Company: OKMN
Filing Date: 2025-11-25
Form Type: 10-Q
Source: 0001553350-25-000149
Chunk: 18

Company: OKMIN RESOURCES, INC.
Filing Date: 2025-11-25
Form: 10-Q
Item: Item 1
Chunk 18
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 and September 30, 2024, the Company has accrued $479,250 and $317,250 as accrued
liabilities – related party, respectively.

12.     CONVERTIBLE LOAN

In November 2021, the Company entered into a convertible
loan agreement with an accredited investor (the “Investor”) pursuant to which the Company raised $231,000 in financing. The
note had a 10% annual interest rate, with repayments set initially at of a minimum of $3,500 per month commencing as of May 2022 and any
open balance is convertible at the Investor’s discretion into shares of the Company’s common stock at $0.03 per share with
warrant coverage at the same price on the basis of one warrant per every three shares issued under the loan.

In September 2025, the Company reached an agreement
with the Investor to convert all the principal and interest outstanding into common shares of the Company at a price of $0.03 per share.
The outstanding principal converted was $131,135 and unpaid interest was $63,956. On September 19, 2025, the Company issued 6,503,024
common shares to the noteholder to settle the note in full.

13.     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. 

12 

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 September 30, 2025 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