2023 Q1 Form 10-K Financial Statement
#000121390023023118 Filed on March 27, 2023
Income Statement
Concept | 2023 Q1 | 2022 Q4 | 2022 Q1 |
---|---|---|---|
Revenue | $34.00K | $0.00 | $0.00 |
YoY Change | |||
Cost Of Revenue | |||
YoY Change | |||
Gross Profit | |||
YoY Change | |||
Gross Profit Margin | |||
Selling, General & Admin | $2.086M | $2.338M | $2.146M |
YoY Change | -2.8% | 29.6% | -22.33% |
% of Gross Profit | |||
Research & Development | |||
YoY Change | |||
% of Gross Profit | |||
Depreciation & Amortization | $200.0K | $201.0K | $195.0K |
YoY Change | 2.56% | 7.49% | 8.94% |
% of Gross Profit | |||
Operating Expenses | $2.086M | $2.338M | $2.146M |
YoY Change | -2.8% | 29.6% | -22.33% |
Operating Profit | -$2.131M | -$2.146M | |
YoY Change | -0.7% | ||
Interest Expense | -$6.000K | $13.00K | -$20.00K |
YoY Change | -70.0% | 550.0% | -109.85% |
% of Operating Profit | |||
Other Income/Expense, Net | -$6.000K | ||
YoY Change | |||
Pretax Income | -$2.139M | -$47.94M | -$2.166M |
YoY Change | -1.25% | 2560.38% | -15.39% |
Income Tax | $0.00 | ||
% Of Pretax Income | |||
Net Earnings | -$2.139M | -$47.94M | -$2.166M |
YoY Change | -1.25% | 2560.38% | -15.39% |
Net Earnings / Revenue | -6291.18% | ||
Basic Earnings Per Share | -$4.00 | -$5.00 | |
Diluted Earnings Per Share | -$4.00 | -$0.09 | -$5.351K |
COMMON SHARES | |||
Basic Shares Outstanding | 530.1M shares | 514.6M shares | 404.8K shares |
Diluted Shares Outstanding | 531.0M shares | 404.8M shares |
Balance Sheet
Concept | 2023 Q1 | 2022 Q4 | 2022 Q1 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $799.0K | $1.735M | $8.221M |
YoY Change | -90.28% | -62.95% | 30.64% |
Cash & Equivalents | $799.0K | $1.735M | $8.221M |
Short-Term Investments | |||
Other Short-Term Assets | $155.0K | $483.0K | $3.138M |
YoY Change | -95.06% | -21.72% | -19.54% |
Inventory | |||
Prepaid Expenses | |||
Receivables | |||
Other Receivables | $143.0K | ||
Total Short-Term Assets | $3.060M | $4.607M | $14.07M |
YoY Change | -78.26% | -46.68% | 17.59% |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | $102.0K | $112.0K | $55.26M |
YoY Change | -99.82% | -18.84% | 74.64% |
Goodwill | |||
YoY Change | |||
Intangibles | |||
YoY Change | |||
Long-Term Investments | |||
YoY Change | |||
Other Assets | $425.0K | $424.0K | $553.0K |
YoY Change | -23.15% | -21.63% | 19.96% |
Total Long-Term Assets | $22.80M | $22.91M | $55.81M |
YoY Change | -59.15% | -58.19% | 73.86% |
TOTAL ASSETS | |||
Total Short-Term Assets | $3.060M | $4.607M | $14.07M |
Total Long-Term Assets | $22.80M | $22.91M | $55.81M |
Total Assets | $25.86M | $27.52M | $69.89M |
YoY Change | -63.0% | -56.62% | 58.58% |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $2.017M | $2.147M | $1.167M |
YoY Change | 72.84% | -22.85% | -38.45% |
Accrued Expenses | $495.0K | $1.032M | $606.0K |
YoY Change | -18.32% | -42.06% | -58.72% |
Deferred Revenue | |||
YoY Change | |||
Short-Term Debt | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Long-Term Debt Due | |||
YoY Change | |||
Total Short-Term Liabilities | $3.208M | $3.946M | $2.344M |
YoY Change | 36.86% | -26.08% | -67.05% |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Other Long-Term Liabilities | $473.0K | $469.0K | $689.0K |
YoY Change | -31.35% | -34.59% | -6.51% |
Total Long-Term Liabilities | $473.0K | $469.0K | $689.0K |
YoY Change | -31.35% | -34.59% | -6.51% |
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $3.208M | $3.946M | $2.344M |
Total Long-Term Liabilities | $473.0K | $469.0K | $689.0K |
Total Liabilities | $3.681M | $4.415M | $3.033M |
YoY Change | 21.36% | -27.09% | -61.37% |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$280.7M | -$278.6M | |
YoY Change | 24.64% | ||
Common Stock | $302.9M | $301.7M | |
YoY Change | 7.41% | ||
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | $22.18M | $23.10M | $66.85M |
YoY Change | |||
Total Liabilities & Shareholders Equity | $25.86M | $27.52M | $69.89M |
YoY Change | -63.0% | -56.62% | 58.58% |
Cashflow Statement
Concept | 2023 Q1 | 2022 Q4 | 2022 Q1 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$2.139M | -$47.94M | -$2.166M |
YoY Change | -1.25% | 2560.38% | -15.39% |
Depreciation, Depletion And Amortization | $200.0K | $201.0K | $195.0K |
YoY Change | 2.56% | 7.49% | 8.94% |
Cash From Operating Activities | -$917.0K | -$985.0K | -$2.091M |
YoY Change | -56.15% | 6.49% | -2.34% |
INVESTING ACTIVITIES | |||
Capital Expenditures | $27.00K | -$134.0K | |
YoY Change | -140.3% | 39.58% | |
Acquisitions | |||
YoY Change | |||
Other Investing Activities | -$838.0K | -$2.907M | -$3.665M |
YoY Change | -77.14% | -58.21% | -47.85% |
Cash From Investing Activities | -$838.0K | -$2.934M | -$3.799M |
YoY Change | -77.94% | -58.23% | -46.67% |
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | |||
YoY Change | |||
Debt Paid & Issued, Net | |||
YoY Change | |||
Cash From Financing Activities | $800.0K | 2.660M | 9.428M |
YoY Change | -91.51% | -67.03% | 230.81% |
NET CHANGE | |||
Cash From Operating Activities | -$917.0K | -985.0K | -2.091M |
Cash From Investing Activities | -$838.0K | -2.934M | -3.799M |
Cash From Financing Activities | $800.0K | 2.660M | 9.428M |
Net Change In Cash | -$955.0K | -1.259M | 3.538M |
YoY Change | -126.99% | -1157.98% | -155.15% |
FREE CASH FLOW | |||
Cash From Operating Activities | -$917.0K | -$985.0K | -$2.091M |
Capital Expenditures | $27.00K | -$134.0K | |
Free Cash Flow | -$917.0K | -$1.012M | -$1.957M |
YoY Change | -53.14% | 17.95% | -4.3% |
Facts In Submission
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2022-12-31 | |
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NetIncomeLoss
|
-55077000 | usd |
CY2022Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
23100000 | usd |
CY2022 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-55077000 | usd |
CY2021 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-10721000 | usd |
CY2022 | us-gaap |
Depreciation
Depreciation
|
794000 | usd |
CY2021 | us-gaap |
Depreciation
Depreciation
|
743000 | usd |
CY2022 | zn |
Adjustment Of Options Granted For Services
AdjustmentOfOptionsGrantedForServices
|
1651000 | usd |
CY2021 | zn |
Adjustment Of Options Granted For Services
