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CoJax Oil & Gas (CJAX0.00%) has filed its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenues of $971,686 for 2024, a slight increase from $927,983 in 2023. This increase is attributed to the acquisition of additional mineral and oil and gas interests.
General and administrative expenses decreased to $919,994 from $1,038,473 in 2023, primarily due to a reduction in management fees.
Lease operating expenses rose to $355,644 from $248,642, driven by the acquisition of new properties and the operation of those interests.
The company reported a net loss of $1,609,846 for 2024, compared to a net loss of $1,629,902 in 2023.
CoJax Oil & Gas's cash and cash equivalents stood at $46,738 as of December 31, 2024, with a working capital deficit of $1,111,147.
The company continues to face challenges in raising additional capital and is exploring alternative sources of financing to support its operations.
CoJax Oil & Gas's strategy focuses on acquiring underexploited oil and gas properties, with the goal of assembling a portfolio of low-risk assets.
The company operates in the Gulf States Drill Region and relies on contractors for drilling and production operations.
CoJax Oil & Gas identified material weaknesses in its internal controls over financial reporting and is working on remediation efforts, including seeking to appoint independent directors.
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 annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.