Company: OKMN
Filing Date: 2025-09-29
Form Type: 10-K
Source: 0001079973-25-001512
Chunk: 102

Company: OKMIN RESOURCES, INC.
Filing Date: 2025-09-29
Form: 10-K
Item: Item 1A
Chunk 102
---
 these changes heighten the requirements
for board or committee membership, particularly with respect to an individual’s independence from the corporation and level of experience
in finance and accounting matters. The Company may have difficulty attracting and retaining directors with the requisite qualifications.
If the Company is unable to attract and retain qualified officers and directors, the management of its business and its ability to obtain
or retain listing of our shares of common stock on any stock exchange (assuming the Company elects to seek and are successful in obtaining
such listing) could be adversely affected.

We have not voluntary implemented various corporate
governance measures, in the absence of which, shareholders may have more limited protections against interested director transactions,
conflict of interest and similar matters.

Recent Federal legislation, including the Sarbanes-Oxley
Act of 2002, has resulted in the adoption of various corporate governance measures designed to promote the integrity of the corporate
management and the securities markets. Some of these measures have been adopted in response to legal requirements. Others have been adopted
by companies in response to the requirements of national securities exchanges, such as the NYSE or the NASDAQ Stock Market, on which their
securities are listed. Among the corporate governance measures that are required under the rules of national securities exchanges are
those that address board of directors’ independence, audit committee oversight, and the adoption of a code of ethics. While we intend
to adopt certain corporate governance measures such as a code of ethics and established an audit committee, Nominating and Corporate Governance
Committee, and Compensation Committee of our board of directors, we presently do not have any independent directors. We intend to expand
our board membership in future periods to include independent directors. It is possible that if we were to have independent directors
on our board, stockholders would benefit from somewhat greater assurances that internal corporate decisions were being made by disinterested
directors and that policies had been implemented to define responsible conduct. For example, in the absence of audit, nominating and compensation
committees comprised of at least a majority of independent directors, decisions concerning matters such as compensation packages to our
senior officers and recommendations for director nominees may be made by directors who have an interest in the outcome of the matters
being decided. Prospective investors should bear in mind our current lack of both corporate governance measures and independent directors
in formulating their investment decisions.

14 

We have identified material weaknesses in our
internal control over financial reporting, and our management has concluded that our disclosure controls and procedures