AdjustmentOfOptionsGrantedForServices
|
3319000 | usd |
CY2021 | us-gaap |
Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
|
190000 | usd |
CY2021 | us-gaap |
Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
|
431000 | usd |
CY2022 | us-gaap |
Impairment Of Oil And Gas Properties
ImpairmentOfOilAndGasProperties
|
45615000 | usd |
CY2022 | us-gaap |
Increase Decrease In Deposit Other Assets
IncreaseDecreaseInDepositOtherAssets
|
-134000 | usd |
CY2021 | us-gaap |
Increase Decrease In Deposit Other Assets
IncreaseDecreaseInDepositOtherAssets
|
20000 | usd |
CY2022 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
-89000 | usd |
CY2021 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
-1211000 | usd |
CY2022 | us-gaap |
Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
|
-633000 | usd |
CY2021 | us-gaap |
Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
|
-1140000 | usd |
CY2022 | us-gaap |
Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
|
-340000 | usd |
CY2021 | us-gaap |
Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
|
288000 | usd |
CY2022 | us-gaap |
Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
|
-143000 | usd |
CY2021 | us-gaap |
Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
|
-116000 | usd |
CY2022 | us-gaap |
Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
|
-157000 | usd |
CY2021 | us-gaap |
Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
|
-138000 | usd |
CY2022 | zn |
Increase Decrease In Right Of Use Lease Assets
IncreaseDecreaseInRightOfUseLeaseAssets
|
-261000 | usd |
CY2021 | zn |
Increase Decrease In Right Of Use Lease Assets
IncreaseDecreaseInRightOfUseLeaseAssets
|
-239000 | usd |
CY2022 | zn |
Increase Decrease In Accrued Severance Pay Net Of Severance Pay Fund
IncreaseDecreaseInAccruedSeverancePayNetOfSeverancePayFund
|
26000 | usd |
CY2021 | zn |
Increase Decrease In Accrued Severance Pay Net Of Severance Pay Fund
IncreaseDecreaseInAccruedSeverancePayNetOfSeverancePayFund
|
-52000 | usd |
CY2022 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
70000 | usd |
CY2021 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
64000 | usd |
CY2022 | us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
60000 | usd |
CY2021 | us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
-953000 | usd |
CY2022 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-5704000 | usd |
CY2021 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-5813000 | usd |
CY2022 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
17000 | usd |
CY2021 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
46000 | usd |
CY2022 | zn |
Acquisition Of Drilling Rig And Related Equipment
AcquisitionOfDrillingRigAndRelatedEquipment
|
400000 | usd |
CY2021 | zn |
Acquisition Of Drilling Rig And Related Equipment
AcquisitionOfDrillingRigAndRelatedEquipment
|
182000 | usd |
CY2022 | zn |
Payments To Investment In Unproved Oil And Gas Properties
PaymentsToInvestmentInUnprovedOilAndGasProperties
|
15850000 | usd |
CY2021 | zn |
Payments To Investment In Unproved Oil And Gas Properties
PaymentsToInvestmentInUnprovedOilAndGasProperties
|
28794000 | usd |
CY2022 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-16267000 | usd |
CY2021 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-29022000 | usd |
CY2022 | us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
4000 | usd |
CY2021 | us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
21000 | usd |
CY2021 | us-gaap |
Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
|
115000 | usd |
CY2022 | us-gaap |
Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
|
19129000 | usd |
CY2021 | us-gaap |
Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
|
26219000 | usd |
CY2022 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
19133000 | usd |
CY2021 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
26125000 | usd |
CY2022 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
-2838000 | usd |
CY2021 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
-8710000 | usd |
CY2021Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
5952000 | usd |
CY2020Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
14662000 | usd |
CY2022Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
3114000 | usd |
CY2021Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
5952000 | usd |
CY2021 | zn |
Convertible Bond Principal Paid In Shares
ConvertibleBondPrincipalPaidInShares
|
3214000 | usd |
CY2022 | us-gaap |
Noncash Or Part Noncash Acquisition Other Assets Acquired1
NoncashOrPartNoncashAcquisitionOtherAssetsAcquired1
|
2151000 | usd |
CY2021 | us-gaap |
Noncash Or Part Noncash Acquisition Other Assets Acquired1
NoncashOrPartNoncashAcquisitionOtherAssetsAcquired1
|
3666000 | usd |
CY2022 | zn |
Cost Of Options Capitalized To Oil Gas Properties
CostOfOptionsCapitalizedToOilGasProperties
|
17000 | usd |
CY2021 | zn |
Convertible Bond Interest Paid In Shares
ConvertibleBondInterestPaidInShares
|
321000 | usd |
CY2021 | zn |
Capitalized Convertible Bond Interest Attributed To Oil And Gas Properties
CapitalizedConvertibleBondInterestAttributedToOilAndGasProperties
|
104000 | usd |
CY2021 | zn |
Convertible Shares Related To Senior Convertible Bonds
ConvertibleSharesRelatedToSeniorConvertibleBonds
|
9000 | usd |
CY2022 | zn |
Addition Of Right Of Use Lease Asset And Lease Obligation
AdditionOfRightOfUseLeaseAssetAndLeaseObligation
|
136000 | usd |
CY2021 | zn |
Addition Of Right Of Use Lease Asset And Lease Obligation
AdditionOfRightOfUseLeaseAssetAndLeaseObligation
|
128000 | usd |
CY2022Q4 | us-gaap |
Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
|
1735000 | usd |
CY2021Q4 | us-gaap |
Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
|
4683000 | usd |
CY2022Q4 | zn |
Restricted Cash Included In Fixed Shortterm Bank Deposits
RestrictedCashIncludedInFixedShorttermBankDeposits
|
1379000 | usd |
CY2021Q4 | zn |
Restricted Cash Included In Fixed Shortterm Bank Deposits
RestrictedCashIncludedInFixedShorttermBankDeposits
|
1269000 | usd |
CY2022Q4 | us-gaap |
Restricted Cash And Investments
RestrictedCashAndInvestments
|
3114000 | usd |
CY2021Q4 | us-gaap |
Restricted Cash And Investments
RestrictedCashAndInvestments
|
