Company: OKMN
Filing Date: 2025-11-25
Form Type: 10-Q
Source: 0001553350-25-000149
Chunk: 33

Company: OKMIN RESOURCES, INC.
Filing Date: 2025-11-25
Form: 10-Q
Item: Item 2
Chunk 33
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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.

14 

Going Concern Qualification

The Company’s financial statements have been
prepared on a going concern basis, which contemplates the realization of assets and settlement of liabilities and commitments in the normal
course of business.

As reflected in the accompanying condensed financial
statements, the Company had a net loss of $73,430 for the three months ended September 30, 2025 and an accumulated deficit of $2,379,115
as of September 30, 2025. These factors, among others, raise doubt about the Company’s ability to continue as a going concern.

The Company had a working capital deficit of $554,814
as at September 30, 2025. In the 2026 fiscal year we anticipate cash needs of a minimum of $270,000, to maintain general corporate overhead
and for continued work in maintaining our existing lease properties. This does not include any potential workovers, re-entries, stimulation
treatments and recompletions of existing non or low producing wells, which would require additional capital commitments. The Company plans
to obtain that capital by issuing equity securities, which may consist of either capital stock or convertible debt.

The Company’s future success is dependent upon
its ability to achieve profitable operations, generate cash from operating activities and obtaining additional financing. If such additional
financing is not available on terms acceptable to us or at all, then we may need to curtail our operations and/or take additional measures
to conserve and manage our liquidity and capital resources, any of which would have a material adverse effect on our financial position,
results of operations, and our ability to continue as a going concern. The financial statements do not include any adjustments that might
be necessary if the Company is unable to continue as a going concern.

Off-Balance