Cover
Cover | 6 Months Ended |
Apr. 30, 2024 | |
Entity Addresses [Line Items] | |
Document Type | S-1/A |
Amendment Flag | true |
Amendment Description | Amendment No. 1 |
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 |
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 |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | true |
Elected Not To Use the Extended Transition Period | false |
Business Contact [Member] | |
Entity Addresses [Line Items] | |
Entity Address, Address Line One | 5401 Business Park |
Entity Address, Address Line Two | Suite |
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 |
Contact Personnel Name | Robin Ross |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Apr. 30, 2024 | Oct. 31, 2023 | Oct. 31, 2022 |
Current assets: | |||
Cash | $ 220,647 | $ 1,561,924 | $ 73,648 |
Prepaid expenses and other receivables | 584,229 | 133,417 | 35,000 |
Deferred offering costs | 1,643,881 | ||
Total current assets | 804,876 | 1,695,341 | 1,752,529 |
Oil and gas properties - not subject to amortization | 11,008,673 | 9,947,742 | 5,836,232 |
Advance to operators | 1,900,000 | ||
Total assets | 11,813,549 | 11,643,083 | 9,488,761 |
Current liabilities: | |||
Accounts payable and accrued liabilities | 1,002,074 | 609,360 | 1,164,055 |
Asset retirement obligations – current | 2,778 | 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 | ||
Warrants liability | 114,883 | ||
Insurance liability | 230,387 | ||
Due to operators | 171,270 | ||
Total current liabilities | 2,018,839 | 1,851,386 | 6,710,652 |
Long-term liabilities: | |||
Franchise tax accrual | 9,450 | ||
Asset retirement obligations, net of current portion | 49,702 | 48,313 | 45,535 |
Total Long-term liabilities | 49,702 | 48,313 | 54,985 |
Total liabilities | 2,068,541 | 1,899,699 | 6,765,637 |
Commitments and Contingencies (Note 7) | |||
Stockholders’ Equity: | |||
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; -0- shares issued and outstanding at October 31, 2023 and 2022, respectively | |||
Common stock, $0.0001 par value; 490,000,000 shares authorized; 31,046,516 and 16,972,800 shares issued and outstanding as of October 31, 2023 and 2022, respectively | 5,033 | 3,105 | 1,697 |
Stock subscription receivable | (10,010) | (10,010) | (10,010) |
Additional paid-in capital | 25,944,850 | 20,197,171 | 6,633,893 |
Accumulated deficit | (16,194,865) | (10,446,882) | (3,902,456) |
Total stockholders’ equity | 9,745,008 | 9,743,384 | 2,723,124 |
Total liabilities and stockholders’ equity | 11,813,549 | 11,643,083 | 9,488,761 |
Related Party [Member] | |||
Current liabilities: | |||
Notes payable | $ 310,066 | 1,025,497 | |
Operators [Member] | |||
Current liabilities: | |||
Due to operators | 21,651 | ||
Nonrelated Party [Member] | |||
Current liabilities: | |||
Notes payable | $ 4,403,439 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Apr. 30, 2024 | Oct. 31, 2023 | Oct. 31, 2022 |
Statement of Financial Position [Abstract] | |||
Preferred stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 490,000,000 | 490,000,000 | 490,000,000 |
Common stock, shares issued | 50,328,328 | 31,046,516 | 16,972,800 |
Common stock, shares outstanding | 50,328,328 | 31,046,516 | 16,972,800 |
Condensed Statements of Operati
Condensed Statements of Operations - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Apr. 30, 2024 | Apr. 30, 2023 | Apr. 30, 2024 | Apr. 30, 2023 | Oct. 31, 2023 | Oct. 31, 2022 | |
Income Statement [Abstract] | ||||||
Revenue | $ 72,923 | $ 72,923 | ||||
Operating expenses: | ||||||
Exploration expense | 40,223 | 25,415 | 124,817 | 25,415 | 251,743 | 28,669 |
General and administrative expenses | 1,475,685 | 920,263 | 2,422,953 | 1,044,519 | 3,311,886 | 768,379 |
Stock-based compensation expense | 504,912 | 70,228 | 912,530 | 110,985 | 1,044,261 | 6,202 |
Accretion expense | 694 | 694 | 1,389 | 1,389 | 2,778 | 2,778 |
Total operating expenses | 2,021,514 | 1,016,600 | 3,461,689 | 1,182,308 | 4,610,668 | 806,028 |
Loss from operations | (1,948,591) | (1,016,600) | (3,388,766) | (1,182,308) | (4,610,668) | (806,028) |
Other expenses: | ||||||
Interest expense | 982,691 | 94,357 | 1,141,989 | 746,930 | 791,811 | 1,661,981 |
Penalty fees | 1,322,933 | |||||
Loss on settlement | 13,051 | |||||
Settlement fees | 10,500 | 10,500 | ||||
Loss on note conversion | 1,104,153 | 1,125,000 | 1,196,306 | 1,125,000 | 1,125,000 | |
Licenses and fees | 10,422 | 3,896 | 9,450 | |||
Total other expenses | 2,097,344 | 1,219,357 | 2,359,217 | 1,871,930 | 1,933,758 | 2,994,364 |
Loss before income taxes | (4,045,935) | (2,235,957) | (5,747,983) | (3,054,238) | (6,544,426) | (3,800,392) |
Provision for income taxes | ||||||
Net loss | $ (4,045,935) | $ (2,235,957) | $ (5,747,983) | $ (3,054,238) | $ (6,544,426) | $ (3,800,392) |
Basic and Diluted Net Loss per Common Share | ||||||
Basic | $ (0.10) | $ (0.12) | $ (0.16) | $ (0.17) | $ (0.28) | $ (0.26) |
Diluted | $ (0.10) | $ (0.12) | $ (0.16) | $ (0.17) | $ (0.28) | $ (0.26) |
Weighted Average Number of Common Shares Outstanding | ||||||
Basic | 40,876,850 | 18,457,415 | 36,164,019 | 17,796,727 | 23,079,750 | 14,797,786 |
Diluted | 40,876,850 | 18,457,415 | 36,164,019 | 17,796,727 | 23,079,750 | 14,797,786 |
Condensed Statements of Changes
Condensed Statements of Changes in Stockholders' Equity - USD ($) | Common Stock [Member] | Share Subscription Receivables [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total | |
Balance at Oct. 31, 2021 | $ 1,098 | $ (50,545) | $ 4,202,021 | $ (102,064) | $ 4,050,510 | |
Balance, shares at Oct. 31, 2021 | 10,982,800 | |||||
Net loss | (3,800,392) | (3,800,392) | ||||
Stock-based compensation | 6,202 | 6,202 | ||||
Issuance of common stock for cash, net | $ 1 | 40,000 | 19,999 | 60,000 | ||
Issuance of common stock for cash net, shares | 10,000 | |||||
Issuance of founders’ shares | $ 8 | 535 | 543 | |||
Issuance of founders' shares, shares | 80,000 | |||||
Issuance of security interest shares to investors | $ 450 | 1,322,483 | 1,322,933 | |||
Issuance of security interest shares to investors, shares | 4,500,000 | |||||
Issuance of warrants in connection with investor financing | 994,091 | 994,091 | ||||
Issuance of restricted stock units to outside directors | $ 30 | (30) | ||||
Issuance of restricted stock units to outside directors, shares | 300,000 | |||||
Issuance of restricted shares to executives | $ 110 | (110) | ||||
Issuance of restricted stock units to executives, shares | 1,100,000 | |||||
Interest imputed on note payable for acquisition of unproved oil and gas properties | 89,237 | 89,237 | ||||
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 January 2022 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 Oct. 31, 2022 | $ 1,697 | (10,010) | 6,633,893 | (3,902,456) | 2,723,124 | |
Balance, shares at Oct. 31, 2022 | 16,972,800 | |||||
Issuance of conversion shares related to the January 2022 SPA | $ 504 | 5,164,371 | 5,164,875 | |||
Issuance of conversion shares related to the SPA, shares | 5,038,902 | |||||
Issuance of common stock upon exercise of warrants, net | $ 245 | 1,812,390 | 1,812,635 | |||
Issuance of common stock upon exercise of warrants, shares | 2,449,466 | |||||
Stock-based compensation | $ 19 | 1,044,242 | 1,044,261 | |||
Net loss | (6,544,426) | (6,544,426) | ||||
Issuance of common stock for services, net | $ 29 | 366,630 | 366,659 | |||
Issuance of common stock for services, shares | 285,500 | |||||
Issuance of equity warrants in connection with convertible debt (Tranche #1) | 332,630 | 332,630 | ||||
Issuance of commitment shares related to the January 2022 SPA | $ 38 | 1,124,962 | 1,125,000 | |||
Issuance of commitment shares related to the SPA, shares | 375,000 | |||||
Issuance of common shares in IPO, net of underwriting discounts and offering costs | $ 200 | 3,342,426 | 3,342,626 | |||
Issuance of common shares in IPO, net of underwriting discounts and offering costs, shares | 2,000,000 | |||||
Issuance of pre-funded warrants | 4,000 | 4,000 | ||||
Share-based compensation, shares | 200,000 | |||||
Issuance of common stock for cash, net | $ 40 | 371,960 | 372,000 | |||
Issuance of common stock for cash net, shares | 400,000 | |||||
Issuance of restricted stock units under the Equity Incentive Plan | $ 213 | (213) | ||||
Issuance of restricted stock units under the Equity Incentive Plan, shares | 2,125,000 | |||||
Issuance of common stock for warrants that can be exercised per the Resale S-1/A | $ 120 | (120) | ||||
Issuance of common stock for warrants that can be exercised per the Resale S-1/A, shares | 1,199,848 | |||||
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 | |||||
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 January 2022 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 conversion shares related to the January 2022 SPA | $ 1,633 | 3,321,954 | 3,323,587 | |||
Issuance of conversion shares related to the SPA, 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 stock upon exercise of warrants, net | $ 170 | 599,130 | 599,300 | |||
Issuance of common stock upon exercise of warrants, 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, net | $ 20 | 95,180 | 95,200 | |||
Issuance of common stock for services, shares | 200,000 | |||||
Issuance of equity warrants in connection with convertible debt (Tranche #1) | 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 conversion shares related to the January 2022 SPA | $ 1,523 | 2,977,382 | 2,978,905 | |||
Issuance of conversion shares related to the SPA, 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 stock upon exercise of warrants, net | $ 170 | 599,130 | 599,300 | |||
Issuance of common stock upon exercise of warrants, 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 - USD ($) | 6 Months Ended | 12 Months Ended | ||
Apr. 30, 2024 | Apr. 30, 2023 | Oct. 31, 2023 | Oct. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net loss | $ (5,747,983) | $ (3,054,238) | $ (6,544,426) | $ (3,800,392) |
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 | |||
Franchise tax fees | (9,450) | 9,450 | ||
Bad debt expense | 25,000 | 25,000 | ||
Accretion expense | 1,389 | 1,389 | 2,778 | 2,778 |
Conversion of January 2022 SPA | 1,125,000 | 1,125,000 | ||
Debt discount - OID | (140,000) | |||
Payable to related party | 185,066 | |||
Amortization of debt discount | 1,140,753 | 432,693 | 473,240 | 1,218,951 |
Write-off of January 2022 SPA receivable | 80,000 | |||
Imputed interest | 89,237 | |||
Debt discounts – convertible note | (322,366) | |||
Stock-based compensation | 912,530 | 110,985 | 1,044,261 | 6,202 |
Penalty fees | 1,322,933 | |||
Changes in operating assets and liabilities: | ||||
Prepaid expenses and other receivables | (450,812) | (105,739) | (123,417) | (13,846) |
Accounts payable and accrued liabilities | 392,714 | 663,644 | 110,180 | 582,543 |
Other liabilities | 401,657 | |||
Net cash used in operating activities | 682,525 | (801,266) | (4,036,834) | (502,144) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Other capital expenditures for unproved oil and gas properties | (1,060,931) | (210,530) | (362,022) | |
Drilling costs for exploratory well | (1,294,490) | (3,749,488) | ||
Due to operators | 42,227 | 21,651 | ||
Advances to operators | 534,852 | 1,900,000 | ||
Net cash used in investing activities | (1,018,704) | (970,168) | (2,189,859) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Proceeds from issuance of common stock, net | 372,000 | 738,659 | 60,543 | |
Payment of convertible note payable | (2,550,000) | |||
Proceeds from promissory notes | 1,036,880 | |||
Proceeds from notes payable – investors | 125,000 | 4,820,000 | ||
Proceeds from convertible note (Tranche #1) | 550,000 | 2,000,000 | ||
Repayment of notes payable | (1,472,512) | (1,472,512) | (2,920,000) | |
Proceeds from issuance of common stock in IPO | 6,000,000 | 6,000,000 | ||
Cash paid for debt issuance costs | (166,978) | (350,320) | (575,438) | |
Proceeds from exercise of warrants, net | 1,812,635 | |||
Cash paid for deferred offering costs | (1,013,493) | (1,013,493) | (888,190) | |
Net cash provided by financing activities | (1,005,098) | 3,885,995 | 7,714,969 | 496,915 |
Effect of foreign currency exchange | ||||
NET CHANGE IN CASH | (1,341,277) | 2,114,561 | 1,488,276 | (5,229) |
Cash - Beginning of period | 1,561,924 | 73,648 | 73,648 | 78,877 |
Cash - End of period | 220,647 | 2,188,209 | 1,561,924 | 73,648 |
Supplemental disclosures of cash flow information: | ||||
Cash paid for interest | ||||
Cash paid for income taxes | ||||
Non-cash investing and financing activities: | ||||
Issuance of warrants | 151,490 | $ 332,630 | $ 1,108,974 | |
Issuance of RSUs | 213 | 30 | ||
Issuance of common stock for warrants that can be exercised per the Resale S-1/A | $ 120 | |||
Issuance of pre-funded warrants | $ 4,000 | |||
Issuance of commitment shares | $ 667,500 |
NATURE OF THE ORGANIZATION AND
NATURE OF THE ORGANIZATION AND BUSINESS | 6 Months Ended | 12 Months Ended |
Apr. 30, 2024 | Oct. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
NATURE OF THE ORGANIZATION AND BUSINESS | NOTE 1 – NATURE OF THE ORGANIZATION AND BUSINESS Company Organization Trio Petroleum Corp. (“Trio Petroleum” or the “Company”) is an oil and gas exploration and development company headquartered in Bakersfield, California, with operations in Monterey County, California 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 % working interest in the large, approximately 9,300 acres South Salinas Project. The working interest included the purchased percentage of the South Salinas Project’s leases, wells and inventory in exchange for $ 300,000 cash, a non-interest-bearing note payable of $ 3,700,000 due to Trio LLC on December 17, 2021 (see Note 6 and Note 9) and 4,900,000 shares of the Company’s $ 0.0001 par value common stock (see Note 5 and Note 10). At the time of the acquisition, this share issuance constituted 45 % of the total number of issued shares of the Company. The Company accounted for the purchase as an asset acquisition, as prescribed in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 805 – Business Combinations 3 % working interest in the South Salinas Project; see Note 5 for further information. There 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. As of April 30, 2024 and October 31, 2023, there were no proved reserves attributable to the approximate 9,300 acres of the property. The HV-3A well at the South Salinas Project has been producing oil since it was returned to production on March 26, 2024, and it is producing oil and generating future revenue as of the date of this filing. The Company expects to receive the first revenue from oil produced from the HV-3A well in June or July, 2024. 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 shares of its common stock for total gross proceeds of $ 6,000,000 , which is described more fully in Note 4. 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 % working interest in the McCool Ranch Oil Field located in Monterey County near the Company’s flagship South Salinas Project; the Company initially began refurbishment operations with respect to a water disposal well. After refurbishment was successfully accomplished, the Company restarted production operations on the assets (see Note 5 for further information). In 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 . In December 2023, the Company amended the agreement and funded $ 200,000 in exchange for an immediate 2 % interest in the leases; such funds are to be used for the building of roads and related infrastructure in furtherance of the development of the leases (see Note 6 for further information). Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a)(19) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. | NOTE 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 Danville, California, with operations in Monterey County, California. The Company was incorporated on July 19, 2021, under the laws of Delaware to acquire, fund and develop oil exploration and production assets in California; it has no revenue-generating operations as of the date of this filing. The Company was formed to acquire Trio Petroleum LLC’s (“Trio LLC”) approximate 82.75 85.75 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 82.75 300,000 3,700,000 4,900,000 0.0001 45 Business Combinations 3 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 2,000,000 6,000,000 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 | 12 Months Ended |
Apr. 30, 2024 | Oct. 31, 2023 | |
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 and $ 350,320 in debt issuance costs, respectively. 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 revenue 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 % working interest (which was subsequently increased to an 85.75 % working interest as of April 2023) in the SSP from Trio LLC in exchange for cash, a note payable to Trio LLC and the issuance of 4.9 million shares of common stock. As of the date of the acquisition, Trio LLC owned 45 % of the outstanding shares of the Company and was considered a related party. As of April 30, 2024 and October 31, 2023, Trio LLC owned less than 1 % and 1 %, respectively, of the outstanding shares of the Company. 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. | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). Use of Estimates The preparation of financial statements in accordance with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, equity-based transaction and disclosure of contingent assets and liabilities at the date of the financial statements, and the revenue and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statement, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Some of the more significant estimates required to be made by management include estimates of oil and natural gas reserves (when and if assigned) and related present value estimates of future net cash flows therefrom, the carrying value of oil and natural gas properties, accounts receivable, bad debt expense, ARO and the valuation of equity-based transactions. Accordingly, actual results could differ significantly from those estimates. Cash and cash equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had no Prepaid Expenses Prepaid expenses consist primarily of prepaid services which will be expensed as the services are provided within twelve months. As of October 31, 2023 and 2022, the balances of the prepaids account were $ 133,417 35,000 Deferred Offering Costs Deferred offering costs consist of professional fees, filing, regulatory and other costs incurred through the balance sheet date that are directly related to the planned IPO (see Note 4). As of October 31, 2023 and 2022, offering costs in the aggregate of $ 0 1,643,881 Debt Issuance Costs Costs incurred in connection with the issuance of the Company’s debt have been recorded as a direct reduction against the debt and amortized over the life of the associated debt as a component of interest expense. As of October 31, 2023 and 2022, the Company recorded $ 350,320 575,438 Oil and Gas Assets and Exploration Costs – Successful Efforts The Company’s projects are in early development and/or exploration stages and it has not yet realized any revenues from its operations. It applies the successful efforts method of accounting for crude oil and natural gas properties. Under this method, exploration costs such as exploratory, geological, and geophysical costs, delay rentals and exploratory overhead are expensed as incurred. If an exploratory property provides evidence to justify potential development of reserves, drilling costs associated with the property are initially capitalized, or suspended, pending a determination as to whether a commercially sufficient quantity of proved reserves can be attributed to the area as a result of drilling. At the end of each quarter, management reviews the status of all suspended exploratory property costs considering ongoing exploration activities; in particular, whether the Company is making sufficient progress in its ongoing exploration and appraisal efforts. If management determines that future appraisal drilling or development activities are unlikely to occur, associated exploratory well costs are expensed. Costs to acquire mineral interests in crude oil and/or natural gas properties, drill and equip exploratory wells that find proved reserves and drill and equip development wells are capitalized. Acquisition costs of unproved leaseholds are assessed for impairment during the holding period and transferred to proven crude oil and/or natural gas properties to the extent associated with successful exploration activities. Significant undeveloped leases are assessed individually for impairment, based on the Company’s current exploration plans, and a valuation allowance is provided if impairment is indicated. Capitalized costs from successful exploration and development activities associated with producing crude oil and/or natural gas leases, along with capitalized costs for support equipment and facilities, are amortized to expense using the unit-of-production method based on proved crude oil and/or natural gas reserves on a field-by-field basis, as estimated by qualified petroleum engineers. As of October 31, 2023 and 2022, all of the Company’s oil and gas properties were classified as unproved properties and were not subject to depreciation, depletion and amortization. Unproved oil and natural gas properties Unproved oil and natural gas properties consist of costs incurred to acquire unproved leases. Unproved lease acquisition costs are capitalized until the lease expires or when the Company specifically identifies a lease that will revert to the lessor, at which time it charges the associated unproved lease acquisition costs to exploration costs. Unproved oil and natural gas properties are not subject to amortization and are assessed periodically for impairment on a property-by-property basis based on remaining lease terms, drilling results or future plans to develop acreage. All of the Company’s natural gas properties were classified as unproved as of October 31, 2023 and 2022; see further discussion in Note 5. Impairment of Other Long-lived Assets The Company reviews the carrying value of its long-lived assets annually or whenever events or changes in circumstances indicate that the historical cost-carrying value of an asset may no longer be appropriate. The Company assesses the recoverability of the carrying value of the asset by estimating the future net undiscounted cash flows expected to result from the asset, including eventual disposition. If the future net undiscounted cash flows are less than the carrying value of the asset, an impairment loss is recorded equal to the difference between the asset’s carrying value and estimated fair value. With regards to oil and gas properties, this assessment applies to proved properties . As of October 31, 2023 and 2022, the Company had no Asset Retirement Obligations ARO consists of future plugging and abandonment expenses on oil and natural gas properties. In connection with the South Salinas Project acquisition described above, the Company acquired the plugging and abandonment liabilities associated with six non-producing wells. The fair value of the ARO was recorded as a liability in the period in which the wells were acquired with a corresponding increase in the carrying amount of oil and natural gas properties not subject to impairment. The Company plans to utilize the six wellbores acquired in the South Salinas Project acquisition in future exploration activities. The liability is accreted for the change in its present value each period based on the expected dates that the wellbores will be required to be plugged and abandoned. The capitalized cost of ARO is included in oil and gas properties and is a component of oil and gas property costs for purposes of impairment and, if proved reserves are found, such capitalized costs will be depreciated using the units-of-production method. The asset and liability are adjusted for changes resulting from revisions to the timing or the amount of the original estimate when deemed necessary. If the liability is settled for an amount other than the recorded amount, a gain or loss is recognized. Components of the changes in ARO for the years ended October 31, 2022 and 2023 are shown below: SCHEDULE OF COMPONENTS OF CHANGES IN ARO ARO, ending balance – October 31, 2021 $ 45,535 Accretion expense 2,778 ARO, ending balance – October 31, 2022 48,313 Accretion expense 2,778 ARO, ending balance – October 31, 2023 51,091 Less: ARO – current 2,778 ARO, net of current portion – October 31, 2023 $ 48,313 Related Parties Related parties are directly or indirectly related to the Company, through one or more intermediaries and are in control, controlled by, or under common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. The Company discloses all related party transactions. On September 14, 2021, the Company acquired an 82.75 85.75 4.9 45 1 29 Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets, including tax loss and credit carry forwards, and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company utilizes ASC 740, Income Taxes For uncertain tax positions that meet a “more likely than not” threshold, the Company recognizes the benefit of uncertain tax positions in the financial statements. The Company’s practice is to recognize interest and penalties, if any, related to uncertain tax positions in income tax expense in the statements of operations when a determination is made that such expense is likely. The Company is subject to income tax examinations by major taxing authorities since inception. Fair Value Measurements The carrying values of financial instruments comprising cash and cash equivalents, payables, and notes payable-related party approximate fair values due to the short-term maturities of these instruments. The notes payable- related party is considered a level 3 measurement. As defined in ASC 820, Fair Value Measurements and Disclosures Level 1: Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Level 2: Pricing inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reported date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies. Level 3: Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value. The significant unobservable inputs used in the fair value measurement for nonrecurring fair value measurements of long-lived assets include pricing models, discounted cash flow methodologies and similar techniques. There are no assets or liabilities measured at fair value on a recurring basis. Assets and liabilities accounted for at fair value on a non-recurring basis in accordance with the fair value hierarchy include the initial allocation of the asset acquisition purchase price, including asset retirement obligations, the fair value of oil and natural gas properties and the assessment of impairment. The fair value measurements and allocation of assets acquired are measured on a nonrecurring basis on the acquisition date using an