OKMIN Resources, Inc. (OKMN) is a micro-cap oil and gas exploration company incorporated in Nevada with operations in Oklahoma and Kansas. As of March 31, 2026, the liquidation posture is unambiguously negative and deeply distressed. Total assets stand at $105,410 against total liabilities of $691,027, yielding GAAP stockholders' deficit of ($585,617). Under a liquidation lens, the recovery picture is worse than the book deficit suggests. The asset base is composed of cash of $24,333 (100% recovery, $24,333), oil and gas properties of $70,053 (carrying value under full-cost method, with zero proven reserves on any property per company disclosure, implying a 0% liquidation recovery — these assets have been subject to recurring impairment charges totaling $24,765 for the nine months ended March 31, 2026 and $15,761 in the prior comparable period), and the remainder in minor receivables including a $10,066 litigation settlement receivable. Applying standard liquidation haircuts, realizable asset value is approximately $24,000-$35,000 at best. Against face-value liabilities of $691,027 — dominated by $560,250 in accrued CEO compensation (deferred since October 2023, payable in cash or equity, face value held at par), $30,000 in related-party bridge loans (no interest, no specified due date), $37,118 in accounts payable, and $63,659 in other liabilities — equity recovery is negative by approximately $655,000 to $667,000. This is consistent with the company's own reported working capital deficit of $655,670. Since the prior filing (December 31, 2025), total assets increased from $73,416 to $105,410, driven by $84,000 in private placement proceeds and a $20,000 related-party bridge loan advance received in Q3, but liabilities grew commensurately as CEO accrued compensation increased from $519,750 to $560,250 and accounts payable/other liabilities shifted. The convertible loan ($131,135 principal + $63,956 accrued interest) was extinguished in September 2025 via equity conversion (6,503,024 shares at $0.03), removing that liability from the stack — a meaningful change from prior periods. No proven reserves exist; no reserve evaluations have been conducted. The Vitt lease operator's license has lapsed and no production occurred in the nine months ended March 31, 2026. The planned merger with BevPoint Capital LP was terminated in April 2026 for failure to satisfy closing conditions. The filing does not separately tag oil and gas property carrying values, accrued CEO compensation, or working capital deficit components in XBRL — all referenced from narrative disclosure only.
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