Company: OKMN
Filing Date: 2025-09-29
Form Type: 10-K
Source: 0001079973-25-001512
Chunk: 309

Company: OKMIN RESOURCES, INC.
Filing Date: 2025-09-29
Form: 10-K
Item: Item 7A
Chunk 309
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 stock at the time services are invoiced.

b)2,500,000 common shares were issued at a deemed price of $0.04 per share for a deemed value of $100,000
to Samuel Naparstek for consulting work and services.

c)250,000 common shares were issued at $0.04 per share for a deemed value of $10,000 to a consultant for
corporate regulatory consulting services.

During the year ended June 30, 2024, the Company
issued the following common shares:

a)473,046 common shares were issued to Sierra Land Resources pursuant to its ongoing services agreement
at a deemed value of $28,805.

b)460,000 common shares were issued for consulting services that the Company expensed $75,866 in connection
with this agreement.

c)59,375 common shares were issued at a deemed value of $7,125 for services rendered by its consulting geologist.

10.        INCOME TAXES

Net operating loss carry forwards of approximately
$2,305,685 at June 30, 2025 are available to offset future taxable income. This results in a net deferred tax asset, assuming an effective
tax rate of 21% of approximately $484,194 at June 30, 2025.

11.       RELATED
PARTY TRANSACTIONS

As of November 1, 2021, the Company agreed to compensate
its Chief Executive Officer, President, and Chief Financial Officer Jonathan Herzog, at a rate of $13,500 per month, consisting of $6,750
in cash compensation and $6,750 to be accrued and deferred until management determines that the Company is in a position to make such
payments. Such accrued amounts may be paid in cash or may be satisfied through the issuance of common stock or preferred stock in lieu
of cash payments. The Company and Mr. Herzog have not entered into a formal written employment agreement in relation to Mr. Herzog’s
compensation and employment terms. As of June 30, 2025 and June 30, 2024, the Company has accrued $438,750 and $276,750 as accrued liabilities
– related party, respectively.

    F-13 
    OKMIN RESOURCES INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTSJune 30, 2025 

12.        CONVERTIBLE LOAN

In