Cover
Cover - shares | 6 Months Ended | |
Apr. 30, 2024 | Jun. 14, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Apr. 30, 2024 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2024 | |
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 $0.0001 per share | |
Trading Symbol | TPET | |
Security Exchange Name | NYSEAMER | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Elected Not To Use the Extended Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 50,328,328 |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Apr. 30, 2024 | Oct. 31, 2023 |
Current assets: | ||
Cash | $ 220,647 | $ 1,561,924 |
Prepaid expenses | 584,229 | 133,417 |
Total current assets | 804,876 | 1,695,341 |
Oil and gas properties - not subject to amortization | 11,008,673 | 9,947,742 |
Total assets | 11,813,549 | 11,643,083 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 1,002,074 | 609,360 |
Asset retirement obligations – current | 2,778 | 2,778 |
Convertible note, net of discounts | 1,217,597 | |
Due to operators | 63,878 | 21,651 |
Promissory notes, net of discounts | 238,386 | |
Insurance liability | 230,387 | |
Other current liabilities | 171,270 | |
Total current liabilities | 2,018,839 | 1,851,386 |
Long-term liabilities: | ||
Asset retirement obligations, net of current portion | 49,702 | 48,313 |
Total non-current liabilities | 49,702 | 48,313 |
Total liabilities | 2,068,541 | 1,899,699 |
Commitments and Contingencies (Note 7) | ||
Stockholders’ Equity: | ||
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; -0- shares issued and outstanding at April 30, 2024 and October 31, 2023, respectively | ||
Common stock, $0.0001 par value; 490,000,000 shares authorized; 50,328,328 and 31,046,516 shares issued and outstanding as of April 30, 2024 and October 31, 2023, respectively | 5,033 | 3,105 |
Stock subscription receivable | (10,010) | (10,010) |
Additional paid-in capital | 25,944,850 | 20,197,171 |
Accumulated deficit | (16,194,865) | (10,446,882) |
Total stockholders’ equity | 9,745,008 | 9,743,384 |
Total liabilities and stockholders’ equity | 11,813,549 | 11,643,083 |
Related Party [Member] | ||
Current liabilities: | ||
Notes payable – related parties | $ 310,066 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Apr. 30, 2024 | Oct. 31, 2023 |
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 | 50,328,328 | 31,046,516 |
Common stock, shares outstanding | 50,328,328 | 31,046,516 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2024 | Apr. 30, 2023 | Apr. 30, 2024 | Apr. 30, 2023 | |
Income Statement [Abstract] | ||||
Revenues, net | $ 72,923 | $ 72,923 | ||
Operating expenses: | ||||
Exploration expense | 40,223 | 25,415 | 124,817 | 25,415 |
General and administrative expenses | 1,475,685 | 920,263 | 2,422,953 | 1,044,519 |
Stock-based compensation | 504,912 | 70,228 | 912,530 | 110,985 |
Accretion expense | 694 | 694 | 1,389 | 1,389 |
Total operating expenses | 2,021,514 | 1,016,600 | 3,461,689 | 1,182,308 |
Loss from operations | (1,948,591) | (1,016,600) | (3,388,766) | (1,182,308) |
Other expenses: | ||||
Interest expense | 982,691 | 94,357 | 1,141,989 | 746,930 |
Settlement fees | 10,500 | 10,500 | ||
Loss on note conversion | 1,104,153 | 1,125,000 | 1,196,306 | 1,125,000 |
Licenses and fees | 10,422 | |||
Total other expenses | 2,097,344 | 1,219,357 | 2,359,217 | 1,871,930 |
Loss before income taxes | (4,045,935) | (2,235,957) | (5,747,983) | (3,054,238) |
Provision for income taxes | ||||
Net loss | $ (4,045,935) | $ (2,235,957) | $ (5,747,983) | $ (3,054,238) |
Basic and Diluted Net Loss per Common Share | ||||
Basic | $ (0.10) | $ (0.12) | $ (0.16) | $ (0.17) |
Diluted | $ (0.10) | $ (0.12) | $ (0.16) | $ (0.17) |
Weighted Average Number of Common Shares Outstanding | ||||
Basic | 40,876,850 | 18,457,415 | 36,164,019 | 17,796,727 |
Diluted | 40,876,850 | 18,457,415 | 36,164,019 | 17,796,727 |
Condensed Statements of Changes
Condensed Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Share Subscription Receivables [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total | |
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 | |||||
Net loss | (3,054,238) | (3,054,238) | ||||
Issuance of conversion shares related to the 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 SPA | $ 38 | 1,124,963 | 1,125,001 | |||
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 | ||||
Stock-based compensation | $ 1 | 110,984 | 110,985 | |||
Share-based compensation, shares | 12,500 | |||||
Issuance of common stock for cash, net | $ 40 | 371,960 | 372,000 | |||
Issuance of common stock for cash, net, shares | 400,000 | |||||
Balance at Apr. 30, 2023 | $ 2,480 | (10,010) | 16,752,597 | (6,956,694) | 9,788,373 | |
Balance, shares at Apr. 30, 2023 | 24,799,202 | |||||
Balance at Jan. 31, 2023 | $ 1,737 | (10,010) | 7,046,610 | (4,720,737) | 2,317,600 | |
Balance, shares at Jan. 31, 2023 | 17,372,800 | |||||
Net loss | (2,235,957) | (2,235,957) | ||||
Issuance of conversion shares related to the 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 SPA | $ 38 | 1,124,963 | 1,125,001 | |||
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 | ||||
Stock-based compensation | $ 1 | 70,227 | 70,228 | |||
Share-based compensation, shares | 12,500 | |||||
Balance at Apr. 30, 2023 | $ 2,480 | (10,010) | 16,752,597 | (6,956,694) | 9,788,373 | |
Balance, shares at Apr. 30, 2023 | 24,799,202 | |||||
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 | |||||
Issuance of common shares in lieu of cash payments on convertible note | $ 1,633 | 3,321,954 | 3,323,587 | |||
Issuance of common shares in lieu of cash payments on convertible note, shares | 16,333,608 | |||||
Issuance of commitment shares in connection with the April 2024 Financings | $ 150 | 667,350 | 667,500 | |||
Issuance of commitment shares in connection with the April 2024 Financings, shares | 1,500,000 | |||||
Issuance of common shares to consultants | $ 170 | 599,130 | 599,300 | |||
Issuance of common shares to consultants, shares | 1,700,000 | |||||
Adjustment related to Resale S-1/A warrants | [1] | $ (45) | 45 | |||
Adjustment related to Resale S-1/A warrants, shares | [1] | (451,796) | ||||
Stock-based compensation | 912,530 | 912,530 | ||||
Net loss | (5,747,983) | (5,747,983) | ||||
Issuance of common stock for services | $ 20 | 95,180 | 95,200 | |||
Issuance of common stock for services, shares | 200,000 | |||||
Issuance of equity warrants in connection with convertible note | 151,490 | 151,490 | ||||
Balance at Apr. 30, 2024 | $ 5,033 | (10,010) | 25,944,850 | (16,194,865) | 9,745,008 | |
Balance, shares at Apr. 30, 2024 | 50,328,328 | |||||
Balance at Jan. 31, 2024 | $ 3,235 | (10,010) | 21,196,031 | (12,148,930) | 9,040,326 | |
Balance, shares at Jan. 31, 2024 | 32,350,090 | |||||
Issuance of common shares in lieu of cash payments on convertible note | $ 1,523 | 2,977,382 | 2,978,905 | |||
Issuance of common shares in lieu of cash payments on convertible note, shares | 15,230,034 | |||||
Issuance of commitment shares in connection with the April 2024 Financings | $ 150 | 667,350 | 667,500 | |||
Issuance of commitment shares in connection with the April 2024 Financings, shares | 1,500,000 | |||||
Issuance of common shares to consultants | $ 170 | 599,130 | 599,300 | |||
Issuance of common shares to consultants, shares | 1,700,000 | |||||
Adjustment related to Resale S-1/A warrants | $ (45) | 45 | ||||
Adjustment related to Resale S-1/A warrants, shares | (451,796) | |||||
Stock-based compensation | 504,912 | 504,912 | ||||
Net loss | (4,045,935) | (4,045,935) | ||||
Balance at Apr. 30, 2024 | $ 5,033 | $ (10,010) | $ 25,944,850 | $ (16,194,865) | $ 9,745,008 | |
Balance, shares at Apr. 30, 2024 | 50,328,328 | |||||
[1]Amount is for an adjustment for shares recorded as not exercised but registered in accordance with their warrant agreements. |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Apr. 30, 2024 | Apr. 30, 2023 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (5,747,983) | $ (3,054,238) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Issuance of common shares for services | 694,500 | |
Issuance of equity warrants connected to convertible note | 151,490 | |
Conversion of convertible note payments into common shares | 3,323,587 | |
Bad debt expense | 25,000 | |
Accretion expense | 1,389 | 1,389 |
Conversion of SPA | 1,125,000 | |
Payable to related party | 185,066 | |
Amortization of debt discounts | 1,140,753 | 432,693 |
Debt discounts – convertible note | (322,366) | |
Stock-based compensation | 912,530 | 110,985 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other receivables | (450,812) | (105,739) |
Accounts payable and accrued liabilities | 392,714 | 663,644 |
Other liabilities | 401,657 | |
Net cash provided by/(used in) operating activities | 682,525 | (801,266) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Capital expenditures for unproved oil and gas properties | (1,060,931) | (210,530) |
Drilling costs for exploratory well | (1,294,490) | |
Due to operators | 42,227 | |
Advances to operators | 534,852 | |
Net cash used in investing activities | (1,018,704) | (970,168) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from issuance of common stock, net | 372,000 | |
Payment of convertible note payable | (2,550,000) | |
Proceeds from promissory notes | 1,036,880 | |
Proceeds from note payable – related party | 125,000 | |
Proceeds from convertible note payable | 550,000 | |
Repayment of notes payable | (1,472,512) | |
Proceeds from issuance of common stock in IPO | 6,000,000 | |
Payment for debt issuance costs | (166,978) | |
Payment for deferred offering costs | (1,013,493) | |
Net cash (used in)/provided by financing activities | (1,005,098) | 3,885,995 |
Effect of foreign currency exchange | ||
NET CHANGE IN CASH | (1,341,277) | 2,114,561 |
Cash - Beginning of period | 1,561,924 | 73,648 |
Cash - End of period | 220,647 | 2,188,209 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Cash paid for interest | ||
Cash paid for income taxes | ||
Non-cash investing and financing activities: | ||
Issuance of warrants (equity classified) | 151,490 | |
Issuance of commitment shares | $ 667,500 |
NATURE OF THE ORGANIZATION AND
NATURE OF THE ORGANIZATION AND BUSINESS | 6 Months Ended |
Apr. 30, 2024 | |
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 and Uintah County, Utah. The Company was incorporated on July 19, 2021, under the laws of Delaware to acquire, fund and develop oil exploration and production assets, initially in California, and has begun to generate revenues during the quarterly period ended April 30, 2024. The Company upon its formation acquired from Trio Petroleum LLC (“Trio LLC”) a majority working interest in the South Salinas Project (“SSP”) in Monterey County and engaged the services of certain members of Trio LLC to manage the Company’s assets. The Company has since acquired interests in the McCool Ranch Oil Field in Monterey County, and in the Asphalt Ridge Project in Uintah County, Utah. The Company has revenue-generating operations at the McCool Ranch Oil Field and at the South Salinas Project as of the date of this filing. 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 9,300 300,000 3,700,000 4,900,000 0.0001 45 Business Combinations 3 are two contiguous areas of notable oil/gas accumulations in the South Salinas Project, being the Humpback Area that occurs in the northern part of the project, and the Presidents Area (“Presidents Oil Field”) that occurs in the southern part of the project. 9,300 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 two million 6,000,000 Additional Acquisitions - McCool Ranch Oil Field & Asphalt Ridge Leasehold In October 2023, the Company entered into an agreement (“McCool Ranch Purchase Agreement”) with Trio LLC for purchase of a 21.918315 November 2023, the Company entered into a leasehold acquisition and development option agreement (“ARLO Agreement”) with Heavy Sweet Oil, LLC (“HSO”), which gives the Company a 9-month option for the exclusive right to acquire up to a 20 960 2,000,000 200,000 2 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. