in April 2023; this amount was capitalized and is reflected in the balance of the oil and gas property. The
Optioned Assets are as follows:
|
● |
The
McCool Ranch Oil Field (Hangman Hollow Area) asset with an option to acquire Trio LLC’s 44% working interest and their Operatorship; |
|
● |
The
Kern Front Field asset with an option to acquire Trio LLC’s 22% working interest and their Operatorship; and |
|
● |
The
Union Avenue Field with an option to acquire Trio LLC’s 20% working interest and their Operatorship; |
The
Optioned Assets are all located in California. In order to evaluate the Optioned Assets, the Company engaged KLS Petroleum Consulting,
LLC (“KLSP”) to perform detailed analyses and estimations of the oil and gas reserves and of the fair market values of each
of these three assets. These analyses have been completed, and as of October 31, 2023, the Company has paid approximately $39,000 to
KLSP for the reserve analysis of the optioned assets; this amount has been capitalized and is reflected in the balance of the oil and
gas properties on the balance sheet. Although 120-day option period has expired as of the fiscal year-end, the Company and Trio LLC are
nevertheless continuing to work together cooperatively toward the goal of facilitating the Company’s acquisition of the other Optioned
Assets.
Union
Avenue Field Agreement
On
May 12, 2023, the Company announced the signing of an Acquisition Agreement to potentially acquire up to 100% of the working interest
in the Union Avenue Field. However, the Company and Trio LLC did not agree on terms and the transaction did not close.
McCool
Ranch Oil Field Asset Purchase
On
October 16, 2023, the Company entered into an agreement (“McCool Ranch Purchase Agreement”) with Trio LLC for purchase of
a 21.918315%
working interest in the McCool Ranch Oil Field located in Monterey County near the Company’s flagship South Salinas Project (see
Note 6); the Assets are situated in what is known as the “Hangman Hollow Area” of the McCool Ranch Oil Field. The acquired
property is an oil field developed with oil wells, a water-disposal well, steam generator, boiler, various tanks, in-field steam pipelines,
oil pipelines and other facilities. The property is fully and properly permitted for oil and gas production, cyclic- steam injection
and water disposal; however, it is currently idle (i.e., not producing), although operations to restart production have begun. The Company
initially recorded a payment of $100,000
upon execution of the McCool Ranch Purchase Agreement, at which
time Trio LLC began refurbishment operations with respect to the San Ardo WD-1 water disposal well (the “WD-1”) to determine
if it is capable of reasonably serving the produced water needs for the assets, which Refurbishment was successfully accomplished. With
Refurbishment successfully accomplished, the Company will pay an additional $400,000,
which shall be used in restarting production operations on the assets. As of October 31, 2023, the Company has recorded the $100,000
payment as a capitalized cost; the balance is
reflected in the balance of the oil and gas property as of year-end.
Additional
Working Interest - South Salinas Project
In
April 2023, the Company paid Trio LLC approximately $60,000 to acquire an additional 3.026471% working interest in the South Salinas
Project, of which working interest amount is one-half (1/2) of the working interest that was acquired by Trio LLC; this amount was capitalized
and is reflected in the balance of the oil and gas property (see Note 6).
NOTE
6 - RELATED PARTY TRANSACTIONS
South
Salinas Project - Related Party
The
Company was originally formed to acquire Trio LLC’s working interest in the South Salinas Project, and subsequently partner with
certain members of Trio LLC’s management to develop and operate those assets (see Note 1, Note 5). Trio LLC operates the South
Salinas on behalf of the Company, and as operator, conducts and has full control of the operations and acts in the capacity of an independent
contractor. Trio LLC currently holds a 3.8% working interest in the South Salinas Project and the Company holds an 85.75% working interest.
The Company advances funds to Trio LLC to develop and operate the assets in the South Salinas Project; such funds have been classified
in the long-term asset section of the balance sheet as Advance to Operators since April 2022, and as of October 31, 2023 and 2022, the
balance of this account was $0 and $1,900,000, respectively.
Optioned
Assets with Related Party
On
December 22, 2022, the Company and Trio LLC entered into the Fourth Amendment to the Trio LLC PSA. Per the terms of the Fourth Amendment,
the Company was granted a 120-day option (commencing on January 1, 2023) to acquire any or all of the following three assets currently
owned in part by Trio LLC (the “Optioned Assets”). The price for this option was $150,000, which was paid by the Company
to Trio LLC in April 2023; this amount was capitalized and is reflected in the balance of the oil and gas property. The Optioned Assets
are as follows:
|
● |
The
Hangman Hollow Field asset with an option to acquire Trio LLC’s 44% working interest and their Operatorship; |
|
● |
The
Kern Front Field asset with an option to acquire Trio LLC’s 22% working interest and their Operatorship; and |
|
● |
The
Union Avenue Field with an option to acquire Trio LLC’s 20% working interest and their Operatorship; |
McCool
Ranch Oil Field Asset Purchase - Related Party
On October 16, 2023, the Company entered into an agreement (“McCool Ranch Purchase Agreement”) with Trio
LLC for purchase of a 21.918315% working interest in the McCool Ranch Oil Field located in Monterey County near the Company’s flagship
South Salinas Project (see Note 6); the Assets are situated in what is known as the “Hangman Hollow Area” of the McCool Ranch
Oil Field. The acquired property is an oil field developed with oil wells, a water-disposal well, steam generator, boiler, various tanks,
in-field steam pipelines, oil pipelines and other facilities. The property is fully and properly permitted for oil and gas production,
cyclic- steam injection and water disposal; however, it is currently idle (i.e., not producing), although operations to restart production
have begun. The Company initially recorded a payment of $100,000 upon execution of the McCool Ranch Purchase Agreement, at which time
Trio LLC began refurbishment operations with respect to the San Ardo WD-1 water disposal well (the “WD-1”) to determine if
it is capable of reasonably serving the produced water needs for the assets, which Refurbishment was successfully accomplished. With Refurbishment
successfully accomplished, the Company will pay an additional $400,000, which shall be used in restarting production operations on the
assets. As of October 31, 2023, the Company has recorded the $100,000 payment as a capitalized cost; the balance is reflected in the balance
of the oil and gas property as of year-end.
Additional
Working Interest - South Salinas Project - Related Party
In
April 2023, the Company paid Trio LLC approximately $60,000 to acquire an additional 3.026471% working interest in the South Salinas
Project, of which working interest amount is one-half (1/2) of the working interest that was acquired by Trio LLC; this amount was capitalized
and is reflected in the balance of the oil and gas property.
Notes
Payable - Related Party
On
September 14, 2021, the Company entered into a note payable with Trio LLC as part of the agreement for the purchase of an 82.75% working
interest in the South Salinas Project (see Note 1). Per the Third Amendment signed on May 27, 2022, a portion of a previous payment made
to Trio LLC was used to fund a lease extension payment to a third-party; as the payment previously made was to be used for other expenditures,
the amount used to fund the lease extension was added to the remaining amount due to Trio LLC, increasing it from $780,000 to $1,032,512.
Per an extension to the Fourth Amendment to the Trio LLC PSA, the Company made the final payment of $1,032,512 upon the consummation
of the IPO. As of October 31, 2023 and 2022, the balance of the note payable was $0 and $1,025,497, respectively, with interest expense
recognized of $7,015 and $120,337 for the years ended October 31, 2023 and 2022, respectively. Total payments made on the note payable
for the years ended October 31, 2023 and 2022 were $1,032,512, and $2,920,000, respectively.
Restricted
Stock Units (“RSUs”) issued to Directors
On
July 11, 2022, the Company issued 60,000 shares of its $0.0001 par common stock to each of its five outside Directors with a fair value
of $0.29 per share for an aggregate grant date value of $88,200. The fair value was calculated via a third-party valuation performed
using income and market methods, as well as a discounted cash flow method, with the terminal value using a market multiples method, adjusted
for a lack of marketability. The shares, or RSUs, vest in full upon the six-month anniversary of the IPO, subject to the directors’
continued service on the vesting date; upon issuance, the shares will be fully paid and non-assessable. Upon consummation of the IPO,
the vesting period for these shares began and for the years ended October 31, 2023 and 2022, the Company recognized stock-based compensation
in the amount of $88,200 and $0, respectively, within stock-based compensation expenses on the income statement, with unrecognized expense
of $0 as of the period ended October 31, 2023.
On
September 2, 2023, the Company issued an aggregate 425,000 shares of its $0.0001 par common stock to four outside directors with a fair
value of $0.64 per share for a grant date value of $273,275. The shares, or RSUs, vest in full upon the six-month anniversary of the
vesting commencement date (or August 28,2023), subject to the directors’ continued service on the vesting date. For the years ended
October 31, 2023 and 2022, the Company recognized stock-based compensation in the amount of $96,016 and $0, respectively, within stock-based
compensation expenses on the income statement, with unrecognized expense of $177,259 as of the period ended October 31, 2023.
Restricted
Shares issued to Executives and Employees
In
February 2022, the Company entered into employee agreements with Frank Ingriselli (Chief Executive Officer or “CEO”) and
Greg Overholtzer (Chief Financial Officer or “CFO”) which, among other things, provided for the grant of restricted shares
in the amounts of 1,000,000 and 100,000, respectively, pursuant to the 2022 Equity Incentive Plan (“the Plan”). Per the terms
of the employee agreements, subject to continued employment, the restricted shares vest over a two-year period, under which 25% will
vest upon the earlier of three months after the IPO or six months after the grant date. After this date, the remainder vest in equal
tranches every six months until fully vested. As the Plan was not adopted until October 17, 2022 (see Note 7), these shares will be recorded
as of that date at a fair value of $0.294 per share; such value was calculated via a third-party valuation performed using income and
market methods, as well as a discounted cash flow method, with the terminal value using a market multiples method, adjusted for a lack
of marketability (see Note 10). As of October 31, 2022, the Company recorded 1,100,000 restricted shares at a fair value of $323,400,
and for the years ended October 31, 2023 and 2022, the Company recognized stock-based compensation of $161,700 and $6,202, respectively,
within stock-based compensation expenses on the income statement, with unrecognized expense of $155,498 as of October 31, 2023.
In
May 2023, the Company entered into six employee agreements which, among other things, provided for the grant of an aggregate of 700,000
restricted shares pursuant to the Plan. Per the terms of the employee agreements, subject to continued employment, the restricted shares
vest as follows: 25% of the shares will vest five months after the issuance date, after which the remainder vest in equal tranches every
six months until fully vested. The shares were recorded on the date of issuance at a fair value of $2.15 per share for an aggregate fair
value of $1,505,000, and for the years ended October 31, 2023 and 2022, the Company recognized stock-based compensation of $440,219 and
$0, respectively, within stock-based compensation expenses on the income statement, with unrecognized expense of $1,064,781 as of the
period ended October 31, 2023.
On
July 20, 2023, pursuant to the Ingriselli Employment Agreement (see above), the Company issued 200,000 restricted shares (subject to
the Plan) as a discretionary annual bonus at a fair value of $1.07 per share to Mr. Ingriselli for an aggregate fair value of $213,000.
The shares vested fully on July 24, 2023 and the Company recognized stock-based compensation of $213,000 within stock-based compensation
expenses on the income statement for the period ended July 31, 2023.
On
October 16, 2023, the Company and Michael L. Peterson entered into an employment agreement (the “Peterson Employment Agreement”),
effective as of October 23, 2023, pursuant to which Mr. Peterson will serve as Chief Executive Officer of the Company, replacing Mr.
Ingriselli. Pursuant to the Peterson Employment Agreement, Mr. Peterson will be paid an annual base salary of $350,000. In addition,
Mr. Peterson is entitled to receive, subject to his continuing employment with the Company on the applicable date of the bonus payout,
an annual target discretionary bonus of up to 100% of his annual base salary, payable at the discretion of the Compensation Committee
of the Board based upon the Company’s and Mr. Peterson’s achievement of objectives and milestones to be determined on an
annual basis by the Board.
Pursuant
to the Peterson Employment Agreement, the Company issued Mr. Peterson is a grant of 1,000,000 shares of restricted stock pursuant to
the Company’s Omnibus Incentive Compensation Plan (the “Plan”) at a fair value of $0.27 per share for a grant date
fair value of $271,000. The restricted stock grant vests over a period of two years, with 25% of the shares of restricted stock vesting
six months after the Peterson Employment Agreement Effective Date, and the remainder vesting in equal tranches on each of the 12-, 18-,
and 24-month anniversary dates of the Peterson Employment Agreement. As of October 31, 2023, the Company recognized stock-based compensation
of $3,341 within stock-based compensation expenses on the income statement, with unrecognized expense of $267,659.
Consulting
Agreement - Related Party
On
October 6, 2023, Mr. Ingriselli delivered notice of his resignation as the Company’s Chief Executive Officer, effective on October
23, 2023. Upon his resignation, Mr. Ingriselli will continue as a director and hold the title of “Vice Chairman” of the Board
of Directors of the Company. In addition, on October 16, 2023, the Company and Global Venture Investments LLC (“Consultant”),
a Delaware Limited Liability Company and a wholly owned consulting firm owned 100% by Mr. Ingriselli, entered into a consulting agreement,
effective as of the date of resignation and continuing through December 31, 2023. Pursuant to the Consulting Agreement, the Company
will pay Mr. Ingriselli a cash consulting fee equal to $10,000 per month, payable within five business days after the commencement of
each calendar month during the term of the Consulting Agreement. The Consulting Agreement terminated on December 31, 2023, in accordance with its terms.
NOTE
7 - COMMITMENTS AND CONTINGENCIES
From
time to time, the Company is subject to various claims that arise in the ordinary course of business. Management believes that any liability
of the Company that may arise out of or with respect to these matters will not materially adversely affect the financial position, results
of operations, or cash flows of the Company.
Unproved
Property Leases
As
of October 31, 2023, the Company holds various leases related to the unproved properties of the South Salinas Project (see Note 5); two
of the leases are held with the same lessor. The first lease, which covers 8,417 acres, was amended on May 27, 2022 to provide for an
extension of then-current force majeure status for an additional, uncontested twelve months, during which the Company would be released
from having to evidence to the lessor the existence of force majeure conditions. As consideration for the granting of the lease extension,
the Company paid the lessor a one-time, non-refundable payment of $252,512; this amount was capitalized and reflected in the balance
of the oil and gas property as of October 31, 2022. The extension period commenced on June 19, 2022; as of October 31, 2023, the “force
majeure” status has been extinguished by the drilling of the HV-1 well, and the validity of the lease is maintained by the drilling
of the well, which is in production testing.
The
second lease covers 160 acres of the South Salinas Project; it is currently held by delay rental and is renewed every three years. Until
drilling commences, the Company is required to make delay rental payments of $30/acre per year. The Company is currently in compliance
with this requirement and has paid in advance the delay rental payment for the period from October 2022 through October 2023.
During
February and March of 2023, the Company entered into additional leases related to the unproved properties of the South Salinas Project
with two groups of lessors. The first group of leases covers 360 acres and has a term of 20 years; the Company is required to make rental
payments of $25/acre per year. The Company is currently in compliance with this requirement and has paid in advance the rental payment
for the period February 2023 through February 2024. The second group of leases covers 307.75 acres and has a term of 20 years; the Company
is required to make rental payments of $30/acre per year. The Company is currently in compliance with this requirement and has paid in
advance the rental payment for the period from March 2023 through March 2024.
As
of October 31, 2023, the Company assessed the unproved properties of the South Salinas Project and those adjacent to it for impairment,
analyzing future drilling plans, leasehold expiration and the existence of any known dry holes in the area. Management concluded there
is no impairment allowance required as of the balance sheet date.
Board
of Directors Compensation
On
July 11, 2022, the Company’s Board of Directors approved compensation for each of the non-employee directors of the Company, which
would be effective upon the consummation of the IPO. Such compensation is structured as follows: an annual retainer of $50,000 cash plus
an additional $10,000 for each Board committee upon which the Director serves, each paid quarterly in arrears. Payment for this approved
compensation commenced upon successful completion of the Company’s IPO and as of October 31, 2023, the Company has recognized $156,154
in directors’ fees.
Agreements
with Advisors
On
July 28, 2022, the Company entered into an agreement with Spartan Capital Securities, LLC (“Spartan”) whereby Spartan will
serve as the exclusive agent, advisor or underwriter in any offering of securities of the Company for the term of the agreement, which
is one year. The agreement provides for a $25,000 non-refundable advance upon execution of the agreement and completion of a bridge offering
to be credited against the accountable expenses incurred by Spartan upon successful completion of the IPO, a cash fee or an underwriter
discount of 7.5% of the aggregate proceeds raised in the IPO, warrants to purchase a number of common shares equal to 5% of the aggregate
number of common shares placed in the IPO, an expense allowance of up to $150,000 for fees and expenses of legal counsel and other out-of-pocket
expenses and 1% of the gross proceeds of the IPO to Spartan for non-accountable expenses. The agreement also provides for an option to
Spartan that is exercisable within 45 days after the closing of the IPO to purchase up to an additional 15% of the total number of securities
offered by the Company in the IPO. For a period of 18 months following the July 28, 2023 expiration of the agreement, Spartan shall be
entitled to receive the same 7.5% cash fee and 5% warrant coverage compensation under the “tail” terms of the agreement with
respect to financing transactions the Company consummates with any party contacted or introduced by Spartan to the Company prior to the
expiration of the Spartan agreement.
On
April 20, 2023, pursuant to the agreement above, the Company issued representative warrants to Spartan to purchase up to an aggregate
of 100,000 shares of common stock; these warrants may be exercised commencing from the closing of the Offering and expiring five years
from the effective date of the registration statement at an exercise price of $3.30 (110% of the public offering price of the common
stock).
Trio
LLC - Monthly Consulting Fee
Pursuant
to the Fourth Amendment to the Trio LLC PSA, the Company agreed, retroactively commencing on May 1, 2022, to accrue a monthly consulting
fee of $35,000, due and payable by the Company to Trio LLC. This fee is intended to cover the work being done for the Company by Trio
LLC’s employees prior to the closing date of the Company’s IPO. As of October 31, 2023, the Company has accrued and paid
$406,000 in fees for these services.
On
May 1, 2023, the Company entered into six employment agreements with Trio LLC employees; the agreements provide for compensation and
restricted shares pursuant to the Plan (see Note 10) with a start date of May 1, 2023, provided that each individual continues to serve
as an employee of Trio LLC on a part-time basis.
NOTE
8 - INCOME TAXES
The
Company accounts for income taxes under ASC 740-10, which provides for an asset and liability approach of accounting for income taxes.
Under this approach, deferred tax assets and liabilities are recognized based on anticipated future tax consequences, using currently
enacted tax laws, attributed to temporary differences between the carrying amounts of assets and liabilities for financial reporting
purposes and the amounts calculated for income tax purposes.
Significant
components of the Company’s deferred tax assets are summarized below.
SCHEDULE OF DEFERRED TAX ASSETS
| |
As of October 31, | | |
As of October 31, | |
| |
2023 | | |
2022 | |
Deferred tax assets: | |
| | | |
| | |
Net operating loss carry forwards | |
$ | 1,095,000 | | |
$ | 797,000 | |
Total deferred tax asset | |
| 1,095,000 | | |
| 797,000 | |
Valuation allowance | |
| (1,095,000 | ) | |
| (797,000 | ) |
Deferred tax asset, net | |
$ | - | | |
$ | - | |
As
of October 31, 2023 and 2022, the Company had approximately $1,095,000 and $797,000, respectively, in net operating loss carry-forwards
for federal and state income tax reporting (tax effected) purposes. As a result of the Tax Cuts Job Act 2017 (the “Act”),
certain future carryforwards do not expire. The Company has not performed a formal analysis but believes its ability to use such net
operating losses and tax credit carryforwards in the future is subject to annual limitations due to change of control provisions under
Sections 382 and 383 of the Internal Revenue Code, which will significantly impact its ability to realize these deferred tax assets.
The
Company recorded a valuation allowance in the full amount of its net deferred tax assets since realization of such tax benefits has been
determined by the Company’s management to be less likely than not. The valuation allowance increased $298,000 and $776,000 during
the years ended October 31, 2023 and 2022, respectively.
A
reconciliation of the statutory federal income tax benefit to actual tax benefit is as follows:
SCHEDULE OF EFFECTIVE FEDERAL INCOME TAX RATE RECONCILIATION
| |
As of October 31, | | |
As of October 31, | |
| |
2023 | | |
2022 | |
Federal statutory blended income tax rates | |
| (21 | )% | |
| (21 | )% |
State statutory income tax rate, net of federal benefit | |
| - | % | |
| - | % |
Change in valuation allowance | |
| 21 | % | |
| 21 | % |
Effective tax rate | |
| - | % | |
| - | % |
As
of the date of this filing, the Company has not filed its 2023 federal and state corporate income tax returns. The Company expects to
file these documents as soon as practicable.
The
Company has evaluated its income tax positions and has determined that it does not have any uncertain tax positions. The Company will
recognize interest and penalties related to any uncertain tax positions through its income tax expense.
NOTE
9 - NOTES PAYABLE
Notes
payable as of October 31, 2023 and 2022 consisted of the following:
SCHEDULE OF NOTES PAYABLE
|
|
As
of October 31, |
|
|
As
of October 31, |
|
|
|
2023 |
|
|
2022 |
|
Notes
payable - related party, net of discounts |
|
$ |
- |
|
|
$ |
1,025,497 |
|
Notes
payable - investors, net of discounts |
|
|
- |
|
|
|
4,137,720 |
|
Bridge
note, net of discounts |
|
|
- |
|
|
|
265,719 |
|
Convertible
note, net of discounts |
|
|
1,217,597 |
|
|
|
- |
|
Total
Notes payable |
|
$ |
1,217,597 |
|
|
$ |
5,428,936 |
|
Notes
Payable - Related Party
On
September 14, 2021, the Company entered into a note payable with Trio LLC as part of the agreement for the purchase of an 82.75% working
interest in the South Salinas Project (see Note 1). Per the Third Amendment signed on May 27, 2022, a portion of a previous payment made
to Trio LLC was used to fund a lease extension payment to a third-party; as the payment previously made was to be used for other expenditures,
the amount used to fund the lease extension was added to the remaining amount due to Trio LLC, increasing it from $780,000 to $1,032,512.
Per an extension to the Fourth Amendment to the Trio LLC PSA, the Company made the final payment of $1,032,512 upon the consummation
of the IPO. As of October 31, 2023 and 2022, the balance of the note payable was $0 and $1,025,497, respectively, with interest expense
recognized of $7,015 and $120,337 for the years ended October 31, 2023, respectively. Total payments made on the note payable for years
ended October 31, 2023 and 2022 were $1,032,512 and $2,920,000, respectively.
Notes
Payable - Investors (January 2022 SPA)
On
January 28, 2022, the Company entered into the January 2022 SPA with GPL, pursuant to which (i) in exchange for $4,500,000 in consideration,
the Company issued senior secured convertible promissory notes (the “January 2022 Notes”) with an aggregate principal amount
of $4,500,000 (ii) the Company issued warrants to purchase up to 50% of the number of shares of Common Stock issued upon the full conversion
of the January 2022 Notes, and (iii) conditional upon a successful IPO, the Company agreed to issue commitment shares (“Commitment
Shares”) to the investors (“GPL Investors”) upon the date of the Company’s IPO. The Notes were collateralized
with a security interest in the oil and gas properties, which was to be perfected by April 28, 2022. In the event the collateral was
not perfected by April 28, 2022, the Company was required to deliver 4,500,000 shares (“Default Shares”) to the investors.
The Default Shares were initially held in escrow until the earlier of a) the granting and perfection of the security interest, b) the
conversion of the January 2022 Notes upon the IPO or c) April 28, 2022. As the Company failed to perfect the security interest and no
IPO occurred by April 28, 2022, the Default Shares were delivered to the investors on April 28, 2022. The shares were issued at a fair
value of $0.29 per share for an aggregate value of $1,322,933, and this amount was recognized as penalty fees related to debt on the
income statement.
The
January 2022 Notes have a maturity date on the earlier of April 30, 2023 (such maturity date being extended initially from January 28,
2023 pursuant to the amendment to the January 2022 Notes signed on January 23, 2023 and again from February 28, 2023 pursuant to the
second amendment to the January 2022 Notes signed on February 23, 2023) or the IPO and bear interest at a rate of 8% per annum, which
is to be accrued and paid on the maturity date. Because the Company’s IPO did not occur by August 1, 2022 and the Company did not
default on the January 2022 Notes, the interest percentage increased to 15% per annum. The principal and interest payable on the January
2022 Notes will automatically convert into shares upon the IPO. The conversion price is the lesser of i) the IPO price multiplied by
the discount of 50% or ii) the opening price of the shares of Common Stock on the trading day following the date of the consummation
of the IPO multiplied by the discount of 50%. The number of conversion shares is the outstanding principal amount divided by the conversion
price. Upon the consummation of the IPO, the debt will convert into a fixed dollar amount of $9,000,000 of a variable number of shares.
Upon
consummation of its IPO, the Company converted the aggregate outstanding principal and accrued interest balances of $4,500,000 and $664,875,
respectively, into 5,038,902 shares of common stock; the number of conversion shares was calculated by dividing the aggregate balance
of $5,164,875 by the opening trading price of its common stock on April 19, 2023 of $2.05, with a discount applied of 50%. The Company
also issued 375,000 commitment shares, the number of which was calculated by taking 25% of the outstanding principal balance of $4,500,000
and dividing it by the IPO price of $3.00 per share, with the expense for issuing the commitment shares being recognized as a loss on
the income statement as of April 30, 2023. As of October 31, 2023 and 2022, the balance of the Notes payable was $0 and $4,137,720, with
interest expense of $674,405 and $1,136,811 for the years ended October 31, 2023 and 2022, respectively.
Bridge
Note
During
September 2022, the Company entered into an agreement or bridge note (“Bridge Note”) with three investors; the Bridge Note
includes original issue discount senior notes (“Notes”) with gross proceeds of $444,000, a 10% Original Issue Discount (“OID”)
of $44,000 and debt issuance costs of $70,438, for net proceeds of $329,562 to the Company. The Bridge Note included pre-funded warrants
that permit the investors to purchase a number of shares of the Company’s common stock (equal to 100% of the original principal
amount of the Notes), which can be exercised from the date of the warrant agreement to five years from the date of the Company’s
IPO at an exercise price of $0.01. The Notes had a maturity date of the earlier of i) April 30, 2023 or ii) the completion of the IPO.
The Notes bore interest at 8% per annum, which would waived if the Company completed a successful IPO within 90 days of the closing of
financing; in the event of default, the interest percentage would increase to 15% per annum.
The
Company also issued pre-funded warrants in connection with the Bridge Note to purchase a number of shares equal to the number of dollars
of the Notes, or 400,000, at an exercise price of $0.01 per share; the Company determined the warrants are equity classified and can
be exercised at any time from the date of the warrant agreement to five years from the date of the completion of the IPO. The Company
also incurred debt issuance costs of $70,438 in connection with the issuance of the Notes and warrants. The values of the OID, warrants
and debt issuance costs are recorded as debt discounts and amortized over the life of the Notes as interest expense.
Upon
consummation of its IPO, the Company repaid the Bridge Note in the amount of $440,000 and interest was waived by the investors. As of
October 31, 2023 and 2022, the balance of the Bridge Note (which is included within the Notes payable - investors, net of discounts
line item on the balance sheet) is $0 and $265,719, respectively, with interest expense of $174,281 and $51,040 for the years ended October
31, 2023 and 2022, respectively.
Convertible
note - investors (October 2023 SPA)
On
October 4, 2023, the Company entered into a securities purchase agreement (the “October 2023 SPA”) with an investor; the
October 2023 SPA provides for loans in an aggregate principal amount of up to $3.5 million under two tranches, with first and second
tranche fund amounts of $2.0 million and $1.5 million, respectively. The first tranche will be immediately funded upon closing and the
second tranche will be funded after the Company provides written confirmation to the investor and subject to the mutual consent of the
investor and the Company that (i) stockholder approval of the transactions has been obtained for the purpose of complying with the NYSE/NYSE
American Rules; (ii) that a resale Registration Statement on Form S-1 (the “Resale Registration Statement”) has been declared
effective by the SEC for the registration of the shares of Common Stock issuable upon conversion of the Note and the Warrant and (iii)
there is no Event of Default (as defined in the October 2023 SPA that has occurred or will occur as a result of such additional funding
and in full force and effect).
In
consideration for the investor’s funding of the first tranche, the Company issued and sold to the investor, in a private placement,
i) a senior secured convertible promissory note in the aggregate principal amount of $2,000,000 (the “Note”) and ii) a warrant
to purchase up to 866,702 shares of Common Stock at an initial exercise price of $1.20 per share of Common Stock, subject to certain
adjustments (the “Common Warrant”). The Note is initially convertible into shares of Common Stock at conversion price of
$1.20, subject to certain adjustments (the “Conversion Price”), provided that the Conversion Price shall not be reduced below
$0.35 (the “Floor Price”). The Note does not bear any interest and matures on April 4, 2025.
Upon
the initial funding on October 4, 2023, the Company recorded gross proceeds of approximately $2.0 million, a 7% original issue discount
of $140,000 and debt issuance costs of $350,320, for net proceeds of approximately $1.5 million. The Company also issued a warrant to
purchase up to 866,702 shares of common stock with an aggregate relative fair value of $332,630; the factors used to determine fair value
were a share price of $0.55, an exercise price of $1.20, an expected term of 5 years, annualized volatility of 137.10%, a dividend rate
of zero percent and a discount rate of 4.72%.
