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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the quarterly period ended: March 31, 2024
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission
File Number: 333-232845
CoJax
Oil and Gas Corporation
(Exact
Name of registrant as specified in its charter)
Virginia |
46-1892622 |
(State
or other jurisdiction of incorporation or
organization) |
(IRS
Employer Identification No.) |
3033
Wilson Blvd, Suite E-605
Arlington,
VA |
22201 |
(Address
of principal executive offices) |
(Zip
Code) |
(703)
216-8606
(Registrant’s
telephone number, including area code)
Securities
registered pursuant to Section 12(b) of the Act
Title
of each Class |
Trading
Symbol |
Name
of each exchange on which registered |
None |
N/A |
N/A |
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days.
☒
Yes ☐ No
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant
to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit
such files).
☐
Yes ☐ No
Indicate
by check mark whether the registrant is a large, accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller
reporting company. See the definitions of “large, accelerated filer”, “accelerated filer,” “smaller
reporting company,” and emerging growth company” in Rule 12b-2 of the Exchange Act.
Large
accelerated filer ☐ |
Accelerated
filer ☐ |
Non-accelerated
filer ☒ |
Smaller
reporting company ☒ |
Emerging
growth company ☒ |
|
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12-b-2 of the Exchange Act).
☐
Yes ⌧ No
The
registrant has one class of common stock of which 10,465,902 shares were outstanding as of May 10, 2024.
CoJax
Oil and Gas Corporation
Form
10-Q
For
the Quarter Ended March 31, 2024
TABLE
OF CONTENTS
PART
I – FINANCIAL INFORMATION
Item
1. Financial Statements
The
unaudited consolidated condensed financial statements included herein have been prepared pursuant to the rules and regulations of the Securities
and Exchange Commission (“SEC”). Accordingly, certain disclosures required by accounting principles generally accepted
in the United States and normally included in Annual Reports on Form 10-K have been omitted. Although management believes that
our disclosures are adequate to make the information presented not misleading, these unaudited consolidated condensed interim financial statements should
be read in conjunction with the Company’s audited consolidated financial statements and related footnotes included in its most recent
Annual Report on Form 10-K.
COJAX
OIL AND GAS CORPORATION
CONDENSED
CONSOLIDATED BALANCE SHEETS
| |
| | |
| |
| |
March 31, 2024 | | |
December 31, 2023 | |
| |
(Unaudited) | | |
| |
ASSETS | |
| | |
| |
Current Assets | |
| | | |
| | |
Cash | |
$ | 69,223 | | |
$ | 75,908 | |
Accounts receivable | |
| 176,894 | | |
| 205,306 | |
Prepaid expenses | |
| 9,750 | | |
| — | |
Total Current Assets | |
| 255,867 | | |
| 281,214 | |
Properties and Equipment | |
| | | |
| | |
Oil and natural gas properties at cost | |
| 4,524,406 | | |
| 4,509,679 | |
Less: Accumulated depletion | |
| (501,500 | ) | |
| (420,176 | ) |
Total Properties and Equipment, net | |
| 4,022,906 | | |
| 4,089,503 | |
Total Assets | |
| 4,278,773 | | |
| 4,370,717 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | |
| | | |
| | |
Current Liabilities | |
| | | |
| | |
Accounts payable | |
| 151,415 | | |
| 121,764 | |
Workover expense payable | |
| 106,861 | | |
| 106,861 | |
Accrued salaries and payroll taxes | |
| 902,830 | | |
| 834,809 | |
Current portion of notes payable | |
| 10,010 | | |
| 9,984 | |
Notes payable – related party | |
| 103,001 | | |
| 103,001 | |
Total Current Liabilities | |
| 1,274,117 | | |
| 1,176,419 | |
Long-term Liabilities | |
| | | |
| | |
Asset retirement obligations | |
| 122,472 | | |
| 105,118 | |
Note payable, net of current portion | |
| 18,584 | | |
| 21,094 | |
Total Long-term Liabilities | |
| 141,056 | | |
| 126,212 | |
Total Liabilities | |
| 1,415,173 | | |
| 1,302,631 | |
Stockholders’ Equity | |
| | | |
| | |
Preferred stock, $0.10 par value, 50,000,000 current shares authorized, 0 and 105,000 Series A shares, $0.01 par value issued and outstanding, at March 31, 2024 and December 31, 2023 respectively. | |
| — | | |
| 1,050 | |
Common stock, $0.01 par value, 300,000,000 current shares authorized, 10,465,902 and 9,315,902 shares issued and outstanding, at March 31, 2024 and December 31, 2023 respectively. | |
| 104,659 | | |
| 93,159 | |
Subscription payable | |
| 10,000 | | |
| 10,000 | |
Additional paid-in capital | |
| 13,816,468 | | |
| 13,727,918 | |
Accumulated deficit | |
| (11,067,527 | ) | |
| (10,764,041 | ) |
Total Stockholders’ Equity | |
| 2,863,600 | | |
| 3,068,086 | |
Total Liabilities and Stockholders’ Equity | |
$ | 4,278,773 | | |
$ | 4,370,717 | |
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
COJAX
OIL AND GAS CORPORATION
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
| |
|
|
|
|
| |
| |
For the Three Months | |
| |
Ended March 31, | |
| |
2024 | | |
2023 | |
Revenues | |
$ | 182,052 | | |
$ | 228,718 | |
| |
| | | |
| | |
Operating costs and expenses: | |
| | | |
| | |
Lease operating expenses | |
| 47,341 | | |
| 59,139 | |
General and administrative expenses | |
| 354,168 | | |
| 371,354 | |
Depletion and accretion on discounted liabilities | |
| 83,951 | | |
| 98,444 | |
Total operating costs and expenses | |
| 485,460 | | |
| 528,937 | |
| |
| | | |
| | |
Loss from Operations | |
| (303,408 | ) | |
| (300,219 | ) |
| |
| | | |
| | |
Other expense: | |
| | | |
| | |
Interest expense, net | |
| (78 | ) | |
| (556 | ) |
| |
| | | |
| | |
Net Loss | |
$ | (303,486 | ) | |
$ | (300,775 | ) |
| |
| | | |
| | |
Net loss per common share - basic and diluted | |
$ | (0.03 | ) | |
$ | (0.03 | ) |
Weighted average number of common shares outstanding during the period - basic and diluted | |
| 10,159,913 | | |
| 9,206,978 | |
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
COJAX
OIL AND GAS CORPORATION
CONDENSED
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT)
(UNAUDITED)
| |
|
|
|
| | |
|
|
|
| | |
| | |
| | |
| | |
| |
| |
Preferred stock | | |
Common stock | | |
Subscriptions | | |
Additional paid-in | | |
Accumulated | | |
Total Stockholder’s equity | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Payable | | |
capital | | |
deficit | | |
(deficit) | |
Balance, December 31, 2022 | |
| 55,000 | | |
$ | 550 | | |
| 9,114,446 | | |
$ | 91,144 | | |
$ | — | | |
$ | 12,249,429 | | |
$ | (9,134,139 | ) | |
$ | 3,206,984 | |
Common stock issued for services | |
| — | | |
| — | | |
| 140,642 | | |
| 1,406 | | |
| — | | |
| 298,161 | | |
| — | | |
| 299,567 | |
Cash received for stock subscriptions payable | |
| — | | |
| — | | |
| — | | |
| — | | |
| 10,000 | | |
| — | | |
| — | | |
| 10,000 | |
Preferred stock issued for accrued officer compensation | |
| 50,000 | | |
| 500 | | |
| — | | |
| — | | |
| — | | |
| 1,064,500 | | |
| — | | |
| 1,065,000 | |
Net (loss) for the three months ending March 31, 2023 | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (300,775 | ) | |
| (300,775 | ) |
Balance, March 31, 2023 | |
| 105,000 | | |
$ | 1,050 | | |
| 9,255,088 | | |
$ | 92,550 | | |
$ | 10,000 | | |
$ | 13,612,090 | | |
$ | (9,434,914 | ) | |
$ | 4,280,776 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, December 31, 2023 | |
| 105,000 | | |
$ | 1,050 | | |
| 9,315,902 | | |
$ | 93,159 | | |
$ | 10,000 | | |
$ | 13,727,918 | | |
$ | (10,764,041 | ) | |
$ | 3,068,086 | |
Common stock issued for services | |
| — | | |
| — | | |
| 100,000 | | |
| 1,000 | | |
| — | | |
| 98,000 | | |
| — | | |
| 99,000 | |
Conversion of preferred stock to common stock | |
| (105,000 | ) | |
| (1,050 | ) | |
| 1,050,000 | | |
| 10,500 | | |
| — | | |
| (9,450 | ) | |
| — | | |
| — | |
Net (loss) for the three months ending March 31, 2024 | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (303,486 | ) | |
| (303,486 | ) |
Balance, March 31, 2024 | |
| — | | |
$ | — | | |
| 10,465,902 | | |
$ | 104,659 | | |
$ | 10,000 | | |
$ | 13,816,468 | | |
$ | (11,067,527 | ) | |
$ | 2,863,600 | |
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
COJAX
OIL AND GAS CORPORATION
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
| |
| | |
| |
For the Three Months Ended March 31, | |
2024 | | |
2023 | |
Cash flows from operating activities: | |
| | | |
| | |
Net loss | |
$ | (303,486 | ) | |
$ | (300,775 | ) |
Adjustments to reconcile Net loss to net cash used in operations: | |
| | | |
| | |
Depletion expense | |
| 81,324 | | |
| 95,224 | |
Accretion of asset retirement obligation | |
| 2,627 | | |
| 3,219 | |
Common stock issued for services and salaries | |
| 99,000 | | |
| 299,567 | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Accounts receivable | |
| 28,412 | | |
| (169,578 | ) |
Prepaid expense | |
| (9,750 | ) | |
| — | |
Accounts payable and accrued liabilities | |
| 97,672 | | |
| 150,990 | |
Net cash used in operating activities | |
| (4,201 | ) | |
| (21,353 | ) |
| |
| | | |
| | |
Cash flows from investing activities: | |
| — | | |
| — | |
| |
| | | |
| | |
Cash flows from financing activities: | |
| | | |
| | |
Payments of loan payable - SBA PPP loan | |
| (2,484 | ) | |
| (2,463 | ) |
Proceeds from the issuance of common stock | |
| — | | |
| 10,000 | |
Net cash provided by (used in) financing activities | |
| (2,484 | ) | |
| 7,537 | |
| |
| | | |
| | |
Net decrease in cash | |
| (6,685 | ) | |
| (13,816 | ) |
Cash at beginning of period | |
| 75,908 | | |
| 37,750 | |
Cash at end of period | |
$ | 69,223 | | |
$ | 23,934 | |
| |
| | | |
| | |
Supplemental disclosure of non-cash activities: | |
| | | |
| | |
Cash paid for interest and taxes | |
$ | 76 | | |
$ | 100 | |
Supplemental disclosure of non-cash investing and financing activities: | |
| | | |
| | |
Preferred shares issued for accrued compensation | |
$ | — | | |
$ | 1,065,000 | |
Common shares issued upon conversion of Series A Preferred shares | |
$ | 2,100,000 | | |
$ | — | |
Change in estimate of ARO asset and related liability | |
$ | 14,727 | | |
$ | — | |
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
COJAX
OIL AND GAS CORPORATION
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE
1 – ORGANIZATION, NATURE OF OPERATIONS AND BASIS OF PRESENTATION
Organization
CoJax
Oil & Gas Corporation, a Virginia corporation (“Company”), was incorporated on November 13, 2017. The Company
is based in Arlington Virginia, with a wholly owned subsidiary, Barrister Energy LLC (‘Barrister Energy’), registered
in Mississippi and based in Laurel, Mississippi.
Nature
of Operations
The
Company is a growing U.S. energy company, engaged in the acquisition and development of lower risk onshore oil and gas producing
properties within the Southeastern U.S. The Company’s focused growth strategy relies primarily on leveraging management’s
expertise to acquire both operated and non-operated interests in producing properties with the goal of assembling a large oil
and gas portfolio. Through this strategy of acquisition of operated and non-operated properties, the Company has the unique ability
to benefit from the technical and scientific expertise of world-class E&P companies operating in the area. The Company outsources
all operations through Barrister Energy LLC, the operational subsidiary.
The
Company focuses on the acquisition of and exploitation of upstream energy assets, specifically targeting select oil and gas mineral
interests. These acquisitions are structured primarily as acquisitions of leases, real property interests and mineral rights and
royalties and are generally not regarded as the acquisition of securities, but rather real property interests. As an owner, the
Company has the right to receive a portion of the production from the leased acreage (or of the proceeds of the sale thereof).
Condensed
Consolidated Financial Statements
The
accompanying condensed consolidated financial statements prepared by CoJax Oil and Gas Corporation (the “Company”
or “CoJax”) have not been audited by an independent registered public accounting firm. In the opinion of the Company’s
management, the accompanying unaudited financial statements contain all adjustments necessary for a fair presentation of the results
of operations for the periods presented, which adjustments were of a normal recurring nature, except as disclosed herein. The
results of operations for the three months ended March 31, 2024, are not necessarily indicative of the results to be expected
for the full year ending December 31, 2024, for various reasons, including as a result of the impact of fluctuations in prices
received for oil and natural gas, natural production declines, the uncertainty of exploration and development drilling results,
fluctuations in the fair value of derivative instruments, the impacts of COVID-19 and other factors.
These
unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles
generally accepted in the United States (“U.S. GAAP”) for interim financial information, and, accordingly, do not
include all of the information and footnotes required by U.S. GAAP for complete financial statements. Therefore, these financial
statements should be read in conjunction with the Company’s annual report on Form 10-K for the year ended December 31, 2023.
NOTE
2 – GOING CONCERN DISCLOSURE
The
Company’s condensed consolidated financial statements are prepared using U.S. GAAP applicable to a going concern that contemplates
the realization of assets and liquidation of liabilities in the normal course of business. There can be no assurance that the
Company will be able to achieve its business plan, raise any additional capital, or secure the additional financing necessary
to implement its current operating plan. The accompanying financial statements do not include any adjustments that might be necessary
if the Company is unable to continue as a going concern.
