2024 Q2 Form 10-Q Financial Statement

#000121390024040902 Filed on May 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $0.00 $0.00 $34.00K
YoY Change -100.0% -100.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.083M $1.774M $2.086M
YoY Change -8.92% -14.96% -2.8%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $225.0K $192.0K $200.0K
YoY Change 11.94% -4.0% 2.56%
% of Gross Profit
Operating Expenses $2.083M $1.774M $2.086M
YoY Change -8.92% -14.96% -2.8%
Operating Profit -$2.083M -$1.774M -$2.131M
YoY Change -10.79% -16.75% -0.7%
Interest Expense $19.00K $12.00K -$6.000K
YoY Change 533.33% -300.0% -70.0%
% of Operating Profit
Other Income/Expense, Net $9.000K -$9.000K -$6.000K
YoY Change 200.0% 50.0%
Pretax Income -$2.064M -$1.762M -$2.139M
YoY Change -11.57% -17.63% -1.25%
Income Tax
% Of Pretax Income
Net Earnings -$2.064M -$1.800M -$2.139M
YoY Change -11.57% -15.85% -1.25%
Net Earnings / Revenue -6291.18%
Basic Earnings Per Share $0.00 $0.00 -$4.00
Diluted Earnings Per Share $0.00 $0.00 -$4.00
COMMON SHARES
Basic Shares Outstanding 733.5M shares 676.0M shares 530.1M shares
Diluted Shares Outstanding 745.6K shares 667.0K shares 531.0M shares

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.461M $1.115M $799.0K
YoY Change 375.1% 39.55% -90.28%
Cash & Equivalents $2.461M $1.115M $799.0K
Short-Term Investments
Other Short-Term Assets $1.774M $1.446M $155.0K
YoY Change 832.9% -95.06%
Inventory
Prepaid Expenses
Receivables
Other Receivables $143.0K $445.0K
Total Short-Term Assets $4.495M $3.033M $3.060M
YoY Change 111.43% -0.88% -78.26%
LONG-TERM ASSETS
Property, Plant & Equipment $5.121M $5.394M $102.0K
YoY Change 5527.47% 5188.24% -99.82%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $491.0K $489.0K $425.0K
YoY Change 12.1% 15.06% -23.15%
Total Long-Term Assets $24.32M $23.78M $22.80M
YoY Change 7.18% 4.31% -59.15%
TOTAL ASSETS
Total Short-Term Assets $4.495M $3.033M $3.060M
Total Long-Term Assets $24.32M $23.78M $22.80M
Total Assets $28.81M $26.82M $25.86M
YoY Change 16.11% 3.7% -63.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $983.0K $674.0K $2.017M
YoY Change -12.31% -66.58% 72.84%
Accrued Expenses $526.0K $617.0K $495.0K
YoY Change -27.85% 24.65% -18.32%
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 $2.495M $2.474M $3.208M
YoY Change 0.28% -22.88% 36.86%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.180M $1.214M $473.0K
YoY Change 147.38% 156.66% -31.35%
Total Long-Term Liabilities $1.180M $1.214M $473.0K
YoY Change 147.38% 156.66% -31.35%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.495M $2.474M $3.208M
Total Long-Term Liabilities $1.180M $1.214M $473.0K
Total Liabilities $3.675M $3.688M $3.681M
YoY Change 23.95% 0.19% 21.36%
SHAREHOLDERS EQUITY
Retained Earnings -$290.0M -$288.0M -$280.7M
YoY Change 2.45% 2.59%
Common Stock $316.5M $311.4M $302.9M
YoY Change 3.8% 2.82%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $25.14M $23.13M $22.18M
YoY Change
Total Liabilities & Shareholders Equity $28.81M $26.82M $25.86M
YoY Change 16.11% 3.7% -63.0%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income -$2.064M -$1.800M -$2.139M
YoY Change -11.57% -15.85% -1.25%
Depreciation, Depletion And Amortization $225.0K $192.0K $200.0K
YoY Change 11.94% -4.0% 2.56%
Cash From Operating Activities -$1.772M -$2.003M -$917.0K
YoY Change 20.14% 118.43% -56.15%
INVESTING ACTIVITIES
Capital Expenditures $58.00K $7.000K
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$500.0K -$317.0K -$838.0K
YoY Change -43.88% -62.17% -77.14%
Cash From Investing Activities -$558.0K -$324.0K -$838.0K
YoY Change -37.37% -61.34% -77.94%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.709M $2.838M $800.0K
YoY Change 110.14% 254.75% -91.51%
NET CHANGE
Cash From Operating Activities -1.772M -$2.003M -$917.0K
Cash From Investing Activities -558.0K -$324.0K -$838.0K
Cash From Financing Activities 3.709M $2.838M $800.0K
Net Change In Cash 1.379M $511.0K -$955.0K
YoY Change -329.45% -153.51% -126.99%
FREE CASH FLOW
Cash From Operating Activities -$1.772M -$2.003M -$917.0K
Capital Expenditures $58.00K $7.000K
Free Cash Flow -$1.830M -$2.010M -$917.0K
YoY Change 24.07% 119.19% -53.14%