Commencing
on the earlier of (i) the day that is the four months after October 4, 2023 and (ii) the date on which the first Resale Registration
Statement shall have been declared effective by the SEC, the Company is required to pay to the investor the outstanding principal balance
under the Note in monthly installments, on such date and each one (1) month anniversary thereof, in an amount equal to 103% of the total
principal amount multiplied by the quotient determined by dividing one by the number of months remaining until the maturity date of the
Note, until the outstanding principal amount has been paid in full or, if earlier, upon acceleration, conversion or redemption of the
Note in accordance with its terms. All monthly payments are payable by the Company, in cash, provided that under certain circumstances,
as provided in the Note, the Company may elect to pay in shares of Common Stock.
As
collateral for the obligations under the October 2023 SPA, the Company has granted to the investor a senior security interest in all
of the Company’s assets (inclusive of intellectual property), subject to certain exceptions, as set forth in the Security Agreement
(as defined in the October 2023 SPA). The Company has also entered into a Mortgage, Deed of Trust, Assignment of Production, Security
Agreement and Financing Statement (the “Deed of Trust”) with the Investor granting to the Investor a security interest in
certain oil and gas interests held by the Company in California (the “Deed of Trust”).
In
connection with the October 2023 SPA, on October 4, 2023, the Company entered into voting agreements (collectively, the “Voting
Agreements”) with certain Company stockholders, directors and officers, representing any aggregate of 4,025,000 shares of Common
Stock, including Frank Ingriselli, the Company’s Chief Executive Officer, and a certain entity affiliated with Mr. Ingriselli.
Pursuant to the Voting Agreements, each stockholder party thereto has agreed to vote its shares of Common Stock to approve the issuance
of the securities under the Securities Purchase Agreement for the purpose of complying with the applicable NYSE/NYSE American Rules requiring
stockholder approval for the Company’s issuance of shares of Common Stock, in connection with the transactions contemplated under
the October 2023 SPA, in excess of 20% of the number of shares of Common Stock outstanding on the date hereof. Each Voting Agreement
will terminate upon the sufficient stockholder vote required to approve the stockholder proposals in connection with respect to the transactions
contemplated in the October 2023 SPA (the “Voting Agreement Expiration Date”).
In
connection with the October 2023 SPA, on October 4, 2023, the Company entered into a registration rights agreement (the “October
2023 RRA”) with the investor pursuant to which the Registrable Securities (as defined therein) held by the investor, subject to
certain conditions, are entitled to registration under the Securities Act. Pursuant to October 2023 RRA, the Company is required to,
within 30 days after the date thereof, and within 10 days after the Closing of the Second Tranche (as such term is defined in the October
2023 SPA), file with the SEC (at the Company’s sole cost and expense) a Resale Registration Statement and to cause such Resale
Registration Statement to be effective within 60 days after the applicable filing date, covering the resale by the Investor of the Registrable
Securities.
Under
the terms of the October 2023 SPA, the October 2023 RRA and the Note, the Company is required to reserve and register 13,161,976 shares
of Common Stock in a Resale Registration Statement which such number represents 200% of the number of shares on the exercise of the Common
Warrants and 200% of the number of shares upon the conversion of the Note.
NOTE
10 - STOCKHOLDERS’ EQUITY
Common
Shares
The
Company is authorized to issue an aggregate of 500,000,000 shares. The authorized capital stock is divided into: (i) 490,000,000 shares
of common stock having a par value of $0.0001 per share and (ii) 10,000,000 shares of preferred stock having a par value of $0.0001 per
share.
In
January 2022, the Company entered into the January 2022 SPA with GPL, which has warrants attached that are exercisable into up to 50%
of the number of shares of common stock issued upon full conversion of the Notes. The Company determined the warrants are equity classified
and used a third party to perform a valuation to estimate their fair market value at January 28, 2022, which was $994,091.
On
April 28, 2022, the Company issued 4,500,000 shares of its $0.0001 par common stock at a price of $0.29 per share for a total aggregate
fair value of $1,322,933 to GPL as default shares in connection with the January 2022 SPA (see Note 3, Note 6 and Note 9).
On
July 11, 2022, the Company issued 60,000 shares of its $0.0001 par common stock to each of its five outside Directors for a total aggregate
amount of 300,000 shares. The shares, or RSUs, vest in full upon the six-month anniversary of the IPO, subject to the directors’
continued service on the vesting date; upon issuance, the shares will be fully paid and non-assessable. The RSUs were recorded at a fair
value of $0.29 per share for a total value of $88,200. Upon consummation of the IPO, the vesting period for these shares began and for
the years ended October 31, 2023 and 2022, the Company recognized stock-based compensation in the amount of $88,200 and $0, respectively,
within stock-based compensation expenses on the income statement, with unrecognized expense of $0 as of the period ended October 31,
2023.
On
October 17, 2022, the Company issued 1,100,000 restricted shares to two of its executives pursuant to the Plan. As the Plan was not adopted
until October 17, 2022, these shares were recorded as of that date at a fair value of $0.29 per share; such value was calculated via
a third-party valuation performed using income and market methods, as well as a discounted cash flow method, with the terminal value
using a market multiples method, adjusted for a lack of marketability. As of October 31, 2022, the Company recorded 1,100,000 restricted
shares at a fair value of $323,400 and for the years ended October 31, 2023 and 2022, the Company recognized stock-based compensation
of $161,700 and $6,202, respectively, within stock-based compensation expenses on the income statement, with unrecognized expense of
$155,498 as of October 31, 2023.
In
December 2022, the Company entered into subscription agreements with two accredited investors for the aggregate issuance of 400,000 common
shares for aggregate gross cash proceeds of $400,000. The common shares are $0.0001 par value and have a purchase price of $1.00 per
share.
In
April 2023, the Company consummated its IPO and sold 2,000,000 shares of common stock at a public offering price of $3.00 per share for
gross proceeds of $6,000,000.
In
April 2023, upon consummation of its IPO, the Company also issued 375,000 commitment shares, the number of which was calculated by taking
25% of the outstanding principal balance of the January 2022 Notes of $4,500,000 and dividing it by the IPO price of $3.00 per share
On
April 20, 2023, the Company issued 12,500 shares of common stock at a fair value of $2.00 per share to consultants in exchange for services
rendered; the aggregate amount of $25,000 was recorded as fees for professional services as of the end of the period.
On
May 1, 2023, the Company issued 700,000 restricted shares to six of its employees pursuant to the Plan (see Note 6); the shares were
recorded at a fair value of $2.15 per share for an aggregate grant date fair value of $1,505,000, and for the years ended October 31,
2023 and 2022, the Company recognized stock-based compensation of $440,219 and $0, respectively, within stock-based compensation expenses
on the income statement, with unrecognized expense of $1,064,781 as of the period ended October 31, 2023.
On
May 2, 2023, June 23, 2023 and July 11, 2023, the Company issued 25,000, 100,000 and 100,000 shares of common stock, par value of $0.0001,
respectively, at a fair value of $2.10, $0.88 and $1.21, respectively, to consultants in exchange for services rendered; the aggregate
amounts of $52,500, $88,000 and $121,000, respectively, were recorded as fees for professional services as of the end of the period.
On
June 30, 2023, the Company issued 48,000 shares of common stock, par value of $0.0001, at a fair value of $1.67 to Marcum, LLP for an
aggregate amount of $80,159 for partial satisfaction of an account payable.
On
June 30, 2023, the Company issued a Form S-1/A, which registered for resale (i) up to 3,149,314 shares of common stock, par value $0.0001
per share which the selling stockholders may acquire upon the exercise of outstanding common warrants and (ii) up to 500,000 shares of
common stock, which the selling stockholders may acquire upon the exercise of outstanding pre-funded warrants. Such warrants were issued
to the selling stockholders in connection with securities purchase agreements entered into on January 28, 2022 and September 20, 2022.
The Company recorded 699,848 shares of common stock that are not exercised but registered in accordance with their common warrant agreements
and 500,000 shares of common stock that are not exercised but registered in accordance with their pre-funded warrant agreements upon
the filing of this Form S-1/A.
On
July 20, 2023, the Company issued 200,000 restricted shares pursuant to the Plan to Mr. Ingriselli (see Note 6) at a fair value of $1.07
per share for an aggregate fair value of $213,000. The shares vested fully on July 24, 2023 and the Company recognized stock-based compensation
for the full value of the shares as of the end of the period.
On
September 2, 2023, the Company issued 425,000 shares of its $0.0001 par common stock to four outside Directors with a fair value of $0.64
per share for a grant date value of $273,275. The shares, or RSUs, vest in full upon the six-month anniversary of the vesting commencement
date (or August 28,2023), subject to the directors’ continued service on the vesting date. For the years ended October 31, 2023
and 2022, the Company recognized stock-based compensation in the amount of $96,016 and $0, respectively, within stock-based compensation
expenses on the income statement, with unrecognized expense of $177,259 as of the period ended October 31, 2023.
On
October 16, 2023, pursuant to the Peterson Employment Agreement, the Company issued Mr. Peterson is a grant of 1,000,000 shares of restricted
stock pursuant to the Plan at a fair value of $0.27 per share for a grant date fair value of $271,000. The restricted stock grant vests
over a period of two years, with 25% of the shares of restricted stock vesting six months after the Peterson Employment Agreement Effective
Date, and the remainder vesting in equal tranches on each of the 12-, 18-, and 24-month anniversary dates of the Peterson Employment
Agreement. As of October 31, 2023, the Company recognized stock-based compensation of $3,341 within stock-based compensation expenses
on the income statement, with unrecognized expense of $267,659.
Warrants
January
2022 SPA with GPL Warrants
In
January 2022, the Company entered into the January 2022 SPA with GPL, which had warrants attached that were exercisable into up to 50%
of the number of shares of common stock issued upon full conversion of the Notes. The Company determined the warrants were equity classified
and used a third party to perform a valuation to estimate their fair market value at January 28, 2022, which was $994,091. The factors
used to determine their fair value were a term of 3 years, volatility of 92%, a share price based on comparable companies and an exercise
price of 50% of the stock price upon the Company’s IPO.
Upon
consummation of the IPO, the Company issued an aggregate of 2,519,451 warrants to the GPL investors at an exercise price of $1.03 and
an expiration date of 3 years from the date of the IPO; on July 10, 2023, the Company entered into amendments to the warrant agreements
with five of the six investors, whereby i) the exercise price was reduced from $1.03 to $0.80 and ii) the number of warrants was increased
by a factor of 1.25 or 489,893 warrants in order to induce full, immediate exercise. Accordingly, 2,449,466 warrants (original number
of warrants was 1,959,573) were exercised at an exercise price of $0.80 per share for aggregate proceeds (net of equity issuance costs
of $146,938) of $1,812,635. The shares issued for the exercise of these warrants were registered for resale as part of the Form S-1/A
filed on June 30, 2023. The Company accounted for the amendments as warrant modifications, whereby the effect of the modifications is
measured as the difference in relative fair value immediately before the modification and after the modification; and any increase to
the relative fair value is recognized as equity issuance costs.
To
assess for the change in relative fair value, the Company performed a Black Scholes Option Model calculation to quantify the fair value
of 1,959,573 common warrants under their original terms as of the modification date using the following assumptions: a share price of
$1.43, an exercise price of $1.03, an expected term of 3.0 years, volatility of 136%, a dividend rate of 0% and a discount rate of 4.54%.
The Company then performed a Black Scholes Option Model calculation to quantify the fair value of 2,449,466 common warrants with their
new modified terms as of the modification date using the following assumptions: a share price of $1.53, an exercise price of $0.80, an
expected term of 3.0 years, volatility of 136%, a dividend rate of 0% and a discount rate of 4.54%. The aggregate difference of approximately
$0.3 million between the two calculated amounts was recorded as an equity issuance cost within equity during the period to account for
the change in relative fair value.
On
September 20, 2023, the Company and the sixth GPL investor entered into an amendment to their particular warrant agreement, pursuant
to which the Company agreed to amend the warrant held by the holder in order to (i) reduce the exercise price of the warrant from an
exercise price of $1.03 per share to $0.11 per share and (ii) add a customary cashless exercise provision to the warrant. On September
21, 2023, the holder delivered a notice of exercise to the Company exercising the Warrant, in full, on a “cashless basis,”
pursuant to which an aggregate of 451,831 shares of common stock were issued to the holder on or before September 25, 2023.
The
Company accounted for the amendments as warrant modifications, whereby the effect of the modifications is measured as the difference
in relative fair value immediately before the modification and after the modification; and any increase to the relative fair value is
recognized as equity issuance costs.
To
assess for the change in relative fair value, the Company performed a Black Scholes Option Model calculation to quantify the fair value
of 559,878 common warrants under their original terms as of the modification date using the following assumptions: a share price of $0.57,
an exercise price of $1.03, an expected term of 3.0 years, volatility of 148%, a dividend rate of 0% and a discount rate of 4.82%. The
Company then performed a Black Scholes Option Model calculation to quantify the fair value of 451,831 common warrants with their new
modified terms as of the modification date using the following assumptions: a share price of $0.57, an exercise price of $0.11, an expected
term of 3.0 years, volatility of 148%, a dividend rate of 0% and a discount rate of 4.82%. The aggregate difference of less than $1,000
between the two calculated amounts was recorded as an equity issuance cost within equity during the period to account for the change
in relative fair value.
Other
Warrants
In
December 2022, the Company entered into subscription agreements with two accredited investors for the aggregate issuance of 400,000 common
shares, as well as warrants to purchase additional shares up to the initial subscription amount; the warrants are exercisable for two
years and have an exercise price equal to fifty percent of the price per share the Company sells its common shares in its IPO. The warrants
were determined to be equity classified and were recorded at fair value in additional paid-in capital on the balance sheet for the period.
Their fair value was based on the price the third-party investors paid for the original subscription agreements described above.
The
Company also issued warrants to purchase 100,000 shares of common stock to the underwriters at an exercise price of $3.30 per share (110%
of public offering price).
A
summary of the warrant activity during the years ended October 31, 2023 and 2022 is presented below:
SCHEDULE OF WARRANT ACTIVITY
| |
Number of Warrants | | |
Weighted Average Exercise Price | | |
Weighted Average Remaining Life in Years | | |
Intrinsic Value | |
| |
| | |
| | |
| | |
| |
Outstanding, November 1, 2021 | |
| - | | |
$ | - | | |
| - | | |
$ | - | |
Issued | |
| - | | |
| - | | |
| - | | |
| - | |
Outstanding, November 1, 2022 | |
| - | | |
| - | | |
| - | | |
| - | |
Issued | |
| 4,776,046 | | |
| 1.04 | | |
| 3.1 | | |
| - | |
Exercised | |
| (2,901,298 | ) | |
| 1.03 | | |
| - | | |
| - | |
Cancelled | |
| - | | |
| - | | |
| - | | |
| - | |
Expired | |
| (108,047 | ) | |
| - | | |
| - | | |
| - | |
Outstanding, October 31, 2023 | |
| 1,766,702 | | |
$ | 1.12 | | |
| 3.9 | | |
$ | 211,200 | |
| |
| | | |
| | | |
| | | |
| | |
Exercisable, October 31, 2023 | |
| 1,766,702 | | |
$ | 1.12 | | |
| 3.9 | | |
$ | 211,200 | |
A
summary of outstanding and exercisable warrants as of October 31, 2023 is presented below:
SCHEDULE OF OUTSTANDING AND EXERCISABLE WARRANTS
| Warrants Outstanding | | |
| Warrants Exercisable | |
| | | |
| | | |
| Weighted | | |
| | |
| | | |
| | | |
| Average | | |
| | |
| Exercise | | |
| Number of | | |
| Remaining | | |
| Number of | |
| Price | | |
| Shares | | |
| Life in Years | | |
| Shares | |
$ | 0.01 | | |
| 400,000 | | |
| 4.5 | | |
| 400,000 | |
$ | 1.50 | | |
| 400,000 | | |
| 1.1 | | |
| 400,000 | |
$ | 3.30 | | |
| 100,000 | | |
| 4.5 | | |
| 100,000 | |
$ | 1.20 | | |
| 866,702 | | |
| 4.9 | | |
| 866,702 | |
| | | |
| 1,766,702 | | |
| 3.9 | | |
| 1,766,702 | |
Stock
Options
A
summary of the option activity during the years ended October 31, 2023 and 2022 is presented below:
SCHEDULE OF STOCK OPTION ACTIVITY
| |
Number of Options | | |
Weighted Average Exercise Price | | |
Weighted Average Remaining Life in Years | | |
Intrinsic Value | |
| |
| | |
| | |
| | |
| |
Outstanding, November 1, 2021 | |
| - | | |
$ | - | | |
| - | | |
$ | - | |
Issued | |
| - | | |
| - | | |
| - | | |
| - | |
Outstanding, November 1, 2022 | |
| - | | |
| - | | |
| - | | |
| - | |
Issued | |
| 120,000 | | |
| 0.52 | | |
| 4.8 | | |
| 1,800 | |
Exercised | |
| - | | |
| - | | |
| - | | |
| - | |
Cancelled | |
| - | | |
| - | | |
| - | | |
| - | |
Expired | |
| - | | |
| - | | |
| - | | |
| - | |
Outstanding, October 31, 2023 | |
| 120,000 | | |
$ | 0.52 | | |
| 4.8 | | |
$ | 1,800 | |
| |
| | | |
| | | |
| | | |
| | |
Exercisable, October 31, 2023 | |
| 90,000 | | |
$ | 0.52 | | |
| 4.8 | | |
$ | 1,350 | |
A
summary of outstanding and exercisable options as of October 31, 2023 and 2022 is presented below:
SCHEDULE OF OUTSTANDING
AND EXERCISABLE OPTIONS
| Options Outstanding | | |
| Options Exercisable | |
| | | |
| | | |
| Weighted | | |
| | |
| | | |
| | | |
| Average | | |
| | |
| Exercise | | |
| Number of | | |
| Remaining | | |
| Number of | |
| Price | | |
| Shares | | |
| Life in Years | | |
| Shares | |
$ | 0.52 | | |
| 120,000 | | |
| 4.8 | | |
| 90,000 | |
| | | |
| 120,000 | | |
| 4.8 | | |
| 90,000 | |
On
August 15, 2023, the Company issued five-year options to purchase 120,000 shares of the Company’s common stock to a consultant
of the Company, pursuant to the Plan. The options have an exercise price of $0.52 per share and vest monthly over a period of 24 months,
beginning on the vesting commencement date. The options have a grant date fair value of $55,711, which will be recognized over the vesting
term.
The
assumptions used in the Black-Scholes valuation method for these options issued in 2023 were as follows:
SCHEDULE
OF ASSUMPTIONS USED IN BLACK-SCHOLES VALUATION METHOD FOR OPTIONS
Risk
free interest rate |
|
4.36% |
Expected
term (years) |
|
5.0 |
Expected
volatility |
|
137.1% |
Expected
dividends |
|
0% |
NOTE
11 - SUBSEQUENT EVENTS
In
accordance with ASC 855 - Subsequent Events, which establishes general standards of accounting for and disclosure of events that
occur after the balance sheet date but before financial statements are issued, the Company has evaluated all events and transactions
that occurred after October 31, 2023, through the date the financial statements were issued. Except for the following, there are no subsequent
events identified that would require disclosure in the financial statements.
Resale
Form S-1
On
November 11, 2023, the Company filed a Form S-1 for the resale of i) up to 11,428,572 shares of common stock issuable upon conversion
of a senior secured convertible promissory note, ii) up to 1,733,404 shares of common stock issuable upon exercise of a common warrant,
and iii) up to 83,333 shares of common stock issuable upon exercise of a placement agent warrant.
First
Amendment to the Resales Form S-1
On
December 6, 2023, the Company filed the first amendment to the Form S-1 filed with the SEC on November 3, 2023.
Asphalt
Ridge Option Agreement and Amendment
On
November 10, 2023, the Company entered into a leasehold acquisition and development option agreement (“AR Agreement”) with
Heavy Sweet Oil LLC (“Heavy Sweet”) to purchase up to a 20% production share (“Asphalt Ridge Option”) in certain
leases in eastern Utah totaling 960 acres. The Asphalt Ridge Option has a term of nine months, through August 10, 2024, and gives the
Company the exclusive right, but not the obligation, to acquire up to a 20% interest in the leases for $2,000,000, which may be invested
in tranches, provided that the initial tranche closing occurs during the option period and subsequent tranches occur as soon thereafter
as practical within the Asphalt Ridge Option period, with each tranche providing the Company a portion of the ownership of the leases.
Upon receipt of any funding from the Company pursuant to the Asphalt Ridge Option, Heavy Sweet is required to pay that amount to the
named operator of the properties, to pay for engineering, procurement, operations, sales, and logistics activities on the properties.
On
December 29, 2023, the Company and Heavy Sweet entered into an Amendment to the AR Agreement (the “AR Amendment”), pursuant
to which the Company and Heavy Sweet amended the AR Agreement to provide that, within three business days of the effective date of the
AR Amendment, the Company would fund $200,000 of the $2,000,000 total purchase price in exchange for the Company receiving an immediate
2% interest in the leases, which advanced funds would be used solely for the building of roads and related infrastructure in furtherance
of the development plan. On December 29, 2023, the Company paid the $200,000 advance to Heavy Sweet and was assigned a 2% interest in
the leases.
Amendment
to October 2023 SPA and Second Tranche Financing
On
December 29, 2023, the Company and an investor entered into an Amendment to the October 2023 SPA (see Note 9), whereby in connection
with the closing of the second tranche, (i) the fixed conversion price of the convertible promissory note issued and (ii) the exercise
price of the warrant issued in connection with the second tranche were both reduced from $1.20 to $0.50. The closing of the second tranche
will be in the principal amount of $550,000.
On
January 2, 2024, the Company closed on the second tranche and received gross proceeds of $511,500; in consideration for the funding,
the Company issued to the investor a note in the principal amount of $550,000 with a conversion price of $0.50, subject to certain adjustments
and a warrant to purchase up to 445,561 shares of common stock at an initial exercise price of $0.50 per share, subject to certain adjustments.
Exhibit 23.1
![A black and white text
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To
Whom It May Concern:
We
hereby consent to the incorporation by reference in the Registration Statement on Form S-8 (File number 333-267380) of Trio Petroleum
Corp. (the “Company”) of our report dated June 14, 2024, relating to the financial statements of the Company, which appear
in this Amendment No. 1 to Annual Report on Form 10-K/A.
Very
truly yours,
/s/
Bush & Associates CPA LLC |
|
|
|
Bush
& Associates CPA LLC (PCAOB 6797) |
|
Henderson,
Nevada |
|
June
14, 2024 |
|
179
N. Gibson Rd., Henderson, NV 89014 ● 702.703.5979 ● www.bushandassociatescpas.com
Exhibit
31.1
CERTIFICATION
I,
Michael L. Peterson, Chief Executive Officer of Trio Petroleum Corp., certify that:
1. |
I
have reviewed the Annual Report on Form 10-K/A of Trio Petroleum Corp.; |
|
|
2. |
Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report; |
|
|
3. |
Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
this report; |
|
|
4. |
The
registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
a) |
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared; |
|
|
|
|
b) |
Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
c) |
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and |
|
|
|
|
d) |
Disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. |
The
registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the registrant’s auditors and audit committee of the registrant’s board of directors (or persons performing
equivalent function): |
|
a) |
All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and |
|
|
|
|
b) |
Any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting. |
Date:
June 13, 2024 |
/s/
Michael L. Peterson |
|
Michael
L. Peterson |
|
Chief
Executive Officer
(Principal Executive Officer) |
Exhibit
31.2
CERTIFICATION
I,
Greg Overholtzer, Chief Financial Officer of Trio Petroleum Corp. certify that:
1. |
I
have reviewed this Annual Report on Form 10-K/A of Trio Petroleum Corp.; |
|
|
2. |
Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report; |
|
|
3. |
Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
this report; |
|
|
4. |
The
registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
a) |
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, is made known to us by others within those entities, particularly
during the period in which this report is being prepared; |
|
|
|
|
b) |
Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
c) |
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and |
|
|
|
|
d) |
Disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. |
The
registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over
financial reporting, to the registrant’s auditors and audit committee of the registrant’s board of directors (or persons
performing the equivalent functions): |
|
a) |
All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and |
|
|
|
|
b) |
Any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting. |
Date:
June 13, 2024 |
/s/
Greg Overholtzer |
|
Greg
Overholtzer |
|
Chief
Financial Officer |
|
(Principal
Financial Officer and
Principal Accounting Officer) |
Exhibit
32.1
CERTIFICATION
PURSUANT TO 18 U.S.C. SECTION 1350,
AS
ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the Annual Report of Trio Petroleum Corp. (the “Company”) on Form 10-K/A for the year ended October 31, 2023,
as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Michael L. Peterson, Chief Executive
Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002,
that:
|
1. |
The
Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|
|
|
|
2. |
The
information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of
the Company as of and for the period covered by the report. |
Date:
June 13, 2024 |
/s/
Michael L. Peterson |
|
Michael
L. Peterson |
|
Chief
Executive Officer |
|
(Principal
Executive Officer) |
Exhibit
32.2
CERTIFICATION
PURSUANT TO 18 U.S.C. SECTION 1350,
AS
ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the Annual Report of Trio Petroleum Corp. (the “Company”) on Form 10-K/A for the year ended October 31, 2023,
as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Greg Overholtzer, Chief Financial
Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002,
that:
|
1. |
The
Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|
|
|
|
2. |
To
my knowledge, the information contained in the Report fairly presents, in all material respects, the financial condition and result
of operations of the Company as of and for the period covered by the Report. |
Date:
June 13, 2024 |
/s/
Greg Overholtzer |
|
Greg
Overholtzer |
|
Chief
Financial Officer |
|
(Principal
Financial Officer and
Principal
Accounting Officer) |
v3.24.1.1.u2
Cover - USD ($)
|
12 Months Ended |
|
|
Oct. 31, 2023 |
Jan. 22, 2024 |
Apr. 30, 2023 |
Cover [Abstract] |
|
|
|
Document Type |
10-K/A
|
|
|
Amendment Flag |
true
|
|
|
Amendment Description |
This
amendment (the “Amendment”) is being filed to reissue the financial statements of Trio Petroleum Corp. (the “Company”),
including the notes to the financial statements, for the years ended October 31, 2023 and 2022, contained in the Annual Report on Form
10-K for the fiscal year ended October 31, 2023, filed with the Securities and Exchange Commission on January 29, 2024 (“Form 10-K),
in order to replace the Report of Independent Registered Public Accounting Firm of BF Borgers CPA PC (“Borgers”), included
in the Form 10-K, with the Report of Independent Registered Public Accounting Firm from Bush & Associates CPA LLC (“Bush”),
included in this Amendment
|
|
|
Document Annual Report |
true
|
|
|
Document Transition Report |
false
|
|
|
Document Period End Date |
Oct. 31, 2023
|
|
|
Document Fiscal Period Focus |
FY
|
|
|
Document Fiscal Year Focus |
2023
|
|
|
Current Fiscal Year End Date |
--10-31
|
|
|
Entity File Number |
001-41643
|
|
|
Entity Registrant Name |
TRIO
PETROLEUM CORP.
