$OKMN
Okmin Resources Inc

2022 Q4 Form 10-Q Financial Statement

#000155335023000102 Filed on February 10, 2023

View on sec.gov

Income Statement

Concept 2022 Q4 2021 Q4
Revenue $26.01K $8.790K
YoY Change 195.9%
Cost Of Revenue $70.27K $633.00
YoY Change 11000.32%
Gross Profit -$44.26K $8.158K
YoY Change -642.52%
Gross Profit Margin -170.16% 92.81%
Selling, General & Admin $120.6K $73.08K
YoY Change 64.98%
% of Gross Profit 895.81%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $0.00
YoY Change
% of Gross Profit
Operating Expenses $120.6K $73.08K
YoY Change 64.99%
Operating Profit -$164.8K -$64.92K
YoY Change 153.9%
Interest Expense $1.250K
YoY Change
% of Operating Profit
Other Income/Expense, Net $1.250K
YoY Change
Pretax Income -$163.6K -$64.92K
YoY Change 151.98%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$163.6K -$64.92K
YoY Change 151.98%
Net Earnings / Revenue -628.91% -738.53%
Basic Earnings Per Share $0.00 $0.00
Diluted Earnings Per Share $0.00 $0.00
COMMON SHARES
Basic Shares Outstanding 109.4M shares 94.41M shares
Diluted Shares Outstanding 166.0M shares 138.5M shares

Balance Sheet

Concept 2022 Q4 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $343.5K $290.8K
YoY Change 18.12%
Cash & Equivalents $343.5K $290.8K
Short-Term Investments
Other Short-Term Assets $100.00 $0.00
YoY Change
Inventory
Prepaid Expenses $96.00
Receivables $77.17K $8.770K
Other Receivables $0.00 $0.00
Total Short-Term Assets $420.8K $299.6K
YoY Change 40.45%
LONG-TERM ASSETS
Property, Plant & Equipment $534.1K $503.2K
YoY Change 6.14%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $137.1K $100.0K
YoY Change 37.1%
Other Assets $4.000K $100.00
YoY Change 3900.0%
Total Long-Term Assets $675.2K $603.3K
YoY Change 11.92%
TOTAL ASSETS
Total Short-Term Assets $420.8K $299.6K
Total Long-Term Assets $675.2K $603.3K
Total Assets $1.096M $902.9K
YoY Change 21.39%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.288K $1.690K
YoY Change 35.38%
Accrued Expenses $124.5K $14.29K
YoY Change 771.24%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $126.8K $15.98K
YoY Change 693.42%
LONG-TERM LIABILITIES
Long-Term Debt $192.1K $231.0K
YoY Change -16.82%
Other Long-Term Liabilities $23.78K $1.930K
YoY Change 1132.12%
Total Long-Term Liabilities $215.9K $232.9K
YoY Change -7.3%
TOTAL LIABILITIES
Total Short-Term Liabilities $126.8K $15.98K
Total Long-Term Liabilities $215.9K $232.9K
Total Liabilities $342.7K $248.9K
YoY Change 37.69%
SHAREHOLDERS EQUITY
Retained Earnings -$599.1K
YoY Change
Common Stock $11.22K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $753.3K $654.0K
YoY Change
Total Liabilities & Shareholders Equity $1.096M $902.9K
YoY Change 21.39%