income valuation technique based on inputs that are not observable in the market and therefore represent Level 3 inputs. Significant inputs used to determine the fair value include estimates of: (i) reserves; (ii) future commodity prices; (iii) operating and development costs; and (iv) a market-based weighted average cost of capital rate. The underlying commodity prices embedded in the Company’s estimated cash flows are the product of a process that begins with NYMEX forward curve pricing, adjusted for estimated location and quality differentials, as well as other factors that the Company’s management believes will impact realizable prices. These inputs require significant judgments and estimates by the Company’s management at the time of the valuation. The fair value of additions to the asset retirement obligation liabilities is measured using valuation techniques consistent with the income approach, which converts future cash flows to a single discounted amount. Significant inputs to the valuation include: (i) estimated plug and abandonment cost per well for all oil and natural gas wells and for all disposal wells; (ii) estimated remaining life per well; (iii) future inflation factors; and (iv) the Company’s average credit-adjusted risk-free rate. These assumptions represent Level 3 inputs. If the carrying amount of its proved oil and natural gas properties, which are assessed for impairment under ASC 360 – Property, Plant and Equipment, Net Loss Per Share Basic and diluted net loss per share is computed by dividing net loss by the weighted average number of common shares outstanding during the reporting period. Diluted earnings per share is computed similar to basic loss per share, except the weighted average number of common shares outstanding are increased to include additional shares from the assumed exercise of share options, warrants and convertible notes, if dilutive. The following common share equivalents are excluded from the calculation of weighted average common shares outstanding, because their inclusion would have been anti-dilutive (see Note 10): SCHEDULE OF WEIGHTED AVERAGE COMMON SHARES OUTSTANDING ANTI-DILUTIVE As of October 31, As of October 31, 2023 2022 Warrants (Note 9, Note 10) 396,247 (4) 693,107 (1) Convertible Notes (Note 9, Note 10) - 2,772,429 (2) Commitment Shares (Note 9, Note 10) - 321,428 (3) Restricted stock units and shares (Note 6, Note 10) - 1,400,000 (5) Total potentially dilutive securities 396,247 4,486,964 (1) Balance includes warrants issued per the January 2022 Securities Purchase Agreement (“January 2022 SPA”) with GPL Ventures, LLC (“GPL”), which are exercisable into up to 50 (2) Upon IPO, the debt will convert into a variable number of shares; the number of conversion shares is equal to the outstanding principal amount divided by the conversion price, which is equal to the lesser of a) the IPO price or b) the opening price of the common stock on the first trading day after the IPO multiplied by the discount of 50 (3) The number of commitment shares to be issued is a variable number of shares for a fixed total dollar amount of $ 1,125,000 25 (4) Balance consists of potentially dilutive shares based on 1,766,702 (5) Balance consists of restricted stock units granted to five outside directors and restricted shares issued to executives. Environmental Expenditures The operations of the Company have been, and may in the future be, affected from time to time to varying degree by changes in environmental regulations, including those for future reclamation and site restoration costs. Both the likelihood of new regulations and their overall effect upon the Company vary greatly and are not predictable. The Company’s policy is to meet or, if possible, surpass standards set by relevant legislation by application of technically proven and economically feasible measures. Environmental expenditures that relate to ongoing environmental and reclamation programs are charged against earnings as incurred or capitalized and amortized depending on their future economic benefits. All of these types of expenditures incurred since inception have been charged against earnings due to the uncertainty of their future recoverability. Estimated future reclamation and site restoration costs, when the ultimate liability is reasonably determinable, are charged against earnings over the estimated remaining life of the related business operation, net of expected recoveries. Recent Accounting Pronouncements All recently issued but not yet effective accounting pronouncements have been deemed to be not applicable or immaterial to the Company. Reclassification of Expenses Certain amounts in the prior periods presented have been reclassified to the current period financial statement presentation. This reclassification has no effect on previously reported net income. Subsequent Events The Company evaluated all events and transactions that occurred after October 31, 2023 through the date of the filing of this report. See Note 11 for such events and transactions. |
GOING CONCERN AND MANAGEMENT_S
GOING CONCERN AND MANAGEMENT’S LIQUIDITY PLANS | 6 Months Ended | 12 Months Ended |
Apr. 30, 2024 | Oct. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
GOING CONCERN AND MANAGEMENT’S LIQUIDITY PLANS | NOTE 3 – GOING CONCERN AND MANAGEMENT’S LIQUIDITY PLANS As of April 30, 2024, the Company had $ 220,647 in its operating bank account and a working capital deficit of $ 1,213,963 . To date, the Company has been funding operations through proceeds from the issuance of common stock, financing through certain investors, the consummation of its IPO in April 2023 (see Note 4), and convertible note financing under two tranches in October 2023 and December 2023, pursuant to which it raised total gross proceeds of $ 2,371,500 . Additionally, the Company received funds in the amount of $ 125,000 from an unsecured promissory note from its CEO (see Note 9), as well as gross proceeds of $ 184,500 from a promissory note with an investor in March 2024 (see Note 9) and gross proceeds of $ 720,000 from convertible debt financing with two investors in April 2024 (see Note 9). 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 and has experienced losses from continuing operations. Based on the Company’s cash balance as of April 30, 2024 and projected cash needs for the twelve months following the issuance of these condensed financial statements, management estimates that it will need to generate sufficient sales revenue and/or raise additional capital to cover operating and capital requirements. Management will need to raise the additional funds by issuing additional shares of common stock or other equity securities or obtaining additional debt financing. Although management has been successful to date in raising necessary funding and obtaining financing through investors, there can be no assurance that any required future financing can be successfully completed on a timely basis, on terms acceptable to the Company, or at all. Based on these circumstances, management has determined that these conditions raise substantial doubt about the Company’s ability to continue as a going concern for the twelve months following the issuance of these condensed financial statements. 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. | NOTE 3 – GOING CONCERN AND MANAGEMENT’S LIQUIDITY PLANS As of October 31, 2023, the Company had $ 1,561,924 156,045 4,940,000 1,032,512 440,000 3.5 1.9 7 The accompanying financial statements have been prepared on the basis that the Company will continue as a going concern over the next twelve months from the date of issuance of these financial statements, which assumes the realization of assets and the satisfaction of liabilities in the normal course of business. As of October 31, 2023, the Company has an accumulated deficit of $ 10,446,882 Accordingly, the accompanying financial statements have been prepared in conformity with U.S. GAAP, which contemplates continuation of the Company as a going concern and the realization of assets and the satisfaction of liabilities in the normal course of business. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. |
INITIAL PUBLIC OFFERING
INITIAL PUBLIC OFFERING | 6 Months Ended | 12 Months Ended |
Apr. 30, 2024 | Oct. 31, 2023 | |
Initial Public Offering | ||
INITIAL PUBLIC OFFERING | NOTE 4 – INITIAL PUBLIC OFFERING The Company’s Registration Statement (Amendment No. 9) on Form S-1/A was filed with the SEC on March 24, 2023; its Initial Public Offering was declared effective on April 17, 2023 and closed on April 20, 2023 (collectively, the “Offering” or “IPO”). The Company sold two million shares of common stock at a public offering price of $ 3.00 per share for gross proceeds of $ 6,000,000 . After deducting the underwriting commissions, discounts and offering expenses payable by the Company, it received net proceeds of approximately $ 4,940,000 . The Company’s common stock is listed on the NYSE American under the symbol TPET. The Company also issued warrants to purchase 100,000 shares of common stock to the underwriters at an exercise price of $ 3.30 per share ( 110 % of public offering price), the cost of which was offset to additional paid-in capital upon IPO. | NOTE 4 – INITIAL PUBLIC OFFERING The Company’s Registration Statement (Amendment No. 9) on Form S-1/A was filed with the SEC on March 24, 2023; its Initial Public Offering was declared effective on April 17, 2023 and closed on April 20, 2023 (collectively, the “Offering” or “IPO”). The Company sold 2,000,000 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 contract liabilities or transaction price allocations to any remaining performance obligations as of April 30, 2024 or 2023. 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 | 12 Months Ended |
Apr. 30, 2024 | Oct. 31, 2023 | |
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 and $ 124,817 , respectively; these expenses were exploratory, geological and geophysical costs and were expensed on the statement of operations during the applicable periods. For capitalized costs, the Company incurred approximately $ 1.2 million for the six months ended April 30, 2024, of which approximately $ 0.6 million was related to drilling exploratory wells and approximately $ 0.6 million was related to acquisition costs, both of which were capitalized and reflected in the balance of the oil and gas property as of April 30, 2024. During the three and six months ended April 30, 2023, the Company incurred aggregated exploration costs of $ 25,415 and $ 25,415 , respectively; these expenses were exploratory, geological and geophysical costs and were expensed on the statement of operations during the applicable periods. For capitalized costs, the Company incurred approximately $ 1.5 million for the six months ended April 30, 2023, of which approximately $ 1.3 million was related to drilling exploratory wells and approximately $ 0.2 million was related to acquisition costs, both of which were capitalized and reflected in the balance of the oil and gas property as of April 30, 2023. 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 acres, was amended on May 27, 2022 to provide for an extension of then-current force majeure status for an additional, uncontested twelve months, during which the Company would be released from having to evidence to the lessor the existence of force majeure conditions. As consideration for the granting of the lease extension, the Company paid the lessor a one-time, non-refundable payment of $ 252,512 ; this amount was capitalized and reflected in the balance of the oil and gas property as of October 31, 2022. The extension period commenced on June 19, 2022 and currently, the “force majeure” status has been extinguished by the drilling of the HV-1 well. The ongoing operations and oil production at the HV-3A well maintains the validity of the lease. The second lease covers 160 acres of the South Salinas Project; it is currently held by delay rental and is renewed every three years. Until drilling commences, the Company is required to make delay rental payments of $ 30 /acre per year. The Company is currently in compliance with this requirement and has paid in advance the delay rental payment for the period from October 2023 through October 2024. During February and March of 2023, the Company entered into additional leases related to the unproved properties of the South Salinas Project with two groups of lessors. The first group of leases covers 360 acres and has a term of 20 years; the Company is required to make rental payments of $ 25 /acre per year. The Company is currently in compliance with this requirement and has paid in advance the rental payment for the period February 2024 through February 2025. The second group of leases covers 307.75 acres and has a term of 20 years; the Company is required to make rental payments of $ 30 /acre per year. The Company is currently in compliance with this requirement and has paid in advance the rental payment for the period from March 2024 through March 2025. 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 % working interest in the McCool Ranch Oil Field located in Monterey County near the Company’s flagship South Salinas Project; the Company initially recorded a payment of $ 100,000 upon execution of the McCool Ranch Purchase Agreement, at which time Trio LLC began refurbishment operations with respect to the San Ardo WD-1 water disposal well (the “WD-1”) to determine if it was capable of reasonably serving the produced water needs for the assets. With refurbishment successfully accomplished, the Company is obligated to pay an additional $ 400,000 per the McCool Ranch Purchase Agreement; it has paid approximately $ 215,000 to date for restarting production operations on the assets and has recorded a liability of $ 185,000 for the remainder as of the end of the period. These additional costs are capitalized costs and are reflected in the balance of the oil and gas property as of April 30, 2024. 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 each and a final subsequent payment of $ 175,000 , for a total of $ 200,000 within 120 days of the effective date for exclusive rights to the option to purchase 80% of the 100% Before Project Payout Working Interest (“BPPWI”) in Lantos’ oil and gas leasehold interests in Solano County, California (referred to as the Old Man Prospect). As of January 31, 2024, the Company has paid approximately $ 25,000 towards the purchase of this option. Due to technical risks identified during due diligence and due to other considerations, the Company did not make the final $ 175,000 payment and as a result the 120-day option period has expired. 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 was extended an additional two months until October 10, 2024, and 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 and paid within seven days subsequent to HSO providing certain required items to the Company. On December 29, 2023, the Company entered into an amendment to the ARLO Agreement, whereby the Company funded $ 200,000 of the $ 500,000 payable by the Company to HSO at the Initial Closing, in advance of HSO satisfying certain required items for a 2 % interest in the leases; such funds are to be used by HSO solely for the building of roads and related infrastructure in furtherance of the development of the leases. As of April 30, 2024, the Company has paid a total of $ 225,000 to HSO in costs related to infrastructure and has obtained a 2.25 % interest in the leases; such costs are capitalized costs and are reflected in the balance of the oil and gas property as of April 30, 2024. | NOTE 5 – OIL AND NATURAL GAS PROPERTIES The following tables summarize the Company’s oil and gas activities. SCHEDULE OF OIL AND NATURAL GAS PROPERTIES As of October 31, As of October 31, 2023 2022 Oil and gas properties – not subject to amortization $ 9,947,742 $ 5,836,232 Accumulated impairment — — Oil and gas properties – not subject to amortization, net $ 9,947,742 $ 5,836,232 During the years ended October 31, 2023 and 2022, the Company incurred aggregate exploration costs of $ 251,743 28,669 4,111,510 4,011,510 100,000 3,749,488 262,022 Optioned Assets 252,512 Leases As of October 31, 2023, the Company holds various leases related to the unproved properties of the South Salinas Project (see Note 6 and Note 7); two of the leases are held with the same lessor. The first lease, which covers 8,417 252,512 The second lease covers 160 acres of the South Salinas Project; it is currently held by delay rental and is renewed every three years. Until drilling commences, the Company is required to make delay rental payments of $ 30 /acre per year. The Company is currently in compliance with this requirement and has paid in advance the delay rental payment for the period from October 2022 through October 2023. During February and March of 2023, the Company entered into additional leases related to the unproved properties of the South Salinas Project with two groups of lessors. The first group of leases covers 360 20 25 307.75 20 30 As of October 31, 2023, the Company assessed the unproved properties of the South Salinas Project and those adjacent to it for impairment, analyzing future drilling plans, leasehold expiration and the existence of any known dry holes in the area. The Company did not record any impairment to the oil and gas property as of October 31, 2023, as all capitalized costs represent costs to acquire unproved property leases pending further development on the balance sheet. There is no Optioned Assets On December 22, 2022, the Company and Trio LLC entered into the Fourth Amendment to the Trio LLC PSA (see Note 6). Per the terms of the Fourth Amendment, the Company was granted a 120-day option (commencing on January 1, 2023) to acquire any or all of the following three assets currently owned in part by Trio LLC (the “Optioned Assets”). The price for this option was $ 150,000 ● The McCool Ranch Oil Field (Hangman Hollow Area) asset with an option to acquire Trio LLC’s 44 ● The Kern Front Field asset with an option to acquire Trio LLC’s 22 ● The Union Avenue Field with an option to acquire Trio LLC’s 20 The Optioned Assets are all located in California. In order to evaluate the Optioned Assets, the Company engaged KLS Petroleum Consulting, LLC (“KLSP”) to perform detailed analyses and estimations of the oil and gas reserves and of the fair market values of each of these three assets. These analyses have been completed, and as of October 31, 2023, the Company has paid approximately $ 39,000 Union Avenue Field Agreement On May 12, 2023, the Company announced the signing of an Acquisition Agreement to potentially acquire up to 100 McCool Ranch Oil Field Asset Purchase On October 16, 2023, the Company entered into an agreement (“McCool Ranch Purchase Agreement”) with Trio LLC for purchase of a 21.918315 % working interest in the McCool Ranch Oil Field located in Monterey County near the Company’s flagship South Salinas Project (see Note 6); the Assets are situated in what is known as the “Hangman Hollow Area” of the McCool Ranch Oil Field. The acquired property is an oil field developed with oil wells, a water-disposal well, steam generator, boiler, various tanks, in-field steam pipelines, oil pipelines and other facilities. The property is fully and properly permitted for oil and gas production, cyclic- steam injection and water disposal; however, it is currently idle (i.e., not producing), although operations to restart production have begun. The Company initially recorded a payment of $ 100,000 upon execution of the McCool Ranch Purchase Agreement, at which time Trio LLC began refurbishment operations with respect to the San Ardo WD-1 water disposal well (the “WD-1”) to determine if it is capable of reasonably serving the produced water needs for the assets, which Refurbishment was successfully accomplished. With Refurbishment successfully accomplished, the Company will pay an additional $ 400,000 , which shall be used in restarting production operations on the assets. As of October 31, 2023, the Company has recorded the $ 100,000 payment as a capitalized cost; the balance is reflected in the balance of the oil and gas property as of year-end. Additional Working Interest – South Salinas Project In April 2023, the Company paid Trio LLC approximately $ 60,000 3.026471 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended | 12 Months Ended |
Apr. 30, 2024 | Oct. 31, 2023 | |
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 % working interest in the South Salinas Project and the Company holds an 85.75 % working interest. The Company provides funds to Trio LLC to develop and operate the assets in the South Salinas Project; such funds are classified in the short-term asset/liability section of the balance sheet as Advance to Operators/Due to Operators, respectively. As of April 30, 2024 and October 31, 2023, the balance of the Due to Operators account is $ 63,878 and $ 21,651 , respectively. 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 % working interest in the McCool Ranch Oil Field located in Monterey County near the Company’s flagship South Salinas Project (see Note 6); the Assets are situated in what is known as the “Hangman Hollow Area” of the McCool Ranch Oil Field. The Company initially recorded a payment of $ 100,000 upon execution of the McCool Ranch Purchase Agreement, at which time Trio LLC began refurbishment operations with respect to the San Ardo WD-1 to determine if it was capable of reasonably serving the produced water needs for the assets. With refurbishment successfully accomplished, the Company is obligated to pay an additional $ 400,000 per the McCool Ranch Purchase Agreement; it has paid approximately $ 215,000 during the quarter for restarting production operations on the assets and has recorded a liability of $ 185,000 to Trio LLC as a note payable – related parties on the balance sheet as of April 30, 2024. Restricted Stock Units (“RSUs”) issued to Directors On September 2, 2023, the Company issued an aggregate 425,000 shares of its $ 0.0001 par common stock to four outside directors with a fair value of $ 0.64 per share for a grant date value of $ 273,275 . The shares, or RSUs, vest in full upon the six-month anniversary of the vesting commencement date (or August 28, 2023), subject to the directors’ continued service on the vesting date. For the three and six months ended April 30, 2024, the Company recognized stock-based compensation in the amount of $ 41,364 and $ 177,259 , respectively, within stock-based compensation expenses on the income statement, with no unrecognized expense as of the period ended April 30, 2024. 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 and 100,000 , respectively, pursuant to the 2022 Equity Incentive Plan (“the Plan”). Per the terms of the employee agreements, subject to continued employment, the restricted shares vest over a two-year period, under which 25 % will vest upon the earlier of three months after the IPO or six months after the grant date. After this date, the remainder vest in equal tranches every six months until fully vested. As the Plan was not adopted until October 17, 2022, these shares will be recorded as of that date at a fair value of $ 0.294 per share; such value was calculated via a third-party valuation performed using income and market methods, as well as a discounted cash flow method, with the terminal value using a market multiples method, adjusted for a lack of marketability. As of October 31, 2022, the Company recorded 1,100,000 restricted shares at a fair value of $ 323,400 , and for the three and six months ended April 30, 2024, the Company recognized stock-based compensation of $ 39,428 and $ 80,185 , respectively, within stock-based compensation expenses on the income statement, with unrecognized expense of $ 75,312 as of April 30, 2024. For the three and six months ended April 30, 2023, the Company recognized stock-based compensation of $ 39,428 and $ 80,185 , respectively, within stock-based compensation expenses on the income statement. In May 2023, the Company entered into six employee agreements which, among other things, provided for the grant of an aggregate of 700,000 restricted shares pursuant to the Plan. Per the terms of the employee agreements, subject to continued employment, the restricted shares vest as follows: 25 % of the shares vested five months after the issuance date, after which the remainder vest in equal tranches every six months until fully vested. The shares were recorded on the date of issuance at a fair value of $ 2.15 per share for an aggregate fair value of $ 1,505,000 , and for the three and six months ended April 30, 2024, the Company recognized stock-based compensation of $ 183,654 and $ 373,499 , respectively, within stock-based compensation expenses on the income statement, with unrecognized expense of $ 691,282 as of the period ended April 30, 2024. On October 16, 2023, the Company and Michael L. Peterson entered into an employment agreement (the “Peterson Employment Agreement”), effective as of October 23, 2023, pursuant to which Mr. Peterson will serve as Chief Executive Officer of the Company, replacing Mr. Ingriselli. Pursuant to the Peterson Employment Agreement, Mr. Peterson will be paid an annual base salary of $ 350,000 . In addition, Mr. Peterson is entitled to receive, subject to his continuing employment with the Company on the applicable date of the bonus payout, an annual target discretionary bonus of up to 100 % of his annual base salary, payable at the discretion of the Compensation Committee of the Board based upon the Company’s and Mr. Peterson’s achievement of objectives and milestones to be determined on an annual basis by the Board. Pursuant to the Peterson Employment Agreement, the Company issued Mr. Peterson a grant of 1,000,000 shares of restricted stock pursuant to the Company’s Omnibus Incentive Compensation Plan (the “Plan”) at a fair value of $ 0.27 per share for a grant date fair value of $ 271,000 . The restricted stock grant vests over a period of two years, with 25 % of the shares of restricted stock vesting six months after the Peterson Employment Agreement Effective Date, and the remainder vesting in equal tranches on each of the 12-, 18-, and 24-month anniversary dates of the Peterson Employment Agreement. On March 26, 2024, the Company borrowed $ 125,000 from Mr. Peterson (the “Peterson Loan”), in connection with which the Company delivered to Mr. Peterson an Unsecured Subordinated Promissory Note in the principal amount of $ 125,000 (the “Peterson Note”). As additional consideration for the Peterson Loan, the Company accelerated the vesting of 1,000,000 shares of restricted stock awarded to Mr. Peterson under the Company’s 2022 Equity Incentive Plan. For the three and six months ended April 30, 2024, the Company recognized stock-based compensation of $ 233,505 and $ 267,659 , respectively, within stock-based compensation expenses on the income statement, with