|
|
|
Entity Central Index Key |
0001898766
|
|
|
Entity Tax Identification Number |
87-1968201
|
|
|
Entity Incorporation, State or Country Code |
DE
|
|
|
Entity Address, Address Line One |
5401 Business Park South
|
|
|
Entity Address, Address Line Two |
Suite 115
|
|
|
Entity Address, City or Town |
Bakersfield
|
|
|
Entity Address, State or Province |
CA
|
|
|
Entity Address, Postal Zip Code |
93309
|
|
|
City Area Code |
(661)
|
|
|
Local Phone Number |
324-3911
|
|
|
Title of 12(b) Security |
Common
Stock, par value $0.0001 per share
|
|
|
Trading Symbol |
TPET
|
|
|
Security Exchange Name |
NYSE
|
|
|
Entity Well-known Seasoned Issuer |
No
|
|
|
Entity Voluntary Filers |
No
|
|
|
Entity Current Reporting Status |
Yes
|
|
|
Entity Interactive Data Current |
Yes
|
|
|
Entity Filer Category |
Non-accelerated Filer
|
|
|
Entity Small Business |
true
|
|
|
Entity Emerging Growth Company |
true
|
|
|
Elected Not To Use the Extended Transition Period |
false
|
|
|
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false
|
|
|
Entity Public Float |
|
|
$ 26,020,517
|
Entity Common Stock, Shares Outstanding |
|
31,898,294
|
|
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|
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|
|
|
Auditor Name |
Bush & Associates CPA LLC
|
|
|
Auditor Location |
Henderson, Nevada
|
|
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Auditor Firm ID |
6797
|
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v3.24.1.1.u2
Balance Sheets - USD ($)
|
Oct. 31, 2023 |
Oct. 31, 2022 |
Current assets: |
|
|
Cash |
$ 1,561,924
|
$ 73,648
|
Prepaid expenses and other receivables |
133,417
|
35,000
|
Deferred offering costs |
|
1,643,881
|
Total current assets |
1,695,341
|
1,752,529
|
Oil and gas properties - not subject to amortization |
9,947,742
|
5,836,232
|
Advance to operators |
|
1,900,000
|
Total assets |
11,643,083
|
9,488,761
|
Current liabilities: |
|
|
Accounts payable and accrued liabilities |
609,360
|
1,164,055
|
Asset retirement obligations - current |
2,778
|
2,778
|
Convertible note, net of discounts |
1,217,597
|
|
Warrants liability |
|
114,883
|
Total current liabilities |
1,851,386
|
6,710,652
|
Long-term liabilities: |
|
|
Franchise tax accrual |
|
9,450
|
Asset retirement obligations, net of current portion |
48,313
|
45,535
|
Total Long-term liabilities |
48,313
|
54,985
|
Total liabilities |
1,899,699
|
6,765,637
|
Commitments and Contingencies (Note 7) |
|
|
Stockholders’ Equity: |
|
|
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; -0- shares issued and outstanding at October 31, 2023 and 2022, respectively |
|
|
Common stock, $0.0001 par value; 490,000,000 shares authorized; 31,046,516 and 16,972,800 shares issued and outstanding as of October 31, 2023 and 2022, respectively |
3,105
|
1,697
|
Stock subscription receivable |
(10,010)
|
(10,010)
|
Additional paid-in capital |
20,197,171
|
6,633,893
|
Accumulated deficit |
(10,446,882)
|
(3,902,456)
|
Total stockholders’ equity |
9,743,384
|
2,723,124
|
Total liabilities and stockholders’ equity |
11,643,083
|
9,488,761
|
Operators [Member] |
|
|
Current liabilities: |
|
|
Due to operators |
21,651
|
|
Nonrelated Party [Member] |
|
|
Current liabilities: |
|
|
Notes payable |
|
4,403,439
|
Related Party [Member] |
|
|
Current liabilities: |
|
|
Notes payable |
|
$ 1,025,497
|
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v3.24.1.1.u2
Balance Sheets (Parenthetical) - $ / shares
|
Oct. 31, 2023 |
Oct. 31, 2022 |
Statement of Financial Position [Abstract] |
|
|
Preferred stock, par value |
$ 0.0001
|
$ 0.0001
|
Preferred stock, shares authorized |
10,000,000
|
10,000,000
|
Preferred stock, shares issued |
0
|
0
|
Preferred stock, shares outstanding |
0
|
0
|
Common stock, par value |
$ 0.0001
|
$ 0.0001
|
Common stock, shares authorized |
490,000,000
|
490,000,000
|
Common stock, shares issued |
31,046,516
|
16,972,800
|
Common stock, shares outstanding |
31,046,516
|
16,972,800
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.24.1.1.u2
Statements of Operations - USD ($)
|
12 Months Ended |
Oct. 31, 2023 |
Oct. 31, 2022 |
Income Statement [Abstract] |
|
|
Revenue |
|
|
Operating expenses: |
|
|
Exploration expense |
251,743
|
28,669
|
General and administrative expenses |
3,311,886
|
768,379
|
Stock-based compensation expense |
1,044,261
|
6,202
|
Accretion expense |
2,778
|
2,778
|
Total operating expenses |
4,610,668
|
806,028
|
Loss from operations |
(4,610,668)
|
(806,028)
|
Other expenses: |
|
|
Interest expense |
791,811
|
1,661,981
|
Penalty fees |
|
1,322,933
|
Loss on settlement |
13,051
|
|
Loss on note conversion |
1,125,000
|
|
Licenses and fees |
3,896
|
9,450
|
Total other expenses |
1,933,758
|
2,994,364
|
Loss before income taxes |
(6,544,426)
|
(3,800,392)
|
Provision for income taxes |
|
|
Net loss |
$ (6,544,426)
|
$ (3,800,392)
|
Basic and Diluted Net Loss per Common Share |
|
|
Basic |
$ (0.28)
|
$ (0.26)
|
Diluted |
$ (0.28)
|
$ (0.26)
|
Weighted Average Number of Common Shares Outstanding |
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v3.24.1.1.u2
Statements of Changes in Stockholders' Equity - USD ($)
|
Common Stock [Member] |
Share Subscription Receivables [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Balance at Oct. 31, 2021 |
$ 1,098
|
$ (50,545)
|
$ 4,202,021
|
$ (102,064)
|
$ 4,050,510
|
Balance, shares at Oct. 31, 2021 |
10,982,800
|
|
|
|
|
Issuance of common stock for cash, net |
$ 1
|
40,000
|
19,999
|
|
60,000
|
Issuance of common stock for cash net, shares |
10,000
|
|
|
|
|
Net loss |
|
|
|
(3,800,392)
|
(3,800,392)
|
Issuance of founders’ shares |
8
|
535
|
|
|
543
|
Issuance of founders' shares, shares |
80,000
|
|
|
|
|
Issuance of security interest shares to investors |
$ 450
|
|
1,322,483
|
|
1,322,933
|
Issuance of security interest shares to investors, shares |
4,500,000
|
|
|
|
|
Issuance of warrants in connection with investor financing |
|
|
994,091
|
|
994,091
|
Issuance of restricted stock units to outside directors |
$ 30
|
|
(30)
|
|
|
Issuance of restricted stock units to outside directors, shares |
300,000
|
|
|
|
|
Issuance of restricted shares to executives |
$ 110
|
|
(110)
|
|
|
Issuance of restricted stock units to executives, shares |
1,100,000
|
|
|
|
|
Interest imputed on note payable for acquisition of unproved oil and gas properties |
|
|
89,237
|
|
89,237
|
Stock-based compensation |
|
|
6,202
|
|
6,202
|
Balance at Oct. 31, 2022 |
$ 1,697
|
(10,010)
|
6,633,893
|
(3,902,456)
|
2,723,124
|
Balance, shares at Oct. 31, 2022 |
16,972,800
|
|
|
|
|
Issuance of common stock for cash, net |
$ 40
|
|
371,960
|
|
372,000
|
Issuance of common stock for cash net, shares |
400,000
|
|
|
|
|
Issuance of conversion shares related to the January 2022 SPA |
$ 504
|
|
5,164,371
|
|
5,164,875
|
Issuance of conversion shares related to the SPA, shares |
5,038,902
|
|
|
|
|
Issuance of commitment shares related to the January 2022 SPA |
$ 38
|
|
1,124,962
|
|
1,125,000
|
Issuance of commitment shares related to the SPA, shares |
375,000
|
|
|
|
|
Issuance of common shares in IPO, net of underwriting discounts and offering costs |
$ 200
|
|
3,342,426
|
|
3,342,626
|
Issuance of common shares in IPO, net of underwriting discounts and offering costs, shares |
2,000,000
|
|
|
|
|
Issuance of pre-funded warrants |
|
|
4,000
|
|
4,000
|
Issuance of common stock upon exercise of warrants, net |
$ 245
|
|
1,812,390
|
|
1,812,635
|
Issuance of common stock upon exercise of warrants, shares |
2,449,466
|
|
|
|
|
Issuance of common stock for services, net |
$ 29
|
|
366,630
|
|
366,659
|
Issuance of common stock for services, shares |
285,500
|
|
|
|
|
Issuance of restricted stock units under the Equity Incentive Plan |
$ 213
|
|
(213)
|
|
|
Issuance of restricted stock units under the Equity Incentive Plan, shares |
2,125,000
|
|
|
|
|
Issuance of common stock for warrants that can be exercised per the Resale S-1/A |
$ 120
|
|
(120)
|
|
|
Issuance of common stock for warrants that can be exercised per the Resale S-1/A, shares |
1,199,848
|
|
|
|
|
Issuance of equity warrants in connection with convertible debt (Tranche #1) |
|
|
332,630
|
|
332,630
|
Stock-based compensation |
$ 19
|
|
1,044,242
|
|
1,044,261
|
Share-based compensation, shares |
200,000
|
|
|
|
|
Net loss |
|
|
|
(6,544,426)
|
(6,544,426)
|
Balance at Oct. 31, 2023 |
$ 3,105
|
$ (10,010)
|
$ 20,197,171
|
$ (10,446,882)
|
$ 9,743,384
|
Balance, shares at Oct. 31, 2023 |
31,046,516
|
|
|
|
|
X |
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v3.24.1.1.u2
Statements of Cash Flows - USD ($)
|
12 Months Ended |
Oct. 31, 2023 |
Oct. 31, 2022 |
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
Net loss |
$ (6,544,426)
|
$ (3,800,392)
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
Franchise tax fees |
(9,450)
|
9,450
|
Bad debt expense |
25,000
|
|
Accretion expense |
2,778
|
2,778
|
Conversion of January 2022 SPA |
1,125,000
|
|
Debt discount - OID |
(140,000)
|
|
Amortization of debt discount |
473,240
|
1,218,951
|
Write-off of January 2022 SPA receivable |
|
80,000
|
Imputed interest |
|
89,237
|
Stock-based compensation |
1,044,261
|
6,202
|
Penalty fees |
|
1,322,933
|
Changes in operating assets and liabilities: |
|
|
Prepaid expenses and other receivables |
(123,417)
|
(13,846)
|
Accounts payable and accrued liabilities |
110,180
|
582,543
|
Net cash used in operating activities |
(4,036,834)
|
(502,144)
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
Other capital expenditures for unproved oil and gas properties |
(362,022)
|
|
Drilling costs for exploratory well |
(3,749,488)
|
|
Advances to operators |
1,900,000
|
|
Due to operators |
21,651
|
|
Net cash used in investing activities |
(2,189,859)
|
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
Proceeds from issuance of common stock, net |
738,659
|
60,543
|
Proceeds from notes payable - investors |
|
4,820,000
|
Repayment of notes payable |
(1,472,512)
|
(2,920,000)
|
Proceeds from issuance of common stock in IPO |
6,000,000
|
|
Cash paid for debt issuance costs |
(350,320)
|
(575,438)
|
Proceeds from exercise of warrants, net |
1,812,635
|
|
Cash paid for deferred offering costs |
(1,013,493)
|
(888,190)
|
Proceeds from convertible note (Tranche #1) |
2,000,000
|
|
Net cash provided by financing activities |
7,714,969
|
496,915
|
NET CHANGE IN CASH |
1,488,276
|
(5,229)
|
Cash - Beginning of period |
73,648
|
78,877
|
Cash - End of period |
1,561,924
|
73,648
|
Supplemental disclosures of cash flow information: |
|
|
Cash paid for interest |
|
|
Cash paid for income taxes |
|
|
Non-cash investing and financing activities: |
|
|
Issuance of warrants |
$ 332,630
|
$ 1,108,974
|
Issuance of RSUs |
213
|
30
|
Issuance of common stock for warrants that can be exercised per the Resale S-1/A |
$ 120
|
|
Issuance of pre-funded warrants |
$ 4,000
|
|
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v3.24.1.1.u2
NATURE OF THE ORGANIZATION AND BUSINESS
|
12 Months Ended |
Oct. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
NATURE OF THE ORGANIZATION AND BUSINESS |
NOTE
1 - NATURE OF THE ORGANIZATION AND BUSINESS
Company
Organization
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. The Company was incorporated on July 19, 2021, under the
laws of Delaware to acquire, fund and develop oil exploration and production assets 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 82.75%
working interest, which was subsequently increased to an approximate 85.75% working interest, in the large, approximately 9,300-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. (see Note 5 and Note 6).
Acquisition
of South Salinas Project
On
September 14, 2021, the Company entered into a Purchase and Sale Agreement (“Trio LLC PSA”) with Trio LLC to acquire an 82.75%
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 $300,000 cash, a non-interest-bearing note payable of $3,700,000 due to Trio LLC on December
17, 2021 (see Note 6 and Note 9) and 4,900,000 shares of the Company’s $0.0001 par value common stock (see Note 5 and Note 10).
At the time of the acquisition, this share issuance constituted 45% of the total number of issued shares of the Company. The Company
accounted for the purchase as an asset acquisition, as prescribed in Financial Accounting Standards Board (“FASB”) Accounting
Standards Codification (“ASC”) 805 - Business Combinations. The assets and associated asset retirement obligations
(“ARO”) were recorded based on relative fair value at the estimated fair value of the consideration paid (see Note 5). In
April 2023, the Company purchased an additional 3% working interest in the South Salinas Project; see Note 5 for further information.
As of October 31, 2023 and 2022, there were no proved reserves attributable to the approximate 9,300 acres of the property.
Initial
Public Offering
The
Company’s Registration Statement (Amendment No. 9) on Form S-1/A was filed with the SEC on March 24, 2023; its Initial Public Offering
was declared effective on April 17, 2023 and closed on April 20, 2023 (collectively, the “Offering” or “IPO”).
The Company sold 2,000,000 shares of its common stock for total gross proceeds of $6,000,000, which is described more fully in Note 4.
Emerging
Growth Company
The
Company is an “emerging growth company,” as defined in Section 2(a)(19) of the Securities Act, as modified by the Jumpstart
Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting
requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not
being required to comply with the auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act of 2002, reduced disclosure
obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding
a nonbinding advisory vote on executive compensation and approval of any golden parachute payments not previously approved. Further,
Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting
standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do
not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting
standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements
that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of
such extended transition period which means that when a standard is issued or revised and it has different application dates for public
or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies
adopt the new or revised standard. This may make comparison of the Company’s 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.
|
X |
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v3.24.1.1.u2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
12 Months Ended |
Oct. 31, 2023 |
Accounting Policies [Abstract] |
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
NOTE
2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis
of Presentation
The
accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States
of America (“US GAAP”).
Use
of Estimates
The
preparation of financial statements in accordance with US GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets, liabilities, equity-based transaction and disclosure of contingent assets and liabilities at the date of
the financial statements, and the revenue and expenses during the reporting period.
Making
estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of
a condition, situation or set of circumstances that existed at the date of the financial statement, which management considered in formulating
its estimate, could change in the near term due to one or more future confirming events. Some of the more significant estimates required
to be made by management include estimates of oil and natural gas reserves (when and if assigned) and related present value estimates
of future net cash flows therefrom, the carrying value of oil and natural gas properties, accounts receivable, bad debt expense, ARO
and the valuation of equity-based transactions. Accordingly, actual results could differ significantly from those estimates.
Cash
and cash equivalents
The
Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.
The Company had no cash equivalents as of October 31, 2023 and 2022.
Prepaid
Expenses
Prepaid
expenses consist primarily of prepaid services which will be expensed as the services are provided within twelve months. As of October
31, 2023 and 2022, the balances of the prepaids account were $133,417 and $35,000, respectively.
Deferred
Offering Costs
Deferred
offering costs consist of professional fees, filing, regulatory and other costs incurred through the balance sheet date that are directly
related to the planned IPO (see Note 4). As of October 31, 2023 and 2022, offering costs in the aggregate of $0 and $1,643,881, respectively,
were deferred.
Debt
Issuance Costs
Costs
incurred in connection with the issuance of the Company’s debt have been recorded as a direct reduction against the debt and amortized
over the life of the associated debt as a component of interest expense. As of October 31, 2023 and 2022, the Company recorded $350,320
and $575,438 in debt issuance costs.
Oil
and Gas Assets and Exploration Costs - Successful Efforts
The
Company’s projects are in early development and/or exploration stages and it has not yet realized any revenues from its
operations. It applies the successful efforts method of accounting for crude oil and natural gas properties. Under this method,
exploration costs such as exploratory, geological, and geophysical costs, delay rentals and exploratory overhead are expensed as
incurred. If an exploratory property provides evidence to justify potential development of reserves, drilling costs associated with
the property are initially capitalized, or suspended, pending a determination as to whether a commercially sufficient quantity of
proved reserves can be attributed to the area as a result of drilling. At the end of each quarter, management reviews the status of
all suspended exploratory property costs considering ongoing exploration activities; in particular, whether the Company is making
sufficient progress in its ongoing exploration and appraisal efforts. If management determines that future appraisal drilling or
development activities are unlikely to occur, associated exploratory well costs are expensed.
Costs
to acquire mineral interests in crude oil and/or natural gas properties, drill and equip exploratory wells that find proved reserves
and drill and equip development wells are capitalized. Acquisition costs of unproved leaseholds are assessed for impairment during the
holding period and transferred to proven crude oil and/or natural gas properties to the extent associated with successful exploration
activities. Significant undeveloped leases are assessed individually for impairment, based on the Company’s current exploration
plans, and a valuation allowance is provided if impairment is indicated. Capitalized costs from successful exploration and development
activities associated with producing crude oil and/or natural gas leases, along with capitalized costs for support equipment and facilities,
are amortized to expense using the unit-of-production method based on proved crude oil and/or natural gas reserves on a field-by-field
basis, as estimated by qualified petroleum engineers. As of October 31, 2023 and 2022, all of the Company’s oil and gas properties
were classified as unproved properties and were not subject to depreciation, depletion and amortization.
Unproved
oil and natural gas properties
Unproved
oil and natural gas properties consist of costs incurred to acquire unproved leases. Unproved lease acquisition costs are capitalized
until the lease expires or when the Company specifically identifies a lease that will revert to the lessor, at which time it charges
the associated unproved lease acquisition costs to exploration costs.
Unproved
oil and natural gas properties are not subject to amortization and are assessed periodically for impairment on a property-by-property
basis based on remaining lease terms, drilling results or future plans to develop acreage. All of the Company’s natural gas properties
were classified as unproved as of October 31, 2023 and 2022; see further discussion in Note 5.
Impairment
of Other Long-lived Assets
The
Company reviews the carrying value of its long-lived assets annually or whenever events or changes in circumstances indicate that the
historical cost-carrying value of an asset may no longer be appropriate. The Company assesses the recoverability of the carrying value
of the asset by estimating the future net undiscounted cash flows expected to result from the asset, including eventual disposition.
If the future net undiscounted cash flows are less than the carrying value of the asset, an impairment loss is recorded equal to the
difference between the asset’s carrying value and estimated fair value. With regards to oil and gas properties, this assessment
applies to proved properties.
As
of October 31, 2023 and 2022, the Company had no impairment of long-lived assets.
Asset
Retirement Obligations
ARO
consists of future plugging and abandonment expenses on oil and natural gas properties. In connection with the South Salinas Project
acquisition described above, the Company acquired the plugging and abandonment liabilities associated with six non-producing wells. The
fair value of the ARO was recorded as a liability in the period in which the wells were acquired with a corresponding increase in the
carrying amount of oil and natural gas properties not subject to impairment. The Company plans to utilize the six wellbores acquired
in the South Salinas Project acquisition in future exploration activities. The liability is accreted for the change in its present value
each period based on the expected dates that the wellbores will be required to be plugged and abandoned. The capitalized cost of ARO
is included in oil and gas properties and is a component of oil and gas property costs for purposes of impairment and, if proved reserves
are found, such capitalized costs will be depreciated using the units-of-production method. The asset and liability are adjusted for
changes resulting from revisions to the timing or the amount of the original estimate when deemed necessary. If the liability is settled
for an amount other than the recorded amount, a gain or loss is recognized.
Components
of the changes in ARO for the years ended October 31, 2022 and 2023 are shown below:
SCHEDULE
OF COMPONENTS OF CHANGES IN ARO
ARO, ending balance - October 31, 2021 | |
$ | 45,535 | |
Accretion expense | |
| 2,778 | |
ARO, ending balance - October 31, 2022 | |
| 48,313 | |
Accretion expense | |
| 2,778 | |
ARO, ending balance - October 31, 2023 | |
| 51,091 | |
Less: ARO - current | |
| 2,778 | |
ARO, net of current portion - October 31, 2023 | |
$ | 48,313 | |
Related
Parties
Related
parties are directly or indirectly related to the Company, through one or more intermediaries and are in control, controlled by, or under
common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate
families of principal owners of the Company and its management and other parties with which the Company may deal if one party controls
or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might
be prevented from fully pursuing its own separate interests. The Company discloses all related party transactions. On September 14, 2021,
the Company acquired an 82.75% working interest (which was subsequently increased to an 85.75% working interest as of April 2023) in
the South Salinas Project from Trio LLC in exchange for cash, a note payable to Trio LLC and the issuance of 4.9 million shares of common
stock. As of the date of the acquisition, Trio LLC owned 45% of the outstanding shares of the Company and was considered a related party.
As of October 31, 2023 and 2022, Trio LLC owned less than 1% and 29%, respectively, of the outstanding shares of the Company.
Income
Taxes
Deferred
tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement
carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets, including tax loss and credit
carry forwards, and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those
temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates
is recognized in income in the period that includes the enactment date.
The
Company utilizes ASC 740, Income Taxes, which requires the recognition of deferred tax assets and liabilities for the expected
future tax consequences of events that have been included in the financial statements or tax returns. The Company accounts for income
taxes using the asset and liability method to compute the differences between the tax basis of assets and liabilities and the related
financial amounts, using currently enacted tax rates. A valuation allowance is recorded when it is “more likely than not”
that a deferred tax asset will not be realized. At October 31, 2023 and 2022, the Company’s net deferred tax asset has been fully
reserved.
For
uncertain tax positions that meet a “more likely than not” threshold, the Company recognizes the benefit of uncertain tax
positions in the financial statements. The Company’s practice is to recognize interest and penalties, if any, related to uncertain
tax positions in income tax expense in the statements of operations when a determination is made that such expense is likely. The Company
is subject to income tax examinations by major taxing authorities since inception.
Fair
Value Measurements
The
carrying values of financial instruments comprising cash and cash equivalents, payables, and notes payable-related party approximate
fair values due to the short-term maturities of these instruments. The notes payable- related party is considered a level 3 measurement.
As defined in ASC 820, Fair Value Measurements and Disclosures, fair value is the price that would be received to sell an asset
or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company
utilizes market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about
risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or
generally unobservable. ASC 820 establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy
gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and
the lowest priority to unobservable inputs (Level 3 measurement). This fair value measurement framework applies to both initial and subsequent
measurement.
Level
1: |
Quoted
prices are available in active markets for identical assets or liabilities as of the reporting date. |
|
|
Level
2: |
Pricing
inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as
of the reported date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies.
|
|
|
Level
3: |
Pricing
inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally
developed methodologies that result in management’s best estimate of fair value. The significant unobservable inputs used in
the fair value measurement for nonrecurring fair value measurements of long-lived assets include pricing models, discounted cash
flow methodologies and similar techniques. |
There
are no assets or liabilities measured at fair value on a recurring basis. Assets and liabilities accounted for at fair value on a non-recurring
basis in accordance with the fair value hierarchy include the initial allocation of the asset acquisition purchase price, including asset
retirement obligations, the fair value of oil and natural gas properties and the assessment of impairment.
The
fair value measurements and allocation of assets acquired are measured on a nonrecurring basis on the acquisition date using an income
valuation technique based on inputs that are not observable in the market and therefore represent Level 3 inputs. Significant inputs
used to determine the fair value include estimates of: (i) reserves; (ii) future commodity prices; (iii) operating and development costs;
and (iv) a market-based weighted average cost of capital rate. The underlying commodity prices embedded in the Company’s estimated
cash flows are the product of a process that begins with NYMEX forward curve pricing, adjusted for estimated location and quality differentials,
as well as other factors that the Company’s management believes will impact realizable prices. These inputs require significant
judgments and estimates by the Company’s management at the time of the valuation.
The
fair value of additions to the asset retirement obligation liabilities is measured using valuation techniques consistent with the income
approach, which converts future cash flows to a single discounted amount. Significant inputs to the valuation include: (i) estimated
plug and abandonment cost per well for all oil and natural gas wells and for all disposal wells; (ii) estimated remaining life per well;
(iii) future inflation factors; and (iv) the Company’s average credit-adjusted risk-free rate. These assumptions represent Level
3 inputs.
If
the carrying amount of its proved oil and natural gas properties, which are assessed for impairment under ASC 360 - Property,
Plant and Equipment, exceeds the estimated undiscounted future cash flows, the Company will adjust the carrying amount of the oil
and natural gas properties to fair value. The fair value of its oil and natural gas properties is determined using valuation techniques
consistent with the income and market approach. The factors used to determine fair value are subject to management’s judgment and
expertise and include, but are not limited to, recent sales prices of comparable properties, the present value of future cash flows,
net of estimated operating and development costs using estimates of proved reserves, future commodity pricing, future production estimates,
anticipated capital expenditures, and various discount rates commensurate with the risk and current market conditions associated with
the expected cash flow projected. These assumptions represent Level 3 inputs.
Net
Loss Per Share
Basic
and diluted net loss per share is computed by dividing net loss by the weighted average number of common shares outstanding during the
reporting period. Diluted earnings per share is computed similar to basic loss per share, except the weighted average number of common
shares outstanding are increased to include additional shares from the assumed exercise of share options, warrants and convertible notes,
if dilutive.
The
following common share equivalents are excluded from the calculation of weighted average common shares outstanding, because their inclusion
would have been anti-dilutive (see Note 10):
SCHEDULE
OF WEIGHTED AVERAGE COMMON SHARES OUTSTANDING ANTI-DILUTIVE
| |
As
of October 31, | | |
As
of October 31, | |
| |
2023 | | |
2022 | |
Warrants (Note 9, Note 10) | |
| 396,247 | (4) | |
| 693,107 | (1) |
Convertible Notes (Note 9, Note 10) | |
| - | | |
| 2,772,429 | (2) |
Commitment Shares (Note 9, Note 10) | |
| - | | |
| 321,428 | (3) |
Restricted stock units and shares (Note 6, Note 10) | |
| - | | |
| 1,400,000 | (5) |
Total potentially dilutive securities | |
| 396,247 | | |
| 4,486,964 | |
(1) |
Balance
includes warrants issued per the January 2022 Securities Purchase Agreement (“January 2022 SPA”) with GPL Ventures, LLC
(“GPL”), which are exercisable into up to 50% of the number of shares of common stock issued upon full conversion of
the Notes, with an exercise price equal to the conversion price. |
(2) |
Upon
IPO, the debt will convert into a variable number of shares; the number of conversion shares is equal to the outstanding principal
amount divided by the conversion price, which is equal to the lesser of a) the IPO price or b) the opening price of the common stock
on the first trading day after the IPO multiplied by the discount of 50%. |
(3) |
The
number of commitment shares to be issued is a variable number of shares for a fixed total dollar amount of $1,125,000, which is 25%
of the aggregate Notes principal balance divided by the offering price of the IPO. |
(4) |
Balance
consists of potentially dilutive shares based on 1,766,702 outstanding, equity classified warrants. |
(5) |
Balance
consists of restricted stock units granted to five outside directors and restricted shares issued to executives. |
Environmental
Expenditures
The
operations of the Company have been, and may in the future be, affected from time to time to varying degree by changes in environmental
regulations, including those for future reclamation and site restoration costs. Both the likelihood of new regulations and their overall
effect upon the Company vary greatly and are not predictable. The Company’s policy is to meet or, if possible, surpass standards
set by relevant legislation by application of technically proven and economically feasible measures.
Environmental
expenditures that relate to ongoing environmental and reclamation programs are charged against earnings as incurred or capitalized and
amortized depending on their future economic benefits. All of these types of expenditures incurred since inception have been charged
against earnings due to the uncertainty of their future recoverability. Estimated future reclamation and site restoration costs, when
the ultimate liability is reasonably determinable, are charged against earnings over the estimated remaining life of the related business
operation, net of expected recoveries.
Recent
Accounting Pronouncements
All
recently issued but not yet effective accounting pronouncements have been deemed to be not applicable or immaterial to the Company.
Reclassification
of Expenses
Certain
amounts in the prior periods presented have been reclassified to the current period financial statement presentation. This reclassification
has no effect on previously reported net income.
Subsequent
Events
The
Company evaluated all events and transactions that occurred after October 31, 2023 through the date of the filing of this report. See
Note 11 for such events and transactions.
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- DefinitionThe entire disclosure for the basis of presentation and significant accounting policies concepts. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS). Accounting policies describe all significant accounting policies of the reporting entity.
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v3.24.1.1.u2
GOING CONCERN AND MANAGEMENT’S LIQUIDITY PLANS
|
12 Months Ended |
Oct. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
GOING CONCERN AND MANAGEMENT’S LIQUIDITY PLANS |
NOTE
3 - GOING CONCERN AND MANAGEMENT’S LIQUIDITY PLANS
As
of October 31, 2023, the Company had $1,561,924 in its operating bank account and working capital deficit of $156,045. To date, the Company
has been funding operations through proceeds from the issuance of common stock, financing through certain investors and its IPO, which
closed with net proceeds of $4,940,000. Upon consummation of the IPO, the Company used the net proceeds to i) repay a non-interest-bearing
note payable in the amount of $1,032,512, and ii) repay a bridge note with three investors with a principal amount of $440,000 (see Notes
7 and 9). Additionally, on October 4, 2023, the Company entered into a securities purchase agreement (“October 2023 SPA”)
with an institutional investor for convertible note financing in an aggregate principal amount of up to $3.5 million under two tranches;
on that same date, the investor funded the first tranche for approximately $1.9 million (net of original issue discount of 7%).
