Wed, Jun 26, 7:24 PM (73 days ago)
Okmin Resources Inc. reported a challenging quarter ending March 31, 2024, with a net loss of $121,127, an improvement from the $138,718 loss in the same period last year. Revenue from oil and gas sales dropped to $8,465 from $30,228, primarily due to lower natural gas prices and production curtailments. Operating expenses increased to $105,253 from $70,050, driven by higher legal and professional fees. Cash and cash equivalents decreased to $83,646 from $214,316, reflecting ongoing operational costs and limited revenue. The company faces significant uncertainties, including the need for additional financing to sustain operations and address maintenance issues on its properties. Management has highlighted a working capital deficit of $122,673 and anticipates cash needs of approximately $70,000 for the remainder of the fiscal year. The company is exploring new strategic investment opportunities and has established an Advisory Board to assist in its development.