no unrecognized expense as of the period ended April 30, 2024. Note Payable – Related Party On March 26, 2024, the Company borrowed $ 125,000 from its Chief Executive Officer, Michael L. Peterson, in connection with which the Company delivered to Mr. Peterson an Unsecured Subordinated Promissory Note in the principal amount of $ 125,000 . The Note is payable on or before September 26, 2024 (the “Peterson Note Maturity Date”), upon which date the principal balance and interest accruable at a rate of 10 % per annum is due and payable to Mr. Peterson by the Company. The Company may prepay the Peterson Note at any time prior to the Peterson Note Maturity Date, in whole or in part, without premium or penalty. The Company is also required to prepay the Peterson Note, in full, prior to the Peterson Note Maturity Date from the proceeds of any equity or debt financing received by the Company of at least $ 1,000,000 . As additional consideration for the Peterson Loan, the Company accelerated the vesting of 1,000,000 shares of restricted stock awarded to Mr. Peterson under the Company’s 2022 Equity Incentive Plan. The Peterson Note also provides for acceleration of payment of the outstanding principal balance and all accrued and unpaid interest in the case of an Event of Default (as such term is defined in the Peterson Note), where there is either a payment default or a bankruptcy event. | NOTE 6 – RELATED PARTY TRANSACTIONS South Salinas Project – Related Party The Company was originally formed to acquire Trio LLC’s working interest in the South Salinas Project, and subsequently partner with certain members of Trio LLC’s management to develop and operate those assets (see Note 1, Note 5). Trio LLC operates the South Salinas on behalf of the Company, and as operator, conducts and has full control of the operations and acts in the capacity of an independent contractor. Trio LLC currently holds a 3.8 85.75 0 1,900,000 Optioned Assets with Related Party On December 22, 2022, the Company and Trio LLC entered into the Fourth Amendment to the Trio LLC PSA. Per the terms of the Fourth Amendment, the Company was granted a 120-day option (commencing on January 1, 2023) to acquire any or all of the following three assets currently owned in part by Trio LLC (the “Optioned Assets”). The price for this option was $ 150,000 ● The Hangman Hollow Field asset with an option to acquire Trio LLC’s 44 ● The Kern Front Field asset with an option to acquire Trio LLC’s 22 ● The Union Avenue Field with an option to acquire Trio LLC’s 20 McCool Ranch Oil Field Asset Purchase – Related Party On October 16, 2023, the Company entered into an agreement (“McCool Ranch Purchase Agreement”) with Trio LLC for purchase of a 21.918315 100,000 400,000 100,000 Additional Working Interest – South Salinas Project – Related Party In April 2023, the Company paid Trio LLC approximately $ 60,000 3.026471 Notes Payable – Related Party On September 14, 2021, the Company entered into a note payable with Trio LLC as part of the agreement for the purchase of an 82.75 780,000 1,032,512 1,032,512 0 1,025,497 7,015 120,337 1,032,512 2,920,000 Restricted Stock Units (“RSUs”) issued to Directors On July 11, 2022, the Company issued 60,000 0.0001 0.29 88,200 88,200 0 0 On September 2, 2023, the Company issued an aggregate 425,000 0.0001 0.64 273,275 96,016 0 177,259 Restricted Shares issued to Executives and Employees In February 2022, the Company entered into employee agreements with Frank Ingriselli (Chief Executive Officer or “CEO”) and Greg Overholtzer (Chief Financial Officer or “CFO”) which, among other things, provided for the grant of restricted shares in the amounts of 1,000,000 100,000 25 0.294 1,100,000 323,400 161,700 6,202 155,498 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 1,505,000 440,219 0 1,064,781 On July 20, 2023, pursuant to the Ingriselli Employment Agreement (see above), the Company issued 200,000 1.07 213,000 213,000 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 is a grant of 1,000,000 0.27 271,000 25 3,341 267,659 Consulting Agreement – Related Party On October 6, 2023, Mr. Ingriselli delivered notice of his resignation as the Company’s Chief Executive Officer, effective on October 23, 2023. Upon his resignation, Mr. Ingriselli will continue as a director and hold the title of “Vice Chairman” of the Board of Directors of the Company. In addition, on October 16, 2023, the Company and Global Venture Investments LLC (“Consultant”), a Delaware Limited Liability Company and a wholly owned consulting firm owned 100 10,000 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended | 12 Months Ended |
Apr. 30, 2024 | Oct. 31, 2023 | |
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 acres, was amended on May 27, 2022 to provide for an extension of then-current force majeure status for an additional, uncontested twelve months, during which the Company would be released from having to evidence to the lessor the existence of force majeure conditions. As consideration for the granting of the lease extension, the Company paid the lessor a one-time, non-refundable payment of $ 252,512 ; this amount was capitalized and reflected in the balance of the oil and gas property as of October 31, 2022. The extension period commenced on June 19, 2022 and currently, the “force majeure” status has been extinguished by the drilling of the HV-1 well. The ongoing operations and oil production at the HV-3A well maintains the validity of the lease. The second lease covers 160 acres of the South Salinas Project; it is currently held by delay rental and is renewed every three years. Until drilling commences, the Company is required to make delay rental payments of $ 30 /acre per year. The Company is currently in compliance with this requirement and has paid in advance the delay rental payment for the period from October 2023 through October 2024. 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 acres, which are held by delay rental payments that are paid-up and current. Parcel 2 comprises one lease and approximately 320 acres, which is held by production. The total leasehold comprises approximately 800 gross and net acres. During February and March of 2023, the Company entered into additional leases related to the unproved properties of the South Salinas Project with two groups of lessors. The first group of leases covers 360 acres and has a term of 20 years; the Company is required to make rental payments of $ 25 /acre per year. The Company is currently in compliance with this requirement and has paid in advance the rental payment for the period February 2024 through February 2025. The second group of leases covers 307.75 acres and has a term of 20 years; the Company is required to make rental payments of $ 30 /acre per year. The Company is currently in compliance with this requirement and has paid in advance the rental payment for the period from March 2024 through March 2025. On November 10, 2023, the Company entered into the ARLO Agreement with HSO for a term of nine months, which was extended an additional two months through October 10, 2024, and 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 and paid within seven days subsequent to HSO providing certain required items to the Company. On December 29, 2023, the Company entered into an amendment to the ARLO Agreement, whereby the Company funded $ 200,000 of the $ 500,000 payable by the Company to HSO at the Initial Closing, in advance of HSO satisfying certain required items for a 2 % interest in the leases; such funds are to be used by HSO solely for the building of roads and related infrastructure in furtherance of the development of the leases. As of April 30, 2024, the Company has paid a total of $ 225,000 to HSO in costs related to infrastructure and has obtained a 2.25 % interest in the leases; such costs are capitalized costs and are reflected in the balance of the oil and gas property as of April 30, 2024. Board of Directors Compensation On July 11, 2022, the Company’s Board of Directors approved compensation for each of the non-employee directors of the Company, which would be effective upon the consummation of the IPO. Such compensation is structured as follows: an annual retainer of $ 50,000 cash plus an additional $ 10,000 for each Board committee upon which the Director serves, each paid quarterly in arrears. Payment for this approved compensation commenced upon successful completion of the Company’s IPO in April 2023; for the three and six months ended April 30, 2024, the Company has recognized $ 54,000 and $ 110,685 , respectively, in directors’ fees. 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 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. 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 per share (the “Common Stock”) have been selling for a substantial period of time at a low price per share. The Notice has no immediate effect on the listing or trading of the Company’s Common Stock and the Common Stock will continue to trade on the NYSE American under the symbol “TPET” with the designation of “. BC” to indicate that the Company is not in compliance with the NYSE American’s continued listing standards. Additionally, the Notice does not result in the immediate delisting of the Company’s Common Stock from the NYSE American. 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. | NOTE 7 – COMMITMENTS AND CONTINGENCIES From time to time, the Company is subject to various claims that arise in the ordinary course of business. Management believes that any liability of the Company that may arise out of or with respect to these matters will not materially adversely affect the financial position, results of operations, or cash flows of the Company. Unproved Property Leases As of October 31, 2023, the Company holds various leases related to the unproved properties of the South Salinas Project (see Note 5); two of the leases are held with the same lessor. The first lease, which covers 8,417 252,512 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 As of October 31, 2023, the Company assessed the unproved properties of the South Salinas Project and those adjacent to it for impairment, analyzing future drilling plans, leasehold expiration and the existence of any known dry holes in the area. Management concluded there is no impairment allowance required as of the balance sheet date. Board of Directors Compensation On July 11, 2022, the Company’s Board of Directors approved compensation for each of the non-employee directors of the Company, which would be effective upon the consummation of the IPO. Such compensation is structured as follows: an annual retainer of $ 50,000 10,000 156,154 Agreements with Advisors On July 28, 2022, the Company entered into an agreement with Spartan Capital Securities, LLC (“Spartan”) whereby Spartan will serve as the exclusive agent, advisor or underwriter in any offering of securities of the Company for the term of the agreement, which is one year. The agreement provides for a $ 25,000 cash fee or an underwriter discount of 7.5% of the aggregate proceeds raised in the IPO, warrants to purchase a number of common shares equal to 5% of the aggregate number of common shares placed in the IPO, an expense allowance of up to $ 150,000 On April 20, 2023, pursuant to the agreement above, the Company issued representative warrants to Spartan to purchase up to an aggregate of 100,000 five years 3.30 110 Trio LLC – Monthly Consulting Fee Pursuant to the Fourth Amendment to the Trio LLC PSA, the Company agreed, retroactively commencing on May 1, 2022, to accrue a monthly consulting fee of $ 35,000 406,000 On May 1, 2023, the Company entered into six employment agreements with Trio LLC employees; the agreements provide for compensation and restricted shares pursuant to the Plan (see Note 10) with a start date of May 1, 2023, provided that each individual continues to serve as an employee of Trio LLC on a part-time basis. |
NOTES PAYABLE
NOTES PAYABLE | 6 Months Ended | 12 Months Ended |
Apr. 30, 2024 | Oct. 31, 2023 | |
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 million under two tranches, with first and second tranche fund amounts of $ 2.0 million and $ 1.5 million, respectively. 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 million, a 7 % original issue discount of $ 140,000 and debt issuance costs of $ 350,320 , for net proceeds of approximately $ 1.5 million. The Company also issued a warrant to purchase up to 866,702 shares of common stock with an aggregate relative fair value of $ 332,630 ; the factors used to determine fair value were a share price of $ 0.55 , an exercise price of $ 1.20 , an expected term of 5 years, annualized volatility of 137.10 %, a dividend rate of zero percent and a discount rate of 4.72 %. 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 , and $ 125,000 , respectively, which it converted into shares at 103 % for conversion amounts of $ 128,750 , $ 128,750 and $ 128,750 , respectively. Conversion shares were issued numbering 367,858 , 367,858 and 367,858 , respectively, at fair values per share of $ 0.34 , $ 0.31 and $ 0.29 , respectively, for total amounts of $ 125,072 , $ 114,036 and $ 105,575 , with cash payments of $ 36,698 , $ 35,837 and $ 49,935 made to the investor for the difference between the monthly conversion price and the floor price listed in the most recent amendment to the agreement. Additionally, losses in the amounts of $ 36,770 , $ 24,873 and $ 30,510 , respectively, were recognized for the difference between the value of the shares issued and the principal payment amounts. 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 to $ 0.50 ; the Company accounted for the amendment as a warrant modification, whereby the effect of the modification is measured as the difference in its relative fair value immediately before the modification and after the modification, and any increase to the relative fair value is recognized as an equity issuance cost. 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 , an exercise price of $ 1.20 , an expected term of 5.0 years, volatility of 137.1 %, a dividend rate of 0 % and a discount rate of 3.84 %. The Company then performed a Black Scholes Option Model calculation to quantify the fair value of the common warrants with their new modified terms as of the modification date using the following assumptions: a share price of $ 0.31 , an exercise price of $ 0.50 , an expected term of 5.0 years, volatility of 137.1 %, a dividend rate of 0 % and a discount rate of 3.84 %. The aggregate difference of approximately $ 0.1 million between the two calculated amounts was recorded as an equity issuance cost within equity during the period to account for the change in relative fair value. On January 2, 2024, the second tranche of the October 2023 SPA was funded, and the Company recorded gross proceeds of approximately $ 550,000 , a 7 % original issue discount of $ 38,500 and debt issuance costs of $ 90,978 , for net proceeds of approximately $ 421,000 . The Company also issued warrants to purchase up to 445,564 shares of common stock with an aggregate relative fair value of $ 98,708 ; the factors used to determine fair value were a share price of $ 0.32 , an exercise price of $ 0.50 , an expected term of 5 years, annualized volatility of 137.10 %, a dividend rate of zero percent and a discount rate of 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 , and $ 750,000 , respectively, which it converted into shares at 103 % for conversion amounts of $ 643,750 , $ 128,750 , $ 128,750 and $ 772,500 , respectively. Conversion shares were issued numbering 1,839,286 , 858,333 , 858,333 and 5,149,997 , respectively, at fair values per share of $ 0.24 , $ 0.13 , $ 0.10 and $ 0.17 , respectively, for total amounts of $ 441,428 , $ 113,300 , $ 84,117 and $ 881,165 , with a cash payment of $ 32,247 made to the investor for the difference between the monthly conversion price and the floor price listed in the most recent amendment to the agreement for the February 16, 2024 conversion. Additional shares of 2,395,911 and 351,507 , respectively, were issued on February 1, 2024 and April 15, 2024, respectively, at fair values of $ 0.24 and $ 0.63 , respectively, for total amounts of $ 574,779 and $ 221,449 , respectively; these share issuances were made in lieu of additional cash payments related to the February 1, 2024 and March 22, 2024 principal payment conversions. Additionally, losses in the amounts of $ 391,447 , $ 20,547 , $ 180,566 and $ 131,165 , respectively, were recognized for the difference between the value of the shares issued and the principal payment amounts. On February 2, 2024 and February 5, 2024, the Company made principal payments towards the second tranche in the amounts of $ 275,000 and $ 275,000 , respectively, which it converted into shares at 103 % for conversion amounts of $ 283,250 and $ 283,250 , respectively. Conversion shares were issued numbering 1,888,333 and 1,888,334 , respectively, at fair values per share of $ 0.17 and $ 0.18 , respectively, for total amounts of $ 323,094 and $ 339,334 , respectively. Additionally, losses in the amounts of $ 48,094 and $ 64,334 , respectively, were recognized for the difference between the value of the shares issued and the principal payment amounts. 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 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. As of April 30, 2024 and October 31, 2023, the balance of the convertible note, net of discounts, was $ 0 and $ 1,217,597 , respectively, with non-cash interest expense related to discounts recognized in the amounts of $ 1,063,372 and $ 40,547 , respectively. 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 and received net proceeds of $ 164,500 , after payment of offering expenses (the “March 2024 Debt Financing”). The SPA contains certain representations and warranties by the March 2024 Investor and the Company and customary closing conditions. 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 , having an original issue discount of $ 27,000 or approximately 13 % (the “March 2024 Investor Note”). Interest accrues on the March 2024 Investor Note at a rate of 12 % per annum and the maturity date of the March 2024 Investor Note is January 30, 2025 (the “March 2024 Investor Note Maturity Date”). The March 2024 Investor Note provides for five payments of principal and accrued interest which are payable: (i) $ 118,440 on September 30, 2024; (ii) $ 29,610 on October 30, 2024; (iii) $ 29,610 on November 30, 2024; (iv) $ 29,610 on December 30, 2024; and (v) $ 29,610 on January 30, 2025. The Company may prepay the March 2024 Investor Note, in full and not in part, any time during the 180 day period after the issuance date of the Investor Note at a 3 % discount to the outstanding amount of principal and interest due and payable; provided, that in the event of a prepayment, the Company will still be required to pay the full amount of interest that would have been payable through the term of the March 2024 Investor Note, in the amount of $ 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 (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. As of April 30, 2024 and October 31, 2023, the balance of the promissory note, net of discounts, was $ 172,468 and $ 0 , respectively, with non-cash interest expense related to discounts recognized in the amounts of $ 7,964 for the three- and six-month periods ended April 30, 2024. Note Payable – Related Party On March 26, 2024, the Company borrowed $ 125,000 from its Chief Executive Officer, Michael L. Peterson, in connection with which the Company delivered to Mr. Peterson an Unsecured Subordinated Promissory Note in the principal amount of $ 125,000 . The Note is payable on or before September 26, 2024, upon which date the principal balance and interest accruable at a rate of 10 % per annum is due and payable to Mr. Peterson by the Company. The Company may prepay the Peterson Note at any time prior to the Peterson Note Maturity Date, in whole or in part, without premium or penalty. The Company is also required to prepay the Peterson Note, in full, prior to the Peterson Note Maturity Date from the proceeds of any equity or debt financing received by the Company of at least $ 1,000,000 . As additional consideration for the Peterson Loan, the Company accelerated the vesting of 1,000,000 shares of restricted stock awarded to Mr. Peterson under the Company’s 2022 Equity Incentive Plan. The Peterson Note also provides for acceleration of payment of the outstanding principal balance and all accrued and unpaid interest in the case of an Event of Default (as such term is defined in the Peterson Note), where there is either a payment default or a bankruptcy event. As of April 30, 2024 and October 31, 2023, the Company has accrued interest on the loan in the amounts of $ 1,233 and $ 0 , respectively. 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 in financing on April 17, 2024 and April 24, 2024 (the “April 2024 Financings’) resulting in net proceeds to the Company, after offering expenses, of $ 664,000 . The Company also issued to the April 2024 Investors an aggregate of 1,500,000 shares of common stock, as and for a commitment fee in connection with the April 2024 Financings (the “Commitment Shares”). The commitment shares were issued separately in two amounts of 750,000 common shares at fair values of $ 0.49 per share and $ 0.40 per share for values totaling $ 366,000 and $ 301,500 , respectively; such amounts are debt issuance costs and were recorded as debt discounts to be amortized over the life of the agreement. As of April 30, 2024, the Company amortized $ 56,828 as noncash interest expense related to the commitment shares. 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 % of any debt financing and up to 45 % of any other type of financing. Further, the Company is prohibited from entering into any variable rate transactions for as long as the April 2024 Investors hold any of the Commitment Shares; provided, however, that the Company is permitted to enter into At-the-Market offerings with a nationally recognized broker-dealer. The Company has also agreed to use commercially reasonable efforts to consummate a reverse stock split of its shares of common stock, in the event that it is required in order to maintain the listing of its common stock on the NYSE American. 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 (the “April 2024 Investors Notes”), having an aggregate original issue discount of $ 80,000 , or 10 % of the aggregate principal amount of the April Notes. There is no interest payable on the outstanding balance of the April 2024 Investors Notes, unless an Event of Default has occurred, in which case interest will accrue on the outstanding balance of the April 2024 Investors Notes at a rate of 15 % per annum until cured (the “Default Interest”). The Company may prepay all or any portion of the April 2024 Investors Notes at any time, provided that it also makes an equal prepayment, with respect to each of the April 2024 Investors Notes, and must prepay both of the April 2024 Investors Notes in full from the proceeds of any debt or equity financing of the Company generating, in a single transaction or a series of related transactions, gross proceeds of not less than $ 1,000,000 , during any time that either of the April 2024 Investors Notes remain outstanding. In May 2024, the April 2024 Investors have provided limited waivers to the Company, which waivers require the Company to only pay 50 % of the outstanding balance of the April 2024 Investors Notes upon any equity or debt financing generating less than $ 5,000,000 in gross proceeds if such financing takes place before June 30, 2024. The maturity date of both April 2024 Investors Notes is August 16, 2024 . The Company also incurred debt issuance costs of $ 56,000 in connection with the issuance of the April 2024 Investor Notes; the values of such costs and the original issue discount noted above (which total $ 136,000 ) are recorded as debt discounts and amortized as the life of the April 2024 Investors Notes; as of April 30, 2024, the balance of April 2024 Investor Notes, net of discounts, was $ 65,918 and the Company amortized $ 12,590 as noncash interest expense related to these debt discounts. 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 , subject to certain adjustments. The April 2024 Investors Notes also contain certain beneficial ownership limitations prohibiting the April 2024 Investors from converting the April 2024 Investors Notes, if any such conversion would result in an April 2024 Investor’s ownership of shares in excess of the applicable beneficial ownership limitation. The April 2024 Investors Notes also contain customary provisions constituting an Event of Default (as such term is defined in the April 2024 Investors Notes) and, in addition to the requirement to pay Default Interest upon an Event of Default, after an Event of Default has existed for at least 15 days without being cured, the April 2024 Investors Notes may be accelerated by the April 2024 Investors, in which case they will become immediately due and payable. 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”). | NOTE 9 – NOTES PAYABLE Notes payable as of October 31, 2023 and 2022 consisted of the following: SCHEDULE OF NOTES PAYABLE As of October 31, As of October 31, 2023 2022 Notes payable – related party, net of discounts $ - $ 1,025,497 Notes payable – investors, net of discounts - 4,137,720 Bridge note, net of discounts - 265,719 Convertible note, net of discounts 1,217,597 - Total Notes payable $ 1,217,597 $ 5,428,936 Notes Payable – Related Party On September 14, 2021, the Company entered into a note payable with Trio LLC as part of the agreement for the purchase of an 82.75 780,000 1,032,512 1,032,512 0 1,025,497 7,015 120,337 1,032,512 2,920,000 Notes Payable – Investors (January 2022 SPA) On January 28, 2022, the Company entered into the January 2022 SPA with GPL, pursuant to which (i) in exchange for $ 4,500,000 4,500,000 50 4,500,000 0.29 1,322,933 The January 2022 Notes have a maturity date on the earlier of April 30, 2023 (such maturity date being extended initially from January 28, 2023 pursuant to the amendment to the January 2022 Notes signed on January 23, 2023 and again from February 28, 2023 pursuant to the second amendment to the January 2022 Notes signed on February 23, 2023) or the IPO and bear interest at a rate of 8 15 i) the IPO price multiplied by the discount of 50% or ii) the opening price of the shares of Common Stock on the trading day following the date of the consummation of the IPO multiplied by the discount of 50%. 9,000,000 Upon consummation of its IPO, the Company converted the aggregate outstanding principal and accrued interest balances of $ 4,500,000 664,875 5,038,902 5,164,875 2.05 375,000 4,500,000 3.00 0 4,137,720 674,405 1,136,811 Bridge Note During September 2022, the Company entered into an agreement or bridge note (“Bridge Note”) with three investors; the Bridge Note includes original issue discount senior notes (“Notes”) with gross proceeds of $ 444,000 10 44,000 70,438 329,562 100 0.01 8 15 The Company also issued pre-funded warrants in connection with the Bridge Note to purchase a number of shares equal to the number of dollars of the Notes, or 400,000 0.01 70,438 Upon consummation of its IPO, the Company repaid the Bridge Note in the amount of $ 440,000 0 265,719 174,281 51,040 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 and sold to the investor, in a private placement, i) a senior secured convertible promissory note in the aggregate principal amount of $ 2,000,000 866,702 1.20 1.20 0.35 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 Commencing on the earlier of (i) the day that is the four months after October 4, 2023 and (ii) the date on which the first Resale Registration Statement shall have been declared effective by the SEC, the Company is required to pay to the investor the outstanding principal balance under the Note in monthly installments, on such date and each one (1) month anniversary thereof, in an amount equal to 103 As collateral for the obligations under the October 2023 SPA, the Company has granted to the investor a senior security interest in all of the Company’s assets (inclusive of intellectual property), subject to certain exceptions, as set forth in the Security Agreement (as defined in the October 2023 SPA). The Company has also entered into a Mortgage, Deed of Trust, Assignment of Production, Security Agreement and Financing Statement (the “Deed of Trust”) with the Investor granting to the Investor a security interest in certain oil and gas interests held by the Company in California (the “Deed of Trust”). In connection with the October 2023 SPA, on October 4, 2023, the Company entered into voting agreements (collectively, the “Voting Agreements”) with certain Company stockholders, directors and officers, representing any aggregate of 4,025,000 20 In connection with the October 2023 SPA, on October 4, 2023, the Company entered into a registration rights agreement (the “October 2023 RRA”) with the investor pursuant to which the Registrable Securities (as defined therein) held by the investor, subject to certain conditions, are entitled to registration under the Securities Act. Pursuant to October 2023 RRA, the Company is required to, within 30 days after the date thereof, and within 10 days after the Closing of the Second Tranche (as such term is defined in the October 2023 SPA), file with the SEC (at the Company’s sole cost and expense) a Resale Registration Statement and to cause such Resale Registration Statement to be effective within 60 days after the applicable filing date, covering the resale by the Investor of the Registrable Securities. Under the terms of the October 2023 SPA, the October 2023 RRA and the Note, the Company is required to reserve and register 13,161,976 200 200 |
