OKMIN's Losses Widen Amidst Plummeting Oil & Gas Sales

TL;DR

**OKMN is burning cash with plummeting revenue and no proven reserves; avoid this speculative play.**

AI Summary

OKMIN RESOURCES, INC. (OKMN) reported a net loss of $73,430 for the three months ended September 30, 2025, a 8.33% increase from the $67,785 net loss in the same period of 2024. Revenue from oil and gas sales significantly decreased by 65.14% to $2,088 from $5,991 year-over-year. The company's accumulated deficit grew to $2,379,115 as of September 30, 2025, up from $2,305,685 at June 30, 2025. Total assets slightly increased to $134,878 from $133,322, primarily due to an increase in oil and gas properties, net, to $96,090 from $53,713. A key business change was the disposal of its entire interest in the Blackrock JV for $25,000 cash and an additional 45% interest in the Pushmataha joint venture, increasing its Pushmataha interest from 50% to 95%. The company faces significant risks, including failing to secure additional funding, with anticipated cash needs of approximately $270,000 for general corporate overhead and operations for the remainder of fiscal year 2026, against a cash balance of only $13,623.

Why It Matters

OKMIN's widening net loss and significant revenue decline signal deep operational challenges for investors, raising concerns about its long-term viability in a competitive natural resources market. The company's reliance on external financing for basic operations and potential project development puts its employees and future projects at risk. For customers, the lack of proven reserves and declining production could indicate instability in supply. The broader market should view this as a cautionary tale for micro-cap resource companies struggling with capital allocation and operational efficiency, especially given the competitive landscape dominated by larger, more established players.

Risk Assessment

Risk Level: high — The company reported a net loss of $73,430 for the quarter and an accumulated deficit of $2,379,115, indicating severe financial distress. With only $13,623 in cash and anticipated cash needs of $270,000 for the remainder of fiscal year 2026, OKMIN faces a significant funding gap, raising substantial doubt about its ability to continue as a going concern.

Analyst Insight

Investors should exercise extreme caution and consider divesting any holdings in OKMN. The company's precarious financial position, declining revenue, and reliance on future financing without proven reserves make it a highly speculative investment with significant downside risk.

Key Numbers

• $73,430 — Net Loss (For the three months ended September 30, 2025, an 8.33% increase from the prior year.)
• $2,088 — Oil and Gas Sales Revenue (For the three months ended September 30, 2025, a 65.14% decrease from $5,991 in 2024.)
• $2,379,115 — Accumulated Deficit (As of September 30, 2025, up from $2,305,685 at June 30, 2025.)
• $13,623 — Cash and Cash Equivalents (As of September 30, 2025, indicating limited liquidity.)
• $270,000 — Anticipated Cash Needs (For general corporate overhead and operations for the remainder of fiscal year 2026.)
• $554,814 — Working Capital Deficit (As of September 30, 2025, worsening from $742,439 at June 30, 2025.)
• 125,576,035 — Shares of Common Stock Outstanding (As of November 24, 2025, reflecting dilution from debt conversions and services.)
• 95% — Interest in Pushmataha JV (Increased from 50% after disposing of Blackrock JV.)
• $25,000 — Cash Consideration (Received from the disposal of Blackrock JV.)
• $96,090 — Oil and Gas Properties, net (As of September 30, 2025, an increase from $53,713 at June 30, 2025.)

Key Players & Entities

• OKMIN RESOURCES, INC. (company) — Registrant
• Blackrock JV (company) — Joint Venture disposed of by Okmin
• Pushmataha (company) — Natural gas project where Okmin increased its interest
• SEC (regulator) — Securities and Exchange Commission
• Oklahoma (location) — Location of initial oil and gas projects
• Kansas (location) — Location of initial oil and gas projects
• Okmin Operations, LLC (company) — Wholly owned subsidiary
• Okmin Energy LLC (company) — Wholly owned subsidiary
• Vitt oil lease (company) — Oil lease in Neosho County, Kansas
• West Sheppard Pool (company) — Natural gas project in Northeast Oklahoma

FAQ

Key Financial Figures

• $0.0001 — hares of the registrant's common stock, $0.0001 par value per share, issued and outstan
• $270,000 — anticipate cash needs of approximately $270,000 for general corporate overhead and for

Filing Documents

• okmin_10q-93025.htm (10-Q) — 451KB
• ex31x1.htm (EX-31.1) — 10KB
• ex32x1.htm (EX-32.1) — 4KB
• 0001553350-25-000149.txt ( ) — 2895KB
• okmin-20250930.xsd (EX-101.SCH) — 25KB
• okmin-20250930_cal.xml (EX-101.CAL) — 33KB
• okmin-20250930_def.xml (EX-101.DEF) — 75KB
• okmin-20250930_lab.xml (EX-101.LAB) — 226KB
• okmin-20250930_pre.xml (EX-101.PRE) — 185KB
• okmin_10q-93025_htm.xml (XML) — 290KB

– 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 13 Item 3. Qualitative and Quantitative Disclosures about Market Risk 15 Item 4.

Controls and Procedures

Controls and Procedures 15

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 17 Item 1A.

