OKMIN RESOURCES, INC.
For the period ended Jun 30, 2026. Filed Oct 13, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2026 · Filed Oct 13, 2026
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What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2025-06-30; filed 2025-09-29.
0001079973-25-001512
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2026-06-30; filed 2026-10-13.
0001400253-26-000019
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 40 previous paragraphs and 58 current paragraphs.
25 unchanged; 9 reworded; 24 added; 6 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (24)
Current report
Our goal is to increase production from our existing oil and gas interests. Currently, our primary producing property is Pushmataha, which is producing minor amounts of natural gas at a loss. We will require additional capital to increase production, and we may seek a new partner for the project. Unless we are able to increase production from the property, these operating losses will continue. The Vitt property is not currently producing, and the lease may expire without new work expenditures that are required to maintain the lease. On West Sheppard Pool Field, we will receive a 10% overriding royalty interest once the operator receives $22,850 in revenue from the project. This condition has not yet been satisfied. We are also reviewing potential strategic corporate opportunities, including acquiring additional oil and gas and mineral properties or drilling interests, and other non-resource ventures, that we believe will enhance shareholder value.
Current report
General and administrative expenses decreased to $306,140 for the year ended June 30, 2026, compared to $388,579 for the year ended June 30, 2025.
Current report
For the year ended June 30, 2026, general and administrative expenses included consulting and professional fees related to land and resource development management, corporate advisory services, investor relations and other consulting services. Included in these expenses were non-cash consulting expenses of $66,035, compared to $143,100 for the year ended June 30, 2025, representing the value of common stock issued in lieu of cash for services rendered.
Current report
Additionally, general and administrative expenses for each of the years ended June 30, 2026 and 2025 included $162,000 of accrued and deferred compensation.
Current report
The Company incurred a net loss of $367,299 for the year ended June 30, 2026, compared to a net loss of $597,167 for the year ended June 30, 2025. The decrease in net loss was primarily attributable to lower impairment and general and administrative expenses.
Current report
Impairment expense for the year ended June 30, 2026 was $29,030, compared to $167,003 for the year ended June 30, 2025. The prior-year impairment charge resulted from the Company’s assessment of the carrying value of its oil and gas properties.
Current report
Expenses for the year ended June 30, 2026 included $162,000 of accrued and deferred compensation, which was unchanged from the prior year; lease operating expenses, including taxes and royalties, of $34,625, compared to $42,713 in 2025; interest expense of $18,670, compared to $17,262 in 2025; accounting and audit fees of $45,956, compared to $48,381 in 2025; and non-cash consulting and professional fees of $66,035 related to common stock issued for services, compared to $143,100 in 2025. The Company also incurred other general and administrative expenses necessary to support its operations.
Current report
Depreciation expense decreased to $2,113 for the year ended June 30, 2026, compared to $5,436 for the year ended June 30, 2025.
Current report
In the year ended June 30, 2026, operating activities used cash of $86,168, including the net loss of $367,299. Non-cash items included depreciation and amortization of $2,113, and impairment of oil and gas properties of $29,030. We recorded an allowance for doubtful accounts of $12,607 and bad debt recovery of $12,393 which were related to our property transaction exchanging our Black Rock interest for an increased interest in the Pushmataha project. We recorded a non-cash gain on forgiveness of accounts payable of $16,761. We also issued $66,034 in common stock for services. Changes in assets and liabilities included an increase in accrued oil and gas sales of $28, an increase in accounts payable and accrued liabilities of $185,071, and a decrease in other liabilities of $9,328.
Current report
In the year ended June 30, 2025, operating activities used cash of $104,395, including the net loss of $597,167. Non-cash items included depreciation and amortization of $5,436, impairment of oil and gas properties of $167,003, and issuance of common stock for services of $143,100. Changes in assets and liabilities included accrued oil and gas sales of $66, increase in accounts payable and accrued liabilities of $230,355, an increase in accrued interest payable of $14,414, and an increase in other liabilities of $950.
