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Okmin Resources Inc (OKMN0.00%). has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in revenue to $5,991 from $22,677 in the same quarter the previous year. The decrease is attributed to lower natural gas prices.
General and administrative expenses decreased to $59,379 from $104,928 in the same quarter of the previous year.
The company reported a net loss of $67,785 for the quarter, compared to a net loss of $111,835 in the previous year.
Cash and cash equivalents at the end of the period were $73,602, with total assets amounting to $366,616.
Total liabilities were reported at $600,939, primarily consisting of convertible debt and related interest payable.
The company has a working capital deficit of $527,336 as of September 30, 2024.
Okmin Resources continues to focus on its oil and gas projects, including the Blackrock Joint Venture, Vitt Lease, West Sheppard Pool, and Pushmataha projects.
The company acknowledges its dependence on additional financing to meet future obligations and continue operations.
The filing also notes material weaknesses in internal controls over financial reporting, including a lack of sufficient staff with appropriate training in U.S. GAAP.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Okmin Resources Inc. Com quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.