5952000 | usd |
CY2022 | us-gaap |
Nature Of Operations
NatureOfOperations
|
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 1 - Nature of Operations and Going Concern</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b>A. Nature of Operations</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Zion Oil & Gas, Inc., a Delaware corporation (“we,” “our,” “Zion” or the “Company”) is an oil and gas exploration company with a history of 23 years of oil & gas exploration in Israel. As of December 31, 2022, the Company has no revenues from its oil and gas operations.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Zion maintains its corporate headquarters in Dallas, Texas. The Company also has branch offices in Caesarea, Israel and Geneva, Switzerland. The purpose of the Israel branch is to support the Company’s operations in Israel, and the purpose of the Switzerland branch is to operate a foreign treasury center for the Company.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 24, 2020, Zion incorporated a wholly owned subsidiary, Zion Drilling, Inc., a Delaware corporation, for the purpose of owning a drilling rig, related equipment and spare parts, and on January 31, 2020, Zion incorporated another wholly owned subsidiary, Zion Drilling Services, Inc., a Delaware corporation, to act as the contractor providing such drilling services. When Zion is not using the rig for its own exploration activities, Zion Drilling Services may contract with other operators in Israel to provide drilling services at market rates then in effect.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Zion has the trademark “ZION DRILLING” filed with the United States Patent and Trademark Office. Zion has the trademark filed with the World Intellectual Property Organization in Geneva, Switzerland, pursuant to the Madrid Agreement and Protocol. In addition, Zion has the trademark filed with the Israeli Trademark Office in Israel.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><span style="text-decoration:underline">Exploration Rights/Exploration Activities</span></b></span> <span style="font-family: Times New Roman, Times, Serif"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Megiddo-Jezreel License 401 was awarded on December 3, 2013 for a three-year primary term through December 2, 2016 with the possibility of additional one-year extensions up to a maximum of seven years or December 3, 2020.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Megiddo Jezreel #1 (“MJ #1”) exploratory well was spud on June 5, 2017 and drilled to a total depth (“TD”) of 5,060 meters (approximately 16,600 feet). Thereafter, the Company successfully cased and cemented the well while awaiting the approval of the testing protocol. The Ministry of Energy approved the well testing protocol on April 29, 2018.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the fourth quarter of 2018, the Company testing protocol was concluded at the MJ #1 well. The test results confirmed that the MJ #1 well did not contain hydrocarbons in commercial quantities in the zones tested. As a result, in the year ended December 31, 2018, the Company recorded a non-cash impairment charge to its unproved oil and gas properties of $30,906,000. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 1 - Nature of Operations and Going Concern </b>(cont’d)</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The New Megiddo License 428 (“NML 428”) (covering the same area as MJL 401) was awarded on December 3, 2020 for a six-month term with the possibility of an additional six-month extension. On April 29, 2021, Zion submitted a request to the Ministry of Energy for a six-month extension to December 2, 2021. On May 30, 2021, the Ministry of Energy approved our request for extension to December 2, 2021. On November 29, 2021, the Ministry of Energy approved our request for extension to August 1, 2022. On July 25, 2022, Zion submitted a request to the Ministry of Energy for a six-month extension to February 1, 2023. On July 31, 2022, the Ministry of Energy approved our request for extension to February 1, 2023. This license effectively replaced the Megiddo-Jezreel License 401 as it has the same area and coordinates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The MJ-02 drilling plan had been approved by the Ministry of Energy on July 29, 2020. On January 6, 2021, Zion officially spudded its MJ-02 exploratory well. On November 23, 2021, Zion announced via a press release that it completed drilling the MJ-02 well to a total depth of 5,531 meters (~18,141 feet) with a 6 inch open hole at that depth.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A full set of detailed and comprehensive tests including neutron-density, sonic, gamma, and resistivity logs were acquired in December 2021, as a result of which we identified encouraging zones of interest.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the third quarter of 2022, Zion perforated and stimulated two deep zones.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 3, 2022, Zion sent a database email update to its supporters announcing the following: (1) We are encouraged by the results of our recent testing operations, especially the lower zone (approximately 20 meters in thickness), which is our primary zone of interest, (2) We are currently facing a downhole obstacle in the form of heavy water influx from the upper zone inhibiting the potential flow of hydrocarbons from the lower zone and (3) After consultation with outside experts, we planned to isolate and neutralize the heavy water influx by procuring a 4.5” packer and installing it below the heavy water zone and above our primary zone.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Zion suspended its operations at the MJ-02 pad site during October 2022 due to several Jewish holidays during the month. Beginning in early November 2022, Zion resumed its testing operations after procuring the necessary equipment and personnel.