CoJax Oil and Gas Corporation

CJAX: 10-Q · periodic report

CoJax Oil and Gas Corporation swung to a small quarterly profit of $2,614 for Q2 2026, versus a $204,061 net loss a year earlier, as revenue rose 41.0% to $329,386 on realized oil prices of $102.61 per barrel. The six-month picture was weaker: revenue fell 22.8% year over year to $441,462 and the company posted a net loss of $263,345, pressured by well downtime at the Pine Grove assets, workovers on the Buckley assets, and the late-2025 disposal of its non-operated assets. The filing carries an explicit going-concern warning citing substantial doubt about the company's ability to continue, with only $52,984 in cash against $1,648,926 in current liabilities and dependence on future equity issuances or related-party financing; management has no formal plan in place to address the concern. Management also concluded that disclosure controls and procedures were not effective as of June 30, 2026, adding a governance red flag on top of the liquidity and going-concern risks.

SEC 10-Q•2mo ago

CJAX: 10-Q · periodic report

CoJax Oil and Gas Corporation reported a significant decrease in revenue for the first quarter of 2026, down 66.9% to $112,076 from $338,222 in the same period of 2025. This decline was primarily due to decreased production from the Buckley assets and the transfer of the NONOP assets in the second half of 2025. The company also reported a net loss of $265,959 for the three months ended March 31, 2026, compared to a net loss of $144,806 for the same period in 2025. The increased loss was driven by the $226,146 decrease in revenues, partially offset by a net decrease in operating expenses. Despite the revenue decline, the company's cash position improved slightly to $91,056 as of March 31, 2026, from $77,219 at the end of 2025. The company remains dependent on future issuances of equity or other financings to fund ongoing operations.

SEC 10-Q•5mo ago