Company: OKMN
Filing Date: 2025-11-25
Form Type: 10-Q
Source: 0001553350-25-000149
Chunk: 36

Company: OKMIN RESOURCES, INC.
Filing Date: 2025-11-25
Form: 10-Q
Item: Item 2
Chunk 36
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 internal controls may not
be sufficient to (1) address the issues identified, (2) ensure that our internal controls are effective or (3) ensure that the identified
material weakness or other material weaknesses will not result in a material misstatement of our annual or interim financial statements.
In addition, other material weaknesses may be identified in the future. If we are unable to correct deficiencies in internal controls
in a timely manner, our ability to record, process, summarize and report financial information accurately and within the time periods
specified in the rules and forms of the SEC will be adversely affected. This failure could negatively affect the market price and trading
liquidity of our common stock, cause investors to lose confidence in our reported financial information, subject us to civil and criminal
investigations and penalties, and generally materially and adversely impact our business and financial condition.

Limitations on Effectiveness of Controls and
Procedures

In designing and evaluating the disclosure controls
and procedures and internal control over financial reporting, management recognizes that any controls and procedures, no matter how well
designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design of disclosure
controls and procedures and internal control over financial reporting must reflect the fact that there are resource constraints and that
management is required to apply judgment in evaluating the benefits of possible controls and procedures relative to their costs.

Changes in Internal Controls over Financial
Reporting

There were no changes (including corrective actions
with regard to material weakness) in our internal controls over financial reporting that occurred during the period covered by this report
that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

16 

PART II – OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

From time to time, we may be subject to ordinary routine
litigation incidental to our normal business operations. We are not currently a party to any litigation the outcome of which, if determined
adversely to us, would individually or in the aggregate be reasonably expected to have a material adverse effect on our business, operating
results, cash flows or financial condition.

ITEM 1A. RISK FACTORS.

Risk factors describing the
major risks to our business can be found under Item 1A, “Risk Factors”, in our Annual Report on Form 10-K for the year ended
June 30, 2025. There has been no material change in our risk factors from those previously discussed in the Annual Report on Form