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CoJax Oil & Gas (CJAX+3.14%) Corporation has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing revenues of $250,619, compared to $248,302 in the same quarter the previous year. This increase is attributed to an increase in production and the acquisition of oil and gas properties.
Lease operating expenses for the quarter were $110,318, compared to $40,639 in the same quarter of the previous year. The increase in expense was primarily due to the increase in production.
General and administrative expenses increased to $205,508 from $94,874, primarily driven by increased operational activities.
The company reported a net loss of $149,758 for the quarter, compared to a net income of $13,140 in the previous year. The increased loss was primarily driven by higher lease operating and general and administrative expenses.
Cash on hand as of September 30, 2024, was $127,650, with net cash provided by operating activities amounting to $59,219 for the nine months ended September 30, 2024.
CoJax completed acquisitions of mineral and oil and gas interests in Mississippi during the quarter, issuing shares of common stock as consideration.
The company continues to focus on developing its existing properties and pursuing strategic acquisitions of additional properties in the Gulf States Drill Region.
The filing also highlights various risks and uncertainties, including fluctuations in oil and gas prices, operational risks, and regulatory compliance challenges.
CoJax acknowledges its dependence on future issuances of equity or other financings to fund ongoing operations, which raises substantial doubt about its ability to continue as a going concern.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the CoJax Oil & Gas quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.