The
accompanying financial statements have been prepared on the basis that the Company will continue as a going concern over the next twelve
months from the date of issuance of these financial statements, which assumes the realization of assets and the satisfaction of liabilities
in the normal course of business. As of October 31, 2023, the Company has an accumulated deficit of $10,446,882 and has experienced losses
from continuing operations. Based on the Company’s cash balance as of October 31, 2023 and projected cash needs for the twelve
months following the issuance of these financial statements, management estimates that it will need to generate sufficient sales revenue
and/or raise additional capital to cover operating and capital requirements. Management will need to raise the additional funds by issuing
additional shares of common stock or other equity securities or obtaining additional debt financing. Although management has been successful
to date in raising necessary funding and obtaining financing through investors, there can be no assurance that any required future financing
can be successfully completed on a timely basis, or on terms acceptable to the Company. Based on these circumstances, management has
determined that these conditions raise substantial doubt about the Company’s ability to continue as a going concern for the twelve
months following the issuance of these financial statements.
Accordingly,
the accompanying financial statements have been prepared in conformity with U.S. GAAP, which contemplates continuation of the Company
as a going concern and the realization of assets and the satisfaction of liabilities in the normal course of business. The financial
statements do not include any adjustments that might result from the outcome of this uncertainty.
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- DefinitionThe entire disclosure when substantial doubt is raised about the ability to continue as a going concern. Includes, but is not limited to, principal conditions or events that raised substantial doubt about the ability to continue as a going concern, management's evaluation of the significance of those conditions or events in relation to the ability to meet its obligations, and management's plans that alleviated or are intended to mitigate the conditions or events that raise substantial doubt about the ability to continue as a going concern.
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v3.24.1.1.u2
INITIAL PUBLIC OFFERING
|
12 Months Ended |
Oct. 31, 2023 |
Initial Public Offering |
|
INITIAL PUBLIC OFFERING |
NOTE
4 - INITIAL PUBLIC OFFERING
The
Company’s Registration Statement (Amendment No. 9) on Form S-1/A was filed with the SEC on March 24, 2023; its Initial Public Offering
was declared effective on April 17, 2023 and closed on April 20, 2023 (collectively, the “Offering” or “IPO”).
The Company sold 2,000,000 shares of common stock at a public offering price of $3.00 per share for gross proceeds of $6,000,000. After
deducting the underwriting commissions, discounts and offering expenses payable by the Company, it received net proceeds of approximately
$4,940,000. The Company’s common stock is listed on the NYSE American under the symbol TPET. The Company also issued warrants to
purchase 100,000 shares of common stock to the underwriters at an exercise price of $3.30 per share (110% of public offering price),
the cost of which was offset to additional paid-in capital upon IPO.
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v3.24.1.1.u2
OIL AND NATURAL GAS PROPERTIES
|
12 Months Ended |
Oct. 31, 2023 |
Property, Plant and Equipment [Abstract] |
|
OIL AND NATURAL GAS PROPERTIES |
NOTE
5 - OIL AND NATURAL GAS PROPERTIES
The
following tables summarize the Company’s oil and gas activities.
SCHEDULE OF OIL AND NATURAL GAS PROPERTIES
| |
As
of October 31, | | |
As
of October 31, | |
| |
2023 | | |
2022 | |
Oil and gas properties - not subject to amortization | |
$ | 9,947,742 | | |
$ | 5,836,232 | |
Accumulated impairment | |
| - | | |
| - | |
Oil and gas properties - not subject to amortization, net | |
$ | 9,947,742 | | |
$ | 5,836,232 | |
During
the years ended October 31, 2023 and 2022, the Company incurred aggregate exploration costs of $251,743 and $28,669, respectively. For
the current year, these expenses were exploratory, geological and geophysical costs and for the prior year, these costs were mainly for
the purpose of the site surveys. All costs were expensed on the statement of operations during the applicable periods. For capitalized
costs during the year ended October 31, 2023, the Company incurred $4,111,510, of which $4,011,510 and $100,000 pertained to the South
Salinas Project and McCool Ranch Oil Field, respectively. Of the costs incurred during the current period for the South Salinas Project,
$3,749,488 relates to the drilling of the HV-1 well and $262,022 relates to acquisition costs and the reserve analysis of the optioned
assets (see Optioned Assets below, Note 6). The drilling, reserve analysis and acquisition costs were capitalized and are reflected
in the balance of the oil and gas property as of October 31, 2023. During the year ended October 31, 2022, the Company paid a lessor
a one-time, non-refundable payment of $252,512 to provide for an extension of the force majeure status of the property at that time;
this amount was capitalized and reflected in the balance of the oil and gas property as of October 31, 2022.
Leases
As
of October 31, 2023, the Company holds various leases related to the unproved properties of the South Salinas Project (see Note 6 and
Note 7); two of the leases are held with the same lessor. The first lease, which covers 8,417 acres, was amended on May 27, 2022 to provide
for an extension of then-current force majeure status for an additional, uncontested twelve months, during which the Company would be
released from having to evidence to the lessor the existence of force majeure conditions. As consideration for the granting of the lease
extension, the Company paid the lessor a one-time, non-refundable payment of $252,512; this amount was capitalized and reflected in the
balance of the oil and gas property as of October 31, 2022. The extension period commenced on June 19, 2022; as of October 31, 2023,
the “force majeure” status has been extinguished by the drilling of the HV-1 well, and the validity of the lease is maintained
by the drilling of the well, which is in production testing.
The
second lease covers 160 acres
of the South Salinas Project; it is currently held by delay rental and is renewed every three years. Until drilling commences, the
Company is required to make delay rental payments of $30/acre
per year. The Company is currently in compliance with this requirement and has paid in advance the delay rental payment for the
period from October 2022 through October 2023.
During
February and March of 2023, the Company entered into additional leases related to the unproved properties of the South Salinas Project
with two groups of lessors. The first group of leases covers 360 acres and has a term of 20 years; the Company is required to make rental
payments of $25/acre per year. The Company is currently in compliance with this requirement and has paid in advance the rental payment
for the period February 2023 through February 2024. The second group of leases covers 307.75 acres and has a term of 20 years; the Company
is required to make rental payments of $30/acre per year. The Company is currently in compliance with this requirement and has paid in
advance the rental payment for the period from March 2023 through March 2024.
As
of October 31, 2023, the Company assessed the unproved properties of the South Salinas Project and those adjacent to it for impairment,
analyzing future drilling plans, leasehold expiration and the existence of any known dry holes in the area. The Company did not record
any impairment to the oil and gas property as of October 31, 2023, as all capitalized costs represent costs to acquire unproved property
leases pending further development on the balance sheet. There is no depletion related to the oil and gas property as of October 31,
2023, as the Company does not currently have production and the acquired property is not subject to amortization as of that date.
Optioned
Assets
On
December 22, 2022, the Company and Trio LLC entered into the Fourth Amendment to the Trio LLC PSA (see Note 6). Per the terms of the
Fourth Amendment, the Company was granted a 120-day option (commencing on January 1, 2023) to acquire any or all of the following three
assets currently owned in part by Trio LLC (the “Optioned Assets”). The price for this option was $150,000, which was paid
by the Company to Trio LLC in April 2023; this amount was capitalized and is reflected in the balance of the oil and gas property. The
Optioned Assets are as follows:
|
● |
The
McCool Ranch Oil Field (Hangman Hollow Area) asset with an option to acquire Trio LLC’s 44% working interest and their Operatorship; |
|
● |
The
Kern Front Field asset with an option to acquire Trio LLC’s 22% working interest and their Operatorship; and |
|
● |
The
Union Avenue Field with an option to acquire Trio LLC’s 20% working interest and their Operatorship; |
The
Optioned Assets are all located in California. In order to evaluate the Optioned Assets, the Company engaged KLS Petroleum Consulting,
LLC (“KLSP”) to perform detailed analyses and estimations of the oil and gas reserves and of the fair market values of each
of these three assets. These analyses have been completed, and as of October 31, 2023, the Company has paid approximately $39,000 to
KLSP for the reserve analysis of the optioned assets; this amount has been capitalized and is reflected in the balance of the oil and
gas properties on the balance sheet. Although 120-day option period has expired as of the fiscal year-end, the Company and Trio LLC are
nevertheless continuing to work together cooperatively toward the goal of facilitating the Company’s acquisition of the other Optioned
Assets.
Union
Avenue Field Agreement
On
May 12, 2023, the Company announced the signing of an Acquisition Agreement to potentially acquire up to 100% of the working interest
in the Union Avenue Field. However, the Company and Trio LLC did not agree on terms and the transaction did not close.
McCool
Ranch Oil Field Asset Purchase
On
October 16, 2023, the Company entered into an agreement (“McCool Ranch Purchase Agreement”) with Trio LLC for purchase of
a 21.918315%
working interest in the McCool Ranch Oil Field located in Monterey County near the Company’s flagship South Salinas Project (see
Note 6); the Assets are situated in what is known as the “Hangman Hollow Area” of the McCool Ranch Oil Field. The acquired
property is an oil field developed with oil wells, a water-disposal well, steam generator, boiler, various tanks, in-field steam pipelines,
oil pipelines and other facilities. The property is fully and properly permitted for oil and gas production, cyclic- steam injection
and water disposal; however, it is currently idle (i.e., not producing), although operations to restart production have begun. The Company
initially recorded a payment of $100,000
upon execution of the McCool Ranch Purchase Agreement, at which
time Trio LLC began refurbishment operations with respect to the San Ardo WD-1 water disposal well (the “WD-1”) to determine
if it is capable of reasonably serving the produced water needs for the assets, which Refurbishment was successfully accomplished. With
Refurbishment successfully accomplished, the Company will pay an additional $400,000,
which shall be used in restarting production operations on the assets. As of October 31, 2023, the Company has recorded the $100,000
payment as a capitalized cost; the balance is
reflected in the balance of the oil and gas property as of year-end.
Additional
Working Interest - South Salinas Project
In
April 2023, the Company paid Trio LLC approximately $60,000 to acquire an additional 3.026471% working interest in the South Salinas
Project, of which working interest amount is one-half (1/2) of the working interest that was acquired by Trio LLC; this amount was capitalized
and is reflected in the balance of the oil and gas property (see Note 6).
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- DefinitionThe entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections.
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v3.24.1.1.u2
RELATED PARTY TRANSACTIONS
|
12 Months Ended |
Oct. 31, 2023 |
Related Party Transactions [Abstract] |
|
RELATED PARTY TRANSACTIONS |
NOTE
6 - RELATED PARTY TRANSACTIONS
South
Salinas Project - Related Party
The
Company was originally formed to acquire Trio LLC’s working interest in the South Salinas Project, and subsequently partner with
certain members of Trio LLC’s management to develop and operate those assets (see Note 1, Note 5). Trio LLC operates the South
Salinas on behalf of the Company, and as operator, conducts and has full control of the operations and acts in the capacity of an independent
contractor. Trio LLC currently holds a 3.8% working interest in the South Salinas Project and the Company holds an 85.75% working interest.
The Company advances funds to Trio LLC to develop and operate the assets in the South Salinas Project; such funds have been classified
in the long-term asset section of the balance sheet as Advance to Operators since April 2022, and as of October 31, 2023 and 2022, the
balance of this account was $0 and $1,900,000, respectively.
Optioned
Assets with Related Party
On
December 22, 2022, the Company and Trio LLC entered into the Fourth Amendment to the Trio LLC PSA. Per the terms of the Fourth Amendment,
the Company was granted a 120-day option (commencing on January 1, 2023) to acquire any or all of the following three assets currently
owned in part by Trio LLC (the “Optioned Assets”). The price for this option was $150,000, which was paid by the Company
to Trio LLC in April 2023; this amount was capitalized and is reflected in the balance of the oil and gas property. The Optioned Assets
are as follows:
|
● |
The
Hangman Hollow Field asset with an option to acquire Trio LLC’s 44% working interest and their Operatorship; |
|
● |
The
Kern Front Field asset with an option to acquire Trio LLC’s 22% working interest and their Operatorship; and |
|
● |
The
Union Avenue Field with an option to acquire Trio LLC’s 20% working interest and their Operatorship; |
McCool
Ranch Oil Field Asset Purchase - Related Party
On October 16, 2023, the Company entered into an agreement (“McCool Ranch Purchase Agreement”) with Trio
LLC for purchase of a 21.918315% working interest in the McCool Ranch Oil Field located in Monterey County near the Company’s flagship
South Salinas Project (see Note 6); the Assets are situated in what is known as the “Hangman Hollow Area” of the McCool Ranch
Oil Field. The acquired property is an oil field developed with oil wells, a water-disposal well, steam generator, boiler, various tanks,
in-field steam pipelines, oil pipelines and other facilities. The property is fully and properly permitted for oil and gas production,
cyclic- steam injection and water disposal; however, it is currently idle (i.e., not producing), although operations to restart production
have begun. The Company initially recorded a payment of $100,000 upon execution of the McCool Ranch Purchase Agreement, at which time
Trio LLC began refurbishment operations with respect to the San Ardo WD-1 water disposal well (the “WD-1”) to determine if
it is capable of reasonably serving the produced water needs for the assets, which Refurbishment was successfully accomplished. With Refurbishment
successfully accomplished, the Company will pay an additional $400,000, which shall be used in restarting production operations on the
assets. As of October 31, 2023, the Company has recorded the $100,000 payment as a capitalized cost; the balance is reflected in the balance
of the oil and gas property as of year-end.
Additional
Working Interest - South Salinas Project - Related Party
In
April 2023, the Company paid Trio LLC approximately $60,000 to acquire an additional 3.026471% working interest in the South Salinas
Project, of which working interest amount is one-half (1/2) of the working interest that was acquired by Trio LLC; this amount was capitalized
and is reflected in the balance of the oil and gas property.
Notes
Payable - Related Party
On
September 14, 2021, the Company entered into a note payable with Trio LLC as part of the agreement for the purchase of an 82.75% working
interest in the South Salinas Project (see Note 1). Per the Third Amendment signed on May 27, 2022, a portion of a previous payment made
to Trio LLC was used to fund a lease extension payment to a third-party; as the payment previously made was to be used for other expenditures,
the amount used to fund the lease extension was added to the remaining amount due to Trio LLC, increasing it from $780,000 to $1,032,512.
Per an extension to the Fourth Amendment to the Trio LLC PSA, the Company made the final payment of $1,032,512 upon the consummation
of the IPO. As of October 31, 2023 and 2022, the balance of the note payable was $0 and $1,025,497, respectively, with interest expense
recognized of $7,015 and $120,337 for the years ended October 31, 2023 and 2022, respectively. Total payments made on the note payable
for the years ended October 31, 2023 and 2022 were $1,032,512, and $2,920,000, respectively.
Restricted
Stock Units (“RSUs”) issued to Directors
On
July 11, 2022, the Company issued 60,000 shares of its $0.0001 par common stock to each of its five outside Directors with a fair value
of $0.29 per share for an aggregate grant date value of $88,200. The fair value was calculated via a third-party valuation performed
using income and market methods, as well as a discounted cash flow method, with the terminal value using a market multiples method, adjusted
for a lack of marketability. The shares, or RSUs, vest in full upon the six-month anniversary of the IPO, subject to the directors’
continued service on the vesting date; upon issuance, the shares will be fully paid and non-assessable. Upon consummation of the IPO,
the vesting period for these shares began and for the years ended October 31, 2023 and 2022, the Company recognized stock-based compensation
in the amount of $88,200 and $0, respectively, within stock-based compensation expenses on the income statement, with unrecognized expense
of $0 as of the period ended October 31, 2023.
On
September 2, 2023, the Company issued an aggregate 425,000 shares of its $0.0001 par common stock to four outside directors with a fair
value of $0.64 per share for a grant date value of $273,275. The shares, or RSUs, vest in full upon the six-month anniversary of the
vesting commencement date (or August 28,2023), subject to the directors’ continued service on the vesting date. For the years ended
October 31, 2023 and 2022, the Company recognized stock-based compensation in the amount of $96,016 and $0, respectively, within stock-based
compensation expenses on the income statement, with unrecognized expense of $177,259 as of the period ended October 31, 2023.
Restricted
Shares issued to Executives and Employees
In
February 2022, the Company entered into employee agreements with Frank Ingriselli (Chief Executive Officer or “CEO”) and
Greg Overholtzer (Chief Financial Officer or “CFO”) which, among other things, provided for the grant of restricted shares
in the amounts of 1,000,000 and 100,000, respectively, pursuant to the 2022 Equity Incentive Plan (“the Plan”). Per the terms
of the employee agreements, subject to continued employment, the restricted shares vest over a two-year period, under which 25% will
vest upon the earlier of three months after the IPO or six months after the grant date. After this date, the remainder vest in equal
tranches every six months until fully vested. As the Plan was not adopted until October 17, 2022 (see Note 7), these shares will be recorded
as of that date at a fair value of $0.294 per share; such value was calculated via a third-party valuation performed using income and
market methods, as well as a discounted cash flow method, with the terminal value using a market multiples method, adjusted for a lack
of marketability (see Note 10). As of October 31, 2022, the Company recorded 1,100,000 restricted shares at a fair value of $323,400,
and for the years ended October 31, 2023 and 2022, the Company recognized stock-based compensation of $161,700 and $6,202, respectively,
within stock-based compensation expenses on the income statement, with unrecognized expense of $155,498 as of October 31, 2023.
In
May 2023, the Company entered into six employee agreements which, among other things, provided for the grant of an aggregate of 700,000
restricted shares pursuant to the Plan. Per the terms of the employee agreements, subject to continued employment, the restricted shares
vest as follows: 25% of the shares will vest five months after the issuance date, after which the remainder vest in equal tranches every
six months until fully vested. The shares were recorded on the date of issuance at a fair value of $2.15 per share for an aggregate fair
value of $1,505,000, and for the years ended October 31, 2023 and 2022, the Company recognized stock-based compensation of $440,219 and
$0, respectively, within stock-based compensation expenses on the income statement, with unrecognized expense of $1,064,781 as of the
period ended October 31, 2023.
On
July 20, 2023, pursuant to the Ingriselli Employment Agreement (see above), the Company issued 200,000 restricted shares (subject to
the Plan) as a discretionary annual bonus at a fair value of $1.07 per share to Mr. Ingriselli for an aggregate fair value of $213,000.
The shares vested fully on July 24, 2023 and the Company recognized stock-based compensation of $213,000 within stock-based compensation
expenses on the income statement for the period ended July 31, 2023.
On
October 16, 2023, the Company and Michael L. Peterson entered into an employment agreement (the “Peterson Employment Agreement”),
effective as of October 23, 2023, pursuant to which Mr. Peterson will serve as Chief Executive Officer of the Company, replacing Mr.
Ingriselli. Pursuant to the Peterson Employment Agreement, Mr. Peterson will be paid an annual base salary of $350,000. In addition,
Mr. Peterson is entitled to receive, subject to his continuing employment with the Company on the applicable date of the bonus payout,
an annual target discretionary bonus of up to 100% of his annual base salary, payable at the discretion of the Compensation Committee
of the Board based upon the Company’s and Mr. Peterson’s achievement of objectives and milestones to be determined on an
annual basis by the Board.
Pursuant
to the Peterson Employment Agreement, the Company issued Mr. Peterson is a grant of 1,000,000 shares of restricted stock pursuant to
the Company’s Omnibus Incentive Compensation Plan (the “Plan”) at a fair value of $0.27 per share for a grant date
fair value of $271,000. The restricted stock grant vests over a period of two years, with 25% of the shares of restricted stock vesting
six months after the Peterson Employment Agreement Effective Date, and the remainder vesting in equal tranches on each of the 12-, 18-,
and 24-month anniversary dates of the Peterson Employment Agreement. As of October 31, 2023, the Company recognized stock-based compensation
of $3,341 within stock-based compensation expenses on the income statement, with unrecognized expense of $267,659.
Consulting
Agreement - Related Party
On
October 6, 2023, Mr. Ingriselli delivered notice of his resignation as the Company’s Chief Executive Officer, effective on October
23, 2023. Upon his resignation, Mr. Ingriselli will continue as a director and hold the title of “Vice Chairman” of the Board
of Directors of the Company. In addition, on October 16, 2023, the Company and Global Venture Investments LLC (“Consultant”),
a Delaware Limited Liability Company and a wholly owned consulting firm owned 100% by Mr. Ingriselli, entered into a consulting agreement,
effective as of the date of resignation and continuing through December 31, 2023. Pursuant to the Consulting Agreement, the Company
will pay Mr. Ingriselli a cash consulting fee equal to $10,000 per month, payable within five business days after the commencement of
each calendar month during the term of the Consulting Agreement. The Consulting Agreement terminated on December 31, 2023, in accordance with its terms.
|
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v3.24.1.1.u2
COMMITMENTS AND CONTINGENCIES
|
12 Months Ended |
Oct. 31, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
NOTE
7 - COMMITMENTS AND CONTINGENCIES
From
time to time, the Company is subject to various claims that arise in the ordinary course of business. Management believes that any liability
of the Company that may arise out of or with respect to these matters will not materially adversely affect the financial position, results
of operations, or cash flows of the Company.
Unproved
Property Leases
As
of October 31, 2023, the Company holds various leases related to the unproved properties of the South Salinas Project (see Note 5); two
of the leases are held with the same lessor. The first lease, which covers 8,417 acres, was amended on May 27, 2022 to provide for an
extension of then-current force majeure status for an additional, uncontested twelve months, during which the Company would be released
from having to evidence to the lessor the existence of force majeure conditions. As consideration for the granting of the lease extension,
the Company paid the lessor a one-time, non-refundable payment of $252,512; this amount was capitalized and reflected in the balance
of the oil and gas property as of October 31, 2022. The extension period commenced on June 19, 2022; as of October 31, 2023, the “force
majeure” status has been extinguished by the drilling of the HV-1 well, and the validity of the lease is maintained by the drilling
of the well, which is in production testing.
The
second lease covers 160 acres of the South Salinas Project; it is currently held by delay rental and is renewed every three years. Until
drilling commences, the Company is required to make delay rental payments of $30/acre per year. The Company is currently in compliance
with this requirement and has paid in advance the delay rental payment for the period from October 2022 through October 2023.
During
February and March of 2023, the Company entered into additional leases related to the unproved properties of the South Salinas Project
with two groups of lessors. The first group of leases covers 360 acres and has a term of 20 years; the Company is required to make rental
payments of $25/acre per year. The Company is currently in compliance with this requirement and has paid in advance the rental payment
for the period February 2023 through February 2024. The second group of leases covers 307.75 acres and has a term of 20 years; the Company
is required to make rental payments of $30/acre per year. The Company is currently in compliance with this requirement and has paid in
advance the rental payment for the period from March 2023 through March 2024.
As
of October 31, 2023, the Company assessed the unproved properties of the South Salinas Project and those adjacent to it for impairment,
analyzing future drilling plans, leasehold expiration and the existence of any known dry holes in the area. Management concluded there
is no impairment allowance required as of the balance sheet date.
Board
of Directors Compensation
On
July 11, 2022, the Company’s Board of Directors approved compensation for each of the non-employee directors of the Company, which
would be effective upon the consummation of the IPO. Such compensation is structured as follows: an annual retainer of $50,000 cash plus
an additional $10,000 for each Board committee upon which the Director serves, each paid quarterly in arrears. Payment for this approved
compensation commenced upon successful completion of the Company’s IPO and as of October 31, 2023, the Company has recognized $156,154
in directors’ fees.
Agreements
with Advisors
On
July 28, 2022, the Company entered into an agreement with Spartan Capital Securities, LLC (“Spartan”) whereby Spartan will
serve as the exclusive agent, advisor or underwriter in any offering of securities of the Company for the term of the agreement, which
is one year. The agreement provides for a $25,000 non-refundable advance upon execution of the agreement and completion of a bridge offering
to be credited against the accountable expenses incurred by Spartan upon successful completion of the IPO, a cash fee or an underwriter
discount of 7.5% of the aggregate proceeds raised in the IPO, warrants to purchase a number of common shares equal to 5% of the aggregate
number of common shares placed in the IPO, an expense allowance of up to $150,000 for fees and expenses of legal counsel and other out-of-pocket
expenses and 1% of the gross proceeds of the IPO to Spartan for non-accountable expenses. The agreement also provides for an option to
Spartan that is exercisable within 45 days after the closing of the IPO to purchase up to an additional 15% of the total number of securities
offered by the Company in the IPO. For a period of 18 months following the July 28, 2023 expiration of the agreement, Spartan shall be
entitled to receive the same 7.5% cash fee and 5% warrant coverage compensation under the “tail” terms of the agreement with
respect to financing transactions the Company consummates with any party contacted or introduced by Spartan to the Company prior to the
expiration of the Spartan agreement.
On
April 20, 2023, pursuant to the agreement above, the Company issued representative warrants to Spartan to purchase up to an aggregate
of 100,000 shares of common stock; these warrants may be exercised commencing from the closing of the Offering and expiring five years
from the effective date of the registration statement at an exercise price of $3.30 (110% of the public offering price of the common
stock).
Trio
LLC - Monthly Consulting Fee
Pursuant
to the Fourth Amendment to the Trio LLC PSA, the Company agreed, retroactively commencing on May 1, 2022, to accrue a monthly consulting
fee of $35,000, due and payable by the Company to Trio LLC. This fee is intended to cover the work being done for the Company by Trio
LLC’s employees prior to the closing date of the Company’s IPO. As of October 31, 2023, the Company has accrued and paid
$406,000 in fees for these services.
On
May 1, 2023, the Company entered into six employment agreements with Trio LLC employees; the agreements provide for compensation and
restricted shares pursuant to the Plan (see Note 10) with a start date of May 1, 2023, provided that each individual continues to serve
as an employee of Trio LLC on a part-time basis.
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v3.24.1.1.u2
INCOME TAXES
|
12 Months Ended |
Oct. 31, 2023 |
Income Tax Disclosure [Abstract] |
|
INCOME TAXES |
NOTE
8 - INCOME TAXES
The
Company accounts for income taxes under ASC 740-10, which provides for an asset and liability approach of accounting for income taxes.
Under this approach, deferred tax assets and liabilities are recognized based on anticipated future tax consequences, using currently
enacted tax laws, attributed to temporary differences between the carrying amounts of assets and liabilities for financial reporting
purposes and the amounts calculated for income tax purposes.
Significant
components of the Company’s deferred tax assets are summarized below.
SCHEDULE OF DEFERRED TAX ASSETS
| |
As of October 31, | | |
As of October 31, | |
| |
2023 | | |
2022 | |
Deferred tax assets: | |
| | | |
| | |
Net operating loss carry forwards | |
$ | 1,095,000 | | |
$ | 797,000 | |
Total deferred tax asset | |
| 1,095,000 | | |
| 797,000 | |
Valuation allowance | |
| (1,095,000 | ) | |
| (797,000 | ) |
Deferred tax asset, net | |
$ | - | | |
$ | - | |
As
of October 31, 2023 and 2022, the Company had approximately $1,095,000 and $797,000, respectively, in net operating loss carry-forwards
for federal and state income tax reporting (tax effected) purposes. As a result of the Tax Cuts Job Act 2017 (the “Act”),
certain future carryforwards do not expire. The Company has not performed a formal analysis but believes its ability to use such net
operating losses and tax credit carryforwards in the future is subject to annual limitations due to change of control provisions under
Sections 382 and 383 of the Internal Revenue Code, which will significantly impact its ability to realize these deferred tax assets.
The
Company recorded a valuation allowance in the full amount of its net deferred tax assets since realization of such tax benefits has been
determined by the Company’s management to be less likely than not. The valuation allowance increased $298,000 and $776,000 during
the years ended October 31, 2023 and 2022, respectively.
A
reconciliation of the statutory federal income tax benefit to actual tax benefit is as follows:
SCHEDULE OF EFFECTIVE FEDERAL INCOME TAX RATE RECONCILIATION
| |
As of October 31, | | |
As of October 31, | |
| |
2023 | | |
2022 | |
Federal statutory blended income tax rates | |
| (21 | )% | |
| (21 | )% |
State statutory income tax rate, net of federal benefit | |
| - | % | |
| - | % |
Change in valuation allowance | |
| 21 | % | |
| 21 | % |
Effective tax rate | |
| - | % | |
| - | % |
As
of the date of this filing, the Company has not filed its 2023 federal and state corporate income tax returns. The Company expects to
file these documents as soon as practicable.
The
Company has evaluated its income tax positions and has determined that it does not have any uncertain tax positions. The Company will
recognize interest and penalties related to any uncertain tax positions through its income tax expense.
|
X |
- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
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v3.24.1.1.u2
NOTES PAYABLE
|
12 Months Ended |
Oct. 31, 2023 |
Debt Disclosure [Abstract] |
|
NOTES PAYABLE |
NOTE
9 - NOTES PAYABLE
Notes
payable as of October 31, 2023 and 2022 consisted of the following:
SCHEDULE OF NOTES PAYABLE
|
|
As
of October 31, |
|
|
As
of October 31, |
|
|
|
2023 |
|
|
2022 |
|
Notes
payable - related party, net of discounts |
|
$ |
- |
|
|
$ |
1,025,497 |
|
Notes
payable - investors, net of discounts |
|
|
- |
|
|
|
4,137,720 |
|
Bridge
note, net of discounts |
|
|
- |
|
|
|
265,719 |
|
Convertible
note, net of discounts |
|
|
1,217,597 |
|
|
|
- |
|
Total
Notes payable |
|
$ |
1,217,597 |
|
|
$ |
5,428,936 |
|
Notes
Payable - Related Party
On
September 14, 2021, the Company entered into a note payable with Trio LLC as part of the agreement for the purchase of an 82.75% working
interest in the South Salinas Project (see Note 1). Per the Third Amendment signed on May 27, 2022, a portion of a previous payment made
to Trio LLC was used to fund a lease extension payment to a third-party; as the payment previously made was to be used for other expenditures,
the amount used to fund the lease extension was added to the remaining amount due to Trio LLC, increasing it from $780,000 to $1,032,512.