STOCKHOLDERS_ EQUITY
STOCKHOLDERS’ EQUITY | 6 Months Ended | 12 Months Ended |
Apr. 30, 2024 | Oct. 31, 2023 | |
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 shares. The Company issued the vendor 200,000 common shares at a fair market value price of $ 0.48 per share for a total amount of $ 95,200 ; one half of this amount was recognized as marketing fees in the previous quarter and the other half was recognized in the current quarter. On December 18, 2023, December 29, 2023 and January 12, 2024, the Company issued conversion shares which numbered 367,858 , 367,858 and 367,858 , respectively, at fair values per share of $ 0.34 , $ 0.31 and $ 0.29 , respectively, for total amounts of $ 125,072 , $ 114,036 and $ 105,575 , with cash payments of $ 36,698 , $ 35,837 and $ 49,935 made to the investor for the difference between the monthly conversion price and the floor price listed in the most recent amendment to the agreement (see Note 9). Additionally, losses in the amounts of $ 36,770 , $ 24,873 and $ 30,510 , respectively, were recognized for the difference between the value of the shares issued and the principal payment amounts. 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 and 5,149,997 , respectively, at fair values per share of $ 0.24 , $ 0.13 , $ 0.10 and $ 0.17 , respectively, for total amounts of $ 441,428 , $ 113,300 , $ 84,117 and $ 881,165 , with a cash payment of $ 32,247 made to the investor for the difference between the monthly conversion price and the floor price listed in the most recent amendment to the agreement for the February 16, 2024 conversion (see Note 9). Additional shares of 2,395,511 and 351,507 , respectively, were issued on February 1, 2024 and April 15, 2024, respectively, at fair values of $ 0.24 and $ 0.63 , respectively, for total amounts of $ 574,779 and $ 221,449 , respectively; these share issuances were made in lieu of additional cash payments related to the February 1, 2024 and March 22, 2024 principal payment conversions. Additionally, losses in the amounts of $ 391,447 , $ 20,547 , $ 180,566 and $ 131,165 , respectively, were recognized for the difference between the value of the shares issued and the principal payment amounts. On February 2, 2024 and February 5, 2024, the Company made principal payments towards the second tranche in the amounts of $ 275,000 and $ 275,000 , respectively, which it converted into shares at 103% for conversion amounts of $ 283,250 and $ 283,250 , respectively. Conversion shares were issued numbering 1,888,333 and 1,888,334 , respectively, at fair values per share of $ 0.17 and $ 0.18 , respectively, for total amounts of $ 323,094 and $ 339,334 , respectively. Additionally, losses in the amounts of $ 48,094 and $ 64,334 , respectively, were recognized for the difference between the value of the shares issued and the principal payment amounts. On March 20, 2024, the Company issued 100,000 shares of common stock to a consultant as a settlement for non-performed marketing services per an agreement dated November 2021; such shares were issued at a fair value of $ 0.11 per share for a total value of $ 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 or, in lieu of a cash payment, the Company may elect to complete a one-time equity issuance in the form of 1,000,000 shares of common stock, as well as monthly cash payments of $ 10,000 to be paid in April, May and June 2024. The Company issued one million shares of common stock at a fair value of $ 0.37 per share for a total amount of $ 368,000 . On April 16, 2024 and April 24, 2024, the Company issued 750,000 shares of common stock and 750,000 shares of common stock respectively, to the April 2024 Investors as and for a commitment fee in connection with the April 2024 Financings. The commitment shares were issued at fair values of $ 0.49 per share and $ 0.40 per share, respectively, for values totaling $ 366,000 and $ 301,500 , respectively. 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 cash payment and the issuance of 600,000 shares of common stock. The Company issued 600,000 shares of common stock at a fair value of $ 0.37 per share for a total amount of $ 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 shares of common stock with a fair value of $ 38,029 ; the factors used to determine fair value were a share price of $ 0.55 , an exercise price of $ 1.32 , an expected term of 5 years, annualized volatility of 137.10% , a dividend rate of zero percent and a discount rate of 4.72 . For the second tranche, the Company issued to Spartan warrants to purchase 55,000 common shares of common stock with a fair value of $ 14,753 ; the factors used to determine fair value were a share price of $ 0.32 , an exercise price of $ 0.55 , an expected term of 5 years, annualized volatility of 137.10% , a dividend rate of zero percent and a discount rate of 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 shares of common stock with an aggregate relative fair value of $ 98,708 ; the factors used to determine fair value were a share price of $ 0.32 , an exercise price of $ 0.50 , an expected term of 5 years, annualized volatility of 137.10% , a dividend rate of zero percent and a discount rate of 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 shares of the Company’s common stock to a consultant of the Company, pursuant to the Plan. The options have an exercise price of $ 0.52 per share and vest monthly over a period of 24 months, beginning on the vesting commencement date, which is May 1, 2022 per the option agreement. The options have a grant date fair value of $ 55,711 , which will be recognized over the vesting term. The assumptions used in the Black-Scholes valuation method for these options issued in 2023 were as follows: SCHEDULE OF ASSUMPTIONS USED IN BLACK-SCHOLES VALUATION METHOD FOR OPTIONS Risk free interest rate 4.36 % Expected term (years) 5.0 Expected volatility 137.1 % Expected dividends rate 0 % | NOTE 10 – STOCKHOLDERS’ EQUITY Common Shares The Company is authorized to issue an aggregate of 500,000,000 490,000,000 0.0001 10,000,000 0.0001 In January 2022, the Company entered into the January 2022 SPA with GPL, which has warrants attached that are exercisable into up to 50 994,091 On April 28, 2022, the Company issued 4,500,000 0.0001 0.29 1,322,933 On July 11, 2022, the Company issued 60,000 0.0001 300,000 0.29 88,200 88,200 0 0 On October 17, 2022, the Company issued 1,100,000 0.29 1,100,000 323,400 161,700 6,202 155,498 In December 2022, the Company entered into subscription agreements with two accredited investors for the aggregate issuance of 400,000 400,000 0.0001 1.00 In April 2023, the Company consummated its IPO and sold 2,000,000 3.00 6,000,000 In April 2023, upon consummation of its IPO, the Company also issued 375,000 25 4,500,000 3.00 On April 20, 2023, the Company issued 12,500 2.00 25,000 On May 1, 2023, the Company issued 700,000 2.15 1,505,000 440,219 0 1,064,781 On May 2, 2023, June 23, 2023 and July 11, 2023, the Company issued 25,000 100,000 100,000 0.0001 2.10 0.88 1.21 52,500 88,000 121,000 On June 30, 2023, the Company issued 48,000 0.0001 1.67 80,159 On June 30, 2023, the Company issued a Form S-1/A, which registered for resale (i) up to 3,149,314 shares of common stock, par value $0.0001 per share which the selling stockholders may acquire upon the exercise of outstanding common warrants and (ii) up to 500,000 shares of common stock, which the selling stockholders may acquire upon the exercise of outstanding pre-funded warrants. Such warrants were issued to the selling stockholders in connection with securities purchase agreements entered into on January 28, 2022 and September 20, 2022. The Company recorded 699,848 shares of common stock that are not exercised but registered in accordance with their common warrant agreements and 500,000 shares of common stock that are not exercised but registered in accordance with their pre-funded warrant agreements upon the filing of this Form S-1/A On July 20, 2023, the Company issued 200,000 1.07 213,000 On September 2, 2023, the Company issued 425,000 0.0001 0.64 273,275 96,016 0 177,259 On October 16, 2023, pursuant to the Peterson Employment Agreement, the Company issued Mr. Peterson is a grant of 1,000,000 0.27 271,000 The restricted stock grant vests over a period of two years, with 25% of the shares of restricted stock vesting six months after the Peterson Employment Agreement Effective Date, and the remainder vesting in equal tranches on each of the 12-, 18-, and 24-month anniversary dates of the Peterson Employment Agreement 3,341 267,659 Warrants January 2022 SPA with GPL Warrants In January 2022, the Company entered into the January 2022 SPA with GPL, which had warrants attached that were exercisable into up to 50 994,091 3 92 50 Upon consummation of the IPO, the Company issued an aggregate of 2,519,451 1.03 3 i) the exercise price was reduced from $1.03 to $0.80 and ii) the number of warrants was increased by a factor of 1.25 or 489,893 warrants in order to induce full, immediate exercise. 2,449,466 1,959,573 0.80 146,938 1,812,635 To assess for the change in relative fair value, the Company performed a Black Scholes Option Model calculation to quantify the fair value of 1,959,573 1.43 1.03 3.0 136 0 4.54 2,449,466 1.53 0.80 3.0 136 0 4.54 0.3 On September 20, 2023, the Company and the sixth GPL investor entered into an amendment to their particular warrant agreement, pursuant to which the Company agreed to amend the warrant held by the holder in order to (i) reduce the exercise price of the warrant from an exercise price of $1.03 per share to $0.11 per share and (ii) add a customary cashless exercise provision to the warrant. 451,831 The Company accounted for the amendments as warrant modifications, whereby the effect of the modifications is measured as the difference in relative fair value immediately before the modification and after the modification; and any increase to the relative fair value is recognized as equity issuance costs. To assess for the change in relative fair value, the Company performed a Black Scholes Option Model calculation to quantify the fair value of 559,878 0.57 1.03 3.0 148 0 4.82 451,831 0.57 0.11 3.0 148 0 4.82 1,000 Other Warrants In December 2022, the Company entered into subscription agreements with two accredited investors for the aggregate issuance of 400,000 The Company also issued warrants to purchase 100,000 3.30 110 A summary of the warrant activity during the years ended October 31, 2023 and 2022 is presented below: SCHEDULE OF WARRANT ACTIVITY Number of Warrants Weighted Average Exercise Price Weighted Average Remaining Life in Years Intrinsic Value Outstanding, November 1, 2021 - $ - - $ - Issued - - - - Outstanding, November 1, 2022 - - - - Issued 4,776,046 1.04 3.1 - Exercised (2,901,298 ) 1.03 - - Cancelled - - - - Expired (108,047 ) - - - Outstanding, October 31, 2023 1,766,702 $ 1.12 3.9 $ 211,200 Exercisable, October 31, 2023 1,766,702 $ 1.12 3.9 $ 211,200 A summary of outstanding and exercisable warrants as of October 31, 2023 is presented below: SCHEDULE OF OUTSTANDING AND EXERCISABLE WARRANTS Warrants Outstanding Warrants Exercisable Weighted Average Exercise Number of Remaining Number of Price Shares Life in Years Shares $ 0.01 400,000 4.5 400,000 $ 1.50 400,000 1.1 400,000 $ 3.30 100,000 4.5 100,000 $ 1.20 866,702 4.9 866,702 1,766,702 3.9 1,766,702 Stock Options A summary of the option activity during the years ended October 31, 2023 and 2022 is presented below: SCHEDULE OF STOCK OPTION ACTIVITY Number of Options Weighted Average Exercise Price Weighted Average Remaining Life in Years Intrinsic Value Outstanding, November 1, 2021 - $ - - $ - Issued - - - - Outstanding, November 1, 2022 - - - - Issued 120,000 0.52 4.8 1,800 Exercised - - - - Cancelled - - - - Expired - - - - Outstanding, October 31, 2023 120,000 $ 0.52 4.8 $ 1,800 Exercisable, October 31, 2023 90,000 $ 0.52 4.8 $ 1,350 A summary of outstanding and exercisable options as of October 31, 2023 and 2022 is presented below: SCHEDULE OF OUTSTANDING AND EXERCISABLE OPTIONS Options Outstanding Options Exercisable Weighted Average Exercise Number of Remaining Number of Price Shares Life in Years Shares $ 0.52 120,000 4.8 90,000 120,000 4.8 90,000 On August 15, 2023, the Company issued five-year options to purchase 120,000 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 0 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended | 12 Months Ended |
Apr. 30, 2024 | Oct. 31, 2023 | |
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. | NOTE 11 – SUBSEQUENT EVENTS In accordance with ASC 855 – Subsequent Events, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued, the Company has evaluated all events and transactions that occurred after October 31, 2023, through the date the financial statements were issued. Except for the following, there are no subsequent events identified that would require disclosure in the financial statements. Resale Form S-1 On November 11, 2023, the Company filed a Form S-1 for the resale of i) up to 11,428,572 1,733,404 83,333 First Amendment to the Resales Form S-1 On December 6, 2023, the Company filed the first amendment to the Form S-1 filed with the SEC on November 3, 2023. Asphalt Ridge Option Agreement and Amendment On November 10, 2023, the Company entered into a leasehold acquisition and development option agreement (“AR Agreement”) with Heavy Sweet Oil LLC (“Heavy Sweet”) to purchase up to a 20 % production share (“Asphalt Ridge Option”) in certain leases in eastern Utah totaling 960 acres. The Asphalt Ridge Option had 2024, which was extended an additional two months through October 10, 2024, 20 % working interest in the leases for $ 2,000,000 , which may be invested in tranches, provided that the initial tranche closing occurs during the option period and subsequent tranches occur as soon thereafter as practical within the Asphalt Ridge Option period, with each tranche providing the Company a portion of the ownership of the leases. Upon receipt of any funding from the Company pursuant to the Asphalt Ridge Option, Heavy Sweet is required to pay that amount to the named operator of the properties, to pay for engineering, procurement, operations, sales, and logistics activities on the properties. On December 29, 2023, the Company and Heavy Sweet entered into an Amendment to the AR Agreement (the “AR Amendment”), pursuant to which the Company and Heavy Sweet amended the AR Agreement to provide that, within three business days of the effective date of the AR Amendment, the Company would fund $ 200,000 2,000,000 2 200,000 2 Amendment to October 2023 SPA and Second Tranche Financing On December 29, 2023, the Company and an investor entered into an Amendment to the October 2023 SPA (see Note 9), whereby in connection with the closing of the second tranche, (i) the fixed conversion price of the convertible promissory note issued and (ii) the exercise price of the warrant issued in connection with the second tranche were both reduced from $ 1.20 0.50 550,000 On January 2, 2024, the Company closed on the second tranche and received gross proceeds of $ 511,500 550,000 0.50 445,561 0.50 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Oct. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 8 – INCOME TAXES The Company accounts for income taxes under ASC 740-10, which provides for an asset and liability approach of accounting for income taxes. Under this approach, deferred tax assets and liabilities are recognized based on anticipated future tax consequences, using currently enacted tax laws, attributed to temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts calculated for income tax purposes. Significant components of the Company’s deferred tax assets are summarized below. SCHEDULE OF DEFERRED TAX ASSETS As of October 31, As of October 31, 2023 2022 Deferred tax assets: Net operating loss carry forwards $ 1,095,000 $ 797,000 Total deferred tax asset 1,095,000 797,000 Valuation allowance (1,095,000 ) (797,000 ) Deferred tax asset, net $ - $ - As of October 31, 2023 and 2022, the Company had approximately $ 1,095,000 797,000 The Company recorded a valuation allowance in the full amount of its net deferred tax assets since realization of such tax benefits has been determined by the Company’s management to be less likely than not. The valuation allowance increased $ 298,000 776,000 A reconciliation of the statutory federal income tax benefit to actual tax benefit is as follows: SCHEDULE OF EFFECTIVE FEDERAL INCOME TAX RATE RECONCILIATION As of October 31, As of October 31, 2023 2022 Federal statutory blended income tax rates (21 )% (21 )% State statutory income tax rate, net of federal benefit - % - % Change in valuation allowance 21 % 21 % Effective tax rate - % - % As of the date of this filing, the Company has not filed its 2023 federal and state corporate income tax returns. The Company expects to file these documents as soon as practicable. The Company has evaluated its income tax positions and has determined that it does not have any uncertain tax positions. The Company will recognize interest and penalties related to any uncertain tax positions through its income tax expense. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended | 12 Months Ended |
Apr. 30, 2024 | Oct. 31, 2023 | |
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. | Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). |
Use of Estimates | Use of Estimates The preparation of financial statements in accordance with 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. | Use of Estimates The preparation of financial statements in accordance with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, equity-based transaction and disclosure of contingent assets and liabilities at the date of the financial statements, and the revenue and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statement, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Some of the more significant estimates required to be made by management include estimates of oil and natural gas reserves (when and if assigned) and related present value estimates of future net cash flows therefrom, the carrying value of oil and natural gas properties, accounts receivable, bad debt expense, ARO and the valuation of equity-based transactions. Accordingly, actual results could differ significantly from those estimates. |
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 and $ 350,320 in debt issuance costs, respectively. | Debt Issuance Costs Costs incurred in connection with the issuance of the Company’s debt have been recorded as a direct reduction against the debt and amortized over the life of the associated debt as a component of interest expense. As of October 31, 2023 and 2022, the Company recorded $ 350,320 575,438 |
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 revenue 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. | Oil and Gas Assets and Exploration Costs – Successful Efforts The Company’s projects are in early development and/or exploration stages and it has not yet realized any revenues from its operations. It applies the successful efforts method of accounting for crude oil and natural gas properties. Under this method, exploration costs such as exploratory, geological, and geophysical costs, delay rentals and exploratory overhead are expensed as incurred. If an exploratory property provides evidence to justify potential development of reserves, drilling costs associated with the property are initially capitalized, or suspended, pending a determination as to whether a commercially sufficient quantity of proved reserves can be attributed to the area as a result of drilling. At the end of each quarter, management reviews the status of all suspended exploratory property costs considering ongoing exploration activities; in particular, whether the Company is making sufficient progress in its ongoing exploration and appraisal efforts. If management determines that future appraisal drilling or development activities are unlikely to occur, associated exploratory well costs are expensed. Costs to acquire mineral interests in crude oil and/or natural gas properties, drill and equip exploratory wells that find proved reserves and drill and equip development wells are capitalized. Acquisition costs of unproved leaseholds are assessed for impairment during the holding period and transferred to proven crude oil and/or natural gas properties to the extent associated with successful exploration activities. Significant undeveloped leases are assessed individually for impairment, based on the Company’s current exploration plans, and a valuation allowance is provided if impairment is indicated. Capitalized costs from successful exploration and development activities associated with producing crude oil and/or natural gas leases, along with capitalized costs for support equipment and facilities, are amortized to expense using the unit-of-production method based on proved crude oil and/or natural gas reserves on a field-by-field basis, as estimated by qualified petroleum engineers. As of October 31, 2023 and 2022, all of the Company’s oil and gas properties were classified as unproved properties and were not subject to depreciation, depletion and amortization. |
Unproved oil and natural gas properties | Unproved oil and natural gas properties Unproved oil and natural gas properties 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. | Unproved oil and natural gas properties Unproved oil and natural gas properties consist of costs incurred to acquire unproved leases. Unproved lease acquisition costs are capitalized until the lease expires or when the Company specifically identifies a lease that will revert to the lessor, at which time it charges the associated unproved lease acquisition costs to exploration costs. Unproved oil and natural gas properties are not subject to amortization and are assessed periodically for impairment on a property-by-property basis based on remaining lease terms, drilling results or future plans to develop acreage. All of the Company’s natural gas properties were classified as unproved as of October 31, 2023 and 2022; see further discussion in Note 5. |
Impairment of Other Long-lived Assets | Impairment of Other Long-lived Assets The Company reviews the carrying value of its long-lived assets annually or whenever events or changes in circumstances indicate that the historical cost-carrying value of an asset may no longer be appropriate. The Company assesses the recoverability of the carrying value of the asset by estimating the future net undiscounted cash flows expected to result from the asset, including eventual disposition. If the future net undiscounted cash flows are less than the carrying value of the asset, an impairment loss is recorded equal to the difference between the asset’s carrying value and estimated fair value. With regards to oil and gas properties, this assessment applies to proved properties . | Impairment of Other Long-lived Assets The Company reviews the carrying value of its long-lived assets annually or whenever events or changes in circumstances indicate that the historical cost-carrying value of an asset may no longer be appropriate. The Company assesses the recoverability of the carrying value of the asset by estimating the future net undiscounted cash flows expected to result from the asset, including eventual disposition. If the future net undiscounted cash flows are less than the carrying value of the asset, an impairment loss is recorded equal to the difference between the asset’s carrying value and estimated fair value. With regards to oil and gas properties, this assessment applies to proved properties . As of October 31, 2023 and 2022, the Company had no |