Cashflow Statement

Concept 2022 Q4 2021 Q4
OPERATING ACTIVITIES
Net Income -$163.6K -$64.92K
YoY Change 151.98%
Depreciation, Depletion And Amortization $0.00
YoY Change
Cash From Operating Activities -$141.4K -$52.09K
YoY Change 171.53%
INVESTING ACTIVITIES
Capital Expenditures $15.15K $503.2K
YoY Change -96.99%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$5.100K -$439.6K
YoY Change -98.84%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 77.50K 312.3K
YoY Change -75.18%
NET CHANGE
Cash From Operating Activities -141.4K -52.09K
Cash From Investing Activities -5.100K -439.6K
Cash From Financing Activities 77.50K 312.3K
Net Change In Cash -69.04K -179.4K
YoY Change -61.52%
FREE CASH FLOW
Cash From Operating Activities -$141.4K -$52.09K
Capital Expenditures $15.15K $503.2K
Free Cash Flow -$156.6K -$555.3K
YoY Change -71.8%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
7000 usd
us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
31250 usd
dei Entity Central Index Key
EntityCentralIndexKey
0001848334
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--06-30
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2023
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
CY2021Q4 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
usd
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
usd
CY2021Q4 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
usd
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
usd
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
usd
OKMIN Increase Decrease In Other Assets And Restricted Cash
IncreaseDecreaseInOtherAssetsAndRestrictedCash
usd
OKMIN Increase Decrease In Accrued Interest Payable
IncreaseDecreaseInAccruedInterestPayable
usd
dei Document Type
DocumentType
10-Q
dei Document Quarterly Report
DocumentQuarterlyReport
true
dei Document Period End Date
DocumentPeriodEndDate
2022-12-31
dei Document Transition Report
DocumentTransitionReport
false
dei Entity File Number
EntityFileNumber
000-56381
dei Entity Registrant Name
EntityRegistrantName
OKMIN RESOURCES, INC.
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
NV
dei Entity Tax Identification Number
EntityTaxIdentificationNumber
85-4401166
dei Entity Address Address Line1
EntityAddressAddressLine1
16501 Ventura Blvd.
dei Entity Address Address Line2
EntityAddressAddressLine2
Suite 400
dei Entity Address City Or Town
EntityAddressCityOrTown
Encino
dei Entity Address State Or Province
EntityAddressStateOrProvince
CA
dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
91436
dei City Area Code
CityAreaCode
(818)
dei Local Phone Number
LocalPhoneNumber
201-3727
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
dei Entity Small Business
EntitySmallBusiness
true
dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
true
dei Entity Ex Transition Period
EntityExTransitionPeriod
true
dei Entity Shell Company
EntityShellCompany
false
CY2023Q1 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
113182500 shares
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
343509 usd
CY2022Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
214307 usd
CY2022Q4 OKMIN Production Revenue Receivable
ProductionRevenueReceivable
77170 usd
CY2022Q2 OKMIN Production Revenue Receivable
ProductionRevenueReceivable
29430 usd
CY2022Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
96 usd
CY2022Q2 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
0 usd
CY2022Q4 us-gaap Assets Current
AssetsCurrent
420775 usd
CY2022Q2 us-gaap Assets Current
AssetsCurrent
243737 usd
CY2022Q4 us-gaap Oil And Gas Property Full Cost Method Net
OilAndGasPropertyFullCostMethodNet
534133 usd
CY2022Q2 us-gaap Oil And Gas Property Full Cost Method Net
OilAndGasPropertyFullCostMethodNet
528622 usd
CY2022Q4 OKMIN Black Rock Joint Venture
BlackRockJointVenture
137096 usd
CY2022Q2 OKMIN Black Rock Joint Venture
BlackRockJointVenture
127455 usd
CY2022Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
4003 usd
CY2022Q2 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
96 usd
CY2022Q4 us-gaap Assets Noncurrent
AssetsNoncurrent
675232 usd
CY2022Q2 us-gaap Assets Noncurrent
AssetsNoncurrent
656173 usd
CY2022Q4 us-gaap Assets
Assets
1096007 usd
CY2022Q2 us-gaap Assets
Assets
899910 usd
CY2022Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
2288 usd
CY2022Q2 us-gaap Accounts Payable Current
AccountsPayableCurrent
1305 usd
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
124500 usd
CY2022Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
54000 usd
CY2022Q4 us-gaap Liabilities Current
LiabilitiesCurrent
126788 usd
CY2022Q2 us-gaap Liabilities Current
LiabilitiesCurrent
55305 usd
CY2022Q4 us-gaap Interest Payable Current
InterestPayableCurrent
23784 usd
CY2022Q2 us-gaap Interest Payable Current
InterestPayableCurrent
13385 usd
CY2022Q4 us-gaap Notes Payable
NotesPayable
192135 usd
CY2022Q2 us-gaap Notes Payable
NotesPayable
219260 usd
CY2022Q4 us-gaap Liabilities
Liabilities
342707 usd
CY2022Q2 us-gaap Liabilities
Liabilities
287950 usd
CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2022Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2022Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
5000000 shares
CY2022Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
5000000 shares
CY2022Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
5000000 shares
CY2022Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
5000000 shares
CY2022Q4 us-gaap Preferred Stock Value
PreferredStockValue
500 usd
CY2022Q2 us-gaap Preferred Stock Value
PreferredStockValue
500 usd
CY2022Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2022Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
750000000 shares
CY2022Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
750000000 shares
CY2022Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
112182500 shares
CY2022Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
112182500 shares
CY2022Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
100430000 shares
CY2022Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
100430000 shares
CY2022Q4 us-gaap Common Stock Value
CommonStockValue
11218 usd
CY2022Q2 us-gaap Common Stock Value
CommonStockValue
10043 usd
CY2022Q4 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
1340632 usd
CY2022Q2 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
907707 usd
CY2022Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-599050 usd
CY2022Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-306290 usd
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
753300 usd
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
611960 usd
CY2022Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
1096007 usd
CY2022Q2 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
899910 usd
CY2022Q4 us-gaap Results Of Operations Revenue From Oil And Gas Producing Activities
ResultsOfOperationsRevenueFromOilAndGasProducingActivities
26006 usd
CY2021Q4 us-gaap Results Of Operations Revenue From Oil And Gas Producing Activities
ResultsOfOperationsRevenueFromOilAndGasProducingActivities
8791 usd
us-gaap Results Of Operations Revenue From Oil And Gas Producing Activities
ResultsOfOperationsRevenueFromOilAndGasProducingActivities
68238 usd
us-gaap Results Of Operations Revenue From Oil And Gas Producing Activities
ResultsOfOperationsRevenueFromOilAndGasProducingActivities
21924 usd
CY2022Q4 us-gaap Cost Of Revenue
CostOfRevenue
70265 usd
CY2021Q4 us-gaap Cost Of Revenue
CostOfRevenue
633 usd
us-gaap Cost Of Revenue
CostOfRevenue
125011 usd
us-gaap Cost Of Revenue
CostOfRevenue
1576 usd
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
161700958 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
113743608 shares
CY2022Q4 us-gaap Gross Profit
GrossProfit
-44259 usd
CY2021Q4 us-gaap Gross Profit
GrossProfit
8158 usd
us-gaap Gross Profit
GrossProfit
-56773 usd
us-gaap Gross Profit
GrossProfit
20348 usd
CY2022Q4 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
120570 usd
CY2021Q4 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
73076 usd
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
237237 usd
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
80680 usd
CY2022Q4 us-gaap Operating Expenses
OperatingExpenses
120570 usd
CY2021Q4 us-gaap Operating Expenses
OperatingExpenses
73076 usd
us-gaap Operating Expenses
OperatingExpenses
237237 usd
us-gaap Operating Expenses
OperatingExpenses
