Company: OKMN
Filing Date: 2025-11-25
Form Type: 10-Q
Source: 0001553350-25-000149
Chunk: 5

Company: OKMIN RESOURCES, INC.
Filing Date: 2025-11-25
Form: 10-Q
Item: Item 1
Chunk 5
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 a natural gas project in Southeast Oklahoma

Subsequent to the end of its fiscal year ended June
30, 2025, the Company disposed of its entire interest in the Blackrock JV for consideration of $25,000 cash and an additional 45% interest
in the Pushmataha joint venture. This transaction increased the Company’s interest in Pushmataha from 50% to 95%.

The Company has not conducted any reserve evaluations
or calculations, and there are currently no proven reserves on any of the Company’s properties.

Our business strategy is to enhance the value of our
acquired operated assets through evaluation of certain properties with the goal of increasing production. We plan to deploy capital in
a strategic manner and pursue value-enhancing transactions and expect to continuously evaluate strategic alternative opportunities that
we believe will enhance shareholder value.

Subject to the Company being able to secure adequate
additional financing, Okmin may also acquire the rights to and participate in drilling and/or other mining operations. The Company will
evaluate other strategic corporate opportunities as they become available from time to time.

The Company’s activities are subject to significant
risks and uncertainties, including failing to secure additional funding to advance the Company’s current plan to rework and possibly
develop its existing projects and to identify and acquire new projects.

The Company’s fiscal year end is June 30.

2.     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The Company maintains its accounts on the accrual
method of accounting in accordance with accounting principles generally accepted in the United States of America (“GAAP”).
Accounting principles followed and the methods of applying those principles, which materially affect the determination of financial position,
results of operations and cash flows are summarized below.

The financial statements are presented on a consolidated
basis and include all of the accounts of Okmin Resources, Inc and its subsidiaries. All significant intercompany balances and transactions
have been eliminated.

Use of Estimates

The preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America requires management to make estimates and certain assumptions that affect the amounts
reported in these consolidated financial statements and accompanying notes. Actual results could differ from these estimates.

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OKMIN RESOURCES INC. AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

As of September 30, 2025

Cash and cash Equivalents

The Company considers all highly liquid temporary
cash