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Apr. 30, 2024 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Amounts presented in the balance sheet as of October 31, 2023 are derived from our audited financial statements as of that date. The unaudited condensed financial statements as of and for the three- and six-month periods ended April 30, 2024 and 2023 have been prepared in accordance with U.S. GAAP and the interim reporting rules of the Securities and Exchange Commission (“SEC”) and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s annual report on Form 10-K/A filed with the SEC on June 13, 2024. In the opinion of management, all adjustments, consisting of normal recurring adjustments (unless otherwise indicated), necessary for a fair presentation of the financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Use of Estimates The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, equity-based transaction and disclosure of contingent assets and liabilities at the date of the financial statements, and the revenue and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Some of the more significant estimates required to be made by management include estimates of oil and natural gas reserves (when and if assigned) and related present value estimates of future net cash flows therefrom, the carrying value of oil and natural gas properties, accounts receivable, bad debt expense, ARO and the valuation of equity-based transactions. Accordingly, actual results could differ significantly from those estimates. Revenue Recognition ASU 2014-09, “Revenue from Contracts with Customers” The Company’s revenue is comprised of revenue from exploration and production activities to produce oil. The Company’s oil is sold to one customer who is a marketer, and payment is received in the month following delivery. The Company recognizes sales revenues from oil when control transfers to the customer at the time of delivery. Revenue is measured based on the contract price, which may include adjustments for market differentials and downstream costs incurred by the customer, including gathering, transportation or short load fees. Revenues are recognized for the sale of the Company’s percentage of working interest, adjusted for any incoming and outstanding expenses and oil and gas assessments. 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 April 30, 2024 and October 31, 2023, the Company recorded $ 166,978 350,320 Oil and Gas Assets and Exploration Costs – Successful Efforts The Company’s projects are in exploration and/or early production stages and the Company began generating revuenue from its operations during the quarterly period ended April 30, 2024. 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. The Company currently has one well that is producing and is evaluating the impact of production on the reserve determination for that well and field. As of April 30, 2024 and October 31, 2023, 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 have unproved lease acquisition costs, which are capitalized until the lease expires or otherwise until the Company specifically identifies a lease that will revert to the lessor, at which time the Company 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. The Company currently has one well that is producing and is evaluating the impact of production on the reserve determination for that well and field. All of the Company’s natural gas properties were classified as unproved as of April 30, 2024 and October 31, 2023; see further discussion in Note 6. 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 . Asset Retirement Obligations ARO consists of future plugging and abandonment expenses on oil and natural gas properties. In connection with the South Salinas Project (“SSP”) 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 SSP acquisition in future exploration, production and/or disposal (i.e., disposal of produced water or CO2 by injection) 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 are shown below: SCHEDULE OF COMPONENTS OF CHANGES IN ARO ARO, ending balance – October 31, 2023 $ 51,091 Accretion expense 1,389 ARO, ending balance – April 30, 2024 52,480 Less: ARO – current 2,778 ARO, net of current portion – April 30, 2024 $ 49,702 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 85.75 4.9 45 1 1 Environmental Expenditures The operations of the Company have been, and may in the future be, affected from time to time to varying degrees 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. |
GOING CONCERN AND MANAGEMENT_S
GOING CONCERN AND MANAGEMENT’S LIQUIDITY PLANS | 6 Months Ended |
Apr. 30, 2024 | |
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 April 30, 2024, the Company had $ 220,647 1,213,963 2,371,500 125,000 184,500 720,000 The accompanying condensed 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 condensed financial statements, which assumes the realization of assets and the satisfaction of liabilities in the normal course of business. As of April 30, 2024, the Company has an accumulated deficit of $ 16,194,865 Accordingly, the accompanying condensed 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 condensed financial statements do not include any adjustments that might result from the outcome of this uncertainty. |
INITIAL PUBLIC OFFERING
INITIAL PUBLIC OFFERING | 6 Months Ended |
Apr. 30, 2024 | |
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 two million 3.00 6,000,000 4,940,000 100,000 3.30 110 |
REVENUE FROM CONTRACTS WITH CUS
REVENUE FROM CONTRACTS WITH CUSTOMERS | 6 Months Ended |
Apr. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE FROM CONTRACTS WITH CUSTOMERS | NOTE 5 – REVENUE FROM CONTRACTS WITH CUSTOMERS Disaggregation of Revenue from Contracts with Customers The following table disaggregates revenue by significant product type for the three- and six-month periods ended April 30, 2024 and 2023: SCHEDULE OF DISAGGREGATES REVENUE Three Months Ended Three Months Ended Six Months Ended Six Months Ended Oil sales $ 73,915 $ - $ 73,915 $ - Total revenue from customers $ 73,915 $ - $ 73,915 $ - There were no Significant concentrations of credit risk For the three and six months ended April 30, 2024, the Company has only one purchaser, which accounts for 10 |
OIL AND NATURAL GAS PROPERTIES
OIL AND NATURAL GAS PROPERTIES | 6 Months Ended |
Apr. 30, 2024 | |
Property, Plant and Equipment [Abstract] | |
OIL AND NATURAL GAS PROPERTIES | NOTE 6 – 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 As of April 30, 2024 October 31, 2023 Oil and gas properties – not subject to amortization $ 11,008,673 $ 9,947,742 Accumulated impairment — — Oil and gas properties – not subject to amortization, net $ 11,008,673 $ 9,947,742 During the three and six months ended April 30, 2024, the Company incurred aggregated exploration costs of $ 40,223 124,817 1.2 0.6 0.6 During the three and six months ended April 30, 2023, the Company incurred aggregated exploration costs of $ 25,415 25,415 1.5 1.3 0.2 Leases South Salinas Project As of April 30, 2024, the Company holds interests in various leases related to the unproved properties of the South Salinas Project (see Note 8); two of the leases are held with the same lessor. The first lease, which covers 8,417 252,512 The second lease covers 160 30 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 20 25 307.75 20 30 McCool Ranch Oil Field In October 2023, the Company entered into the McCool Ranch Purchase Agreement with Trio LLC for purchase of a 21.918315 100,000 400,000 215,000 185,000 Optioned Assets – Old Man Prospect In October 2023, the Company and Lantos Energy entered into an option agreement, whereby the Company has the option to pay two initial payments of $ 12,500 175,000 200,000 25,000 175,000 Optioned Assets – Asphalt Ridge Leasehold Acquisition & Development Option Agreement On November 10, 2023, the Company entered into the ARLO Agreement with HSO for a term of nine months which gives the Company the exclusive right to acquire up to a 20 % interest in a 960 acre drilling and production program in the Asphalt Ridge leases for $ 2,000,000 , which may be invested in tranches by the Company, with an initial tranche closing for an amount no less than $ 500,000 On December 29, 2023, the Company entered into an amendment to the ARLO Agreement, whereby the Company funded $ 200,000 500,000 2 225,000 2.25 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Apr. 30, 2024 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 7 – RELATED PARTY TRANSACTIONS South Salinas Project – Related Party The Company upon its formation acquired from Trio LLC a majority working interest in the South Salinas Project and engaged the services of certain members of Trio LLC to manage the Company’s assets (see Note 1 and Note 6). Trio LLC operates the South Salinas Project on behalf of the Company, and as operator, conducts and has full control of the operations within the constraints of the Joint Operating Agreement, and acts in the capacity of an independent contractor. Trio LLC currently holds a 3.8 85.75 63,878 21,651 McCool Ranch Oil Field Asset Purchase – Related Party On October 16, 2023, the Company entered into the McCool Ranch Purchase Agreement with Trio LLC for purchase of a 21.918315 100,000 400,000 215,000 185,000 Restricted Stock Units (“RSUs”) issued to Directors On September 2, 2023, the Company issued an aggregate 425,000 0.0001 0.64 273,275 41,364 177,259 Restricted Shares issued to Executives and Employees In February 2022, the Company entered into employee agreements with Frank Ingriselli (former Chief Executive Officer) and Greg Overholtzer (Chief Financial Officer or “CFO”) which, among other things, provided for the grant of restricted shares in the amounts of 1,000,000 100,000 25 0.294 1,100,000 323,400 39,428 80,185 75,312 39,428 80,185 In May 2023, the Company entered into six employee agreements which, among other things, provided for the grant of an aggregate of 700,000 25 2.15 1,505,000 183,654 373,499 691,282 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 $ 350,000 100 Pursuant to the Peterson Employment Agreement, the Company issued Mr. Peterson a grant of 1,000,000 0.27 271,000 25 125,000 125,000 1,000,000 233,505 267,659 no Note Payable – Related Party On March 26, 2024, the Company borrowed $ 125,000 125,000 10 1,000,000 1,000,000 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Apr. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 8 – 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 The Company holds interests in various leases related to the unproved properties of the South Salinas Project (see Note 6); two of the leases are held with the same lessor. The first lease, which covers 8,417 252,512 The second lease covers 160 30 The Company holds interests in various leases related to the unproved properties of the McCool Ranch Oil Field. These leases occur in two parcels, “Parcel 1” and “Parcel 2”. Parcel 1 comprises ten leases and approximately 480 320 800 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 20 25 307.75 20 30 On November 10, 2023, the Company entered into the ARLO Agreement with HSO for a term of nine months which allows the Company the exclusive right to acquire up to a 20 % interest in a 960 acre drilling and production program in the Asphalt Ridge leases for $ 2,000,000 , which may be invested in tranches by the Company, with an initial tranche closing for an amount no less than $ 500,000 On December 29, 2023, the Company entered into an amendment to the ARLO Agreement, whereby the Company funded $ 200,000 500,000 2 225,000 2.25 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 10,000 54,000 110,685 Agreements with Advisors On October 4, 2023 and December 29, 2023, the Company entered into placement agent agreements with Spartan Capital Securities, LLC (“Spartan”), whereby Spartan will serve as the exclusive placement agent in connection with the closing of private placements. The agreements provide the agent with i) a cash fee 7.5% of the aggregate proceeds raised in the sale and ii) warrants to purchase a number of common shares equal to 5% of the number of common shares initially issuable upon conversion of each note tranche; warrants to purchase 83,333 55,000 1.32 0.55 Compliance with NYSE American On February 26, 2024, the Company received written notice from the NYSE American LLC (“NYSE American”) indicating that the Company is not in compliance with the continued listing standard set forth in Section 1003(f)(v) of the NYSE American Company Guide (“Section 1003(f)(v)”) because the shares of the Company’s common stock, par value $ 0.0001 Pursuant to Section 1003(f)(v), the NYSE American staff (the “Staff”) determined that the Company’s continued listing is predicated on effecting a reverse stock split of its Common Stock or demonstrating sustained price improvement within a reasonable period of time, which the Staff determined to be no later than August 26, 2024. On May 1, 2024, the NYSE American notified the Company that it had regained compliance with the NYSE American listing requirements with respect to Section 1003(f)(v) of the NYSE American Company Guide due to its shares of common stock demonstrating sustained price improvement. |
NOTES PAYABLE
NOTES PAYABLE | 6 Months Ended |
Apr. 30, 2024 | |
Debt Disclosure [Abstract] | |