Current report
There was no cash flows from investing activities in either fiscal year ended June 30, 2026 and 2025.
Current report
In the year ended June 30, 2026 net cash provided from financing activities was $96,858. The private placements of common shares provided cash of $84,000, and a bridge loan from the Company’s President and CEO provided cash of $30,000. Repayment of short term borrowing used cash of $17,142. For the year ended June 30, 2025, financing activities provided cash of $43,602. Repayments on the previous convertible note used cash of $24,000, and short term borrowing provided cash of $67,602.
Current report
On September 19, 2025, the Company issued 6,503,024 shares of common stock to a former convertible noteholder in full settlement of all outstanding principal and accrued interest. Following the issuance, the note was fully satisfied, no amounts remained outstanding, and the Company had no remaining convertible notes.
Current report
The Company incurred a net loss of $367,299 for the year ended June 30, 2026 and had an accumulated deficit of $2,672,984 as of June 30, 2026. At June 30, 2026, the Company had a working capital deficit of approximately $708,433.
Current report
The Company remains an early-stage company and, to date, has generated only limited revenues from operations. The Company anticipates that operating revenues will remain limited until it is able to commit additional capital resources to the development and operation of its assets.
Current report
Terminated Merger Agreement with Bevpoint Capital LP
Current report
As a component of our goal to investigate new business opportunities, the Company entered into a merger agreement with BevPoint Capital LP, a Florida limited partnership ("BevPoint") on January 29, 2026. BevPoint is the owner and operator of American Icon Brewery and intends to acquire similar businesses. Under the agreement, all interests in BevPoint would be converted into the right to receive an aggregate of 220,000,000 shares of Okmin common stock representing approximately 55.6% of the post-closing outstanding shares, with additional shares to be issued to BevPoint holders upon the achievement of certain financial milestones. The Company would also issue a convertible promissory note to the principals of the combined entity.
Current report
The merger was conditional upon a number of closing conditions, including the requirement that BevPoint would have $730,000 in immediately available cash in bank accounts, contributed by way of a bona fide equity infusion, free from any encumbrance or restriction.
Current report
In April 2026, the Company announced that these closing conditions were not satisfied within the required timeframe, and the merger agreement had been terminated.
Current report
New Corporate Advisor
Current report
In March 2026, the Company engaged Andrew Glashow as a corporate advisor. Mr. Glashow is a capital markets strategist and dealmaker with deep experience advising public and emerging growth companies on financings, M&A, and market positioning. He has been directly involved in structuring transactions from $1 million to $50 million, including reverse mergers, structured debt financings, and equity raises. Mr. Glashow works closely with management teams and boards to unlock shareholder value, improve capital access, and position companies for uplisting and strategic exits. He currently serves as a board member of Signature Apps and LEEF Brands Inc., and as an advisor to iDoc Telehealth. Upon his engagement, the Company issued 1,000,000 common shares of Okmin at a value of $50,000 to Mr. Glashow.
Current report
In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” The ASU requires disclosure of significant segment expenses regularly provided to the chief operating decision maker, an amount for other segment items, and the measure of segment profit or loss used by the chief operating decision maker, including for entities with a single reportable segment. We adopted ASU 2023-07 for the year ended June 30, 2025. Adoption did not have a material effect on the Company’s financial position or results of operations.
Current report
In December 2023, the FASB issued ASU 2023-09,“Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The ASU enhances income tax disclosures, primarily related to the rate reconciliation and income taxes paid. For public business entities, the amendments are effective for annual periods beginning after December 15, 2024. We adopted ASU 2023-09 during the fiscal year ended June 30, 2026. The adoption did not have a material impact on our consolidated financial statements.
Current report
In November 2024, the FASB issued ASU 2024-03, “Disaggregation of Income Statement Expenses”. ASU 2024-03 requires public business entities to provide additional disclosures regarding specified categories of expenses included within relevant income statement captions. The standard is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of ASU 2024-03 on its consolidated financial statements and related disclosures.
