Company: OKMN
Filing Date: 2025-11-25
Form Type: 10-Q
Source: 0001553350-25-000149
Chunk: 31

Company: OKMIN RESOURCES, INC.
Filing Date: 2025-11-25
Form: 10-Q
Item: Item 2
Chunk 31
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 provided net cash of $30,000
in the three months ended September 30, 2025. The Company completed a private placement of 1,000,000 common shares at a price of $0.03
per share for proceeds of $30,000. For the three months ended September 30, 2024, financing activities used cash of $6,000 which was entirely
for repayment of debt.

Net cash from investing activities

There was no cash provided by or used in investing
activities for the three month periods ended September 30, 2025 or September 30, 2024.

Liquidity and Capital Resources 

Current Financial Condition

As of September 30, 2025, we had total assets of $134,878,
comprised primarily of cash of $13,623 and oil and gas properties of $96,090. As of September 30, 2025, we had total liabilities of $593,437,
primarily comprised of deferred and accrued compensation of $479,250, accrued liabilities of $38,630, and other liabilities of $75,557.

The Convertible debt maintained by the company had
a 10% annual interest rate, was initially set up with repayments of $3,500 per month commencing as of May 2022 and any open balance is
convertible at the Lender’s discretion into shares of the Company’s common stock at $0.03 per share with warrant coverage
at the same price on the basis of one warrant per every three shares issued under the note. The principal amount of the note was secured
by a lien on the Vitt lease. In the related security agreement, the Company agreed to remit the first $125,000 in net revenue received
from its interest in the Pushmataha Gas Field toward the payment and performance of the note. Beginning in November 2023, the Company
and the lender agreed to reduce the monthly repayment to $2,000. As of June 30, 2025, the Company had a remaining balance of $131,135
on the note and outstanding interest of $63,956. Subsequent to the end of the fiscal year, the lender agreed to convert the entire remaining
principal and interest due as of June 30th 2025 into common shares of the Company at a deemed price of $0.03 per share. On
September 19, 2025, the Company issued 6,503,024