The
Company has yet to achieve profitable operations, expects to incur further losses in the development of its business, has negative
cash flows from operating activities, and is dependent upon future issuances of equity or other financings to fund ongoing operations,
all of which raises substantial doubt about the Company’s ability to continue as a going concern. The Company’s ability
to continue as a going concern is dependent upon its ability to generate future profitable operations and/or to obtain the necessary
financing from stockholders or other sources to meet its obligations and repay its liabilities arising from normal business operations
when they come due. Management has no formal plan in place to address this concern but considers that the Company will be able
to obtain additional funds by equity financing and/or related party advances, however, there is no assurance of additional funding
being available or on acceptable terms, if at all.
NOTE
3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Principles
of consolidation
The
accompanying consolidated financial statements include the accounts of the Company and of its wholly-owned subsidiaries. All significant
intercompany accounts and transactions have been eliminated in consolidation.
Use
of Estimates
The
preparation of financial statements in conformity U.S. GAAP requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the financial
statements, and the reported amounts of revenues and expenses during the reporting period. Significant areas of estimate include
the impairment of assets and rates for amortization, accrued liabilities, future income tax obligations, and the inputs used in
calculating stock-based compensation. Actual results could differ from those estimates and would affect future results of operations
and cash flows.
Reclassifications
Certain
prior period amounts have been reclassified to conform with the current year presentation. Such reclassifications had no significant
impact on our reported net income (loss), current assets, total assets, current liabilities, total liabilities, shareholders’
equity or cash flows.
Cash
and Cash Equivalents
The
Company considers all highly liquid temporary cash investments with an original maturity of three months or less to be cash equivalents.
At March 31, 2024 and December 31, 2023, the Company had no cash equivalents.
Oil
and Gas Producing Activities
The
Company uses the successful efforts method of accounting for oil and gas activities. Under this method, the costs of productive
exploratory wells, all development wells, related asset retirement obligation assets, and productive leases are capitalized and
amortized, principally by field, on a units-of-production basis over the life of the remaining proved reserves. Exploration costs,
including personnel costs, geological and geophysical expenses, and delay rentals for oil and gas leases are charged to expense
as incurred. Exploratory drilling costs are initially capitalized but charged to expense if and when the well is determined not
to have found reserves in commercial quantities.
Estimates
of oil and gas reserves, as determined by independent petroleum engineers, are continually subject to revision based on price,
production history and other factors. Depletion expense, which is computed based on the units of production method, could be significantly
impacted by changes in such estimates. Additionally, US GAAP requires that if the expected future undiscounted cash flows from
an asset are less than its carrying cost, that asset must be written down to its fair market value. As the fair market value of
an oil and gas property will usually be significantly less than the total undiscounted future net revenues expected from that
asset, slight changes in the estimates used to determine future net revenues from an asset could lead to the necessity of recording
a significant impairment of that asset.
Unproved
oil and gas properties will be assessed annually to determine whether they have been impaired by the drilling of dry holes on
or near the related acreage or other circumstances, which may indicate a decline in value. When impairment occurs, a loss will
be recognized. When leases for unproved properties expire, the costs thereof, net of any related allowance for impairment, will
be removed from the accounts and charged to expense.
The
Company will review its proved oil and natural gas properties for impairment whenever events and circumstances indicate that a
decline in the recoverability of its carrying value may have occurred. It estimates the undiscounted future net cash flows of
its oil and natural gas properties and compares such undiscounted future cash flows to the carrying amount of the oil and natural
gas properties to determine if the carrying amount is recoverable. If the carrying amount exceeds the estimated undiscounted future
cash flows, the Company will adjust the carrying amount of the oil and natural gas properties to fair value.
During
the year ended December 31, 2023, the Company recorded impairments of $875,400 on oil and gas properties. There were no impairments
recorded during the three months ended March 31, 2024 and 2023.
Long-Lived
Assets
The
Company accounts for the impairment or disposal of long-lived assets according to the Financial Accounting Standards Board’s
(“FASB”) Accounting Standards Codification (“ASC”) 360 “Property, Plant and Equipment”. ASC
360 clarifies the accounting for the impairment of long-lived assets and for long-lived assets to be disposed of, including the
disposal of business segments and major lines of business. Long-lived assets are reviewed when facts and circumstances indicate
that the carrying value of the asset may not be recoverable. When necessary, impaired assets are written down to estimated fair
value based on the best information available. Estimated fair value is generally based on either appraised value or measured by
discounting estimated future cash flows. Considerable management judgment is necessary to estimate discounted future cash flows.
Accordingly, actual results could vary significantly from such estimates. The Company did not recognize any impairment losses
on long-lived assets during the three months ended March 31, 2024 and 2023.
Fair
Values of Financial Instruments
The
Company had no financial instruments for the three months ended March 31, 2024, or for the year ended December 31, 2023.
ASC
820 “Fair Value Measurements and Disclosures” defines fair value as the exchange price that would be received for
an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability
in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy
that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources
(observable inputs) and (2) a reporting entity’s own assumptions about market participant assumptions developed based on
the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels,
which give the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and
the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:
Level
1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted
assets or liabilities;
Level
2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly
or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar
assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability
(e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation
or other means; and
Level
3 – Fair value measurements are those derived from valuation techniques that include inputs for the asset or liability
that are not based on observable market data (unobservable inputs).
Fair
value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as
of March 31, 2024, and December 31, 2023. The respective carrying value of certain on-balance-sheet financial instruments approximated
their fair values due to the short-term nature of these instruments.
Revenue
Recognition
The
Company accounts for revenue under ASC 606 “Revenue from Contracts with Customers.” Under ASC 606, oil and natural
gas sales revenues are recognized when control of the product is transferred to the customer, the performance obligations under
the terms of the contracts with customers are satisfied and collectability is reasonably assured. All the Company’s oil
and natural gas sales are made under contracts with customers. The performance obligations for the Company’s contracts with
customers are satisfied at a point in time through the delivery of oil and natural gas to its customers. Accordingly, the Company’s
contracts do not give rise to contract assets or liabilities. The Company typically receives payment within 90 days of the month
of delivery. The Company’s contracts for oil and natural gas sales are standard industry contracts that include variable
consideration based on the monthly index price and adjustments that may include counterparty-specific provisions related to volumes,
price differentials, discounts, and other adjustments and deductions.
The
following table presents revenues disaggregated by product for the three months ended March 31, 2024, and 2023:
| |
For the Three Months | |
| |
Ended March 31, | |
| |
2024 | | |
2023 | |
| |
| | |
| |
Crude oil revenues | |
$ | 181,225 | | |
$ | 225,815 | |
Gas revenues | |
| 827 | | |
| 2,903 | |
Total revenues | |
$ | 182,052 | | |
$ | 228,718 | |
All
revenues are from production from the Gulf States Drill Region.
Accounts
Receivable
Accounts
receivable consists of oil and natural gas receivables. Ongoing evaluations of collectability are performance and an allowance
for expected credit losses is provided against the portion of accounts receivable that is estimated to be uncollectible. The Company
did not recognize any write-offs during the three months ended March 31, 2024 and 2023. At both March 31, 2024, and December 31,
2023, the allowance for expected credit losses was $0.
Stock-Based Compensation
The Company accounts for Stock-Based Compensation
under ASC 718 “Compensation – Stock Compensation”, which addresses the accounting for transactions in which
an entity exchanges its equity instruments for goods or services, with a primary focus on transactions in which an entity obtains
employee services in share-based payment transactions. Generally accepted accounting principles require measurement of the cost
of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award.
Incremental compensation costs arising from subsequent modifications of awards after the grant date must be recognized.
The Company issues stock to consultants
for various services. The costs for these transactions are measured at the fair value of the consideration received or the fair
value of the equity instruments issued, whichever is more reliably measurable. The value of the common stock is measured at the
earlier of (i) the date at which a firm commitment for performance by the counterparty to earn the equity instruments is reached
or (ii) the date at which the counterparty’s performance is complete. The Company recognized consulting expense and a corresponding
increase to additional paid-in-capital related to stock issued for services.
Income
Taxes
Income
taxes are accounted for under ASC 740 using the liability method of accounting for income taxes. Under the liability method, future
tax liabilities and assets are recognized for the estimated future tax consequences attributable to differences between the amounts
reported in the financial statement carrying amounts of assets and liabilities and their respective tax bases. Future tax assets
and liabilities are measured using enacted or substantially enacted income tax rates expected to apply when the asset is realized,
or the liability settled. The effect of a change in income tax rates on future income tax liabilities and assets is recognized
in income in the period that the change occurs. Future income tax assets are recognized to the extent that they are considered
more likely than not to be realized.
ASC
740 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. This standard
requires a company to determine whether it is more likely than not that a tax position will be sustained upon examination based
on the technical merits of the position. If the more-likely-than-not threshold is met, a company must measure the tax position
to determine the amount to recognize in the financial statements.
Because
of the implementation of this standard, the Company performed a review of its material tax positions in accordance with recognition
and measurement standards established by ASC 740 and concluded that it had no uncertain tax positions as of March 31, 2024, or
as of December 31, 2023.
Basic
and Diluted Earnings per Share
The
Company computes income per share in accordance with ASC 260, “Earnings per Share”, which requires the presentation
of both basic and diluted earnings per share (“EPS”) on the face of the statement of operations. Basic EPS is computed
by dividing income available to common stockholders by the weighted average number of shares outstanding during the period. Diluted
EPS gives effect to all dilutive potential shares of common stock outstanding during the period using the treasury stock method
and convertible preferred stock using the if-converted method. In computing diluted EPS, the average stock price for the period
is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS
excludes all dilutive potential shares if their effect is anti-dilutive. As of March 31, 2024 and December 31, 2023, the Company
had 0 and 1,050,000 potentially dilutive common shares outstanding, respectively
Asset
Retirement Obligations
The
Company records the estimated fair value of obligations associated with the retirement of tangible, long-lived assets in the period
in which they are incurred. When a liability is initially recorded, the Company capitalizes the cost by increasing the carrying
amount of the related long-lived asset. Over time, the liability is accreted to its present value, and the capitalized cost is
depleted over the useful life of the related asset.
Revisions
to estimated asset retirement obligations will result in an adjustment to the related capitalized asset and corresponding liability.
Upon settlement of the liability, the Company either settles the obligation for its recorded amount or incurs a gain or loss.
The Company’s asset retirement obligation relates to the plugging, dismantling, removal, site reclamation, and similar activities
of its oil and gas properties.
Asset
retirement obligations are estimated at the present value of expected future net cash flows and are discounted using the Company’s
credit adjusted risk free rate. The Company uses unobservable inputs in the estimation of asset retirement obligations that include,
but are not limited to: costs of labor, costs of materials, profits on costs of labor and materials, the effect of inflation on
estimated costs, and discount rate. Due to the subjectivity of assumptions and the relative long lives of the Company’s
leases, the costs to ultimately retire the Company’s obligations may vary significantly from prior estimates. Assumptions
used in determining estimates are reviewed annually.
Concentration
of Credit Risk
Our
revenue can be materially affected by current economic conditions and the price of oil and natural gas. However, based on the
current demand for crude oil and natural gas and the fact that alternative purchasers are readily available, we believe that the
loss of our marketing agents and/or any of the purchasers identified by our marketing agents would not have a long term material
adverse effect on our financial position or results of international operations. The continued economic disruption resulting from
Russia’s invasion of Ukraine, a potential global recession, and other varying macroeconomic conditions could materially
impact the Company’s business in future periods. Any potential disruption will depend on the duration and intensity of these
events, which are highly uncertain and cannot be predicted at this time.
Concentration
of Credit Risk – Cash – The Company maintains cash and cash equivalent balances at a single financial institution
that are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000. At March 31, 2024, and December 31, 2023,
the Company had no exposure in excess of insurance.
Concentration
of Credit Risk – Accounts Receivable – All of the Company’s outstanding accounts receivable was with one
party, Taxodium Energy, LLC.
NOTE
4 – RECENT ACCOUNTING PRONOUNCEMENTS
New
and Recently Adopted Accounting Pronouncements
The
Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact
on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting
pronouncements that have been issued that might have a material impact on its financial position or results of operations.
NOTE
5 –ROYALTY INTERESTS IN OIL AND GAS PROPERTIES
The
Company did not execute any acquisitions during the three months ended March 31, 2024. At March 31, 2024, the Company had leased
oil and gas properties assets valued at $4,022,906.
Scheduled leased oil and gas properties assets
| |
| | |
Balance, December 31, 2023 | |
$ | 4,089,503 | |
Revisions of prior year ARO estimates | |
| 14,727 | |
Depletion expense | |
| (81,324 | ) |
Balance, March 31, 2024 | |
$ | 4,022,906 | |
We
recorded depletion expense of $81,324 and $95,224 for the three months ended March 31, 2024 and 2023, respectively.
NOTE
6 – ASSET RETIREMENT OBLIGATION
The
Company records the obligation to plug and abandon oil and gas wells at the dates the properties are either acquired or the wells
are drilled. The asset retirement obligation is adjusted each quarter for any liabilities incurred or settled during the period,
accretion expense, and any revisions made to the costs or timing estimates. The asset retirement obligation is incurred using
an annual credit-adjusted risk-free discount rate at the applicable dates. Changes in the asset retirement obligation were as
follows:
Balance, December 31, 2023 | |
$ | 105,118 | |
Revisions of prior year estimates | |
| 14,727 | |
Accretion expense | |
| 2,627 | |
Balance, March 31, 2024 | |
$ | 122,472 | |
NOTE
7 – NOTES PAYABLE
Notes
payable consisted of the following:
| |
March 31, 2024 | | |
December 31, 2023 | |
SBA PPP Loan | |
$ | 28,594 | | |
$ | 31,078 | |
Notes payable – related party | |
| 103,001 | | |
| 103,001 | |
Total notes payable | |
| 131,595 | | |
| 134,079 | |
Less: current portion | |
| (113,011 | ) | |
| (112,985 | ) |
Notes payable net of current portion | |
$ | 18,584 | | |
$ | 21,094 | |
SBA
PPP Loan
On
May 7, 2020, the Company applied for a Small Business Association (SBA) loan under the Paycheck Protection Program (PPP). The
Company met all the necessary qualifications to apply for a $49,992 loan. On June 10, 2020, the SBA PPP loan was approved and
transferred to the Company to be used for payment of accrued payroll and related payroll taxes. On November 29, 2021, the Company
was notified that the request for forgiveness was denied. The note was converted to a five-year loan bearing interest at 1% per
annum beginning on January 1, 2022.
