Company: OKMN
Filing Date: 2025-09-29
Form Type: 10-K
Source: 0001079973-25-001512
Chunk: 59

Company: OKMIN RESOURCES, INC.
Filing Date: 2025-09-29
Form: 10-K
Item: Item 1
Chunk 59
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 is to be a participant and the
amount involved exceeded or exceeds the lesser of $120,000 or one percent of the average of its total assets at year-end for the last
two completed fiscal years, and in which any related person had or will have a direct or indirect material interest (other than compensation
described under “Executive Compensation”). We believe the terms obtained or consideration that we paid or received, as applicable,
in connection with the transactions described below were comparable to terms available or the amounts that would be paid or received,
as applicable, in arm’s-length transactions.

Transactions with Related Persons

At no time during the last two fiscal years has any
executive officer, director or any member of these individuals’ immediate families, any corporation or organization with whom any
of these individuals is an affiliate or any trust or estate in which any of these individuals serves as a trustee or in a similar capacity
or has a substantial beneficial interest been indebted to the Company or was involved in any transaction in which the amount exceeded
$120,000 and such person had a direct or indirect material interest.

Procedures for Approval of Related Party Transactions

Our Board of Directors is charged with reviewing and
approving all potential related party transactions. All such related party transactions must then be reported under applicable SEC rules.
We have not adopted other procedures for review, or standards for approval, of such transactions, but instead review them on a case-by-case
basis.

Director Independence

Because our common stock is not currently listed on
a national securities exchange, we currently use the definition in Nasdaq Listing Rule 5605(a)(2) for determining director independence,
which provides that an “independent director” is a person other than an executive officer or employee of the company or any
other individual having a relationship which, in the opinion of the company's Board of Directors, would interfere with the exercise of
independent judgment in carrying out the responsibilities of a director. Our Board of Directors has undertaken a review of its composition
and the independence of each director. Based on the review of each director’s background, employment and affiliations, including
family relationships, the Board of Directors has determined that there are no “independent directors” under the rules and
regulations of the SEC.

31 

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

    Fiscal Year
    Ended June 30,

    2025

    2024

    Audit fees

    31,385  

    $