80680 usd
CY2022Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
-164829 usd
CY2021Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
-64918 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
-294010 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
-60332 usd
CY2022Q4 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
1250 usd
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
1250 usd
CY2022Q4 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
1250 usd
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
1250 usd
CY2022Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
-163579 usd
CY2021Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
-64918 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
-292760 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
-60332 usd
CY2022Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 usd
CY2021Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 usd
CY2022Q4 OKMIN Net Income Loss1
NetIncomeLoss1
-163579 usd
CY2021Q4 OKMIN Net Income Loss1
NetIncomeLoss1
-64918 usd
OKMIN Net Income Loss1
NetIncomeLoss1
-292760 usd
OKMIN Net Income Loss1
NetIncomeLoss1
-60332 usd
CY2022Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.00
CY2021Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.00
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.00
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.00
CY2022Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.00
CY2021Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.00
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.00
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.00
CY2022Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
109554239 shares
CY2021Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
94406522 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
105063125 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
91710184 shares
CY2022Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
165958739 shares
CY2021Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
138473370 shares
CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
387579 usd
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
288500 usd
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
653997 usd
us-gaap Net Income Loss
NetIncomeLoss
-60332 usd
us-gaap Production Costs
ProductionCosts
30000 usd
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
100000 usd
us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
32000 usd
us-gaap Net Income Loss
NetIncomeLoss
-174037 usd
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
611960 usd
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
361500 usd
us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
72600 usd
us-gaap Net Income Loss
NetIncomeLoss
-292760 usd
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
753300 usd
us-gaap Net Income Loss
NetIncomeLoss
-292760 usd
us-gaap Net Income Loss
NetIncomeLoss
-60332 usd
OKMIN Increase Decrease In Prepaid Deposit
IncreaseDecreaseInPrepaidDeposit
-0 usd
OKMIN Increase Decrease In Prepaid Deposit
IncreaseDecreaseInPrepaidDeposit
-25000 usd
OKMIN Production Revenues Receivable
ProductionRevenuesReceivable
47740 usd
OKMIN Production Revenues Receivable
ProductionRevenuesReceivable
8767 usd
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
96 usd
OKMIN Increase Decrease In Other Assets And Restricted Cash
IncreaseDecreaseInOtherAssetsAndRestrictedCash
3907 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
71483 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
4814 usd
OKMIN Increase Decrease In Accrued Interest Payable
IncreaseDecreaseInAccruedInterestPayable
10399 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-262621 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-39285 usd
OKMIN Investment In Oil And Gas Properties
InvestmentInOilAndGasProperties
15152 usd
OKMIN Investment In Oil And Gas Properties
InvestmentInOilAndGasProperties
503219 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-15152 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-503219 usd
us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
434100 usd
us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
326750 usd
us-gaap Proceeds From Repayments Of Notes Payable
ProceedsFromRepaymentsOfNotesPayable
-27125 usd
us-gaap Proceeds From Repayments Of Notes Payable
ProceedsFromRepaymentsOfNotesPayable
231000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
406975 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
557750 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
129202 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
15246 usd
CY2022Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
214307 usd
CY2021Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
275572 usd
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
343509 usd
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
290817 usd
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
5000000 shares
CY2022Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
5000000 shares
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_848_eus-gaap--UseOfEstimates_zW0P1t9LvJUd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><span id="xdx_86F_z3nikZZRGiS4">Use of Estimates</span></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and certain assumptions that affect the amounts reported in these consolidated financial statements and accompanying notes. Actual results could differ from these estimates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 10pt"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"/>
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
343509 usd
CY2022Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
214307 usd
us-gaap Preferred Stock Voting Rights
PreferredStockVotingRights
Each share of Series A Preferred Stock has voting rights of ten votes per share, though is not entitled to receive dividends.
us-gaap Net Income Loss
NetIncomeLoss
-292760 usd
CY2022Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-599050 usd
CY2022Q4 OKMIN Working Capital
WorkingCapital
293987 usd
us-gaap Effect On Future Earnings And Cash Flows Offset Description
EffectOnFutureEarningsAndCashFlowsOffsetDescription
For the full 2023 fiscal year, the Company anticipates cash needs of a minimum of $550,000, of which approximately $250,000 is for general corporate overhead and $300,000 for continued work on existing properties.
us-gaap Results Of Operations Revenue From Oil And Gas Producing Activities
ResultsOfOperationsRevenueFromOilAndGasProducingActivities
68238 usd
us-gaap Depreciation
Depreciation
125011 usd
us-gaap Preferred Stock Conversion Basis
PreferredStockConversionBasis
Additionally, each share of Series A preferred shares may be converted at $0.01 per preferred share into ten shares of common stock for each share of Series A Preferred Stock. The Series A Preferred Stock upon liquidation, winding-up or dissolution of the Corporation, ranks on a parity, in all respects, with all the Common Stock.
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
750000000 shares
CY2022Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2022Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
112182500 shares
CY2022Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
112182500 shares
CY2022Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-163579 usd
CY2022Q4 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
109554239 shares
CY2022Q4 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-163579 usd
CY2022Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
165958739 shares
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-292760 usd
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
105063125 shares
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-292760 usd
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
161700958 shares
CY2022Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
599050 usd
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.21 pure
CY2022Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
125800 usd
CY2021Q4 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
0.03
CY2022Q4 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
192135 usd
CY2022Q4 us-gaap Interest Payable Current
InterestPayableCurrent
23784 usd
OKMIN Net Revenue Received
NetRevenueReceived
125000 usd