Per an extension to the Fourth Amendment to the Trio LLC PSA, the Company made the final payment of $1,032,512 upon the consummation
of the IPO. As of October 31, 2023 and 2022, the balance of the note payable was $0 and $1,025,497, respectively, with interest expense
recognized of $7,015 and $120,337 for the years ended October 31, 2023, respectively. Total payments made on the note payable for years
ended October 31, 2023 and 2022 were $1,032,512 and $2,920,000, respectively.
Notes
Payable - Investors (January 2022 SPA)
On
January 28, 2022, the Company entered into the January 2022 SPA with GPL, pursuant to which (i) in exchange for $4,500,000 in consideration,
the Company issued senior secured convertible promissory notes (the “January 2022 Notes”) with an aggregate principal amount
of $4,500,000 (ii) the Company issued warrants to purchase up to 50% of the number of shares of Common Stock issued upon the full conversion
of the January 2022 Notes, and (iii) conditional upon a successful IPO, the Company agreed to issue commitment shares (“Commitment
Shares”) to the investors (“GPL Investors”) upon the date of the Company’s IPO. The Notes were collateralized
with a security interest in the oil and gas properties, which was to be perfected by April 28, 2022. In the event the collateral was
not perfected by April 28, 2022, the Company was required to deliver 4,500,000 shares (“Default Shares”) to the investors.
The Default Shares were initially held in escrow until the earlier of a) the granting and perfection of the security interest, b) the
conversion of the January 2022 Notes upon the IPO or c) April 28, 2022. As the Company failed to perfect the security interest and no
IPO occurred by April 28, 2022, the Default Shares were delivered to the investors on April 28, 2022. The shares were issued at a fair
value of $0.29 per share for an aggregate value of $1,322,933, and this amount was recognized as penalty fees related to debt on the
income statement.
The
January 2022 Notes have a maturity date on the earlier of April 30, 2023 (such maturity date being extended initially from January 28,
2023 pursuant to the amendment to the January 2022 Notes signed on January 23, 2023 and again from February 28, 2023 pursuant to the
second amendment to the January 2022 Notes signed on February 23, 2023) or the IPO and bear interest at a rate of 8% per annum, which
is to be accrued and paid on the maturity date. Because the Company’s IPO did not occur by August 1, 2022 and the Company did not
default on the January 2022 Notes, the interest percentage increased to 15% per annum. The principal and interest payable on the January
2022 Notes will automatically convert into shares upon the IPO. The conversion price is the lesser of i) the IPO price multiplied by
the discount of 50% or ii) the opening price of the shares of Common Stock on the trading day following the date of the consummation
of the IPO multiplied by the discount of 50%. The number of conversion shares is the outstanding principal amount divided by the conversion
price. Upon the consummation of the IPO, the debt will convert into a fixed dollar amount of $9,000,000 of a variable number of shares.
Upon
consummation of its IPO, the Company converted the aggregate outstanding principal and accrued interest balances of $4,500,000 and $664,875,
respectively, into 5,038,902 shares of common stock; the number of conversion shares was calculated by dividing the aggregate balance
of $5,164,875 by the opening trading price of its common stock on April 19, 2023 of $2.05, with a discount applied of 50%. The Company
also issued 375,000 commitment shares, the number of which was calculated by taking 25% of the outstanding principal balance of $4,500,000
and dividing it by the IPO price of $3.00 per share, with the expense for issuing the commitment shares being recognized as a loss on
the income statement as of April 30, 2023. As of October 31, 2023 and 2022, the balance of the Notes payable was $0 and $4,137,720, with
interest expense of $674,405 and $1,136,811 for the years ended October 31, 2023 and 2022, respectively.
Bridge
Note
During
September 2022, the Company entered into an agreement or bridge note (“Bridge Note”) with three investors; the Bridge Note
includes original issue discount senior notes (“Notes”) with gross proceeds of $444,000, a 10% Original Issue Discount (“OID”)
of $44,000 and debt issuance costs of $70,438, for net proceeds of $329,562 to the Company. The Bridge Note included pre-funded warrants
that permit the investors to purchase a number of shares of the Company’s common stock (equal to 100% of the original principal
amount of the Notes), which can be exercised from the date of the warrant agreement to five years from the date of the Company’s
IPO at an exercise price of $0.01. The Notes had a maturity date of the earlier of i) April 30, 2023 or ii) the completion of the IPO.
The Notes bore interest at 8% per annum, which would waived if the Company completed a successful IPO within 90 days of the closing of
financing; in the event of default, the interest percentage would increase to 15% per annum.
The
Company also issued pre-funded warrants in connection with the Bridge Note to purchase a number of shares equal to the number of dollars
of the Notes, or 400,000, at an exercise price of $0.01 per share; the Company determined the warrants are equity classified and can
be exercised at any time from the date of the warrant agreement to five years from the date of the completion of the IPO. The Company
also incurred debt issuance costs of $70,438 in connection with the issuance of the Notes and warrants. The values of the OID, warrants
and debt issuance costs are recorded as debt discounts and amortized over the life of the Notes as interest expense.
Upon
consummation of its IPO, the Company repaid the Bridge Note in the amount of $440,000 and interest was waived by the investors. As of
October 31, 2023 and 2022, the balance of the Bridge Note (which is included within the Notes payable - investors, net of discounts
line item on the balance sheet) is $0 and $265,719, respectively, with interest expense of $174,281 and $51,040 for the years ended October
31, 2023 and 2022, respectively.
Convertible
note - investors (October 2023 SPA)
On
October 4, 2023, the Company entered into a securities purchase agreement (the “October 2023 SPA”) with an investor; the
October 2023 SPA provides for loans in an aggregate principal amount of up to $3.5 million under two tranches, with first and second
tranche fund amounts of $2.0 million and $1.5 million, respectively. The first tranche will be immediately funded upon closing and the
second tranche will be funded after the Company provides written confirmation to the investor and subject to the mutual consent of the
investor and the Company that (i) stockholder approval of the transactions has been obtained for the purpose of complying with the NYSE/NYSE
American Rules; (ii) that a resale Registration Statement on Form S-1 (the “Resale Registration Statement”) has been declared
effective by the SEC for the registration of the shares of Common Stock issuable upon conversion of the Note and the Warrant and (iii)
there is no Event of Default (as defined in the October 2023 SPA that has occurred or will occur as a result of such additional funding
and in full force and effect).
In
consideration for the investor’s funding of the first tranche, the Company issued and sold to the investor, in a private placement,
i) a senior secured convertible promissory note in the aggregate principal amount of $2,000,000 (the “Note”) and ii) a warrant
to purchase up to 866,702 shares of Common Stock at an initial exercise price of $1.20 per share of Common Stock, subject to certain
adjustments (the “Common Warrant”). The Note is initially convertible into shares of Common Stock at conversion price of
$1.20, subject to certain adjustments (the “Conversion Price”), provided that the Conversion Price shall not be reduced below
$0.35 (the “Floor Price”). The Note does not bear any interest and matures on April 4, 2025.
Upon
the initial funding on October 4, 2023, the Company recorded gross proceeds of approximately $2.0 million, a 7% original issue discount
of $140,000 and debt issuance costs of $350,320, for net proceeds of approximately $1.5 million. The Company also issued a warrant to
purchase up to 866,702 shares of common stock with an aggregate relative fair value of $332,630; the factors used to determine fair value
were a share price of $0.55, an exercise price of $1.20, an expected term of 5 years, annualized volatility of 137.10%, a dividend rate
of zero percent and a discount rate of 4.72%.
Commencing
on the earlier of (i) the day that is the four months after October 4, 2023 and (ii) the date on which the first Resale Registration
Statement shall have been declared effective by the SEC, the Company is required to pay to the investor the outstanding principal balance
under the Note in monthly installments, on such date and each one (1) month anniversary thereof, in an amount equal to 103% of the total
principal amount multiplied by the quotient determined by dividing one by the number of months remaining until the maturity date of the
Note, until the outstanding principal amount has been paid in full or, if earlier, upon acceleration, conversion or redemption of the
Note in accordance with its terms. All monthly payments are payable by the Company, in cash, provided that under certain circumstances,
as provided in the Note, the Company may elect to pay in shares of Common Stock.
As
collateral for the obligations under the October 2023 SPA, the Company has granted to the investor a senior security interest in all
of the Company’s assets (inclusive of intellectual property), subject to certain exceptions, as set forth in the Security Agreement
(as defined in the October 2023 SPA). The Company has also entered into a Mortgage, Deed of Trust, Assignment of Production, Security
Agreement and Financing Statement (the “Deed of Trust”) with the Investor granting to the Investor a security interest in
certain oil and gas interests held by the Company in California (the “Deed of Trust”).
In
connection with the October 2023 SPA, on October 4, 2023, the Company entered into voting agreements (collectively, the “Voting
Agreements”) with certain Company stockholders, directors and officers, representing any aggregate of 4,025,000 shares of Common
Stock, including Frank Ingriselli, the Company’s Chief Executive Officer, and a certain entity affiliated with Mr. Ingriselli.
Pursuant to the Voting Agreements, each stockholder party thereto has agreed to vote its shares of Common Stock to approve the issuance
of the securities under the Securities Purchase Agreement for the purpose of complying with the applicable NYSE/NYSE American Rules requiring
stockholder approval for the Company’s issuance of shares of Common Stock, in connection with the transactions contemplated under
the October 2023 SPA, in excess of 20% of the number of shares of Common Stock outstanding on the date hereof. Each Voting Agreement
will terminate upon the sufficient stockholder vote required to approve the stockholder proposals in connection with respect to the transactions
contemplated in the October 2023 SPA (the “Voting Agreement Expiration Date”).
In
connection with the October 2023 SPA, on October 4, 2023, the Company entered into a registration rights agreement (the “October
2023 RRA”) with the investor pursuant to which the Registrable Securities (as defined therein) held by the investor, subject to
certain conditions, are entitled to registration under the Securities Act. Pursuant to October 2023 RRA, the Company is required to,
within 30 days after the date thereof, and within 10 days after the Closing of the Second Tranche (as such term is defined in the October
2023 SPA), file with the SEC (at the Company’s sole cost and expense) a Resale Registration Statement and to cause such Resale
Registration Statement to be effective within 60 days after the applicable filing date, covering the resale by the Investor of the Registrable
Securities.
Under
the terms of the October 2023 SPA, the October 2023 RRA and the Note, the Company is required to reserve and register 13,161,976 shares
of Common Stock in a Resale Registration Statement which such number represents 200% of the number of shares on the exercise of the Common
Warrants and 200% of the number of shares upon the conversion of the Note.
|
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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v3.24.1.1.u2
STOCKHOLDERS’ EQUITY
|
12 Months Ended |
Oct. 31, 2023 |
Equity [Abstract] |
|
STOCKHOLDERS’ EQUITY |
NOTE
10 - STOCKHOLDERS’ EQUITY
Common
Shares
The
Company is authorized to issue an aggregate of 500,000,000 shares. The authorized capital stock is divided into: (i) 490,000,000 shares
of common stock having a par value of $0.0001 per share and (ii) 10,000,000 shares of preferred stock having a par value of $0.0001 per
share.
In
January 2022, the Company entered into the January 2022 SPA with GPL, which has warrants attached that are exercisable into up to 50%
of the number of shares of common stock issued upon full conversion of the Notes. The Company determined the warrants are equity classified
and used a third party to perform a valuation to estimate their fair market value at January 28, 2022, which was $994,091.
On
April 28, 2022, the Company issued 4,500,000 shares of its $0.0001 par common stock at a price of $0.29 per share for a total aggregate
fair value of $1,322,933 to GPL as default shares in connection with the January 2022 SPA (see Note 3, Note 6 and Note 9).
On
July 11, 2022, the Company issued 60,000 shares of its $0.0001 par common stock to each of its five outside Directors for a total aggregate
amount of 300,000 shares. The shares, or RSUs, vest in full upon the six-month anniversary of the IPO, subject to the directors’
continued service on the vesting date; upon issuance, the shares will be fully paid and non-assessable. The RSUs were recorded at a fair
value of $0.29 per share for a total value of $88,200. Upon consummation of the IPO, the vesting period for these shares began and for
the years ended October 31, 2023 and 2022, the Company recognized stock-based compensation in the amount of $88,200 and $0, respectively,
within stock-based compensation expenses on the income statement, with unrecognized expense of $0 as of the period ended October 31,
2023.
On
October 17, 2022, the Company issued 1,100,000 restricted shares to two of its executives pursuant to the Plan. As the Plan was not adopted
until October 17, 2022, these shares were recorded as of that date at a fair value of $0.29 per share; such value was calculated via
a third-party valuation performed using income and market methods, as well as a discounted cash flow method, with the terminal value
using a market multiples method, adjusted for a lack of marketability. As of October 31, 2022, the Company recorded 1,100,000 restricted
shares at a fair value of $323,400 and for the years ended October 31, 2023 and 2022, the Company recognized stock-based compensation
of $161,700 and $6,202, respectively, within stock-based compensation expenses on the income statement, with unrecognized expense of
$155,498 as of October 31, 2023.
In
December 2022, the Company entered into subscription agreements with two accredited investors for the aggregate issuance of 400,000 common
shares for aggregate gross cash proceeds of $400,000. The common shares are $0.0001 par value and have a purchase price of $1.00 per
share.
In
April 2023, the Company consummated its IPO and sold 2,000,000 shares of common stock at a public offering price of $3.00 per share for
gross proceeds of $6,000,000.
In
April 2023, upon consummation of its IPO, the Company also issued 375,000 commitment shares, the number of which was calculated by taking
25% of the outstanding principal balance of the January 2022 Notes of $4,500,000 and dividing it by the IPO price of $3.00 per share
On
April 20, 2023, the Company issued 12,500 shares of common stock at a fair value of $2.00 per share to consultants in exchange for services
rendered; the aggregate amount of $25,000 was recorded as fees for professional services as of the end of the period.
On
May 1, 2023, the Company issued 700,000 restricted shares to six of its employees pursuant to the Plan (see Note 6); the shares were
recorded at a fair value of $2.15 per share for an aggregate grant date fair value of $1,505,000, and for the years ended October 31,
2023 and 2022, the Company recognized stock-based compensation of $440,219 and $0, respectively, within stock-based compensation expenses
on the income statement, with unrecognized expense of $1,064,781 as of the period ended October 31, 2023.
On
May 2, 2023, June 23, 2023 and July 11, 2023, the Company issued 25,000, 100,000 and 100,000 shares of common stock, par value of $0.0001,
respectively, at a fair value of $2.10, $0.88 and $1.21, respectively, to consultants in exchange for services rendered; the aggregate
amounts of $52,500, $88,000 and $121,000, respectively, were recorded as fees for professional services as of the end of the period.
On
June 30, 2023, the Company issued 48,000 shares of common stock, par value of $0.0001, at a fair value of $1.67 to Marcum, LLP for an
aggregate amount of $80,159 for partial satisfaction of an account payable.
On
June 30, 2023, the Company issued a Form S-1/A, which registered for resale (i) up to 3,149,314 shares of common stock, par value $0.0001
per share which the selling stockholders may acquire upon the exercise of outstanding common warrants and (ii) up to 500,000 shares of
common stock, which the selling stockholders may acquire upon the exercise of outstanding pre-funded warrants. Such warrants were issued
to the selling stockholders in connection with securities purchase agreements entered into on January 28, 2022 and September 20, 2022.
The Company recorded 699,848 shares of common stock that are not exercised but registered in accordance with their common warrant agreements
and 500,000 shares of common stock that are not exercised but registered in accordance with their pre-funded warrant agreements upon
the filing of this Form S-1/A.
On
July 20, 2023, the Company issued 200,000 restricted shares pursuant to the Plan to Mr. Ingriselli (see Note 6) at a fair value of $1.07
per share for an aggregate fair value of $213,000. The shares vested fully on July 24, 2023 and the Company recognized stock-based compensation
for the full value of the shares as of the end of the period.
On
September 2, 2023, the Company issued 425,000 shares of its $0.0001 par common stock to four outside Directors with a fair value of $0.64
per share for a grant date value of $273,275. The shares, or RSUs, vest in full upon the six-month anniversary of the vesting commencement
date (or August 28,2023), subject to the directors’ continued service on the vesting date. For the years ended October 31, 2023
and 2022, the Company recognized stock-based compensation in the amount of $96,016 and $0, respectively, within stock-based compensation
expenses on the income statement, with unrecognized expense of $177,259 as of the period ended October 31, 2023.
On
October 16, 2023, pursuant to the Peterson Employment Agreement, the Company issued Mr. Peterson is a grant of 1,000,000 shares of restricted
stock pursuant to the Plan at a fair value of $0.27 per share for a grant date fair value of $271,000. The restricted stock grant vests
over a period of two years, with 25% of the shares of restricted stock vesting six months after the Peterson Employment Agreement Effective
Date, and the remainder vesting in equal tranches on each of the 12-, 18-, and 24-month anniversary dates of the Peterson Employment
Agreement. As of October 31, 2023, the Company recognized stock-based compensation of $3,341 within stock-based compensation expenses
on the income statement, with unrecognized expense of $267,659.
Warrants
January
2022 SPA with GPL Warrants
In
January 2022, the Company entered into the January 2022 SPA with GPL, which had warrants attached that were exercisable into up to 50%
of the number of shares of common stock issued upon full conversion of the Notes. The Company determined the warrants were equity classified
and used a third party to perform a valuation to estimate their fair market value at January 28, 2022, which was $994,091. The factors
used to determine their fair value were a term of 3 years, volatility of 92%, a share price based on comparable companies and an exercise
price of 50% of the stock price upon the Company’s IPO.
Upon
consummation of the IPO, the Company issued an aggregate of 2,519,451 warrants to the GPL investors at an exercise price of $1.03 and
an expiration date of 3 years from the date of the IPO; on July 10, 2023, the Company entered into amendments to the warrant agreements
with five of the six investors, whereby i) the exercise price was reduced from $1.03 to $0.80 and ii) the number of warrants was increased
by a factor of 1.25 or 489,893 warrants in order to induce full, immediate exercise. Accordingly, 2,449,466 warrants (original number
of warrants was 1,959,573) were exercised at an exercise price of $0.80 per share for aggregate proceeds (net of equity issuance costs
of $146,938) of $1,812,635. The shares issued for the exercise of these warrants were registered for resale as part of the Form S-1/A
filed on June 30, 2023. The Company accounted for the amendments as warrant modifications, whereby the effect of the modifications is
measured as the difference in relative fair value immediately before the modification and after the modification; and any increase to
the relative fair value is recognized as equity issuance costs.
To
assess for the change in relative fair value, the Company performed a Black Scholes Option Model calculation to quantify the fair value
of 1,959,573 common warrants under their original terms as of the modification date using the following assumptions: a share price of
$1.43, an exercise price of $1.03, an expected term of 3.0 years, volatility of 136%, a dividend rate of 0% and a discount rate of 4.54%.
The Company then performed a Black Scholes Option Model calculation to quantify the fair value of 2,449,466 common warrants with their
new modified terms as of the modification date using the following assumptions: a share price of $1.53, an exercise price of $0.80, an
expected term of 3.0 years, volatility of 136%, a dividend rate of 0% and a discount rate of 4.54%. The aggregate difference of approximately
$0.3 million between the two calculated amounts was recorded as an equity issuance cost within equity during the period to account for
the change in relative fair value.
On
September 20, 2023, the Company and the sixth GPL investor entered into an amendment to their particular warrant agreement, pursuant
to which the Company agreed to amend the warrant held by the holder in order to (i) reduce the exercise price of the warrant from an
exercise price of $1.03 per share to $0.11 per share and (ii) add a customary cashless exercise provision to the warrant. On September
21, 2023, the holder delivered a notice of exercise to the Company exercising the Warrant, in full, on a “cashless basis,”
pursuant to which an aggregate of 451,831 shares of common stock were issued to the holder on or before September 25, 2023.
The
Company accounted for the amendments as warrant modifications, whereby the effect of the modifications is measured as the difference
in relative fair value immediately before the modification and after the modification; and any increase to the relative fair value is
recognized as equity issuance costs.
To
assess for the change in relative fair value, the Company performed a Black Scholes Option Model calculation to quantify the fair value
of 559,878 common warrants under their original terms as of the modification date using the following assumptions: a share price of $0.57,
an exercise price of $1.03, an expected term of 3.0 years, volatility of 148%, a dividend rate of 0% and a discount rate of 4.82%. The
Company then performed a Black Scholes Option Model calculation to quantify the fair value of 451,831 common warrants with their new
modified terms as of the modification date using the following assumptions: a share price of $0.57, an exercise price of $0.11, an expected
term of 3.0 years, volatility of 148%, a dividend rate of 0% and a discount rate of 4.82%. The aggregate difference of less than $1,000
between the two calculated amounts was recorded as an equity issuance cost within equity during the period to account for the change
in relative fair value.
Other
Warrants
In
December 2022, the Company entered into subscription agreements with two accredited investors for the aggregate issuance of 400,000 common
shares, as well as warrants to purchase additional shares up to the initial subscription amount; the warrants are exercisable for two
years and have an exercise price equal to fifty percent of the price per share the Company sells its common shares in its IPO. The warrants
were determined to be equity classified and were recorded at fair value in additional paid-in capital on the balance sheet for the period.
Their fair value was based on the price the third-party investors paid for the original subscription agreements described above.
The
Company also issued warrants to purchase 100,000 shares of common stock to the underwriters at an exercise price of $3.30 per share (110%
of public offering price).
A
summary of the warrant activity during the years ended October 31, 2023 and 2022 is presented below:
SCHEDULE OF WARRANT ACTIVITY
| |
Number of Warrants | | |
Weighted Average Exercise Price | | |
Weighted Average Remaining Life in Years | | |
Intrinsic Value | |
| |
| | |
| | |
| | |
| |
Outstanding, November 1, 2021 | |
| - | | |
$ | - | | |
| - | | |
$ | - | |
Issued | |
| - | | |
| - | | |
| - | | |
| - | |
Outstanding, November 1, 2022 | |
| - | | |
| - | | |
| - | | |
| - | |
Issued | |
| 4,776,046 | | |
| 1.04 | | |
| 3.1 | | |
| - | |
Exercised | |
| (2,901,298 | ) | |
| 1.03 | | |
| - | | |
| - | |
Cancelled | |
| - | | |
| - | | |
| - | | |
| - | |
Expired | |
| (108,047 | ) | |
| - | | |
| - | | |
| - | |
Outstanding, October 31, 2023 | |
| 1,766,702 | | |
$ | 1.12 | | |
| 3.9 | | |
$ | 211,200 | |
| |
| | | |
| | | |
| | | |
| | |
Exercisable, October 31, 2023 | |
| 1,766,702 | | |
$ | 1.12 | | |
| 3.9 | | |
$ | 211,200 | |
A
summary of outstanding and exercisable warrants as of October 31, 2023 is presented below:
SCHEDULE OF OUTSTANDING AND EXERCISABLE WARRANTS
| Warrants Outstanding | | |
| Warrants Exercisable | |
| | | |
| | | |
| Weighted | | |
| | |
| | | |
| | | |
| Average | | |
| | |
| Exercise | | |
| Number of | | |
| Remaining | | |
| Number of | |
| Price | | |
| Shares | | |
| Life in Years | | |
| Shares | |
$ | 0.01 | | |
| 400,000 | | |
| 4.5 | | |
| 400,000 | |
$ | 1.50 | | |
| 400,000 | | |
| 1.1 | | |
| 400,000 | |
$ | 3.30 | | |
| 100,000 | | |
| 4.5 | | |
| 100,000 | |
$ | 1.20 | | |
| 866,702 | | |
| 4.9 | | |
| 866,702 | |
| | | |
| 1,766,702 | | |
| 3.9 | | |
| 1,766,702 | |
Stock
Options
A
summary of the option activity during the years ended October 31, 2023 and 2022 is presented below:
SCHEDULE OF STOCK OPTION ACTIVITY
| |
Number of Options | | |
Weighted Average Exercise Price | | |
Weighted Average Remaining Life in Years | | |
Intrinsic Value | |
| |
| | |
| | |
| | |
| |
Outstanding, November 1, 2021 | |
| - | | |
$ | - | | |
| - | | |
$ | - | |
Issued | |
| - | | |
| - | | |
| - | | |
| - | |
Outstanding, November 1, 2022 | |
| - | | |
| - | | |
| - | | |
| - | |
Issued | |
| 120,000 | | |
| 0.52 | | |
| 4.8 | | |
| 1,800 | |
Exercised | |
| - | | |
| - | | |
| - | | |
| - | |
Cancelled | |
| - | | |
| - | | |
| - | | |
| - | |
Expired | |
| - | | |
| - | | |
| - | | |
| - | |
Outstanding, October 31, 2023 | |
| 120,000 | | |
$ | 0.52 | | |
| 4.8 | | |
$ | 1,800 | |
| |
| | | |
| | | |
| | | |
| | |
Exercisable, October 31, 2023 | |
| 90,000 | | |
$ | 0.52 | | |
| 4.8 | | |
$ | 1,350 | |
A
summary of outstanding and exercisable options as of October 31, 2023 and 2022 is presented below:
SCHEDULE OF OUTSTANDING
AND EXERCISABLE OPTIONS
| Options Outstanding | | |
| Options Exercisable | |
| | | |
| | | |
| Weighted | | |
| | |
| | | |
| | | |
| Average | | |
| | |
| Exercise | | |
| Number of | | |
| Remaining | | |
| Number of | |
| Price | | |
| Shares | | |
| Life in Years | | |
| Shares | |
$ | 0.52 | | |
| 120,000 | | |
| 4.8 | | |
| 90,000 | |
| | | |
| 120,000 | | |
| 4.8 | | |
| 90,000 | |
On
August 15, 2023, the Company issued five-year options to purchase 120,000 shares of the Company’s common stock to a consultant
of the Company, pursuant to the Plan. The options have an exercise price of $0.52 per share and vest monthly over a period of 24 months,
beginning on the vesting commencement date. The options have a grant date fair value of $55,711, which will be recognized over the vesting
term.
The
assumptions used in the Black-Scholes valuation method for these options issued in 2023 were as follows:
SCHEDULE
OF ASSUMPTIONS USED IN BLACK-SCHOLES VALUATION METHOD FOR OPTIONS
Risk
free interest rate |
|
4.36% |
Expected
term (years) |
|
5.0 |
Expected
volatility |
|
137.1% |
Expected
dividends |
|
0% |
|
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- DefinitionThe entire disclosure for equity.
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v3.24.1.1.u2
SUBSEQUENT EVENTS
|
12 Months Ended |
Oct. 31, 2023 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
NOTE
11 - SUBSEQUENT EVENTS
In
accordance with ASC 855 - Subsequent Events, which establishes general standards of accounting for and disclosure of events that
occur after the balance sheet date but before financial statements are issued, the Company has evaluated all events and transactions
that occurred after October 31, 2023, through the date the financial statements were issued. Except for the following, there are no subsequent
events identified that would require disclosure in the financial statements.
Resale
Form S-1
On
November 11, 2023, the Company filed a Form S-1 for the resale of i) up to 11,428,572 shares of common stock issuable upon conversion
of a senior secured convertible promissory note, ii) up to 1,733,404 shares of common stock issuable upon exercise of a common warrant,
and iii) up to 83,333 shares of common stock issuable upon exercise of a placement agent warrant.
First
Amendment to the Resales Form S-1
On
December 6, 2023, the Company filed the first amendment to the Form S-1 filed with the SEC on November 3, 2023.
Asphalt
Ridge Option Agreement and Amendment
On
November 10, 2023, the Company entered into a leasehold acquisition and development option agreement (“AR Agreement”) with
Heavy Sweet Oil LLC (“Heavy Sweet”) to purchase up to a 20% production share (“Asphalt Ridge Option”) in certain
leases in eastern Utah totaling 960 acres. The Asphalt Ridge Option has a term of nine months, through August 10, 2024, and gives the
Company the exclusive right, but not the obligation, to acquire up to a 20% interest in the leases for $2,000,000, which may be invested
in tranches, provided that the initial tranche closing occurs during the option period and subsequent tranches occur as soon thereafter
as practical within the Asphalt Ridge Option period, with each tranche providing the Company a portion of the ownership of the leases.
Upon receipt of any funding from the Company pursuant to the Asphalt Ridge Option, Heavy Sweet is required to pay that amount to the
named operator of the properties, to pay for engineering, procurement, operations, sales, and logistics activities on the properties.
On
December 29, 2023, the Company and Heavy Sweet entered into an Amendment to the AR Agreement (the “AR Amendment”), pursuant
to which the Company and Heavy Sweet amended the AR Agreement to provide that, within three business days of the effective date of the
AR Amendment, the Company would fund $200,000 of the $2,000,000 total purchase price in exchange for the Company receiving an immediate
2% interest in the leases, which advanced funds would be used solely for the building of roads and related infrastructure in furtherance
of the development plan. On December 29, 2023, the Company paid the $200,000 advance to Heavy Sweet and was assigned a 2% interest in
the leases.
