CoJax Oil & Gas Corp
For the period ended Dec 31, 2025. Filed Mar 25, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Mar 25, 2026
CJAXStored price and day change unavailable
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2024-12-31; filed 2025-03-31.
0001753926-25-000532
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2025-12-31; filed 2026-03-25.
0001753926-26-000536
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 53 previous paragraphs and 53 current paragraphs.
42 unchanged; 11 reworded; 0 added; 0 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 3 previous and 3 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Reworded paragraphs (11)
Previous wording
Oil and natural gas prices have and may continue to be volatile. Recessionary concerns have placed some downward pressure on commodity prices, causing oil and gas prices to decline in the first quarter of 2023 from their earlier highs in 2022. Although supply has increased throughout the last three years, there is still an element of volatility and uncertainty that we expect to continue at least for the near-term and possibly longer, in part by the impact of the Russian-Ukrainian military conflict on global commodity and financial markets, and the associated effect of trade sanctions on imports of oil and natural gas from Russia. This volatility could negatively impact future prices for oil, natural gas, petroleum products and industrial products.
Current wording
Oil and natural gas prices have and may continue to be volatile. Recessionary concerns have placed some downward pressure on commodity prices, causing oil and gas prices to decline in the fourth quarter of 2025 from their earlier highs in 2023. Although supply has increased throughout the last three years, there is still an element of volatility and uncertainty that we expect to continue at least for the near-term and possibly longer, in part by the impact of the Russian-Ukrainian military conflict on global commodity and financial markets, and the associated effect of trade sanctions on imports of oil and natural gas from Russia. This volatility could negatively impact future prices for oil, natural gas, petroleum products and industrial products.
Previous wording
Revenues were $971,686 for the year ended December 31, 2024, and $927,983 for the year ended December 31, 2023. The Company is an early-stage company and began producing significant revenue in 2023. The increase in revenue of $43,703 is attributable to the acquisition of additional mineral and oil and gas interests during 2024.
Current wording
Revenues were $963,621 for the year ended December 31, 2025, and $971,686 for the year ended December 31, 2024. The Company is an early-stage company and began producing significant revenue in 2023. The decrease in revenue of $8,065 is attributable to the decrease in oil prices since prior year and disposal of certain mineral and oil and gas interests during 2025.
Previous wording
General and administrative expenses consisted primarily of accounting and audit fees, legal and professional services fees, and payroll-related expenses. General and administrative expenses were $919,994 for the year ended December 31, 2024, compared to $1,038,473 in the same period in 2023, representing a decrease of 11.4% or $118,479. The decrease was primarily driven by a decrease in management fees.
Current wording
General and administrative expenses consisted primarily of accounting and audit fees, legal and professional services fees, and payroll-related expenses. General and administrative expenses were $775,792 for the year ended December 31, 2025, compared to $919,994 in the same period in 2024, representing a decrease of 15.7% or $144,202. The decrease was primarily driven by a decrease in payroll expenses.
Previous wording
Lease operating expenses were $355,644 for the year ended December 31, 2024, compared to $248,642 in the same period in 2023. The increase in lease operating expenses of 43.0% or $107,002 was primarily driven by the 2024 acquisition of additional mineral and oil and gas interests and the operation of those interests.
Current wording
Lease operating expenses were $417,967 for the year ended December 31, 2025, compared to $355,644 in the same period in 2024. The increase in lease operating expenses of 17.5% or $62,323 was primarily driven by the result of a full year of operating expenses related to the 2024 acquisition of additional mineral and oil and gas interests that occurred in Q2 and Q3 2024.
Previous wording
Total operating loss was $1,608,945 for the year ended December 31, 2024, and $1,627,962 for the year ended December 31, 2023. The change in loss was primarily driven by the decrease in general and administrative expenses, offset by the increase in lease operating expenses.
Current wording
Total operating loss was $1,029,312 for the year ended December 31, 2025, and $1,608,945 for the year ended December 31, 2024. The change in loss was primarily driven by the decrease in impairment expense and general and administrative expenses, offset by an increase in lease operating expenses.
Previous wording
Other expense, net was ($901) for the year ended December 31, 2024, compared to ($1,940) for the same period in 2023. The change in other expense, net, was attributable to an increase in interest income.
Current wording
Other expense, net was ($79,897) for the year ended December 31, 2025, compared to ($901) for the same period in 2024. The increase in other expense, net, was attributable to a loss on disposition of proved reserves not present in the prior year.