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the fourth quarter of 2022, the Company testing protocol was concluded at the MJ-02 well. The test results confirmed that the MJ-02 well did not contain hydrocarbons in commercial quantities in the zones tested. As a result, in the year ended December 31, 2022, the Company recorded a non-cash impairment charge to its unproved oil and gas properties of $45,615,000. During the year ended December 31, 2021, the Company did not record any non-cash impairment charge.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">On February 1, 2023, the NML 428 License expired, but Zion applied for a replacement license prior to such expiration. We continue our exploration focus here based on our studies as it appears to possess the key geologic ingredients of an active petroleum system with significant exploration potential</span> <span style="font-family: Times New Roman, Times, Serif">.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">See more information about our exploration activities, see Item 1.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Zion’s Former Asher-Menashe License</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Zion plugged the exploratory well on its former Asher-Menashe License area, the reserve pit has been evacuated, and during the year 2019, Zion completed the abandonment of this well site in accordance with guidance from the Energy Ministry, Environmental Ministry and local officials (see Note 9C).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Zion’s Former Joseph License</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Zion has plugged all of its exploratory wells on its former Joseph License area, and the reserve pits have been evacuated, but acknowledges its obligation to complete the abandonment of these well sites in accordance with guidance from the Energy Ministry, Environmental Ministry and local officials (see Note 9C).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Uncertainty Due to Geopolitical Events</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Due to Russia’s invasion of Ukraine, which began in February 2022, and the resulting sanctions and other actions against Russia and Belarus, there has been uncertainty and disruption in the global economy. Although the Russian war against Ukraine did not have a material adverse impact on the Company’s financial results for the year ended December 31, 2022, at this time the Company is unable to fully assess the aggregate impact the Russian war against Ukraine will have on its business due to various uncertainties, which include, but are not limited to, the duration of the war, the war’s effect on the global economy, future energy pricing, its impact to the businesses of the Company’s, and actions that may be taken by governmental authorities related to the war.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>COVID-19 Update</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i> </i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The continuing COVID-19 global pandemic has caused significant disruption to the economy and financial markets globally, and the full extent of the potential impacts of COVID-19 are not yet known. Circumstances caused by the COVID-19 pandemic are complex, and uncertain. The impact of COVID-19 has not been significant to the Company’s results of operations, financial condition, and liquidity and capital resources. Although no material impairment or other effects have been identified to date, there is substantial uncertainty in the nature and degree of its continued effects over time. That uncertainty affects management’s accounting estimates and assumptions, which could result in greater variability in a variety of areas that depend on these estimates and assumptions as additional events and information become known. The Company will continue to consider the potential impact of the COVID-19 pandemic on its business operations.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>B. Going Concern</b></span> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company incurs cash outflows from operations, and all exploration activities and overhead expenses to date have been financed by way of equity or debt financing. The recoverability of the costs incurred to date is uncertain and dependent upon achieving significant commercial production of hydrocarbons. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s ability to continue as a going concern is dependent upon obtaining the necessary financing to undertake further exploration and development activities and ultimately generating profitable operations from its oil and natural gas interests in the future. The Company’s current operations are dependent upon the adequacy of its current assets to meet its current expenditure requirements and the accuracy of management’s estimates of those requirements. Should those estimates be materially incorrect, the Company’s ability to continue as a going concern may be impaired. The consolidated financial statements have been prepared on a going concern basis, which contemplates realization of assets and liquidation of liabilities in the ordinary course of business. During the year ended December 31, 2022, the Company incurred a net loss of approximately $55.1 million and had an accumulated deficit of approximately $278.6 million. These factors raise substantial doubt about the Company’s ability to continue as a going concern.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To carry out planned operations, the Company must raise additional funds through additional equity and/or debt issuances or through profitable operations. There can be no assurance that this capital or positive operational income will be available to the Company, and if it is not, the Company may be forced to curtail or cease exploration and development activities. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty (see also Note 11).</p> | |
CY2018 | us-gaap |
Other Asset Impairment Charges
OtherAssetImpairmentCharges
|
30906000 | usd |
CY2022 | us-gaap |
Other Asset Impairment Charges
OtherAssetImpairmentCharges
|
45615000 | usd |
CY2022 | us-gaap |
Asset Impairment Charges
AssetImpairmentCharges
|
45615000 | usd |
CY2022 | us-gaap |
Costs Incurred Exploration Costs
CostsIncurredExplorationCosts
|
15889000 | usd |
CY2021 | us-gaap |
Costs Incurred Exploration Costs
CostsIncurredExplorationCosts
