Company: OKMN
Filing Date: 2025-11-25
Form Type: 10-Q
Source: 0001553350-25-000149
Chunk: 22

Company: OKMIN RESOURCES, INC.
Filing Date: 2025-11-25
Form: 10-Q
Item: Item 1
Chunk 22
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 low producing wells. Any
new work on our properties will require additional capital. A portion of the required cash will be obtained from oil and gas sales. The
Company plans to obtain the remainder of the required capital through private sales of securities or debt financing.

To date, we have funded our operations primarily through
private sales of equity and/or convertible securities for cash. We depend upon debt and/or equity financing and revenues to fund our ongoing
operations and to execute our current business plan. In the 2026 fiscal year, such capital requirements and the requirements for our planned
ongoing activities is greater than the capital we currently have available. 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. Our most likely source of
additional capital is through the sale of our securities, including common stock. We may also obtain capital through the sale of preferred
stock or convertible securities, or through debt financing. If we are unable to obtain additional financing it would have a material adverse
effect upon our business, financial condition and results of operations, including negatively affecting our ability to complete ongoing
activities and which could cause us to curtail or cease certain of our operations.

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.

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