Related
Party
The
Company has issued several unsecured promissory notes to a related party, the CFO of the Company. The related party notes bear
interest at 2% per annum. Principal and accrued interest on all notes mature on May 13, 2024.
NOTE
8 – RELATED PARTY TRANSACTIONS
For
the three months ending March 31, 2024 and the year ending 2023, the following related party transactions occurred between any
of the Company’s directors or executive officers or any person nominated or chosen by the Company to become a director or
executive officer:
On
January 25, 2023, the Company issued 25,000 shares of its Series A convertible preferred stock to Jeffrey J. Guzy, the Company’s
former CEO, and 25,000 shares of Series A convertible stock to Wm. Barrett Wellman, the Company’s former CFO. Each share
is convertible at the option of the holder to ten (10) shares of common stock. The total fair value of $1,065,000 ($21.30 per
share) was recorded as part of accrued salaries and payroll taxes for the year ended December 31, 2022 as service was provided
in the year. The accrual was reversed upon issuance of the shares in January 2023. The fair value was based on the value assigned
to common stock ($2.13 per share) multiplied by 10.
On
February 14, 2023, the Company entered into a new employment agreement with Mr. Guzy (the “Guzy 2023 Employment Agreement”),
pursuant to which Mr. Guzy continued serving the Company as Chief Executive Officer, President and Chairman of the Company.
On
March 14, 2023, Mr. Wellman’s Employment Agreement has been extended to a termination date of August 16, 2024.
Effective
as of January 10, 2024, the board of directors of the Company (the “Board”) increased the size of the Board from two
to three directors and appointed William R. Downs to the Board.
On
January 10, 2024, Jeffrey J. Guzy resigned from serving as Chief Executive Officer, President and Chairman of the Board. Immediately
upon Mr. Guzy’s resignation from these offices, the Board appointed Mr. Downs to positions of Chief Executive Officer, President
and Chairman of the Board. Also on January 10, 2024, Wm. Barrett Wellman resigned as Chief Financial officer and Secretary of
the Company. Effective immediately upon Mr. Wellman’s resignation, the Board appointed Mr. Guzy as the Company’s Chief
Financial officer and Secretary.
On
January 10, 2024, the Company issued 100,000 common shares at $0.99 per share to William R. Downs in connection with his appointment
as the Company’s new Chief Executive Officer. The issuance of 100,000 shares was recognized at the share price on the date of the employment agreement.
On
January 26, 2024, the holders of the Company’s Series A convertible preferred stock converted all 105,000 shares issued
and outstanding into common shares at a conversion rate of one to ten. The conversion occurred at the rate specified in the initial issuance agreement and therefore no gain or loss was recognized on the conversion. In connection with the exercise of the conversion option,
the Company issued 575,000 and 475,000 common shares to Jeffrey J. Guzy and Wm. Barrett Wellman, respectively.
NOTE
9 – STOCKHOLDERS’ EQUITY
Authorized
Capital
As
of March 31, 2024, the Company has 300,000,000 authorized shares of Common Stock at $0.01 par value and 50,000,000 authorized
shares of Preferred Stock at a par value of $0.10, and Series A convertible shares at a par value of $0.01.
Preferred
Stock
The
holders of Preferred Stock are entitled to receive dividends equal to the amount of the dividend or distribution per share of
common stock payable multiplied by the number of shares of common stock the shares of Series A preferred shares held by such holder
are convertible into. Each Series A preferred share is convertible into ten common shares.
The
company classified the Series A Preferred Stock as permanent equity as the terms do not provide for an obligation to buy back
the shares in exchange for cash or other assets of the Company. The shares are not considered debt under ASC 480 “Distinguishing
Liabilities from Equity” as the shares do not represent an obligation that must or may be settled with a variable number
of shares. No other redemption features exist within the terms of the instrument.
Refer
to Note 8 for details on convertible preferred stock issuances to the Company’s officers.
Common
Stock
On
January 31, 2023, the Company issued 20,642 shares for vendor payments at $2.13 per share.
On
February 1, 2023, the Company issued 120,000 shares for consulting fees at $2.13 per share.
On
March 1, 2023, the Company received $10,000 for stock subscriptions payable of 5,000 shares of common stock.
Refer
to Note 8 for details on common share issuances to the Company’s officers.
The
above shares of capital stock are restricted securities under Rule 144 and were issued in reliance on an exemption from the registration
requirements of the Securities Act.
Capital
Contributions
During
the periods ending March 31, 2024, and March 31, 2023, the Company did not receive any capital contributions in excess of the
$10,000 received for stock subscriptions payable.
NOTE
10 – CONTINGENCIES AND COMMITMENTS
Operating
Lease Commitments
The
Company has no lease obligations at March 31, 2024, and December 31, 2023. The Company has a month-to-month rental agreement for
an office share in Arlington, Virginia beginning on April 1, 2018, for $50 per month. Additionally, the Company has no known contingencies
as of March 31, 2024, and December 31, 2023.
Purchase
Commitments
The
Company has no purchase obligations at March 31, 2024 and December 31, 2023.
Legal
Matters
During
the course of business, litigation commonly occurs. From time to time, the Company may be a party to litigation matters involving
claims against the Company. The Company operates in a highly regulated industry and employs personnel, which may inherently lend
itself to legal matters. Management is aware that litigation has associated costs and that results of adverse litigation verdicts
could have a material effect on the Company’s financial position or results of operations. There are no known legal proceedings
against the Company or its officers and directors in their capacity as officers and directors of the Company.
NOTE
11 – SUBSEQUENT EVENTS
The
Company has evaluated all events that occurred after the balance sheet date through the date when the financial statements were
issued to determine if they must be reported. The management of the Company determined that there were no reportable subsequent
events to be disclosed beyond the following:
Related
Party Notes Payable
On
April 25, 2024, all outstanding notes with the Company’s CFO (refer to NOTE 7) were extended to have a maturity date of
December 31, 2024.
Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Management’s
Discussion and Analysis of Financial Condition and Results of Operations analyzes the major elements of our balance sheets and
statements of operations. This section should be read in conjunction with our Annual Report on Form 10-K for the year ended December
31, 2023, and our interim unaudited financial statements and accompanying notes to these financial statements.
NOTE
ABOUT FORWARD-LOOKING STATEMENTS
This
Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933,
as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The statements contained in this report that are
not historical facts are forward-looking statements that represent management’s beliefs and assumptions based on currently
available information. Forward-looking statements include information concerning our possible or assumed future results of operations,
business strategies, need for financing, competitive position, and potential growth opportunities. Our forward-looking statements
do not consider the effects of future legislation or regulations. Forward-looking statements include all statements that are not
historical facts and can be identified by the use of forward-looking terminology such as the words “believes,” “intends,”
“may,” “should,” “anticipates,” “expects,” “could,” “plans,”
“estimates,” “projects,” “targets” or comparable terminology or by discussions of strategy
or trends. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we cannot give
any assurances that these expectations will prove to be correct. Such statements by their nature involve risks and uncertainties
that could significantly affect expected results, and actual future results could differ materially from those described in such
forward-looking statements.
Among
the factors that could cause actual future results to differ materially are the risks and uncertainties discussed in this report
and in our annual report on Form 10-K for the year ended December 31, 2023. While it is not possible to identify all factors,
we continue to face many risks and uncertainties including, but not limited to:
| ● | declines
or volatility in the prices we receive for our oil and natural gas; |
| ● | our
ability to raise additional capital to fund future capital expenditures; |
| ● | our
ability to generate sufficient cash flow from operations, borrowings or other sources
to enable us to fully develop and produce our oil and natural gas properties; |
| ● | general
economic conditions, whether internationally, nationally or in the regional and local
market areas in which we do business; |
| ● | risks
associated with drilling, including completion risks, cost overruns and the drilling
of non-economic wells or dry holes; |
| ● | uncertainties
associated with estimates of proved oil and natural gas reserves; |
| ● | the
presence or recoverability of estimated oil and natural gas reserves and the actual future
production rates and associated costs; |
| ● | risks
and liabilities associated with acquired companies and properties; |
| ● | risks
related to the integration of acquired companies and properties; |
| ● | potential
defects in title to our properties; |
| ● | cost
and availability of drilling rigs, equipment, supplies, personnel, and oilfield services; |
| ● | geological
concentration of our reserves; |
| ● | environmental
or other governmental regulations, including the legislation of hydraulic fracture stimulation; |
| ● | our
ability to secure firm transportation for oil and natural gas we produce and to sell
the oil and natural gas at market prices; |
| ● | exploration
and development risks; |
| ● | management’s
ability to execute our plans to meet our goals; |
| ● | our
ability to retain key members of our management team on commercially reasonable terms; |
| ● | the
occurrence of cybersecurity incidents, attacks or other breaches to our information technology
systems or on systems and infrastructure used by the oil and gas industry; |
| ● | effectiveness
of our internal control over financial reporting; |
| ● | actions
or inactions of third-party operators of our properties; |
| ● | costs
and liabilities associated with environmental, health and safety laws; |
| ● | our
ability to find and retain highly skilled personnel; |
| ● | operating
hazards attendant to the oil and natural gas business; |
| ● | competition
in the oil and natural gas industry; |
| ● | evolving
geopolitical and military hostilities in the Middle East; |
| ● | economic
and competitive conditions; |
| ● | lack
of available insurance; |
| ● | cash
flow and anticipated liquidity; |
| ● | the
other factors discussed under “Risk Factors” in our Annual Report on Form
10-K for the fiscal year ended December 31, 2023. |
Forward-looking
statements speak only as to the date hereof. Except as otherwise required by applicable law, we disclaim any intention or obligation
to update publicly or revise such statements whether as a result of new information, future events or otherwise.
There
may also be other risks and uncertainties that we are unable to predict at this time or that we do not now expect to have a material
adverse impact on our business.
Overview
CoJax
is a growth-oriented independent exploration and production company based in Arlington, Virginia, and is engaged in oil and natural
gas development, production, acquisition, and exploration activities currently focused on the Gulf States Drill Region.
Business
Description and Plan of Operation
CoJax
is currently engaged in oil and natural gas acquisition, exploration, development, and production in Mississippi and Alabama.
We focus on developing our existing properties while continuing to pursue acquisitions of oil and gas properties with upside potential
in the Gulf States Drill Region.
Our
goal is to increase stockholder value by investing in oil and natural gas projects with attractive rates of return on capital
employed. We plan to achieve this goal by exploiting and developing our existing oil and natural gas properties and pursuing strategic
acquisitions of additional properties, while remaining cash flow positive, maintaining low operating costs, and striving to show
a gain in annual production while reducing the Company’s debt.
Executive
Summary - First Quarter 2024 Developments and Highlights
Risks
and Uncertainties
The
oil and natural gas industry is a global market impacted by many factors, including government regulations, particularly in the
areas of trade sanctions, taxation, energy, climate change and the environment, geopolitical instability, and military conflicts
(including the Russian-Ukrainian conflict in the Middle East), fluctuations in worldwide commodity demand, and the extent to which
members of OPEC and other oil exporting nations manage oil supply through export quotas. In general, natural gas prices are determined
by North American supply and demand and are affected by the import and export of liquefied natural gas. Oil and natural gas prices
have been, and are expected to continue to be, volatile. This volatility could negatively impact future prices for oil, natural
gas, petroleum products, and industrial products.
Results
of Operations – For the Three Months Ended March 31, 2024, and 2023
| |
For the Three Months Ended March 31, | |
| |
| | |
| | |
Change | | |
Change | |
| |
2024 | | |
2023 | | |
Amount | | |
% | |
Revenues | |
$ | 182,052 | | |
$ | 228,718 | | |
$ | (46,666 | ) | |
| (20.4 | %) |
Lease operating expenses | |
| 47,341 | | |
| 59,139 | | |
| (11,798 | ) | |
| (19.9 | %) |
General & administrative expenses | |
| 354,167 | | |
| 371,354 | | |
| (17,187 | ) | |
| (4.6 | %) |
Depletion and accretion on discounted liabilities | |
| 83,952 | | |
| 98,444 | | |
| (14,492 | ) | |
| (14.7 | %) |
Loss from operations | |
| (303,408 | ) | |
| (300,219 | ) | |
| (3,189 | ) | |
| 1.1 | % |
Other expense, net | |
| (78 | ) | |
| (556 | ) | |
| 478 | | |
| (86.0 | %) |
Net loss | |
$ | (303,486 | ) | |
$ | (300,775 | ) | |
$ | (2,711 | ) | |
| 0.9 | % |
Revenues
Revenues
were $182,052 for the three months ended March 31, 2024, compared to $228,718 for the three months ended March 31, 2023. The Company
is an early-stage company, having just begun to acquire assignments of hydrocarbon revenues and underlying oil and gas exploration
and production rights, and therefore has just begun producing significant revenue in 2023. The decrease in revenue of 20.4% was
primarily driven by a decrease in production.
Lease
Operating Expenses
Lease
operating expenses were $47,341 for the three months ended March 31, 2024, compared to $59,139 for the three months ended March
31, 2023, representing a decrease of 19.9% or $11,798. The decrease in expense was primarily attributable to the decrease in production,
which is in line with the decrease in revenue.
Loss
from Operations
Total
operating loss was $303,408 for the three months ended March 31, 2024, and $300,219 for the three months ended March 31, 2023.
