Company: OKMN
Filing Date: 2025-05-16
Form Type: 10-Q
Source: 0001079973-25-000885
Chunk: 17

Company: OKMIN RESOURCES, INC.
Filing Date: 2025-05-16
Form: 10-Q
Item: Part I, Item 2
Chunk 17
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 legal and professional fees. In the
previous corresponding quarter, we had recorded an expense of $25,289 in connection with stock that was issued to an outside consultant
of the Company. Other expenses related to compensation, interest, rent, accounting and professional fees and other general and administrative
expenses necessary for our operations.

Net Loss

The net loss for the three months ended March 31,
2025 was $67,241 compared to a net loss of $121,127 for the three months ended March 31, 2024. The expenses during the three month period
ended March 31, 2025, included: $9,758 in lease operating expenses (including taxes and royalties), $40,500 in deferred and unpaid compensation,
$3,528 in interest expense, $8,700 in listing fees and other general and administrative expenses necessary for our operations. Expenses
during the comparative three month period ended March 31, 2024, including lease operating expenses, were higher and included: $25,045
in lease operating expenses (including taxes and royalties), $40,500 in compensation, $4,199 in interest expense, $17,500 in legal fees
and $25,289 in connection with stock issued in lieu of services and other general and administrative expenses necessary for our operations.

For the Nine months ended March
31, 2025, as compared to the Nine months ended March 31, 2024

Revenue

We generated $17,461 in revenue from oil and gas sales
for the nine months ended March 31, 2025, as compared to $53,931 in revenues generated in the nine months ended March 31, 2024. The decrease
in revenue is attributable to lower energy prices. These lower prices not only reduced the sales price we received for oil and gas sold,
but also led to the curtailment of operations on our properties until prices improve which resulted in a decrease of our production volumes.
We also received $1,160 in interest income from our cash balances for nine months ended March 31, 2025.

General and Administrative
Expense

General and administrative expenses increased to $311,294
for the nine months ended March 31, 2025 as compared to $287,104 for the nine months ended March 31, 2024. This increase is largely attributable
to the Company recording a non-recurring and non-cash expense of $119,000 in connection with stock issued to in lieu of cash