Company: OKMN
Filing Date: 2025-05-16
Form Type: 10-Q
Source: 0001079973-25-000885
Chunk: 18

Company: OKMIN RESOURCES, INC.
Filing Date: 2025-05-16
Form: 10-Q
Item: Part I, Item 2
Chunk 18
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 payments
to consultants and a director of the Company for services, and higher audit fees due to the requirement to audit the prior two fiscal
years as a result of our change of auditors. During the nine months ended March 31, 2025, of note we recorded the following expenses as
compared to the corresponding period in 2024: legal fees were none vs. $45,000; audit fees were higher $27,783 vs $18,700; consultants
and other professional fees (predominantly non-cash) were $119,000 vs $67,208 and depreciation was slightly higher at $4,077 vs. $3,835.
Other expenses related to compensation, filing and transfer agent fees, rent and other general and administrative expenses necessary for
our operations.

Net Loss

The net loss for the nine months ended March 31, 2025
was $353,785 compared to a net loss of $324,814 for the nine months ended March 31, 2024. The Expenses during the nine month period
ended March 31, 2025, included: $30,538 in lease operating expenses (including taxes and royalties) and an impairment of $15,761 taken
on oil and gas properties in the second quarter, $121,500 in accrued and unpaid compensation. Audit and accounting fees were higher following
a transition to new auditors and a non-cash expense of $119,000 was recorded in connection with stock issuances in lieu of services, plus
other general and administrative expenses necessary for our operations. The Expenses during the comparative nine month period ended March
31, 2024 were lower overall, as stock issued in lieu of services was lower during this corresponding period.

Net cash used in investing activities

In the nine month periods ended March 31 2025 and
2024, there were no investing activities and net cash was $Nil for both nine month periods.

Net cash (used) in operating activities

Net cash used in operating activities in the nine
months ended March 31, 2025 totaled $132,595 vs, $120,670 in the corresponding nine months ended March 31, 2024.

  13  

LIQUIDITY AND CAPITAL RESOURCES

Current Financial Condition

As of March 31, 2025, we had total assets of $315,108,
comprised primarily of cash and cash equivalents of $40,686 and oil and gas properties $274,398.