OKMIN RESOURCES, INC. Files 10-Q for Q3 2024

TL;DR

OKMIN RESOURCES, INC. 10-Q filed: financial data for Q3 2024 out.

AI Summary

OKMIN RESOURCES, INC. filed a 10-Q for the period ending March 31, 2024. The company, operating in crude petroleum & natural gas, is incorporated in Nevada and headquartered in Encino, California. The filing includes financial data for various periods, such as fiscal year ends and quarterly reports, detailing preferred stock, common stock, additional paid-in capital, and retained earnings.

Why It Matters

This filing provides a snapshot of OKMIN RESOURCES, INC.'s financial health and operational status for the third quarter of fiscal year 2024, crucial for investors assessing the company's performance in the oil and gas sector.

Risk Assessment

Risk Level: medium — The filing is a standard quarterly report for a company in the volatile oil and gas industry, which inherently carries medium risk.

Key Numbers

• 2024-03-31 — Reporting Period End Date (The end date for the financial information presented in the 10-Q.)
• 2024-06-26 — Filing Date (The date the 10-Q was officially filed with the SEC.)
• 0630 — Fiscal Year End (Indicates the end of the company's fiscal year.)

Key Players & Entities

• OKMIN RESOURCES, INC. (company) — Filer of the 10-Q report
• CRUDE PETROLEUM & NATURAL GAS (industry) — Company's Standard Industrial Classification
• ENCINO, CA (location) — Company's business and mailing address
• NV (location) — State of incorporation

FAQ

Key Financial Figures

• $0.0001 — hares of the registrant's common stock, $0.0001 par value per share, issued and outstan
• $70,000 — anticipates cash needs of approximately $70,000. 5 OKMIN RESOURCES INC. AND SUBSIDI

Filing Documents

• okmin_10q.htm (10-Q) — 555KB
• ex31x1.htm (EX-31.1) — 10KB
• ex32x1.htm (EX-32.1) — 4KB
• 0001079973-24-000966.txt ( ) — 2912KB
• okmin-20240331.xsd (EX-101.SCH) — 21KB
• okmin-20240331_cal.xml (EX-101.CAL) — 31KB
• okmin-20240331_def.xml (EX-101.DEF) — 61KB
• okmin-20240331_lab.xml (EX-101.LAB) — 208KB
• okmin-20240331_pre.xml (EX-101.PRE) — 167KB
• okmin_10q_htm.xml (XML) — 334KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 1 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 11 Item 3. Qualitative and Quantitative Disclosures about Market Risk 16 Item 4.

Controls and Procedures

Controls and Procedures 16

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 18 Item 1A.

Risk Factors

Risk Factors 18 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 18 Item 3. Defaults Upon Senior Securities 18 Item 4. Mine Safety Disclosures 18 Item 5. Other Information 18 Item 6. Exhibits 19

FORWARD LOOKING STATEMENTS

FORWARD LOOKING STATEMENTS This report contains forward-looking statements regarding our business, financial condition, results of operations and prospects. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions or variations of such words are intended to identify forward-looking statements but are not deemed to represent an all-inclusive means of identifying forward-looking statements as denoted in this report. Additionally, statements concerning future matters are forward-looking statements. Although forward-looking statements in this report reflect the good faith judgment of our management, such statements can only be based on facts and factors currently known by us. Consequently, forward-looking statements are inherently subject to risks and uncertainties and actual results and outcomes may differ materially from the results and outcomes discussed in or anticipated by the forward-looking statements. Factors that could cause or contribute to such differences in results and outcomes include, without limitation, those specifically addressed under the headings "Risks Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our annual report on Form 10-K, in "Management's Discussion and Analysis of Financial Condition and Results of Operations" in this Form 10-Q, and information contained in other reports that we file with the Securities and Exchange Commission ("SEC"). You are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this report. We file reports with the SEC. The SEC maintains a website (www.sec.gov) that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC, including us. We undertake no obligation to revise or update any forward-looking statements in order to reflect any event or circumstance that may arise after