|
46950000 | usd |
CY2022 | zn |
Depreciation Charged To Expenses
DepreciationChargedToExpenses
|
794000 | usd |
CY2021 | zn |
Depreciation Charged To Expenses
DepreciationChargedToExpenses
|
743000 | usd |
CY2022 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b>G. Use of Estimates</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of the accompanying consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of expenses. Such estimates include the valuation of unproved oil and gas properties, deferred tax assets, asset retirement obligations, borrowing rate of interest consideration for leases accounting and legal contingencies. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. The Company adjusts such estimates and assumptions when facts and circumstances dictate. Illiquid credit markets, volatile equity, foreign currency, and energy markets have combined to increase the uncertainty inherent in such estimates and assumptions. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in those estimates resulting from continuing changes in the economic environment will be reflected in the consolidated financial statements in future periods.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The full extent to which the COVID-19 pandemic may directly or indirectly impact our business, results of operations and financial condition, will depend on future developments that are uncertain, including as a result of new information that may emerge concerning COVID-19 and the actions taken to contain it or treat COVID-19, as well as the economic impact on local, regional, national and international markets. We have made estimates of the impact of COVID-19 within our consolidated financial statements, and although there is currently no major impact, there may be changes to those estimates in future periods. Actual results may differ from these estimates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> | |
CY2022 | zn |
Recognized Income Tax Positions Measured Percentage
RecognizedIncomeTaxPositionsMeasuredPercentage
|
0.50 | pure |
CY2022Q4 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.01 | |
CY2022 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
46038861 | shares |
CY2021 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
18586557 | shares |
CY2022 | us-gaap |
Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
|
11717000 | usd |
CY2020Q1 | zn |
Remaining Amount Held In Escrow Deposit
RemainingAmountHeldInEscrowDeposit
|
250000 | usd |
CY2020Q1 | us-gaap |
Supplemental Deferred Purchase Price
SupplementalDeferredPurchasePrice
|
4350000 | usd |
CY2020Q1 | zn |
Purchase Price Of Drilling Ring
PurchasePriceOfDrillingRing
|
5600000 | usd |
CY2020Q1 | zn |
Consumable Inventory
ConsumableInventory
|
540000 | usd |
CY2020Q1 | us-gaap |
Other Inventories Spare Parts
OtherInventoriesSpareParts
|
48000 | usd |
CY2022 | us-gaap |
Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
|
P10Y | |
CY2022Q4 | zn |
Operating Leases Future Minimum Payment Due Thereafter
OperatingLeasesFutureMinimumPaymentDueThereafter
|
usd | |
CY2020Q4 | zn |
Drilling Rig Associatedand Equipment
DrillingRigAssociatedandEquipment
|
7568000 | usd |
CY2021 | zn |
Asset Additions
AssetAdditions
|
216000 | usd |
CY2021 | zn |
Asset Depreciation
AssetDepreciation
|
-703000 | usd |
CY2021 | zn |
Asset Disposals For Self Consumption
AssetDisposalsForSelfConsumption
|
-247000 | usd |
CY2021Q4 | zn |
Drilling Rig Associatedand Equipment
DrillingRigAssociatedandEquipment
|
6834000 | usd |
CY2022 | zn |
Asset Additions
AssetAdditions
|
400000 | usd |
CY2022 | zn |
Asset Depreciation
AssetDepreciation
|
-751000 | usd |
CY2022 | zn |
Asset Disposals For Self Consumption
AssetDisposalsForSelfConsumption
|
-202000 | usd |
CY2022Q4 | zn |
Drilling Rig Associatedand Equipment
DrillingRigAssociatedandEquipment
|
6281000 | usd |
CY2022Q4 | zn |
Provision For Severance Pay
ProvisionForSeverancePay
|
457000 | usd |
CY2021Q4 | zn |
Provision For Severance Pay
ProvisionForSeverancePay
|
548000 | usd |
CY2022Q4 | us-gaap |
Deposits
Deposits
|
424000 | usd |
CY2021Q4 | us-gaap |
Deposits
Deposits
|
541000 | usd |
CY2021 | us-gaap |
Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
|
27843000 | usd |
CY2022 | zn |
Capitalized Salary Costs Unproved Properties
CapitalizedSalaryCostsUnprovedProperties
|
184000 | usd |
CY2021 | zn |
Capitalized Salary Costs Unproved Properties
CapitalizedSalaryCostsUnprovedProperties
|
191000 | usd |
CY2021 | us-gaap |
Interest Costs Capitalized
InterestCostsCapitalized
|
104000 | usd |
CY2022 | zn |
Increase Decrease In Legal Costs License Fees And Preparation Costs
IncreaseDecreaseInLegalCostsLicenseFeesAndPreparationCosts
|
2653000 | usd |
CY2021 | zn |
Increase Decrease In Legal Costs License Fees And Preparation Costs
IncreaseDecreaseInLegalCostsLicenseFeesAndPreparationCosts
|
3286000 | usd |
CY2022 | us-gaap |
Payments To Acquire Oil And Gas Property
PaymentsToAcquireOilAndGasProperty
|
45615000 | usd |
CY2022 | zn |
Increase Decrease In Capitalized Costs Of Unproved Properties Excluded From Amortization Period Cost
IncreaseDecreaseInCapitalizedCostsOfUnprovedPropertiesExcludedFromAmortizationPeriodCost
|
-31061000 | usd |
CY2021 | zn |
Increase Decrease In Capitalized Costs Of Unproved Properties Excluded From Amortization Period Cost
IncreaseDecreaseInCapitalizedCostsOfUnprovedPropertiesExcludedFromAmortizationPeriodCost
|
31424000 | usd |
CY2022 | zn |
Inclusive Non Cash Amount
InclusiveNonCashAmount
|
2168000 | usd |
CY2021 | zn |
Inclusive Non Cash Amount
InclusiveNonCashAmount
|
3770000 | usd |
CY2022 | zn |
Options Exercisable Period
OptionsExercisablePeriod
|
P10Y | |
CY2022 | zn |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePrice
|
0.48 | |
CY2022Q4 | us-gaap |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Outstanding Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions
|
61625387 | shares |
CY2021Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
|
23015115 | shares |
CY2021Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
|
337000 | usd |
CY2022 | us-gaap |
Compensation Expense Excluding Cost Of Good And Service Sold
CompensationExpenseExcludingCostOfGoodAndServiceSold