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 | Asset Retirement Obligations ARO consists of future plugging and abandonment expenses on oil and natural gas properties. In connection with the South Salinas Project acquisition described above, the Company acquired the plugging and abandonment liabilities associated with six non-producing wells. The fair value of the ARO was recorded as a liability in the period in which the wells were acquired with a corresponding increase in the carrying amount of oil and natural gas properties not subject to impairment. The Company plans to utilize the six wellbores acquired in the South Salinas Project acquisition in future exploration activities. The liability is accreted for the change in its present value each period based on the expected dates that the wellbores will be required to be plugged and abandoned. The capitalized cost of ARO is included in oil and gas properties and is a component of oil and gas property costs for purposes of impairment and, if proved reserves are found, such capitalized costs will be depreciated using the units-of-production method. The asset and liability are adjusted for changes resulting from revisions to the timing or the amount of the original estimate when deemed necessary. If the liability is settled for an amount other than the recorded amount, a gain or loss is recognized. Components of the changes in ARO for the years ended October 31, 2022 and 2023 are shown below: SCHEDULE OF COMPONENTS OF CHANGES IN ARO ARO, ending balance – October 31, 2021 $ 45,535 Accretion expense 2,778 ARO, ending balance – October 31, 2022 48,313 Accretion expense 2,778 ARO, ending balance – October 31, 2023 51,091 Less: ARO – current 2,778 ARO, net of current portion – October 31, 2023 $ 48,313 |
Related Parties | Related Parties Related parties are directly or indirectly related to the Company, through one or more intermediaries and are in control, controlled by, or under common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. The Company discloses all related party transactions. On September 14, 2021, the Company acquired an 82.75 % working interest (which was subsequently increased to an 85.75 % working interest as of April 2023) in the SSP from Trio LLC in exchange for cash, a note payable to Trio LLC and the issuance of 4.9 million shares of common stock. As of the date of the acquisition, Trio LLC owned 45 % of the outstanding shares of the Company and was considered a related party. As of April 30, 2024 and October 31, 2023, Trio LLC owned less than 1 % and 1 %, respectively, of the outstanding shares of the Company. | 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 29 |
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. | Environmental Expenditures The operations of the Company have been, and may in the future be, affected from time to time to varying degree by changes in environmental regulations, including those for future reclamation and site restoration costs. Both the likelihood of new regulations and their overall effect upon the Company vary greatly and are not predictable. The Company’s policy is to meet or, if possible, surpass standards set by relevant legislation by application of technically proven and economically feasible measures. Environmental expenditures that relate to ongoing environmental and reclamation programs are charged against earnings as incurred or capitalized and amortized depending on their future economic benefits. All of these types of expenditures incurred since inception have been charged against earnings due to the uncertainty of their future recoverability. Estimated future reclamation and site restoration costs, when the ultimate liability is reasonably determinable, are charged against earnings over the estimated remaining life of the related business operation, net of expected recoveries. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements All recently issued but not yet effective accounting pronouncements have been deemed to be not applicable or immaterial to the Company. | Recent Accounting Pronouncements All recently issued but not yet effective accounting pronouncements have been deemed to be not applicable or immaterial to the Company. |
Cash and cash equivalents | Cash and cash equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had no | |
Prepaid Expenses | Prepaid Expenses Prepaid expenses consist primarily of prepaid services which will be expensed as the services are provided within twelve months. As of October 31, 2023 and 2022, the balances of the prepaids account were $ 133,417 35,000 | |
Deferred Offering Costs | Deferred Offering Costs Deferred offering costs consist of professional fees, filing, regulatory and other costs incurred through the balance sheet date that are directly related to the planned IPO (see Note 4). As of October 31, 2023 and 2022, offering costs in the aggregate of $ 0 1,643,881 | |
Income Taxes | Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets, including tax loss and credit carry forwards, and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company utilizes ASC 740, Income Taxes For uncertain tax positions that meet a “more likely than not” threshold, the Company recognizes the benefit of uncertain tax positions in the financial statements. The Company’s practice is to recognize interest and penalties, if any, related to uncertain tax positions in income tax expense in the statements of operations when a determination is made that such expense is likely. The Company is subject to income tax examinations by major taxing authorities since inception. | |
Fair Value Measurements | Fair Value Measurements The carrying values of financial instruments comprising cash and cash equivalents, payables, and notes payable-related party approximate fair values due to the short-term maturities of these instruments. The notes payable- related party is considered a level 3 measurement. As defined in ASC 820, Fair Value Measurements and Disclosures Level 1: Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Level 2: Pricing inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reported date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies. Level 3: Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value. The significant unobservable inputs used in the fair value measurement for nonrecurring fair value measurements of long-lived assets include pricing models, discounted cash flow methodologies and similar techniques. There are no assets or liabilities measured at fair value on a recurring basis. Assets and liabilities accounted for at fair value on a non-recurring basis in accordance with the fair value hierarchy include the initial allocation of the asset acquisition purchase price, including asset retirement obligations, the fair value of oil and natural gas properties and the assessment of impairment. The fair value measurements and allocation of assets acquired are measured on a nonrecurring basis on the acquisition date using an income valuation technique based on inputs that are not observable in the market and therefore represent Level 3 inputs. Significant inputs used to determine the fair value include estimates of: (i) reserves; (ii) future commodity prices; (iii) operating and development costs; and (iv) a market-based weighted average cost of capital rate. The underlying commodity prices embedded in the Company’s estimated cash flows are the product of a process that begins with NYMEX forward curve pricing, adjusted for estimated location and quality differentials, as well as other factors that the Company’s management believes will impact realizable prices. These inputs require significant judgments and estimates by the Company’s management at the time of the valuation. The fair value of additions to the asset retirement obligation liabilities is measured using valuation techniques consistent with the income approach, which converts future cash flows to a single discounted amount. Significant inputs to the valuation include: (i) estimated plug and abandonment cost per well for all oil and natural gas wells and for all disposal wells; (ii) estimated remaining life per well; (iii) future inflation factors; and (iv) the Company’s average credit-adjusted risk-free rate. These assumptions represent Level 3 inputs. If the carrying amount of its proved oil and natural gas properties, which are assessed for impairment under ASC 360 – Property, Plant and Equipment, | |
Net Loss Per Share | Net Loss Per Share Basic and diluted net loss per share is computed by dividing net loss by the weighted average number of common shares outstanding during the reporting period. Diluted earnings per share is computed similar to basic loss per share, except the weighted average number of common shares outstanding are increased to include additional shares from the assumed exercise of share options, warrants and convertible notes, if dilutive. The following common share equivalents are excluded from the calculation of weighted average common shares outstanding, because their inclusion would have been anti-dilutive (see Note 10): SCHEDULE OF WEIGHTED AVERAGE COMMON SHARES OUTSTANDING ANTI-DILUTIVE As of October 31, As of October 31, 2023 2022 Warrants (Note 9, Note 10) 396,247 (4) 693,107 (1) Convertible Notes (Note 9, Note 10) - 2,772,429 (2) Commitment Shares (Note 9, Note 10) - 321,428 (3) Restricted stock units and shares (Note 6, Note 10) - 1,400,000 (5) Total potentially dilutive securities 396,247 4,486,964 (1) Balance includes warrants issued per the January 2022 Securities Purchase Agreement (“January 2022 SPA”) with GPL Ventures, LLC (“GPL”), which are exercisable into up to 50 (2) Upon IPO, the debt will convert into a variable number of shares; the number of conversion shares is equal to the outstanding principal amount divided by the conversion price, which is equal to the lesser of a) the IPO price or b) the opening price of the common stock on the first trading day after the IPO multiplied by the discount of 50 (3) The number of commitment shares to be issued is a variable number of shares for a fixed total dollar amount of $ 1,125,000 25 (4) Balance consists of potentially dilutive shares based on 1,766,702 (5) Balance consists of restricted stock units granted to five outside directors and restricted shares issued to executives. | |
Reclassification of Expenses | Reclassification of Expenses Certain amounts in the prior periods presented have been reclassified to the current period financial statement presentation. This reclassification has no effect on previously reported net income. | |
Subsequent Events | Subsequent Events The Company evaluated all events and transactions that occurred after October 31, 2023 through the date of the filing of this report. See Note 11 for such events and transactions. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended | 12 Months Ended |
Apr. 30, 2024 | Oct. 31, 2023 | |
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 | Components of the changes in ARO for the years ended October 31, 2022 and 2023 are shown below: SCHEDULE OF COMPONENTS OF CHANGES IN ARO ARO, ending balance – October 31, 2021 $ 45,535 Accretion expense 2,778 ARO, ending balance – October 31, 2022 48,313 Accretion expense 2,778 ARO, ending balance – October 31, 2023 51,091 Less: ARO – current 2,778 ARO, net of current portion – October 31, 2023 $ 48,313 |
SCHEDULE OF WEIGHTED AVERAGE COMMON SHARES OUTSTANDING ANTI-DILUTIVE | The following common share equivalents are excluded from the calculation of weighted average common shares outstanding, because their inclusion would have been anti-dilutive (see Note 10): SCHEDULE OF WEIGHTED AVERAGE COMMON SHARES OUTSTANDING ANTI-DILUTIVE As of October 31, As of October 31, 2023 2022 Warrants (Note 9, Note 10) 396,247 (4) 693,107 (1) Convertible Notes (Note 9, Note 10) - 2,772,429 (2) Commitment Shares (Note 9, Note 10) - 321,428 (3) Restricted stock units and shares (Note 6, Note 10) - 1,400,000 (5) Total potentially dilutive securities 396,247 4,486,964 (1) Balance includes warrants issued per the January 2022 Securities Purchase Agreement (“January 2022 SPA”) with GPL Ventures, LLC (“GPL”), which are exercisable into up to 50 (2) Upon IPO, the debt will convert into a variable number of shares; the number of conversion shares is equal to the outstanding principal amount divided by the conversion price, which is equal to the lesser of a) the IPO price or b) the opening price of the common stock on the first trading day after the IPO multiplied by the discount of 50 (3) The number of commitment shares to be issued is a variable number of shares for a fixed total dollar amount of $ 1,125,000 25 (4) Balance consists of potentially dilutive shares based on 1,766,702 (5) Balance consists of restricted stock units granted to five outside directors and restricted shares issued to executives. |
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 | 12 Months Ended |
Apr. 30, 2024 | Oct. 31, 2023 | |
Property, Plant and Equipment [Abstract] | ||
SCHEDULE OF OIL AND NATURAL GAS PROPERTIES | The following tables summarize the Company’s oil and gas activities. SCHEDULE OF OIL AND NATURAL GAS PROPERTIES As of 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 | The following tables summarize the Company’s oil and gas activities. SCHEDULE OF OIL AND NATURAL GAS PROPERTIES As of October 31, As of October 31, 2023 2022 Oil and gas properties – not subject to amortization $ 9,947,742 $ 5,836,232 Accumulated impairment — — Oil and gas properties – not subject to amortization, net $ 9,947,742 $ 5,836,232 |
NOTES PAYABLE (Tables)
NOTES PAYABLE (Tables) | 6 Months Ended | 12 Months Ended |
Apr. 30, 2024 | Oct. 31, 2023 | |
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 | Notes payable as of October 31, 2023 and 2022 consisted of the following: SCHEDULE OF NOTES PAYABLE As of October 31, As of October 31, 2023 2022 Notes payable – related party, net of discounts $ - $ 1,025,497 Notes payable – investors, net of discounts - 4,137,720 Bridge note, net of discounts - 265,719 Convertible note, net of discounts 1,217,597 - Total Notes payable $ 1,217,597 $ 5,428,936 |
STOCKHOLDERS_ EQUITY (Tables)
STOCKHOLDERS’ EQUITY (Tables) | 6 Months Ended | 12 Months Ended |
Apr. 30, 2024 | Oct. 31, 2023 | |
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 | A summary of the warrant activity during the years ended October 31, 2023 and 2022 is presented below: SCHEDULE OF WARRANT ACTIVITY Number of Warrants Weighted Average Exercise Price Weighted Average Remaining Life in Years Intrinsic Value Outstanding, November 1, 2021 - $ - - $ - Issued - - - - Outstanding, November 1, 2022 - - - - Issued 4,776,046 1.04 3.1 - Exercised (2,901,298 ) 1.03 - - Cancelled - - - - Expired (108,047 ) - - - Outstanding, October 31, 2023 1,766,702 $ 1.12 3.9 $ 211,200 Exercisable, October 31, 2023 1,766,702 $ 1.12 3.9 $ 211,200 |
SCHEDULE OF OUTSTANDING AND EXERCISABLE WARRANTS | A summary of outstanding and exercisable warrants as of 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 | A summary of outstanding and exercisable warrants as of October 31, 2023 is presented below: SCHEDULE OF OUTSTANDING AND EXERCISABLE WARRANTS Warrants Outstanding Warrants Exercisable Weighted Average Exercise Number of Remaining Number of Price Shares Life in Years Shares $ 0.01 400,000 4.5 400,000 $ 1.50 400,000 1.1 400,000 $ 3.30 100,000 4.5 100,000 $ 1.20 866,702 4.9 866,702 1,766,702 3.9 1,766,702 |
SCHEDULE OF STOCK OPTION ACTIVITY | A summary of the option activity during the 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 the option activity during the years ended October 31, 2023 and 2022 is presented below: SCHEDULE OF STOCK OPTION ACTIVITY Number of Options Weighted Average Exercise Price Weighted Average Remaining Life in Years Intrinsic Value Outstanding, November 1, 2021 - $ - - $ - Issued - - - - Outstanding, November 1, 2022 - - - - Issued 120,000 0.52 4.8 1,800 Exercised - - - - Cancelled - - - - Expired - - - - Outstanding, October 31, 2023 120,000 $ 0.52 4.8 $ 1,800 Exercisable, October 31, 2023 90,000 $ 0.52 4.8 $ 1,350 |
SCHEDULE OF OUTSTANDING AND EXERCISABLE OPTIONS | A summary of outstanding and exercisable options as of 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 | A summary of outstanding and exercisable options as of October 31, 2023 and 2022 is presented below: SCHEDULE OF OUTSTANDING AND EXERCISABLE OPTIONS Options Outstanding Options Exercisable Weighted Average Exercise Number of Remaining Number of Price Shares Life in Years Shares $ 0.52 120,000 4.8 90,000 120,000 4.8 90,000 |
SCHEDULE OF ASSUMPTIONS USED IN BLACK-SCHOLES VALUATION METHOD FOR OPTIONS | The assumptions used in the Black-Scholes valuation method for these options issued in 2023 were as follows: SCHEDULE OF ASSUMPTIONS USED IN BLACK-SCHOLES VALUATION METHOD FOR OPTIONS Risk free interest rate 4.36 % Expected term (years) 5.0 Expected volatility 137.1 % Expected dividends rate 0 % | The assumptions used in the Black-Scholes valuation method for these options issued in 2023 were as follows: SCHEDULE OF ASSUMPTIONS USED IN BLACK-SCHOLES VALUATION METHOD FOR OPTIONS Risk free interest rate 4.36 Expected term (years) 5.0 Expected volatility 137.1 Expected dividends 0 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
SCHEDULE OF DEFERRED TAX ASSETS | Significant components of the Company’s deferred tax assets are summarized below. SCHEDULE OF DEFERRED TAX ASSETS As of October 31, As of October 31, 2023 2022 Deferred tax assets: Net operating loss carry forwards $ 1,095,000 $ 797,000 Total deferred tax asset 1,095,000 797,000 Valuation allowance (1,095,000 ) (797,000 ) Deferred tax asset, net $ - $ - |
SCHEDULE OF EFFECTIVE FEDERAL INCOME TAX RATE RECONCILIATION | A reconciliation of the statutory federal income tax benefit to actual tax benefit is as follows: SCHEDULE OF EFFECTIVE FEDERAL INCOME TAX RATE RECONCILIATION As of October 31, As of October 31, 2023 2022 Federal statutory blended income tax rates (21 )% (21 )% State statutory income tax rate, net of federal benefit - % - % Change in valuation allowance 21 % 21 % Effective tax rate - % - % |
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, 2023 shares | Apr. 30, 2024 a $ / shares | Feb. 26, 2024 $ / shares | Oct. 31, 2023 a ft² $ / shares | Oct. 16, 2023 | Oct. 31, 2022 ft² $ / shares | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||
Acres of property | a | 8,417 | 8,417 | ||||||||||
Common stock price per share | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||||
IPO [Member] | ||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||
Number of shares issued | shares | 375,000 | |||||||||||
Number of shares sold | shares | 2,000,000 | 2,000,000 | ||||||||||
Gross proceeds from sale of shares | $ 6,000,000 | |||||||||||
Trio LLC [Member] | ||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||
Business acquisition percentage | 3.02647% | |||||||||||
Trio LLC [Member] | Ken Fron Field [Member] | ||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||
Business acquisition percentage | 21.91832% | 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% | 29% | ||||||||
Trio LLC [Member] | South Salinas Project [Member] | ||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||
Business acquisition percentage | 82.75% | 85.75% | 85.75% | |||||||||
Business acquisition increase in percentage of working interest | 82.75% | |||||||||||
Purchase and Sale Agreement [Member] | Trio LLC [Member] | ||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||
Business acquisition percentage | 82.75% | |||||||||||
Purchase and Sale Agreement [Member] | Trio LLC [Member] | ||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||
Acres of property | 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] | ||||||||||||
Business acquisition percentage | 82.75% | |||||||||||
Acres of property | ft² | 9,300 | |||||||||||
Mc Cool Ranch Purchase Agreement [Member] | Trio LLC [Member] | Ken Fron Field [Member] | ||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||
Business acquisition percentage | 21.91832% | 21.91832% | ||||||||||
A R L O Agreement [Member] | ||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||
Acres of property | a | 960 | |||||||||||
Payment for Acquisition, Loan and Lease, Held-for-Investment | $ 2,000,000 | |||||||||||
Business Combination, Consideration Transferred | $ 200,000 | |||||||||||
Finance lease interest percentage | 2% | |||||||||||
A R L O Agreement [Member] | Heavy Sweet Oil [Member] | ||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||
Acres of property | a | 960 | |||||||||||
Business Acquisition, Description of Acquired Entity | 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 | |||||||||||
Percentage of production share | 20% | |||||||||||
Payment for Acquisition, Loan and Lease, Held-for-Investment | $ 2,000,000 |
SCHEDULE OF COMPONENTS OF CHANG
SCHEDULE OF COMPONENTS OF CHANGES IN ARO (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Apr. 30, 2024 | Apr. 30, 2023 | Apr. 30, 2024 | Apr. 30, 2023 | Oct. 31, 2023 | Oct. 31, 2022 | |
Accounting Policies [Abstract] | ||||||
ARO, ending balance | $ 51,091 | $ 48,313 | $ 48,313 | $ 45,535 | ||
Accretion expense | $ 694 | $ 694 | 1,389 | $ 1,389 | 2,778 | 2,778 |
ARO, ending balance | 52,480 | 52,480 | 51,091 | 48,313 | ||
Less: ARO - current | 2,778 | 2,778 | 2,778 | |||
ARO, net of current portion | $ 49,702 | $ 49,702 | $ 48,313 | $ 45,535 |
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 | Oct. 31, 2022 |
Debt issuance costs, gross | $ 166,978 | $ 350,320 | $ 575,438 | ||
Cash equivalents | 0 | 0 | |||
Prepaid expense, current | 133,417 | 35,000 | |||
Deferred offering costs | 1,643,881 | ||||
Impairment of long-lived assets | $ 0 | $ 0 | |||
Trio LLC [Member] | |||||
Issuance of share | 4.9 | ||||
Business acquisition percentage. | 45% | 1% | 1% | 29% | |
Trio LLC [Member] | South Salinas Project [Member] | |||||
Business acquisition percentage. | 82.75% | 85.75% | 85.75% |
GOING CONCERN AND MANAGEMENT__2
GOING CONCERN AND MANAGEMENT’S LIQUIDITY PLANS (Details Narrative) - USD ($) | 1 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||||
Jan. 02, 2024 | Oct. 31, 2023 | Oct. 04, 2023 | Apr. 20, 2023 | Apr. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Apr. 30, 2024 | Apr. 30, 2023 | Oct. 31, 2023 | Oct. 31, 2022 | Apr. 02, 2024 | Mar. 22, 2024 | Feb. 16, 2024 | Feb. 01, 2024 | Jan. 12, 2024 | Dec. 29, 2023 | Dec. 18, 2023 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||
Cash | $ 1,561,924 | $ 220,647 | $ 220,647 | $ 1,561,924 | $ 73,648 | |||||||||||||
Working capital | 156,045 | 1,213,963 | 1,213,963 | 156,045 | ||||||||||||||
Proceeds from Convertible Debt | 550,000 | 2,000,000 | ||||||||||||||||
Accumulated deficit | 10,446,882 | 16,194,865 | 16,194,865 | 10,446,882 | 3,902,456 | |||||||||||||
Proceeds from public offering | 4,940,000 | $ 4,940,000 | $ 6,000,000 | 6,000,000 | ||||||||||||||
October 2023 SPA [Member] | ||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||
Original issue discount rate | 7% | |||||||||||||||||
Two Tranches [Member] | October 2023 SPA [Member] | ||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||
Debt instrument, issued, principal | $ 3,500,000 | |||||||||||||||||
First Tranche [Member] | October 2023 SPA [Member] | ||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||
Debt instrument, issued, principal | 1,900,000 | |||||||||||||||||
Three Investors [Member] | ||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||
Principal amount | 440,000 | 440,000 | ||||||||||||||||
Chief Executive Officer [Member] | ||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||
Proceeds from Issuance of Unsecured Debt | $ 125,000 | |||||||||||||||||
Investor [Member] | ||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||
Proceeds from Issuance of Unsecured Debt | $ 184,500 | |||||||||||||||||
Related Party [Member] | ||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||
Non-interest-bearing note payable | $ 1,032,512 | $ 1,032,512 | ||||||||||||||||
Convertible Notes Payable [Member] | ||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||
Proceeds from Convertible Debt | $ 2,371,500 | |||||||||||||||||
Principal amount | $ 125,000 | $ 125,000 | $ 125,000 | |||||||||||||||
Convertible Notes Payable [Member] | October 2023 SPA [Member] | ||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||
Proceeds from Convertible Debt | $ 550,000 | 2,000,000 | ||||||||||||||||
Principal amount | $ 3,500,000 | |||||||||||||||||
Convertible Notes Payable [Member] | First Tranche [Member] | ||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||
Principal amount | $ 750,000 | $ 125,000 | $ 125,000 | $ 625,000 | ||||||||||||||
Convertible Notes Payable [Member] | Investor [Member] | ||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||
Proceeds from Convertible Debt | $ 720,000 |
INITIAL PUBLIC OFFERING (Detail
INITIAL PUBLIC OFFERING (Details Narrative) - USD ($) | 1 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Oct. 31, 2023 | Apr. 20, 2023 | Apr. 30, 2023 | Apr. 30, 2024 | Apr. 30, 2023 | Oct. 31, 2023 | Oct. 31, 2022 | Dec. 31, 2022 | |
Subsidiary, Sale of Stock [Line Items] | ||||||||
Proceeds from public offering | $ 4,940,000 | $ 4,940,000 | $ 6,000,000 | $ 6,000,000 | ||||
IPO [Member] | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Number of sale of stock | 2,000,000 | 2,000,000 | ||||||
Sale of stock price per share | $ 3 | $ 3 | $ 3 | |||||
Proceeds from sale of stock | $ 6,000,000 | |||||||
Public offering price, percentage | 110% | |||||||
Over-Allotment Option [Member] | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Warrants to purchase shares | 100,000 | 100,000 | ||||||
Warrants exercise price | $ 3.30 | $ 3.30 | ||||||
Public offering price, percentage | 110% |
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 ($) | 6 Months Ended | |
Apr. 30, 2024 | Apr. 30, 2023 | |
Disaggregation of Revenue [Line Items] | ||
Contract with Customer, Liability | $ 0 | |
Oil And Natural Gas Revenue [Member] | One Purchaser [Member] | Customer Concentration Risk [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Concentration Risk, Percentage | 10% |
SCHEDULE OF OIL AND NATURAL GAS
SCHEDULE OF OIL AND NATURAL GAS PROPERTIES (Details) - USD ($) | Apr. 30, 2024 | Oct. 31, 2023 | Oct. 31, 2022 |
Property, Plant and Equipment [Abstract] | |||
Oil and gas properties – not subject to amortization | $ 11,008,673 | $ 9,947,742 | $ 5,836,232 |
Accumulated impairment | |||
Oil and gas properties – not subject to amortization, net | $ 11,008,673 | $ 9,947,742 | $ 5,836,232 |
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 | 12 Months Ended | |||||||||||||
Apr. 30, 2024 USD ($) a | Dec. 29, 2023 USD ($) | Nov. 10, 2023 USD ($) a | Oct. 16, 2023 USD ($) | Dec. 22, 2022 USD ($) | Jan. 31, 2024 USD ($) | Oct. 31, 2023 USD ($) a | Apr. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) a ft² | Apr. 30, 2024 USD ($) a | Apr. 30, 2023 USD ($) | Apr. 30, 2024 USD ($) a | Apr. 30, 2023 USD ($) | Oct. 31, 2023 USD ($) a | Oct. 31, 2022 USD ($) | May 12, 2023 | May 27, 2022 USD ($) | Sep. 14, 2021 | |
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Exploration costs | $ 40,223 | $ 25,415 | $ 124,817 | $ 25,415 | $ 251,743 | $ 28,669 | ||||||||||||
Capitalized costs | $ 1,200,000 | $ 1,500,000 | 4,111,510 | |||||||||||||||