NOTES PAYABLE | NOTE 9 – NOTES PAYABLE Notes payable as of April 30, 2024 and October 31, 2023 consisted of the following: SCHEDULE OF NOTES PAYABLE As of As of April 30, 2024 October 31, 2023 Convertible note, net of discounts $ - $ 1,217,597 Promissory notes, net of discounts 238,386 - Notes payable – related parties 310,066 - Total Notes payable $ 548,452 $ 1,217,597 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 2.0 1.5 In consideration for the investor’s funding of the first tranche, the Company issued 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 was 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 did not bear any interest and matured on April 4, 2025. Upon the initial funding on October 4, 2023, the Company recorded gross proceeds of approximately $ 2.0 7 140,000 350,320 1.5 866,702 332,630 0.55 1.20 5 137.10 zero 4.72 On December 18, 2023, December 29, 2023 and January 12, 2024, the Company made principal payments towards the first tranche in the amounts of $ 125,000 125,000 125,000 103 128,750 128,750 128,750 367,858 367,858 367,858 0.34 0.31 0.29 125,072 114,036 105,575 36,698 35,837 49,935 36,770 24,873 30,510 On December 29, 2023, the Company entered into an amendment to the Second Tranche Note of the October 2023 SPA, which reduced the conversion price of note and exercise price of warrant from $ 1.20 0.50 To assess for the change in relative fair value, the Company performed a Black Scholes Option Model calculation to quantify the fair value of the common warrants under their original terms as of the modification date using the following assumptions: a share price of $ 0.31 1.20 5.0 137.1 0 3.84 0.31 0.50 5.0 137.1 0 3.84 0.1 On January 2, 2024, the second tranche of the October 2023 SPA was funded, and the Company recorded gross proceeds of approximately $ 550,000 7 38,500 90,978 421,000 445,564 98,708 0.32 0.50 5 137.10 zero 3.93 On February 1, 2024, February 16, 2024, March 22, 2024 and April 2, 2024, the Company made principal payments towards the first tranche in the amounts of $ 625,000 125,000 125,000 750,000 103 643,750 128,750 128,750 772,500 1,839,286 858,333 858,333 5,149,997 0.24 0.13 0.10 0.17 441,428 113,300 84,117 881,165 32,247 2,395,911 351,507 0.24 0.63 574,779 221,449 391,447 20,547 180,566 131,165 On February 2, 2024 and February 5, 2024, the Company made principal payments towards the second tranche in the amounts of $ 275,000 275,000 103 283,250 283,250 1,888,333 1,888,334 0.17 0.18 323,094 339,334 48,094 64,334 On February 5, 2024, the Company entered into the first amendment to the First Tranche Note of the October 2023 SPA; such amendment provides for i) a reduction of the floor price of the conversion price from $ 0.35 0.15 As of April 30, 2024 and October 31, 2023, the balance of the convertible note, net of discounts, was $ 0 1,217,597 1,063,372 40,547 March 2024 Debt Financing The Company executed a Securities Purchase Agreement, dated March 27, 2024 (the “SPA”) with an institutional investor (the “March 2024 Investor”), which March 2024 Investor signed and funded on April 5, 2024, and pursuant to which the Company raised gross proceeds of $ 184,500 164,500 In connection with the March 2024 Debt Financing, the Company issued an unsecured promissory note to the March 2024 Investor, dated March 27, 2024, in the principal amount of $ 211,500 27,000 13 12 118,440 29,610 29,610 29,610 29,610 3 25,380 The Investor Note contains provisions constituting an Event of Default (as such term is defined in the March 2024 Investor Note) and, upon an Event of Default, the March 2024 Investor Note will be accelerated and become due and payable in an amount equal to 150% of all amounts due and payable under the March 2024 Investor Note with interest at a default rate of 22% per annum. In addition, upon an Event of Default, the March 2024 Investor has the right to convert all or any outstanding amount of the March Investor Note into shares of the Company’s common stock at a conversion price equal to the greater of (i) 75% of the Market Price (as such term is defined in the March 2024 Investor Note) or (ii) the conversion floor price, which is $ 0.07117 As of April 30, 2024 and October 31, 2023, the balance of the promissory note, net of discounts, was $ 172,468 0 7,964 Note Payable – Related Party On March 26, 2024, the Company borrowed $ 125,000 125,000 10 1,000,000 1,000,000 1,233 0 April 2024 Debt Financings On April 24, 2024, the Company entered into an Amended and Restated Securities Purchase Agreement (the “A&R SPA”), pursuant to which two institutional investors (the “April 2024 Investors”) provided an aggregate of $ 720,000 664,000 1,500,000 750,000 0.49 0.40 366,000 301,500 56,828 Pursuant to the provisions of the A&R SPA, the Company granted “piggy-back registration rights” to the April 2024 Investors for the registration for resale of the Commitment Shares and the Conversion Shares (defined hereafter). Additionally, until 18 months after the later of (i) August 16, 2024 or the full repayment of the April 2024 Investors Notes (defined hereafter), the Company provided the April 2024 Investors with the right to jointly participate in future financings in an amount up to 100 45 In connection with the April 2024 Financings, the Company issued Senior Secured Convertible Promissory Notes to the April 2024 Investors in the aggregate principal amount of $ 800,000 80,000 10 15 1,000,000 50 5,000,000 August 16, 2024 56,000 136,000 65,918 12,590 The April 2024 Investors Notes are convertible into shares common stock of the Company (the “Conversion Shares”) at a per share conversion price of $ 0.25 The Company also granted to the April 2024 Investors a senior security interest in and to all of the Company’s assets and non-real estate properties, subject to certain exceptions, securing repayment of the April 2024 Investors Notes as set forth in an Amended and Restated Security Agreement, dated April 24, 2024, between the Company and the April 2024 Investors (the “A&R Security Agreement”). |
STOCKHOLDERS_ EQUITY
STOCKHOLDERS’ EQUITY | 6 Months Ended |
Apr. 30, 2024 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY | NOTE 10 – STOCKHOLDERS’ EQUITY Common Shares On November 11, 2023, the Company entered into an agreement with a vendor to provide marketing and distribution services for a period of six months, with compensation in the form of 200,000 200,000 0.48 95,200 On December 18, 2023, December 29, 2023 and January 12, 2024, the Company issued conversion shares which numbered 367,858 367,858 367,858 0.34 0.31 0.29 125,072 114,036 105,575 36,698 35,837 49,935 36,770 24,873 30,510 On February 1, 2024, February 16, 2024, March 22, 2024 and April 2, 2024, the Company issued conversion shares numbering 1,839,286 858,333 858,333 5,149,997 0.24 0.13 0.10 0.17 441,428 113,300 84,117 881,165 32,247 2,395,511 351,507 0.24 0.63 574,779 221,449 391,447 20,547 180,566 131,165 On February 2, 2024 and February 5, 2024, the Company made principal payments towards the second tranche in the amounts of $ 275,000 275,000 103% 283,250 283,250 1,888,333 1,888,334 0.17 0.18 323,094 339,334 48,094 64,334 On March 20, 2024, the Company issued 100,000 0.11 10,500 On March 26, 2024, the Company entered into an agreement with consultants to provide marketing services; the agreement has an effective date of April 26, 2024 and a term from April 1, 2024 through June 30, 2024. The terms provide for a one-time cash payment of $ 100,000 1,000,000 10,000 one million 0.37 368,000 On April 16, 2024 and April 24, 2024, the Company issued 750,000 750,000 0.49 0.40 366,000 301,500 On April 29, 2024, the Company entered an agreement with consultants to provide marketing services; the agreement has a term from April 29, 2024 through October 29, 2024. The terms provide for a $ 30,000 600,000 600,000 0.37 220,800 Warrants October 2023 SPA with Warrants On October 4, 2023 and December 29, 2023, the Company entered into placement agent agreements with Spartan (see Note 8 for further information) for their role in connection with the two tranche fundings related to the October 2023 SPA; among other things, the agreements provide the agent with equity-classified warrants to purchase a number of common shares equal to 5% of the number of common shares initially issuable upon conversion of each note tranche. For the first tranche, the Company issued to Spartan warrants to purchase 83,333 38,029 0.55 1.32 5 137.10% zero 4.72% 55,000 14,753 0.32 0.55 5 137.10% zero 3.93% On January 2, 2024, the second tranche of the October 2023 SPA was funded (see Note 9 for further information); in connection with this funding, the Company issued to the investor equity warrants to purchase up to 445,564 98,708 0.32 0.50 5 137.10% zero 3.93% A summary of the warrant activity during the six months ended April 30, 2024 is presented below: SCHEDULE OF WARRANT ACTIVITY Weighted Weighted Average Number of Average Exercise Remaining Life Warrants Price in Years Intrinsic Value Outstanding November 1, 2023 1,766,702 $ 1.12 7.3 $ - Issued 583,897 0.62 4.6 - Outstanding, April 30, 2024 2,350,599 $ 0.99 3.7 $ 125,600 Exercisable, April 30, 2024 2,295,599 $ 0.99 3.7 $ 125,600 A summary of outstanding and exercisable warrants as of April 30, 2024 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 4.0 400,000 $ 1.50 400,000 0.6 400,000 $ 3.30 100,000 4.0 100,000 $ 1.20 866,702 4.4 866,702 $ 1.32 83,333 4.4 83,333 $ 0.50 445,564 4.7 445,564 $ 0.55 55,000 - - 2,350,599 3.7 2,295,599 Stock Options A summary of the option activity during the six months ended April 30, 2024 is presented below: SCHEDULE OF STOCK OPTION ACTIVITY Weighted Average Number of Weighted Average Remaining Life Options Exercise in Years Intrinsic Value Outstanding, November 1, 2021 120,000 $ 0.52 4.3 $ - Issued - - - - Outstanding, April 30, 2024 120,000 $ 0.52 4.3 $ - Exercisable, April 30, 2024 105,000 $ 0.52 4.3 $ - A summary of outstanding and exercisable options as of April 30, 2024 is presented below: SCHEDULE OF OUTSTANDING AND EXERCISABLE OPTIONS Options Outstanding Options Exercisable Weighted Average Exercise Price Number of Shares Remaining Life in Years Number of Shares $ 0.52 120,000 4.3 120,000 120,000 120,000 On August 15, 2023, the Company issued five-year options to purchase 120,000 0.52 24 55,711 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 rate 0 % |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Apr. 30, 2024 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 11 – SUBSEQUENT EVENTS In accordance with ASC 855 - Subsequent Events Compliance with NYSE American On May 1, 2024, the NYSE American notified the Company that it had regained compliance with the NYSE American listing requirements with respect to Section 1003(f)(v) of the NYSE American Company Guide due to its shares of common stock demonstrating sustained price improvement (see Note 8). Dismissal of Independent Registered Public Accounting Firm On May 6, 2024, the audit committee of the Board of Directors of the Company approved the dismissal of BF Borgers CPA PC (“BF Borgers”) as the Company’s independent registered public accounting firm. The reports of BF Borgers on the Company’s consolidated financial statements for the fiscal years ended October 31, 2023, and October 31, 2022, did not contain an adverse opinion or a disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles other than an explanatory paragraph relating to the Company’s ability to continue as a going concern. During the fiscal years ended October 31, 2023, and October 31, 2022, and through the date of termination, May 6, 2024, there were no “disagreements” with BF Borgers on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which disagreements if not resolved to the satisfaction of BF Borgers would have caused BF Borgers to make reference thereto in its reports on the consolidated financial statements for such years. During the fiscal years ended October 31, 2023, and October 31, 2022, and through May 6, 2024, there have been no “reportable events” (as defined in Item 304(a)(1)(iv) and Item 304(a)(1)(v) of Regulation S-K). The Company provided BF Borgers with a copy of the disclosure made herein in response to Item 304(a) of Regulation S-K. In the event BF Borgers does not furnish the Company with a copy of its letter addressed to the Securities and Exchange Commission (the “Commission”), pursuant to Item 304(a)(3) of Regulation S-K, stating whether or not BF Borgers agrees with the statements made by the Company in this report, no further action is required due to the fact that BF Borgers is not currently permitted to appear or practice before the Commission as noted in Staff Statement on Issuer Disclosure and Reporting Obligations in Light of Rule 102(e) Order against BF Borgers CPA PC, which was disseminated by the Commission on May 3, 2024. Appointment of Independent Registered Public Accounting Firm Effective May 8, 2024, the Company retained Bush & Associates CPA LLC (“Bush & Associates”), as its independent registered public accounting firm. The decision to engage Bush & Associates as the Company’s independent registered public accounting firm was approved by the Company’s audit committee and its board of directors. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Apr. 30, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Amounts presented in the balance sheet as of October 31, 2023 are derived from our audited financial statements as of that date. The unaudited condensed financial statements as of and for the three- and six-month periods ended April 30, 2024 and 2023 have been prepared in accordance with U.S. GAAP and the interim reporting rules of the Securities and Exchange Commission (“SEC”) and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s annual report on Form 10-K/A filed with the SEC on June 13, 2024. In the opinion of management, all adjustments, consisting of normal recurring adjustments (unless otherwise indicated), necessary for a fair presentation of the financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. |
