Company: OKMN
Filing Date: 2025-05-16
Form Type: 10-Q
Source: 0001079973-25-000885
Chunk: 20

Company: OKMIN RESOURCES, INC.
Filing Date: 2025-05-16
Form: 10-Q
Item: Part I, Item 2
Chunk 20
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 statements are fairly presented in accordance with U. S. GAAP.
However, because future events and their effects cannot be determined with certainty, actual results could differ from our assumptions
and estimates, and such differences could be material.

Recently Issued Accounting Pronouncements

Management does not believe any recently issued but
not yet effective accounting pronouncements, if adopted, would have a material effect on the Company’s present or future financial
statements.

Going Concern Qualification

The Company’s financial statements have been
prepared on 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 financial
statements, the Company had a net loss of $353,785 for the nine months ended March 31, 2025 and an accumulated deficit of $2,062,303 as
of March 31, 2025. These factors, among others, raise doubt about the Company’s ability to continue as a going concern.

The Company had a working capital deficit of $675,745
as at March 31, 2025 and management believes that the Company will require additional working capital for the remainder of the 2025 fiscal
year. For the remainder of the 2025 fiscal year, the Company anticipates cash needs of approximately $50,000. The Company anticipates
receiving limited revenue from oil and gas sales and intends to obtain the remaining capital through debt and/or equity funding.

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 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.

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ITEM 3. QUANTIT