The increased loss was primarily driven by the $46,666 decrease in revenues.
Other
Expense, Net
Other
expense, net was $78 for the three months ended March 31, 2024, as compared to $556 for the three months ended March 31, 2023, due
to an increase in interest income.
Net
Loss
As
a result of the above factors, for the three months ended March 31, 2024, the Company had a net loss of $303,486 as compared to
a net loss of $300,775 for the three months ended March 31, 2023.
Sales
volumes and commodity prices received
The
following table presents our sales volumes and received pricing information for the three-month periods ended March 31, 2024,
and 2023:
| |
For the Three Months | |
| |
Ended March 31, | |
| |
2024 | | |
2023 | |
Oil volume (Bbls) | |
| 2,948 | | |
| 3,149 | |
Natural gas volume (Mcf) | |
| 225 | | |
| 1,581 | |
Total Production (Boe) | |
| 2,986 | | |
| 3,412 | |
| |
| | | |
| | |
Average Sales Price: | |
| | | |
| | |
Oil price (per Bbl) | |
$ | 75.69 | | |
$ | 73.05 | |
Gas price (per Mcf) | |
| 4.16 | | |
| 2.46 | |
Total per BOE | |
$ | 75.09 | | |
$ | 69.57 | |
Liquidity
and Capital Resources
Sources
of Liquidity
The
Company had cash on hand of $69,223 at March 31, 2024, compared to $75,908 at December 31, 2023. For the three months ended March
31, 2024, the Company had net cash used in operating activities of $4,201, compared to $21,353 for the same period of 2023. The
decrease in cash used in operating activities was driven by the $200,567 decrease in the adjustment for the noncash issuance of
common stock for services and salaries, offset by the $234,922 increase in adjustments for changes in the balances of accounts
receivable, prepaid expenses, accounts payable, and accrued liabilities.
Net
cash used in investing activities was $0 for the three months ended March 31, 2024, and March 31, 2023.
Net
cash used in financing activities was $2,484 for the three months ended March 31, 2024, compared to net cash provided by financing
activities of $7,537 for the same period in 2023. The decrease is due to proceeds from stock subscriptions payable of $10,000
during the period ended March 31, 2023, compared to $0 during the same period in 2024.
Capital
Resources for Future Acquisition and Development Opportunities
We
continuously evaluate potential acquisitions and development opportunities. To the extent possible, we intend to acquire producing
properties and/or developed undrilled properties rather than exploratory properties. We do not intend to limit our evaluation
to any one state. We presently have no intention to evaluate offshore properties or properties located outside of the United States.
Effects
of Inflation and Pricing
The
oil and natural gas industry is very cyclical and the demand for goods and services of oil field companies, suppliers, and others
associated with the industry puts pressure on the economic stability and pricing structure within the industry. Typically, as
prices for oil and natural gas increase, so do all associated costs. Material changes in prices impact the current revenue stream,
estimates of future reserves, borrowing base calculations of bank loans, and the value of properties in purchase and sale transactions.
Material changes in prices can impact the value of oil and natural gas companies and their ability to raise capital, borrow money
and retain personnel. We anticipate business costs will vary in accordance with commodity prices for oil and natural gas, and
the associated increase or decrease in demand for services related to production and exploration.
Off
Balance Sheet Arrangements
The
Company does not have any off-balance sheet arrangements, and it is not anticipated that the Company will enter into any off-balance
sheet arrangements.
Disclosures
About Market Risks
Like
other natural resource producers, the Company faces certain unique market risks associated with the exploration and production
of oil and natural gas. The most salient risk factors are the volatile prices of oil and gas, operational risks, the ability to
integrate properties and businesses, and certain environmental concerns and obligations.
Oil
and Gas Prices
The
price we receive for our oil and natural gas will heavily influence our revenue, profitability, access to capital, and future
rate of growth. Oil and natural gas are commodities and, therefore, their prices are subject to wide fluctuations in response
to relatively minor changes in supply and demand. The prices we receive for our production depend on numerous factors beyond our
control. These factors include, without limitation, the following: worldwide and regional economic conditions impacting the global
supply and demand for oil and natural gas; the price and quantity of imports of foreign oil and natural gas; the level of global
oil and natural gas inventories; localized supply and demand fundamentals; the availability of refining capacity; price and availability
of transportation and pipeline systems with adequate capacity; weather conditions, natural disasters, and public health threats;
governmental regulations; speculation as to the future price of oil and the speculative trading of oil and natural gas futures
contracts; price and availability of competitors’ supplies of oil and natural gas; energy conservation and environmental
measures; technological advances affecting energy consumption; the price and availability of alternative fuels and energy sources;
and domestic and international drilling activity.
A
substantial or extended decline in oil or natural gas prices may result in impairments of our proved oil and gas properties and
may materially and adversely affect our future business, financial condition, cash flows, and results of operations.
Transportation
of Oil and Natural Gas
CoJax
is presently committed to using the services of the existing gatherers in its present areas of production. This gives such gatherers
certain short-term relative monopolistic powers to set gathering and transportation costs. Obtaining the services of an alternative
gathering company would require substantial additional costs since an alternative gatherer would be required to lay a new pipeline
and/or obtain new rights-of-way.
Competition
in the Oil and Natural Gas Industry
We
operate in a highly competitive environment for developing and acquiring properties, marketing oil and natural gas, and securing
equipment and trained personnel. As a relatively small oil and natural gas company, many large producers possess and employ financial,
technical, and personnel resources substantially greater than ours. Those companies may be able to develop and acquire more prospects
and productive properties than our financial or personnel resources permit. It is also significant that more favorable prices
can usually be negotiated for larger quantities of oil and/or gas products, such that CoJax views itself as having a price disadvantage
compared to larger producers.
Retention
of Key Personnel
We
depend to a large extent on the services of our officers. These individuals have extensive experience in the energy industry,
as well as expertise in evaluating and analyzing producing oil and natural gas properties and drilling prospects, maximizing production
from oil and natural gas properties, and developing and executing financing strategies. The loss of any of these individuals could
have a material adverse effect on our operations and business prospects. Our success may be dependent on our ability to continue
to hire, retain and utilize skilled executive and technical personnel.
Environmental
and Regulatory Risks
Our
business and operations are subject to and impacted by a wide array of federal, state, and local laws and regulations governing
the exploration for and development, production, and marketing of oil and natural gas, the operation of oil and natural gas wells,
taxation, and environmental and safety matters. Many laws and regulations require drilling permits and govern the spacing of wells,
rates of production, water, waste use and disposal, prevention of waste hydraulic fracturing, and other matters. From time to
time, regulatory agencies have imposed price controls and limitations on production in order to conserve supplies of oil and natural
gas. In addition, the production, handling, storage, transportation, and disposal of oil and natural gas, byproducts thereof,
and other substances and materials produced or used in connection with oil and natural gas operations are subject to regulation
under federal, state, and local laws and regulations.
Compliance
with these regulations may constitute a significant cost and effort for CoJax. To date, no specific accounting for environmental
compliance has been maintained or projected by CoJax. CoJax does not presently know of any environmental demands, claims, adverse
actions, litigation, or administrative proceedings in which it or the acquired properties are involved or subject to or arising
out of its predecessor operations.
In
the event of a violation of environmental regulations, these environmental regulatory agencies have a broad range of alternative
or cumulative remedies including ordering a cleanup of any spills or waste material and restoration of the soil or water to conditions
existing prior to the environmental violation; fines; or enjoining further drilling, completion or production activities.
Going
Concern
There
can be no assurance that the Company will be able to achieve its business plan, raise additional capital, or secure the additional
financing necessary to implement its current operating plan. The accompanying financial statements do not include any adjustments
that might be necessary if the Company is unable to continue as a going concern.
The
Company has yet to achieve profitable operations, expects to incur further losses in the development of its business, has negative
cash flows from operating activities, and is dependent upon future issuances of equity or other financings to fund ongoing operations,
all of which raises substantial doubt about the Company’s ability to continue as a going concern. The Company’s ability
to continue as a going concern is dependent upon its ability to generate future profitable operations or to obtain the necessary
financing from shareholders or other sources to meet its obligations and repay its liabilities arising from normal business operations
when they come due. Management has no formal plan in place to address this concern. Still, it considers that the Company will
be able to obtain additional funds by equity financing or related party advances. However, there is no assurance of additional
funding being available or on acceptable terms, if at all.
Item
3. Quantitative and Qualitative Disclosures About Market Risk
We
are a smaller reporting company and are not required to provide this information.
Item
4. Controls and Procedures
Evaluation
of disclosure controls and procedures
Our
management, with the participation of William R. Downs, our principal executive officer, and Jeffrey J. Guzy, our principal financial
officer, evaluated the effectiveness of our disclosure controls and procedures as of March 31, 2024, the end of the period covered
by this Quarterly Report, pursuant to Rule 13a-15 under the Exchange Act. In designing and evaluating the disclosure controls
and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide
only reasonable assurance of achieving the desired control objectives. In addition, the design of disclosure controls and procedures
must reflect the fact that there are resource constraints and that management is required to apply its judgment in evaluating
the benefits of possible controls and procedures relative to their costs.
Based
on management’s evaluation, Messrs. Downs and Guzy concluded that our disclosure controls and procedures as of the end of
the period covered by this report were not effective in ensuring that information required to be disclosed by us in reports that
we file or submit under the Exchange Act (i) is recorded, processed, summarized and reported within the time periods specified
in the Securities and Exchange Commission’s rules and forms, and (ii) is accumulated and communicated to the Company’s
management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate
to allow timely decisions regarding required disclosure.
We
will continue to monitor and evaluate the effectiveness of our disclosure controls and procedures and our internal controls over
financial reporting on an ongoing basis and are committed to taking further action and implementing additional enhancements or
improvements, as necessary and as funds allow.
Changes
in internal control over financial reporting
We
regularly review our system of internal control over financial reporting and make changes to our processes and systems to improve
controls and increase efficiency, while ensuring that we maintain an effective internal control environment. Changes may include
such activities as implementing new, more efficient systems, consolidating activities, and migrating processes.
There
were no changes in our internal control over financial reporting that occurred during the three months ended March 31, 2024, that
have materially affected or are reasonably likely to materially affect, our internal control over financial reporting.
PART
II – OTHER INFORMATION
Item
1. Legal Proceedings
There
are no pending legal proceedings to which the Company is a party or in which any director, officer or affiliate of the Company,
any owner of record or beneficially of more than 5% of any class of voting securities of the Company, or security holder is a
party adverse to the Company or has a material interest adverse to the Company. The Company’s property is not the subject
of any legal proceedings.
Item
1A. Risk Factors
We
are a smaller reporting company, as defined by Rule 12b-2 of the Exchange Act, and are not required to provide the information
under this item. However, there have been no material changes to the risks described in “Item 1A. Risk Factors” in
the 2023 Form 10-K.
Item
2. Recent Sales of Unregistered Securities; Use of Proceeds from Registered Securities
Except as set forth below, there
were no sales of equity securities sold during the period covered by this Report that were not registered under the Securities
Act and were not previously reported in a Current Report on Form 8-K filed by the Company.
On January 26, 2024, the Company issued
575,000 shares of common stock to Jeffrey J. Guzy upon conversion of 57,600 shares of Series A preferred stock and 475,000 shares
of common stock to Wm. Barrett Wellman upon conversion of 47,500 shares of Series A preferred stock.
Item
3. Defaults Upon Senior Securities
None.
Item
4. Mine Safety Disclosures
Not
applicable.
Item
5. Other Information
None.
Item
6. Exhibits
| (a) | the
following documents are filed as exhibits to this Quarterly Report. |
*
Filed herewith.
**
Furnished herewith.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.
