Mon, Mar 31, 4:58 PM (20 days ago)
**CoJax Oil and Gas Corporation (CJAX) - Annual Report Summary (2024)** **Financial Performance:** - **Revenue:** $971,686 (2024) vs. $927,983 (2023), a 4.7% increase. - **Net Loss:** $1,609,846 (2024) vs. $1,629,902 (2023), a slight improvement. - **Operating Expenses:** Increased lease operating expenses by 43.0% and decreased general and administrative expenses by 11.4%. **Strategic Overview:** - Focused on acquiring and developing low-risk onshore oil and gas properties in the Gulf States Drill Region. - Strategic acquisitions include Barrister, NONOP Assets, Buckley Assets, and properties from Liberty Operating Company. - Utilizes a contractor model to leverage expert drilling and production personnel without high overhead. **Future Outlook:** - Plans to raise additional working capital to perform planned well work and increase gross production and cash flow. - Seeking acquisitions that can be obtained in exchange for stock or under an earn-out arrangement. - Aims to expand marketing efforts if oil production increases. **Risk Factors:** - Volatile oil and natural gas prices. - Climate-related transition risks and negative public perception. - Operational hazards and environmental regulations. - Dependence on raising additional capital. - Market position changes due to competitive pressures. **Financial Condition:** - Cash and cash equivalents: $46,738 (2024). - Working capital deficit: $1,111,147 (2024). - Dependent on future issuances of equity or other financings to fund ongoing operations. **Market Position Changes:** - Quoted on the Pink marketplace of OTC Markets. - Limited trading market for common stock. - No assurance of developing a regular trading market. **Note:** Amounts are usually in thousands, 000s.