Amendment
to October 2023 SPA and Second Tranche Financing
On
December 29, 2023, the Company and an investor entered into an Amendment to the October 2023 SPA (see Note 9), whereby in connection
with the closing of the second tranche, (i) the fixed conversion price of the convertible promissory note issued and (ii) the exercise
price of the warrant issued in connection with the second tranche were both reduced from $1.20 to $0.50. The closing of the second tranche
will be in the principal amount of $550,000.
On
January 2, 2024, the Company closed on the second tranche and received gross proceeds of $511,500; in consideration for the funding,
the Company issued to the investor a note in the principal amount of $550,000 with a conversion price of $0.50, subject to certain adjustments
and a warrant to purchase up to 445,561 shares of common stock at an initial exercise price of $0.50 per share, subject to certain adjustments.
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v3.24.1.1.u2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
12 Months Ended |
Oct. 31, 2023 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Basis
of Presentation
The
accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States
of America (“US GAAP”).
|
Use of Estimates |
Use
of Estimates
The
preparation of financial statements in accordance with US GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets, liabilities, equity-based transaction and disclosure of contingent assets and liabilities at the date of
the financial statements, and the revenue and expenses during the reporting period.
Making
estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of
a condition, situation or set of circumstances that existed at the date of the financial statement, which management considered in formulating
its estimate, could change in the near term due to one or more future confirming events. Some of the more significant estimates required
to be made by management include estimates of oil and natural gas reserves (when and if assigned) and related present value estimates
of future net cash flows therefrom, the carrying value of oil and natural gas properties, accounts receivable, bad debt expense, ARO
and the valuation of equity-based transactions. Accordingly, actual results could differ significantly from those estimates.
|
Cash and cash equivalents |
Cash
and cash equivalents
The
Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.
The Company had no cash equivalents as of October 31, 2023 and 2022.
|
Prepaid Expenses |
Prepaid
Expenses
Prepaid
expenses consist primarily of prepaid services which will be expensed as the services are provided within twelve months. As of October
31, 2023 and 2022, the balances of the prepaids account were $133,417 and $35,000, respectively.
|
Deferred Offering Costs |
Deferred
Offering Costs
Deferred
offering costs consist of professional fees, filing, regulatory and other costs incurred through the balance sheet date that are directly
related to the planned IPO (see Note 4). As of October 31, 2023 and 2022, offering costs in the aggregate of $0 and $1,643,881, respectively,
were deferred.
|
Debt Issuance Costs |
Debt
Issuance Costs
Costs
incurred in connection with the issuance of the Company’s debt have been recorded as a direct reduction against the debt and amortized
over the life of the associated debt as a component of interest expense. As of October 31, 2023 and 2022, the Company recorded $350,320
and $575,438 in debt issuance costs.
|
Oil and Gas Assets and Exploration Costs - Successful Efforts |
Oil
and Gas Assets and Exploration Costs - Successful Efforts
The
Company’s projects are in early development and/or exploration stages and it has not yet realized any revenues from its
operations. It applies the successful efforts method of accounting for crude oil and natural gas properties. Under this method,
exploration costs such as exploratory, geological, and geophysical costs, delay rentals and exploratory overhead are expensed as
incurred. If an exploratory property provides evidence to justify potential development of reserves, drilling costs associated with
the property are initially capitalized, or suspended, pending a determination as to whether a commercially sufficient quantity of
proved reserves can be attributed to the area as a result of drilling. At the end of each quarter, management reviews the status of
all suspended exploratory property costs considering ongoing exploration activities; in particular, whether the Company is making
sufficient progress in its ongoing exploration and appraisal efforts. If management determines that future appraisal drilling or
development activities are unlikely to occur, associated exploratory well costs are expensed.
Costs
to acquire mineral interests in crude oil and/or natural gas properties, drill and equip exploratory wells that find proved reserves
and drill and equip development wells are capitalized. Acquisition costs of unproved leaseholds are assessed for impairment during the
holding period and transferred to proven crude oil and/or natural gas properties to the extent associated with successful exploration
activities. Significant undeveloped leases are assessed individually for impairment, based on the Company’s current exploration
plans, and a valuation allowance is provided if impairment is indicated. Capitalized costs from successful exploration and development
activities associated with producing crude oil and/or natural gas leases, along with capitalized costs for support equipment and facilities,
are amortized to expense using the unit-of-production method based on proved crude oil and/or natural gas reserves on a field-by-field
basis, as estimated by qualified petroleum engineers. As of October 31, 2023 and 2022, all of the Company’s oil and gas properties
were classified as unproved properties and were not subject to depreciation, depletion and amortization.
|
Unproved oil and natural gas properties |
Unproved
oil and natural gas properties
Unproved
oil and natural gas properties consist of costs incurred to acquire unproved leases. Unproved lease acquisition costs are capitalized
until the lease expires or when the Company specifically identifies a lease that will revert to the lessor, at which time it charges
the associated unproved lease acquisition costs to exploration costs.
Unproved
oil and natural gas properties are not subject to amortization and are assessed periodically for impairment on a property-by-property
basis based on remaining lease terms, drilling results or future plans to develop acreage. All of the Company’s natural gas properties
were classified as unproved as of October 31, 2023 and 2022; see further discussion in Note 5.
|
Impairment of Other Long-lived Assets |
Impairment
of Other Long-lived Assets
The
Company reviews the carrying value of its long-lived assets annually or whenever events or changes in circumstances indicate that the
historical cost-carrying value of an asset may no longer be appropriate. The Company assesses the recoverability of the carrying value
of the asset by estimating the future net undiscounted cash flows expected to result from the asset, including eventual disposition.
If the future net undiscounted cash flows are less than the carrying value of the asset, an impairment loss is recorded equal to the
difference between the asset’s carrying value and estimated fair value. With regards to oil and gas properties, this assessment
applies to proved properties.
As
of October 31, 2023 and 2022, the Company had no impairment of long-lived assets.
|
Asset Retirement Obligations |
Asset
Retirement Obligations
ARO
consists of future plugging and abandonment expenses on oil and natural gas properties. In connection with the South Salinas Project
acquisition described above, the Company acquired the plugging and abandonment liabilities associated with six non-producing wells. The
fair value of the ARO was recorded as a liability in the period in which the wells were acquired with a corresponding increase in the
carrying amount of oil and natural gas properties not subject to impairment. The Company plans to utilize the six wellbores acquired
in the South Salinas Project acquisition in future exploration activities. The liability is accreted for the change in its present value
each period based on the expected dates that the wellbores will be required to be plugged and abandoned. The capitalized cost of ARO
is included in oil and gas properties and is a component of oil and gas property costs for purposes of impairment and, if proved reserves
are found, such capitalized costs will be depreciated using the units-of-production method. The asset and liability are adjusted for
changes resulting from revisions to the timing or the amount of the original estimate when deemed necessary. If the liability is settled
for an amount other than the recorded amount, a gain or loss is recognized.
Components
of the changes in ARO for the years ended October 31, 2022 and 2023 are shown below:
SCHEDULE
OF COMPONENTS OF CHANGES IN ARO
ARO, ending balance - October 31, 2021 | |
$ | 45,535 | |
Accretion expense | |
| 2,778 | |
ARO, ending balance - October 31, 2022 | |
| 48,313 | |
Accretion expense | |
| 2,778 | |
ARO, ending balance - October 31, 2023 | |
| 51,091 | |
Less: ARO - current | |
| 2,778 | |
ARO, net of current portion - October 31, 2023 | |
$ | 48,313 | |
|
Related Parties |
Related
Parties
Related
parties are directly or indirectly related to the Company, through one or more intermediaries and are in control, controlled by, or under
common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate
families of principal owners of the Company and its management and other parties with which the Company may deal if one party controls
or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might
be prevented from fully pursuing its own separate interests. The Company discloses all related party transactions. On September 14, 2021,
the Company acquired an 82.75% working interest (which was subsequently increased to an 85.75% working interest as of April 2023) in
the South Salinas Project from Trio LLC in exchange for cash, a note payable to Trio LLC and the issuance of 4.9 million shares of common
stock. As of the date of the acquisition, Trio LLC owned 45% of the outstanding shares of the Company and was considered a related party.
As of October 31, 2023 and 2022, Trio LLC owned less than 1% and 29%, respectively, of the outstanding shares of the Company.
|
Income Taxes |
Income
Taxes
Deferred
tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement
carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets, including tax loss and credit
carry forwards, and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those
temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates
is recognized in income in the period that includes the enactment date.
The
Company utilizes ASC 740, Income Taxes, which requires the recognition of deferred tax assets and liabilities for the expected
future tax consequences of events that have been included in the financial statements or tax returns. The Company accounts for income
taxes using the asset and liability method to compute the differences between the tax basis of assets and liabilities and the related
financial amounts, using currently enacted tax rates. A valuation allowance is recorded when it is “more likely than not”
that a deferred tax asset will not be realized. At October 31, 2023 and 2022, the Company’s net deferred tax asset has been fully
reserved.
For
uncertain tax positions that meet a “more likely than not” threshold, the Company recognizes the benefit of uncertain tax
positions in the financial statements. The Company’s practice is to recognize interest and penalties, if any, related to uncertain
tax positions in income tax expense in the statements of operations when a determination is made that such expense is likely. The Company
is subject to income tax examinations by major taxing authorities since inception.
|
Fair Value Measurements |
Fair
Value Measurements
The
carrying values of financial instruments comprising cash and cash equivalents, payables, and notes payable-related party approximate
fair values due to the short-term maturities of these instruments. The notes payable- related party is considered a level 3 measurement.
As defined in ASC 820, Fair Value Measurements and Disclosures, fair value is the price that would be received to sell an asset
or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company
utilizes market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about
risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or
generally unobservable. ASC 820 establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy
gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and
the lowest priority to unobservable inputs (Level 3 measurement). This fair value measurement framework applies to both initial and subsequent
measurement.
Level
1: |
Quoted
prices are available in active markets for identical assets or liabilities as of the reporting date. |
|
|
Level
2: |
Pricing
inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as
of the reported date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies.
|
|
|
Level
3: |
Pricing
inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally
developed methodologies that result in management’s best estimate of fair value. The significant unobservable inputs used in
the fair value measurement for nonrecurring fair value measurements of long-lived assets include pricing models, discounted cash
flow methodologies and similar techniques. |
There
are no assets or liabilities measured at fair value on a recurring basis. Assets and liabilities accounted for at fair value on a non-recurring
basis in accordance with the fair value hierarchy include the initial allocation of the asset acquisition purchase price, including asset
retirement obligations, the fair value of oil and natural gas properties and the assessment of impairment.
The
fair value measurements and allocation of assets acquired are measured on a nonrecurring basis on the acquisition date using an income
valuation technique based on inputs that are not observable in the market and therefore represent Level 3 inputs. Significant inputs
used to determine the fair value include estimates of: (i) reserves; (ii) future commodity prices; (iii) operating and development costs;
and (iv) a market-based weighted average cost of capital rate. The underlying commodity prices embedded in the Company’s estimated
cash flows are the product of a process that begins with NYMEX forward curve pricing, adjusted for estimated location and quality differentials,
as well as other factors that the Company’s management believes will impact realizable prices. These inputs require significant
judgments and estimates by the Company’s management at the time of the valuation.
The
fair value of additions to the asset retirement obligation liabilities is measured using valuation techniques consistent with the income
approach, which converts future cash flows to a single discounted amount. Significant inputs to the valuation include: (i) estimated
plug and abandonment cost per well for all oil and natural gas wells and for all disposal wells; (ii) estimated remaining life per well;
(iii) future inflation factors; and (iv) the Company’s average credit-adjusted risk-free rate. These assumptions represent Level
3 inputs.
If
the carrying amount of its proved oil and natural gas properties, which are assessed for impairment under ASC 360 - Property,
Plant and Equipment, exceeds the estimated undiscounted future cash flows, the Company will adjust the carrying amount of the oil
and natural gas properties to fair value. The fair value of its oil and natural gas properties is determined using valuation techniques
consistent with the income and market approach. The factors used to determine fair value are subject to management’s judgment and
expertise and include, but are not limited to, recent sales prices of comparable properties, the present value of future cash flows,
net of estimated operating and development costs using estimates of proved reserves, future commodity pricing, future production estimates,
anticipated capital expenditures, and various discount rates commensurate with the risk and current market conditions associated with
the expected cash flow projected. These assumptions represent Level 3 inputs.
|
Net Loss Per Share |
Net
Loss Per Share
Basic
and diluted net loss per share is computed by dividing net loss by the weighted average number of common shares outstanding during the
reporting period. Diluted earnings per share is computed similar to basic loss per share, except the weighted average number of common
shares outstanding are increased to include additional shares from the assumed exercise of share options, warrants and convertible notes,
if dilutive.
The
following common share equivalents are excluded from the calculation of weighted average common shares outstanding, because their inclusion
would have been anti-dilutive (see Note 10):
SCHEDULE
OF WEIGHTED AVERAGE COMMON SHARES OUTSTANDING ANTI-DILUTIVE
| |
As
of October 31, | | |
As
of October 31, | |
| |
2023 | | |
2022 | |
Warrants (Note 9, Note 10) | |
| 396,247 | (4) | |
| 693,107 | (1) |
Convertible Notes (Note 9, Note 10) | |
| - | | |
| 2,772,429 | (2) |
Commitment Shares (Note 9, Note 10) | |
| - | | |
| 321,428 | (3) |
Restricted stock units and shares (Note 6, Note 10) | |
| - | | |
| 1,400,000 | (5) |
Total potentially dilutive securities | |
| 396,247 | | |
| 4,486,964 | |
(1) |
Balance
includes warrants issued per the January 2022 Securities Purchase Agreement (“January 2022 SPA”) with GPL Ventures, LLC
(“GPL”), which are exercisable into up to 50% of the number of shares of common stock issued upon full conversion of
the Notes, with an exercise price equal to the conversion price. |
(2) |
Upon
IPO, the debt will convert into a variable number of shares; the number of conversion shares is equal to the outstanding principal
amount divided by the conversion price, which is equal to the lesser of a) the IPO price or b) the opening price of the common stock
on the first trading day after the IPO multiplied by the discount of 50%. |
(3) |
The
number of commitment shares to be issued is a variable number of shares for a fixed total dollar amount of $1,125,000, which is 25%
of the aggregate Notes principal balance divided by the offering price of the IPO. |
(4) |
Balance
consists of potentially dilutive shares based on 1,766,702 outstanding, equity classified warrants. |
(5) |
Balance
consists of restricted stock units granted to five outside directors and restricted shares issued to executives. |
|
Environmental Expenditures |
Environmental
Expenditures
The
operations of the Company have been, and may in the future be, affected from time to time to varying degree by changes in environmental
regulations, including those for future reclamation and site restoration costs. Both the likelihood of new regulations and their overall
effect upon the Company vary greatly and are not predictable. The Company’s policy is to meet or, if possible, surpass standards
set by relevant legislation by application of technically proven and economically feasible measures.
Environmental
expenditures that relate to ongoing environmental and reclamation programs are charged against earnings as incurred or capitalized and
amortized depending on their future economic benefits. All of these types of expenditures incurred since inception have been charged
against earnings due to the uncertainty of their future recoverability. Estimated future reclamation and site restoration costs, when
the ultimate liability is reasonably determinable, are charged against earnings over the estimated remaining life of the related business
operation, net of expected recoveries.
|
Recent Accounting Pronouncements |
Recent
Accounting Pronouncements
All
recently issued but not yet effective accounting pronouncements have been deemed to be not applicable or immaterial to the Company.
|
Reclassification of Expenses |
Reclassification
of Expenses
Certain
amounts in the prior periods presented have been reclassified to the current period financial statement presentation. This reclassification
has no effect on previously reported net income.
|
Subsequent Events |
Subsequent
Events
The
Company evaluated all events and transactions that occurred after October 31, 2023 through the date of the filing of this report. See
Note 11 for such events and transactions.
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v3.24.1.1.u2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
12 Months Ended |
Oct. 31, 2023 |
Accounting Policies [Abstract] |
|
SCHEDULE OF COMPONENTS OF CHANGES IN ARO |
Components
of the changes in ARO for the years ended October 31, 2022 and 2023 are shown below:
SCHEDULE
OF COMPONENTS OF CHANGES IN ARO
ARO, ending balance - October 31, 2021 | |
$ | 45,535 | |
Accretion expense | |
| 2,778 | |
ARO, ending balance - October 31, 2022 | |
| 48,313 | |
Accretion expense | |
| 2,778 | |
ARO, ending balance - October 31, 2023 | |
| 51,091 | |
Less: ARO - current | |
| 2,778 | |
ARO, net of current portion - October 31, 2023 | |
$ | 48,313 | |
|
SCHEDULE OF WEIGHTED AVERAGE COMMON SHARES OUTSTANDING ANTI-DILUTIVE |
The
following common share equivalents are excluded from the calculation of weighted average common shares outstanding, because their inclusion
would have been anti-dilutive (see Note 10):
SCHEDULE
OF WEIGHTED AVERAGE COMMON SHARES OUTSTANDING ANTI-DILUTIVE
| |
As
of October 31, | | |
As
of October 31, | |
| |
2023 | | |
2022 | |
Warrants (Note 9, Note 10) | |
| 396,247 | (4) | |
| 693,107 | (1) |
Convertible Notes (Note 9, Note 10) | |
| - | | |
| 2,772,429 | (2) |
Commitment Shares (Note 9, Note 10) | |
| - | | |
| 321,428 | (3) |
Restricted stock units and shares (Note 6, Note 10) | |
| - | | |
| 1,400,000 | (5) |
Total potentially dilutive securities | |
| 396,247 | | |
| 4,486,964 | |
(1) |
Balance
includes warrants issued per the January 2022 Securities Purchase Agreement (“January 2022 SPA”) with GPL Ventures, LLC
(“GPL”), which are exercisable into up to 50% of the number of shares of common stock issued upon full conversion of
the Notes, with an exercise price equal to the conversion price. |
(2) |
Upon
IPO, the debt will convert into a variable number of shares; the number of conversion shares is equal to the outstanding principal
amount divided by the conversion price, which is equal to the lesser of a) the IPO price or b) the opening price of the common stock
on the first trading day after the IPO multiplied by the discount of 50%. |
(3) |
The
number of commitment shares to be issued is a variable number of shares for a fixed total dollar amount of $1,125,000, which is 25%
of the aggregate Notes principal balance divided by the offering price of the IPO. |
(4) |
Balance
consists of potentially dilutive shares based on 1,766,702 outstanding, equity classified warrants. |
(5) |
Balance
consists of restricted stock units granted to five outside directors and restricted shares issued to executives. |
|
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v3.24.1.1.u2
OIL AND NATURAL GAS PROPERTIES (Tables)
|
12 Months Ended |
Oct. 31, 2023 |
Property, Plant and Equipment [Abstract] |
|
SCHEDULE OF OIL AND NATURAL GAS PROPERTIES |
The
following tables summarize the Company’s oil and gas activities.
SCHEDULE OF OIL AND NATURAL GAS PROPERTIES
| |
As
of October 31, | | |
As
of October 31, | |
| |
2023 | | |
2022 | |
Oil and gas properties - not subject to amortization | |
$ | 9,947,742 | | |
$ | 5,836,232 | |
Accumulated impairment | |
| - | | |
| - | |
Oil and gas properties - not subject to amortization, net | |
$ | 9,947,742 | | |
$ | 5,836,232 | |
|
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v3.24.1.1.u2
INCOME TAXES (Tables)
|
12 Months Ended |
Oct. 31, 2023 |
Income Tax Disclosure [Abstract] |
|
SCHEDULE OF DEFERRED TAX ASSETS |
Significant
components of the Company’s deferred tax assets are summarized below.
SCHEDULE OF DEFERRED TAX ASSETS
| |
As of October 31, | | |
As of October 31, | |
| |
2023 | | |
2022 | |
Deferred tax assets: | |
| | | |
| | |
Net operating loss carry forwards | |
$ | 1,095,000 | | |
$ | 797,000 | |
Total deferred tax asset | |
| 1,095,000 | | |
| 797,000 | |
Valuation allowance | |
| (1,095,000 | ) | |
| (797,000 | ) |
Deferred tax asset, net | |
$ | - | | |
$ | - | |
|
SCHEDULE OF EFFECTIVE FEDERAL INCOME TAX RATE RECONCILIATION |
A
reconciliation of the statutory federal income tax benefit to actual tax benefit is as follows:
SCHEDULE OF EFFECTIVE FEDERAL INCOME TAX RATE RECONCILIATION
| |
As of October 31, | | |
As of October 31, | |
| |
2023 | | |
2022 | |
Federal statutory blended income tax rates | |
| (21 | )% | |
| (21 | )% |
State statutory income tax rate, net of federal benefit | |
| - | % | |
| - | % |
Change in valuation allowance | |
| 21 | % | |
| 21 | % |
Effective tax rate | |
| - | % | |
| - | % |
|
X |
- DefinitionTabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.
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v3.24.1.1.u2
NOTES PAYABLE (Tables)
|
12 Months Ended |
Oct. 31, 2023 |
Debt Disclosure [Abstract] |
|
SCHEDULE OF NOTES PAYABLE |
Notes
payable as of October 31, 2023 and 2022 consisted of the following:
SCHEDULE OF NOTES PAYABLE
|
|
As
of October 31, |
|
|
As
of October 31, |
|
|
|
2023 |
|
|
2022 |
|
Notes
payable - related party, net of discounts |
|
$ |
- |
|
|
$ |
1,025,497 |
|
Notes
payable - investors, net of discounts |
|
|
- |
|
|
|
4,137,720 |
|
Bridge
note, net of discounts |
|
|
- |
|
|
|
265,719 |
|
Convertible
note, net of discounts |
|
|
1,217,597 |
|
|
|
- |
|
Total
Notes payable |
|
$ |
1,217,597 |
|
|
$ |
5,428,936 |
|
|
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v3.24.1.1.u2
STOCKHOLDERS’ EQUITY (Tables)
|
12 Months Ended |
Oct. 31, 2023 |
Equity [Abstract] |
|
SCHEDULE OF WARRANT ACTIVITY |
A
summary of the warrant activity during the years ended October 31, 2023 and 2022 is presented below:
SCHEDULE OF WARRANT ACTIVITY
| |
Number of Warrants | | |
Weighted Average Exercise Price | | |
Weighted Average Remaining Life in Years | | |
Intrinsic Value | |
| |
| | |
| | |
| | |
| |
Outstanding, November 1, 2021 | |
| - | | |
$ | - | | |
| - | | |
$ | - | |
Issued | |
| - | | |
| - | | |
| - | | |
| - | |
Outstanding, November 1, 2022 | |
| - | | |
| - | | |
| - | | |
| - | |
Issued | |
| 4,776,046 | | |
| 1.04 | | |
| 3.1 | | |
| - | |
Exercised | |
| (2,901,298 | ) | |
| 1.03 | | |
| - | | |
| - | |
Cancelled | |
| - | | |
| - | | |
| - | | |
| - | |
Expired | |
| (108,047 | ) | |
| - | | |
| - | | |
| - | |
Outstanding, October 31, 2023 | |
| 1,766,702 | | |
$ | 1.12 | | |
| 3.9 | | |
$ | 211,200 | |
| |
| | | |
| | | |
| | | |
| | |
Exercisable, October 31, 2023 | |
| 1,766,702 | | |
$ | 1.12 | | |
| 3.9 | | |
$ | 211,200 | |
|
SCHEDULE OF OUTSTANDING AND EXERCISABLE WARRANTS |
A
summary of outstanding and exercisable warrants as of October 31, 2023 is presented below:
SCHEDULE OF OUTSTANDING AND EXERCISABLE WARRANTS
| Warrants Outstanding | | |
| Warrants Exercisable | |
| | | |
| | | |
| Weighted | | |
| | |
| | | |
| | | |
| Average | | |
| | |
| Exercise | | |
| Number of | | |
| Remaining | | |
| Number of | |
| Price | | |
| Shares | | |
| Life in Years | | |
| Shares | |
$ | 0.01 | | |
| 400,000 | | |
| 4.5 | | |
| 400,000 | |
$ | 1.50 | | |
| 400,000 | | |
| 1.1 | | |
| 400,000 | |
$ | 3.30 | | |
| 100,000 | | |
| 4.5 | | |
| 100,000 | |
$ | 1.20 | | |
| 866,702 | | |
| 4.9 | | |
| 866,702 | |
| | | |
| 1,766,702 | | |
| 3.9 | | |
| 1,766,702 | |
|
SCHEDULE OF STOCK OPTION ACTIVITY |
A
summary of the option activity during the years ended October 31, 2023 and 2022 is presented below:
SCHEDULE OF STOCK OPTION ACTIVITY
| |
Number of Options | | |
Weighted Average Exercise Price | | |
Weighted Average Remaining Life in Years | | |
Intrinsic Value | |
| |
| | |
| | |
| | |
| |
Outstanding, November 1, 2021 | |
| - | | |
$ | - | | |
| - | | |
$ | - | |
Issued | |
| - | | |
| - | | |
| - | | |
| - | |
Outstanding, November 1, 2022 | |
| - | | |
| - | | |
| - | | |
| - | |
Issued | |
| 120,000 | | |
| 0.52 | | |
| 4.8 | | |
| 1,800 | |
Exercised | |
| - | | |
| - | | |
| - | | |
| - | |
Cancelled | |
| - | | |
| - | | |
| - | | |
| - | |
Expired | |
| - | | |
| - | | |
| - | | |
| - | |
Outstanding, October 31, 2023 | |
| 120,000 | | |
$ | 0.52 | | |
| 4.8 | | |
$ | 1,800 | |
| |
| | | |
| | | |
| | | |
| | |
Exercisable, October 31, 2023 | |
| 90,000 | | |
$ | 0.52 | | |
| 4.8 | | |
$ | 1,350 | |
|
SCHEDULE OF OUTSTANDING AND EXERCISABLE OPTIONS |
A
summary of outstanding and exercisable options as of October 31, 2023 and 2022 is presented below:
SCHEDULE OF OUTSTANDING
AND EXERCISABLE OPTIONS
| Options Outstanding | | |
| Options Exercisable | |
| | | |
| | | |
| Weighted | | |
| | |
| | | |
| | | |
| Average | | |
| | |
| Exercise | | |
| Number of | | |
| Remaining | | |
| Number of | |
| Price | | |
| Shares | | |
| Life in Years | | |
| Shares | |
$ | 0.52 | | |
| 120,000 | | |
| 4.8 | | |
| 90,000 | |
| | | |
| 120,000 | | |
| 4.8 | | |
| 90,000 | |
|
SCHEDULE OF ASSUMPTIONS USED IN BLACK-SCHOLES VALUATION METHOD FOR OPTIONS |
The
assumptions used in the Black-Scholes valuation method for these options issued in 2023 were as follows:
SCHEDULE
OF ASSUMPTIONS USED IN BLACK-SCHOLES VALUATION METHOD FOR OPTIONS
Risk
free interest rate |
|
4.36% |
Expected
term (years) |
|
5.0 |
Expected
volatility |
|
137.1% |
Expected
dividends |
|
0% |
|
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v3.24.1.1.u2
NATURE OF THE ORGANIZATION AND BUSINESS (Details Narrative)
|
|
|
|
1 Months Ended |
|
|
Apr. 20, 2023
USD ($)
shares
|
Dec. 17, 2021
USD ($)
$ / shares
shares
|
Sep. 14, 2021
USD ($)
shares
|
Apr. 30, 2023
shares
|
Oct. 31, 2023
a
ft²
$ / shares
|
Oct. 31, 2022
ft²
$ / shares
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
Common stock price per share | $ / shares |
|
|
|
|
$ 0.0001
|
$ 0.0001
|
Acres of property | a |
|
|
|
|
8,417
|
|
IPO [Member] |
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
Number of shares issued |
|
|
|
375,000
|
|
|
Number of shares sold |
2,000,000
|
|
|
2,000,000
|
|
|
Gross proceeds from sale of shares | $ |
$ 6,000,000
|
|
|
|
|
|
Trio LLC [Member] |
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
Number of shares issued |
|
|
4,900,000
|
|
|
|
Business acquisition percentage. |
|
|
45.00%
|
|
1.00%
|
29.00%
|
Trio LLC [Member] | Purchase and Sale Agreement [Member] |
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
Payments to acquire businesses net of cash acquired | $ |
|
|
$ 300,000
|
|
|
|
Non interest bearing notes payable | $ |
|
$ 3,700,000
|
|
|
|
|
Number of shares issued |
|
4,900,000
|
|
|
|
|
Common stock price per share | $ / shares |
|
$ 0.0001
|
|
|
|
|
Working interest percentage |
|
|
|
3.00%
|
|
|
Acres of property | ft² |
|
|
|
|
9,300
|
9,300
|
Trio LLC [Member] | South Salinas Project [Member] |
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
Business acquisition increase in percentage of working interest |
|
|
|
|
82.75%
|
|
Business acquisition percentage |
|
|
82.75%
|
85.75%
|
85.75%
|
|
Trio LLC [Member] | South Salinas Project [Member] | Purchase and Sale Agreement [Member] |
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
Business acquisition percentage |
|
|
82.75%
|
|
|
|
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v3.24.1.1.u2
SCHEDULE OF COMPONENTS OF CHANGES IN ARO (Details) - USD ($)
|
12 Months Ended |
Oct. 31, 2023 |
Oct. 31, 2022 |
Accounting Policies [Abstract] |
|
|
ARO, ending balance |
$ 48,313
|
$ 45,535
|
Accretion expense |
2,778
|
2,778
|
ARO, ending balance |
51,091
|
48,313
|
Less: ARO - current |
2,778
|
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ARO, net of current portion |
$ 48,313
|
$ 45,535
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v3.24.1.1.u2
SCHEDULE OF WEIGHTED AVERAGE COMMON SHARES OUTSTANDING ANTI-DILUTIVE (Details) - shares
|
12 Months Ended |
Oct. 31, 2023 |
Oct. 31, 2022 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Total potentially dilutive securities |
396,247
|
|
4,486,964
|
|
Warrant [Member] |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Warrents |
396,247
|
[1] |
693,107
|
[2] |
Convertible Notes [Member] |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Convertible Notes |
|
|
2,772,429
|
[3] |
Commitment Shares [Member] |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Restricted stock units and share |
|
|
321,428
|
[4] |
Restricted Stock Units (RSUs) [Member] |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Restricted stock units and share |
|
|
1,400,000
|
[5] |
|
|
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v3.24.1.1.u2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) shares in Millions |
Sep. 14, 2021 |
Oct. 31, 2023 |
Apr. 30, 2023 |
Oct. 31, 2022 |
Cash equivalents |
|
$ 0
|
|
$ 0
|
Prepaid expense, current |
|
133,417
|
|
35,000
|
Deferred offering costs |
|
|
|
1,643,881
|
Debt issuance costs, gross |
|
350,320
|
|
575,438
|
Impairment of long-lived assets |
|
$ 0
|
|
$ 0
|
Trio LLC [Member] |
|
|
|
|
Issuance of share |
4.9
|
|
|
|
Business acquisition percentage. |
45.00%
|
1.00%
|
|
29.00%
|
Trio LLC [Member] | South Salinas Project [Member] |
|
|
|
|
Business acquisition percentage. |
82.75%
|
85.75%
|
85.75%
|
|
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v3.24.1.1.u2
GOING CONCERN AND MANAGEMENT’S LIQUIDITY PLANS (Details Narrative) - USD ($)
|
|
|
|
12 Months Ended |
Oct. 31, 2023 |
Oct. 04, 2023 |
Apr. 20, 2023 |
Oct. 31, 2023 |
Oct. 31, 2022 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
Cash |
$ 1,561,924
|
|
|
$ 1,561,924
|
$ 73,648
|
Working capital |
156,045
|
|
|
156,045
|
|
Proceeds from public offering |
4,940,000
|
|
$ 4,940,000
|
6,000,000
|
|
Accumulated deficit |
10,446,882
|
|
|
10,446,882
|
$ 3,902,456
|
October 2023 SPA [Member] |
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
Original issue discount rate |
|
7.00%
|
|
|
|
Two Tranches [Member] | October 2023 SPA [Member] |
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
Debt instrument, issued, principal |
|
$ 3,500,000
|
|
|
|
First Tranche [Member] | October 2023 SPA [Member] |
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
Debt instrument, issued, principal |
|
$ 1,900,000
|
|
|
|
Three Investors [Member] |
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
Principal amount |
440,000
|
|
|
440,000
|
|
Related Party [Member] |
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
Non-interest-bearing note payable |
$ 1,032,512
|
|
|
$ 1,032,512
|
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v3.24.1.1.u2
INITIAL PUBLIC OFFERING (Details Narrative) - USD ($)
|
|
|
1 Months Ended |
12 Months Ended |
|
Oct. 31, 2023 |
Apr. 20, 2023 |
Apr. 30, 2023 |
Oct. 31, 2023 |
Oct. 31, 2022 |
Dec. 31, 2022 |
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
Proceeds from public offering |
$ 4,940,000
|
$ 4,940,000
|
|
$ 6,000,000
|
|
|
IPO [Member] |
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
Number of sale of stock |
|
2,000,000
|
2,000,000
|
|
|
|
Sale of stock price per share |
|
$ 3.00
|
$ 3.00
|
|
|
|
Proceeds from sale of stock |
|
$ 6,000,000
|
|
|
|
|
Public offering price, percentage |
|
|
|
|
|
110.00%
|
Over-Allotment Option [Member] |
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
Warrants to purchase shares |
|
100,000
|
|
|
|
100,000
|
Warrants exercise price |
|
$ 3.30
|
|
|
|
$ 3.30
|
Public offering price, percentage |
|
110.00%
|
|
|
|
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v3.24.1.1.u2
SCHEDULE OF OIL AND NATURAL GAS PROPERTIES (Details) - USD ($)
|
Oct. 31, 2023 |
Oct. 31, 2022 |
Property, Plant and Equipment [Abstract] |
|
|
Oil and gas properties - not subject to amortization |
$ 9,947,742
|
$ 5,836,232
|
Accumulated impairment |
|
|
Oil and gas properties - not subject to amortization, net |
$ 9,947,742
|
$ 5,836,232
|
X |
- DefinitionDepletion of oil and gas property carried under the full cost method.