|
840000 | usd |
CY2022Q4 | us-gaap |
Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
|
5 | |
CY2022 | zn |
Warrant Termination Date Description
WarrantTerminationDateDescription
|
An Amendment No. 2 to the Prospectus Supplement (as described below) was filed on October 12, 2017. Under Amendment No. 2, the Company initiated another unit offering which terminated on December 6, 2017. | |
CY2022 | zn |
Offering Cost Description
OfferingCostDescription
|
The unit offering consisted of Units of the Company’s securities where each Unit (priced at $250.00 each) was comprised of (i) two hundred and fifty (250) shares of Common Stock and (ii) Common Stock purchase warrants to purchase an additional fifty (50) shares of Common Stock at a per share exercise price of $2.00. The investor’s Plan account was credited with the number of shares of the Company’s Common Stock and Warrants acquired under the Units purchased. For Plan participants who enrolled into the Unit Program with the purchase of at least one Unit and also enrolled in the separate Automatic Monthly Investments (“AMI”) program at a minimum of $50.00 per month or more, received an additional twenty-five (25) warrants at an exercise price of $2.00 during this Unit Option Program. The twenty-five (25) additional warrants were for enrolling into the AMI program. Existing subscribers to the AMI were entitled to the additional twenty-five (25) warrants once, if they purchased at least one (1) unit during the Unit program. Each warrant affords the participant the opportunity to purchase one share of our Common Stock at a warrant exercise price of $2.00. The warrant is referred to as “ZNWAL. | |
CY2020Q4 | us-gaap |
Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
|
7001039 | shares |
CY2021 | zn |
Warrants Issued
WarrantsIssued
|
7494181 | shares |
CY2021 | zn |
Class Of Warrants Exercised
ClassOfWarrantsExercised
|
-1221855 | shares |
CY2021Q4 | us-gaap |
Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
|
13273365 | shares |
CY2021Q4 | us-gaap |
Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
|
13273365 | shares |
CY2022 | zn |
Warrants Issued
WarrantsIssued
|
23428448 | shares |
CY2022 | zn |
Class Of Warrants Exercised
ClassOfWarrantsExercised
|
-1467676 | shares |
CY2022Q4 | us-gaap |
Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
|
35234137 | shares |
CY2022Q4 | us-gaap |
Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
|
57521000 | usd |
CY2021Q4 | us-gaap |
Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
|
52812000 | usd |
CY2022Q4 | us-gaap |
Deferred Tax Assets Other
DeferredTaxAssetsOther
|
3612000 | usd |
CY2021Q4 | us-gaap |
Deferred Tax Assets Other
DeferredTaxAssetsOther
|
3275000 | usd |
CY2022Q4 | us-gaap |
Deferred Tax Assets Gross
DeferredTaxAssetsGross
|
61133000 | usd |
CY2021Q4 | us-gaap |
Deferred Tax Assets Gross
DeferredTaxAssetsGross
|
56087000 | usd |
CY2022Q4 | us-gaap |
Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
|
57448000 | usd |
CY2021Q4 | us-gaap |
Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
|
45908000 | usd |
CY2022Q4 | us-gaap |
Deferred Tax Assets Net
DeferredTaxAssetsNet
|
3685000 | usd |
CY2021Q4 | us-gaap |
Deferred Tax Assets Net
DeferredTaxAssetsNet
|
10179000 | usd |
CY2022Q4 | us-gaap |
Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
|
101000 | usd |
CY2021Q4 | us-gaap |
Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
|
51000 | usd |
CY2022Q4 | zn |
Deferred Tax Liabilities Others
DeferredTaxLiabilitiesOthers
|
-449000 | usd |
CY2021Q4 | zn |
Deferred Tax Liabilities Others
DeferredTaxLiabilitiesOthers
|
-449000 | usd |
CY2022Q4 | zn |
Deferred Tax Liabilities Unproved Oil And Gas Properties
DeferredTaxLiabilitiesUnprovedOilAndGasProperties
|
-3337000 | usd |
CY2021Q4 | zn |
Deferred Tax Liabilities Unproved Oil And Gas Properties
DeferredTaxLiabilitiesUnprovedOilAndGasProperties
|
-9781000 | usd |
CY2022Q4 | us-gaap |
Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
|
3685000 | usd |
CY2021Q4 | us-gaap |
Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
|
10179000 | usd |
CY2022 | zn |
Operating Loss Carry Forward Expiration Date
OperatingLossCarryForwardExpirationDate
|
In order to fully realize the deferred tax asset, the Company will need to generate future taxable income of approximately $273,910,024 prior to the expiration of some of the net operating loss carry forwards between 2023 and 2043. | |
CY2022 | zn |
Future Taxable Income Amount To Use Operating Loss Carryforwards
FutureTaxableIncomeAmountToUseOperatingLossCarryforwards
|
273910024 | usd |
CY2022 | zn |
Equity Method Investment Description Of Principal Activities1
EquityMethodInvestmentDescriptionOfPrincipalActivities1
|
The Company continuously monitors all shareholders that might reach a 5% ownership in the common stock for various purposes, in addition to the I.R.C §382/383 limitation on net operating loss (“NOL”) carry forwards following an ownership change. Sections 382/383 limit the use of corporate NOLs following an ownership change. Section 382(g) defines an ownership change generally as a greater than 50% change in the ownership of stock among certain 5% shareholders over a three-year period. For the tax year 2019, the Company became aware of one individual owning greater than 5%, as evidenced by the filing of a Section 13(G) report with the SEC. However, there have been no changes in stock ownership to trigger sections 382/383. | |
CY2022 | us-gaap |
Operating Loss Carryforwards Limitations On Use
OperatingLossCarryforwardsLimitationsOnUse
|
At December 31, 2022, the Company has available federal net operating loss carry forwards of approximately $273,910,024 to reduce future U.S. taxable income. | |
CY2022 | zn |
Tax Cuts And Jobs Act Of2017 Other Tax Effect Description1
TaxCutsAndJobsActOf2017OtherTaxEffectDescription1
|
The Tax Cuts and Jobs Act (TCJA) removed the 2-year carryback provision, extended the 20-year carryforward provision out indefinitely, and limited carryforwards to 80% of net income in any future year. Net operating losses originating in tax years beginning prior to Jan. 1, 2018, are still subject to the former carryover rules of 100% of net income and 20 taxable years following the taxable year of loss. I.R.C. §172. | |