Removed paragraphs (6)
Previous report
General and administrative expenses were lower at $388,579 for the year ended June 30, 2025 as compared to $406,175 for the year ended June 30, 2024. A significant component of this included non-cash amounts comprised of $9,000 of stock issued to our land and resource development Manager and $110,000 in connection with corporate compliance, investor relations and consulting fees comprised of common stock that was issued in lieu of cash for services and $24,100 in restricted common stock issued in lieu of legal fees. Additionally, $162,000 of these expenses were accrued and deferred compensation.
Previous report
The net loss for the year ended June 30, 2025 was $597,167 compared to a net loss of $873,214 for the year ended June 30, 2024. This amount includes a one-off impairment charge of $167,003 that was recorded as an expense for the year ended June 30, 2025, following testing to determine current fair value of oil and gas properties and the Company’s subsequent review of the capitalized value of its oil and gas properties. Outside of the impairment charge, operating expenses totaled $394,015. The expenses during the period ended June 30, 2025 included: $162,000 accrued compensation, $42,713 in lease operating expenses (including taxes and royalties), interest of $17,262, accounting and audit fees of $48,381; other professional, legal and consulting fees of non-cash items in stock issued for services of $143,100; and other general and administrative expenses necessary for our operations.
Previous report
The expenses during the period ended June 30, 2024 by comparison included: compensation of $20,250 in cash and $141,750 accrued 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.
Previous report
In the years ended June 30, 2025 and 2024, cash expended on investing activities was $nil.
Previous report
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 30 th 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.
Previous report
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.
Reworded paragraphs (9)
Previous wording
As a development stage company, Okmin has been focused on the acquisition and development of domestic oil and gas fields, investing in lower profile rework and recompletion opportunities with lower entry costs. The Company's initial projects are located in Oklahoma and Kansas.
Current wording
Okmin has been focused on the acquisition and development of domestic oil and gas fields, investing in lower profile rework and recompletion opportunities with lower entry costs. The Company's initial projects are located in Oklahoma and Kansas.
Previous wording
We generated $22,180 in revenue from oil and gas sales for the fiscal year ended June 30, 2025, as compared to $42,543 in revenues for the fiscal year ended June 30, 2025. The decrease in revenue is attributable to lower oil and gas prices and curtailed operations. Costs of revenues were $42,713 in the year ended June 30, 2025 versus $92,024 for the year ended June 30, 2024, attributable to the Company decreasing lease operating costs as it conducted limited operations under the current market conditions and as a result of its limited cash resources.
Current wording
We generated $8,859 in revenue from oil and gas sales for the fiscal year ended June 30, 2026, as compared to $22,180 in revenues for the fiscal year ended June 30, 2025. The decrease in revenue is attributable to lower gas prices and the sale of our producing Black Rock project, which we exchanged for a larger interest in the Pushmataha project. Costs of revenues were $34,625 in the year ended June 30, 2026 versus $42,713 for the year ended June 30, 2025, attributable to the Company decreasing lease operating costs resulting from the sale of one of our projects and additionally, only conducting limited operations under the current market conditions including the price of natural gas.
Previous wording
In the year ended June 30, 2025, of note we recorded the following expenses as compared to the corresponding year ended June 30, 2024: Interest expense was higher at $17,262 vs $16,647; listing related fees were higher at $17,100 vs. $16,380; legal fees were lower at $29,100 vs $50,000 as we engaged counsel on a more as needed basis; audit fees were $31,385 vs $22,302; compensation in connection with accounting and bookkeeping $16,996 vs $10,440 and depreciation was higher at $5,436 vs. $5,194. Other expenses related to compensation, filing and transfer agent fees, rent and other general and administrative expenses necessary for our operations.
