Company: OKMN
Filing Date: 2025-09-29
Form Type: 10-K
Source: 0001079973-25-001512
Chunk: 100

Company: OKMIN RESOURCES, INC.
Filing Date: 2025-09-29
Form: 10-K
Item: Item 1A
Chunk 100
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The Company’s auditor has included a “going
concern” opinion in its auditors’ report to the Company's consolidated financial statements for the fiscal year ended June
30, 2025. The qualification was included as a result of the Company's history of operating losses and negative financial trends. If the
Company is unable to meet its obligations, it will not be able to fulfill its business plan and be forced to reduce certain operations
or cease operations altogether.

We depend significantly upon the continued involvement
of our present management.

We depend to a significant degree upon the involvement
of our management, specifically, our Chief Executive Officer and Chief Financial Officer, Jonathan Herzog. Our performance and success
are dependent to a large extent on the efforts and continued employment of Mr. Herzog. We do not believe that Mr. Herzog could be quickly
replaced with personnel of equal experience and capabilities, and his successor(s) may not be as effective. If Mr. Herzog or any of our
other key personnel resign or become unable to continue in their present roles and if they are not adequately replaced, our business operations
could be adversely affected.

We have an active Board of Directors that meets several
times throughout the year and is intimately involved in our business and the determination of our operational strategies. Members of our
Board of Directors work closely with management to identify potential prospects, acquisitions, and areas for further development. If any
of our directors resign or become unable to continue in their present role, it may be difficult to find replacements with the same knowledge
and experience and as a result, our operations may be adversely affected.

13 

Our Directors together have majority voting
control over the Company which limits the ability of other common shareholders to choose management and influence corporate matters.

Our Directors, Jonathan Herzog and Shmuel (Samuel)
Naparstek, together control 40,100,000 common shares and 5,000,000 shares of Series A preferred stock, which, on an as-converted basis
represents a majority of our outstanding voting shares and gives them voting control over the Company. This gives them the ability to
control the outcome of all matters submitted to our stockholders for approval, including the election, removal, and replacement of our
directors, amendments to our Articles of Incorporations and Bylaws, and any decisions pertaining to a merger, consolidation, or sale of
any or all of our assets.

The Company’s principal officer and director may be subject
to conflicts of