Use of Estimates | Use of Estimates The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, equity-based transaction and disclosure of contingent assets and liabilities at the date of the financial statements, and the revenue and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Some of the more significant estimates required to be made by management include estimates of oil and natural gas reserves (when and if assigned) and related present value estimates of future net cash flows therefrom, the carrying value of oil and natural gas properties, accounts receivable, bad debt expense, ARO and the valuation of equity-based transactions. Accordingly, actual results could differ significantly from those estimates. |
Revenue Recognition | Revenue Recognition ASU 2014-09, “Revenue from Contracts with Customers” The Company’s revenue is comprised of revenue from exploration and production activities to produce oil. The Company’s oil is sold to one customer who is a marketer, and payment is received in the month following delivery. The Company recognizes sales revenues from oil when control transfers to the customer at the time of delivery. Revenue is measured based on the contract price, which may include adjustments for market differentials and downstream costs incurred by the customer, including gathering, transportation or short load fees. Revenues are recognized for the sale of the Company’s percentage of working interest, adjusted for any incoming and outstanding expenses and oil and gas assessments. |
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 April 30, 2024 and October 31, 2023, the Company recorded $ 166,978 350,320 |
Oil and Gas Assets and Exploration Costs – Successful Efforts | Oil and Gas Assets and Exploration Costs – Successful Efforts The Company’s projects are in exploration and/or early production stages and the Company began generating revuenue from its operations during the quarterly period ended April 30, 2024. 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. The Company currently has one well that is producing and is evaluating the impact of production on the reserve determination for that well and field. As of April 30, 2024 and October 31, 2023, 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 have unproved lease acquisition costs, which are capitalized until the lease expires or otherwise until the Company specifically identifies a lease that will revert to the lessor, at which time the Company 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. The Company currently has one well that is producing and is evaluating the impact of production on the reserve determination for that well and field. All of the Company’s natural gas properties were classified as unproved as of April 30, 2024 and October 31, 2023; see further discussion in Note 6. |
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 . |
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 (“SSP”) 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 SSP acquisition in future exploration, production and/or disposal (i.e., disposal of produced water or CO2 by injection) 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 are shown below: SCHEDULE OF COMPONENTS OF CHANGES IN ARO ARO, ending balance – October 31, 2023 $ 51,091 Accretion expense 1,389 ARO, ending balance – April 30, 2024 52,480 Less: ARO – current 2,778 ARO, net of current portion – April 30, 2024 $ 49,702 |
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 85.75 4.9 45 1 1 |
Environmental Expenditures | Environmental Expenditures The operations of the Company have been, and may in the future be, affected from time to time to varying degrees 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. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended |
Apr. 30, 2024 | |
Accounting Policies [Abstract] | |
SCHEDULE OF COMPONENTS OF CHANGES IN ARO | Components of the changes in ARO are shown below: SCHEDULE OF COMPONENTS OF CHANGES IN ARO ARO, ending balance – October 31, 2023 $ 51,091 Accretion expense 1,389 ARO, ending balance – April 30, 2024 52,480 Less: ARO – current 2,778 ARO, net of current portion – April 30, 2024 $ 49,702 |
REVENUE FROM CONTRACTS WITH C_2
REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables) | 6 Months Ended |
Apr. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
SCHEDULE OF DISAGGREGATES REVENUE | The following table disaggregates revenue by significant product type for the three- and six-month periods ended April 30, 2024 and 2023: SCHEDULE OF DISAGGREGATES REVENUE Three Months Ended Three Months Ended Six Months Ended Six Months Ended Oil sales $ 73,915 $ - $ 73,915 $ - Total revenue from customers $ 73,915 $ - $ 73,915 $ - |
OIL AND NATURAL GAS PROPERTIES
OIL AND NATURAL GAS PROPERTIES (Tables) | 6 Months Ended |
Apr. 30, 2024 | |
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 As of April 30, 2024 October 31, 2023 Oil and gas properties – not subject to amortization $ 11,008,673 $ 9,947,742 Accumulated impairment — — Oil and gas properties – not subject to amortization, net $ 11,008,673 $ 9,947,742 |
NOTES PAYABLE (Tables)
NOTES PAYABLE (Tables) | 6 Months Ended |
Apr. 30, 2024 | |
Debt Disclosure [Abstract] | |
SCHEDULE OF NOTES PAYABLE | Notes payable as of April 30, 2024 and October 31, 2023 consisted of the following: SCHEDULE OF NOTES PAYABLE As of As of April 30, 2024 October 31, 2023 Convertible note, net of discounts $ - $ 1,217,597 Promissory notes, net of discounts 238,386 - Notes payable – related parties 310,066 - Total Notes payable $ 548,452 $ 1,217,597 |
STOCKHOLDERS_ EQUITY (Tables)
STOCKHOLDERS’ EQUITY (Tables) | 6 Months Ended |
Apr. 30, 2024 | |
Equity [Abstract] | |
SCHEDULE OF WARRANT ACTIVITY | A summary of the warrant activity during the six months ended April 30, 2024 is presented below: SCHEDULE OF WARRANT ACTIVITY Weighted Weighted Average Number of Average Exercise Remaining Life Warrants Price in Years Intrinsic Value Outstanding November 1, 2023 1,766,702 $ 1.12 7.3 $ - Issued 583,897 0.62 4.6 - Outstanding, April 30, 2024 2,350,599 $ 0.99 3.7 $ 125,600 Exercisable, April 30, 2024 2,295,599 $ 0.99 3.7 $ 125,600 |
SCHEDULE OF OUTSTANDING AND EXERCISABLE WARRANTS | A summary of outstanding and exercisable warrants as of April 30, 2024 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 4.0 400,000 $ 1.50 400,000 0.6 400,000 $ 3.30 100,000 4.0 100,000 $ 1.20 866,702 4.4 866,702 $ 1.32 83,333 4.4 83,333 $ 0.50 445,564 4.7 445,564 $ 0.55 55,000 - - 2,350,599 3.7 2,295,599 |
SCHEDULE OF STOCK OPTION ACTIVITY | A summary of the option activity during the six months ended April 30, 2024 is presented below: SCHEDULE OF STOCK OPTION ACTIVITY Weighted Average Number of Weighted Average Remaining Life Options Exercise in Years Intrinsic Value Outstanding, November 1, 2021 120,000 $ 0.52 4.3 $ - Issued - - - - Outstanding, April 30, 2024 120,000 $ 0.52 4.3 $ - Exercisable, April 30, 2024 105,000 $ 0.52 4.3 $ - |
SCHEDULE OF OUTSTANDING AND EXERCISABLE OPTIONS | A summary of outstanding and exercisable options as of April 30, 2024 is presented below: SCHEDULE OF OUTSTANDING AND EXERCISABLE OPTIONS Options Outstanding Options Exercisable Weighted Average Exercise Price Number of Shares Remaining Life in Years Number of Shares $ 0.52 120,000 4.3 120,000 120,000 120,000 |
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 rate 0 % |
NATURE OF THE ORGANIZATION AN_2
NATURE OF THE ORGANIZATION AND BUSINESS (Details Narrative) | 1 Months Ended | ||||||||||
Nov. 10, 2023 USD ($) a | Apr. 20, 2023 USD ($) shares | Dec. 17, 2021 USD ($) $ / shares shares | Sep. 14, 2021 USD ($) ft² shares | Dec. 31, 2023 USD ($) | Nov. 30, 2023 USD ($) a | Apr. 30, 2024 a ft² $ / shares | Feb. 26, 2024 $ / shares | Oct. 31, 2023 ft² $ / shares | Oct. 16, 2023 | Apr. 30, 2023 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Area of land | a | 8,417 | ||||||||||
Common stock price per share | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||||
IPO [Member] | |||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Number of shares sold | shares | 2,000,000 | ||||||||||
Gross proceeds from sale of shares | $ 6,000,000 | ||||||||||
Trio LLC [Member] | Ken Fron Field [Member] | |||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Working interest | 21.91832% | ||||||||||
Trio LLC [Member] | |||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Number of shares issued | shares | 4,900,000 | ||||||||||
Business acquisition percentage | 45% | 1% | 1% | ||||||||
Trio LLC [Member] | South Salinas Project [Member] | |||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Working interest | 82.75% | 85.75% | |||||||||
Purchase and Sale Agreement [Member] | Trio LLC [Member] | |||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Area of land | ft² | 9,300 | 9,300 | |||||||||
Payments to acquire businesses net of cash acquired | $ 300,000 | ||||||||||
Non interest bearing notes payable | $ 3,700,000 | ||||||||||
Number of shares issued | shares | 4,900,000 | ||||||||||
Common stock price per share | $ / shares | $ 0.0001 | ||||||||||
Working interest percentage | 3% | ||||||||||
Purchase and Sale Agreement [Member] | Trio LLC [Member] | South Salinas Project [Member] | |||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Working interest | 82.75% | ||||||||||
Area of land | ft² | 9,300 | ||||||||||
McCool Ranch Purchase Agreement [Member] | Trio LLC [Member] | Ken Fron Field [Member] | |||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Working interest | 21.91832% | 21.91832% | |||||||||
ARLO Agreement [Member] | |||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Area of land | a | 960 | ||||||||||
Payments to acquire loans and lease | $ 2,000,000 | ||||||||||
Business combination agreement and funded amount | $ 200,000 | ||||||||||
Finance lease interest percentage | 2% | ||||||||||
ARLO Agreement [Member] | Heavy Sweet Oil [Member] | |||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Area of land | a | 960 | ||||||||||
Business acquisition description | November 2023, the Company entered into a leasehold acquisition and development option agreement (“ARLO Agreement”) with Heavy Sweet Oil, LLC (“HSO”), which gives the Company a 9-month option for the exclusive right to acquire up to a 20% interest in a 960-acre drilling and production program in the Asphalt Ridge leases for $2,000,000. | ||||||||||
Percentage of production share | 20% | ||||||||||
Payments to acquire loans and lease | $ 2,000,000 |
SCHEDULE OF COMPONENTS OF CHANG
SCHEDULE OF COMPONENTS OF CHANGES IN ARO (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Apr. 30, 2024 | Apr. 30, 2023 | Apr. 30, 2024 | Apr. 30, 2023 | Oct. 31, 2023 | |
Accounting Policies [Abstract] | |||||
ARO, beginning balance | $ 51,091 | ||||
Accretion expense | $ 694 | $ 694 | 1,389 | $ 1,389 | |
ARO, ending balance | 52,480 | 52,480 | |||
Less: ARO - current | 2,778 | 2,778 | |||
ARO, net of current portion | $ 49,702 | $ 49,702 | $ 48,313 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) shares in Millions | Sep. 14, 2021 | Apr. 30, 2024 | Oct. 31, 2023 | Apr. 30, 2023 |
Debt issuance costs | $ 166,978 | $ 350,320 | ||
Trio LLC [Member] | ||||
Issuance of shares | 4.9 | |||
Business acquisition percentage | 45% | 1% | 1% | |
Trio LLC [Member] | South Salinas Project [Member] | ||||
Business acquisition percentage. | 82.75% | 85.75% |
GOING CONCERN AND MANAGEMENT__2
GOING CONCERN AND MANAGEMENT’S LIQUIDITY PLANS (Details Narrative) - USD ($) | 1 Months Ended | 6 Months Ended | |||
Apr. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Oct. 31, 2023 | Apr. 30, 2024 | |
Short-Term Debt [Line Items] | |||||
Cash | $ 220,647 | $ 1,561,924 | $ 220,647 | ||
Working capital | 1,213,963 | 1,213,963 | |||
Proceeds from convertible debt | 550,000 | ||||
Accumulated deficit | 16,194,865 | 10,446,882 | $ 16,194,865 | ||
Chief Executive Officer [Member] | |||||
Short-Term Debt [Line Items] | |||||
Proceeds from secured debt | $ 125,000 | ||||
Investor [Member] | |||||
Short-Term Debt [Line Items] | |||||
Proceeds from secured debt | $ 184,500 | ||||
Convertible Notes Payable [Member] | |||||
Short-Term Debt [Line Items] | |||||
Proceeds from convertible debt | $ 2,371,500 | $ 2,371,500 | |||
Convertible Notes Payable [Member] | Investor [Member] | |||||
Short-Term Debt [Line Items] | |||||
Proceeds from convertible debt | $ 720,000 |
INITIAL PUBLIC OFFERING (Detail
INITIAL PUBLIC OFFERING (Details Narrative) - USD ($) | 6 Months Ended | ||
Apr. 20, 2023 | Apr. 30, 2024 | Apr. 30, 2023 | |
Subsidiary, Sale of Stock [Line Items] | |||
Proceeds from public offering | $ 4,940,000 | $ 6,000,000 | |
IPO [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Number of sale of stock | 2,000,000 | ||
Sale of stock price per share | $ 3 | ||
Proceeds from sale of stock | $ 6,000,000 | ||
Over-Allotment Option [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Warrants to purchase shares | 100,000 | ||
Warrants exercise price | $ 3.30 | ||
Public offering price, percentage | 110% |
