Company: OKMN
Filing Date: 2025-02-20
Form Type: 10-Q
Source: 0001079973-25-000298
Chunk: 23

Company: OKMIN RESOURCES, INC.
Filing Date: 2025-02-20
Form: 10-Q
Item: Item 1
Chunk 23
---
2023.  The Expenses
during the six month period ended December 31, 2024, included $20,779 in lease operating expenses, including taxes and royalties; $81,000
in accrued compensation; $8,491 in interest expense and financing costs; $24,182 in audit fees, accounting, and bookkeeping fees of $11,146;
$8,400 in listing related fees; and stock issued in lieu of non-cash amounts of $119,000 in connection
with personnel and corporate consultants. An impairment charge of $15,761 was recorded in the current period as a test of the current
fair value of the oil and gas properties was conducted and it was determined an impairment of the capitalized values was necessary. We
also incurred other general and administrative expenses necessary for our operations.

13 

Net cash used in investing activities

In the six months ended December 31, 2024, net cash
from investing activities was none versus net cash of $2,476 expended on investing activities in the previous corresponding six months
ended December 31, 2023.

Net cash from financing 

Net cash used in financing activities in the six months
ended December 31, 2024 totaled $12,000 compared to $4,000 used in the six months ended December 31, 2023, with the entire amount in both
periods related to amounts due under the Company’s note payable.

LIQUIDITY AND CAPITAL RESOURCES

Current Financial Condition

As of December 31, 2024, we had total assets of $333,563,
comprised primarily of cash and cash equivalents of $57,767 and oil and gas properties at $275,758. As at December 31, 2024, we had total
liabilities of $667,644, primarily comprised of convertible debt and related interest payable of $200,184, accounts payable of $32,561,
and accrued liabilities-related party of $357,750 in deferred compensation expense as the CEO continues to defer salary in an effort
to conserve cash.

Our business plan calls for substantial capital resource
requirements and we have incurred significant losses since inception. The Company had a net loss of $286,543 for the six months ended
December 31, 2024 and an accumulated deficit of $1,995,061 as of December 31, 2024. The Company had a working capital deficit of $609,877
as at December 31,