Company: OKMN
Filing Date: 2025-02-20
Form Type: 10-Q
Source: 0001079973-25-000298
Chunk: 16

Company: OKMIN RESOURCES, INC.
Filing Date: 2025-02-20
Form: 10-Q
Item: Item 1
Chunk 16
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 and performance of the note.

On January 3, 2023, the convertible loan agreement
was amended to limit the Investor’s ability to convert the loan to only that portion of the outstanding loan amount that would result
in the Investor being the beneficial owner of not more than 9.99% of the Company’s class of common stock. In the quarter ended September
30, 2023, the Company, in agreement with the Investor, temporarily suspended monthly repayments. The loan continued to accrue interest
during this period. 

The Company has determined that the loan is accounted
for as a liability and not equity as repayment is being made in cash pursuant to the repayment schedule, and no conversion of any of the
principal or interest into common shares has been made. Management assessed there is no embedded derivative and therefore no need for
the bifurcation of proceeds at initial recognition.

12.    SUBSEQUENT EVENTS

The Company has evaluated subsequent events through
the filing date of these financial statements and has disclosed that there are no such events that are material to the financial statements
to be disclosed. 

10 

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

Special Note Regarding Forward-Looking Information

The following discussion and analysis of the results
of operations and financial condition of Okmin Resources, Inc., and its subsidiaries (“Okmin” or the “Company”)
as of December 31, 2024 should be read in conjunction with our unaudited financial statements and the notes to those unaudited financial
statements that are included elsewhere in this Quarterly Report on Form 10-Q. References in this Management’s Discussion and Analysis
of Financial Condition and Results of Operations to “us”, “we”, “our” and similar terms refer to Okmin.
This Quarterly Report contains forward-looking statements as that term is defined in the federal securities laws. The events described
in forward-looking statements contained in this Quarterly Report may not occur. Generally, these statements relate to business plans or
strategies, projected or anticipated benefits or other consequences of our plans or strategies, projected or anticipated benefits from
acquisitions to be made by us, or projections involving anticipated revenues, earnings or other aspects of our operating results. The
words “may,” “will,” “expect,” “believe,” “anticipate,” “project,”
“plan,” “intend,” “estimate,” and “continue,” and their oppos