|
CoJax Oil and Gas Corporation
|
|
|
|
Date: May 10, 2024 |
By: |
/s/
William R. Downs |
|
|
William R. Downs |
|
|
Chief Executive Officer and President |
|
|
(Principal Executive Officer) |
|
|
|
Date: May 10, 2024 |
By: |
/s/
Jeffrey J. Guzy |
|
|
Jeffrey J. Guzy |
|
|
Chief Financial Officer and Director |
|
|
(Principal Financial and Accounting Officer) |
EXHIBIT
31.1
CERTIFICATION
PURSUANT TO SECTION 302(a)
OF THE SARBANES-OXLEY ACT OF 2002
I,
William R. Downs, certify that:
| 1. | I
have reviewed this Quarterly Report on Form 10-Q of CoJax Oil and Gas Corporation, a
Virginia corporation, for the quarter ended March 31, 2024; |
| 2. | Based
on my knowledge, this report does not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the
period covered by this report; |
| 3. | Based
on my knowledge, the financial statements, and other financial information included in
this report, fairly present in all material respects the financial condition, results
of operations and cash flows of the registrant as of, and for, the periods presented
in this report; |
| 4. | The
registrant’s other certifying officers and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)
and 15d-15(e)) for the registrant and have; |
| (a) | Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to
the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared; |
| (b) | Designed
such internal control over financial reporting, or caused such internal control over
financial reporting to be designed under our supervision, to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles; |
| (c) | Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and
procedures, as of the end of the period covered by this report based on such evaluation;
and |
| (d) | Disclosed
in this report any change in the registrant’s internal control over financial reporting
that occurred during the most recent quarter (the registrant’s fourth fiscal quarter
in the case of an annual report) covered by this report that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control
over financial reporting; and |
| 5. | The
registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over
financial reporting,
to the registrant’s auditors and the audit committee of registrant’s board
of directors (or persons performing the equivalent functions): |
| (a) | All
significant deficiencies and material weakness in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant’s ability to record, process,
summarize and report financial information; and |
| (b) | Any
fraud, whether or not material, that involves management or other employees who have
a significant role in the registrant’s internal control over financial reporting. |
Date: May 10, 2024 |
By: |
/s/
William R. Downs |
|
| William
R. Downs |
|
| Chief
Executive Officer
(Principal Executive Officer) |
EXHIBIT
31.2
CERTIFICATION
PURSUANT TO SECTION 302(a)
OF THE SARBANES-OXLEY ACT OF 2002
I,
Jeffrey J. Guzy, certify that:
| 1. | I
have reviewed this Quarterly Report on Form 10-Q of CoJax Oil and Gas Corporation, a
Virginia corporation, for the quarter ended March 31, 2024; |
| 2. | Based
on my knowledge, this report does not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the
period covered by this report; |
| 3. | Based
on my knowledge, the financial statements, and other financial information included in
this report, fairly present in all material respects the financial condition, results
of operations and cash flows of the registrant as of, and for, the periods presented
in this report; |
| 4. | The
registrant’s other certifying officers and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)
and 15d-15(e)) for the registrant and have; |
| (a) | Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to
the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared; |
| (b) | Designed
such internal control over financial reporting, or caused such internal control over
financial reporting to be designed under our supervision, to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles; |
| (c) | Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and
procedures, as of the end of the period covered by this report based on such evaluation;
and |
| (d) | Disclosed
in this report any change in the registrant’s internal control over financial reporting
that occurred during the most recent quarter (the registrant’s fourth fiscal quarter
in the case of an annual report) covered by this report that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control
over financial reporting; and |
| 5. | The
registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over
financial reporting,
to the registrant’s auditors and the audit committee of registrant’s board
of directors (or persons performing the equivalent functions): |
| (a) | All
significant deficiencies and material weakness in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant’s ability to record, process,
summarize and report financial information; and |
| (b) | Any
fraud, whether or not material, that involves management or other employees who have
a significant role in the registrant’s internal control over financial reporting. |
Date:
May 10, 2024 |
By: |
/s/
Jeffrey J. Guzy |
|
|
Jeffrey
J. Guzy |
|
|
Chief
Financial Officer |
|
|
(Principal
Executive Officer) |
EXHIBIT
32.1
CERTIFICATION
PURSUANT TO 18
U.S.C. SECTION 1350,
AS
ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the Quarterly Report on Form 10-Q of CoJax Oil and Gas Corporation, a Virginia corporation (the “Company”),
for the quarter ended March 31, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”),
I, William R. Downs, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant
to Section 906 of the Sarbanes-Oxley Act of 2002, that;
| (1) | The
Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities
Exchange Act of 1934; and |
| (2) | The
information contained in the Report fairly presents, in all material respects, the financial
condition and results of operations of the Company. |
A
signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the
Company and furnished to the Securities and Exchange Commission or its staff upon request.
Date: May 10, 2024 |
By |
/s/
William R. Downs |
|
| William
R. Downs |
|
| Chief
Executive Officer
(Principal Executive Officer) |
EXHIBIT
32.2
CERTIFICATION
PURSUANT TO
18 U.S.C. SECTION 1350,
AS
ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the Quarterly Report on Form 10-Q of CoJax Oil and Gas Corporation, a Virginia corporation (the “Company”),
for the quarter ended March 31, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”),
I, Jeffrey J. Guzy, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002, that;
| (1) | The
Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities
Exchange Act of 1934; and |
| (2) | The
information contained in the Report fairly presents, in all material respects, the financial
condition and results of operations of the Company. |
A
signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the
Company and furnished to the Securities and Exchange Commission or its staff upon request.
Date:
May 10, 2024 |
By |
/s/
Jeffrey J Guzy |
|
|
Jeffrey
J. Guzy |
|
|
Chief
Financial Officer |
|
|
(Principal
Executive Officer) |
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v3.24.1.1.u2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Current Assets |
|
|
Cash |
$ 69,223
|
$ 75,908
|
Accounts receivable |
176,894
|
205,306
|
Prepaid expenses |
9,750
|
|
Total Current Assets |
255,867
|
281,214
|
Properties and Equipment |
|
|
Oil and natural gas properties at cost |
4,524,406
|
4,509,679
|
Less: Accumulated depletion |
(501,500)
|
(420,176)
|
Total Properties and Equipment, net |
4,022,906
|
4,089,503
|
Total Assets |
4,278,773
|
4,370,717
|
Current Liabilities |
|
|
Accounts payable |
151,415
|
121,764
|
Workover expense payable |
106,861
|
106,861
|
Accrued salaries and payroll taxes |
902,830
|
834,809
|
Current portion of notes payable |
10,010
|
9,984
|
Notes payable – related party |
103,001
|
103,001
|
Total Current Liabilities |
1,274,117
|
1,176,419
|
Long-term Liabilities |
|
|
Asset retirement obligations |
122,472
|
105,118
|
Note payable, net of current portion |
18,584
|
21,094
|
Total Long-term Liabilities |
141,056
|
126,212
|
Total Liabilities |
1,415,173
|
1,302,631
|
Stockholders’ Equity |
|
|
Preferred stock, $0.10 par value, 50,000,000 current shares authorized, 0 and 105,000 Series A shares, $0.01 par value issued and outstanding, at March 31, 2024 and December 31, 2023 respectively. |
|
1,050
|
Common stock, $0.01 par value, 300,000,000 current shares authorized, 10,465,902 and 9,315,902 shares issued and outstanding, at March 31, 2024 and December 31, 2023 respectively. |
104,659
|
93,159
|
Subscription payable |
10,000
|
10,000
|
Additional paid-in capital |
13,816,468
|
13,727,918
|
Accumulated deficit |
(11,067,527)
|
(10,764,041)
|
Total Stockholders’ Equity |
2,863,600
|
3,068,086
|
Total Liabilities and Stockholders’ Equity |
$ 4,278,773
|
$ 4,370,717
|
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v3.24.1.1.u2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Preferred stock, par value (in dollars per share) |
$ 0.10
|
$ 0.10
|
Preferred stock, shares authorized |
50,000,000
|
50,000,000
|
Preferred stock, shares issued |
0
|
105,000
|
Preferred stock, shares outstanding |
0
|
105,000
|
Common stock, par value (in dollars per share) |
$ 0.01
|
$ 0.01
|
Common stock, shares authorized |
300,000,000
|
300,000,000
|
Common stock, shares issued |
10,465,902
|
9,315,902
|
Common stock, shares outstanding |
10,465,902
|
9,315,902
|
Series A Preferred Stock [Member] |
|
|
Preferred stock, par value (in dollars per share) |
$ 0.01
|
$ 0.01
|
Preferred stock, shares issued |
0
|
105,000
|
Preferred stock, shares outstanding |
0
|
105,000
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.24.1.1.u2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
|
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Income Statement [Abstract] |
|
|
Revenues |
$ 182,052
|
$ 228,718
|
Operating costs and expenses: |
|
|
Lease operating expenses |
47,341
|
59,139
|
General and administrative expenses |
354,168
|
371,354
|
Depletion and accretion on discounted liabilities |
83,951
|
98,444
|
Total operating costs and expenses |
485,460
|
528,937
|
Loss from Operations |
(303,408)
|
(300,219)
|
Other expense: |
|
|
Interest expense, net |
(78)
|
(556)
|
Total other expense |
(78)
|
(556)
|
Net Loss |
$ (303,486)
|
$ (300,775)
|
Net loss per common share basic |
$ (0.03)
|
$ (0.03)
|
Net loss per common share diluted |
$ (0.03)
|
$ (0.03)
|
Weighted average number of common shares outstanding during the period basic |
10,159,913
|
9,206,978
|
Weighted average number of common shares outstanding during the period diluted |
10,159,913
|
9,206,978
|
X |
- DefinitionThe element represents lease operating expense including workovers.
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v3.24.1.1.u2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) (UNAUDITED) - USD ($)
|
Preferred Stock [Member] |
Common Stock [Member] |
Subscriptions Payable [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Beginning balance, value at Dec. 31, 2022 |
$ 550
|
$ 91,144
|
|
$ 12,249,429
|
$ (9,134,139)
|
$ 3,206,984
|
Beginning balance (in shares) at Dec. 31, 2022 |
55,000
|
9,114,446
|
|
|
|
|
Common stock issued for services |
|
$ 1,406
|
|
298,161
|
|
299,567
|
Common stock issued for services (in shares) |
|
140,642
|
|
|
|
|
Cash received for stock subscriptions payable |
|
|
10,000
|
|
|
10,000
|
Preferred stock issued for accrued officer compensation |
$ 500
|
|
|
1,064,500
|
|
1,065,000
|
Preferred shares issued for accrued officer compensation (in shares) |
50,000
|
|
|
|
|
|
Net (loss) |
|
|
|
|
(300,775)
|
(300,775)
|
Ending balance, value at Mar. 31, 2023 |
$ 1,050
|
$ 92,550
|
10,000
|
13,612,090
|
(9,434,914)
|
4,280,776
|
Ending balance (in shares) at Mar. 31, 2023 |
105,000
|
9,255,088
|
|
|
|
|
Beginning balance, value at Dec. 31, 2023 |
$ 1,050
|
$ 93,159
|
10,000
|
13,727,918
|
(10,764,041)
|
3,068,086
|
Beginning balance (in shares) at Dec. 31, 2023 |
105,000
|
9,315,902
|
|
|
|
|
Common stock issued for services |
|
$ 1,000
|
|
98,000
|
|
99,000
|
Net (loss) |
|
|
|
|
$ (303,486)
|
$ (303,486)
|
Conversion of preferred stock to common stock |
(1,050)
|
10,500
|
|
(9,450)
|
|
|
Ending balance, value at Mar. 31, 2024 |
|
$ 104,659
|
$ 10,000
|
$ 13,816,468
|
$ (11,067,527)
|
$ 2,863,600
|
Ending balance (in shares) at Mar. 31, 2024 |
|
10,465,902
|
|
|
|
|
X |
- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
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v3.24.1.1.u2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
|
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Cash flows from operating activities: |
|
|
Net loss |
$ (303,486)
|
$ (300,775)
|
Adjustments to reconcile Net loss to net cash used in operations: |
|
|
Depletion expense |
81,324
|
95,224
|
Accretion of asset retirement obligation |
2,627
|
3,219
|
Common stock issued for services and salaries |
99,000
|
299,567
|
Changes in operating assets and liabilities: |
|
|
Accounts receivable |
28,412
|
(169,578)
|
Prepaid expense |
(9,750)
|
|
Accounts payable and accrued liabilities |
97,672
|
150,990
|
Net cash used in operating activities |
(4,201)
|
(21,353)
|
Cash flows from financing activities: |
|
|
Payments of loan payable - SBA PPP loan |
(2,484)
|
(2,463)
|
Proceeds from the issuance of common stock |
|
10,000
|
Net cash provided by (used in) financing activities |
(2,484)
|
7,537
|
Net decrease in cash |
(6,685)
|
(13,816)
|
Cash at beginning of period |
75,908
|
37,750
|
Cash at end of period |
69,223
|
23,934
|
Supplemental disclosure of non-cash investing and financing activities: |
|
|
Cash paid for interest and taxes |
76
|
100
|
Preferred shares issued for accrued compensation |
|
1,065,000
|
Common shares issued upon conversion of Series A Preferred shares |
2,100,000
|
|
Change in estimate of ARO asset and related liability |
$ 14,727
|
|
X |
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v3.24.1.1.u2
ORGANIZATION, NATURE OF OPERATIONS AND BASIS OF PRESENTATION
|
3 Months Ended |
Mar. 31, 2024 |
Accounting Policies [Abstract] |
|
ORGANIZATION, NATURE OF OPERATIONS AND BASIS OF PRESENTATION |
NOTE
1 – ORGANIZATION, NATURE OF OPERATIONS AND BASIS OF PRESENTATION
Organization
CoJax
Oil & Gas Corporation, a Virginia corporation (“Company”), was incorporated on November 13, 2017. The Company
is based in Arlington Virginia, with a wholly owned subsidiary, Barrister Energy LLC (‘Barrister Energy’), registered
in Mississippi and based in Laurel, Mississippi.
Nature
of Operations
The
Company is a growing U.S. energy company, engaged in the acquisition and development of lower risk onshore oil and gas producing
properties within the Southeastern U.S. The Company’s focused growth strategy relies primarily on leveraging management’s
expertise to acquire both operated and non-operated interests in producing properties with the goal of assembling a large oil
and gas portfolio. Through this strategy of acquisition of operated and non-operated properties, the Company has the unique ability
to benefit from the technical and scientific expertise of world-class E&P companies operating in the area. The Company outsources
all operations through Barrister Energy LLC, the operational subsidiary.
The
Company focuses on the acquisition of and exploitation of upstream energy assets, specifically targeting select oil and gas mineral
interests. These acquisitions are structured primarily as acquisitions of leases, real property interests and mineral rights and
royalties and are generally not regarded as the acquisition of securities, but rather real property interests. As an owner, the
Company has the right to receive a portion of the production from the leased acreage (or of the proceeds of the sale thereof).
Condensed
Consolidated Financial Statements
The
accompanying condensed consolidated financial statements prepared by CoJax Oil and Gas Corporation (the “Company”
or “CoJax”) have not been audited by an independent registered public accounting firm. In the opinion of the Company’s
management, the accompanying unaudited financial statements contain all adjustments necessary for a fair presentation of the results
of operations for the periods presented, which adjustments were of a normal recurring nature, except as disclosed herein. The
results of operations for the three months ended March 31, 2024, are not necessarily indicative of the results to be expected
for the full year ending December 31, 2024, for various reasons, including as a result of the impact of fluctuations in prices
received for oil and natural gas, natural production declines, the uncertainty of exploration and development drilling results,
fluctuations in the fair value of derivative instruments, the impacts of COVID-19 and other factors.
These
unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles
generally accepted in the United States (“U.S. GAAP”) for interim financial information, and, accordingly, do not
include all of the information and footnotes required by U.S. GAAP for complete financial statements. Therefore, these financial
statements should be read in conjunction with the Company’s annual report on Form 10-K for the year ended December 31, 2023.
