Company: OKMN
Filing Date: 2025-09-29
Form Type: 10-K
Source: 0001079973-25-001512
Chunk: 273

Company: OKMIN RESOURCES, INC.
Filing Date: 2025-09-29
Form: 10-K
Item: Item 1C
Chunk 273
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, 2023, the Company, in agreement with the Investor, temporarily suspended monthly repayments. The loan continued to accrue interest
during this period. 

The Company has determined that the loan is accounted
for as a liability and not equity as repayment is being made in cash pursuant to the repayment schedule, and no conversion of any of the
principal or interest into common shares has been made. Management assessed there is no embedded derivative and therefore no need for
the bifurcation of proceeds at initial recognition.

13.        SUBSEQUENT EVENTS

a)In August 2025, the Company agreed to exchange its 50% working interest in the oil and gas leases known
as the Blackrock Joint Venture for $25,000 cash and an additional 45% interest in the Pushmataha Gas Field. The additional interest in
Pushmataha increases Okmin’s ownership of the project from 50% to 95%.

b)In September 2025, the Company issued 173,090 common shares at a deemed price of $0.06 per share to Sierra
Land Resources pursuant to its ongoing services agreement at a deemed value of $10,385.

c)In September 2025, the Company reached an agreement with the holder of the Company’s convertible
debt to convert all the principal and interest outstanding as of June 30, 3035 into common shares of the Company at a price of $0.03 per
share. As of June 30, 2025, the remaining principal was $131,135 and unpaid interest was $63,956. On September 19, 2025, the Company issued
6,503,024 common shares to the noteholder to settle the note in full.

d)In September 2025, the Company sold 1,000,000 common shares in a private placement at a price of $0.03
per share for proceeds of $30,000. These funds will be used for working capital and general corporate purposes.

Outside of this, the Company has evaluated subsequent
events through the filing date of these financial statements and has disclosed that there are no such events that are material to the
financial statements to be disclosed. 

F-14