SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) |
9 Months Ended |
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Jul. 31, 2026 | |
| Accounting Policies [Abstract] | |
| Basis of Presentation and Consolidation | Basis of Presentation and Consolidation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They do not include all of the information and footnotes required for complete annual financial statements and should be read in conjunction with the Company’s audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended October 31, 2025. The unaudited condensed consolidated financial statements include the accounts of Trio Petroleum Corp and its wholly owned subsidiary, Trio Canada, and all significant intercompany balances and transactions have been eliminated. In the opinion of management, all normal recurring adjustments considered necessary for a fair presentation have been included. Operating results for the three and nine months ended July 31, 2026 are not necessarily indicative of results for the full fiscal year.
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| Use of Estimates | Use of Estimates
The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, and related disclosures. Significant estimates include the evaluation of oil and natural gas properties, asset retirement obligations, the assessment of unproved properties, the valuation of equity-based transactions, and the determination of deferred tax assets and related valuation allowances. Actual results could differ from those estimates.
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| Cash and Cash Equivalents | Cash and Cash Equivalents
The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. As of July 31, 2026, cash and cash equivalents included $23,203,568 held in the Vanguard Treasury Money Market Fund (VUSXX), a government money market fund maintained at Oppenheimer & Co. The Vanguard Treasury Money Market Fund invests in U.S. Treasury obligations, maintains a stable net asset value of $ per share, and provides daily liquidity. The Company’s bank deposit account balances may exceed federally insured limits. Dividend and interest income earned on cash and cash equivalents, including amounts earned on holdings in the Vanguard Treasury Money Market Fund, is recognized as earned and is included in other income (expense), net in the unaudited condensed consolidated statements of operations. During the three and nine months ended July 31, 2026, the Company recognized dividend income of $182,883 and $203,568, respectively, from its money market fund holdings.
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| Concentration of Credit Risk | Concentration of Credit Risk
As of July 31, 2026, the Company maintained approximately $23,203,568 in the Vanguard Treasury Money Market Fund held at Oppenheimer & Co., Inc. The fund invests in U.S. Treasury obligations and is not subject to FDIC insurance. The Company’s bank deposit balances may exceed federally insured limits. The Company evaluates the creditworthiness of its financial institutions and the underlying investments of any money market funds in which it invests.
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| Foreign Currency Translation | Foreign Currency Translation
The Company’s reporting currency is the United States dollar. The functional currency of Trio Canada is the Canadian dollar. Assets and liabilities of the foreign subsidiary are translated at exchange rates in effect at the balance sheet date, and income and expense items are translated at average exchange rates for the period. Resulting translation adjustments are recorded in accumulated other comprehensive income. Foreign currency transaction gains and losses are recognized in earnings as incurred.
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| Oil and Gas Properties | Oil and Gas Properties
The Company applies the successful efforts method of accounting for its oil and natural gas properties. Geological and geophysical costs, delay rentals, and exploratory costs are expensed as incurred. Costs of exploratory wells are capitalized pending the determination of whether proved reserves have been found; if proved reserves are not established, the related costs are expensed. Costs to acquire mineral interests, drill and equip exploratory wells that find proved reserves, and drill and equip development wells are capitalized. Unproved properties are assessed periodically for impairment based on remaining lease terms, drilling results, and future development plans. Proved properties are depleted using the unit-of-production method based on estimated proved reserves. The Company evaluates its long-lived assets, including proved oil and natural gas properties, for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.
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| Asset Retirement Obligations | Asset Retirement Obligations
The Company recognizes asset retirement obligations for the estimated future costs of plugging and abandoning oil and natural gas wells. The fair value of the obligation is recorded in the period in which the liability is incurred, with a corresponding increase to the carrying amount of the related asset. The liability is accreted to its present value each period, and the capitalized cost is depreciated over the useful life of the related asset. The obligation is adjusted for revisions in estimated timing or amount of expected cash flows.
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| Revenue Recognition | Revenue Recognition
Revenue is recognized in accordance with ASC 606, Revenue from Contracts with Customers. The Company’s revenues are derived from the sale of crude oil. Control transfers to the customer at the time of delivery, which is the point at which revenue is recognized. Revenue is measured based on the consideration specified in the contract, which may include adjustments for market differentials and transportation-related charges. The Company’s oil is sold to a single customer (namely Cenovus Energy Inc.), and payment is typically received in the month following delivery.
