Thu, Nov 14, 6:42 PM (88 days ago)
CoJax Oil and Gas Corporation (Ticker: N/A) reported a challenging third quarter for 2024, ending September 30, with revenues slightly increasing to $250,619 from $248,302 in Q3 2023, reflecting a 0.9% rise. However, the company experienced significant losses, with a net loss of $149,758 compared to a profit of $13,140 in the same quarter last year. Year-to-date losses also widened to $527,682 from $413,551, driven by a substantial rise in lease operating expenses (up 171.5% year-over-year) and general administrative costs (up 116.6%). Total assets surged to $11,347,093 from $4,370,717, primarily due to acquisitions of oil and gas interests, with significant contributions from recent stock issuances. Cash reserves improved to $127,650, supporting positive cash flow from operations of $59,219, contrasting with a cash outflow in the prior year. Despite these developments, the company faces uncertainties, including fluctuating oil prices and operational risks, raising concerns about its ability to sustain operations without additional capital. The management has not established a formal plan to address these financial challenges but remains focused on strategic acquisitions to enhance production and revenue.