Company: OKMN
Filing Date: 2025-09-29
Form Type: 10-K
Source: 0001079973-25-001512
Chunk: 122

Company: OKMIN RESOURCES, INC.
Filing Date: 2025-09-29
Form: 10-K
Item: Item 1A
Chunk 122
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 for the year ended June 30, 2024. A significant
component of this included non-cash amounts comprised of $9,000 of stock issued to our land and resource development Manager and $110,000
in connection with corporate compliance, investor relations and consulting fees comprised of common stock that was issued in lieu of cash
for services and $24,100 in restricted common stock issued in lieu of legal fees. Additionally, $162,000 of these expenses were accrued
and deferred compensation.

In the year ended June 30,
2025, of note we recorded the following expenses as compared to the corresponding year ended June 30, 2024: Interest expense was higher
at $17,262 vs $16,647; listing related fees were higher at $17,100 vs. $16,380; legal fees were lower at $29,100 vs $50,000 as we engaged
counsel on a more as needed basis; audit fees were $31,385 vs $22,302; compensation in connection with accounting and bookkeeping $16,996
vs $10,440 and depreciation was higher at $5,436 vs. $5,194. Other expenses related to compensation, filing and transfer agent fees, rent
and other general and administrative expenses necessary for our operations.

Net Loss

The net loss for the year ended June 30, 2025 was
$597,167 compared to a net loss of $873,214 for the year ended June 30, 2024. This amount includes a one-off impairment charge of $167,003
that was recorded as an expense for the year ended June 30, 2025, following testing to determine current fair value of oil and gas properties
and the Company’s subsequent review of the capitalized value of its oil and gas properties. Outside of the impairment charge, operating
expenses totaled $394,015. The expenses during the period ended June 30, 2025 included: $162,000 accrued compensation, $42,713 in lease
operating expenses (including taxes and royalties), interest of $17,262, accounting and audit fees of $48,381; other professional, legal
and consulting fees of non-cash items in stock issued for services of $143,100; and other general and administrative expenses necessary
for our operations.

The expenses during the period
ended June 30, 2024 by comparison included: compensation of $20,250 in cash and $141,750 accrued