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v3.24.1.1.u2
OIL AND NATURAL GAS PROPERTIES (Details Narrative)
|
|
|
1 Months Ended |
2 Months Ended |
12 Months Ended |
|
|
|
Oct. 16, 2023
USD ($)
|
Dec. 22, 2022
USD ($)
|
Apr. 30, 2023
USD ($)
|
Mar. 31, 2023
USD ($)
a
ft²
|
Oct. 31, 2023
USD ($)
a
|
Oct. 31, 2022
USD ($)
|
May 12, 2023 |
May 27, 2022
USD ($)
|
Sep. 14, 2021 |
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
|
|
|
Exploration costs |
|
|
|
|
$ 251,743
|
$ 28,669
|
|
|
|
Capitalized costs |
|
|
|
|
4,111,510
|
|
|
|
|
Acquisition costs |
|
|
|
|
$ 262,022
|
|
|
|
|
Non refundable payment |
|
|
|
|
|
$ 252,512
|
|
$ 252,512
|
|
Area of land | a |
|
|
|
|
8,417
|
|
|
|
|
Cost, depletion |
|
|
|
|
$ 0
|
|
|
|
|
Option fee |
|
$ 150,000
|
|
|
|
|
|
|
|
Reserve analysis optioned asset |
|
|
|
|
39,000
|
|
|
|
|
Payment of execution |
$ 100,000
|
|
|
|
|
|
|
|
|
Adjustments to additional paid in capital, other |
$ 400,000
|
|
|
|
|
|
|
|
|
Payment capitalized cost |
|
|
|
|
$ 100,000
|
|
|
|
|
Trio LLC [Member] |
|
|
|
|
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
|
|
|
Cash paid for additional acquisition |
|
|
$ 60,000
|
|
|
|
|
|
|
Second Aforementioned [Member] |
|
|
|
|
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
|
|
|
Area of land | a |
|
|
|
|
160
|
|
|
|
|
Payments for rent |
|
|
|
|
$ 30
|
|
|
|
|
Group One [Member] |
|
|
|
|
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
|
|
|
Area of land | a |
|
|
|
360
|
|
|
|
|
|
Payments for rent |
|
|
|
$ 25
|
|
|
|
|
|
Lease term |
|
|
|
20 years
|
|
|
|
|
|
Group Two [Member] |
|
|
|
|
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
|
|
|
Area of land | ft² |
|
|
|
307.75
|
|
|
|
|
|
Payments for rent |
|
|
|
$ 30
|
|
|
|
|
|
Lease term |
|
|
|
20 years
|
|
|
|
|
|
South Salinas Project [Member] |
|
|
|
|
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
|
|
|
Exploration costs |
|
|
|
|
3,749,488
|
|
|
|
|
Capitalized costs |
|
|
|
|
$ 4,011,510
|
|
|
|
|
South Salinas Project [Member] | Trio LLC [Member] |
|
|
|
|
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
|
|
|
Percentage of working interest |
|
|
85.75%
|
|
85.75%
|
|
|
|
82.75%
|
McCool Ranch Oil Field [Member] |
|
|
|
|
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
|
|
|
Capitalized costs |
|
|
|
|
$ 100,000
|
|
|
|
|
McCool Ranch Oil Field [Member] | Trio LLC [Member] |
|
|
|
|
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
|
|
|
Percentage of working interest |
|
44.00%
|
|
|
|
|
|
|
|
Ken Fron Field [Member] | Trio LLC [Member] |
|
|
|
|
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
|
|
|
Percentage of working interest |
|
22.00%
|
|
|
|
|
|
|
|
Union Ave Field [Member] |
|
|
|
|
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
|
|
|
Percentage of working interest |
|
|
|
|
|
|
100.00%
|
|
|
Union Ave Field [Member] | Trio LLC [Member] |
|
|
|
|
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
|
|
|
Percentage of working interest |
|
20.00%
|
|
|
|
|
|
|
|
Trio LLC [Member] |
|
|
|
|
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
|
|
|
Percentage of working interest |
|
|
3.02647%
|
|
|
|
|
|
|
Trio LLC [Member] | Ken Fron Field [Member] |
|
|
|
|
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
|
|
|
Percentage of working interest |
21.91832%
|
|
|
|
|
|
|
|
|
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v3.24.1.1.u2
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)
|
|
|
|
|
|
|
|
|
|
|
|
1 Months Ended |
9 Months Ended |
12 Months Ended |
|
|
|
Oct. 23, 2023 |
Oct. 16, 2023 |
Sep. 02, 2023 |
Jul. 20, 2023 |
May 01, 2023 |
Apr. 20, 2023 |
Dec. 22, 2022 |
Jul. 11, 2022 |
May 27, 2022 |
Dec. 17, 2021 |
Sep. 14, 2021 |
May 31, 2023 |
Apr. 30, 2023 |
Dec. 31, 2022 |
Oct. 31, 2022 |
Feb. 28, 2022 |
Jul. 31, 2023 |
Oct. 31, 2023 |
Oct. 31, 2022 |
Jul. 11, 2023 |
Jun. 23, 2023 |
May 02, 2023 |
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Working interest percentage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
85.75%
|
|
|
|
|
Long term asset advance to operators |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 1,900,000
|
|
|
|
$ 1,900,000
|
|
|
|
Option fee |
|
|
|
|
|
|
$ 150,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment of execution |
|
$ 100,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments to additional paid in capital, other |
|
$ 400,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment capitalized cost |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100,000
|
|
|
|
|
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
791,811
|
1,661,981
|
|
|
|
Fair value, per share |
|
$ 0.27
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregate fair value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
372,000
|
60,000
|
|
|
|
Stock based compensation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,044,261
|
$ 6,202
|
|
|
|
Unrecognized expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 267,659
|
|
|
|
|
Common stock, par value, per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.0001
|
|
|
$ 0.0001
|
$ 0.0001
|
|
|
|
Share-based compensation arrangement by share-based payment award, option, nonvested, weighted average exercise price |
$ 0.27
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2022 Equity Incentive Plan [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock based compensation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
440,219
|
$ 0
|
|
|
|
Unrecognized expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 1,064,781
|
|
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of common stock for cash net, shares |
|
|
|
|
|
12,500
|
|
|
|
|
|
|
|
400,000
|
|
|
|
400,000
|
10,000
|
|
|
|
Shares issued, price per share |
|
|
|
|
|
$ 2.00
|
|
|
|
|
|
|
|
$ 1.00
|
|
|
|
|
|
$ 1.21
|
$ 0.88
|
$ 2.10
|
Aggregate fair value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 40
|
$ 1
|
|
|
|
Common stock, par value, per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.0001
|
|
|
|
|
|
$ 0.0001
|
$ 0.0001
|
$ 0.0001
|
Restricted shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,125,000
|
|
|
|
|
Restricted value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 213
|
|
|
|
|
Michael L Peterson [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annual based salary |
|
$ 350,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discretionary bonus percentage |
|
100.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mr Peterson [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock based compensation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,341
|
|
|
|
|
Unrecognized expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
267,659
|
|
|
|
|
Restricted Stock Units (RSUs) [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of common stock for cash net, shares |
|
|
|
|
700,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued, price per share |
|
|
|
|
$ 2.15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregate fair value |
|
|
|
|
$ 1,505,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock based compensation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
96,016
|
0
|
|
|
|
Unrecognized expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
177,259
|
|
|
|
|
Restricted Stock Units (RSUs) [Member] | 2022 Equity Incentive Plan [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted shares, vesting rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25.00%
|
|
|
|
|
|
|
Restricted Stock Units (RSUs) [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of common stock for cash net, shares |
|
|
425,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued, price per share |
|
|
$ 0.64
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregate fair value |
|
|
$ 273,275
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, par value, per share |
|
|
$ 0.0001
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted Stock Units (RSUs) [Member] | Five Outside Director [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of common stock for cash net, shares |
|
|
|
|
|
|
|
60,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued, price per share |
|
|
|
|
|
|
|
$ 0.0001
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value, per share |
|
|
|
|
|
|
|
$ 0.29
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregate fair value |
|
|
|
|
|
|
|
$ 88,200
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted Stock Units (RSUs) [Member] | Director [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of common stock for cash net, shares |
|
|
|
|
|
|
|
60,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued, price per share |
|
|
|
|
|
|
|
$ 0.0001
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value, per share |
|
|
|
|
|
|
|
$ 0.29
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregate fair value |
|
|
|
|
|
|
|
$ 300,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock based compensation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
88,200
|
0
|
|
|
|
Unrecognized expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0
|
|
|
|
|
Restricted Stock Units (RSUs) [Member] | Mr Frank Ingriselli [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of common stock for cash net, shares |
|
|
|
200,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued, price per share |
|
|
|
$ 1.07
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregate fair value |
|
|
|
$ 213,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted Stock Units (RSUs) [Member] | Mr Frank Ingriselli [Member] | 2022 Equity Incentive Plan [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Grant of restricted shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,000,000
|
|
|
|
|
|
|
Restricted Stock Units (RSUs) [Member] | Mr Greg Overholtzer [Member] | 2022 Equity Incentive Plan [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Grant of restricted shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100,000
|
|
|
|
|
|
|
Restricted Stock Units (RSUs) [Member] | Six Employee Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value, per share |
|
|
|
|
|
|
|
|
|
|
|
$ 2.15
|
|
|
|
|
|
|
|
|
|
|
Aggregate fair value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,505,000
|
1,505,000
|
|
|
|
Stock based compensation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
440,219
|
0
|
|
|
|
Unrecognized expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 1,064,781
|
|
|
|
|
Grant of restricted shares |
|
|
|
|
|
|
|
|
|
|
|
700,000
|
|
|
|
|
|
|
|
|
|
|
Restricted shares, vesting rate |
|
|
|
|
|
|
|
|
|
|
|
25.00%
|
|
|
|
|
|
|
|
|
|
|
Restricted Stock Units (RSUs) [Member] | Mr. Ingriselli [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of common stock for cash net, shares |
|
|
|
200,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregate fair value |
|
|
|
$ 213,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock based compensation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 213,000
|
|
|
|
|
|
Fair value per share |
|
|
|
1.07
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted Stock Units (RSUs) [Member] | Mr Peterson [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted shares, vesting rate |
25.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted shares |
1,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted value |
$ 271,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IPO [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of common stock for cash net, shares |
|
|
|
|
|
|
|
|
|
|
|
|
375,000
|
|
|
|
|
|
|
|
|
|
Shares issued, price per share |
|
|
|
|
|
|
|
|
|
|
|
|
$ 3.00
|
|
|
|
|
|
|
|
|
|
Trio LLC [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid for additional acquisition |
|
|
|
|
|
|
|
|
|
|
|
|
$ 60,000
|
|
|
|
|
|
|
|
|
|
Issuance of common stock for cash net, shares |
|
|
|
|
|
|
|
|
|
|
4,900,000
|
|
|
|
|
|
|
|
|
|
|
|
Purchase and Sale Agreement [Member] | Trio LLC [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of common stock for cash net, shares |
|
|
|
|
|
|
|
|
|
4,900,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, par value, per share |
|
|
|
|
|
|
|
|
|
$ 0.0001
|
|
|
|
|
|
|
|
|
|
|
|
|
Trio LLC [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage of working interest |
|
|
|
|
|
|
|
|
|
|
|
|
3.02647%
|
|
|
|
|
|
|
|
|
|
Trio LLC [Member] | Purchase and Sale Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage of working interest |
|
|
|
|
|
|
|
|
|
|
82.75%
|
|
|
|
|
|
|
|
|
|
|
|
Trio LLC [Member] | Ken Fron Field [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage of working interest |
|
21.91832%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
South Salinas Project [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Working interest percentage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.80%
|
|
|
|
|
Long term asset advance to operators |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 1,900,000
|
|
|
$ 0
|
1,900,000
|
|
|
|
Optioned Assets Related Party [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Option fee |
|
|
|
|
|
|
$ 150,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Optioned Assets Related Party [Member] | Trio LLC [Member] | Hangman Hollow Field Asset [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage of working interest |
|
|
|
|
|
|
44.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Optioned Assets Related Party [Member] | Trio LLC [Member] | Ken Fron Field [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage of working interest |
|
|
|
|
|
|
22.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Optioned Assets Related Party [Member] | Trio LLC [Member] | Union Ave Field [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage of working interest |
|
|
|
|
|
|
20.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional Working Interest South Salinas Project [Member] | Trio LLC [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage of working interest |
|
|
|
|
|
|
|
|
|
|
|
|
3.02647%
|
|
|
|
|
|
|
|
|
|
Cash paid for additional acquisition |
|
|
|
|
|
|
|
|
|
|
|
|
$ 60,000
|
|
|
|
|
|
|
|
|
|
Notes Payable Related Party [Member] | Trio LLC [Member] | IPO [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related party transaction amounts of transaction |
|
|
|
|
|
|
|
|
$ 1,032,512
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes Payable Related Party [Member] | Trio LLC [Member] | Minimum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related party transaction amounts of transaction |
|
|
|
|
|
|
|
|
780,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes Payable Related Party [Member] | Trio LLC [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related party transaction amounts of transaction |
|
|
|
|
|
|
|
|
1,032,512
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes payable current |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,025,497
|
|
|
|
1,025,497
|
|
|
|
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,015
|
120,337
|
|
|
|
Notes payable current |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 2,920,000
|
|
|
1,032,512
|
2,920,000
|
|
|
|
Related Party [Member] | Trio LLC [Member] | IPO [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related party transaction amounts of transaction |
|
|
|
|
|
|
|
|
1,032,512
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party [Member] | Trio LLC [Member] | Minimum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related party transaction amounts of transaction |
|
|
|
|
|
|
|
|
780,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party [Member] | Trio LLC [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related party transaction amounts of transaction |
|
|
|
|
|
|
|
|
$ 1,032,512
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted Share Issued To Executives And Employees [Member] | Restricted Stock Units (RSUs) [Member] | Executives [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock based compensation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
161,700
|
$ 6,202
|
|
|
|
Unrecognized expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 155,498
|
|
|
|
|
Restricted Share Issued To Executives And Employees [Member] | Restricted Stock Units (RSUs) [Member] | Executives [Member] | 2022 Equity Incentive Plan [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of common stock for cash net, shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,100,000
|
|
|
|
|
|
|
|
Fair value, per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.294
|
|
|
|
|
|
|
Aggregate fair value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 323,400
|
|
|
|
|
|
|
|
Consulting Agreement Related Party [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consulting agreement percentage |
|
100.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consulting agreement fee |
|
$ 10,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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v3.24.1.1.u2
COMMITMENTS AND CONTINGENCIES (Details Narrative)
|
|
|
|
|
|
|
1 Months Ended |
12 Months Ended |
|
|
|
|
|
Sep. 21, 2023
shares
|
Apr. 20, 2023
$ / shares
shares
|
Jul. 28, 2022
USD ($)
|
Jul. 11, 2022
USD ($)
|
May 01, 2022
USD ($)
|
Sep. 14, 2021
shares
|
Apr. 30, 2023
shares
|
Oct. 31, 2023
USD ($)
a
|
Oct. 16, 2023
$ / shares
|
Mar. 31, 2023
a
|
Feb. 28, 2023
a
|
Oct. 31, 2022
USD ($)
|
May 27, 2022
USD ($)
|
Area of land | a |
|
|
|
|
|
|
|
8,417
|
|
|
|
|
|
Non refundable payment |
|
|
|
|
|
|
|
|
|
|
|
$ 252,512
|
$ 252,512
|
Annual retainer, additional |
|
|
|
|
|
|
|
$ 3,341
|
|
|
|
|
|
Share Price | $ / shares |
|
|
|
|
|
|
|
|
$ 0.27
|
|
|
|
|
Trio LLC [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of common stock for cash net, shares | shares |
|
|
|
|
|
4,900,000
|
|
|
|
|
|
|
|
Consulting fee |
|
|
|
|
$ 35,000
|
|
|
|
|
|
|
|
|
Accrued interest expense |
|
|
|
|
|
|
|
406,000
|
|
|
|
|
|
Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of common stock for cash net, shares | shares |
451,831
|
100,000
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument, Term |
|
5 years
|
|
|
|
|
|
|
|
|
|
|
|
Share Price | $ / shares |
|
$ 3.30
|
|
|
|
|
|
|
|
|
|
|
|
IPO [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Directors fees |
|
|
|
|
|
|
|
$ 156,154
|
|
|
|
|
|
Issuance of common stock for cash net, shares | shares |
|
|
|
|
|
|
375,000
|
|
|
|
|
|
|
Director [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Annual retainer, additional |
|
|
|
$ 50,000
|
|
|
|
|
|
|
|
|
|
Board Committee [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Annual retainer, additional |
|
|
|
$ 10,000
|
|
|
|
|
|
|
|
|
|
Advisors [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non refundable payment |
|
|
$ 25,000
|
|
|
|
|
|
|
|
|
|
|
Agreement with advisors, description |
|
|
cash fee or an underwriter
discount of 7.5% of the aggregate proceeds raised in the IPO, warrants to purchase a number of common shares equal to 5% of the aggregate
number of common shares placed in the IPO, an expense allowance of up to $150,000 for fees and expenses of legal counsel and other out-of-pocket
expenses and 1% of the gross proceeds of the IPO to Spartan for non-accountable expenses. The agreement also provides for an option to
Spartan that is exercisable within 45 days after the closing of the IPO to purchase up to an additional 15% of the total number of securities
offered by the Company in the IPO. For a period of 18 months following the July 28, 2023 expiration of the agreement, Spartan shall be
entitled to receive the same 7.5% cash fee and 5% warrant coverage compensation under the “tail” terms of the agreement with
respect to financing transactions the Company consummates with any party contacted or introduced by Spartan to the Company prior to the
expiration of the Spartan agreement.
|
|
|
|
|
|
|
|
|
|
|
Legal cost |
|
|
$ 150,000
|
|
|
|
|
|
|
|
|
|
|
IPO [Member] | Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Public offering price percentage |
|
110.00%
|
|
|
|
|
|
|
|
|
|
|
|
First Aforementioned [Member] | Unproved Property Lease [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Area of land | a |
|
|
|
|
|
|
|
8,417
|
|
|
|
|
|
Non refundable payment |
|
|
|
|
|
|
|
|
|
|
|
$ 252,512
|
|
Second Aforementioned [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Area of land | a |
|
|
|
|
|
|
|
160
|
|
|
|
|
|
Second Aforementioned [Member] | Unproved Property Lease [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Area of land | a |
|
|
|
|
|
|
|
160
|
|
|
|
|
|
Delay rental payments | a |
|
|
|
|
|
|
|
30
|
|
|
|
|
|
First Group [Member] | Unproved Property Lease [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Area of land | a |
|
|
|
|
|
|
|
|
|
360
|
360
|
|
|
Delay rental payments | a |
|
|
|
|
|
|
|
|
|
25
|
25
|
|
|
Second Group [Member] | Unproved Property Lease [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Area of land | a |
|
|
|
|
|
|
|
|
|
307.75
|
307.75
|
|
|
Delay rental payments | a |
|
|
|
|
|
|
|
|
|
30
|
30
|
|
|
Lease, term |
|
|
|
|
|
|
|
|
|
20 years
|
20 years
|
|
|
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v3.24.1.1.u2
SCHEDULE OF DEFERRED TAX ASSETS (Details) - USD ($)
|
Oct. 31, 2023 |
Oct. 31, 2022 |
Income Tax Disclosure [Abstract] |
|
|
Net operating loss carry forwards |
$ 1,095,000
|
$ 797,000
|
Total deferred tax asset |
1,095,000
|
797,000
|
Valuation allowance |
(1,095,000)
|
(797,000)
|
Deferred tax asset, net |
|
|
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- DefinitionAmount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.
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v3.24.1.1.u2
SCHEDULE OF NOTES PAYABLE (Details) - USD ($)
|
Oct. 31, 2023 |
Oct. 31, 2022 |
Short-Term Debt [Line Items] |
|
|
Total Notes payable |
$ 1,217,597
|
$ 5,428,936
|
Convertible note, net of discounts |
1,217,597
|
|
Bridge Loan [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Total Notes payable |
|
265,719
|
Investors [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Total Notes payable |
|
4,137,720
|
Investors [Member] | Bridge Loan [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Total Notes payable |
0
|
265,719
|
Related Party [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Total Notes payable |
|
$ 1,025,497
|
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v3.24.1.1.u2
NOTES PAYABLE (Details Narrative) - USD ($)
|
|
|
|
1 Months Ended |
12 Months Ended |
|
|
|
|
Oct. 04, 2023 |
May 27, 2022 |
Jan. 28, 2022 |
Sep. 30, 2022 |
Oct. 31, 2023 |
Oct. 31, 2022 |
Oct. 16, 2023 |
Apr. 30, 2023 |
Oct. 17, 2022 |
Sep. 14, 2021 |
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
|
|
$ 791,811
|
$ 1,661,981
|
|
|
|
|
Notes payable |
|
|
|
|
1,217,597
|
5,428,936
|
|
|
|
|
Gross proceeds |
|
|
|
|
|
4,820,000
|
|
|
|
|
Debt issuance costs |
|
|
|
|
350,320
|
575,438
|
|
|
|
|
Share price |
|
|
|
|
|
|
$ 0.27
|
|
|
|
Proceeds from convertible debt |
|
|
|
|
$ 2,000,000
|
|
|
|
|
|
Expected term |
|
|
|
|
5 years
|
|
|
|
|
|
Expected volatility rate |
|
|
|
|
137.10%
|
|
|
|
|
|
Expected dividend rate |
|
|
|
|
0.00%
|
|
|
|
|
|
Number of shares required to reserve and register |
13,161,976
|
|
|
|
|
|
|
|
|
|
Percentage of common shares required to reserve |
200.00%
|
|
|
|
|
|
|
|
|
|
Percentage of shares required to reserve upon conversion of note |
200.00%
|
|
|
|
|
|
|
|
|
|
Bridge Loan [Member] |
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
|
|
$ 174,281
|
51,040
|
|
|
|
|
Interest percentage |
|
|
|
100.00%
|
|
|
|
|
|
|
Notes payable |
|
|
|
|
|
265,719
|
|
|
|
|
Gross proceeds |
|
|
|
$ 444,000
|
|
|
|
|
|
|
Original issue discount, rate |
|
|
|
10.00%
|
|
|
|
|
|
|
Original issue discount |
|
|
|
$ 44,000
|
|
|
|
|
|
|
Debt issuance costs |
|
|
|
70,438
|
|
|
|
|
|
|
Net proceeds |
|
|
|
$ 329,562
|
|
|
|
|
|
|
Share price |
|
|
|
$ 0.01
|
|
|
|
|
|
|
Warrants to purchase |
|
|
|
400,000
|
|
|
|
|
|
|
Warrants to exercise price |
|
|
|
$ 0.01
|
|
|
|
|
|
|
Debt amount, repaid |
|
|
|
$ 440,000
|
|
|
|
|
|
|
Investors [Member] |
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
Notes payable consideration |
|
|
$ 4,500,000
|
|
|
|
|
|
|
|
Issued warrants to purchase, rate |
|
|
50.00%
|
|
|
|
|
|
|
|
Debt instrument, collateral |
|
|
4,500,000
|
|
|
|
|
|
|
|
Shares issued price per share |
|
|
$ 0.29
|
|
|
|
|
|
$ 0.29
|
|
Debt instrument, aggregate value |
|
|
$ 1,322,933
|
|
|
|
|
|
|
|
Interest percentage |
|
|
8.00%
|
|
|
|
|
|
|
|
Debt converted, value |
|
|
$ 9,000,000
|
|
|
|
|
|
|
|
Notes payable |
|
|
|
|
|
4,137,720
|
|
|
|
|
Investors [Member] | Bridge Loan [Member] |
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
Notes payable |
|
|
|
|
0
|
265,719
|
|
|
|
|
Investors [Member] | January Two Thousand And Twenty Two Notes [Member] |
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
Aggregate principal amount |
|
|
4,500,000
|
|
|
|
|
|
|
|
IPO [Member] |
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
Aggregate principal amount |
|
|
|
|
|
|
|
$ 4,500,000
|
|
|
Shares issued price per share |
|
|
|
|
|
|
|
$ 3.00
|
|
|
IPO [Member] | Bridge Loan [Member] |
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
Interest percentage |
|
|
|
8.00%
|
|
|
|
|
|
|
IPO [Member] | Investors [Member] |
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
|
|
674,405
|
1,136,811
|
|
|
|
|
Aggregate principal amount |
|
|
$ 4,500,000
|
|
|
|
|
|
|
|
Shares issued price per share |
|
|
$ 3.00
|
|
|
|
|
|
|
|
Conversion price, description |
|
|
i) the IPO price multiplied by
the discount of 50% or ii) the opening price of the shares of Common Stock on the trading day following the date of the consummation
of the IPO multiplied by the discount of 50%.
