Company: OKMN
Filing Date: 2025-09-29
Form Type: 10-K
Source: 0001079973-25-001512
Chunk: 234

Company: OKMIN RESOURCES, INC.
Filing Date: 2025-09-29
Form: 10-K
Item: Item 1C
Chunk 234
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2023, the Company
and the lender agreed to reduce the monthly repayment to $2,000. As of June 30, 2025, the Company had a remaining balance of $131,135
on the note and outstanding interest of $63,956. Subsequent to the end of the fiscal year, the lender agreed to convert the entire remaining
principal and interest due as of June 30th 2025 into common shares of the Company at a deemed price of $0.03 per share. On
September 19, 2025, the Company issued 6,503,024 common shares to the noteholder to settle the note in full.

The Company had a net loss of $597,167 for the year
ended June 30, 2025 and an accumulated deficit of $2,305,685. As at June 30, 2025, we had a working capital deficit of approximately $742,439.
We are still an earlier stage company and to date we have only achieved limited revenues from operations and anticipate that operating
revenues will continue to be limited until the Company is in a position to commit substantial capital resources to its operations.

24 

For the 2026 fiscal year we anticipate cash needs
of approximately $270,000 for general corporate overhead and for operations on our existing lease properties. This amount does not include
funding for any potential workovers, re-entries, stimulation treatments and recompletions of existing non or low producing wells. Any
new work on our properties will require additional capital. A portion of the required cash will be obtained from oil and gas sales. The
Company plans to obtain the remainder of the required capital through private sales of securities or debt financing.

To date, we have funded our operations primarily through
private sales of equity and/or convertible securities for cash. We depend upon debt and/or equity financing and revenues to fund our ongoing
operations and to execute our current business plan. In the 2026 fiscal year, such capital requirements and the requirements for our planned
ongoing activities is greater than the capital we currently have available. We will be required to obtain alternative or additional financing
from financial institutions, investors or otherwise, in order to maintain and expand our existing operations. Our most likely source of
additional capital is through the sale of our securities, including common stock. We may also obtain capital through the sale of preferred
stock or convertible securities, or through debt financing. If we are unable to obtain additional financing it