Company: OKMN
Filing Date: 2025-09-29
Form Type: 10-K
Source: 0001079973-25-001512
Chunk: 182

Company: OKMIN RESOURCES, INC.
Filing Date: 2025-09-29
Form: 10-K
Item: Item 1B
Chunk 182
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 objectives, and management
necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

At the end of the period covered by this Annual Report,
we conducted an evaluation (the “Evaluation”), under the supervision and with the participation of our Chief Executive Officer
and Chief Financial Officer of the effectiveness of the design and operation of our disclosure controls and procedures. Based upon the
foregoing, our Chief Executive Officer and Chief Financial Officer concluded that, as of June 30, 2025, the disclosure controls and procedures
of our Company were not effective to ensure that the information required to be disclosed in our Exchange Act reports was recorded, processed,
summarized and reported on a timely basis because of the material weaknesses in internal control over financial reporting described below.

Management’s Annual Report on Internal
Control over Financial Reporting

Our management is responsible for establishing and
maintaining adequate internal control over financial reporting. Internal control over financial reporting is a process designed to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes
in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies
and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions
and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of
the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable
assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the company's assets that could
have a material effect on the financial statements.

We carried out an evaluation, with the participation
of our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the Company’s internal control over financial
reporting as of June 30, 2025. We identified certain deficiencies relating to our internal control over financial reporting that constitute
a material weakness under standards established by the Public Company Accounting Oversight Board (the “PCAOB”). The PCAOB
defines a material weakness as a deficiency, or a combination of deficiencies, in internal control over financial reporting such that
there is a reasonable possibility that a material misstatement of the Company’s annual or interim financial statements will not
be prevented or detected on a timely basis. A deficiency in internal control exists when