Acquisition costs | $ 262,022 | |||||||||||||||||
Area of land | a | 8,417 | 8,417 | 8,417 | 8,417 | 8,417 | |||||||||||||
Non refundable payment | $ 252,512 | $ 252,512 | ||||||||||||||||
Payment of execution | $ 100,000 | |||||||||||||||||
Adjustments to additional paid in capital, other | 400,000 | |||||||||||||||||
Long-Term Purchase Commitment, Amount | $ 200,000 | |||||||||||||||||
Payments for Purchase of Other Assets | $ 25,000 | |||||||||||||||||
Cost, depletion | $ 0 | |||||||||||||||||
Option fee | $ 150,000 | |||||||||||||||||
Reserve analysis optioned asset | 39,000 | 39,000 | ||||||||||||||||
Payment capitalized cost | $ 100,000 | |||||||||||||||||
Trio LLC [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Cash paid for additional acquisition | $ 60,000 | |||||||||||||||||
Mc Cool 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 in assets | $ 215,000 | |||||||||||||||||
Adjustments to additional paid in capital in 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 | ||||||||||||||||
A R L O Agreement [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Area of land | a | 960 | |||||||||||||||||
Percentage of interest to acquire in leases | 20% | |||||||||||||||||
Payment for Acquisition, Loan and Lease, Held-for-Investment | $ 2,000,000 | |||||||||||||||||
A R L O Agreement [Member] | Minimum [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Payment for Acquisition, Loan and Lease, Held-for-Investment | $ 500,000 | |||||||||||||||||
Amended AR Agreement [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Amount agreed to fund as per amended agreement | $ 200,000 | |||||||||||||||||
Amended A R L O Agreement [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Percentage of interest to acquire in leases | 2% | |||||||||||||||||
Purchase price of lease, total | $ 500,000 | |||||||||||||||||
Proceeds from Lease Payment, Operating Activity | $ 225,000 | |||||||||||||||||
Interest to acquire infrastructure, rate | 2.25% | |||||||||||||||||
Trio LLC [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Percentage of working interest | 3.02647% | 3.02647% | 3.02647% | |||||||||||||||
Trio LLC [Member] | Ken Fron Field [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Percentage of working interest | 21.91832% | 21.91832% | 21.91832% | |||||||||||||||
Trio LLC [Member] | Ken Fron Field [Member] | Mc Cool Ranch Purchase Agreement [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Percentage of working interest | 21.91832% | 21.91832% | 21.91832% | |||||||||||||||
South Salinas Project [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Exploration costs | $ 3,749,488 | |||||||||||||||||
Capitalized costs | $ 4,011,510 | |||||||||||||||||
South Salinas Project [Member] | Trio LLC [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Percentage of working interest | 85.75% | 85.75% | 85.75% | 85.75% | 85.75% | 82.75% | ||||||||||||
McCool Ranch Oil Field [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Capitalized costs | $ 100,000 | |||||||||||||||||
McCool Ranch Oil Field [Member] | Trio LLC [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Percentage of working interest | 44% | |||||||||||||||||
Ken Fron Field [Member] | Trio LLC [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Percentage of working interest | 22% | |||||||||||||||||
Union Ave Field [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Percentage of working interest | 100% | |||||||||||||||||
Union Ave Field [Member] | Trio LLC [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Percentage of working interest | 20% | |||||||||||||||||
Second Aforementioned [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Area of land | a | 160 | 160 | 160 | 160 | 160 | |||||||||||||
Delay rental payments | a | 30 | 30 | 30 | |||||||||||||||
Payments for rent | $ 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 | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||
Mar. 26, 2024 | Oct. 23, 2023 | Oct. 16, 2023 | Sep. 02, 2023 | Jul. 20, 2023 | May 01, 2023 | Apr. 20, 2023 | Dec. 22, 2022 | Jul. 11, 2022 | May 27, 2022 | Dec. 17, 2021 | Sep. 14, 2021 | Oct. 31, 2023 | May 31, 2023 | Apr. 30, 2023 | Dec. 31, 2022 | Oct. 31, 2022 | Feb. 28, 2022 | Apr. 30, 2024 | Apr. 30, 2023 | Apr. 30, 2024 | Apr. 30, 2023 | Jul. 31, 2023 | Oct. 31, 2023 | Oct. 31, 2022 | Feb. 26, 2024 | Jul. 11, 2023 | Jun. 23, 2023 | May 02, 2023 | |
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||
Working interest percentage | 85.75% | 85.75% | |||||||||||||||||||||||||||
Other Liabilities, Current | $ 171,270 | $ 171,270 | |||||||||||||||||||||||||||
Payment of execution | $ 100,000 | ||||||||||||||||||||||||||||
Adjustments to additional paid in capital, other | $ 400,000 | ||||||||||||||||||||||||||||
Payable to related party | $ 185,066 | ||||||||||||||||||||||||||||
Common stock, par value, per share | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||||||||||||||||||
Aggregate fair value | 372,000 | $ 372,000 | $ 60,000 | ||||||||||||||||||||||||||
Stock based compensation | $ 504,912 | $ 70,228 | $ 912,530 | $ 110,985 | 1,044,261 | 6,202 | |||||||||||||||||||||||
Fair value, per share | $ 0.27 | ||||||||||||||||||||||||||||
Unrecognized expense | $ 267,659 | 267,659 | |||||||||||||||||||||||||||
Share-based compensation arrangement by share-based payment award, option, nonvested, weighted average exercise price | $ 0.27 | ||||||||||||||||||||||||||||
Restricted value | |||||||||||||||||||||||||||||
Unsecured Debt | $ 125,000 | ||||||||||||||||||||||||||||
Proceeds from Notes Payable | 125,000 | 4,820,000 | |||||||||||||||||||||||||||
Long term asset advance to operators | $ 1,900,000 | 1,900,000 | |||||||||||||||||||||||||||
Option fee | $ 150,000 | ||||||||||||||||||||||||||||
Payment capitalized cost | 100,000 | ||||||||||||||||||||||||||||
IPO [Member] | |||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||
Issuance of common stock for cash net, shares | 375,000 | ||||||||||||||||||||||||||||
Shares issued, price per share | $ 3 | $ 3 | $ 3 | ||||||||||||||||||||||||||
Trio LLC [Member] | |||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||
Issuance of common stock for cash net, shares | 4,900,000 | ||||||||||||||||||||||||||||
Cash paid for additional acquisition | $ 60,000 | ||||||||||||||||||||||||||||
2022 Equity Incentive Plan [Member] | |||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||
Stock based compensation | 440,219 | 0 | |||||||||||||||||||||||||||
Unrecognized expense | 1,064,781 | 1,064,781 | |||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 10% | ||||||||||||||||||||||||||||
Proceeds from Notes Payable | $ 1,000,000 | ||||||||||||||||||||||||||||
Mr Peterson [Member] | |||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||
Stock based compensation | 233,505 | 267,659 | 3,341 | ||||||||||||||||||||||||||
Unrecognized expense | 267,659 | 267,659 | |||||||||||||||||||||||||||
Chief Executive Officer [Member] | |||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||
Short-Term Debt | $ 125,000 | ||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 10% | ||||||||||||||||||||||||||||
Proceeds from Notes Payable | $ 1,000,000 | ||||||||||||||||||||||||||||
Restricted Stock Units (RSUs) [Member] | |||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||
Issuance of common stock for cash net, shares | 700,000 | ||||||||||||||||||||||||||||
Shares issued, price per share | $ 2.15 | ||||||||||||||||||||||||||||
Aggregate fair value | $ 1,505,000 | ||||||||||||||||||||||||||||
Stock based compensation | 41,364 | 177,259 | 96,016 | 0 | |||||||||||||||||||||||||
Unrecognized expense | 177,259 | 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] | |||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||
Issuance of common stock for cash net, shares | 200,000 | ||||||||||||||||||||||||||||
Shares issued, price per share | $ 1.07 | ||||||||||||||||||||||||||||
Aggregate fair value | $ 213,000 | ||||||||||||||||||||||||||||
Restricted Stock Units (RSUs) [Member] | Mr Frank Ingriselli [Member] | 2022 Equity Incentive Plan [Member] | |||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||
Grant of restricted shares | 1,000,000 | ||||||||||||||||||||||||||||
Restricted Stock Units (RSUs) [Member] | Mr Greg Overholtzer [Member] | 2022 Equity Incentive Plan [Member] | |||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||
Grant of restricted shares | 100,000 | ||||||||||||||||||||||||||||
Restricted Stock Units (RSUs) [Member] | Six Employee Agreement [Member] | |||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||
Aggregate fair value | 1,505,000 | 1,505,000 | 1,505,000 | ||||||||||||||||||||||||||
Stock based compensation | 183,654 | 373,499 | 440,219 | 0 | |||||||||||||||||||||||||
Grant of restricted shares | 700,000 | ||||||||||||||||||||||||||||
Restricted shares, vesting rate | 25% | ||||||||||||||||||||||||||||
Fair value, per share | $ 2.15 | ||||||||||||||||||||||||||||
Unrecognized expense | 1,064,781 | 691,282 | 691,282 | 1,064,781 | |||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
Restricted Stock Units (RSUs) [Member] | Five Outside Director [Member] | |||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||
Issuance of common stock for cash net, shares | 60,000 | ||||||||||||||||||||||||||||
Shares issued, price per share | $ 0.0001 | ||||||||||||||||||||||||||||
Aggregate fair value | $ 88,200 | ||||||||||||||||||||||||||||
Fair value, per share | $ 0.29 | ||||||||||||||||||||||||||||
Restricted Stock Units (RSUs) [Member] | Director [Member] | |||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||
Issuance of common stock for cash net, shares | 60,000 | ||||||||||||||||||||||||||||
Shares issued, price per share | $ 0.0001 | ||||||||||||||||||||||||||||
Aggregate fair value | $ 300,000 | ||||||||||||||||||||||||||||
Stock based compensation | 88,200 | $ 0 | |||||||||||||||||||||||||||
Fair value, per share | $ 0.29 | ||||||||||||||||||||||||||||
Unrecognized expense | 0 | $ 0 | |||||||||||||||||||||||||||
Restricted Stock Units (RSUs) [Member] | Mr. Ingriselli [Member] | |||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||
Issuance of common stock for cash net, shares | 200,000 | ||||||||||||||||||||||||||||
Aggregate fair value | $ 213,000 | ||||||||||||||||||||||||||||
Stock based compensation | $ 213,000 | ||||||||||||||||||||||||||||
Fair value per share | 1.07 | ||||||||||||||||||||||||||||
Common Stock [Member] | |||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||
Issuance of common stock for cash net, shares | 12,500 | 400,000 | 400,000 | 400,000 | 10,000 | ||||||||||||||||||||||||
Common stock, par value, per share | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||||||||||||||||||||||
Shares issued, price per share | $ 2 | $ 1 | $ 1.21 | $ 0.88 | $ 2.10 | ||||||||||||||||||||||||
Aggregate fair value | $ 40 | $ 40 | $ 1 | ||||||||||||||||||||||||||
Restricted shares | 2,125,000 | ||||||||||||||||||||||||||||
Restricted value | $ 213 | ||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
Mc Cool 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 | ||||||||||||||||||||||||||||
Purchase and Sale Agreement [Member] | Trio LLC [Member] | |||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||
Issuance of common stock for cash net, shares | 4,900,000 | ||||||||||||||||||||||||||||
Common stock, par value, per share | $ 0.0001 | ||||||||||||||||||||||||||||
Trio LLC [Member] | |||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||
Percentage of working interest | 3.02647% | 3.02647% | 3.02647% | ||||||||||||||||||||||||||
Trio LLC [Member] | Ken Fron Field [Member] | |||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||
Percentage of working interest | 21.91832% | 21.91832% | 21.91832% | ||||||||||||||||||||||||||
Trio LLC [Member] | Mc Cool Ranch Purchase Agreement [Member] | Ken Fron Field [Member] | |||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||
Percentage of working interest | 21.91832% | 21.91832% | 21.91832% | ||||||||||||||||||||||||||
Trio LLC [Member] | Purchase and Sale Agreement [Member] | |||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||
Percentage of working interest | 82.75% | ||||||||||||||||||||||||||||
South Salinas Project [Member] | |||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||
Working interest percentage | 3.80% | 3.80% | |||||||||||||||||||||||||||
Other Liabilities, Current | $ 21,651 | 63,878 | $ 63,878 | $ 21,651 | |||||||||||||||||||||||||
Long term asset advance to operators | 0 | $ 1,900,000 | 0 | 1,900,000 | |||||||||||||||||||||||||
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 | 161,700 | 6,202 | |||||||||||||||||||||||
Unrecognized expense | 155,498 | 75,312 | 75,312 | 155,498 | |||||||||||||||||||||||||
Restricted Share Issued To Executives And Employees [Member] | Restricted Stock Units (RSUs) [Member] | Executives [Member] | 2022 Equity Incentive Plan [Member] | |||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||
Issuance of common stock for cash net, shares | 1,100,000 | ||||||||||||||||||||||||||||
Aggregate fair value | $ 323,400 | ||||||||||||||||||||||||||||
Fair value, per share | $ 0.294 | ||||||||||||||||||||||||||||
Related Party [Member] | |||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||
Unsecured Debt | $ 125,000 | ||||||||||||||||||||||||||||
Notes payable current | 1,025,497 | $ 310,066 | $ 310,066 | 1,025,497 | |||||||||||||||||||||||||
Interest expense | 7,015 | 120,337 | |||||||||||||||||||||||||||
Notes payable current | $ 1,032,512 | $ 2,920,000 | $ 1,032,512 | $ 2,920,000 | |||||||||||||||||||||||||
Related Party [Member] | Trio LLC [Member] | IPO [Member] | |||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||
Related party transaction amounts of transaction | $ 1,032,512 | ||||||||||||||||||||||||||||
Related Party [Member] | Trio LLC [Member] | Minimum [Member] | |||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||
Related party transaction amounts of transaction | 780,000 | ||||||||||||||||||||||||||||
Related Party [Member] | Trio LLC [Member] | Maximum [Member] | |||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||
Related party transaction amounts of transaction | 1,032,512 | ||||||||||||||||||||||||||||
Related Party [Member] | Chief Executive Officer [Member] | |||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||
Short-Term Debt | $ 125,000 | ||||||||||||||||||||||||||||
Optioned Assets Related Party [Member] | |||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||
Option fee | $ 150,000 | ||||||||||||||||||||||||||||
Optioned Assets Related Party [Member] | Trio LLC [Member] | Ken Fron Field [Member] | |||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||
Percentage of working interest | 22% | ||||||||||||||||||||||||||||
Optioned Assets Related Party [Member] | Trio LLC [Member] | Hangman Hollow Field Asset [Member] | |||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||
Percentage of working interest | 44% | ||||||||||||||||||||||||||||
Optioned Assets Related Party [Member] | Trio LLC [Member] | Union Ave Field [Member] | |||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||
Percentage of working interest | 20% | ||||||||||||||||||||||||||||
Additional Working Interest South Salinas Project [Member] | Trio LLC [Member] | |||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||
Percentage of working interest | 3.02647% | 3.02647% | 3.02647% | ||||||||||||||||||||||||||
Cash paid for additional acquisition | $ 60,000 | ||||||||||||||||||||||||||||
Notes Payable Related Party [Member] | Trio LLC [Member] | IPO [Member] | |||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||
Related party transaction amounts of transaction | 1,032,512 | ||||||||||||||||||||||||||||
Notes Payable Related Party [Member] | Trio LLC [Member] | Minimum [Member] | |||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||
Related party transaction amounts of transaction | 780,000 | ||||||||||||||||||||||||||||
Notes Payable Related Party [Member] | Trio LLC [Member] | Maximum [Member] | |||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||
Related party transaction amounts of transaction | $ 1,032,512 | ||||||||||||||||||||||||||||
Consulting Agreement Related Party [Member] | |||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||
Consulting agreement percentage | 100% | ||||||||||||||||||||||||||||
Consulting agreement fee | $ 10,000 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||||||||
Apr. 30, 2024 USD ($) a $ / shares | Dec. 29, 2023 USD ($) $ / shares shares | Nov. 10, 2023 USD ($) a | Oct. 04, 2023 $ / shares shares | Sep. 21, 2023 shares | Apr. 20, 2023 $ / shares shares | Jul. 28, 2022 USD ($) | Jul. 11, 2022 USD ($) | May 01, 2022 USD ($) | Sep. 14, 2021 shares | Apr. 30, 2023 shares | Mar. 31, 2023 USD ($) a | Apr. 30, 2024 USD ($) a $ / shares | Apr. 30, 2024 USD ($) a $ / shares | Oct. 31, 2023 USD ($) a $ / shares | Feb. 26, 2024 $ / shares | Oct. 16, 2023 $ / shares | Jul. 10, 2023 $ / shares | Feb. 28, 2023 a | Oct. 31, 2022 USD ($) $ / shares | May 27, 2022 USD ($) | Jan. 31, 2022 $ / shares | |
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Area of land | a | 8,417 | 8,417 | 8,417 | 8,417 | ||||||||||||||||||
Non refundable payment | $ 252,512 | $ 252,512 | ||||||||||||||||||||
Annual retainer, additional | $ 3,341 | |||||||||||||||||||||
Common stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||||||||||||
Share Price | $ / shares | $ 0.27 | |||||||||||||||||||||
Trio LLC [Member] | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Issuance of common stock for cash net, shares | shares | 4,900,000 | |||||||||||||||||||||
Consulting fee | $ 35,000 | |||||||||||||||||||||
Accrued interest expense | $ 406,000 | |||||||||||||||||||||
Warrant [Member] | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 0.80 | $ 1.03 | ||||||||||||||||||||
Issuance of common stock for cash net, shares | shares | 451,831 | 100,000 | ||||||||||||||||||||
Debt Instrument, Term | 5 years | |||||||||||||||||||||
Share Price | $ / shares | $ 3.30 | |||||||||||||||||||||
IPO [Member] | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Directors fees | $ 54,000 | $ 110,685 | $ 156,154 | |||||||||||||||||||
Issuance of common stock for cash net, shares | shares | 375,000 | |||||||||||||||||||||
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] | ||||||||||||||||||||||
Non refundable payment | $ 25,000 | |||||||||||||||||||||
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 | cash fee or an underwriter discount of 7.5% of the aggregate proceeds raised in the IPO, warrants to purchase a number of common shares equal to 5% of the aggregate number of common shares placed in the IPO, an expense allowance of up to $150,000 for fees and expenses of legal counsel and other out-of-pocket expenses and 1% of the gross proceeds of the IPO to Spartan for non-accountable expenses. The agreement also provides for an option to Spartan that is exercisable within 45 days after the closing of the IPO to purchase up to an additional 15% of the total number of securities offered by the Company in the IPO. For a period of 18 months following the July 28, 2023 expiration of the agreement, Spartan shall be entitled to receive the same 7.5% cash fee and 5% warrant coverage compensation under the “tail” terms of the agreement with respect to financing transactions the Company consummates with any party contacted or introduced by Spartan to the Company prior to the expiration of the Spartan agreement. | ||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 55,000 | 83,333 | ||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 0.55 | $ 1.32 | ||||||||||||||||||||
Legal cost | $ 150,000 | |||||||||||||||||||||
IPO [Member] | Warrant [Member] | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Public offering price percentage | 110% | |||||||||||||||||||||
A R L O Agreement [Member] | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Area of land | a | 960 | |||||||||||||||||||||
Percentage of interest to acquire in leases | 20% | |||||||||||||||||||||
Payment for Acquisition, Loan and Lease, Held-for-Investment | $ 2,000,000 | |||||||||||||||||||||
A R L O Agreement [Member] | Minimum [Member] | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Payment for Acquisition, Loan and Lease, Held-for-Investment | $ 500,000 | |||||||||||||||||||||
Amended AR Agreement [Member] | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Amount agreed to fund as per amended agreement | $ 200,000 | |||||||||||||||||||||
Amended A R L O Agreement [Member] | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Percentage of interest to acquire in leases | 2% | |||||||||||||||||||||
Purchase price of lease, total | $ 500,000 | |||||||||||||||||||||
Proceeds from Lease Payment, Operating Activity | $ 225,000 | |||||||||||||||||||||
Interest to acquire infrastructure, rate | 2.25% | |||||||||||||||||||||
Parcel One [Member] | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Area of land | a | 480 | 480 | 480 | |||||||||||||||||||
Parcel Two [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 | 8,417 | ||||||||||||||||||
Non refundable payment | $ 252,512 | |||||||||||||||||||||
Second Aforementioned [Member] | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Area of land | a | 160 | 160 | 160 | 160 | ||||||||||||||||||
Delay rental payments | a | 30 | 30 | 30 | |||||||||||||||||||
Payments for Rent | $ 30 | |||||||||||||||||||||
Second Aforementioned [Member] | Unproved Property Lease [Member] | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Area of land | a | 160 | 160 | 160 | 160 | ||||||||||||||||||
Delay rental payments | a | 30 | 30 | 30 | 30 | ||||||||||||||||||
First Group [Member] | Unproved Property Lease [Member] | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Area of land | a | 360 | 360 | ||||||||||||||||||||
Delay rental payments | a | 25 | 25 | ||||||||||||||||||||
Payments for Rent | $ 25 | |||||||||||||||||||||
Second Group [Member] | Unproved Property Lease [Member] | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Area of land | a | 307.75 | 307.75 | ||||||||||||||||||||
Delay rental payments | a | 30 | 30 | ||||||||||||||||||||
Lease, term | 20 years | 20 years | ||||||||||||||||||||
Payments for Rent | $ 30 |
SCHEDULE OF NOTES PAYABLE (Deta
SCHEDULE OF NOTES PAYABLE (Details) - USD ($) | Apr. 30, 2024 | Jan. 31, 2024 | Oct. 31, 2023 | Oct. 31, 2022 |
Short-Term Debt [Line Items] | ||||
Convertible note, net of discounts | $ 1,217,597 | $ 1,217,597 | ||
Total Notes payable | 548,452 | 1,217,597 | 1,217,597 | 5,428,936 |
Bridge Loan [Member] | ||||
Short-Term Debt [Line Items] | ||||
Total Notes payable | 265,719 | |||
Related Party [Member] | ||||
Short-Term Debt [Line Items] | ||||
Total Notes payable | 310,066 | 1,025,497 | ||
Promissory Note [Member] | ||||
Short-Term Debt [Line Items] | ||||
Total Notes payable | $ 238,386 | |||
Investors [Member] | ||||
Short-Term Debt [Line Items] | ||||
Total Notes payable | 4,137,720 | |||
Investors [Member] | Bridge Loan [Member] | ||||
Short-Term Debt [Line Items] | ||||
Total Notes payable | $ 0 | $ 265,719 |
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. 16, 2024 $ / shares shares | Apr. 15, 2024 USD ($) $ / shares shares | Apr. 02, 2024 USD ($) $ / shares shares | Mar. 27, 2024 USD ($) $ / 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 | Sep. 21, 2023 shares | Sep. 20, 2023 USD ($) $ / shares shares | Jul. 10, 2023 USD ($) $ / shares shares | Apr. 20, 2023 $ / shares shares | May 27, 2022 USD ($) | Jan. 28, 2022 USD ($) $ / shares shares | Dec. 17, 2021 shares | Sep. 14, 2021 shares | Dec. 31, 2023 USD ($) | Apr. 30, 2023 USD ($) $ / shares shares | Dec. 31, 2022 $ / shares shares | Sep. 30, 2022 USD ($) $ / shares shares | Apr. 30, 2023 USD ($) $ / shares shares | Apr. 30, 2024 USD ($) $ / shares | Apr. 30, 2023 USD ($) $ / shares shares | Oct. 31, 2023 USD ($) shares | Oct. 31, 2022 USD ($) shares | Jan. 30, 2025 USD ($) | Dec. 30, 2024 USD ($) | Nov. 30, 2024 USD ($) | Oct. 30, 2024 USD ($) | Sep. 30, 2024 USD ($) | Jan. 31, 2024 USD ($) | Oct. 16, 2023 $ / shares | Jul. 11, 2023 $ / shares | Jun. 23, 2023 $ / shares | May 02, 2023 $ / shares | Oct. 17, 2022 $ / shares | Jan. 31, 2022 $ / shares shares | |
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from convertible debt | $ 550,000 | $ 2,000,000 | |||||||||||||||||||||||||||||||||||||||||||||
Conversion price | $ / shares | $ 0.63 | $ 0.17 | $ 0.10 | $ 0.13 | $ 0.24 | $ 0.29 | $ 0.31 | $ 0.34 | |||||||||||||||||||||||||||||||||||||||
Debt issuance costs | $ 166,978 | $ 350,320 | 575,438 | ||||||||||||||||||||||||||||||||||||||||||||
Share price | $ / shares | $ 0.27 | ||||||||||||||||||||||||||||||||||||||||||||||
Expected term | 5 years | 5 years | |||||||||||||||||||||||||||||||||||||||||||||
Expected volatility rate | 137.10% | 137.10% | |||||||||||||||||||||||||||||||||||||||||||||
Expected dividend rate | 0% | 0% | |||||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Rate | 100% | ||||||||||||||||||||||||||||||||||||||||||||||
Debt converted, value | $ 221,449 | $ 574,779 | |||||||||||||||||||||||||||||||||||||||||||||
Amendment to first tranche note, description | i) a reduction of the floor price of the conversion price from $ | ||||||||||||||||||||||||||||||||||||||||||||||
Convertible Notes Payable, Current | $ 1,217,597 | $ 1,217,597 | |||||||||||||||||||||||||||||||||||||||||||||
Gross proceeds | 125,000 | 4,820,000 | |||||||||||||||||||||||||||||||||||||||||||||
Unsecured Debt | $ 125,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Interest Payable, Current | 1,233 | 1,233 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Notes payable | 548,452 | 548,452 | 1,217,597 | 5,428,936 | 1,217,597 | ||||||||||||||||||||||||||||||||||||||||||
Number of shares required to reserve and register | shares | 13,161,976 | ||||||||||||||||||||||||||||||||||||||||||||||
Percentage of common shares required to reserve | 200% | ||||||||||||||||||||||||||||||||||||||||||||||
Percentage of shares required to reserve upon conversion of note | 200% | ||||||||||||||||||||||||||||||||||||||||||||||
IPO [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Aggregate principal amount | $ 4,500,000 | $ 4,500,000 | $ 4,500,000 | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock for cash net, shares | shares | 375,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Shares issued price per share | $ / shares | $ 3 | $ 3 | $ 3 | ||||||||||||||||||||||||||||||||||||||||||||
Related Party [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | 7,015 | 120,337 | |||||||||||||||||||||||||||||||||||||||||||||
Unsecured Debt | 125,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Notes payable current | 310,066 | 310,066 | 1,025,497 | ||||||||||||||||||||||||||||||||||||||||||||
Notes payable current | 1,032,512 | 2,920,000 | |||||||||||||||||||||||||||||||||||||||||||||
Notes payable | 310,066 | 310,066 | 1,025,497 | ||||||||||||||||||||||||||||||||||||||||||||
