Segmented Information

3 Months Ended

Mar. 31, 2023

Segmented Information

Segmented Information

17. Segmented Information

During the three months ended March 31, 2023 and the year ended December 31, 2022, the Company’s operations were in the resource industry in Turkey with head offices in the United States and a satellite office in Sofia, Bulgaria.

	North America			Turkey		Bulgaria			Total
Three months ended March 31, 2023
Revenue	$	-		$	6,145,939	$	-		$	6,145,939
Finance cost		150,000			-		-			150,000
Depletion		-			1,959,153		-			1,959,153
Depreciation		2,091			171,748		-			173,839
Accretion of asset retirement obligation		-			52,732		-			52,732
Stock-based compensation		153,922			-		-			153,922
Loss on debt extinguishment		3,439			-		-			3,439
Gain on net monetary position		-			2,708,433		-			2,708,433
Net income (loss)		(1,439,192	)		3,711,473		(882	)		2,271,399
As at March 31, 2023
Non-current assets	$	40,653		$	37,495,579	$	-		$	37,536,232

	Canada			Turkey			Bulgaria		Total
Three months ended March 31, 2022
Revenue	$	-		$	1,013,625		$	-	$	1,013,625
Financing cost		47,917			-			-		47,917
Depletion		-			66,549			-		66,549
Depreciation		-			11,180			-		11,180
Accretion of asset retirement obligation		-			224,828			-		224,828
Stock-based compensation		84,721			-			-		84,721
Gain on debt settlement		71,282			-			-		71,282
Net income (loss)		(1,794,492	)		(194,270	)		57,587		(1,931,175	)
As at December 31, 2022
Non-current assets	$	42,762		$	36,975,457		$	-	$	30,791,521

TRILLION ENERGY INTERNATIONAL INC.

Notes to the Condensed Consolidated Interim Financial Statements

For the three months ended March 31, 2023 and 2022

(Expressed in U.S. dollars)

(Unaudited)

17. Segmented Information (continued)

The Company’s breakdown of net revenue by product segment is as follows:

	For the three months ended
	March 31, 2023		March 31, 2022
Oil	$	626,774	$	880,100
Gas		5,519,165		133,525
	$	6,145,939	$	1,013,625

The Company incurs royalties of 12.5%. During the three months ended March 31, 2023, the Company paid royalties totaling $16,824,288 (2022 - $113,296).