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v3.24.1.1.u2
GOING CONCERN DISCLOSURE
|
3 Months Ended |
Mar. 31, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
GOING CONCERN DISCLOSURE |
NOTE
2 – GOING CONCERN DISCLOSURE
The
Company’s condensed consolidated financial statements are prepared using U.S. GAAP applicable to a going concern that contemplates
the realization of assets and liquidation of liabilities in the normal course of business. There can be no assurance that the
Company will be able to achieve its business plan, raise any additional capital, or secure the additional financing necessary
to implement its current operating plan. The accompanying financial statements do not include any adjustments that might be necessary
if the Company is unable to continue as a going concern.
The
Company has yet to achieve profitable operations, expects to incur further losses in the development of its business, has negative
cash flows from operating activities, and is dependent upon future issuances of equity or other financings to fund ongoing operations,
all of which raises substantial doubt about the Company’s ability to continue as a going concern. The Company’s ability
to continue as a going concern is dependent upon its ability to generate future profitable operations and/or to obtain the necessary
financing from stockholders or other sources to meet its obligations and repay its liabilities arising from normal business operations
when they come due. Management has no formal plan in place to address this concern but considers that the Company will be able
to obtain additional funds by equity financing and/or related party advances, however, there is no assurance of additional funding
being available or on acceptable terms, if at all.
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v3.24.1.1.u2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
3 Months Ended |
Mar. 31, 2024 |
Accounting Policies [Abstract] |
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
NOTE
3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Principles
of consolidation
The
accompanying consolidated financial statements include the accounts of the Company and of its wholly-owned subsidiaries. All significant
intercompany accounts and transactions have been eliminated in consolidation.
Use
of Estimates
The
preparation of financial statements in conformity U.S. GAAP requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the financial
statements, and the reported amounts of revenues and expenses during the reporting period. Significant areas of estimate include
the impairment of assets and rates for amortization, accrued liabilities, future income tax obligations, and the inputs used in
calculating stock-based compensation. Actual results could differ from those estimates and would affect future results of operations
and cash flows.
Reclassifications
Certain
prior period amounts have been reclassified to conform with the current year presentation. Such reclassifications had no significant
impact on our reported net income (loss), current assets, total assets, current liabilities, total liabilities, shareholders’
equity or cash flows.
Cash
and Cash Equivalents
The
Company considers all highly liquid temporary cash investments with an original maturity of three months or less to be cash equivalents.
At March 31, 2024 and December 31, 2023, the Company had no cash equivalents.
Oil
and Gas Producing Activities
The
Company uses the successful efforts method of accounting for oil and gas activities. Under this method, the costs of productive
exploratory wells, all development wells, related asset retirement obligation assets, and productive leases are capitalized and
amortized, principally by field, on a units-of-production basis over the life of the remaining proved reserves. Exploration costs,
including personnel costs, geological and geophysical expenses, and delay rentals for oil and gas leases are charged to expense
as incurred. Exploratory drilling costs are initially capitalized but charged to expense if and when the well is determined not
to have found reserves in commercial quantities.
Estimates
of oil and gas reserves, as determined by independent petroleum engineers, are continually subject to revision based on price,
production history and other factors. Depletion expense, which is computed based on the units of production method, could be significantly
impacted by changes in such estimates. Additionally, US GAAP requires that if the expected future undiscounted cash flows from
an asset are less than its carrying cost, that asset must be written down to its fair market value. As the fair market value of
an oil and gas property will usually be significantly less than the total undiscounted future net revenues expected from that
asset, slight changes in the estimates used to determine future net revenues from an asset could lead to the necessity of recording
a significant impairment of that asset.
Unproved
oil and gas properties will be assessed annually to determine whether they have been impaired by the drilling of dry holes on
or near the related acreage or other circumstances, which may indicate a decline in value. When impairment occurs, a loss will
be recognized. When leases for unproved properties expire, the costs thereof, net of any related allowance for impairment, will
be removed from the accounts and charged to expense.
The
Company will review its proved oil and natural gas properties for impairment whenever events and circumstances indicate that a
decline in the recoverability of its carrying value may have occurred. It estimates the undiscounted future net cash flows of
its oil and natural gas properties and compares such undiscounted future cash flows to the carrying amount of the oil and natural
gas properties to determine if the carrying amount is recoverable. If the carrying amount exceeds the estimated undiscounted future
cash flows, the Company will adjust the carrying amount of the oil and natural gas properties to fair value.
During
the year ended December 31, 2023, the Company recorded impairments of $875,400 on oil and gas properties. There were no impairments
recorded during the three months ended March 31, 2024 and 2023.
Long-Lived
Assets
The
Company accounts for the impairment or disposal of long-lived assets according to the Financial Accounting Standards Board’s
(“FASB”) Accounting Standards Codification (“ASC”) 360 “Property, Plant and Equipment”. ASC
360 clarifies the accounting for the impairment of long-lived assets and for long-lived assets to be disposed of, including the
disposal of business segments and major lines of business. Long-lived assets are reviewed when facts and circumstances indicate
that the carrying value of the asset may not be recoverable. When necessary, impaired assets are written down to estimated fair
value based on the best information available. Estimated fair value is generally based on either appraised value or measured by
discounting estimated future cash flows. Considerable management judgment is necessary to estimate discounted future cash flows.
Accordingly, actual results could vary significantly from such estimates. The Company did not recognize any impairment losses
on long-lived assets during the three months ended March 31, 2024 and 2023.
Fair
Values of Financial Instruments
The
Company had no financial instruments for the three months ended March 31, 2024, or for the year ended December 31, 2023.
ASC
820 “Fair Value Measurements and Disclosures” defines fair value as the exchange price that would be received for
an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability
in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy
that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources
(observable inputs) and (2) a reporting entity’s own assumptions about market participant assumptions developed based on
the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels,
which give the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and
the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:
Level
1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted
assets or liabilities;
Level
2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly
or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar
assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability
(e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation
or other means; and
Level
3 – Fair value measurements are those derived from valuation techniques that include inputs for the asset or liability
that are not based on observable market data (unobservable inputs).
Fair
value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as
of March 31, 2024, and December 31, 2023. The respective carrying value of certain on-balance-sheet financial instruments approximated
their fair values due to the short-term nature of these instruments.
Revenue
Recognition
The
Company accounts for revenue under ASC 606 “Revenue from Contracts with Customers.” Under ASC 606, oil and natural
gas sales revenues are recognized when control of the product is transferred to the customer, the performance obligations under
the terms of the contracts with customers are satisfied and collectability is reasonably assured. All the Company’s oil
and natural gas sales are made under contracts with customers. The performance obligations for the Company’s contracts with
customers are satisfied at a point in time through the delivery of oil and natural gas to its customers. Accordingly, the Company’s
contracts do not give rise to contract assets or liabilities. The Company typically receives payment within 90 days of the month
of delivery. The Company’s contracts for oil and natural gas sales are standard industry contracts that include variable
consideration based on the monthly index price and adjustments that may include counterparty-specific provisions related to volumes,
price differentials, discounts, and other adjustments and deductions.
The
following table presents revenues disaggregated by product for the three months ended March 31, 2024, and 2023:
| |
For the Three Months | |
| |
Ended March 31, | |
| |
2024 | | |
2023 | |
| |
| | |
| |
Crude oil revenues | |
$ | 181,225 | | |
$ | 225,815 | |
Gas revenues | |
| 827 | | |
| 2,903 | |
Total revenues | |
$ | 182,052 | | |
$ | 228,718 | |
All
revenues are from production from the Gulf States Drill Region.
Accounts
Receivable
Accounts
receivable consists of oil and natural gas receivables. Ongoing evaluations of collectability are performance and an allowance
for expected credit losses is provided against the portion of accounts receivable that is estimated to be uncollectible. The Company
did not recognize any write-offs during the three months ended March 31, 2024 and 2023. At both March 31, 2024, and December 31,
2023, the allowance for expected credit losses was $0.
Stock-Based Compensation
The Company accounts for Stock-Based Compensation
under ASC 718 “Compensation – Stock Compensation”, which addresses the accounting for transactions in which
an entity exchanges its equity instruments for goods or services, with a primary focus on transactions in which an entity obtains
employee services in share-based payment transactions. Generally accepted accounting principles require measurement of the cost
of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award.
Incremental compensation costs arising from subsequent modifications of awards after the grant date must be recognized.
The Company issues stock to consultants
for various services. The costs for these transactions are measured at the fair value of the consideration received or the fair
value of the equity instruments issued, whichever is more reliably measurable. The value of the common stock is measured at the
earlier of (i) the date at which a firm commitment for performance by the counterparty to earn the equity instruments is reached
or (ii) the date at which the counterparty’s performance is complete. The Company recognized consulting expense and a corresponding
increase to additional paid-in-capital related to stock issued for services.
Income
Taxes
Income
taxes are accounted for under ASC 740 using the liability method of accounting for income taxes. Under the liability method, future
tax liabilities and assets are recognized for the estimated future tax consequences attributable to differences between the amounts
reported in the financial statement carrying amounts of assets and liabilities and their respective tax bases. Future tax assets
and liabilities are measured using enacted or substantially enacted income tax rates expected to apply when the asset is realized,
or the liability settled. The effect of a change in income tax rates on future income tax liabilities and assets is recognized
in income in the period that the change occurs. Future income tax assets are recognized to the extent that they are considered
more likely than not to be realized.
ASC
740 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. This standard
requires a company to determine whether it is more likely than not that a tax position will be sustained upon examination based
on the technical merits of the position. If the more-likely-than-not threshold is met, a company must measure the tax position
to determine the amount to recognize in the financial statements.
Because
of the implementation of this standard, the Company performed a review of its material tax positions in accordance with recognition
and measurement standards established by ASC 740 and concluded that it had no uncertain tax positions as of March 31, 2024, or
as of December 31, 2023.
Basic
and Diluted Earnings per Share
The
Company computes income per share in accordance with ASC 260, “Earnings per Share”, which requires the presentation
of both basic and diluted earnings per share (“EPS”) on the face of the statement of operations. Basic EPS is computed
by dividing income available to common stockholders by the weighted average number of shares outstanding during the period. Diluted
EPS gives effect to all dilutive potential shares of common stock outstanding during the period using the treasury stock method
and convertible preferred stock using the if-converted method. In computing diluted EPS, the average stock price for the period
is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS
excludes all dilutive potential shares if their effect is anti-dilutive. As of March 31, 2024 and December 31, 2023, the Company
had 0 and 1,050,000 potentially dilutive common shares outstanding, respectively
Asset
Retirement Obligations
The
Company records the estimated fair value of obligations associated with the retirement of tangible, long-lived assets in the period
in which they are incurred. When a liability is initially recorded, the Company capitalizes the cost by increasing the carrying
amount of the related long-lived asset. Over time, the liability is accreted to its present value, and the capitalized cost is
depleted over the useful life of the related asset.
Revisions
to estimated asset retirement obligations will result in an adjustment to the related capitalized asset and corresponding liability.
Upon settlement of the liability, the Company either settles the obligation for its recorded amount or incurs a gain or loss.
The Company’s asset retirement obligation relates to the plugging, dismantling, removal, site reclamation, and similar activities
of its oil and gas properties.
Asset
retirement obligations are estimated at the present value of expected future net cash flows and are discounted using the Company’s
credit adjusted risk free rate. The Company uses unobservable inputs in the estimation of asset retirement obligations that include,
but are not limited to: costs of labor, costs of materials, profits on costs of labor and materials, the effect of inflation on
estimated costs, and discount rate. Due to the subjectivity of assumptions and the relative long lives of the Company’s
leases, the costs to ultimately retire the Company’s obligations may vary significantly from prior estimates. Assumptions
used in determining estimates are reviewed annually.
Concentration
of Credit Risk
Our
revenue can be materially affected by current economic conditions and the price of oil and natural gas. However, based on the
current demand for crude oil and natural gas and the fact that alternative purchasers are readily available, we believe that the
loss of our marketing agents and/or any of the purchasers identified by our marketing agents would not have a long term material
adverse effect on our financial position or results of international operations. The continued economic disruption resulting from
Russia’s invasion of Ukraine, a potential global recession, and other varying macroeconomic conditions could materially
impact the Company’s business in future periods. Any potential disruption will depend on the duration and intensity of these
events, which are highly uncertain and cannot be predicted at this time.
Concentration
of Credit Risk – Cash – The Company maintains cash and cash equivalent balances at a single financial institution
that are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000. At March 31, 2024, and December 31, 2023,
the Company had no exposure in excess of insurance.
Concentration
of Credit Risk – Accounts Receivable – All of the Company’s outstanding accounts receivable was with one
party, Taxodium Energy, LLC.
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- DefinitionThe entire disclosure for all significant accounting policies of the reporting entity.
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v3.24.1.1.u2
RECENT ACCOUNTING PRONOUNCEMENTS
|
3 Months Ended |
Mar. 31, 2024 |
Recent Accounting Pronouncements |
|
RECENT ACCOUNTING PRONOUNCEMENTS |
NOTE
4 – RECENT ACCOUNTING PRONOUNCEMENTS
New
and Recently Adopted Accounting Pronouncements
The
Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact
on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting
pronouncements that have been issued that might have a material impact on its financial position or results of operations.
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v3.24.1.1.u2
ROYALTY INTERESTS IN OIL AND GAS PROPERTIES
|
3 Months Ended |
Mar. 31, 2024 |
Royalty Interests In Oil And Gas Properties |
|
ROYALTY INTERESTS IN OIL AND GAS PROPERTIES |
NOTE
5 –ROYALTY INTERESTS IN OIL AND GAS PROPERTIES
The
Company did not execute any acquisitions during the three months ended March 31, 2024. At March 31, 2024, the Company had leased
oil and gas properties assets valued at $4,022,906.
Scheduled leased oil and gas properties assets
| |
| | |
Balance, December 31, 2023 | |
$ | 4,089,503 | |
Revisions of prior year ARO estimates | |
| 14,727 | |
Depletion expense | |
| (81,324 | ) |
Balance, March 31, 2024 | |
$ | 4,022,906 | |
We
recorded depletion expense of $81,324 and $95,224 for the three months ended March 31, 2024 and 2023, respectively.