CY2022Q4 | us-gaap |
Operating Loss Carryforwards
OperatingLossCarryforwards
|
205944000 | usd |
CY2022 | zn |
Pretax Loss As Reported
PretaxLossAsReported
|
-55077000 | usd |
CY2021 | zn |
Pretax Loss As Reported
PretaxLossAsReported
|
-10709000 | usd |
CY2022 | us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.21 | pure |
CY2021 | us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.21 | pure |
CY2022 | us-gaap |
Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
|
-11566000 | usd |
CY2021 | us-gaap |
Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
|
-2249000 | usd |
CY2021 | zn |
Income Tax Reconciliation Permanent Differences
IncomeTaxReconciliationPermanentDifferences
|
1000 | usd |
CY2022 | zn |
Income Tax Reconciliation Change In Valuation Allowance
IncomeTaxReconciliationChangeInValuationAllowance
|
11556000 | usd |
CY2021 | zn |
Income Tax Reconciliation Change In Valuation Allowance
IncomeTaxReconciliationChangeInValuationAllowance
|
2248000 | usd |
CY2022 | us-gaap |
Income Tax Examination Description
IncomeTaxExaminationDescription
|
In accordance with the US tax regulations, the U.S. federal income tax returns remain subject to examination for the years beginning in 2019. | |
CY2022Q4 | zn |
Capital Leases Future Minimum Payments Executory Cost
CapitalLeasesFutureMinimumPaymentsExecutoryCost
|
400000 | usd |
CY2021Q4 | zn |
Capital Leases Future Minimum Payments Executory Cost
CapitalLeasesFutureMinimumPaymentsExecutoryCost
|
369000 | usd |
CY2022 | zn |
License Cost
LicenseCost
|
usd | |
CY2022Q4 | us-gaap |
Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
|
P0Y10M24D | |
CY2021Q4 | us-gaap |
Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
|
P1Y9M18D | |
CY2022Q4 | us-gaap |
Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
|
0.043 | pure |
CY2021Q4 | us-gaap |
Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
|
0.059 | pure |
CY2022Q4 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
|
200000 | usd |
CY2022Q4 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
|
12000 | usd |
CY2022Q4 | zn |
Lessee Operating Lease Liability Payments Due1
LesseeOperatingLeaseLiabilityPaymentsDue1
|
212000 | usd |
CY2022Q4 | us-gaap |
Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
|
4000 | usd |
CY2022Q4 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
208000 | usd |
CY2022 | us-gaap |
Operating Lease Cost
OperatingLeaseCost
|
274000 | usd |
CY2021 | us-gaap |
Operating Lease Cost
OperatingLeaseCost
|
264000 | usd |
CY2022 | us-gaap |
Operating Lease Payments
OperatingLeasePayments
|
285000 | usd |
CY2021 | us-gaap |
Operating Lease Payments
OperatingLeasePayments
|
288000 | usd |
CY2022 | us-gaap |
Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
|
136000 | usd |
CY2021 | us-gaap |
Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
|
128000 | usd |
CY2022Q4 | us-gaap |
Asset Retirement Obligation
AssetRetirementObligation
|
571000 | usd |
CY2021Q4 | us-gaap |
Asset Retirement Obligation Current
AssetRetirementObligationCurrent
|
571000 | usd |
CY2020Q4 | us-gaap |
Asset Retirement Obligation Current
AssetRetirementObligationCurrent
|
571000 | usd |
CY2022Q4 | us-gaap |
Asset Retirement Obligation Current
AssetRetirementObligationCurrent
|
571000 | usd |
CY2021Q4 | us-gaap |
Asset Retirement Obligation Current
AssetRetirementObligationCurrent
|
571000 | usd |
CY2022 | zn |
Charitable Contribution Percentage To Individual Charity
CharitableContributionPercentageToIndividualCharity
|
0.03 | pure |
CY2022 | zn |
Charitable Contribution Percentage To Charities Aggregate
CharitableContributionPercentageToCharitiesAggregate
|
0.06 | pure |
CY2022 | zn |
Rent Agreement Description
RentAgreementDescription
|
the Company and Hartman signed a letter agreement (“Renewal Letter”) whereby the Lease extends from June 1, 2021 through May 31, 2022. The monthly basic rent is to be paid for $10,967.50 and a monthly electricity expense of approximately $1,279.54. | |
CY2022 | zn |
Operating Leases Rent Expense
OperatingLeasesRentExpense
|
37800 | ils |
CY2022 | zn |
Operating Leases Rent Expense
OperatingLeasesRentExpense
|
10740 | usd |
CY2018Q3 | zn |
Operating Leases Rent Expense
OperatingLeasesRentExpense
|
94000 | ils |
CY2018Q3 | zn |
Operating Leases Rent Expense
OperatingLeasesRentExpense
|
26800 | usd |
CY2021 | us-gaap |
Asset Retirement Obligation Revision Of Estimate
AssetRetirementObligationRevisionOfEstimate
|
usd | |
CY2022 | zn |
Schedule Of Future Minimum Lease Payments
ScheduleOfFutureMinimumLeasePayments
|
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">US$<br/> thousands</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left; text-indent: -9pt; padding-left: 9pt">2023</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 9%; font-weight: bold; text-align: right">200</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">2024</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">12</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">2025</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-274">-</div></td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">2026 and thereafter</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-275">-</div></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">212</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> | |
CY2022Q4 | zn |
Operating Leases Future Minimum Payment Due In Three Years
OperatingLeasesFutureMinimumPaymentDueInThreeYears
|
200000 | usd |
CY2022Q4 | zn |
Operating Leases Future Minimum Payment Due In Four Years
OperatingLeasesFutureMinimumPaymentDueInFourYears
|
12000 | usd |
CY2022Q4 | zn |
Operating Leases Future Minimum Payment Due
OperatingLeasesFutureMinimumPaymentDue
|
212000 | usd |
CY2022Q4 | zn |
Bank Guarantees To Government
BankGuaranteesToGovernment
|
1278000 | usd |
CY2022Q4 | zn |
Bank Guarantees To Others
BankGuaranteesToOthers
|
79000 | usd |
CY2022Q4 | us-gaap |
Other Commitment
OtherCommitment
|
1357000 | usd |
CY2022Q4 | zn |
Cash Cash Equivalents And Shortterm And Longterm Deposits
CashCashEquivalentsAndShorttermAndLongtermDeposits
|
3114000 | usd |
CY2022 | zn |
Weighted Average Interest Rate