SCHEDULE OF DISAGGREGATES REVEN
SCHEDULE OF DISAGGREGATES REVENUE (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2024 | Apr. 30, 2023 | Apr. 30, 2024 | Apr. 30, 2023 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenue from customers | $ 73,915 | $ 73,915 | ||
Oil Sales [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from customers | $ 73,915 | $ 73,915 |
REVENUE FROM CONTRACTS WITH C_3
REVENUE FROM CONTRACTS WITH CUSTOMERS (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |
Apr. 30, 2024 | Apr. 30, 2024 | Apr. 30, 2023 | |
Disaggregation of Revenue [Line Items] | |||
Contract liabilities | $ 0 | $ 0 | $ 0 |
Oil And Natural Gas Revenue [Member] | One Purchaser [Member] | Customer Concentration Risk [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Concentration of credit risk percentage | 10% | 10% |
SCHEDULE OF OIL AND NATURAL GAS
SCHEDULE OF OIL AND NATURAL GAS PROPERTIES (Details) - USD ($) | Apr. 30, 2024 | Oct. 31, 2023 |
Property, Plant and Equipment [Abstract] | ||
Oil and gas properties – not subject to amortization | $ 11,008,673 | $ 9,947,742 |
Accumulated impairment | ||
Oil and gas properties – not subject to amortization, net | $ 11,008,673 | $ 9,947,742 |
OIL AND NATURAL GAS PROPERTIE_2
OIL AND NATURAL GAS PROPERTIES (Details Narrative) | 1 Months Ended | 2 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||
Apr. 30, 2024 USD ($) a | Dec. 29, 2023 USD ($) | Nov. 10, 2023 USD ($) a | Oct. 16, 2023 USD ($) | Jan. 31, 2024 USD ($) | Oct. 31, 2023 USD ($) | Mar. 31, 2023 USD ($) a ft² | Apr. 30, 2024 USD ($) a | Apr. 30, 2023 USD ($) | Apr. 30, 2024 USD ($) a | Apr. 30, 2023 USD ($) | May 27, 2022 USD ($) | |
Property, Plant and Equipment [Line Items] | ||||||||||||
Exploration costs | $ 40,223 | $ 25,415 | $ 124,817 | $ 25,415 | ||||||||
Capitalized costs | $ 1,200,000 | 1,500,000 | ||||||||||
Area of land | a | 8,417 | 8,417 | 8,417 | |||||||||
Non refundable payment | $ 252,512 | |||||||||||
Long-term purchase commitment, amount | $ 200,000 | |||||||||||
Purchase option paid amount | $ 25,000 | |||||||||||
McCool Ranch Purchase Agreement [Member] | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Payment of execution | $ 100,000 | 100,000 | ||||||||||
Adjustments to additional paid in capital, other | $ 400,000 | 400,000 | ||||||||||
Adjustments to additional paid in capital, assets | $ 215,000 | |||||||||||
Adjustments to additional paid in capital, liability | $ 185,000 | |||||||||||
Option Pay Two Initial Payment [Member] | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Long-term purchase commitment, amount | 12,500 | |||||||||||
Final Subsequent Payment [Member] | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Long-term purchase commitment, amount | $ 175,000 | $ 175,000 | ||||||||||
ARLO Agreement [Member] | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Area of land | a | 960 | |||||||||||
Percentage of interest of leases | 20% | |||||||||||
Payments to acquire loans and lease | $ 2,000,000 | |||||||||||
ARLO Agreement [Member] | Minimum [Member] | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Payments to acquire loans and lease | $ 500,000 | |||||||||||
Amended AR Agreement [Member] | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Amount agreed to fund | $ 200,000 | |||||||||||
Amended ARLO Agreement [Member] | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Percentage of interest of leases | 2% | |||||||||||
Total purchase price of lease | $ 500,000 | |||||||||||
Proceeds from lease payments | $ 225,000 | |||||||||||
Percentage of interest to acquire infrastructure | 2.25% | |||||||||||
Trio LLC [Member] | Ken Fron Field [Member] | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Working interest | 21.91832% | |||||||||||
Trio LLC [Member] | Ken Fron Field [Member] | McCool Ranch Purchase Agreement [Member] | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Working interest | 21.91832% | 21.91832% | ||||||||||
Second Aforementioned [Member] | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Area of land | a | 160 | 160 | 160 | |||||||||
Delay rental payments | a | 30 | 30 | 30 | |||||||||
Group One [Member] | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Area of land | a | 360 | |||||||||||
Lease term | 20 years | |||||||||||
Payments for rent | $ 25 | |||||||||||
Group Two [Member] | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Area of land | ft² | 307.75 | |||||||||||
Lease term | 20 years | |||||||||||
Payments for rent | $ 30 | |||||||||||
Support Equipment and Facilities [Member] | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Exploration costs | $ 600,000 | 1,300,000 | ||||||||||
Acquisition costs | $ 600,000 | $ 200,000 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||||
Mar. 26, 2024 | Oct. 23, 2023 | Oct. 16, 2023 | Sep. 02, 2023 | Oct. 31, 2023 | May 31, 2023 | Oct. 31, 2022 | Feb. 28, 2022 | Apr. 30, 2024 | Apr. 30, 2023 | Apr. 30, 2024 | Apr. 30, 2023 | Feb. 26, 2024 | |
Related Party Transaction [Line Items] | |||||||||||||
Working interest percentage | 85.75% | ||||||||||||
Due from operators | $ 171,270 | $ 171,270 | |||||||||||
Payable to related party | $ 185,066 | ||||||||||||
Common stock, par value, per share | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||||||
Aggregate fair value | 372,000 | ||||||||||||
Stock based compensation | $ 504,912 | $ 70,228 | $ 912,530 | $ 110,985 | |||||||||
Share-based compensation arrangement by share-based payment award, option, nonvested, weighted average exercise price | $ 0.27 | ||||||||||||
Unsecured debt | $ 125,000 | ||||||||||||
Gross proceeds | 125,000 | ||||||||||||
Michael L Peterson [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Annual based salary | $ 350,000 | ||||||||||||
Discretionary bonus percentage | 100% | ||||||||||||
Short term debt | 125,000 | ||||||||||||
Unsecured debt | $ 125,000 | ||||||||||||
Interest rate | 10% | ||||||||||||
Gross proceeds | $ 1,000,000 | ||||||||||||
Mr Peterson [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Stock based compensation | 233,505 | 267,659 | |||||||||||
Unrecognized expense | 0 | 0 | |||||||||||
Chief Executive Officer [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Short term debt | $ 125,000 | ||||||||||||
Interest rate | 10% | ||||||||||||
Gross proceeds | $ 1,000,000 | ||||||||||||
Restricted Stock Units (RSUs) [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Stock based compensation | 41,364 | 177,259 | |||||||||||
Restricted Stock Units (RSUs) [Member] | 2022 Equity Incentive Plan [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Restricted shares, vesting rate | 25% | ||||||||||||
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] | |||||||||||||
Aggregate fair value | 1,505,000 | ||||||||||||
Stock based compensation | 183,654 | 373,499 | |||||||||||
Grant of restricted shares | 700,000 | ||||||||||||
Restricted shares, vesting rate | 25% | ||||||||||||
Fair value, per share | $ 2.15 | ||||||||||||
Unrecognized expense | 691,282 | 691,282 | |||||||||||
Restricted Stock Units (RSUs) [Member] | Mr Peterson [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Restricted shares, vesting rate | 25% | ||||||||||||
Restricted shares | 1,000,000 | ||||||||||||
Restricted value | $ 271,000 | ||||||||||||
Restricted Stock Units (RSUs) [Member] | Mr Peterson [Member] | 2022 Equity Incentive Plan [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Grant of restricted shares | 1,000,000 | ||||||||||||
Common Stock [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Issuance of common stock for cash, net, shares | 400,000 | ||||||||||||
Aggregate fair value | $ 40 | ||||||||||||
Common Stock [Member] | Restricted Stock Units (RSUs) [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Issuance of common stock for cash, net, shares | 425,000 | ||||||||||||
Common stock, par value, per share | $ 0.0001 | ||||||||||||
Shares issued, price per share | $ 0.64 | ||||||||||||
Aggregate fair value | $ 273,275 | ||||||||||||
McCool Ranch Purchase Agreement [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Payment of execution | $ 100,000 | $ 100,000 | |||||||||||
Adjustments to additional paid in capital, other | 400,000 | $ 400,000 | |||||||||||
Proceeds from related party debt | $ 215,000 | ||||||||||||
Payable to related party | $ 185,000 | ||||||||||||
Trio LLC [Member] | Ken Fron Field [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Working interest | 21.91832% | ||||||||||||
Trio LLC [Member] | McCool Ranch Purchase Agreement [Member] | Ken Fron Field [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Working interest | 21.91832% | 21.91832% | |||||||||||
South Salinas Project [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Working interest percentage | 3.80% | ||||||||||||
Due from operators | $ 21,651 | 63,878 | $ 63,878 | ||||||||||
Restricted Share Issued To Executives And Employees [Member] | Restricted Stock Units (RSUs) [Member] | Executives [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Stock based compensation | 39,428 | $ 39,428 | 80,185 | $ 80,185 | |||||||||
Unrecognized expense | $ 75,312 | $ 75,312 | |||||||||||
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 | ||||||||||||
Aggregate fair value | $ 323,400 | ||||||||||||
Fair value, per share | $ 0.294 | ||||||||||||
Related Party [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Unsecured debt | $ 125,000 | ||||||||||||
Related Party [Member] | Chief Executive Officer [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Short term debt | $ 125,000 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||||
Apr. 30, 2024 USD ($) a $ / shares | Dec. 29, 2023 USD ($) $ / shares shares | Nov. 10, 2023 USD ($) a | Oct. 04, 2023 $ / shares shares | Jul. 11, 2022 USD ($) | Mar. 31, 2023 USD ($) a | Feb. 28, 2023 USD ($) a | Apr. 30, 2024 USD ($) a $ / shares | Apr. 30, 2024 USD ($) a $ / shares | Feb. 26, 2024 $ / shares | Oct. 31, 2023 $ / shares | Oct. 31, 2022 USD ($) | May 27, 2022 USD ($) | |
Loss Contingencies [Line Items] | |||||||||||||
Area of land | a | 8,417 | 8,417 | 8,417 | ||||||||||
Non refundable payment | $ | $ 252,512 | ||||||||||||
Common stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||||
IPO [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Directors fees | $ | $ 54,000 | $ 110,685 | |||||||||||
Director [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Annual retainer, additional | $ | $ 50,000 | ||||||||||||
Board Committee [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Annual retainer, additional | $ | $ 10,000 | ||||||||||||
Advisors [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Agreement with advisors, description | i) a cash fee 7.5% of the aggregate proceeds raised in the sale and ii) warrants to purchase a number of common shares equal to 5% of the number of common shares initially issuable upon conversion of each note tranche; warrants to purchase 83,333 and 55,000 common shares with exercise prices of $1.32 and $0.55 for the first and second tranches, respectively, were issued to Spartan as of January 31, 2024. Such warrants may be exercised beginning 6 months after issuance until four- and one-half years thereafter. | ||||||||||||
Shares issued warrants to purchase | shares | 55,000 | 83,333 | |||||||||||
Exercise price of warrants or rights | $ / shares | $ 0.55 | $ 1.32 | |||||||||||
ARLO Agreement [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Area of land | a | 960 | ||||||||||||
Percentage of interest | 20% | ||||||||||||
Payments to acquire loans and lease | $ | $ 2,000,000 | ||||||||||||
ARLO Agreement [Member] | Minimum [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Payments to acquire loans and lease | $ | $ 500,000 | ||||||||||||
Amended AR Agreement [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Amount agreed to fund | $ | $ 200,000 | ||||||||||||
Amended ARLO Agreement [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Percentage of interest | 2% | ||||||||||||
Total purchase price of lease | $ | $ 500,000 | ||||||||||||
Proceeds from lease payments | $ | $ 225,000 | ||||||||||||
Percentage of interest to acquire infrastructure | 2.25% | ||||||||||||
Parcel 1 [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Area of land | a | 480 | 480 | 480 | ||||||||||
Parcel 2 [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Area of land | a | 320 | 320 | 320 | ||||||||||
Leasehold [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Area of land | a | 800 | 800 | 800 | ||||||||||
First Aforementioned [Member] | Unproved Property Lease [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Area of land | a | 8,417 | 8,417 | 8,417 | ||||||||||
Non refundable payment | $ | $ 252,512 | ||||||||||||
Second Aforementioned [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Area of land | a | 160 | 160 | 160 | ||||||||||
Delay rental payments | a | 30 | 30 | 30 | ||||||||||
Second Aforementioned [Member] | Unproved Property Lease [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Area of land | a | 160 | 160 | 160 | ||||||||||
Delay rental payments | a | 30 | 30 | 30 | ||||||||||
