Company: OKMN
Filing Date: 2025-02-20
Form Type: 10-Q
Source: 0001079973-25-000298
Chunk: 24

Company: OKMIN RESOURCES, INC.
Filing Date: 2025-02-20
Form: 10-Q
Item: Item 1
Chunk 24
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 2024 and for the remainder of the 2025 fiscal year which started in July 2024, we anticipate cash needs of approximately
$150,000 for general corporate overhead and for operations on our existing lease properties. This amount does not include funding for
any potential workovers, re-entries, stimulation treatments and recompletions of existing non or low producing wells. Any new work on
our properties will require additional capital. The Company anticipates receiving limited revenue from oil and gas sales and intends
to obtain the remaining capital through private sales of securities and/or debt financing.

To date, we have funded our operations primarily through
the issuance of equity and/or convertible securities for cash and via debt financing. We depend upon debt and/or equity financing and
revenues to fund our ongoing operations and to execute our current business plan. In the current 2025 fiscal year, such capital requirements
will be in excess of what we have in available cash for planned ongoing activities.

We will be required to obtain alternative or additional
financing from financial institutions, investors or otherwise, in order to maintain and expand our existing operations. The failure by
us to obtain such financing would have a material adverse effect upon our business, financial condition and results of operations, and
adversely affecting our ability to complete ongoing activities.

Critical Accounting Estimates 

This management’s discussion and analysis of
financial condition and results of operations is based on our financial statements, which have been prepared in accordance with U.S. GAAP.
Preparation of financial statements requires management to make assumptions, estimates and judgments that affect the reported amounts
of assets, liabilities, revenues, costs and expenses, and the related disclosures of contingencies. Management bases its estimates on
various assumptions and historical experience, which are believed to be reasonable; however, due to the inherent nature of estimates,
actual results may differ significantly due to changed conditions or assumptions. On a regular basis, management reviews the accounting
policies, assumptions, estimates and judgments to ensure that our financial statements are fairly presented in accordance with U.S. GAAP.
However, because future events and their effects cannot be determined with certainty, actual results could differ from our assumptions
and estimates, and such differences could be material.

Recently Issued Accounting Pronouncements

Management does not believe any recently issued but
not yet effective accounting pronouncements, if adopted, would have a material effect on the Company’s present or future financial
statements.

Going Concern Qualification

The Company’s financial statements have been
prepared on