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS. OKMIN RESOURCES INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) March 31, June 30 2024 2023 ASSETS Current assets: Cash and cash equivalents $ 83,646 $ 214,316 Production revenue receivable 6,712 — Prepaid expenses 50,719 96 Total current assets 141,077 214,412 Oil and gas properties, net 542,184 544,271 Black Rock Joint Venture 155,270 157,018 Other assets and restricted cash 106 — Total non current assets 697,560 701,289 TOTAL ASSETS $ 838,637 $ 915,701 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 27,500 $ — Accrued liabilities — 7,125 Accrued liabilities – related party 236,250 135,000 Total current liabilities 263,750 142,125 Long term liabilities: Note payable 161,135 171,135 Accrued interest payable 45,564 32,895 Total long term liabilities 206,699 204,030 Total liabilities 470,449 346,155 Stockholders' Equity: Preferred Stock, $ 0.0001 par value, 50,000,000 shares authorized, 5,000,000 shares issued and outstanding at March 31, 2024 and June 30, 2023 500 500 Common stock, $ 0.0001 par value, 750,000,000 shares authorized, 114,103,180 and 113,432,500 , respectively, issued and outstanding at March 31, 2024 and June 30, 2023 11,411 11,343 Additional paid-in capital 1,516,395 1,393,007 Accumulated deficit ( 1,160,118 ) ( 835,304 ) Total stockholders' equity 368,188 569,546 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 838,637 $ 915,701 See accompanying notes to the unaudited consolidated

financial statements

financial statements. 1 OKMIN RESOURCES INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Three Months Nine Months Nine Months Ended Ended Ended Ended March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023 Revenue Oil and gas sales $ 8,465 $ 30,228 $ 53,930 $ 98,466 Cost of revenue 25,045 100,019 80,694 223,517 Gross profit ( 16,580 ) ( 69,791 ) ( 26,764 ) ( 125,051 ) Operating expenses: General and administrative expense 103,894 68,830 299,772 306,068 Depreciation, depletion & amortization 1,359 1,220 3,835 2,732 Total operating expenses 105,253 70,050 303,607 308,800 Loss from operations ( 121,833 ) ( 139,841 ) ( 330,371 ) ( 433,851 ) Other Income Interest income 706 1,123 5,557 2,373 Loss before taxes ( 121,127 ) ( 138,718 ) ( 324,814 ) ( 431,478 ) Provision for income taxes — — — — Net loss ( 121,127 ) $ ( 138,718 ) ( 324,814 ) $ ( 431,478 ) Net income (loss) per share Basic $ ( 0.00 ) $ ( 0.00 ) $ ( 0.00 ) $ ( 0.00 ) Diluted $ ( 0.00 ) $ ( 0.00 ) $ ( 0.00 ) $ ( 0.00 ) Weighted average number of shares outstanding Basic 114,103,180 113,129,722 113,957,353 107,753,628 Diluted 170,985,347 170,197,189 170,050,089 164,809,228 See accompanying notes to the unaudited consolidated