|
|
|
|
|
|
|
|
Debt instrument, periodic payment principal |
|
|
$ 4,500,000
|
|
|
|
|
|
|
|
Debt instrument, payment interest |
|
|
$ 664,875
|
|
|
|
|
|
|
|
Issuance of conversion, shares |
|
|
5,038,902
|
|
|
|
|
|
|
|
Issuance of conversion, value |
|
|
$ 5,164,875
|
|
|
|
|
|
|
|
Conversion price |
|
|
$ 2.05
|
|
|
|
|
|
|
|
Issuance of commitment shares |
|
|
375,000
|
|
|
|
|
|
|
|
Notes payable |
|
|
|
|
0
|
4,137,720
|
|
|
|
|
Maximum [Member] | Bridge Loan [Member] |
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
Interest percentage |
|
|
|
15.00%
|
|
|
|
|
|
|
Maximum [Member] | Investors [Member] |
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
Interest percentage |
|
|
15.00%
|
|
|
|
|
|
|
|
Related Party [Member] |
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
Notes payable current |
|
|
|
|
|
1,025,497
|
|
|
|
|
Interest expense |
|
|
|
|
7,015
|
120,337
|
|
|
|
|
Notes payable current |
|
|
|
|
1,032,512
|
2,920,000
|
|
|
|
|
Notes payable |
|
|
|
|
|
$ 1,025,497
|
|
|
|
|
Trio LLC [Member] | South Salinas Project [Member] |
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
Business acquisition percentage |
|
|
|
|
85.75%
|
|
|
85.75%
|
|
82.75%
|
Trio LLC [Member] | Related Party [Member] | IPO [Member] |
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
Related Party Transaction, Amounts of Transaction |
|
$ 1,032,512
|
|
|
|
|
|
|
|
|
Trio LLC [Member] | Related Party [Member] | Minimum [Member] |
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
Related Party Transaction, Amounts of Transaction |
|
780,000
|
|
|
|
|
|
|
|
|
Trio LLC [Member] | Related Party [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
Related Party Transaction, Amounts of Transaction |
|
$ 1,032,512
|
|
|
|
|
|
|
|
|
Purchase and Sale Agreement [Member] | Trio LLC [Member] | South Salinas Project [Member] |
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
Business acquisition percentage |
|
|
|
|
|
|
|
|
|
82.75%
|
Purchase and Sale Agreement [Member] | Trio LLC [Member] | Related Party [Member] | South Salinas Project [Member] |
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
Business acquisition percentage |
|
|
|
|
|
|
|
|
|
82.75%
|
October 2023 SPA [Member] |
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
Interest percentage |
7.00%
|
|
|
|
|
|
|
|
|
|
October 2023 SPA [Member] | Convertible Notes Payable [Member] |
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
Aggregate principal amount |
$ 3,500,000
|
|
|
|
|
|
|
|
|
|
Original issue discount, rate |
7.00%
|
|
|
|
|
|
|
|
|
|
Original issue discount |
$ 140,000
|
|
|
|
|
|
|
|
|
|
Debt issuance costs |
350,320
|
|
|
|
|
|
|
|
|
|
Net proceeds |
1,500,000
|
|
|
|
|
|
|
|
|
|
Proceeds from convertible debt |
$ 2,000,000.0
|
|
|
|
|
|
|
|
|
|
Percentage of total principal amount |
103.00%
|
|
|
|
|
|
|
|
|
|
October 2023 SPA [Member] | Convertible Notes Payable [Member] | Measurement Input, Share Price [Member] |
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
Share price |
$ 0.55
|
|
|
|
|
|
|
|
|
|
October 2023 SPA [Member] | Convertible Notes Payable [Member] | Measurement Input, Exercise Price [Member] |
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
Exercise price |
$ 1.20
|
|
|
|
|
|
|
|
|
|
October 2023 SPA [Member] | Convertible Notes Payable [Member] | Measurement Input, Expected Term [Member] |
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
Expected term |
5 years
|
|
|
|
|
|
|
|
|
|
October 2023 SPA [Member] | Convertible Notes Payable [Member] | Measurement Input, Option Volatility [Member] |
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
Expected volatility rate |
137.10%
|
|
|
|
|
|
|
|
|
|
October 2023 SPA [Member] | Convertible Notes Payable [Member] | Measurement Input, Expected Dividend Rate [Member] |
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
Expected dividend rate |
0.00%
|
|
|
|
|
|
|
|
|
|
October 2023 SPA [Member] | Convertible Notes Payable [Member] | Measurement Input, Discount Rate [Member] |
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
Discount rate |
0.0472
|
|
|
|
|
|
|
|
|
|
October 2023 SPA [Member] | Senior Secured Convertible Promissory Note [Member] |
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
Aggregate principal amount |
$ 2,000,000
|
|
|
|
|
|
|
|
|
|
Conversion price |
$ 1.20
|
|
|
|
|
|
|
|
|
|
Warrants to purchase |
866,702
|
|
|
|
|
|
|
|
|
|
Warrants to exercise price |
$ 1.20
|
|
|
|
|
|
|
|
|
|
Floor price |
$ 0.35
|
|
|
|
|
|
|
|
|
|
Aggregate relative fair value |
$ 332,630
|
|
|
|
|
|
|
|
|
|
October 2023 SPA [Member] | First Tranche [Member] | Convertible Notes Payable [Member] |
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
Proceeds from convertible debt |
2,000,000.0
|
|
|
|
|
|
|
|
|
|
October 2023 SPA [Member] | Second Tranche [Member] | Convertible Notes Payable [Member] |
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
Proceeds from convertible debt |
$ 1,500,000
|
|
|
|
|
|
|
|
|
|
Voting Agreements [Member] |
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
Number of shares as per voting agreements |
4,025,000
|
|
|
|
|
|
|
|
|
|
Percentage of common stock outstanding |
20.00%
|
|
|
|
|
|
|
|
|
|
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v3.24.1.1.u2
SCHEDULE OF WARRANT ACTIVITY (Details) - USD ($)
|
12 Months Ended |
Oct. 31, 2023 |
Oct. 31, 2022 |
Oct. 31, 2021 |
Equity [Abstract] |
|
|
|
Number of warrants outstanding, beginning |
|
|
|
Weighted average, exercise price, beginning |
|
|
|
Weighted average remaining life in years |
3 years 10 months 24 days
|
|
|
Intrinsic value, beginning |
|
|
|
Number of warrants issued |
4,776,046
|
|
|
Weighted average, exercise price, issued |
$ 1.04
|
|
|
Weighted average remaining life in years |
3 years 1 month 6 days
|
|
|
Number of warrants exercised |
(2,901,298)
|
|
|
Weighted average, exercise price, exercised |
$ 1.03
|
|
|
Weighted average remaining life in years, exercised |
|
|
|
Number of warrants cancelled |
|
|
|
Weighted average, exercise price, cancelled |
|
|
|
Number of warrants expired |
(108,047)
|
|
|
Weighted average, exercise price, expired |
|
|
|
Number of warrants outstanding, ending |
1,766,702
|
|
|
Weighted average, exercise price, ending |
$ 1.12
|
|
|
Intrinsic value, ending |
$ 211,200
|
|
|
Warrants outstanding, exercisable |
1,766,702
|
|
|
Weighted average, exercise price, exercisable |
$ 1.12
|
|
|
Weighted average remaining life in years, Exercisable |
3 years 10 months 24 days
|
|
|
Intrinsic value, exercisable ending |
$ 211,200
|
|
|
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v3.24.1.1.u2
SCHEDULE OF OUTSTANDING AND EXERCISABLE WARRANTS (Details) - Warrant [Member]
|
12 Months Ended |
Oct. 31, 2023
$ / shares
shares
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
Warrant outstanding number of shares |
1,766,702
|
Warrant exercisable, weighted average remaining life in years |
3 years 10 months 24 days
|
Warrant exercisable number of shares |
1,766,702
|
Exercise Price Range One [Member] |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
Warrant outstanding exercise price | $ / shares |
$ 0.01
|
Warrant outstanding number of shares |
400,000
|
Warrant exercisable, weighted average remaining life in years |
4 years 6 months
|
Warrant exercisable number of shares |
400,000
|
Exercise Price Range Two [Member] |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
Warrant outstanding exercise price | $ / shares |
$ 1.50
|
Warrant outstanding number of shares |
400,000
|
Warrant exercisable, weighted average remaining life in years |
1 year 1 month 6 days
|
Warrant exercisable number of shares |
400,000
|
Exercise Price Range Three [Member] |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
Warrant outstanding exercise price | $ / shares |
$ 3.30
|
Warrant outstanding number of shares |
100,000
|
Warrant exercisable, weighted average remaining life in years |
4 years 6 months
|
Warrant exercisable number of shares |
100,000
|
Exercise Price Range Four [Member] |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
Warrant outstanding exercise price | $ / shares |
$ 1.20
|
Warrant outstanding number of shares |
866,702
|
Warrant exercisable, weighted average remaining life in years |
4 years 10 months 24 days
|
Warrant exercisable number of shares |
866,702
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
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v3.24.1.1.u2
SCHEDULE OF STOCK OPTION ACTIVITY (Details) - USD ($)
|
12 Months Ended |
Oct. 31, 2023 |
Oct. 31, 2022 |
Oct. 31, 2021 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
Weighted average, exercise price, beginning |
|
|
|
Weighted average, exercise price, issued |
$ 1.04
|
|
|
Weighted average, exercise price, exercised |
1.03
|
|
|
Weighted average, exercise price, expired |
|
|
|
Weighted average, exercise price, ending |
$ 1.12
|
|
|
Warrants outstanding, exercisable |
1,766,702
|
|
|
Weighted average, exercise price, exercisable |
$ 1.12
|
|
|
Weighted average remaining life in years, Exercisable |
3 years 10 months 24 days
|
|
|
Intrinsic value, exercisable ending |
$ 211,200
|
|
|
Share-Based Payment Arrangement, Option [Member] |
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
Number of stock option, beginning |
|
|
|
Weighted average, exercise price, beginning |
|
|
|
Weighted average remaining life in years |
4 years 9 months 18 days
|
|
|
Intrinsic value, beginning |
|
|
|
Number of options issued |
120,000
|
|
|
Weighted average, exercise price, issued |
$ 0.52
|
|
|
Weighted average remaining life in years |
4 years 9 months 18 days
|
|
|
Intrinsic value, issued |
$ 1,800
|
|
|
Number of options exercised |
|
|
|
Weighted average, exercise price, exercised |
|
|
|
Number of options cancelled |
|
|
|
Weighted average, exercise price, expired |
|
|
|
Number of options, expired |
|
|
|
Number of stock option, beginning |
120,000
|
|
|
Weighted average, exercise price, ending |
$ 0.52
|
|
|
Intrinsic value, ending |
$ 1,800
|
|
|
Warrants outstanding, exercisable |
90,000
|
|
|
Weighted average, exercise price, exercisable |
$ 0.52
|
|
|
Weighted average remaining life in years, Exercisable |
4 years 9 months 18 days
|
|
|
Intrinsic value, exercisable ending |
$ 1,350
|
|
|
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v3.24.1.1.u2
SCHEDULE OF OUTSTANDING AND EXERCISABLE OPTIONS (Details) - Share-Based Payment Arrangement, Option [Member]
|
12 Months Ended |
Oct. 31, 2023
$ / shares
shares
|
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] |
|
Options outstanding number of shares |
120,000
|
Options exercisable, weighted average remaining life in years |
4 years 9 months 18 days
|
Options exercisable number of shares |
90,000
|
Exercise Price Range One [Member] |
|
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] |
|
Options outstanding exercise price | $ / shares |
$ 0.52
|
Options outstanding number of shares |
120,000
|
Options exercisable, weighted average remaining life in years |
4 years 9 months 18 days
|
Options exercisable number of shares |
90,000
|
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v3.24.1.1.u2
STOCKHOLDERS’ EQUITY (Details Narrative)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Months Ended |
12 Months Ended |
|
|
Oct. 16, 2023
USD ($)
$ / shares
shares
|
Sep. 21, 2023
shares
|
Sep. 20, 2023
USD ($)
$ / shares
shares
|
Sep. 02, 2023
USD ($)
$ / shares
shares
|
Aug. 15, 2023
USD ($)
$ / shares
shares
|
Jul. 20, 2023
USD ($)
$ / shares
shares
|
Jul. 11, 2023
USD ($)
$ / shares
shares
|
Jul. 10, 2023
USD ($)
$ / shares
shares
|
Jun. 30, 2023
USD ($)
$ / shares
shares
|
Jun. 23, 2023
USD ($)
$ / shares
shares
|
May 02, 2023
USD ($)
$ / shares
shares
|
May 01, 2023
USD ($)
$ / shares
shares
|
Apr. 20, 2023
USD ($)
$ / shares
shares
|
Oct. 17, 2022
$ / shares
shares
|
Jul. 11, 2022
USD ($)
$ / shares
shares
|
Jul. 11, 2022
USD ($)
$ / shares
|
Apr. 28, 2022
USD ($)
$ / shares
shares
|
Apr. 30, 2023
USD ($)
$ / shares
shares
|
Dec. 31, 2022
USD ($)
$ / shares
shares
|
Jan. 31, 2022
USD ($)
$ / shares
shares
|
Oct. 31, 2023
USD ($)
$ / shares
shares
|
Oct. 31, 2022
USD ($)
$ / shares
shares
|
Jan. 28, 2022
USD ($)
$ / shares
|
Oct. 31, 2021
$ / shares
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregate authorized shares | shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
500,000,000
|
|
|
|
Common stock, shares authorized | shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
490,000,000
|
490,000,000
|
|
|
Common stock, par value | $ / shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.0001
|
$ 0.0001
|
|
|
Preferred stock, shares authorized | shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,000,000
|
10,000,000
|
|
|
Preferred stock, par value | $ / shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.0001
|
$ 0.0001
|
|
|
Share price | $ / shares |
$ 0.27
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Grant date value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 372,000
|
$ 60,000
|
|
|
Stock based compensation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,044,261
|
6,202
|
|
|
Share based compensation, unrecognized expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
267,659
|
|
|
|
Gross proceeds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
738,659
|
60,543
|
|
|
Stock issued value during period for services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
366,659
|
|
|
|
Resale amendment agreement, description |
|
|
|
|
|
|
|
|
the Company issued a Form S-1/A, which registered for resale (i) up to 3,149,314 shares of common stock, par value $0.0001
per share which the selling stockholders may acquire upon the exercise of outstanding common warrants and (ii) up to 500,000 shares of
common stock, which the selling stockholders may acquire upon the exercise of outstanding pre-funded warrants. Such warrants were issued
to the selling stockholders in connection with securities purchase agreements entered into on January 28, 2022 and September 20, 2022.
The Company recorded 699,848 shares of common stock that are not exercised but registered in accordance with their common warrant agreements
and 500,000 shares of common stock that are not exercised but registered in accordance with their pre-funded warrant agreements upon
the filing of this Form S-1/A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares grant | shares |
1,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares granted fair value |
$ 271,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vesting period |
The restricted stock grant vests
over a period of two years, with 25% of the shares of restricted stock vesting six months after the Peterson Employment Agreement Effective
Date, and the remainder vesting in equal tranches on each of the 12-, 18-, and 24-month anniversary dates of the Peterson Employment
Agreement
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock based compensation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 3,341
|
|
|
|
Warrants expiration term |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 years
|
|
|
|
|
Expected term |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5 years
|
|
|
|
Expected volatility rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
137.10%
|
|
|
|
Expected dividend rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.00%
|
|
|
|
Options exercise price | $ / shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 1.12
|
|
|
|
New Modified Terms [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregate of warrants | shares |
|
|
451,831
|
|
|
|
|
2,449,466
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Original Issue Terms [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregate of warrants | shares |
|
|
559,878
|
|
|
|
|
1,959,573
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Measurement Input, Option Volatility [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrant measurement input |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
92
|
|
|
|
|
Measurement Input, Option Volatility [Member] | New Modified Terms [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expected volatility rate |
|
|
148.00%
|
|
|
|
|
136.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Measurement Input, Option Volatility [Member] | Original Issue Terms [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expected volatility rate |
|
|
148.00%
|
|
|
|
|
136.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Measurement Input, Exercise Price [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrant measurement input |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
50
|
|
|
|
|
Measurement Input, Exercise Price [Member] | New Modified Terms [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercise price | $ / shares |
|
|
$ 0.11
|
|
|
|
|
$ 0.80
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Measurement Input, Exercise Price [Member] | Original Issue Terms [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercise price | $ / shares |
|
|
1.03
|
|
|
|
|
1.03
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Measurement Input, Share Price [Member] | New Modified Terms [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share price | $ / shares |
|
|
0.57
|
|
|
|
|
1.53
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Measurement Input, Share Price [Member] | Original Issue Terms [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share price | $ / shares |
|
|
$ 0.57
|
|
|
|
|
$ 1.43
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Measurement Input, Expected Term [Member] | New Modified Terms [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expected term |
|
|
3 years
|
|
|
|
|
3 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Measurement Input, Expected Term [Member] | Original Issue Terms [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expected term |
|
|
3 years
|
|
|
|
|
3 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Measurement Input, Expected Dividend Rate [Member] | New Modified Terms [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expected dividend rate |
|
|
0.00%
|
|
|
|
|
0.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Measurement Input, Expected Dividend Rate [Member] | Original Issue Terms [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expected dividend rate |
|
|
0.00%
|
|
|
|
|
0.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Measurement Input, Discount Rate [Member] | New Modified Terms [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrant measurement input |
|
|
4.82
|
|
|
|
|
4.54
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Measurement Input, Discount Rate [Member] | Original Issue Terms [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrant measurement input |
|
|
4.82
|
|
|
|
|
4.54
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2022 Equity Incentive Plan [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock based compensation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 440,219
|
0
|
|
|
Share based compensation, unrecognized expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,064,781
|
|
|
|
Restricted Stock Units (RSUs) [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of common stock for cash net, shares | shares |
|
|
|
|
|
|
|
|
|
|
|
700,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Grant date value |
|
|
|
|
|
|
|
|
|
|
|
$ 1,505,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock par value | $ / shares |
|
|
|
|
|
|
|
|
|
|
|
$ 2.15
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock based compensation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
96,016
|
$ 0
|
|
|
Share based compensation, unrecognized expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 177,259
|
|
|
|
Share-Based Payment Arrangement, Option [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options exercise price | $ / shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.52
|
|
|
|
GPL Ventures LLC [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, par value | $ / shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.0001
|
|
|
|
|
|
|
|
Issuance of common stock for cash net, shares | shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,500,000
|
|
|
|
|
|
|
|
Share price | $ / shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.29
|
|
|
|
|
|
|
|
Grant date value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 1,322,933
|
|
|
|
|
|
|
|
Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity fair value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 994,091
|
|
|
$ 994,091
|
|
Issuance of common stock for cash net, shares | shares |
|
451,831
|
|
|
|
|
|
|
|
|
|
|
100,000
|
|
|
|
|
|
|
|
|
|
|
|
Share price | $ / shares |
|
|
|
|
|
|
|
|
|
|
|
|
$ 3.30
|
|
|
|
|
|
|
|
|
|
|
|
Warrants expiration term |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 years
|
|
|
|
|
Aggregate of warrants | shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,519,451
|
|
|
|
|
Exercise price of warrants or rights | $ / shares |
|
|
|
|
|
|
|
$ 0.80
|
|
|
|
|
|
|
|
|
|
|
|
$ 1.03
|
|
|
|
|
Warrant exercise price, description |
|
|
(i) reduce the exercise price of the warrant from an
exercise price of $1.03 per share to $0.11 per share and (ii) add a customary cashless exercise provision to the warrant.
|
|
|
|
|
i) the exercise price was reduced from $1.03 to $0.80 and ii) the number of warrants was increased
by a factor of 1.25 or 489,893 warrants in order to induce full, immediate exercise.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net of equity issuance costs |
|
|
|
|
|
|
|
$ 146,938
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of warrants |
|
|
|
|
|
|
|
1,812,635
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrant [Member] | New Modified Terms [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net of equity issuance costs |
|
|
$ 1,000
|
|
|
|
|
$ 300,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, par value | $ / shares |
|
|
|
|
|
|
$ 0.0001
|
|
|
$ 0.0001
|
$ 0.0001
|
|
|
|
|
|
|
|
$ 0.0001
|
|
|
|
|
|
Issuance of common stock for cash net, shares | shares |
|
|
|
|
|
|
|
|
|
|
|
|
12,500
|
|
|
|
|
|
400,000
|
|
400,000
|
10,000
|
|
|
Grant date value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 40
|
$ 1
|
|
|
Common stock par value | $ / shares |
|
|
|
|
|
|
$ 1.21
|
|
|
$ 0.88
|
$ 2.10
|
|
$ 2.00
|
|
|
|
|
|
$ 1.00
|
|
|
|
|
|
Gross proceeds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 400,000
|
|
|
|
|
|
Stock issued during period for services | shares |
|
|
|
|
|
|
100,000
|
|
|
100,000
|
25,000
|
|
|
|
|
|
|
|
|
|
285,500
|
|
|
|
Stock issued value during period for services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 29
|
|
|
|
Common Stock [Member] | Restricted Stock Units (RSUs) [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, par value | $ / shares |
|
|
|
$ 0.0001
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of common stock for cash net, shares | shares |
|
|
|
425,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Grant date value |
|
|
|
$ 273,275
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock par value | $ / shares |
|
|
|
$ 0.64
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IPO [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of common stock for cash net, shares | shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
375,000
|
|
|
|
|
|
|
Common stock par value | $ / shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 3.00
|
|
|
|
|
|
|
Gross proceeds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 6,000,000
|
|
|
|
|
|
|
Number of shares sold | shares |
|
|
|
|
|
|
|
|
|
|
|
|
2,000,000
|
|
|
|
|
2,000,000
|
|
|
|
|
|
|
Sale of stock, price per share | $ / shares |
|
|
|
|
|
|
|
|
|
|
|
|
$ 3.00
|
|
|
|
|
$ 3.00
|
|
|
|
|
|
|
Percentage of outstanding principal balance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25.00%
|
|
|
|
|
|
|
Debt instrument, principal amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 4,500,000
|
|
|
|
|
|
|
Percentage of public offering price |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
110.00%
|
|
|
|
|
|
Two Accredited Investors [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued | shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
400,000
|
|
|
|
|
|
Over-Allotment Option [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercise price of warrants or rights | $ / shares |
|
|
|
|
|
|
|
|
|
|
|
|
$ 3.30
|
|
|
|
|
|
$ 3.30
|
|
|
|
|
|
Shares issued warrants to purchase | shares |
|
|
|
|
|
|
|
|
|
|
|
|
100,000
|
|
|
|
|
|
100,000
|
|
|
|
|
|
Percentage of public offering price |
|
|
|
|
|
|
|
|
|
|
|
|
110.00%
|
|
|
|
|
|
|
|
|
|
|
|
Investors [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock par value | $ / shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.29
|
|
|
|
|
|
|
|
|
$ 0.29
|
|
Investors [Member] | IPO [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock par value | $ / shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 3.00
|
|
Debt instrument, principal amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 4,500,000
|
|
Investors [Member] | IPO [Member] | Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrant exercisable, rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
50
|
|
|
|
|
Director [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock based compensation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 50,000
|
|
|
|
|
|
|
|
|
Director [Member] | Restricted Stock Units (RSUs) [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of common stock for cash net, shares | shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
60,000
|
|
|
|
|
|
|
|
|
|
Share price | $ / shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.29
|
$ 0.29
|
|
|
|
|
|
|
|
|
Grant date value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 300,000
|
|
|
|
|
|
|
|
|
|
Common stock par value | $ / shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.0001
|
$ 0.0001
|
|
|
|
|
|
|
|
|
Total fair value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 88,200
|
|
|
|
|
|
|
|
|
|
Stock based compensation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
88,200
|
$ 0
|
|
|
Share based compensation, unrecognized expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0
|
|
|
|
Executives [Member] | Restricted Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of common stock for cash net, shares | shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
1,100,000
|
|
|
|
|
|
|
|
1,100,000
|
|
|
Grant date value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 323,400
|
|
|
Stock based compensation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
161,700
|
6,202
|
|
|
Share based compensation, unrecognized expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
155,498
|
|
|
|
Consultants [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock based compensation |
|
|
|
|
|
|
|
|
|
|
|
|
$ 25,000
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued value during period for services |
|
|
|
|
|
|
$ 121,000
|
|
|
$ 88,000
|
$ 52,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marcum LLP [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, par value | $ / shares |
|
|
|
|
|
|
|
|
$ 0.0001
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of common stock for cash net, shares | shares |
|
|
|
|
|
|
|
|
48,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Grant date value |
|
|
|
|
|
|
|
|
$ 80,159
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock par value | $ / shares |
|
|
|
|
|
|
|
|
$ 1.67
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mr Frank Ingriselli [Member] | Restricted Stock Units (RSUs) [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of common stock for cash net, shares | shares |
|
|
|
|
|
200,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Grant date value |
|
|
|
|
|
$ 213,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock par value | $ / shares |
|
|
|
|
|
$ 1.07
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Four Outside Director [Member] | Restricted Stock Units (RSUs) [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of common stock for cash net, shares | shares |
|
|
|
425,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share price | $ / shares |
|
|
|
$ 0.64
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Grant date value |
|
|
|
$ 273,275
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock par value | $ / shares |
|
|
|
$ 0.0001
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock based compensation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
96,016
|
$ 0
|
|
|
Share based compensation, unrecognized expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 177,259
|
|
|
|
Consultant [Member] | Share-Based Payment Arrangement, Option [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued | shares |
|
|
|
|
120,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options exercise price | $ / shares |
|
|
|
|
$ 0.52
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of options vesting period |
|
|
|
|
24 months
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of options granted fair value |
|
|
|
|
$ 55,711
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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v3.24.1.1.u2
SUBSEQUENT EVENTS (Details Narrative) - USD ($)
|
|
|
|
12 Months Ended |
|
|
Jan. 02, 2024 |
Dec. 29, 2023 |
Nov. 10, 2023 |
Oct. 31, 2023 |
Oct. 31, 2022 |
Dec. 28, 2023 |
Nov. 11, 2023 |
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
Proceeds from notes payable |
|
|
|
|
$ 4,820,000
|
|
|
Subsequent Event [Member] |
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
Warrants exercise price |
|
$ 0.50
|
|
|
|
$ 1.20
|
|
Subsequent Event [Member] | AR Agreement [Member] |
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
Percentage of production share |
|
|
20.00%
|
|
|
|
|
Percentage of interest |
|
|
20.00%
|
|
|
|
|
Payments to acquire loans and leases |
|
|
$ 2,000,000
|
|
|
|
|
Subsequent Event [Member] | Amended AR Agreement [Member] |
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
Percentage of interest |
|
2.00%
|
|
|
|
|
|
Amount agreed to fund |
|
$ 200,000
|
|
|
|
|
|
Total purchase price of lease |
|
$ 2,000,000
|
|
|
|
|
|
Subsequent Event [Member] | Amended AR Agreement [Member] | Heavy Sweet Oil LLC [Member] |
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
Percentage of interest |
|
2.00%
|
|
|
|
|
|
Payments to acquire loans and leases |
|
$ 200,000
|
|
|
|
|
|
Subsequent Event [Member] | Amendment To October 2023 SPA [Member] |
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
Principal amount |
|
$ 550,000
|
|
|
|
|
|
Subsequent Event [Member] | Amendment To Second Tranche Financing [Member] |
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
Warrants exercise price |
$ 0.50
|
|
|
|
|
|
|
Principal amount |
$ 550,000
|
|
|
|
|
|
|
Proceeds from notes payable |
$ 511,500
|
|
|
|
|
|
|
Conversion price |
$ 0.50
|
|
|
|
|
|
|
Subsequent Event [Member] | Common Warrant [Member] |
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
Common stock issuable |
|
|
|
|
|
|
1,733,404
|
Subsequent Event [Member] | Placement Agent Warrant [Member] |
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
Common stock issuable |
|
|
|
|
|
|
83,333
|
Subsequent Event [Member] | Warrant [Member] | Amendment To Second Tranche Financing [Member] |
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
Purchase of warrant |
445,561
|
|
|
|
|
|
|
Senior Secured Convertible Promissory Note [Member] | Subsequent Event [Member] |
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
Common stock issuable |
|
|
|
|
|
|
11,428,572
|
X |
- DefinitionAmount agreed to fund as per amended agreement
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Trio Petroleum (AMEX:TPET)
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