Files In Submission

Name View Source Status
okmin-20221231_cal.xml Edgar Link unprocessable
0001553350-23-000102-index-headers.html Edgar Link pending
0001553350-23-000102-index.html Edgar Link pending
0001553350-23-000102.txt Edgar Link pending
0001553350-23-000102-xbrl.zip Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
okmin-20221231.xsd Edgar Link pending
okmin_10q.htm Edgar Link pending
okmin_ex31z1.htm Edgar Link pending
okmin_ex32z1.htm Edgar Link pending
R1.htm Edgar Link pending
R10.htm Edgar Link pending
R11.htm Edgar Link pending
R12.htm Edgar Link pending
R13.htm Edgar Link pending
R14.htm Edgar Link pending
R15.htm Edgar Link pending
R16.htm Edgar Link pending
R17.htm Edgar Link pending
R18.htm Edgar Link pending
R19.htm Edgar Link pending
R2.htm Edgar Link pending
R20.htm Edgar Link pending
R21.htm Edgar Link pending
R22.htm Edgar Link pending
R23.htm Edgar Link pending
R24.htm Edgar Link pending
R25.htm Edgar Link pending
R26.htm Edgar Link pending
R27.htm Edgar Link pending
R3.htm Edgar Link pending
R4.htm Edgar Link pending
R5.htm Edgar Link pending
R6.htm Edgar Link pending
R7.htm Edgar Link pending
R8.htm Edgar Link pending
R9.htm Edgar Link pending
report.css Edgar Link pending
Show.js Edgar Link pending
okmin-20221231_def.xml Edgar Link unprocessable
okmin-20221231_lab.xml Edgar Link unprocessable
okmin-20221231_pre.xml Edgar Link unprocessable
okmin_10q_htm.xml Edgar Link completed