WeightedAverageInterestRate
|
0.006 | pure |
CY2022Q1 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-2166000 | usd |
CY2022Q2 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-2597000 | usd |
CY2022Q3 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-2374000 | usd |
CY2022Q4 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-47940000 | usd |
CY2022Q1 | us-gaap |
Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
|
-0.01 | |
CY2022Q2 | us-gaap |
Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
|
-0.01 | |
CY2022Q3 | us-gaap |
Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
|
-0.01 | |
CY2022Q4 | us-gaap |
Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
|
-0.09 | |
CY2022Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
404817 | shares |
CY2022Q2 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
471946 | shares |
CY2022Q3 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
484678 | shares |
CY2022Q4 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
509587 | shares |
CY2021Q1 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-2560000 | usd |
CY2021Q2 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-4056000 | usd |
CY2021Q3 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-2303000 | usd |
CY2021Q4 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-1802000 | usd |
CY2021Q1 | us-gaap |
Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
|
-0.01 | |
CY2021Q2 | us-gaap |
Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
|
-0.02 | |
CY2021Q3 | us-gaap |
Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
|
-0.01 | |
CY2021Q4 | us-gaap |
Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
|
-0.01 | |
CY2021Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
238941 | shares |
CY2021Q2 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
248672 | shares |
CY2021Q3 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
286390 | shares |
CY2021Q4 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
333994 | shares |
CY2022 | us-gaap |
Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
|
usd | |
CY2022 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-120 | |
CY2022 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
468639000 | shares |
CY2022 | us-gaap |
Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
|
usd | |
CY2022 | us-gaap |
Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
|
usd | |
CY2021 | us-gaap |
Impairment Of Oil And Gas Properties
ImpairmentOfOilAndGasProperties
|
usd | |
CY2022 | us-gaap |
Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
|
usd | |
CY2022 | zn |
Convertible Bond Principal Paid In Shares
ConvertibleBondPrincipalPaidInShares
|
usd | |
CY2021 | zn |
Cost Of Options Capitalized To Oil Gas Properties
CostOfOptionsCapitalizedToOilGasProperties
|
usd | |
CY2022 | zn |
Convertible Bond Interest Paid In Shares
ConvertibleBondInterestPaidInShares
|
usd | |
CY2022 | zn |
Capitalized Convertible Bond Interest Attributed To Oil And Gas Properties
CapitalizedConvertibleBondInterestAttributedToOilAndGasProperties
|
usd | |
CY2022 | zn |
Convertible Shares Related To Senior Convertible Bonds
ConvertibleSharesRelatedToSeniorConvertibleBonds
|
usd | |
CY2022 | us-gaap |
Interest Costs Capitalized
InterestCostsCapitalized
|
usd | |
CY2022 | zn |
Other Utility Cost
OtherUtilityCost
|
usd | |
CY2021 | zn |
Other Utility Cost
OtherUtilityCost
|
usd | |
CY2021 | us-gaap |
Payments To Acquire Oil And Gas Property
PaymentsToAcquireOilAndGasProperty
|
usd | |
CY2021 | zn |
Class Of Warrants Expired
ClassOfWarrantsExpired
|
shares | |
CY2022 | zn |
Class Of Warrants Expired
ClassOfWarrantsExpired
|
shares | |
CY2021Q4 | us-gaap |
Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
|
usd | |
CY2022Q4 | us-gaap |
Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
|
usd | |
CY2021 | us-gaap |
Asset Retirement Obligation Liabilities Settled
AssetRetirementObligationLiabilitiesSettled
|
usd | |
CY2021 | zn |
License Cost
LicenseCost
|
usd | |
CY2022Q1 | zn |
Sales Revenues Net
SalesRevenuesNet
|
usd | |
CY2022Q2 | zn |
Sales Revenues Net
SalesRevenuesNet
|
usd | |
CY2022Q3 | zn |
Sales Revenues Net
SalesRevenuesNet
|
usd | |
CY2022Q4 | zn |
Sales Revenues Net
SalesRevenuesNet
|
usd | |
CY2022Q1 | us-gaap |
Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
|
-0.01 | |
CY2022Q2 | us-gaap |
Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
|
-0.01 | |
CY2022Q3 | us-gaap |
Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
|
-0.01 | |
CY2022Q4 | us-gaap |
Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
|
-0.09 | |
CY2022Q1 | us-gaap |
Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
|
404817 | shares |
CY2022Q2 | us-gaap |
Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
|
471946 | shares |
CY2022Q3 | us-gaap |
Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
|
484678 | shares |
CY2022Q4 | us-gaap |
Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
|
509587 | shares |
CY2021Q1 | zn |
Sales Revenues Net
SalesRevenuesNet
|
usd | |
CY2021Q2 | zn |
Sales Revenues Net
SalesRevenuesNet
|
usd | |
CY2021Q3 | zn |
Sales Revenues Net
SalesRevenuesNet
|
usd | |
CY2021Q4 | zn |
Sales Revenues Net
SalesRevenuesNet
|
usd | |
CY2021Q1 | us-gaap |
Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
|
-0.01 | |
CY2021Q3 | us-gaap |
Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
|
-0.01 | |
CY2021Q4 | us-gaap |
Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
|
-0.01 | |
CY2021Q2 | us-gaap |
Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
|
-0.02 | |
CY2021Q1 | us-gaap |
Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
|
238941 | shares |
CY2021Q2 | us-gaap |
Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
|
248672 | shares |
CY2021Q3 | us-gaap |
Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
|
286390 | shares |
CY2021Q4 | us-gaap |
Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
|
333994 | shares |
CY2022 | dei |
Amendment Flag
AmendmentFlag
|
false | |
CY2022 | dei |
Document Fiscal Period Focus
DocumentFiscalPeriodFocus
|
FY | |
CY2022 | dei |
Entity Central Index Key
EntityCentralIndexKey
|
0001131312 | |
CY2022 | dei |
Trading Symbol
TradingSymbol
|
ZNOG |