First Group [Member] | Unproved Property Lease [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Area of land | a | 360 | 360 | |||||||||||
Payments for rent | $ | $ 25 | $ 25 | |||||||||||
Second Group [Member] | Unproved Property Lease [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Area of land | a | 307.75 | 307.75 | |||||||||||
Lease, term | 20 years | 20 years | |||||||||||
Payments for rent | $ | $ 30 | $ 30 |
SCHEDULE OF NOTES PAYABLE (Deta
SCHEDULE OF NOTES PAYABLE (Details) - USD ($) | Apr. 30, 2024 | Jan. 31, 2024 | Oct. 31, 2023 |
Convertible note, net of discounts | $ 1,217,597 | $ 1,217,597 | |
Total Notes payable | 548,452 | 1,217,597 | |
Related Party [Member] | |||
Total Notes payable | 310,066 | ||
Promissory Note [Member] | |||
Total Notes payable | $ 238,386 |
NOTES PAYABLE (Details Narrativ
NOTES PAYABLE (Details Narrative) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||||||||||||||
Apr. 30, 2024 USD ($) $ / shares | Apr. 24, 2024 USD ($) $ / shares shares | Apr. 15, 2024 USD ($) $ / shares shares | Apr. 02, 2024 USD ($) $ / shares shares | Mar. 27, 2024 USD ($) $ / shares | Mar. 26, 2024 USD ($) shares | Mar. 22, 2024 USD ($) $ / shares shares | Feb. 16, 2024 USD ($) $ / shares shares | Feb. 05, 2024 USD ($) $ / shares shares | Feb. 02, 2024 USD ($) $ / shares shares | Feb. 01, 2024 USD ($) $ / shares shares | Jan. 12, 2024 USD ($) $ / shares shares | Jan. 02, 2024 USD ($) $ / shares shares | Dec. 29, 2023 USD ($) $ / shares shares | Dec. 18, 2023 USD ($) $ / shares shares | Oct. 04, 2023 USD ($) $ / shares shares | Dec. 31, 2023 USD ($) | Oct. 31, 2023 USD ($) | Apr. 30, 2024 USD ($) $ / shares | Apr. 30, 2023 USD ($) | Apr. 30, 2024 USD ($) $ / shares | Apr. 30, 2023 USD ($) shares | Oct. 31, 2023 USD ($) | Jan. 30, 2025 USD ($) | Dec. 30, 2024 USD ($) | Nov. 30, 2024 USD ($) | Oct. 30, 2024 USD ($) | Sep. 30, 2024 USD ($) | Jan. 31, 2024 USD ($) | |
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||
Proceeds from convertible debt | $ 550,000 | ||||||||||||||||||||||||||||
Debt conversion price | $ / shares | $ 0.63 | $ 0.17 | $ 0.10 | $ 0.13 | $ 0.24 | $ 0.29 | $ 0.31 | $ 0.34 | |||||||||||||||||||||
Debt issuance costs | $ 166,978 | ||||||||||||||||||||||||||||
Expected term | 5 years | ||||||||||||||||||||||||||||
Expected volatility rate | 137.10% | ||||||||||||||||||||||||||||
Expected dividend rate | 0% | ||||||||||||||||||||||||||||
Conversion rate | 100% | ||||||||||||||||||||||||||||
Debt instrument conversion | $ 221,449 | $ 574,779 | |||||||||||||||||||||||||||
Description of amendment to first tranche note | i) a reduction of the floor price of the conversion price from $0.35 to $0.15, ii) the issuance of additional 2,395,611 shares of common stock (as noted above) to the investor in lieu of the Company’s obligation to pay cash installments under the First Tranche Note, and iii) a new obligation of the Company to request acceleration of monthly payments in installments of $250,000 as soon as possible to repay the remaining $1,000,000 principal balance of the First Tranche Note, with the investor converting and selling shares subject to a) the beneficial ownership limitation of 4.99% and b) market prices of the Company’s common stock being at or above the floor price of $0.15. | ||||||||||||||||||||||||||||
Convertible note, net of discounts | $ 1,217,597 | $ 1,217,597 | $ 1,217,597 | ||||||||||||||||||||||||||
Interest expense | 982,691 | $ 94,357 | 1,141,989 | $ 746,930 | |||||||||||||||||||||||||
Gross proceeds | 125,000 | ||||||||||||||||||||||||||||
Unsecured debt | $ 125,000 | ||||||||||||||||||||||||||||
Accured interest | 1,233 | 0 | 1,233 | 1,233 | 0 | ||||||||||||||||||||||||
Chief Executive Officer [Member] | |||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||
Gross proceeds | 1,000,000 | ||||||||||||||||||||||||||||
Short term debt | $ 125,000 | ||||||||||||||||||||||||||||
Interest rate | 10% | ||||||||||||||||||||||||||||
Shares vested | shares | 1,000,000 | ||||||||||||||||||||||||||||
Common Stock [Member] | |||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||
Issuance of shares | shares | 400,000 | ||||||||||||||||||||||||||||
New Modified Terms [Member] | Warrant [Member] | |||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||
Net of equity issuance costs | $ 100,000 | ||||||||||||||||||||||||||||
Maximum [Member] | |||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||
Debt conversion price | $ / shares | $ 0.07117 | $ 0.35 | |||||||||||||||||||||||||||
Minimum [Member] | |||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||
Debt conversion price | $ / shares | 0.15 | ||||||||||||||||||||||||||||
Conversion rate | 45% | ||||||||||||||||||||||||||||
Second Tranche [Member] | |||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||
Debt conversion price | $ / shares | $ 0.18 | $ 0.17 | |||||||||||||||||||||||||||
Debt instrument conversion | $ 339,334 | $ 323,094 | |||||||||||||||||||||||||||
Measurement Input, Share Price [Member] | Original Issue Terms [Member] | |||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||
Share price | $ / shares | $ 0.31 | ||||||||||||||||||||||||||||
Measurement Input, Share Price [Member] | New Modified Terms [Member] | |||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||
Share price | $ / shares | 0.31 | ||||||||||||||||||||||||||||
Measurement Input, Exercise Price [Member] | Original Issue Terms [Member] | |||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||
Exercise price | $ / shares | 1.20 | ||||||||||||||||||||||||||||
Measurement Input, Exercise Price [Member] | New Modified Terms [Member] | |||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||
Exercise price | $ / shares | $ 0.50 | ||||||||||||||||||||||||||||
Measurement Input, Expected Term [Member] | Original Issue Terms [Member] | |||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||
Expected term | 5 years | ||||||||||||||||||||||||||||
Measurement Input, Expected Term [Member] | New Modified Terms [Member] | |||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||
Expected term | 5 years | ||||||||||||||||||||||||||||
Measurement Input, Option Volatility [Member] | Original Issue Terms [Member] | |||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||
Expected volatility rate | 137.10% | ||||||||||||||||||||||||||||
Measurement Input, Option Volatility [Member] | New Modified Terms [Member] | |||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||
Expected volatility rate | 137.10% | ||||||||||||||||||||||||||||
Measurement Input, Expected Dividend Rate [Member] | Original Issue Terms [Member] | |||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||
Expected dividend rate | 0% | ||||||||||||||||||||||||||||
Measurement Input, Expected Dividend Rate [Member] | New Modified Terms [Member] | |||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||
Expected dividend rate | 0% | ||||||||||||||||||||||||||||
Measurement Input, Discount Rate [Member] | Original Issue Terms [Member] | |||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||
Warrants and Rights Outstanding, Measurement Input | 3.84 | ||||||||||||||||||||||||||||
Measurement Input, Discount Rate [Member] | New Modified Terms [Member] | |||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||
Warrants and Rights Outstanding, Measurement Input | 3.84 | ||||||||||||||||||||||||||||
Convertible Notes Payable [Member] | |||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||
Aggregate principal amount | $ 125,000 | $ 125,000 | $ 125,000 | ||||||||||||||||||||||||||
Proceeds from convertible debt | $ 2,371,500 | 2,371,500 | |||||||||||||||||||||||||||
Debt conversion price | $ / shares | $ 0.63 | $ 0.17 | $ 0.10 | $ 0.13 | $ 0.24 | $ 0.29 | $ 0.31 | $ 0.34 | |||||||||||||||||||||
Conversion rate | 103% | 103% | 103% | ||||||||||||||||||||||||||
Debt instrument conversion | $ 221,449 | $ 574,779 | $ 128,750 | $ 128,750 | $ 128,750 | ||||||||||||||||||||||||
Debt instrument conversion shares issued | shares | 5,149,997 | 858,333 | 858,333 | 1,888,334 | 1,888,333 | 1,839,286 | 367,858 | 367,858 | 367,858 | ||||||||||||||||||||
Cash payments made to investor | $ 32,247 | $ 32,247 | $ 32,247 | $ 32,247 | $ 49,935 | $ 35,837 | $ 36,698 | ||||||||||||||||||||||
Gain on extinguishment of debt | 131,165 | 180,566 | 20,547 | $ 391,447 | 30,510 | $ 24,873 | 36,770 | ||||||||||||||||||||||
Issuance of shares | shares | 351,507 | 2,395,911 | |||||||||||||||||||||||||||
Convertible note, net of discounts | 1,217,597 | 1,217,597 | |||||||||||||||||||||||||||
Interest expense | 1,063,372 | 40,547 | |||||||||||||||||||||||||||
Convertible Notes Payable [Member] | Common Stock [Member] | |||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||
Issuance of shares | shares | 351,507 | 2,395,511 | |||||||||||||||||||||||||||
Convertible Notes Payable [Member] | Second Tranche [Member] | |||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||
Aggregate principal amount | $ 275,000 | $ 275,000 | |||||||||||||||||||||||||||
Conversion rate | 103% | 103% | |||||||||||||||||||||||||||
Debt instrument conversion | $ 283,250 | $ 283,250 | |||||||||||||||||||||||||||
Gain on extinguishment of debt | $ 64,334 | $ 48,094 | |||||||||||||||||||||||||||
Convertible Notes Payable [Member] | First Tranche [Member] | |||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||
Aggregate principal amount | $ 750,000 | $ 125,000 | $ 125,000 | $ 625,000 | |||||||||||||||||||||||||
Conversion rate | 103% | 103% | 103% | 103% | |||||||||||||||||||||||||
Debt instrument conversion | $ 772,500 | $ 128,750 | $ 128,750 | $ 643,750 | |||||||||||||||||||||||||
Convertible Notes Payable [Member] | October 2023 SPA [Member] | |||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||
Aggregate principal amount | $ 3,500,000 | ||||||||||||||||||||||||||||
Proceeds from convertible debt | $ 550,000 | $ 2,000,000 | |||||||||||||||||||||||||||
Original issue discount, rate | 7% | 7% | |||||||||||||||||||||||||||
Original issue discount | $ 38,500 | $ 140,000 | |||||||||||||||||||||||||||
Debt issuance costs | 90,978 | 350,320 | |||||||||||||||||||||||||||
Net proceeds | $ 421,000 | $ 1,500,000 | |||||||||||||||||||||||||||
Convertible Notes Payable [Member] | October 2023 SPA [Member] | Second Tranche [Member] | |||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||
Debt conversion price | $ / shares | $ 1.20 | ||||||||||||||||||||||||||||
Convertible Notes Payable [Member] | October 2023 SPA [Member] | Second Tranche [Member] | Maximum [Member] | |||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||
Debt conversion price | $ / shares | 0.50 | ||||||||||||||||||||||||||||
Convertible Notes Payable [Member] | October 2023 SPA [Member] | Measurement Input, Share Price [Member] | |||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||
Share price | $ / shares | $ 0.32 | $ 0.55 | |||||||||||||||||||||||||||
Convertible Notes Payable [Member] | October 2023 SPA [Member] | Measurement Input, Share Price [Member] | Second Tranche [Member] | |||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||
Share price | $ / shares | 0.32 | 0.32 | |||||||||||||||||||||||||||
Convertible Notes Payable [Member] | October 2023 SPA [Member] | Measurement Input, Share Price [Member] | First Tranche [Member] | |||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||
Share price | $ / shares | 0.55 | ||||||||||||||||||||||||||||
Convertible Notes Payable [Member] | October 2023 SPA [Member] | Measurement Input, Exercise Price [Member] | |||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||
Exercise price | $ / shares | 0.50 | $ 1.20 | |||||||||||||||||||||||||||
Convertible Notes Payable [Member] | October 2023 SPA [Member] | Measurement Input, Exercise Price [Member] | Second Tranche [Member] | |||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||
Exercise price | $ / shares | $ 0.50 | 0.55 | |||||||||||||||||||||||||||
Convertible Notes Payable [Member] | October 2023 SPA [Member] | Measurement Input, Exercise Price [Member] | First Tranche [Member] | |||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||
Exercise price | $ / shares | $ 1.32 | ||||||||||||||||||||||||||||
Convertible Notes Payable [Member] | October 2023 SPA [Member] | Measurement Input, Expected Term [Member] | |||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||
Expected term | 5 years | 5 years | |||||||||||||||||||||||||||
Convertible Notes Payable [Member] | October 2023 SPA [Member] | Measurement Input, Expected Term [Member] | Second Tranche [Member] | |||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||
Expected term | 5 years | 5 years | |||||||||||||||||||||||||||
Convertible Notes Payable [Member] | October 2023 SPA [Member] | Measurement Input, Expected Term [Member] | First Tranche [Member] | |||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||
Expected term | 5 years | ||||||||||||||||||||||||||||
Convertible Notes Payable [Member] | October 2023 SPA [Member] | Measurement Input, Option Volatility [Member] | |||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||