Previous wording
As a result of the above factors, there was a net loss of $1,609,846 for the year ended December 31, 2024, compared to a net loss of $1,629,902 in the same period of 2023.
Current wording
As a result of the above factors, there was a net loss of $1,109,209 for the year ended December 31, 2025, compared to a net loss of $1,609,846 in the same period of 2024.
Previous wording
The Company had cash and cash equivalents of $46,738 at December 31, 2024. The Company has incurred net operating losses and operating cash flow deficits since inception, continuing through the years ended December 31, 2024, and December 31, 2023. Since inception, the primary sources of financing have been a combination of loans or contributions of Jeffrey J. Guzy, an officer and director of the Company, and $53,000 raised in the public offering. This limited funding has been inadequate as of the date of this Annual Report to fund our business strategy. The Company has not attained profitable operations and its ability to pursue any future plan of operation is dependent upon our ability to obtain additional financing.
Current wording
The Company had cash and cash equivalents of $77,219 at December 31, 2025. During the year ended December 31, 2025 the Company generated $40,569 in operating cash flows. Prior to the year ended December 31, 2025 the Company had incurred net operating losses and operating cash flow deficits since its inception. Historically, the primary sources of financing have been a combination of loans or contributions of Jeffrey J. Guzy, an officer and director of the Company, and $53,000 raised in the public offering. This limited funding has been inadequate as of the date of this Annual Report to fund our business strategy. The Company has not attained profitable operations and its ability to pursue any future plan of operation is dependent upon our ability to obtain additional financing.
Previous wording
Net cash from operating activities is derived from net loss from operations adjusted for non-cash items, changes in accounts receivables balances, prepaid expenses, accounts payables, and accrued expenses. For the period ended December 31, 2024, net cash used in operating activities was $19,187 compared to net cash provided by operating activities of $48,046 for the period ended December 31, 2023. The net decrease was primarily attributable to a net $317,004 decrease in the non-cash adjustment for common stock issued for services and salaries. This change was offset by the net increase in accounts receivable during the period ended December 31, 2024.
Current wording
Net cash from operating activities is derived from net loss from operations adjusted for non-cash items, changes in accounts receivables balances, prepaid expenses, accounts payables, and accrued expenses. For the period ended December 31, 2025, net cash provided by operating activities was $40,569 compared to net cash used in operating activities of $19,187 for the period ended December 31, 2024. The net increase in operating cash flows was primarily attributable to the reduction in net loss between periods, the noncash settlement of payables related to the disposition of proved reserves in 2025, offset by the transfer of receivables related to the disposed proved reserves.
Previous wording
Total net cash used in financing activities was $9,983 for the period ended December 31, 2024. Net cash used in financing activities was $9,888 for the periods ended December 31, 2023. The net decrease was due to the decrease in payments made of the SBA PPP loan.
Current wording
Total net cash used in financing activities was $10,088 for the period ended December 31, 2025. Net cash used in financing activities was $9,983 for the period ended December 31, 2024. The net increase was due to the increase in payments made on the SBA PPP loan.
Previous wording
Our estimates of reserves and future cash flow as of December 31, 2024, and 2023 were prepared using an average price equal to the unweighted arithmetic average of the first day of the month price for each month within the 12-month periods ended December 31, 2024, and 2023, respectively, in accordance with SEC guidelines. As of December 31, 2024, our reserves are based on an SEC average price of $73.68 per Bbl of WTI oil posted and $2.013 per MCF natural gas. As of December 31, 2023, our reserves are based on an SEC average price of $75.81 per Bbl of WTI oil posted and $0 per MCF natural gas. Prices are adjusted by local field and lease level differentials and are held constant for the life of reserves in accordance with SEC guidelines.
Current wording
Our estimates of reserves and future cash flow as of December 31, 2025, and 2024 were prepared using an average price equal to the unweighted arithmetic average of the first day of the month price for each month within the 12-month periods ended December 31, 2025, and 2024, respectively, in accordance with SEC guidelines. As of December 31, 2025, our reserves are based on an SEC average price of $62.73 per Bbl of WTI oil posted and $3.201 per MCF natural gas. As of December 31, 2024, our reserves are based on an SEC average price of $73.68 per Bbl of WTI oil posted and $2.013 per MCF natural gas. Prices are adjusted by local field and lease level differentials and are held constant for the life of reserves in accordance with SEC guidelines.