CoJax Oil & Gas Corp
For the period ended Mar 31, 2026. Filed May 13, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 13, 2026
CJAXStored price and day change unavailable
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-11-12.
0001753926-25-001741
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-13.
0001753926-26-000848
Item 2. 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 58 previous paragraphs and 59 current paragraphs.
43 unchanged; 11 reworded; 5 added; 4 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 32 previous and 31 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.
Added paragraphs (5)
Current report
Revenues were $112,076 for the three months ended March 31, 2026, compared to $338,222 for the three months ended March 31, 2025. The decrease in revenue of 66.9% or $226,146 was primarily driven by the decrease in production for the Buckley assets resulting in approximately $137,202 reduction in revenue period over period, as well as the decrease attributable to the transfer of the NONOP assets in the second half of 2025 that reduced revenue by approximately $38,612. Wells within the Pine Grove field were under repair during Q1 2026 resulting in a reduction in revenue compared to 2025 of $18,339.
Current report
Lease operating expenses were $115,345 for the three months ended March 31, 2026, compared to $ 97,240 for the three months ended March 31, 2025, representing an increase of 18.6% or $18,105. The increase in expense was primarily attributable to the increased operating expenses related to repair and maintenance of wells in the Pine Grove and Buckley fields during 2026 of $22,222 and $21,835 respectively, offset by reduced operating expenses resulting from the transfer of NONOP assets of approximately $24,829.
Current report
General and Administrative Expenses
Current report
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 $193,971 for the three months ended March 31, 2026, compared to $274,330 in the same period in 2025, representing a decrease of 29.3% or $80,359. The decrease was primarily driven by a $31,157 decrease in accounting fees, a $6,892 reduction in management fees, and a $38,606 decrease in reserve evaluations expenses.
Current report
The Company did not have any investing cash flows for the three months ended March 31, 2026 and March 31, 2025.
Removed paragraphs (4)
Previous report
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 report
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 report
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 report
Net cash used in investing activities was $0 for the nine months ended September 30, 2025, and September 30, 2024.
Reworded paragraphs (11)
Previous 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.
Current wording
This Quarterly Report on Form 10-Q (the “Quarterly Report”), including in Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere may contain 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. Statements which are not historical reflect our current expectations and projections about our future results, performance, liquidity, financial condition, prospects and opportunities and are based upon information currently available to us and our management and their interpretation of what is believed to be significant factors affecting our business, including many assumptions regarding future events 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
Among the factors that could cause actual future results to differ materially are the risks and uncertainties discussed in this report and in our annual report on Form 10-K for the year ended December 31, 2024. While it is not possible to identify all factors, we continue to face many risks and uncertainties including, but not limited to:
Current wording
Among the factors that could cause actual future results to differ materially are the risks and uncertainties discussed in this Quarterly Report and in our annual report on Form 10-K for the year ended December 31, 2025. While it is not possible to identify all factors, we continue to face many risks and uncertainties including, but not limited to:
Previous wording
Executive Summary - Second Quarter 2025 Developments and Highlights
Current wording
Executive Summary - First Quarter 2026 Developments and Highlights
Previous wording
The oil and natural gas industry is a global market impacted by many factors, including government regulations, particularly in the areas of trade sanctions, taxation, energy, climate change and the environment, geopolitical instability, and military conflicts (including the Russian-Ukrainian conflict in the Middle East), fluctuations in worldwide commodity demand, and the extent to which members of OPEC and other oil exporting nations manage oil supply through export quotas. In general, natural gas prices are determined by North American supply and demand and are affected by the import and export of liquefied natural gas. Oil and natural gas prices have been, and are expected to continue to be, volatile. This volatility could negatively impact future prices for oil, natural gas, petroleum products, and industrial products.
Current wording
The oil and natural gas industry is a global market impacted by many factors, including government regulations, particularly in the areas of trade sanctions, taxation, energy, climate change and the environment, geopolitical instability, and military conflicts (including the ongoing Russian-Ukrainian conflict and conflict in the Middle East), fluctuations in worldwide commodity demand, and the extent to which members of OPEC and other oil exporting nations manage oil supply through export quotas. In general, natural gas prices are determined by North American supply and demand and are affected by the import and export of liquefied natural gas. Oil and natural gas prices have been, and are expected to continue to be, volatile. This volatility could negatively impact future prices for oil, natural gas, petroleum products, and industrial products.
Previous wording
Results of Operations – For the Three and Nine Months Ended September 30, 2025, and 2024
Current wording
Results of Operations – For the Three Months Ended March 31, 2026, and 2025
Previous 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.
Current wording
Total operating loss was $265,510 for the three months ended March 31, 2026, and $144,323 for the three months ended March 31, 2025. The increased loss was primarily driven by the $226,146 decrease in revenues offset by the $104,959 net decrease in operating expenses.
Previous 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.
Current wording
Other expense, net was $450 for the three months ended March 31, 2026, as compared to $483 for the three months ended March 31, 2025, due to an increase in interest expense on the PPP Loan.
Previous 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.
Current wording
As a result of the above factors, for the three months ended March 31, 2026, the Company had a net loss of $265,959 as compared to a net loss of $144,806 for the three months ended March 31, 2025.
Previous 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:
Current wording
The following table presents our sales volumes and received pricing information for the three-month periods ended March 31, 2026, and 2025:
Previous 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.
Current wording
The Company had cash on hand of $91,056 at March 31, 2026, compared to $ 77,219 at December 31, 2025. For the three months ended March 31, 2026, the Company had net cash provided by operating activities of $16,375, compared to $32,796 provided by operating activities for the same period of 2025. The decrease in cash provided by operating activities was driven by the $150,374 increase in accounts payable and accrued liabilities and $12,813 decrease in accounts receivable, offset by the $121,153 increase of net loss and $44,569 decrease in depletion expense.
Previous 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.
Current wording
Net cash used in financing activities was $ 2,538 for the three months ended March 31, 2026, compared to net cash used in financing activities of $ 2,513 for the same period in 2025.