Current wording
In the year ended June 30, 2026, of note we recorded the following expenses as compared to the corresponding year ended June 30, 2025: Interest expense was higher at $18,670 vs $17,262; listing related fees were higher at $17,700 vs. $17,100; legal fees were a marginal $150 vs $20,500, audit fees increased to $35,874 vs $31,385; compensation in connection with accounting and bookkeeping reduced to $10,082 vs $16,996. Other expenses related to compensation, filing and transfer agent fees, rent and other general and administrative expenses necessary for our operations.
Previous wording
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.
Current wording
Net cash used in operating activities
Previous wording
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.
Current wording
As of June 30, 2026, the Company had total assets of $87,897, comprised primarily of cash of $22,178 and oil and gas properties of $65,654. As of June 30, 2026, the Company had total liabilities of $730,676, primarily consisting of deferred and accrued compensation of $600,750, accounts payable of $38,810, short term borrowing of $61,116, and bridge loans totaling $30,000 advanced by the Company’s President and Chief Executive Officer.
Previous wording
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.
Current wording
For the 2027 fiscal year we anticipate cash needs of approximately $230,000 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. The Company plans to obtain the required capital through private sales of securities or debt financing.
Previous wording
This management’s discussion and analysis of financial condition and results of operations is based on our financial statements, which have been prepared in accordance with U.S. GAAP. Preparation of financial statements requires management to make assumptions, estimates and judgments that affect the reported amounts of assets, liabilities, revenues, costs and expenses, and the related disclosures of contingencies. Management bases its estimates on various assumptions and historical experience, which are believed to be reasonable; however, due to the inherent nature of estimates, actual results may differ significantly due to changed conditions or assumptions. On a regular basis, management reviews the accounting policies, assumptions, estimates and judgments to ensure that our financial statements are fairly presented in accordance with U.S. GAAP. However, because future events and their effects cannot be determined with certainty, actual results could differ from our assumptions and estimates, and such differences could be material.
Current wording
This management’s discussion and analysis of financial condition and results of operations is based on our financial statements, which have been prepared in accordance with U.S. GAAP. Preparation of financial statements requires management to make assumptions, estimates and judgments that affect the reported amounts of assets, liabilities, revenues, costs and expenses, and the related disclosures of contingencies. Such estimates include the review of the valuation of its oil and gas properties for impairment, possible asset retirement obligations, and the value of its common shares issued for services. Management bases its estimates on various assumptions and historical experience, which are believed to be reasonable; however, due to the inherent nature of estimates, actual results may differ significantly due to changed conditions or assumptions. On a regular basis, management reviews the accounting policies, assumptions, estimates and judgments to ensure that our financial statements are fairly presented in accordance with U.S. GAAP. However, because future events and their effects cannot be determined with certainty, actual results could differ from our assumptions and estimates, and such differences could be material.
Previous wording
As reflected in the accompanying audited financial statements, 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 of the same date. These factors, among others, raise doubt about the Company’s ability to continue as a going concern.
Current wording
As reflected in the accompanying audited financial statements, the Company had a net loss of $367,299 for the year ended June 30, 2026 and an accumulated deficit of $2,672,984 as of the same date. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern.
Previous wording
The Company had a working capital deficit of $742,439 as at June 30, 2025. In the 2026 fiscal year we anticipate cash needs of a minimum of $270,000, to maintain general corporate overhead and for continued work in maintaining our existing lease properties. This does not include any potential workovers, re-entries, stimulation treatments and recompletions of existing non or low producing wells, which would require additional capital commitments. The Company plans to obtain that capital by issuing equity securities, which may consist of either capital stock or convertible debt.
Current wording
The Company had a working capital deficit of $708,433 as at June 30, 2026. In the 2027 fiscal year we anticipate cash needs of a minimum of $230,000, to maintain general corporate overhead and for continued work in maintaining our existing lease properties. This does not include any potential workovers, re-entries, stimulation treatments and recompletions of existing non or low producing wells, which would require additional capital commitments. The Company plans to obtain that capital by issuing equity securities, which may consist of either capital stock or convertible debt.