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| Income Taxes | Income Taxes
The Company accounts for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for temporary differences between the financial reporting and tax bases of assets and liabilities and for net operating loss carryforwards. A valuation allowance is recorded when it is more likely than not that deferred tax assets will not be realized. The Company’s deferred tax assets continue to be fully reserved. The Company recognizes the effect of uncertain tax positions only when it is more likely than not that such positions will be sustained upon examination. Interest and penalties related to uncertain tax positions are recognized in income tax expense.
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| Fair Value Measurements | Fair Value Measurements
The Company measures certain assets and liabilities at fair value in accordance with ASC 820, Fair Value Measurements. Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The fair value of equity consideration issued in connection with asset acquisitions is measured based on the market price of the Company’s common stock on the acquisition date, without adjustment for resale restrictions. The carrying amounts of cash, payables, and other short-term financial instruments approximate fair value due to their short-term nature. Certain estimates used in evaluating oil and natural gas properties and asset retirement obligations involve significant unobservable inputs and are therefore classified as Level 3 measurements.
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| Stock-based Compensation |
The Company grants share-based payment awards to employees, directors and non-employees, including awards granted under its 2022 Equity Incentive Plan (the “Plan”), and accounts for such awards in accordance with ASC Topic 718, Compensation - Stock Compensation. Equity-classified awards are measured at fair value on the grant date and compensation expense is recognized over the requisite service period. The fair value of restricted stock and other full-value awards is generally based on the quoted market price of the Company’s common stock on the grant date. The fair value of stock options and other option-like awards, if any, is estimated using an appropriate option-pricing model. Compensation cost for awards that are fully vested and nonforfeitable on the grant date is recognized on the grant date. The Company accounts for forfeitures as they occur.
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| 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 period. Diluted net loss per share is the same as basic net loss per share because the inclusion of potentially dilutive securities would be anti-dilutive.
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| Environmental Expenditures | Environmental Expenditures
Environmental expenditures are expensed or capitalized depending on their nature and future economic benefit. Expenditures that relate to ongoing environmental compliance are expensed as incurred, while expenditures that improve the future economic benefit of an asset are capitalized.
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| Recent Accounting Pronouncements | Recent Accounting Pronouncements
Management has evaluated recently issued accounting pronouncements and has determined that none are expected to have a material impact on the Company’s unaudited condensed consolidated financial statements.
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| Reclassifications | Reclassifications
Certain prior-period amounts have been reclassified to conform to the current period presentation. Except for the revision described below, these reclassifications had no effect on previously reported net loss or stockholders’ equity.
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| Revision of Previously Issued Interim Financial Statements | Revision of Previously Issued Interim Financial Statements
In connection with the preparation of these unaudited condensed consolidated financial statements, the Company identified that certain direct costs attributable to its at-the-market offering had not been accounted for in accordance with SAB Topic 5.A and ASC 340-10-S99-1. During the three months ended April 30, 2026, $104,896 of offering costs were recorded in general and administrative expense rather than charged against the gross proceeds of the offering. In addition, $51,000 of agent-counsel services rendered through April 30, 2026 had not been accrued, including $10,000 attributable to the three months ended January 31, 2026 and $41,000 attributable to the three months ended April 30, 2026.
Management evaluated the errors under ASC 250, Accounting Changes and Error Corrections, and SAB Topics 1.M and 1.N and concluded that they were not material, individually or in the aggregate, to the previously issued unaudited condensed consolidated financial statements for the quarterly periods ended January 31 and April 30, 2026. Management further concluded that recognizing the $104,896 correction as an out-of-period adjustment in the three months ended July 31, 2026 would materially misstate that period. Accordingly, the affected prior-period financial information presented herein has been revised. The Company has not amended its previously filed Quarterly Reports on Form 10-Q, and the financial statements included in those reports remain reliable.
As of January 31, 2026, the revision increased accounts payable and accrued liabilities by $10,000 and decreased additional paid-in capital and total stockholders’ equity by $10,000. The revision had no effect on general and administrative expense, net loss or loss per share for the three months ended January 31, 2026.
For the three and six months ended April 30, 2026, the revision reduced general and administrative expense and net loss by $104,896. Net loss for the three months ended April 30, 2026 decreased from $1,367,356, as previously reported, to $1,262,460, as revised. As of April 30, 2026, the revision increased accounts payable and accrued liabilities by $51,000, decreased additional paid-in capital by $155,896, decreased accumulated deficit by $104,896 and decreased total stockholders’ equity by $51,000. In the statement of cash flows for the six months ended April 30, 2026, $104,896 of offering costs paid during the period was reclassified from operating activities to financing activities. The revision had no effect on total assets, cash and cash equivalents or the net change in cash. |