Company: OKMN
Filing Date: 2025-11-25
Form Type: 10-Q
Source: 0001553350-25-000149
Chunk: 24

Company: OKMIN RESOURCES, INC.
Filing Date: 2025-11-25
Form: 10-Q
Item: Item 1
Chunk 24
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 Act”) that are designed to reasonably ensure that information required to be disclosed in our reports
under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the
SEC, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial
Officer, as appropriate, to allow timely decisions regarding required disclosure based closely on the definition of “disclosure
controls and procedures” in Rule 15d-15(e) under the Exchange Act. In designing and evaluating the disclosure controls and procedures,
our management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance
of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit
relationship of possible controls and procedures.

At the end of the period covered by this Quarterly
Report, we conducted an evaluation (the “Evaluation”), under the supervision and with the participation of our Chief Executive
Officer and Chief Financial Officer of the effectiveness of the design and operation of our disclosure controls and procedures. Based
upon the foregoing, our Chief Executive Officer and Chief Financial Officer concluded that, as of September 30, 2025, the disclosure controls
and procedures of our Company were not effective to ensure that the information required to be disclosed in our Exchange Act reports was
recorded, processed, summarized and reported on a timely basis because of the material weaknesses in internal control over financial reporting
described below.

Material Weaknesses and Corrective Actions

In connection with the audits of our financial statements
for the fiscal years ended June 30, 2025 and 2024, we identified certain deficiencies relating to our internal control over financial
reporting that constitute a material weakness under standards established by the Public Company Accounting Oversight Board (the “PCAOB”).
The PCAOB defines a material weakness as 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 the company’s annual or interim financial statements
will not be prevented or detected on a timely basis. A deficiency in internal control exists when the design or operation of a control
does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements
on a timely basis.

15 

The following material weaknesses in our internal
control over financial reporting continued to exist at September 30, 2025:

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