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- DefinitionThe entire disclosure for properties used in normal conduct of oil and gas exploration and producing operations. This disclosure may include property accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives.
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v3.24.1.1.u2
ASSET RETIREMENT OBLIGATION
|
3 Months Ended |
Mar. 31, 2024 |
Asset Retirement Obligation Disclosure [Abstract] |
|
ASSET RETIREMENT OBLIGATION |
NOTE
6 – ASSET RETIREMENT OBLIGATION
The
Company records the obligation to plug and abandon oil and gas wells at the dates the properties are either acquired or the wells
are drilled. The asset retirement obligation is adjusted each quarter for any liabilities incurred or settled during the period,
accretion expense, and any revisions made to the costs or timing estimates. The asset retirement obligation is incurred using
an annual credit-adjusted risk-free discount rate at the applicable dates. Changes in the asset retirement obligation were as
follows:
Balance, December 31, 2023 | |
$ | 105,118 | |
Revisions of prior year estimates | |
| 14,727 | |
Accretion expense | |
| 2,627 | |
Balance, March 31, 2024 | |
$ | 122,472 | |
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v3.24.1.1.u2
NOTES PAYABLE
|
3 Months Ended |
Mar. 31, 2024 |
Debt Disclosure [Abstract] |
|
NOTES PAYABLE |
NOTE
7 – NOTES PAYABLE
Notes
payable consisted of the following:
| |
March 31, 2024 | | |
December 31, 2023 | |
SBA PPP Loan | |
$ | 28,594 | | |
$ | 31,078 | |
Notes payable – related party | |
| 103,001 | | |
| 103,001 | |
Total notes payable | |
| 131,595 | | |
| 134,079 | |
Less: current portion | |
| (113,011 | ) | |
| (112,985 | ) |
Notes payable net of current portion | |
$ | 18,584 | | |
$ | 21,094 | |
SBA
PPP Loan
On
May 7, 2020, the Company applied for a Small Business Association (SBA) loan under the Paycheck Protection Program (PPP). The
Company met all the necessary qualifications to apply for a $49,992 loan. On June 10, 2020, the SBA PPP loan was approved and
transferred to the Company to be used for payment of accrued payroll and related payroll taxes. On November 29, 2021, the Company
was notified that the request for forgiveness was denied. The note was converted to a five-year loan bearing interest at 1% per
annum beginning on January 1, 2022.
Related
Party
The
Company has issued several unsecured promissory notes to a related party, the CFO of the Company. The related party notes bear
interest at 2% per annum. Principal and accrued interest on all notes mature on May 13, 2024.
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v3.24.1.1.u2
RELATED PARTY TRANSACTIONS
|
3 Months Ended |
Mar. 31, 2024 |
Related Party Transactions [Abstract] |
|
RELATED PARTY TRANSACTIONS |
NOTE
8 – RELATED PARTY TRANSACTIONS
For
the three months ending March 31, 2024 and the year ending 2023, the following related party transactions occurred between any
of the Company’s directors or executive officers or any person nominated or chosen by the Company to become a director or
executive officer:
On
January 25, 2023, the Company issued 25,000 shares of its Series A convertible preferred stock to Jeffrey J. Guzy, the Company’s
former CEO, and 25,000 shares of Series A convertible stock to Wm. Barrett Wellman, the Company’s former CFO. Each share
is convertible at the option of the holder to ten (10) shares of common stock. The total fair value of $1,065,000 ($21.30 per
share) was recorded as part of accrued salaries and payroll taxes for the year ended December 31, 2022 as service was provided
in the year. The accrual was reversed upon issuance of the shares in January 2023. The fair value was based on the value assigned
to common stock ($2.13 per share) multiplied by 10.
On
February 14, 2023, the Company entered into a new employment agreement with Mr. Guzy (the “Guzy 2023 Employment Agreement”),
pursuant to which Mr. Guzy continued serving the Company as Chief Executive Officer, President and Chairman of the Company.
On
March 14, 2023, Mr. Wellman’s Employment Agreement has been extended to a termination date of August 16, 2024.
Effective
as of January 10, 2024, the board of directors of the Company (the “Board”) increased the size of the Board from two
to three directors and appointed William R. Downs to the Board.
On
January 10, 2024, Jeffrey J. Guzy resigned from serving as Chief Executive Officer, President and Chairman of the Board. Immediately
upon Mr. Guzy’s resignation from these offices, the Board appointed Mr. Downs to positions of Chief Executive Officer, President
and Chairman of the Board. Also on January 10, 2024, Wm. Barrett Wellman resigned as Chief Financial officer and Secretary of
the Company. Effective immediately upon Mr. Wellman’s resignation, the Board appointed Mr. Guzy as the Company’s Chief
Financial officer and Secretary.
On
January 10, 2024, the Company issued 100,000 common shares at $0.99 per share to William R. Downs in connection with his appointment
as the Company’s new Chief Executive Officer. The issuance of 100,000 shares was recognized at the share price on the date of the employment agreement.
On
January 26, 2024, the holders of the Company’s Series A convertible preferred stock converted all 105,000 shares issued
and outstanding into common shares at a conversion rate of one to ten. The conversion occurred at the rate specified in the initial issuance agreement and therefore no gain or loss was recognized on the conversion. In connection with the exercise of the conversion option,
the Company issued 575,000 and 475,000 common shares to Jeffrey J. Guzy and Wm. Barrett Wellman, respectively.
|
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v3.24.1.1.u2
STOCKHOLDERS’ EQUITY
|
3 Months Ended |
Mar. 31, 2024 |
Equity [Abstract] |
|
STOCKHOLDERS’ EQUITY |
NOTE
9 – STOCKHOLDERS’ EQUITY
Authorized
Capital
As
of March 31, 2024, the Company has 300,000,000 authorized shares of Common Stock at $0.01 par value and 50,000,000 authorized
shares of Preferred Stock at a par value of $0.10, and Series A convertible shares at a par value of $0.01.
Preferred
Stock
The
holders of Preferred Stock are entitled to receive dividends equal to the amount of the dividend or distribution per share of
common stock payable multiplied by the number of shares of common stock the shares of Series A preferred shares held by such holder
are convertible into. Each Series A preferred share is convertible into ten common shares.
The
company classified the Series A Preferred Stock as permanent equity as the terms do not provide for an obligation to buy back
the shares in exchange for cash or other assets of the Company. The shares are not considered debt under ASC 480 “Distinguishing
Liabilities from Equity” as the shares do not represent an obligation that must or may be settled with a variable number
of shares. No other redemption features exist within the terms of the instrument.
Refer
to Note 8 for details on convertible preferred stock issuances to the Company’s officers.
Common
Stock
On
January 31, 2023, the Company issued 20,642 shares for vendor payments at $2.13 per share.
On
February 1, 2023, the Company issued 120,000 shares for consulting fees at $2.13 per share.
On
March 1, 2023, the Company received $10,000 for stock subscriptions payable of 5,000 shares of common stock.
Refer
to Note 8 for details on common share issuances to the Company’s officers.
The
above shares of capital stock are restricted securities under Rule 144 and were issued in reliance on an exemption from the registration
requirements of the Securities Act.
Capital
Contributions
During
the periods ending March 31, 2024, and March 31, 2023, the Company did not receive any capital contributions in excess of the
$10,000 received for stock subscriptions payable.
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CONTINGENCIES AND COMMITMENTS
|
3 Months Ended |
Mar. 31, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
CONTINGENCIES AND COMMITMENTS |
NOTE
10 – CONTINGENCIES AND COMMITMENTS
Operating
Lease Commitments
The
Company has no lease obligations at March 31, 2024, and December 31, 2023. The Company has a month-to-month rental agreement for
an office share in Arlington, Virginia beginning on April 1, 2018, for $50 per month. Additionally, the Company has no known contingencies
as of March 31, 2024, and December 31, 2023.
Purchase
Commitments
The
Company has no purchase obligations at March 31, 2024 and December 31, 2023.
Legal
Matters
During
the course of business, litigation commonly occurs. From time to time, the Company may be a party to litigation matters involving
claims against the Company. The Company operates in a highly regulated industry and employs personnel, which may inherently lend
itself to legal matters. Management is aware that litigation has associated costs and that results of adverse litigation verdicts
could have a material effect on the Company’s financial position or results of operations. There are no known legal proceedings
against the Company or its officers and directors in their capacity as officers and directors of the Company.
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- DefinitionThe entire disclosure for commitments and contingencies.
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v3.24.1.1.u2
SUBSEQUENT EVENTS
|
3 Months Ended |
Mar. 31, 2024 |
Subsequent Events |
|
SUBSEQUENT EVENTS |
NOTE
11 – SUBSEQUENT EVENTS
The
Company has evaluated all events that occurred after the balance sheet date through the date when the financial statements were
issued to determine if they must be reported. The management of the Company determined that there were no reportable subsequent
events to be disclosed beyond the following:
Related
Party Notes Payable
On
April 25, 2024, all outstanding notes with the Company’s CFO (refer to NOTE 7) were extended to have a maturity date of
December 31, 2024.
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.24.1.1.u2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
3 Months Ended |
Mar. 31, 2024 |
Accounting Policies [Abstract] |
|
Principles of consolidation |
Principles
of consolidation
The
accompanying consolidated financial statements include the accounts of the Company and of its wholly-owned subsidiaries. All significant
intercompany accounts and transactions have been eliminated in consolidation.
|
Use of Estimates |
Use
of Estimates
The
preparation of financial statements in conformity U.S. GAAP requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the financial
statements, and the reported amounts of revenues and expenses during the reporting period. Significant areas of estimate include
the impairment of assets and rates for amortization, accrued liabilities, future income tax obligations, and the inputs used in
calculating stock-based compensation. Actual results could differ from those estimates and would affect future results of operations
and cash flows.
|
Reclassifications |
Reclassifications
Certain
prior period amounts have been reclassified to conform with the current year presentation. Such reclassifications had no significant
impact on our reported net income (loss), current assets, total assets, current liabilities, total liabilities, shareholders’
equity or cash flows.
|
Cash and Cash Equivalents |
Cash
and Cash Equivalents
The
Company considers all highly liquid temporary cash investments with an original maturity of three months or less to be cash equivalents.
At March 31, 2024 and December 31, 2023, the Company had no cash equivalents.
|
Oil and Gas Producing Activities |
Oil
and Gas Producing Activities
The
Company uses the successful efforts method of accounting for oil and gas activities. Under this method, the costs of productive
exploratory wells, all development wells, related asset retirement obligation assets, and productive leases are capitalized and
amortized, principally by field, on a units-of-production basis over the life of the remaining proved reserves. Exploration costs,
including personnel costs, geological and geophysical expenses, and delay rentals for oil and gas leases are charged to expense
as incurred. Exploratory drilling costs are initially capitalized but charged to expense if and when the well is determined not
to have found reserves in commercial quantities.
Estimates
of oil and gas reserves, as determined by independent petroleum engineers, are continually subject to revision based on price,
production history and other factors. Depletion expense, which is computed based on the units of production method, could be significantly
impacted by changes in such estimates. Additionally, US GAAP requires that if the expected future undiscounted cash flows from
an asset are less than its carrying cost, that asset must be written down to its fair market value. As the fair market value of
an oil and gas property will usually be significantly less than the total undiscounted future net revenues expected from that
asset, slight changes in the estimates used to determine future net revenues from an asset could lead to the necessity of recording
a significant impairment of that asset.
Unproved
oil and gas properties will be assessed annually to determine whether they have been impaired by the drilling of dry holes on
or near the related acreage or other circumstances, which may indicate a decline in value. When impairment occurs, a loss will
be recognized. When leases for unproved properties expire, the costs thereof, net of any related allowance for impairment, will
be removed from the accounts and charged to expense.
The
Company will review its proved oil and natural gas properties for impairment whenever events and circumstances indicate that a
decline in the recoverability of its carrying value may have occurred. It estimates the undiscounted future net cash flows of
its oil and natural gas properties and compares such undiscounted future cash flows to the carrying amount of the oil and natural
gas properties to determine if the carrying amount is recoverable. If the carrying amount exceeds the estimated undiscounted future
cash flows, the Company will adjust the carrying amount of the oil and natural gas properties to fair value.
During
the year ended December 31, 2023, the Company recorded impairments of $875,400 on oil and gas properties. There were no impairments
recorded during the three months ended March 31, 2024 and 2023.
|
Long-Lived Assets |
Long-Lived
Assets
The
Company accounts for the impairment or disposal of long-lived assets according to the Financial Accounting Standards Board’s
(“FASB”) Accounting Standards Codification (“ASC”) 360 “Property, Plant and Equipment”. ASC
360 clarifies the accounting for the impairment of long-lived assets and for long-lived assets to be disposed of, including the
disposal of business segments and major lines of business. Long-lived assets are reviewed when facts and circumstances indicate
that the carrying value of the asset may not be recoverable. When necessary, impaired assets are written down to estimated fair
value based on the best information available. Estimated fair value is generally based on either appraised value or measured by
discounting estimated future cash flows. Considerable management judgment is necessary to estimate discounted future cash flows.
Accordingly, actual results could vary significantly from such estimates. The Company did not recognize any impairment losses
on long-lived assets during the three months ended March 31, 2024 and 2023.
|
Fair Values of Financial Instruments |
Fair
Values of Financial Instruments
The
Company had no financial instruments for the three months ended March 31, 2024, or for the year ended December 31, 2023.
ASC
820 “Fair Value Measurements and Disclosures” defines fair value as the exchange price that would be received for
an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability
in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy
that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources
(observable inputs) and (2) a reporting entity’s own assumptions about market participant assumptions developed based on
the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels,
which give the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and
the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:
Level
1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted
assets or liabilities;
Level
2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly
or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar
assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability
(e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation
or other means; and
Level
3 – Fair value measurements are those derived from valuation techniques that include inputs for the asset or liability
that are not based on observable market data (unobservable inputs).
