Company: OKMN
Filing Date: 2025-09-29
Form Type: 10-K
Source: 0001079973-25-001512
Chunk: 103

Company: OKMIN RESOURCES, INC.
Filing Date: 2025-09-29
Form: 10-K
Item: Item 1A
Chunk 103
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 were not effective
during 2023, 2024 and 2025. We cannot assure you that additional material weaknesses or significant deficiencies do not exist or that
they will not occur in the future. If our internal control over financial reporting or our disclosure controls and procedures are not
effective, we may not be able to accurately report our financial results or prevent fraud, which may cause investors to lose confidence
in our reported financial information and may lead to a decline in our stock price.

Effective internal controls are necessary for us to
provide reliable financial reports and effectively prevent fraud. We maintain a system of internal control over financial reporting, which
is defined as a process designed by, or under the supervision of, our principal executive officer and principal financial officer, or
persons performing similar functions, and effected by our board of directors, management and other personnel, to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with
GAAP. A “material weakness” is 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 our financial statements will not be prevented or detected
on a timely basis. Based on the results of management’s assessment and evaluation of our internal controls, our principal executive
officer and principal financial officer concluded that our internal control over financial reporting was not effective as of June 30,
2025 due to the material weaknesses described below.

As of June 30, 2025, we have identified the following
material weaknesses:

    ·
    We had inadequate segregation of duties as a result of limited accounting staff and resources, which may impact our ability to prevent or detect material errors in our consolidated financial statements.

    ·
    We had inadequate segregation of duties related to logical access to our accounting systems, which may affect our ability to prevent or detect material errors in the recorded transactions.

As a result, our management concluded that our disclosure
controls and procedures were not effective as of June 30, 2025 and 2024, such that the information relating
to us required to be disclosed in the reports we file with the SEC (a) is recorded, processed, summarized and reported within the time
periods specified in the SEC’s rules and forms and (b) is accumulated and communicated to our management to allow timely decisions
regarding required disclosures and such disclosure controls and procedures have not been deemed effective since approximately June 30,
2021.

A material