Trio LLC [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock for cash net, shares | shares | 4,900,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Trio LLC [Member] | South Salinas Project [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Business acquisition percentage | 82.75% | 85.75% | 85.75% | 85.75% | 85.75% | ||||||||||||||||||||||||||||||||||||||||||
Trio LLC [Member] | Related Party [Member] | IPO [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transaction, Amounts of Transaction | $ 1,032,512 | ||||||||||||||||||||||||||||||||||||||||||||||
Chief Executive Officer [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Gross proceeds | 1,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Debt | $ 125,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Interest percentage | 10% | ||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested, Number of Shares | shares | 1,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Chief Executive Officer [Member] | Related Party [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Debt | $ 125,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Investors [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Debt converted, value | $ 9,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Interest percentage | 8% | ||||||||||||||||||||||||||||||||||||||||||||||
Notes payable consideration | $ 4,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Issued warrants to purchase, rate | 50% | ||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, collateral | shares | 4,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Shares issued price per share | $ / shares | $ 0.29 | $ 0.29 | |||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, aggregate value | $ 1,322,933 | ||||||||||||||||||||||||||||||||||||||||||||||
Notes payable | 4,137,720 | ||||||||||||||||||||||||||||||||||||||||||||||
Investors [Member] | IPO [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Aggregate principal amount | $ 4,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Conversion price | $ / shares | $ 2.05 | ||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | 674,405 | 1,136,811 | |||||||||||||||||||||||||||||||||||||||||||||
Shares issued price per share | $ / shares | $ 3 | ||||||||||||||||||||||||||||||||||||||||||||||
Conversion price, description | i) the IPO price multiplied by the discount of 50% or ii) the opening price of the shares of Common Stock on the trading day following the date of the consummation of the IPO multiplied by the discount of 50%. | ||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, periodic payment principal | $ 4,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, payment interest | $ 664,875 | ||||||||||||||||||||||||||||||||||||||||||||||
Issuance of conversion, shares | shares | 5,038,902 | ||||||||||||||||||||||||||||||||||||||||||||||
Issuance of conversion, value | $ 5,164,875 | ||||||||||||||||||||||||||||||||||||||||||||||
Issuance of commitment shares | shares | 375,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Notes payable | $ 0 | $ 4,137,720 | |||||||||||||||||||||||||||||||||||||||||||||
Warrant [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Warrants to purchase | shares | 2,519,451 | ||||||||||||||||||||||||||||||||||||||||||||||
Warrants to exercise price | $ / shares | $ 0.80 | $ 1.03 | |||||||||||||||||||||||||||||||||||||||||||||
Share price | $ / shares | $ 3.30 | ||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Issuance or Sale of Equity | $ 146,938 | ||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock for cash net, shares | shares | 451,831 | 100,000 | |||||||||||||||||||||||||||||||||||||||||||||
Common Stock [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock for cash net, shares | shares | 12,500 | 400,000 | 400,000 | 400,000 | 10,000 | ||||||||||||||||||||||||||||||||||||||||||
Shares issued price per share | $ / shares | $ 2 | $ 1 | $ 1.21 | $ 0.88 | $ 2.10 | ||||||||||||||||||||||||||||||||||||||||||
Issuance of commitment shares | shares | 375,000 | 375,000 | 375,000 | ||||||||||||||||||||||||||||||||||||||||||||
Original Issue Terms [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Warrants to purchase | shares | 559,878 | 1,959,573 | |||||||||||||||||||||||||||||||||||||||||||||
New Modified Terms [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Warrants to purchase | shares | 451,831 | 2,449,466 | |||||||||||||||||||||||||||||||||||||||||||||
New Modified Terms [Member] | Warrant [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Issuance or Sale of Equity | $ 100,000 | $ 1,000 | $ 300,000 | ||||||||||||||||||||||||||||||||||||||||||||
Maximum [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Conversion price | $ / shares | $ 0.07117 | $ 0.07117 | $ 0.35 | ||||||||||||||||||||||||||||||||||||||||||||
Maximum [Member] | Trio LLC [Member] | Related Party [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transaction, Amounts of Transaction | 1,032,512 | ||||||||||||||||||||||||||||||||||||||||||||||
Maximum [Member] | Investors [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Interest percentage | 15% | ||||||||||||||||||||||||||||||||||||||||||||||
Minimum [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Conversion price | $ / shares | 0.15 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Rate | 45% | ||||||||||||||||||||||||||||||||||||||||||||||
Minimum [Member] | Trio LLC [Member] | Related Party [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transaction, Amounts of Transaction | $ 780,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Second Tranche [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Conversion price | $ / shares | $ 0.18 | $ 0.17 | |||||||||||||||||||||||||||||||||||||||||||||
Debt converted, value | $ 339,334 | $ 323,094 | |||||||||||||||||||||||||||||||||||||||||||||
Measurement Input, Share Price [Member] | Original Issue Terms [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Share price | $ / shares | $ 0.31 | $ 0.57 | $ 1.43 | ||||||||||||||||||||||||||||||||||||||||||||
Measurement Input, Share Price [Member] | New Modified Terms [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Share price | $ / shares | 0.31 | 0.57 | 1.53 | ||||||||||||||||||||||||||||||||||||||||||||
Measurement Input, Exercise Price [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Warrants and Rights Outstanding, Measurement Input | 50 | ||||||||||||||||||||||||||||||||||||||||||||||
Measurement Input, Exercise Price [Member] | Original Issue Terms [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Exercise price | $ / shares | 1.20 | 1.03 | 1.03 | ||||||||||||||||||||||||||||||||||||||||||||
Measurement Input, Exercise Price [Member] | New Modified Terms [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Exercise price | $ / shares | $ 0.50 | $ 0.11 | $ 0.80 | ||||||||||||||||||||||||||||||||||||||||||||
Measurement Input, Expected Term [Member] | Original Issue Terms [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Expected term | 5 years | 3 years | 3 years | ||||||||||||||||||||||||||||||||||||||||||||
Measurement Input, Expected Term [Member] | New Modified Terms [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Expected term | 5 years | 3 years | 3 years | ||||||||||||||||||||||||||||||||||||||||||||
Measurement Input, Option Volatility [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Warrants and Rights Outstanding, Measurement Input | 92 | ||||||||||||||||||||||||||||||||||||||||||||||
Measurement Input, Option Volatility [Member] | Original Issue Terms [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Expected volatility rate | 137.10% | 148% | 136% | ||||||||||||||||||||||||||||||||||||||||||||
Measurement Input, Option Volatility [Member] | New Modified Terms [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Expected volatility rate | 137.10% | 148% | 136% | ||||||||||||||||||||||||||||||||||||||||||||
Measurement Input, Expected Dividend Rate [Member] | Original Issue Terms [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Expected dividend rate | 0% | 0% | 0% | ||||||||||||||||||||||||||||||||||||||||||||
Measurement Input, Expected Dividend Rate [Member] | New Modified Terms [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Expected dividend rate | 0% | 0% | 0% | ||||||||||||||||||||||||||||||||||||||||||||
Measurement Input, Discount Rate [Member] | Original Issue Terms [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Warrants and Rights Outstanding, Measurement Input | 3.84 | 4.82 | 4.54 | ||||||||||||||||||||||||||||||||||||||||||||
Measurement Input, Discount Rate [Member] | New Modified Terms [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Warrants and Rights Outstanding, Measurement Input | 3.84 | 4.82 | 4.54 | ||||||||||||||||||||||||||||||||||||||||||||
January Two Thousand And Twenty Two Notes [Member] | Investors [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Aggregate principal amount | $ 4,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||
October 2023 SPA [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Interest percentage | 7% | ||||||||||||||||||||||||||||||||||||||||||||||
Purchase and Sale Agreement [Member] | Trio LLC [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock for cash net, shares | shares | 4,900,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Purchase and Sale Agreement [Member] | Trio LLC [Member] | South Salinas Project [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Business acquisition percentage | 82.75% | ||||||||||||||||||||||||||||||||||||||||||||||
Purchase and Sale Agreement [Member] | Trio LLC [Member] | Related Party [Member] | South Salinas Project [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Business acquisition percentage | 82.75% | ||||||||||||||||||||||||||||||||||||||||||||||
Voting Agreements [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Number of shares as per voting agreements | shares | 4,025,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Percentage of common stock outstanding | 20% | ||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||
Conversion price | $ / shares | $ 0.63 | $ 0.17 | $ 0.10 | $ 0.13 | $ 0.24 | $ 0.29 | $ 0.31 | $ 0.34 | |||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Rate | 103% | ||||||||||||||||||||||||||||||||||||||||||||||
Debt converted, value | $ 221,449 | $ 574,779 | $ 128,750 | $ 128,750 | $ 128,750 | ||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, 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 | $ 49,935 | $ 35,837 | $ 36,698 | |||||||||||||||||||||||||||||||||||||||||||
Gain (Loss) on Extinguishment of Debt | 131,165 | $ 180,566 | $ 20,547 | $ 391,447 | 30,510 | $ 24,873 | 36,770 | ||||||||||||||||||||||||||||||||||||||||
Issuance of common stock for cash net, shares | shares | 351,507 | 2,395,911 | |||||||||||||||||||||||||||||||||||||||||||||
Convertible Notes Payable, Current | 0 | 0 | $ 1,217,597 | ||||||||||||||||||||||||||||||||||||||||||||
Interest expense | 1,063,372 | 40,547 | |||||||||||||||||||||||||||||||||||||||||||||
Convertible Notes Payable [Member] | Common Stock [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock for cash net, 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 | |||||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Rate | 103% | ||||||||||||||||||||||||||||||||||||||||||||||
Debt converted, value | $ 283,250 | 283,250 | |||||||||||||||||||||||||||||||||||||||||||||
Gain (Loss) 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 | |||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Rate | 103% | ||||||||||||||||||||||||||||||||||||||||||||||
Debt converted, value | $ 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 | |||||||||||||||||||||||||||||||||||||||||||||
Percentage of total principal amount | 103% | ||||||||||||||||||||||||||||||||||||||||||||||
Convertible Notes Payable [Member] | October 2023 SPA [Member] | Second Tranche [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Conversion price | $ / shares | $ 1.20 | ||||||||||||||||||||||||||||||||||||||||||||||
Convertible Notes Payable [Member] | October 2023 SPA [Member] | Second Tranche [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||
Warrants to exercise price | $ / shares | $ 1.20 | ||||||||||||||||||||||||||||||||||||||||||||||
Conversion price | $ / shares | 1.20 | ||||||||||||||||||||||||||||||||||||||||||||||
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 converted, value | $ 881,165 | $ 84,117 | $ 113,300 | $ 441,428 | $ 105,575 | $ 114,036 | $ 125,072 | ||||||||||||||||||||||||||||||||||||||||
March Two Thousand Twenty Four Debt Financing [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Aggregate principal amount | $ 211,500 | $ 211,500 | |||||||||||||||||||||||||||||||||||||||||||||
Original issue discount, rate | 13% | 13% | |||||||||||||||||||||||||||||||||||||||||||||
Original issue discount | $ 27,000 | $ 27,000 | |||||||||||||||||||||||||||||||||||||||||||||
Convertible Notes Payable, Current | 172,468 | 172,468 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Interest expense | 7,964 | ||||||||||||||||||||||||||||||||||||||||||||||
Gross proceeds | 184,500 | ||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Short-Term Debt | $ 164,500 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 12% | 12% | |||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt, Gross | $ 25,380 | $ 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 $ | (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 Two Thousand Twenty Four Debt Financing [Member] | Forecast [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Aggregate principal amount | $ 29,610 | $ 29,610 | $ 29,610 | $ 29,610 | $ 118,440 | ||||||||||||||||||||||||||||||||||||||||||
March Two Thousand Twenty Four Debt Financing [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Original issue discount, rate | 3% | 3% | |||||||||||||||||||||||||||||||||||||||||||||
April Two Thousand Twenty Four Debt Financing [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Aggregate principal amount | $ 800,000 | $ 720,000 | $ 800,000 | ||||||||||||||||||||||||||||||||||||||||||||
Conversion price | $ / shares | $ 0.25 | $ 0.49 | $ 0.25 | ||||||||||||||||||||||||||||||||||||||||||||
Original issue discount, rate | 10% | 10% | |||||||||||||||||||||||||||||||||||||||||||||
Original issue discount | $ 80,000 | $ 80,000 | |||||||||||||||||||||||||||||||||||||||||||||
Debt issuance costs | 56,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock for cash net, shares | shares | 750,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Convertible Notes Payable, Current | 65,918 | 65,918 | |||||||||||||||||||||||||||||||||||||||||||||
Interest expense | $ 12,590 | ||||||||||||||||||||||||||||||||||||||||||||||
Gross proceeds | 1,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Short-Term Debt | $ 5,000,000 | $ 664,000 | |||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 15% | 15% | |||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt, Gross | $ 366,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Interest Payable, Current | $ 56,828 | $ 56,828 | |||||||||||||||||||||||||||||||||||||||||||||
Debt instrument outstanding shares, rate | 50% | 50% | |||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Maturity Date | Aug. 16, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||
Payments of Loan Costs | $ 136,000 | ||||||||||||||||||||||||||||||||||||||||||||||
April Two Thousand Twenty Four Debt Financing [Member] | Investors [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Conversion price | $ / shares | $ 0.40 | $ 0.49 | |||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock for cash net, shares | shares | 750,000 | 750,000 | |||||||||||||||||||||||||||||||||||||||||||||
April Two Thousand Twenty Four Debt Financing [Member] | Commitment Shares [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock for cash net, shares | shares | 1,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||
April Two Thousand Twenty Four Debt Financing [Member] | Common Stock [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Conversion price | $ / shares | $ 0.40 | ||||||||||||||||||||||||||||||||||||||||||||||
April Two Thousand Twenty Four Debt Financing [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt, Gross | $ 301,500 | ||||||||||||||||||||||||||||||||||||||||||||||
Bridge Loan [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Warrants to purchase | shares | 400,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Warrants to exercise price | $ / shares | $ 0.01 | ||||||||||||||||||||||||||||||||||||||||||||||
Original issue discount, rate | 10% | ||||||||||||||||||||||||||||||||||||||||||||||
Original issue discount | $ 44,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt issuance costs | 70,438 | ||||||||||||||||||||||||||||||||||||||||||||||
Net proceeds | $ 329,562 | ||||||||||||||||||||||||||||||||||||||||||||||
Share price | $ / shares | $ 0.01 | ||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | 174,281 | $ 51,040 | |||||||||||||||||||||||||||||||||||||||||||||
Gross proceeds | $ 444,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Interest percentage | 100% | ||||||||||||||||||||||||||||||||||||||||||||||
Notes payable | 265,719 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt amount, repaid | $ 440,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Bridge Loan [Member] | IPO [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Interest percentage | 8% | ||||||||||||||||||||||||||||||||||||||||||||||
Bridge Loan [Member] | Investors [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Notes payable | $ 0 | $ 265,719 | |||||||||||||||||||||||||||||||||||||||||||||
Bridge Loan [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Interest percentage | 15% |
SCHEDULE OF WARRANT ACTIVITY (D
SCHEDULE OF WARRANT ACTIVITY (Details) - USD ($) | 6 Months Ended | 12 Months Ended | ||
Apr. 30, 2024 | Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2021 | |
Class of Warrant or Right [Line Items] | ||||
Number of warrants outstanding, beginning | 1,766,702 | |||
Weighted average, exercise price, beginning | $ 1.12 | |||
Weighted average remaining life in years | 3 years 10 months 24 days | |||
Intrinsic value, beginning | $ 211,200 | |||
Number of warrants issued | 4,776,046 | |||
Weighted average, exercise price, issued | $ 1.04 | |||
Weighted average remaining life in years | 3 years 1 month 6 days | |||
Number of warrants outstanding, ending | 1,766,702 | |||
Weighted average, exercise price, ending | $ 1.12 | |||
Intrinsic value, ending | $ 211,200 | |||
Warrants outstanding, exercisable | 1,766,702 | |||
Weighted average, exercise price, exercisable | $ 1.12 | |||
Weighted average remaining life in years, Exercisable | 3 years 10 months 24 days | |||
Intrinsic value, exercisable ending | $ 211,200 | |||
Number of warrants exercised | (2,901,298) | |||
Weighted average, exercise price, exercised | $ 1.03 | |||
Weighted average remaining life in years, exercised | ||||
Number of warrants cancelled | ||||
Weighted average, exercise price, cancelled | ||||
Number of warrants expired | (108,047) | |||
Weighted average, exercise price, expired | ||||
October Twenty Twenty Three SPA [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
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] - $ / shares | 6 Months Ended | 12 Months Ended |
Apr. 30, 2024 | Oct. 31, 2023 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Warrant outstanding number of shares | 2,350,599 | 1,766,702 |
Warrant exercisable, weighted average remaining life in years | 3 years 8 months 12 days | 3 years 10 months 24 days |
Warrant exercisable number of shares | 2,295,599 | 1,766,702 |
Exercise Price Range One [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Warrant outstanding exercise price | $ 0.01 | $ 0.01 |
Warrant outstanding number of shares | 400,000 | 400,000 |
Warrant exercisable, weighted average remaining life in years | 4 years | 4 years 6 months |
Warrant exercisable number of shares | 400,000 | 400,000 |
Exercise Price Range Two [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Warrant outstanding exercise price | $ 1.50 | $ 1.50 |
Warrant outstanding number of shares | 400,000 | 400,000 |
Warrant exercisable, weighted average remaining life in years | 7 months 6 days | 1 year 1 month 6 days |
Warrant exercisable number of shares | 400,000 | 400,000 |
Exercise Price Range Three [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Warrant outstanding exercise price | $ 3.30 | $ 3.30 |
Warrant outstanding number of shares | 100,000 | 100,000 |
Warrant exercisable, weighted average remaining life in years | 4 years | 4 years 6 months |
Warrant exercisable number of shares | 100,000 | 100,000 |
Exercise Price Range Four [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Warrant outstanding exercise price | $ 1.20 | $ 1.20 |
Warrant outstanding number of shares | 866,702 | 866,702 |
Warrant exercisable, weighted average remaining life in years | 4 years 4 months 24 days | 4 years 10 months 24 days |
Warrant exercisable number of shares | 866,702 | 866,702 |
Exercise Price Range Five [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Warrant outstanding exercise price | $ 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 | $ 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 | $ 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 | Oct. 31, 2022 | Oct. 31, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Weighted average, exercise price, beginning | $ 1.12 | |||
Weighted average remaining life in years | 3 years 10 months 24 days | |||
Intrinsic value, beginning | $ 211,200 | |||
Weighted average, exercise price, issued | $ 1.04 | |||
Weighted average, exercise price, ending | $ 1.12 | |||
Intrinsic value, ending | $ 211,200 | |||
Warrants outstanding, exercisable | 1,766,702 | |||
Weighted average, exercise price, exercisable | $ 1.12 | |||
Weighted average remaining life in years, Exercisable | 3 years 10 months 24 days | |||
Intrinsic value, exercisable ending | $ 211,200 | |||
Weighted average, exercise price, exercised | $ 1.03 | |||
Weighted average, exercise price, expired | ||||
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 | 120,000 | |||
Weighted average, exercise price, issued | $ 0.52 | |||
Intrinsic value, issued | $ 1,800 | |||
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 | 90,000 | ||
Weighted average, exercise price, exercisable | $ 0.52 | $ 0.52 | ||
Weighted average remaining life in years, Exercisable | 4 years 3 months 18 days | 4 years 9 months 18 days | ||
Intrinsic value, exercisable ending | $ 1,350 | |||
Weighted average remaining life in years | 4 years 9 months 18 days | |||
Intrinsic value, beginning | $ 1,800 | |||
Weighted average remaining life in years | 4 years 9 months 18 days | |||
Number of options exercised | ||||
Weighted average, exercise price, exercised | ||||
Number of options cancelled | ||||
Weighted average, exercise price, expired | ||||
Number of options, expired | ||||
Intrinsic value, ending | $ 1,800 |
SCHEDULE OF OUTSTANDING AND E_2
SCHEDULE OF OUTSTANDING AND EXERCISABLE OPTIONS (Details) - Share-Based Payment Arrangement, Option [Member] - $ / shares | 6 Months Ended | 12 Months Ended |
Apr. 30, 2024 | Oct. 31, 2023 | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Options outstanding number of shares | 120,000 | 120,000 |
Options exercisable, weighted average remaining life in years | 4 years 9 months 18 days | |
Options exercisable number of shares | 120,000 | 90,000 |
Exercise Price Range One [Member] | ||
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Options outstanding exercise price | $ 0.52 | $ 0.52 |
Options outstanding number of shares | 120,000 | 120,000 |
Options exercisable, weighted average remaining life in years | 4 years 3 months 18 days | 4 years 9 months 18 days |
Options exercisable number of shares | 120,000 | 90,000 |
SCHEDULE OF ASSUMPTIONS USED IN
SCHEDULE OF ASSUMPTIONS USED IN BLACK-SCHOLES VALUATION METHOD FOR OPTIONS (Details) | 6 Months Ended | 12 Months Ended |
Apr. 30, 2024 | Oct. 31, 2023 | |
Equity [Abstract] | ||
Risk free interest rate | 4.36% | 4.36% |
Expected term (years) | 5 years | 5 years |
Expected volatility | 137.10% | 137.10% |
Expected dividends | 0% | 0% |
STOCKHOLDERS_ EQUITY (Details N
STOCKHOLDERS’ EQUITY (Details Narrative) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 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. 16, 2023 USD ($) $ / shares shares | Oct. 04, 2023 USD ($) $ / shares shares | Sep. 21, 2023 shares | Sep. 20, 2023 USD ($) $ / shares shares | Sep. 02, 2023 USD ($) $ / shares shares | Aug. 15, 2023 USD ($) $ / shares shares | Jul. 20, 2023 USD ($) $ / shares shares | Jul. 11, 2023 USD ($) $ / shares shares | Jul. 10, 2023 USD ($) $ / shares shares | Jun. 30, 2023 USD ($) $ / shares shares | Jun. 23, 2023 USD ($) $ / shares shares | May 02, 2023 USD ($) $ / shares shares | May 01, 2023 USD ($) $ / shares shares | Apr. 20, 2023 USD ($) $ / shares shares | Oct. 17, 2022 $ / shares shares | Jul. 11, 2022 USD ($) $ / shares shares | Jul. 11, 2022 USD ($) $ / shares | Apr. 28, 2022 USD ($) $ / shares shares | Jan. 28, 2022 USD ($) $ / shares | Jun. 30, 2024 USD ($) | Apr. 30, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Jan. 31, 2022 USD ($) $ / shares shares | Apr. 30, 2024 USD ($) $ / shares shares | Apr. 30, 2023 USD ($) $ / shares | Apr. 30, 2024 USD ($) $ / shares shares | Apr. 30, 2023 USD ($) $ / shares shares | Oct. 31, 2023 USD ($) $ / shares shares | Oct. 31, 2022 USD ($) $ / shares shares | Apr. 26, 2024 $ / shares | Feb. 26, 2024 $ / shares | Oct. 31, 2021 $ / shares | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Share price | $ / shares | $ 0.27 | ||||||||||||||||||||||||||||||||||||||||||||||||
Stock issued value during period for services | $ 95,200 | $ 366,659 | |||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 0.63 | $ 0.17 | $ 0.10 | $ 0.13 | $ 0.24 | $ 0.29 | $ 0.31 | $ 0.34 | |||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Amount | $ 221,449 | $ 574,779 | |||||||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Rate | 100% | ||||||||||||||||||||||||||||||||||||||||||||||||
Grant date value | $ 372,000 | $ 372,000 | $ 60,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Expected term | 5 years | 5 years | |||||||||||||||||||||||||||||||||||||||||||||||
Expected volatility rate | 137.10% | 137.10% | |||||||||||||||||||||||||||||||||||||||||||||||
Expected dividend rate | 0% | 0% | |||||||||||||||||||||||||||||||||||||||||||||||
Options exercise price | $ / shares | $ 1.12 | ||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate authorized shares | shares | 500,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Common stock, shares authorized | shares | 490,000,000 | 490,000,000 | 490,000,000 | 490,000,000 | |||||||||||||||||||||||||||||||||||||||||||||
