Company: OKMN
Filing Date: 2025-09-29
Form Type: 10-K
Source: 0001079973-25-001512
Chunk: 123

Company: OKMIN RESOURCES, INC.
Filing Date: 2025-09-29
Form: 10-K
Item: Item 1A
Chunk 123
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 compensation, lease operating expenses
(including taxes and royalties) of $92,024, interest of $16,647, and legal accounting and other professional fees of $113,643.

Net cash from investing activities

In the years ended June 30, 2025 and 2024, cash expended
on investing activities was $nil.

Net cash from financing 

In the year ended June 30, 2025 net cash used in financing
activities was $24,000 with the entire amount from the Repayment of Convertible Note. For the year ended June 30, 2024, financing activities
used cash of $16,000, which consisted of repayments on the Convertible Note.

Liquidity and Capital Resources 

Current Financial Condition

As of June 30, 2025, we had total assets of $133,322,
comprised primarily of cash of $11,488 and oil and gas properties of $121,834. As of June 30, 2025, we had total liabilities of $753,927,
primarily comprised of convertible debt and related interest payable of $195,091, deferred and accrued compensation of $438,750, and trade
credit facilities of $78,258.

The Convertible debt maintained by the company had
a 10% annual interest rate, was initially set up with repayments of $3,500 per month commencing as of May 2022 and any open balance is
convertible at the Lender’s discretion into shares of the Company’s common stock at $0.03 per share with warrant coverage
at the same price on the basis of one warrant per every three shares issued under the note. The principal amount of the note was secured
by a lien on the Vitt lease. In the related security agreement, the Company agreed to remit the first $125,000 in net revenue received
from its interest in the Pushmataha Gas Field toward the payment and performance of the note. Beginning in November 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 $