Fair
value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as
of March 31, 2024, and December 31, 2023. The respective carrying value of certain on-balance-sheet financial instruments approximated
their fair values due to the short-term nature of these instruments.
|
Revenue Recognition |
Revenue
Recognition
The
Company accounts for revenue under ASC 606 “Revenue from Contracts with Customers.” Under ASC 606, oil and natural
gas sales revenues are recognized when control of the product is transferred to the customer, the performance obligations under
the terms of the contracts with customers are satisfied and collectability is reasonably assured. All the Company’s oil
and natural gas sales are made under contracts with customers. The performance obligations for the Company’s contracts with
customers are satisfied at a point in time through the delivery of oil and natural gas to its customers. Accordingly, the Company’s
contracts do not give rise to contract assets or liabilities. The Company typically receives payment within 90 days of the month
of delivery. The Company’s contracts for oil and natural gas sales are standard industry contracts that include variable
consideration based on the monthly index price and adjustments that may include counterparty-specific provisions related to volumes,
price differentials, discounts, and other adjustments and deductions.
The
following table presents revenues disaggregated by product for the three months ended March 31, 2024, and 2023:
| |
For the Three Months | |
| |
Ended March 31, | |
| |
2024 | | |
2023 | |
| |
| | |
| |
Crude oil revenues | |
$ | 181,225 | | |
$ | 225,815 | |
Gas revenues | |
| 827 | | |
| 2,903 | |
Total revenues | |
$ | 182,052 | | |
$ | 228,718 | |
All
revenues are from production from the Gulf States Drill Region.
|
Accounts Receivable |
Accounts
Receivable
Accounts
receivable consists of oil and natural gas receivables. Ongoing evaluations of collectability are performance and an allowance
for expected credit losses is provided against the portion of accounts receivable that is estimated to be uncollectible. The Company
did not recognize any write-offs during the three months ended March 31, 2024 and 2023. At both March 31, 2024, and December 31,
2023, the allowance for expected credit losses was $0.
|
Stock-Based Compensation |
Stock-Based Compensation
The Company accounts for Stock-Based Compensation
under ASC 718 “Compensation – Stock Compensation”, which addresses the accounting for transactions in which
an entity exchanges its equity instruments for goods or services, with a primary focus on transactions in which an entity obtains
employee services in share-based payment transactions. Generally accepted accounting principles require measurement of the cost
of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award.
Incremental compensation costs arising from subsequent modifications of awards after the grant date must be recognized.
The Company issues stock to consultants
for various services. The costs for these transactions are measured at the fair value of the consideration received or the fair
value of the equity instruments issued, whichever is more reliably measurable. The value of the common stock is measured at the
earlier of (i) the date at which a firm commitment for performance by the counterparty to earn the equity instruments is reached
or (ii) the date at which the counterparty’s performance is complete. The Company recognized consulting expense and a corresponding
increase to additional paid-in-capital related to stock issued for services.
|
Income Taxes |
Income
Taxes
Income
taxes are accounted for under ASC 740 using the liability method of accounting for income taxes. Under the liability method, future
tax liabilities and assets are recognized for the estimated future tax consequences attributable to differences between the amounts
reported in the financial statement carrying amounts of assets and liabilities and their respective tax bases. Future tax assets
and liabilities are measured using enacted or substantially enacted income tax rates expected to apply when the asset is realized,
or the liability settled. The effect of a change in income tax rates on future income tax liabilities and assets is recognized
in income in the period that the change occurs. Future income tax assets are recognized to the extent that they are considered
more likely than not to be realized.
ASC
740 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. This standard
requires a company to determine whether it is more likely than not that a tax position will be sustained upon examination based
on the technical merits of the position. If the more-likely-than-not threshold is met, a company must measure the tax position
to determine the amount to recognize in the financial statements.
Because
of the implementation of this standard, the Company performed a review of its material tax positions in accordance with recognition
and measurement standards established by ASC 740 and concluded that it had no uncertain tax positions as of March 31, 2024, or
as of December 31, 2023.
|
Basic and Diluted Earnings per Share |
Basic
and Diluted Earnings per Share
The
Company computes income per share in accordance with ASC 260, “Earnings per Share”, which requires the presentation
of both basic and diluted earnings per share (“EPS”) on the face of the statement of operations. Basic EPS is computed
by dividing income available to common stockholders by the weighted average number of shares outstanding during the period. Diluted
EPS gives effect to all dilutive potential shares of common stock outstanding during the period using the treasury stock method
and convertible preferred stock using the if-converted method. In computing diluted EPS, the average stock price for the period
is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS
excludes all dilutive potential shares if their effect is anti-dilutive. As of March 31, 2024 and December 31, 2023, the Company
had 0 and 1,050,000 potentially dilutive common shares outstanding, respectively
|
Asset Retirement Obligations |
Asset
Retirement Obligations
The
Company records the estimated fair value of obligations associated with the retirement of tangible, long-lived assets in the period
in which they are incurred. When a liability is initially recorded, the Company capitalizes the cost by increasing the carrying
amount of the related long-lived asset. Over time, the liability is accreted to its present value, and the capitalized cost is
depleted over the useful life of the related asset.
Revisions
to estimated asset retirement obligations will result in an adjustment to the related capitalized asset and corresponding liability.
Upon settlement of the liability, the Company either settles the obligation for its recorded amount or incurs a gain or loss.
The Company’s asset retirement obligation relates to the plugging, dismantling, removal, site reclamation, and similar activities
of its oil and gas properties.
Asset
retirement obligations are estimated at the present value of expected future net cash flows and are discounted using the Company’s
credit adjusted risk free rate. The Company uses unobservable inputs in the estimation of asset retirement obligations that include,
but are not limited to: costs of labor, costs of materials, profits on costs of labor and materials, the effect of inflation on
estimated costs, and discount rate. Due to the subjectivity of assumptions and the relative long lives of the Company’s
leases, the costs to ultimately retire the Company’s obligations may vary significantly from prior estimates. Assumptions
used in determining estimates are reviewed annually.
|
Concentration of Credit Risk |
Concentration
of Credit Risk
Our
revenue can be materially affected by current economic conditions and the price of oil and natural gas. However, based on the
current demand for crude oil and natural gas and the fact that alternative purchasers are readily available, we believe that the
loss of our marketing agents and/or any of the purchasers identified by our marketing agents would not have a long term material
adverse effect on our financial position or results of international operations. The continued economic disruption resulting from
Russia’s invasion of Ukraine, a potential global recession, and other varying macroeconomic conditions could materially
impact the Company’s business in future periods. Any potential disruption will depend on the duration and intensity of these
events, which are highly uncertain and cannot be predicted at this time.
Concentration
of Credit Risk – Cash – The Company maintains cash and cash equivalent balances at a single financial institution
that are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000. At March 31, 2024, and December 31, 2023,
the Company had no exposure in excess of insurance.
Concentration
of Credit Risk – Accounts Receivable – All of the Company’s outstanding accounts receivable was with one
party, Taxodium Energy, LLC.
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v3.24.1.1.u2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Accounting Policies [Abstract] |
|
The following table presents revenues disaggregated by product for the three months ended March 31, 2024, and 2023: |
The
following table presents revenues disaggregated by product for the three months ended March 31, 2024, and 2023:
| |
For the Three Months | |
| |
Ended March 31, | |
| |
2024 | | |
2023 | |
| |
| | |
| |
Crude oil revenues | |
$ | 181,225 | | |
$ | 225,815 | |
Gas revenues | |
| 827 | | |
| 2,903 | |
Total revenues | |
$ | 182,052 | | |
$ | 228,718 | |
|
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v3.24.1.1.u2
ROYALTY INTERESTS IN OIL AND GAS PROPERTIES (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Royalty Interests In Oil And Gas Properties |
|
Scheduled leased oil and gas properties assets |
The
Company did not execute any acquisitions during the three months ended March 31, 2024. At March 31, 2024, the Company had leased
oil and gas properties assets valued at $4,022,906.
Scheduled leased oil and gas properties assets
| |
| | |
Balance, December 31, 2023 | |
$ | 4,089,503 | |
Revisions of prior year ARO estimates | |
| 14,727 | |
Depletion expense | |
| (81,324 | ) |
Balance, March 31, 2024 | |
$ | 4,022,906 | |
|
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v3.24.1.1.u2
ASSET RETIREMENT OBLIGATION (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Asset Retirement Obligation Disclosure [Abstract] |
|
Changes in the asset retirement obligation were as follows: |
The
Company records the obligation to plug and abandon oil and gas wells at the dates the properties are either acquired or the wells
are drilled. The asset retirement obligation is adjusted each quarter for any liabilities incurred or settled during the period,
accretion expense, and any revisions made to the costs or timing estimates. The asset retirement obligation is incurred using
an annual credit-adjusted risk-free discount rate at the applicable dates. Changes in the asset retirement obligation were as
follows:
Balance, December 31, 2023 | |
$ | 105,118 | |
Revisions of prior year estimates | |
| 14,727 | |
Accretion expense | |
| 2,627 | |
Balance, March 31, 2024 | |
$ | 122,472 | |
|
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v3.24.1.1.u2
NOTES PAYABLE (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Debt Disclosure [Abstract] |
|
Notes payable consisted of the following: |
Notes
payable consisted of the following:
| |
March 31, 2024 | | |
December 31, 2023 | |
SBA PPP Loan | |
$ | 28,594 | | |
$ | 31,078 | |
Notes payable – related party | |
| 103,001 | | |
| 103,001 | |
Total notes payable | |
| 131,595 | | |
| 134,079 | |
Less: current portion | |
| (113,011 | ) | |
| (112,985 | ) |
Notes payable net of current portion | |
$ | 18,584 | | |
$ | 21,094 | |
|
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Scheduled leased oil and gas properties assets (Details)
|
3 Months Ended |
Mar. 31, 2024
USD ($)
|
Royalty Interests In Oil And Gas Properties |
|
Leased oil and gas properties assets |
$ 4,022,906
|
Balance, December 31, 2023 |
4,089,503
|
Revisions of prior year ARO estimates |
14,727
|
Depletion expense |
(81,324)
|
Balance, March 31, 2024 |
$ 4,022,906
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Notes payable consisted of the following: (Details) - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Debt Disclosure [Abstract] |
|
|
SBA PPP Loan |
$ 28,594
|
$ 31,078
|
Notes payable – related party |
103,001
|
103,001
|
Total notes payable |
131,595
|
134,079
|
Less: current portion |
(113,011)
|
(112,985)
|
Notes payable net of current portion |
$ 18,584
|
$ 21,094
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v3.24.1.1.u2
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)
|
Jan. 10, 2024 |
Jan. 25, 2023 |
Mar. 31, 2024 |
Jan. 26, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Related Party Transaction [Line Items] |
|
|
|
|
|
|
Description of related party transaction |
On
January 10, 2024, the Company issued 100,000 common shares at $0.99 per share to William R. Downs in connection with his appointment
as the Company’s new Chief Executive Officer. The issuance of 100,000 shares was recognized at the share price on the date of the employment agreement.
|
Each share
is convertible at the option of the holder to ten (10) shares of common stock. The total fair value of $1,065,000 ($21.30 per
share) was recorded as part of accrued salaries and payroll taxes for the year ended December 31, 2022 as service was provided
in the year. The accrual was reversed upon issuance of the shares in January 2023. The fair value was based on the value assigned
to common stock ($2.13 per share) multiplied by 10.
|
|
|
|
|
Accrued salaries and payroll taxes |
|
|
$ 902,830
|
|
$ 834,809
|
$ 1,642,612
|
Conversionp price |
|
|
|
|
$ 21.30
|
|
Common Stock [Member] |
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
Issuance share of recognized |
100,000
|
|
|
|
|
|
William R Downs [Member] | Chief Executive Officer [Member] | Common Stock [Member] |
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
Common stock, shares issued |
100,000
|
|
|
|
|
|
Common stock, par value (in dollars per share) |
$ 0.99
|
|
|
|
|
|
Series A Preferred Stock [Member] | Jeffrey J Guzy [Member] | Chief Financial Officer [Member] |
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
Common stock, shares issued |
|
25,000
|
575,000
|
105,000
|
|
|
Series A Preferred Stock [Member] | Wm Barrett Wellman [Member] | Chief Financial Officer [Member] |
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
Common stock, shares issued |
|
25,000
|
475,000
|
|
|
|
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v3.24.1.1.u2
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Mar. 31, 2023 |
Mar. 01, 2023 |
Feb. 01, 2023 |
Jan. 31, 2023 |
Class of Stock [Line Items] |
|
|
|
|
|
|
Common stock, shares authorized |
300,000,000
|
300,000,000
|
|
|
|
|
Common stock, par value (in dollars per share) |
$ 0.01
|
$ 0.01
|
|
|
|
|
Common stock, shares authorized |
50,000,000
|
50,000,000
|
|
|
|
|
Preferred stock, par value (in dollars per share) |
$ 0.10
|
$ 0.10
|
|
|
|
|
Consulting fees |
10,465,902
|
9,315,902
|
|
|
|
|
Received for stock subscriptions payable |
$ 10,000
|
|
$ 10,000
|
$ 10,000
|
|
|
Subscriptions payable of shares of common stock |
|
|
|
5,000
|
|
|
Vendor Payment [Member] |
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
Common stock, par value (in dollars per share) |
|
|
|
|
|
$ 2.13
|
Consulting fees |
|
|
|
|
|
20,642
|
Consulting Fees [Member] |
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
Common stock, par value (in dollars per share) |
|
|
|
|
$ 2.13
|
|
Consulting fees |
|
|
|
|
120,000
|
|
Series A Preferred Stock [Member] |
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
Preferred stock, par value (in dollars per share) |
$ 0.01
|
$ 0.01
|
$ 0.01
|
|
|
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CoJax Oil and Gas (PK) (USOTC:CJAX)
過去 株価チャート
から 10 2024 まで 11 2024
CoJax Oil and Gas (PK) (USOTC:CJAX)
過去 株価チャート
から 11 2023 まで 11 2024