OKMN — what changed in the latest 10-K

Text added vs the prior filing · source: 10-K · 2026-10-13

• The Company also retains a 10% overriding royalty interest in West Sheppard Pool, a natural gas project in Northeast Oklahoma, once the operator receives $22,850 in revenue from the project.

• 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.

• 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 lo…

Text removed vs the prior filing · source: 10-K · 2025-09-29

• 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 …

• 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 lo…

• In early March 2020, there was an outbreak of a novel strain of coronavirus, which causes the infectious disease known as COVID-19, which resulted in a drastic decline in global demand of certain mineral and energy products including crude oil. As a result of the lower demand caused by the COVID-19 …

• Additionally, the outbreak of COVID-19 and decreases in commodity prices, resulting from oversupply, government-imposed travel restrictions, and other constraints on economic activity created disruptions and volatility in the global marketplace for oil and gas. While demand and commodity prices reco…

Text added vs the prior filing · source: 10-K · 2026-10-13

• ● We do not have written documentation of our internal control policies and procedures. Written documentation of key internal controls over financial reporting is a requirement of Section 404 of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”);

• ● We do not have sufficient segregation of duties within accounting functions, which is a basic internal control. Due to our limited size and early-stage nature of operations, segregation of all conflicting duties may not always be possible and may not be economically feasible; however, to the exten…

• ● We have insufficient monitoring and review of controls over the financial reporting closing process, including the lack of individuals with current knowledge of U.S. GAAP.

• As a result, our management concluded that our disclosure controls and procedures were not effective as of June 30, 2026 and 2025, such that the information relating to us required to be disclosed in the reports we file with the SEC (a) is recorded, processed, summarized and reported within the time…

• The Board of Directors is responsible for overseeing risks related to cybersecurity. The Company's President is responsible for assessing and managing risks and incidents relating to cybersecurity threats. He will report any material findings and recommendations, if any, to the Board of Directors.

Text removed vs the prior filing · source: 10-K · 2025-09-29

• · economic downturns and possible recessions caused thereby (including as a result of COVID-19, increases in inflation or global conflicts;

• · the effects of global pandemics, such as COVID-19 on our operations, properties, the market for oil and gas, and the demand for oil and gas;

• · the threat, or perceived threat, or results, of viral pandemics, for example, previously experienced with the COVID-19 pandemic;

• · We had inadequate segregation of duties as a result of limited accounting staff and resources, which may impact our ability to prevent or detect material errors in our consolidated financial statements.

• · We had inadequate segregation of duties related to logical access to our accounting systems, which may affect our ability to prevent or detect material errors in the recorded transactions.

Text added vs the prior filing · source: 10-K · 2026-10-13

• 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. Un…

• 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 …

• 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.

• 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 expe…

• Additionally, general and administrative expenses for each of the years ended June 30, 2026 and 2025 included $162,000 of accrued and deferred compensation.

Text removed vs the prior filing · source: 10-K · 2025-09-29

• 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 …

• 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 $110,00…

• 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…

• 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 v…

• 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.