Company: OKMN
Filing Date: 2025-02-20
Form Type: 10-Q
Source: 0001079973-25-000298
Chunk: 0

Company: OKMIN RESOURCES, INC.
Filing Date: 2025-02-20
Form: 10-Q
Item: Item 1
Chunk 0
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ITEM 1. FINANCIAL STATEMENTS.

OKMIN RESOURCES INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

    December 31,  
    June 30 

    2024  
    2024 

     (Unaudited)  
     (Audited)  
  
    ASSETS 

    Current assets: 

    Cash and cash equivalents 
    $57,767  
    $72,281 
  
    Total current assets 
     57,767  
     72,281 

    Oil and gas properties, net 
     122,444  
     139,619 
  
    Black Rock Joint Venture 
     153,314  
     154,618 
  
    Other assets and restricted cash 
     38  
     103 
  
    Total noncurrent assets 
     275,796  
     294,340 

    TOTAL ASSETS 
    $333,563  
    $366,621 

    LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) 

    Current liabilities: 

    Accounts payable 
    $32,561  
    $32,698 
  
    Accrued liabilities 
     —  
     — 
  
    Accrued liabilities – related party 
     357,750  
     276,750 
  
    Accrued interest payable – current portion 
     57,049  
     49,542 
  
    Note payable – current portion 
     143,135  
     155,135 
  
    Other liabilities 
     77,149  
     19,034 
  
    Total current liabilities 
     667,644  
     533,159 

    Stockholders’ Equity (Deficit): 

    Preferred Stock, $0.0001 par value, 50,000,000 shares authorized, 5,000,000 shares issued and outstanding at December 31, 2024 and June 30, 2024, respectively 
     500  
     500 
  
    Common stock, $0.0001 par value, 750,000,000 shares authorized, 117,399,921 and 114,424,921 issued and outstanding at December 31, 2024 and June 30, 2024