CoJax Oil & Gas Corp

Previous wording

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 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.

Current wording

This Quarterly Report on Form 10-Q (the “Quarterly Report”) contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 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.

Previous wording

Results of Operations – For the Three and Six Months Ended June 30, 2025, and 2024

Current wording

Results of Operations – For the Three and Nine Months Ended September 30, 2025, and 2024

Previous wording

Revenues were $233,624 and $571,847 for the three and six months ended June 30, 2025, compared to $318,007 and $500,060 for the three six months ended June 30, 2024. The decrease in revenue of 26.5% for the three months ended June 30, 2025 compared to the same period in 2024 was primarily driven by a decrease in the average sale price for crude oil. The increase in revenue of 14.4% for the six months ended June 30, 2025 compared to the same period in 2024 was primarily driven by production in the Liberty and Pine Grove Assets during the first quarter of 2025, which were acquired in May 2024 and August 2024, respectively.

Current wording

Revenues were $212,868 and $784,714 for the three and nine months ended September 30, 2025, compared to $250,619 and $750,678 for the three and nine months ended September 30, 2024. The decrease in revenue of 15.1% for the three months ended September 30, 2025, compared to the same period in 2024, was primarily driven by a decrease in the average sale price for crude oil. The increase in revenue of 4.5% for the nine months ended September 30, 2025, compared to the same period in 2024, was primarily driven by production in the Liberty and Pine Grove Assets during the first quarter of 2025, which were acquired in May 2024 and August 2024, respectively.

Previous wording

Lease operating expenses were $126,385 and $223,625 for the three and six months ended June 30, 2025, compared to $116,142 and $163,483 for the three and six months ended June 30, 2024, representing an increase of 8.8% or $10,243 and 36.8% or $60,142, respectively. The increase in expense for both periods presented was primarily attributable to the Liberty and Pine Grove Assets.

Current wording

Lease operating expenses were $143,715 and $367,340 for the three and nine months ended September 30, 2025, compared to $110,318 and $273,801 for the three and nine months ended September 30, 2024, representing an increase of 30.3% or $33,397 and 34.2% or $93,539, respectively. The increase in expense for both periods presented was primarily attributable to the Liberty and Pine Grove Assets.

Previous wording

Total operating loss was $203,818 and $74,361 for the three months ended June 30, 2025 and 2024, respectively. The increased loss was driven by a decrease in revenues during the second quarter and an increase in lease operating expenses and general and administrative expenses. The change in general and administrative expenses corresponded to an increase in professional service fees.

Current wording

Total operating loss was $157,417 and $149,185 for the three months ended September 30, 2025 and 2024, respectively. The increased loss was driven by a decrease in revenues during the third quarter.

Previous wording

Total operating loss was $348,140 and $377,770 for the six months ended June 30, 2025 and 2024, respectively. The decreased loss was primarily driven by revenues earned in the first quarter of 2025, lending to a net increase in revenue for the six-month period, and an increase in lease operating expenses. These increases were partially offset by a decrease of $46,109 in general and administrative expenses driven by a reduction in payroll expenses.

Current wording

Total operating loss was $505,557 and $526,811 for the nine months ended September 30, 2025 and 2024, respectively. The decreased loss was primarily driven by revenues earned in the first quarter of 2025, lending to a net increase in revenue for the nine-month period, and an increase in lease operating expenses. These increases were partially offset by a decrease of $115,660 in general and administrative expenses driven by a reduction in payroll expenses.

Previous wording

Other expense, net was $243 and $727 for the three and six months ended June 30, 2025, as compared to $77 and $154 for the three and six months ended June 30, 2024, due to an increase in interest expense.

Current wording

Other expense, net was $288 and $1,015 for the three and nine months ended September 30, 2025, as compared to $573 and $871 for the three and nine months ended September 30, 2024, due to an increase in interest expense.

Previous wording

As a result of the above factors, for the three and six months ended June 30, 2025, the Company had a net loss of $204,061 and $348,867 as compared to a net loss of $74,438 and $377,924 for the three and six months ended June 30, 2024.

Current wording

As a result of the above factors, for the three and nine months ended September 30, 2025, the Company had a net loss of $157,705 and $506,572 as compared to a net loss of $149,758 and $527,682 for the three and nine months ended September 30, 2024.

Previous wording

The following table presents our sales volumes and received pricing information for the three and six month periods ended June 30, 2025, and 2024:

Current wording

The following table presents our sales volumes and received pricing information for the three and nine month periods ended September 30, 2025, and 2024:

Previous wording

The Company had cash on hand of $63,529 at June 30, 2025 compared to $46,738 at December 31, 2024. For the six months ended June 30, 2025, the Company had net cash provided by operating activities of $21,822 compared to $45,974 provided by operating activities for the same period of 2024. The decrease in cash provided by operating activities was driven by the lack of common stock issuances for services and salaries during the period, partially offset by a $29,057 net loss decrease.

Current wording

The Company had cash on hand of $71,119 at September 30, 2025 compared to $46,738 at December 31, 2024. For the nine months ended September 30, 2025, the Company had net cash provided by operating activities of $31,938 compared to $59,219 provided by operating activities for the same period of 2024. The decrease in cash provided by operating activities was driven by the lack of common stock issuances for services and salaries during the period, and by a net loss increase.

Previous wording

Net cash used in investing activities was $0 for the six months ended June 30, 2025, and June 30, 2024.

Current wording

Net cash used in investing activities was $0 for the nine months ended September 30, 2025, and September 30, 2024.

Previous wording

Net cash used in financing activities was $5,031 for the six months ended June 30, 2025, compared to net cash used in financing activities of $4,977 for the same period in 2024.

Current wording

Net cash used in financing activities was $7,557 for the nine months ended September 30, 2025, compared to net cash used in financing activities of $7,477 for the same period in 2024.

Previous wording

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 analysing 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.

Current wording

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.