Company: OKMN
Filing Date: 2025-09-29
Form Type: 10-K
Source: 0001079973-25-001512
Chunk: 272

Company: OKMIN RESOURCES, INC.
Filing Date: 2025-09-29
Form: 10-K
Item: Item 1C
Chunk 272
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 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 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 has 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. As of June 30, 2025, the
loan had an outstanding balance of $131,135 and unpaid interest was $63,956 payable on the convertible loan with repayments revised in
accordance with the lender at a minimum of $2,000 monthly. The principal amount of the loan is secured by a lien on the Vitt Lease. In
the related security agreement, the Company has agreed to remit the first $125,000 in net revenue received from its interest in the Pushmataha
Gas Field toward the payment 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