Risk Factors

Risk Factors 17 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 17 Item 3. Defaults Upon Senior Securities 17 Item 4. Mine Safety Disclosures 17 Item 5. Other Information 17 Item 6. Exhibits 17

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. You can also read and copy any materials we file with the SEC at the SEC's Public Reference Room at 100 F Street, NE, Washington, DC 20549. You ca

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION I tem 1. Financial OKMIN RESOURCES INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS September 30, June 30 2025 2025 ASSETS Current assets: Cash and cash equivalents $ 13,623 $ 11,488 Total current assets 13,623 11,488 Oil and gas properties, net 96,090 53,713 Black Rock Joint Venture — 68,084 Other receivables 25,000 — Other assets and restricted cash 165 37 Total noncurrent assets 121,255 121,834 TOTAL ASSETS $ 134,878 $ 133,322 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current liabilities: Accounts payable $ 38,630 $ 32,500 Accrued liabilities – related party 479,250 438,750 Accrued interest payable – current portion — 63,956 Note payable – current portion — 131,135 Other liabilities 75,557 87,586 Total current liabilities 593,437 753,927 Stockholders' Equity (Deficit): Preferred Stock, $ 0.0001 par value, 50,000,000 shares authorized, 5,000,000 shares issued and outstanding at September 30, 2025 and June 30, 2025, respectively 500 500 Common stock, $ 0.0001 par value, 750,000,000 shares authorized, 125,576,035 and 117,899,921 issued and outstanding at September 30, 2025 and June 30, 2025, respectively 12,558 11,790 Additional paid-in capital 1,907,498 1,672,790 Accumulated deficit ( 2,379,115 ) ( 2,305,685 ) Total stockholders' equity (deficit) ( 458,559 ) ( 620,605 ) TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) $ 134,878 $ 133,322 The accompanying notes are an integral part of these

financial statements

financial statements. 1 OKMIN RESOURCES INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 Revenue Oil and gas sales $ 2,088 $ 5,991 Cost of revenue ( 6,968 ) ( 9,717 ) Gross profit (loss) ( 4,880 ) ( 3,726 ) Operating expenses: General and administrative expense 79,588 59,379 Depreciation, depletion and amortization 707 1,359 Total operating expenses 80,295 60,738 (Loss) from operations ( 85,175 ) ( 64,464 ) Other (expense) Interest income 34 — Interest expense ( 5,070 ) ( 3,828 ) Gain on forgiveness of accounts payable 16,761 507 Other income 19 — Total other income (expense) 11,744 ( 3,321 ) (Loss) before taxes ( 73,430 ) ( 67,785 ) Provision for income taxes — — Net loss $ ( 73,430 ) $ ( 67,785 ) Net income (loss) per share Basic $ ( 0.00 ) $ ( 0.00 ) Diluted $ ( 0.00 ) $ ( 0.00 ) Weighted average number of shares outstanding Basic 118,825,066 114,424,921 Diluted 174,479,870 171,199,610 The accompanying notes are an integral part of these

financial statements

financial statements. 2 OKMIN RESOURCES INC. AND SUBSIDIARIES CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) For the Three Months Ended September 30, 2025 and 2024 Additional Stockholders' Preferred Stock Common Stock Paid-In Accumulated Equity/ Shares Amount Shares Amount Capital Deficit (Deficit) Balance June 30, 2024 5,000,000 $ 500 114,424,921 $ 11,443 $ 1,530,037 $ ( 1,708,518 ) $ ( 166,538 ) Net loss — — — — — ( 67,785 ) ( 67,785 ) Balance September 30, 2024 5,000,000 $ 500 114,424,921 $ 11,443 $ 1,530,037 $ ( 1,776,303 ) $ ( 234,323 ) Shares issued for services — — 3,475,000 347 142,753 — 143,100 Net loss — — — — ( 529,382 ) ( 529,382 ) Balance June 30, 2025 5,000,000 $ 500 117,899,921 $ 11,790 $ 1,672,790 $ ( 2,305,685 ) $ ( 620,605 ) Shares issued for debt conversion — — 6,503,024 651 194,440 195,091 Shares issued for services — — 173,090 17 10,368 10,385 Private placement — — 1,000,000 100 29,900 30,000 Net loss — — — — — ( 73,430 ) ( 73,430 ) Balance September 30, 2025 5,000,000 $ 500 125,576,035 $ 12,558 $ 1,907,498 $ ( 2,379,115 ) $ ( 458,559 ) The accompanying notes are an integral part of these financial statements. 3 OKMIN RESOURCES INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 Cash Flows from Operating Activities Net loss $ ( 73,430 ) $ ( 67,785 ) Adjustments to reconcile net loss to net cash from (used in) operations: Depreciation and Amortization 707 1,359 Changes in operating assets and liabilities Accrued Product Sale (O&G) ( 128 ) ( 33 ) Issuance of common stock for services 10,385 Accounts payable and accrued liabilities 63,391 69,951 Gain from forgiveness of accounts payable ( 16,761 ) Other liabilities ( 12,029 ) Net cash (used in) provided by operating activiti

financial statements

financial statements. 4 OKMIN RESOURCES INC. AND SUBSIDIARIES NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2025 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 three separate projects: 1) A 72.5% Net Revenue Interest in the Vitt oil lease located in Neosho County, Kansas 2) A 10% overriding royalty interest in West Sheppard Pool, a natural gas project in Northeast Oklahoma 3) A 95% Joint Venture interest in Pushmataha, a natural gas project in Southeast Oklahoma Subsequent to the end of its fiscal year ended June 30, 2025, the Company disposed of its entire interest in the Blackrock JV for consideration of $ 25,000 cash and an additional 45 % interest in the Pushmataha joint venture. This transaction increased the Company's interest in Pushmataha from 50 % to 95 %. The Company has not conducted any reserve evaluations or calculations, and there are currently no proven reserves on any of the Company's properties. Our business strategy is to enhance the value of our acquired operated assets through evaluation of certain properties with the goal of increasing production. We plan to deploy capital in a strategic man

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