Common stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||||||||||||||||||||||||||||||||||||||||
Preferred stock, shares authorized | shares | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | |||||||||||||||||||||||||||||||||||||||||||||
Preferred stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||||||||||||||||||||||||||||||||||||||||||
Stock based compensation | $ 504,912 | $ 70,228 | $ 912,530 | 110,985 | $ 1,044,261 | $ 6,202 | |||||||||||||||||||||||||||||||||||||||||||
Share based compensation, unrecognized expense | 267,659 | ||||||||||||||||||||||||||||||||||||||||||||||||
Gross proceeds | 372,000 | 738,659 | 60,543 | ||||||||||||||||||||||||||||||||||||||||||||||
Resale amendment agreement, description | the Company issued a Form S-1/A, which registered for resale (i) up to 3,149,314 shares of common stock, par value $0.0001 per share which the selling stockholders may acquire upon the exercise of outstanding common warrants and (ii) up to 500,000 shares of common stock, which the selling stockholders may acquire upon the exercise of outstanding pre-funded warrants. Such warrants were issued to the selling stockholders in connection with securities purchase agreements entered into on January 28, 2022 and September 20, 2022. The Company recorded 699,848 shares of common stock that are not exercised but registered in accordance with their common warrant agreements and 500,000 shares of common stock that are not exercised but registered in accordance with their pre-funded warrant agreements upon the filing of this Form S-1/A | ||||||||||||||||||||||||||||||||||||||||||||||||
Number of shares grant | shares | 1,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Number of shares granted fair value | $ 271,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Vesting period | The restricted stock grant vests over a period of two years, with 25% of the shares of restricted stock vesting six months after the Peterson Employment Agreement Effective Date, and the remainder vesting in equal tranches on each of the 12-, 18-, and 24-month anniversary dates of the Peterson Employment Agreement | ||||||||||||||||||||||||||||||||||||||||||||||||
Stock based compensation | 3,341 | ||||||||||||||||||||||||||||||||||||||||||||||||
Warrants expiration term | 3 years | ||||||||||||||||||||||||||||||||||||||||||||||||
New Modified Terms [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate of warrants | shares | 451,831 | 2,449,466 | |||||||||||||||||||||||||||||||||||||||||||||||
Original Issue Terms [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate of warrants | shares | 559,878 | 1,959,573 | |||||||||||||||||||||||||||||||||||||||||||||||
2022 Equity Incentive Plan [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Stock based compensation | 440,219 | $ 0 | |||||||||||||||||||||||||||||||||||||||||||||||
Share based compensation, unrecognized expense | $ 1,064,781 | ||||||||||||||||||||||||||||||||||||||||||||||||
GPL Ventures LLC [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Share price | $ / shares | $ 0.29 | ||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock for cash net, shares | shares | 4,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Grant date value | $ 1,322,933 | ||||||||||||||||||||||||||||||||||||||||||||||||
Common stock, par value | $ / shares | $ 0.0001 | ||||||||||||||||||||||||||||||||||||||||||||||||
IPO [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock for cash net, shares | shares | 375,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, principal amount | $ 4,500,000 | $ 4,500,000 | $ 4,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Common stock par value | $ / shares | $ 3 | $ 3 | $ 3 | ||||||||||||||||||||||||||||||||||||||||||||||
Gross proceeds | $ 6,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Number of shares sold | shares | 2,000,000 | 2,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Sale of stock, price per share | $ / shares | $ 3 | $ 3 | $ 3 | $ 3 | |||||||||||||||||||||||||||||||||||||||||||||
Percentage of outstanding principal balance | 25% | 25% | 25% | ||||||||||||||||||||||||||||||||||||||||||||||
Percentage of public offering price | 110% | ||||||||||||||||||||||||||||||||||||||||||||||||
Over-Allotment Option [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Warrants exercise price | $ / shares | $ 3.30 | $ 3.30 | |||||||||||||||||||||||||||||||||||||||||||||||
Shares issued warrants to purchase | shares | 100,000 | 100,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Percentage of public offering price | 110% | ||||||||||||||||||||||||||||||||||||||||||||||||
Measurement Input, Share Price [Member] | New Modified Terms [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Share price | $ / shares | 0.31 | $ 0.57 | $ 1.53 | ||||||||||||||||||||||||||||||||||||||||||||||
Measurement Input, Share Price [Member] | Original Issue Terms [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Share price | $ / shares | 0.31 | 0.57 | 1.43 | ||||||||||||||||||||||||||||||||||||||||||||||
Measurement Input, Exercise Price [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Warrant measurement input | 50 | ||||||||||||||||||||||||||||||||||||||||||||||||
Measurement Input, Exercise Price [Member] | New Modified Terms [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Exercise price | $ / shares | 0.50 | 0.11 | 0.80 | ||||||||||||||||||||||||||||||||||||||||||||||
Measurement Input, Exercise Price [Member] | Original Issue Terms [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Exercise price | $ / shares | $ 1.20 | $ 1.03 | $ 1.03 | ||||||||||||||||||||||||||||||||||||||||||||||
Measurement Input, Expected Term [Member] | New Modified Terms [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Expected term | 5 years | 3 years | 3 years | ||||||||||||||||||||||||||||||||||||||||||||||
Measurement Input, Expected Term [Member] | Original Issue Terms [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Expected term | 5 years | 3 years | 3 years | ||||||||||||||||||||||||||||||||||||||||||||||
Measurement Input, Option Volatility [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Warrant measurement input | 92 | ||||||||||||||||||||||||||||||||||||||||||||||||
Measurement Input, Option Volatility [Member] | New Modified Terms [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Expected volatility rate | 137.10% | 148% | 136% | ||||||||||||||||||||||||||||||||||||||||||||||
Measurement Input, Option Volatility [Member] | Original Issue Terms [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Expected volatility rate | 137.10% | 148% | 136% | ||||||||||||||||||||||||||||||||||||||||||||||
Measurement Input, Expected Dividend Rate [Member] | New Modified Terms [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Expected dividend rate | 0% | 0% | 0% | ||||||||||||||||||||||||||||||||||||||||||||||
Measurement Input, Expected Dividend Rate [Member] | Original Issue Terms [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Expected dividend rate | 0% | 0% | 0% | ||||||||||||||||||||||||||||||||||||||||||||||
Measurement Input, Discount Rate [Member] | New Modified Terms [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Warrant measurement input | 3.84 | 4.82 | 4.54 | ||||||||||||||||||||||||||||||||||||||||||||||
Measurement Input, Discount Rate [Member] | Original Issue Terms [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Warrant measurement input | 3.84 | 4.82 | 4.54 | ||||||||||||||||||||||||||||||||||||||||||||||
Second Tranche [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 0.18 | $ 0.17 | |||||||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Amount | $ 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 | ||||||||||||||||||||||||||||||||||||||||||||||
Restricted Stock Units (RSUs) [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock for cash net, shares | shares | 700,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Grant date value | $ 1,505,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Common stock par value | $ / shares | $ 2.15 | ||||||||||||||||||||||||||||||||||||||||||||||||
Stock based compensation | $ 41,364 | $ 177,259 | $ 96,016 | $ 0 | |||||||||||||||||||||||||||||||||||||||||||||
Share based compensation, unrecognized expense | 177,259 | ||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Notes Payable [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, 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, Convertible, Conversion Price | $ / shares | $ 0.63 | $ 0.17 | $ 0.10 | $ 0.13 | $ 0.24 | $ 0.29 | $ 0.31 | $ 0.34 | |||||||||||||||||||||||||||||||||||||||||
Debt conversion converted instrument value issued | $ 105,575 | $ 114,036 | $ 125,072 | ||||||||||||||||||||||||||||||||||||||||||||||
Cash payments made to investor | $ 32,247 | 49,935 | 35,837 | 36,698 | |||||||||||||||||||||||||||||||||||||||||||||
Gain (Loss) on Extinguishment of Debt | 131,165 | $ 180,566 | $ 20,547 | $ 391,447 | 30,510 | 24,873 | 36,770 | ||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Amount | $ 221,449 | $ 574,779 | 128,750 | 128,750 | 128,750 | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock for cash net, shares | shares | 351,507 | 2,395,911 | |||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, principal amount | $ 125,000 | $ 125,000 | 125,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Rate | 103% | ||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Notes Payable [Member] | October 2023 SPA [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, principal 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] | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Measurement Input | 3.93 | 4.72 | |||||||||||||||||||||||||||||||||||||||||||||||
Convertible Notes Payable [Member] | Second Tranche [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Gain (Loss) on Extinguishment of Debt | $ 64,334 | $ 48,094 | |||||||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Amount | 283,250 | 283,250 | |||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, principal amount | $ 275,000 | $ 275,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Rate | 103% | ||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Notes Payable [Member] | Second Tranche [Member] | October 2023 SPA [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, 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] | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Measurement Input | 3.93 | 3.93 | |||||||||||||||||||||||||||||||||||||||||||||||
Convertible Notes Payable [Member] | First Tranche [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Amount | 772,500 | 128,750 | 128,750 | $ 643,750 | |||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, principal amount | $ 750,000 | 125,000 | 125,000 | 625,000 | |||||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Rate | 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] | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Measurement Input | 4.72 | ||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Notes Payable One [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Amount | $ 881,165 | $ 84,117 | $ 113,300 | $ 441,428 | $ 105,575 | $ 114,036 | $ 125,072 | ||||||||||||||||||||||||||||||||||||||||||
April Two Thousand Twenty Four Debt Financing [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 0.49 | $ 0.25 | $ 0.25 | ||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock for cash net, shares | shares | 750,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, principal 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, Convertible, Conversion Price | $ / shares | $ 1.20 | ||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, principal amount | $ 2,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate of warrants | shares | 445,564 | 866,702 | |||||||||||||||||||||||||||||||||||||||||||||||
Warrants Not Settleable in Cash, Fair Value Disclosure | $ 98,708 | $ 332,630 | |||||||||||||||||||||||||||||||||||||||||||||||
Warrants exercise price | $ / shares | $ 1.20 | ||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Convertible Promissory Note [Member] | Second Tranche [Member] | October 2023 SPA [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate of warrants | shares | 445,564 | 55,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Warrants Not Settleable in Cash, Fair Value Disclosure | $ 98,708 | $ 14,753 | |||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Convertible Promissory Note [Member] | First Tranche [Member] | October 2023 SPA [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate of warrants | shares | 83,333 | ||||||||||||||||||||||||||||||||||||||||||||||||
Warrants Not Settleable in Cash, Fair Value Disclosure | $ 38,029 | ||||||||||||||||||||||||||||||||||||||||||||||||
Consultants [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Stock issued value during period for services | $ 121,000 | $ 88,000 | $ 52,500 | ||||||||||||||||||||||||||||||||||||||||||||||
Stock based compensation | $ 25,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Consultants [Member] | Marketing Services Agreement [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Stock issued during period for services | shares | 600,000 | 1,000,000 | 100,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Share price | $ / shares | $ 0.37 | $ 0.11 | $ 0.37 | ||||||||||||||||||||||||||||||||||||||||||||||
Stock issued value during period for services | $ 220,800 | $ 368,000 | $ 10,500 | ||||||||||||||||||||||||||||||||||||||||||||||
Marketing Expense | $ 100,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Consultants [Member] | Marketing Services Agreement [Member] | Forecast [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Marketing Expense | $ 10,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Investors [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Amount | $ 9,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Common stock par value | $ / shares | $ 0.29 | $ 0.29 | |||||||||||||||||||||||||||||||||||||||||||||||
Investors [Member] | IPO [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 2.05 | ||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, principal amount | $ 4,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Common stock par value | $ / shares | $ 3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Investors [Member] | April Two Thousand Twenty Four Debt Financing [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 0.40 | $ 0.49 | |||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock for cash net, shares | shares | 750,000 | 750,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Grant date value | $ 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 | ||||||||||||||||||||||||||||||||||||||||||||||||
Director [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Stock based compensation | $ 50,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Director [Member] | Restricted Stock Units (RSUs) [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Share price | $ / shares | $ 0.29 | $ 0.29 | |||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock for cash net, shares | shares | 60,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Grant date value | $ 300,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Common stock par value | $ / shares | $ 0.0001 | $ 0.0001 | |||||||||||||||||||||||||||||||||||||||||||||||
Total fair value | $ 88,200 | ||||||||||||||||||||||||||||||||||||||||||||||||
Stock based compensation | 88,200 | $ 0 | |||||||||||||||||||||||||||||||||||||||||||||||
Share based compensation, unrecognized expense | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Executives [Member] | Restricted Stock [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock for cash net, shares | shares | 1,100,000 | 1,100,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Grant date value | $ 323,400 | ||||||||||||||||||||||||||||||||||||||||||||||||
Stock based compensation | 161,700 | 6,202 | |||||||||||||||||||||||||||||||||||||||||||||||
Share based compensation, unrecognized expense | 155,498 | ||||||||||||||||||||||||||||||||||||||||||||||||
Mr Frank Ingriselli [Member] | Restricted Stock Units (RSUs) [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock for cash net, shares | shares | 200,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Grant date value | $ 213,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Common stock par value | $ / shares | $ 1.07 | ||||||||||||||||||||||||||||||||||||||||||||||||
Four Outside Director [Member] | Restricted Stock Units (RSUs) [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Share price | $ / shares | $ 0.64 | ||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock for cash net, shares | shares | 425,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Grant date value | $ 273,275 | ||||||||||||||||||||||||||||||||||||||||||||||||
Common stock par value | $ / shares | $ 0.0001 | ||||||||||||||||||||||||||||||||||||||||||||||||
Stock based compensation | 96,016 | $ 0 | |||||||||||||||||||||||||||||||||||||||||||||||
Share based compensation, unrecognized expense | $ 177,259 | ||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Stock issued during period for services | shares | 200,000 | 100,000 | 100,000 | 25,000 | 200,000 | 285,500 | |||||||||||||||||||||||||||||||||||||||||||
Stock issued value during period for services | $ 20 | $ 29 | |||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock for cash net, shares | shares | 12,500 | 400,000 | 400,000 | 400,000 | 10,000 | ||||||||||||||||||||||||||||||||||||||||||||
Grant date value | $ 40 | $ 40 | $ 1 | ||||||||||||||||||||||||||||||||||||||||||||||
Common stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||||||||||||||||||||||||||||||||||||||||||
Common stock par value | $ / shares | $ 1.21 | $ 0.88 | $ 2.10 | $ 2 | $ 1 | ||||||||||||||||||||||||||||||||||||||||||||
Gross proceeds | $ 400,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock [Member] | Two Accredited Investors [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Number of shares issued | shares | 400,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock [Member] | Restricted Stock Units (RSUs) [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock for cash net, shares | shares | 425,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Grant date value | $ 273,275 | ||||||||||||||||||||||||||||||||||||||||||||||||
Common stock, par value | $ / shares | $ 0.0001 | ||||||||||||||||||||||||||||||||||||||||||||||||
Common stock par value | $ / shares | $ 0.64 | ||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock [Member] | Convertible Notes Payable [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock for cash net, shares | shares | 351,507 | 2,395,511 | |||||||||||||||||||||||||||||||||||||||||||||||
Common Stock [Member] | April Two Thousand Twenty Four Debt Financing [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 0.40 | ||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock [Member] | Vendor [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Stock issued during period for services | shares | 200,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Share price | $ / shares | $ 0.48 | ||||||||||||||||||||||||||||||||||||||||||||||||
Stock issued value during period for services | $ 95,200 | ||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock [Member] | Consultants [Member] | Marketing Services Agreement [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Marketing Expense | $ 30,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock [Member] | Marcum LLP [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock for cash net, shares | shares | 48,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Grant date value | $ 80,159 | ||||||||||||||||||||||||||||||||||||||||||||||||
Common stock, par value | $ / shares | $ 0.0001 | ||||||||||||||||||||||||||||||||||||||||||||||||
Common stock par value | $ / shares | $ 1.67 | ||||||||||||||||||||||||||||||||||||||||||||||||
Warrant [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Share price | $ / shares | $ 3.30 | ||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock for cash net, shares | shares | 451,831 | 100,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Aggregate of warrants | shares | 2,519,451 | ||||||||||||||||||||||||||||||||||||||||||||||||
Equity fair value | $ 994,091 | $ 994,091 | |||||||||||||||||||||||||||||||||||||||||||||||
Warrants expiration term | 3 years | ||||||||||||||||||||||||||||||||||||||||||||||||
Warrants exercise price | $ / shares | $ 0.80 | $ 1.03 | |||||||||||||||||||||||||||||||||||||||||||||||
Warrant exercise price, description | (i) reduce the exercise price of the warrant from an exercise price of $1.03 per share to $0.11 per share and (ii) add a customary cashless exercise provision to the warrant. | i) the exercise price was reduced from $1.03 to $0.80 and ii) the number of warrants was increased by a factor of 1.25 or 489,893 warrants in order to induce full, immediate exercise. | |||||||||||||||||||||||||||||||||||||||||||||||
Net of equity issuance costs | $ 146,938 | ||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from issuance of warrants | 1,812,635 | ||||||||||||||||||||||||||||||||||||||||||||||||
Warrant [Member] | New Modified Terms [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Net of equity issuance costs | $ 100,000 | $ 1,000 | $ 300,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Warrant [Member] | Investors [Member] | IPO [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Warrant exercisable, rate | 50 |
SCHEDULE OF WEIGHTED AVERAGE CO
SCHEDULE OF WEIGHTED AVERAGE COMMON SHARES OUTSTANDING ANTI-DILUTIVE (Details) - shares | 12 Months Ended | |||
Oct. 31, 2023 | Oct. 31, 2022 | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total potentially dilutive securities | 396,247 | 4,486,964 | ||
Warrant [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total potentially dilutive securities | 396,247 | [1] | 693,107 | [2] |
Convertible Notes [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total potentially dilutive securities | 2,772,429 | [3] | ||
Commitment Shares [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total potentially dilutive securities | 321,428 | [4] | ||
Restricted Stock Units (RSUs) [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total potentially dilutive securities | 1,400,000 | [5] | ||
[1]Balance consists of potentially dilutive shares based on 1,766,702 50 50 1,125,000 25 |
SCHEDULE OF WEIGHTED AVERAGE _2
SCHEDULE OF WEIGHTED AVERAGE COMMON SHARES OUTSTANDING ANTI-DILUTIVE (Details) (Parenthetical) | 12 Months Ended |
Oct. 31, 2023 USD ($) shares | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Dilutive shares outstanding | shares | 1,766,702 |
IPO [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Warrant shares of outstanding percentage | 50% |
Commitment value | $ | $ 1,125,000 |
Commitment shares issued percentage | 25% |
Securities Purchase Agreement [Member] | GPL Ventures LLC [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Number of shares of common stock exercisable percentage | 50% |
SCHEDULE OF DEFERRED TAX ASSETS
SCHEDULE OF DEFERRED TAX ASSETS (Details) - USD ($) | Oct. 31, 2023 | Oct. 31, 2022 |
Income Tax Disclosure [Abstract] | ||
Net operating loss carry forwards | $ 1,095,000 | $ 797,000 |
Total deferred tax asset | 1,095,000 | 797,000 |
Valuation allowance | (1,095,000) | (797,000) |
Deferred tax asset, net |
SCHEDULE OF EFFECTIVE FEDERAL I
SCHEDULE OF EFFECTIVE FEDERAL INCOME TAX RATE RECONCILIATION (Details) | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Federal statutory blended income tax rates | (21.00%) | (21.00%) |
State statutory income tax rate, net of federal benefit | ||
Change in valuation allowance | 21% | 21% |
Effective tax rate |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) | 6 Months Ended | 12 Months Ended | |||||||||||||
Jan. 02, 2024 | Dec. 29, 2023 | Nov. 10, 2023 | Apr. 30, 2024 | Oct. 31, 2023 | Oct. 31, 2022 | Apr. 15, 2024 | Apr. 02, 2024 | Mar. 22, 2024 | Feb. 16, 2024 | Feb. 01, 2024 | Jan. 12, 2024 | Dec. 28, 2023 | Dec. 18, 2023 | Nov. 11, 2023 | |
Short-Term Debt [Line Items] | |||||||||||||||
Operating loss Carryforwards | $ 1,095,000 | $ 797,000 | |||||||||||||
Valuation allowance deferred tax assets, Increase decrease | 298,000 | 776,000 | |||||||||||||
Proceeds from notes payable – investors | $ 125,000 | $ 4,820,000 | |||||||||||||
Conversion price | $ 0.31 | $ 0.63 | $ 0.17 | $ 0.10 | $ 0.13 | $ 0.24 | $ 0.29 | $ 0.34 | |||||||
Amended AR Agreement [Member] | |||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||
Amount agreed to fund | $ 200,000 | ||||||||||||||
Subsequent Event [Member] | |||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||
Warrants exercise price | $ 0.50 | $ 1.20 | |||||||||||||
Subsequent Event [Member] | AR Agreement [Member] | |||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||
Percentage of production share | 20% | ||||||||||||||
Percentage of interest | 20% | ||||||||||||||
Payments to acquire loans and leases | $ 2,000,000 | ||||||||||||||
Subsequent Event [Member] | Amended AR Agreement [Member] | |||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||
Percentage of interest | 2% | ||||||||||||||
Amount agreed to fund | $ 200,000 | ||||||||||||||
Purchase price of lease, total | $ 2,000,000 | ||||||||||||||
Subsequent Event [Member] | Amended AR Agreement [Member] | Heavy Sweet Oil LLC [Member] | |||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||
Percentage of interest | 2% | ||||||||||||||
Payments to acquire loans and leases | $ 200,000 | ||||||||||||||
Subsequent Event [Member] | Amendment To October 2023 SPA [Member] | |||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||
Principal amount | $ 550,000 | ||||||||||||||
Subsequent Event [Member] | Amendment To Second Tranche Financing [Member] | |||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||
Warrants exercise price | $ 0.50 | ||||||||||||||
Principal amount | $ 550,000 | ||||||||||||||
Proceeds from notes payable – investors | $ 511,500 | ||||||||||||||
Conversion price | $ 0.50 | ||||||||||||||
Subsequent Event [Member] | Common Warrant [Member] | |||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||
Common stock issuable | 1,733,404 | ||||||||||||||
Subsequent Event [Member] | Placement Agent Warrant [Member] | |||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||
Common stock issuable | 83,333 | ||||||||||||||
Subsequent Event [Member] | Warrant [Member] | Amendment To Second Tranche Financing [Member] | |||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||
Warrants to purchase shares | 445,561 | ||||||||||||||
Senior Secured Convertible Promissory Note [Member] | Subsequent Event [Member] | |||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||
Common stock issuable | 11,428,572 |