Expected volatility rate | 137.10% | 137.10% | |||||||||||||||||||||||||||
Convertible Notes Payable [Member] | October 2023 SPA [Member] | Measurement Input, Option Volatility [Member] | Second Tranche [Member] | |||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||
Expected volatility rate | 137.10% | 137.10% | |||||||||||||||||||||||||||
Convertible Notes Payable [Member] | October 2023 SPA [Member] | Measurement Input, Option Volatility [Member] | First Tranche [Member] | |||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||
Expected volatility rate | 137.10% | ||||||||||||||||||||||||||||
Convertible Notes Payable [Member] | October 2023 SPA [Member] | Measurement Input, Expected Dividend Rate [Member] | |||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||
Expected dividend rate | 0% | 0% | |||||||||||||||||||||||||||
Convertible Notes Payable [Member] | October 2023 SPA [Member] | Measurement Input, Expected Dividend Rate [Member] | Second Tranche [Member] | |||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||
Expected dividend rate | 0% | 0% | |||||||||||||||||||||||||||
Convertible Notes Payable [Member] | October 2023 SPA [Member] | Measurement Input, Expected Dividend Rate [Member] | First Tranche [Member] | |||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||
Expected dividend rate | 0% | ||||||||||||||||||||||||||||
Convertible Notes Payable [Member] | October 2023 SPA [Member] | Measurement Input, Discount Rate [Member] | |||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||
Discount rate | 3.93 | 4.72 | |||||||||||||||||||||||||||
Convertible Notes Payable [Member] | October 2023 SPA [Member] | Measurement Input, Discount Rate [Member] | Second Tranche [Member] | |||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||
Discount rate | 3.93 | 3.93 | |||||||||||||||||||||||||||
Convertible Notes Payable [Member] | October 2023 SPA [Member] | Measurement Input, Discount Rate [Member] | First Tranche [Member] | |||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||
Discount rate | 4.72 | ||||||||||||||||||||||||||||
Convertible Notes Payable [Member] | October 2023 SPA [Member] | First Tranche [Member] | |||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||
Proceeds from convertible debt | $ 2,000,000 | ||||||||||||||||||||||||||||
Convertible Notes Payable [Member] | October 2023 SPA [Member] | Second Tranche [Member] | |||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||
Proceeds from convertible debt | 1,500,000 | ||||||||||||||||||||||||||||
Senior Secured Convertible Promissory Note [Member] | October 2023 SPA [Member] | |||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||
Aggregate principal amount | $ 2,000,000 | ||||||||||||||||||||||||||||
Warrants to purchase | shares | 445,564 | 866,702 | |||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1.20 | ||||||||||||||||||||||||||||
Debt conversion price | $ / shares | 1.20 | ||||||||||||||||||||||||||||
Debt instrument floor price | $ / shares | $ 0.35 | ||||||||||||||||||||||||||||
Aggregate relative fair value | $ 98,708 | $ 332,630 | |||||||||||||||||||||||||||
Senior Secured Convertible Promissory Note [Member] | October 2023 SPA [Member] | Second Tranche [Member] | |||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||
Warrants to purchase | shares | 445,564 | 55,000 | |||||||||||||||||||||||||||
Aggregate relative fair value | $ 98,708 | $ 14,753 | |||||||||||||||||||||||||||
Senior Secured Convertible Promissory Note [Member] | October 2023 SPA [Member] | First Tranche [Member] | |||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||
Warrants to purchase | shares | 83,333 | ||||||||||||||||||||||||||||
Aggregate relative fair value | $ 38,029 | ||||||||||||||||||||||||||||
Convertible Notes Payable One [Member] | |||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||
Debt instrument conversion | $ 881,165 | $ 84,117 | $ 113,300 | $ 441,428 | $ 105,575 | $ 114,036 | $ 125,072 | ||||||||||||||||||||||
March 2024 Debt Financing [Member] | |||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||
Aggregate principal amount | $ 211,500 | ||||||||||||||||||||||||||||
Original issue discount, rate | 13% | ||||||||||||||||||||||||||||
Original issue discount | $ 27,000 | ||||||||||||||||||||||||||||
Convertible note, net of discounts | 172,468 | $ 0 | 172,468 | 172,468 | $ 0 | ||||||||||||||||||||||||
Interest expense | 7,964 | 7,964 | |||||||||||||||||||||||||||
Gross proceeds | 184,500 | ||||||||||||||||||||||||||||
Proceeds from short term debt | $ 164,500 | ||||||||||||||||||||||||||||
Interest rate | 12% | ||||||||||||||||||||||||||||
Issuance of shares | $ 25,380 | ||||||||||||||||||||||||||||
Debt instrument description | The Investor Note contains provisions constituting an Event of Default (as such term is defined in the March 2024 Investor Note) and, upon an Event of Default, the March 2024 Investor Note will be accelerated and become due and payable in an amount equal to 150% of all amounts due and payable under the March 2024 Investor Note with interest at a default rate of 22% per annum. In addition, upon an Event of Default, the March 2024 Investor has the right to convert all or any outstanding amount of the March Investor Note into shares of the Company’s common stock at a conversion price equal to the greater of (i) 75% of the Market Price (as such term is defined in the March 2024 Investor Note) or (ii) the conversion floor price, which is $0.07117 (the “Floor Price”); provided, however, that the Floor Price shall not apply after October 5, 2024, and thereafter, the conversion price will be 75% of the Market Price. Issuance of shares of common stock to the March 2024 Investor is subject to certain beneficial ownership limitations and not more than 19.99% of the shares of common stock outstanding on March 29, 2024 may be issued upon conversion of the March 2024 Investor Note. The conversion price is also subject to certain adjustments or other terms in the event of (i) mergers, consolidations or recapitalization events or (ii) certain distributions made to holders of shares of common stock. | ||||||||||||||||||||||||||||
March 2024 Debt Financing [Member] | Forecast [Member] | |||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||
Aggregate principal amount | $ 29,610 | $ 29,610 | $ 29,610 | $ 29,610 | $ 118,440 | ||||||||||||||||||||||||
March 2024 Debt Financing [Member] | Minimum [Member] | |||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||
Original issue discount, rate | 3% | ||||||||||||||||||||||||||||
April 2024 Debt Financing [Member] | |||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||
Aggregate principal amount | $ 800,000 | $ 720,000 | $ 800,000 | $ 800,000 | |||||||||||||||||||||||||
Debt conversion price | $ / shares | $ 0.25 | $ 0.49 | $ 0.25 | $ 0.25 | |||||||||||||||||||||||||
Original issue discount, rate | 10% | 10% | 10% | ||||||||||||||||||||||||||
Original issue discount | $ 80,000 | $ 80,000 | $ 80,000 | ||||||||||||||||||||||||||
Debt issuance costs | 56,000 | ||||||||||||||||||||||||||||
Issuance of shares | shares | 750,000 | ||||||||||||||||||||||||||||
Convertible note, net of discounts | 65,918 | $ 65,918 | 65,918 | ||||||||||||||||||||||||||
Interest expense | $ 12,590 | ||||||||||||||||||||||||||||
Gross proceeds | 1,000,000 | ||||||||||||||||||||||||||||
Proceeds from short term debt | $ 5,000,000 | $ 664,000 | |||||||||||||||||||||||||||
Interest rate | 15% | 15% | 15% | ||||||||||||||||||||||||||
Issuance of shares | $ 366,000 | ||||||||||||||||||||||||||||
Accured interest | $ 56,828 | $ 56,828 | $ 56,828 | ||||||||||||||||||||||||||
Percentage of outstanding shares | 50% | 50% | 50% | ||||||||||||||||||||||||||
Debt maturity date | Aug. 16, 2024 | ||||||||||||||||||||||||||||
Debt issuance costs | $ 136,000 | ||||||||||||||||||||||||||||
April 2024 Debt Financing [Member] | Commitment Shares [Member] | |||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||
Issuance of shares | shares | 1,500,000 | ||||||||||||||||||||||||||||
April 2024 Debt Financing [Member] | Common Stock [Member] | |||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||
Debt conversion price | $ / shares | $ 0.40 | ||||||||||||||||||||||||||||
April 2024 Debt Financing [Member] | Minimum [Member] | |||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||
Issuance of shares | $ 301,500 |
SCHEDULE OF WARRANT ACTIVITY (D
SCHEDULE OF WARRANT ACTIVITY (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Apr. 30, 2024 | Oct. 31, 2023 | |
Equity [Abstract] | ||
Number of warrants outstanding, beginning | 1,766,702 | |
Weighted average, exercise price, beginning | $ 1.12 | |
Weighted average remaining life in years | 3 years 8 months 12 days | 7 years 3 months 18 days |
Intrinsic value, beginning | ||
Number of warrants issued | 583,897 | |
Weighted average, exercise price, issued | $ 0.62 | |
Weighted average remaining life in years | 4 years 7 months 6 days | |
Number of warrants outstanding, ending | 2,350,599 | 1,766,702 |
Weighted average, exercise price, ending | $ 0.99 | $ 1.12 |
Intrinsic value, ending | $ 125,600 | |
Warrants outstanding, exercisable | 2,295,599 | |
Weighted average, exercise price, exercisable | $ 0.99 | |
Weighted average remaining life in years, Exercisable | 3 years 8 months 12 days | |
Intrinsic value, exercisable ending | $ 125,600 |
SCHEDULE OF OUTSTANDING AND EXE
SCHEDULE OF OUTSTANDING AND EXERCISABLE WARRANTS (Details) - Warrant [Member] | 6 Months Ended |
Apr. 30, 2024 $ / shares shares | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Warrant outstanding number of shares | 2,350,599 |
Warrant exercisable, weighted average remaining life in years | 3 years 8 months 12 days |
Warrant exercisable number of shares | 2,295,599 |
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 |
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 | 7 months 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 |
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 4 months 24 days |
Warrant exercisable number of shares | 866,702 |
Exercise Price Range Five [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Warrant outstanding exercise price | $ / shares | $ 1.32 |
Warrant outstanding number of shares | 83,333 |
Warrant exercisable, weighted average remaining life in years | 4 years 4 months 24 days |
Warrant exercisable number of shares | 83,333 |
Exercise Price Range Six [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Warrant outstanding exercise price | $ / shares | $ 0.50 |
Warrant outstanding number of shares | 445,564 |
Warrant exercisable, weighted average remaining life in years | 4 years 8 months 12 days |
Warrant exercisable number of shares | 445,564 |
Exercise Price Range Seven [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Warrant outstanding exercise price | $ / shares | $ 0.55 |
Warrant outstanding number of shares | 55,000 |
Warrant exercisable number of shares |
SCHEDULE OF STOCK OPTION ACTIVI
SCHEDULE OF STOCK OPTION ACTIVITY (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Apr. 30, 2024 | Oct. 31, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Weighted average, exercise price, beginning | $ 1.12 | |
Weighted average, exercise price, issued | 0.62 | |
Weighted average, exercise price, ending | $ 0.99 | $ 1.12 |
Warrants outstanding, exercisable | 2,295,599 | |
Weighted average, exercise price, exercisable | $ 0.99 | |
Weighted average remaining life in years, Exercisable | 3 years 8 months 12 days | |
Intrinsic value, exercisable ending | $ 125,600 | |
Share-Based Payment Arrangement, Option [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Number of stock option, beginning | 120,000 | |
Weighted average, exercise price, beginning | $ 0.52 | |
Weighted average remaining life in years | 4 years 3 months 18 days | 4 years 3 months 18 days |
Intrinsic value, beginning | ||
Number of options issued | ||
Weighted average, exercise price, issued | ||
Intrinsic value, issued | ||
Number of stock option, beginning | 120,000 | 120,000 |
Weighted average, exercise price, ending | $ 0.52 | $ 0.52 |
Intrinsic value, ending | ||
Warrants outstanding, exercisable | 105,000 | |
Weighted average, exercise price, exercisable | $ 0.52 | |
Weighted average remaining life in years, Exercisable | 4 years 3 months 18 days | |
Intrinsic value, exercisable ending |
SCHEDULE OF OUTSTANDING AND E_2
SCHEDULE OF OUTSTANDING AND EXERCISABLE OPTIONS (Details) - Share-Based Payment Arrangement, Option [Member] | 6 Months Ended |
Apr. 30, 2024 $ / shares shares | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Options outstanding number of shares | 120,000 |
Options exercisable number of shares | 120,000 |
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 3 months 18 days |
Options exercisable number of shares | 120,000 |
SCHEDULE OF ASSUMPTIONS USED IN
SCHEDULE OF ASSUMPTIONS USED IN BLACK-SCHOLES VALUATION METHOD FOR OPTIONS (Details) | 6 Months Ended |
Apr. 30, 2024 | |
Equity [Abstract] | |
Risk free interest rate | 4.36% |
Expected term (years) | 5 years |
Expected volatility | 137.10% |
Expected dividends | 0% |
STOCKHOLDERS_ EQUITY (Details N
