Company: OKMN
Filing Date: 2025-02-20
Form Type: 10-Q
Source: 0001079973-25-000298
Chunk: 25

Company: OKMIN RESOURCES, INC.
Filing Date: 2025-02-20
Form: 10-Q
Item: Item 1
Chunk 25
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 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 consolidated
financial
statements, the Company had a net loss of $286,543 for the six months ended December 31, 2024 and an accumulated deficit of $1,995,061
as of December 31, 2024. These factors, among others, raise doubt about the Company’s ability to continue as a going concern.

14 

The Company had a working capital deficit of $609,877
as at December 31, 2024 and management believes that the Company will require additional working capital for the remainder of the 2025
fiscal year. To date, we have funded our operations primarily through the issuance of equity and/or convertible securities for cash and
via debt financing. We depend upon debt and/or equity financing and revenues to fund our ongoing operations and to execute our current
business plan. In the remainder of the 2025 fiscal year, such capital requirements will be in excess of what we have in available cash
for planned ongoing activities.

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 condensed consolidated
financial statements do not include any adjustments
that might be necessary if the Company is unable to continue as a going concern.

Off-Balance Sheet Arrangements

We do not have any off-balance sheet arrangements
that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues
or expenses, results of operations, liquidity, capital expenditures or capital resources.

Inflation

The effect of inflation on
our revenue and operating results was not significant.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES
ABOUT MARKET RISK

As a smaller reporting company, as defined in Rule
12b-2 of the Exchange Act, we are not required to provide the information required by this Item.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

Our management is