financial statements

financial statements. 2 OKMIN RESOURCES INC. AND SUBSIDIARIES CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY For the Three and Nine Months Ended March 31, 2024 and 2023 (Unaudited) Preferred Stock Common Stock Additional Paid-In Accumulated Stockholders' Shares Amount Shares Amount Capital Deficit Equity/(Deficit) Balance, June 30, 2022 5,000,000 $ 500 100,430,000 $ 10,043 $ 907,707 $ ( 306,290 ) $ 611,960 Shares issued for cash — — 6,375,000 638 254,362 — 255,000 Shares issued for services — — 315,000 31 12,569 — 12,600 Net loss — — — — — ( 129,181 ) ( 129,181 ) Balance, September 30, 2022 5,000,000 500 107,120,000 10,712 1,174,638 ( 435,471 ) 750,379 Shares issued for cash — — 2,662,500 266 106,234 — 106,500 Shares issued for services — — 2,400,000 240 59,760 — 60,000 Net loss — — — — — ( 163,579 ) ( 163,579 ) Balance, December 31, 2022 5,000,000 500 112,182,500 11,218 1,340,632 ( 599,050 ) 753,300 Shares issued for cash — — 1,000,000 100 39,900 — 40,000 Shares issued for services — — 250,000 26 12,474 — 12,500 Net loss — — — — — ( 138,718 ) ( 138,718 ) Balance, March 31, 2023 5,000,000 500 113,432,500 11,344 1,393,006 ( 737,768 ) 667,082 Net loss — — — — — ( 97,536 ) ( 97,536 ) Balance June 30, 2023 5,000,000 $ 500 113,432,500 $ 11,344 $ 1,393,006 $ ( 835,304 ) $ 569,546 Shares issued for services — — 519,376 51 108,274 — 108,325 Net loss — — — — — ( 111,835 ) ( 111,835 ) Balance, September 30, 2023 5,000,000 500 113,951,875 11,395 1,501,280 ( 947,139 ) 566,036 Shares issued for services — — 151,304 16 15,115 — 15,131 Net loss — — — — — ( 91,852 ) ( 91,852 ) Balance, December 31, 2023 5,000,000 500 114,103,180 11,411 1,516,395 ( 1,038,991 ) 489,315 Net loss — — — — — - ( 121,127 ) Balance, March 31, 2024 5,000,000 $ 500 114,103,180

financial statements

financial statements 3 OKMIN RESOURCES INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Nine Months Nine Months Ended Ended March 31, 2024 March 31, 2023 Cash Used by Operating Activities Net loss $ ( 324,814 ) $ ( 431,478 ) Reconciliation for non-cash transactions Depreciation 3,835 2,732 Common shares issued for services 123,456 85,100 Adjustments to reconcile net loss to net cash from operations: Accrued Product Sale (O&G) ( 10 ) ( 1,480 ) Accrued Interest Payable 12,669 15,057 Production revenue receivable ( 6,712 ) 14,542 Prepaid expenses ( 50,719 ) Accounts payable and accrued liabilities 121,625 63,216 Net Cash Used by Operating Activities ( 120,670 ) ( 252,311 ) Cash Used by Investing Activities Investment in Oil & Gas properties — ( 33,017 ) Net Cash from Investing Activities — ( 33,017 ) Cash (Used) Provided by Financing Activities Repayment of note payable ( 10,000 ) ( 37,625 ) Issuance of common stock — 401,500 Net cash from financing activities ( 10,000 ) 363,875 Net change in cash ( 130,670 ) 78,547 Cash - beginning of period 214,316 214,307 Cash - end of period $ 83,646 $ 292,854 See accompanying notes to the unaudited consolidated

financial statements

financial statements. 4 OKMIN RESOURCES INC. AND SUBSIDIARIES NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS As of March 31, 2024 1. ORGANIZATION AND NATURE OF OPERATIONS Business description Okmin Resources, Inc. (collectively with its subsidiaries, "Okmin" or the "Company") was incorporated in Nevada in December 2020 to engage in the business of the acquisition, exploration and development of oil and gas properties, mineral rights, and other natural resource assets. Okmin has been focused on the acquisition and development of domestic oil and gas fields and investing in lower profile rework and recompletion opportunities with lower entry costs. The Company's initial projects are located in Oklahoma and Kansas. The Company has two wholly owned subsidiaries that conduct oil and gas activities: Okmin Operations, LLC, organized on May 25, 2021 in the State of Kansas, and Okmin Energy LLC, organized on November 21, 2021 in the State of Oklahoma. The Company has an interest in four separate projects: 1) The Blackrock Joint Venture encompassing 15 oil and gas leases in Oklahoma; 2) A 72.5% Net Revenue Interest in the Vitt oil lease located in Neosho County, Kansas; 3) A 50% Joint Venture interest in West Sheppard Pool, a natural gas project in North East Oklahoma; and 4) A 50% Joint Venture interest in Pushmataha, a natural gas project in Southeast Oklahoma. The Company has not conducted any reserve evaluations or calculations, and there are currently no proven reserves on any of the Company's properties. 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. Basis of Presentation The accompanying interim condensed consolidated unaudited financial statements have been prepared in accorda

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