STOCKHOLDERS’ EQUITY (Details Narrative) | 1 Months Ended | 6 Months Ended | ||||||||||||||||||||||||
Apr. 29, 2024 USD ($) shares | Apr. 24, 2024 USD ($) $ / shares shares | Apr. 16, 2024 USD ($) $ / shares shares | Apr. 15, 2024 USD ($) $ / shares shares | Apr. 02, 2024 USD ($) $ / shares shares | Mar. 26, 2024 USD ($) $ / shares shares | Mar. 22, 2024 USD ($) $ / shares shares | Mar. 20, 2024 USD ($) $ / shares shares | Feb. 16, 2024 USD ($) $ / shares shares | Feb. 05, 2024 USD ($) $ / shares shares | Feb. 02, 2024 USD ($) $ / shares shares | Feb. 01, 2024 USD ($) $ / shares shares | Jan. 12, 2024 USD ($) $ / shares shares | Jan. 02, 2024 USD ($) $ / shares shares | Dec. 29, 2023 USD ($) $ / shares shares | Dec. 18, 2023 USD ($) $ / shares shares | Nov. 11, 2023 USD ($) $ / shares shares | Oct. 04, 2023 USD ($) $ / shares shares | Aug. 15, 2023 USD ($) $ / shares shares | Jun. 30, 2024 USD ($) | May 31, 2024 USD ($) | Apr. 30, 2024 USD ($) $ / shares | Apr. 30, 2024 USD ($) $ / shares shares | Apr. 30, 2023 USD ($) shares | Apr. 26, 2024 $ / shares | Oct. 31, 2023 $ / shares | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||
Value of stock issued | $ 95,200 | |||||||||||||||||||||||||
Debt instrument conversion price | $ / shares | $ 0.63 | $ 0.17 | $ 0.10 | $ 0.13 | $ 0.24 | $ 0.29 | $ 0.31 | $ 0.34 | ||||||||||||||||||
Debt instrument conversion | $ 221,449 | $ 574,779 | ||||||||||||||||||||||||
Debt conversion converted instrument rate | 100% | |||||||||||||||||||||||||
Value of stock issued | $ 372,000 | |||||||||||||||||||||||||
Expected term | 5 years | |||||||||||||||||||||||||
Expected volatility rate | 137.10% | |||||||||||||||||||||||||
Expected dividend rate | 0% | |||||||||||||||||||||||||
Options exercise price | $ / shares | $ 0.99 | $ 0.99 | $ 1.12 | |||||||||||||||||||||||
Second Tranche [Member] | ||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||
Debt instrument conversion price | $ / shares | $ 0.18 | $ 0.17 | ||||||||||||||||||||||||
Debt instrument conversion | $ 339,334 | $ 323,094 | ||||||||||||||||||||||||
Share-Based Payment Arrangement, Option [Member] | ||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||
Options exercise price | $ / shares | 0.52 | 0.52 | $ 0.52 | |||||||||||||||||||||||
Convertible Notes Payable [Member] | ||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||
Debt instrument conversion shares issued | shares | 5,149,997 | 858,333 | 858,333 | 1,888,334 | 1,888,333 | 1,839,286 | 367,858 | 367,858 | 367,858 | |||||||||||||||||
Debt instrument conversion price | $ / shares | $ 0.63 | $ 0.17 | $ 0.10 | $ 0.13 | $ 0.24 | $ 0.29 | $ 0.31 | $ 0.34 | ||||||||||||||||||
Debt instrument conversion value issued | $ 105,575 | $ 114,036 | $ 125,072 | |||||||||||||||||||||||
Cash payments made to investor | $ 32,247 | $ 32,247 | $ 32,247 | $ 32,247 | 49,935 | 35,837 | 36,698 | |||||||||||||||||||
Gain on extinguishment of debt | 131,165 | 180,566 | 20,547 | 391,447 | 30,510 | 24,873 | 36,770 | |||||||||||||||||||
Debt instrument conversion | $ 221,449 | $ 574,779 | 128,750 | 128,750 | 128,750 | |||||||||||||||||||||
Issuance of shares | shares | 351,507 | 2,395,911 | ||||||||||||||||||||||||
Debt instrument face amount | $ 125,000 | $ 125,000 | $ 125,000 | |||||||||||||||||||||||
Debt conversion converted instrument rate | 103% | 103% | 103% | |||||||||||||||||||||||
Convertible Notes Payable [Member] | October 2023 SPA [Member] | ||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||
Debt instrument face amount | $ 3,500,000 | |||||||||||||||||||||||||
Convertible Notes Payable [Member] | October 2023 SPA [Member] | Measurement Input, Share Price [Member] | ||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||
Share price | $ / shares | $ 0.32 | $ 0.55 | ||||||||||||||||||||||||
Convertible Notes Payable [Member] | October 2023 SPA [Member] | Measurement Input, Exercise Price [Member] | ||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||
Exercise price | $ / shares | $ 0.50 | $ 1.20 | ||||||||||||||||||||||||
Convertible Notes Payable [Member] | October 2023 SPA [Member] | Measurement Input, Expected Term [Member] | ||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||
Expected term | 5 years | 5 years | ||||||||||||||||||||||||
Convertible Notes Payable [Member] | October 2023 SPA [Member] | Measurement Input, Option Volatility [Member] | ||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||
Expected volatility rate | 137.10% | 137.10% | ||||||||||||||||||||||||
Convertible Notes Payable [Member] | October 2023 SPA [Member] | Measurement Input, Expected Dividend Rate [Member] | ||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||
Expected dividend rate | 0% | 0% | ||||||||||||||||||||||||
Convertible Notes Payable [Member] | October 2023 SPA [Member] | Measurement Input, Discount Rate [Member] | ||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||
Discount rate | 3.93 | 4.72 | ||||||||||||||||||||||||
Convertible Notes Payable [Member] | Second Tranche [Member] | ||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||
Gain on extinguishment of debt | $ 64,334 | $ 48,094 | ||||||||||||||||||||||||
Debt instrument conversion | 283,250 | 283,250 | ||||||||||||||||||||||||
Debt instrument face amount | $ 275,000 | $ 275,000 | ||||||||||||||||||||||||
Debt conversion converted instrument rate | 103% | 103% | ||||||||||||||||||||||||
Convertible Notes Payable [Member] | Second Tranche [Member] | October 2023 SPA [Member] | ||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||
Debt instrument conversion price | $ / shares | $ 1.20 | |||||||||||||||||||||||||
Convertible Notes Payable [Member] | Second Tranche [Member] | October 2023 SPA [Member] | Measurement Input, Share Price [Member] | ||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||
Share price | $ / shares | $ 0.32 | 0.32 | ||||||||||||||||||||||||
Convertible Notes Payable [Member] | Second Tranche [Member] | October 2023 SPA [Member] | Measurement Input, Exercise Price [Member] | ||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||
Exercise price | $ / shares | $ 0.50 | $ 0.55 | ||||||||||||||||||||||||
Convertible Notes Payable [Member] | Second Tranche [Member] | October 2023 SPA [Member] | Measurement Input, Expected Term [Member] | ||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||
Expected term | 5 years | 5 years | ||||||||||||||||||||||||
Convertible Notes Payable [Member] | Second Tranche [Member] | October 2023 SPA [Member] | Measurement Input, Option Volatility [Member] | ||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||
Expected volatility rate | 137.10% | 137.10% | ||||||||||||||||||||||||
Convertible Notes Payable [Member] | Second Tranche [Member] | October 2023 SPA [Member] | Measurement Input, Expected Dividend Rate [Member] | ||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||
Expected dividend rate | 0% | 0% | ||||||||||||||||||||||||
Convertible Notes Payable [Member] | Second Tranche [Member] | October 2023 SPA [Member] | Measurement Input, Discount Rate [Member] | ||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||
Discount rate | 3.93 | 3.93 | ||||||||||||||||||||||||
Convertible Notes Payable [Member] | First Tranche [Member] | ||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||
Debt instrument conversion | 772,500 | 128,750 | 128,750 | $ 643,750 | ||||||||||||||||||||||
Debt instrument face amount | $ 750,000 | $ 125,000 | $ 125,000 | $ 625,000 | ||||||||||||||||||||||
Debt conversion converted instrument rate | 103% | 103% | 103% | 103% | ||||||||||||||||||||||
Convertible Notes Payable [Member] | First Tranche [Member] | October 2023 SPA [Member] | Measurement Input, Share Price [Member] | ||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||
Share price | $ / shares | $ 0.55 | |||||||||||||||||||||||||
Convertible Notes Payable [Member] | First Tranche [Member] | October 2023 SPA [Member] | Measurement Input, Exercise Price [Member] | ||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||
Exercise price | $ / shares | $ 1.32 | |||||||||||||||||||||||||
Convertible Notes Payable [Member] | First Tranche [Member] | October 2023 SPA [Member] | Measurement Input, Expected Term [Member] | ||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||
Expected term | 5 years | |||||||||||||||||||||||||
Convertible Notes Payable [Member] | First Tranche [Member] | October 2023 SPA [Member] | Measurement Input, Option Volatility [Member] | ||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||
Expected volatility rate | 137.10% | |||||||||||||||||||||||||
Convertible Notes Payable [Member] | First Tranche [Member] | October 2023 SPA [Member] | Measurement Input, Expected Dividend Rate [Member] | ||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||
Expected dividend rate | 0% | |||||||||||||||||||||||||
Convertible Notes Payable [Member] | First Tranche [Member] | October 2023 SPA [Member] | Measurement Input, Discount Rate [Member] | ||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||
Discount rate | 4.72 | |||||||||||||||||||||||||
Convertible Notes Payable One [Member] | ||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||
Debt instrument conversion | $ 881,165 | $ 84,117 | $ 113,300 | $ 441,428 | $ 105,575 | $ 114,036 | $ 125,072 | |||||||||||||||||||
April 2024 Debt Financing [Member] | ||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||
Debt instrument conversion price | $ / shares | $ 0.49 | $ 0.25 | $ 0.25 | |||||||||||||||||||||||
Issuance of shares | shares | 750,000 | |||||||||||||||||||||||||
Debt instrument face amount | $ 720,000 | $ 800,000 | $ 800,000 | |||||||||||||||||||||||
Senior Secured Convertible Promissory Note [Member] | October 2023 SPA [Member] | ||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||
Debt instrument conversion price | $ / shares | $ 1.20 | |||||||||||||||||||||||||
Debt instrument face amount | $ 2,000,000 | |||||||||||||||||||||||||
Warrants to purchase | shares | 445,564 | 866,702 | ||||||||||||||||||||||||
Aggregate relative fair value | $ 98,708 | $ 332,630 | ||||||||||||||||||||||||
Senior Secured Convertible Promissory Note [Member] | Second Tranche [Member] | October 2023 SPA [Member] | ||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||
Warrants to purchase | shares | 445,564 | 55,000 | ||||||||||||||||||||||||
Aggregate relative fair value | $ 98,708 | $ 14,753 | ||||||||||||||||||||||||
Senior Secured Convertible Promissory Note [Member] | First Tranche [Member] | October 2023 SPA [Member] | ||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||
Warrants to purchase | shares | 83,333 | |||||||||||||||||||||||||
Aggregate relative fair value | $ 38,029 | |||||||||||||||||||||||||
Consultants [Member] | Marketing Services Agreement [Member] | ||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||
Number of shares issued | shares | 600,000 | 1,000,000 | 100,000 | |||||||||||||||||||||||
Share price | $ / shares | $ 0.37 | $ 0.11 | $ 0.37 | |||||||||||||||||||||||
Value of stock issued | $ 220,800 | $ 368,000 | $ 10,500 | |||||||||||||||||||||||
Cash payment | $ 100,000 | $ 10,000 | ||||||||||||||||||||||||
Consultants [Member] | Marketing Services Agreement [Member] | Forecast [Member] | ||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||
Cash payment | $ 10,000 | $ 10,000 | ||||||||||||||||||||||||
Investors [Member] | April 2024 Debt Financing [Member] | ||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||
Debt instrument conversion price | $ / shares | $ 0.40 | $ 0.49 | ||||||||||||||||||||||||
Issuance of shares | shares | 750,000 | 750,000 | ||||||||||||||||||||||||
Value of stock issued | $ 301,500 | $ 366,000 | ||||||||||||||||||||||||
Consultant [Member] | Share-Based Payment Arrangement, Option [Member] | ||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [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 | |||||||||||||||||||||||||
Common Stock [Member] | ||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||
Number of shares issued | shares | 200,000 | 200,000 | ||||||||||||||||||||||||
Value of stock issued | $ 20 | |||||||||||||||||||||||||
Issuance of shares | shares | 400,000 | |||||||||||||||||||||||||
Value of stock issued | $ 40 | |||||||||||||||||||||||||
Common Stock [Member] | Convertible Notes Payable [Member] | ||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||
Issuance of shares | shares | 351,507 | 2,395,511 | ||||||||||||||||||||||||
Common Stock [Member] | April 2024 Debt Financing [Member] | ||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||
Debt instrument conversion price | $ / shares | $ 0.40 | |||||||||||||||||||||||||
Common Stock [Member] | Vendor [Member] | ||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||
Number of shares issued | shares | 200,000 | |||||||||||||||||||||||||
Share price | $ / shares | $ 0.48 | |||||||||||||||||||||||||
Value of stock issued | $ 95,200 | |||||||||||||||||||||||||
Common Stock [Member] | Consultants [Member] | Marketing Services Agreement [Member] | ||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||
Cash payment | $ 30,000 |