Facts In Submission

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511000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-955000 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1635000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
3114000 usd
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2146000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2159000 usd
CY2024Q1 znogw Depreciation Of Oil And Gas Equipment
DepreciationOfOilAndGasEquipment
5000 usd
CY2024Q1 znogw Cost Of Options Capitalized To Oil Gas Properties
CostOfOptionsCapitalizedToOilGasProperties
659000 usd
CY2023Q1 znogw Cost Of Options Capitalized To Oil Gas Properties
CostOfOptionsCapitalizedToOilGasProperties
1515000 usd
CY2024Q1 znogw Unpaid Costs Of Issuance During2023
UnpaidCostsOfIssuanceDuring2023
90000 usd
CY2024Q1 znogw Addition Of Right Of Use Lease Assets And Lease Obligations
AdditionOfRightOfUseLeaseAssetsAndLeaseObligations
829000 usd
CY2024Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1115000 usd
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
615000 usd
CY2024Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
1031000 usd
CY2023Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
1020000 usd
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2146000 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1635000 usd
CY2024Q1 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, Basis of Presentation 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"><span style="font-family: Times New Roman, Times, Serif"><b>A. Nature of Operations</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">Zion Oil &amp; Gas, Inc., a Delaware corporation (“we,” “our,” “Zion” or the “Company”) is an oil and gas exploration company with a history of 24 years of oil &amp; gas exploration in Israel. As of March 31, 2024, 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"><b><span style="text-decoration:underline">Exploration Rights/Exploration Activities</span></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"><b>New Megiddo Valleys License 434 (“NMVL 434”)</b></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"> </span> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 14, 2023, the Israel Ministry of Energy approved a new Megiddo Valleys License 434 (“NMVL 434”), allowing for oil and gas exploration on approximately 75,000 acres or 302 square kilometers. This Exploration License 434 is valid for three years until September 13, 2026 with four potential 1-year extensions for a total of seven years until September 13, 2030. This NMVL 434 effectively supersedes our previous NML 428.</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 February 21, 2024, members of the Supervisory Committee visited our rig site. During this visit, they interacted with staff from Zion Oil &amp; Gas, and our consultants and potential service providers. Some of these interactions occurred at Kibbutz Sde Eliyahu, while others were conducted through video conferencing with participants from the United States, Europe and the Middle East. Following these discussions, the Committee has officially accepted our work plan for the MJ-01 project. This acceptance allows us to sign agreements and secure mobilization dates with our service providers required to commence and complete the project.</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">We have begun working on visa applications for our rig crew in preparation for their entry into Israel. Upon the completion of the work visa process, the crew will travel to Israel and begin inspecting the rig to make sure it conforms to industry requirements for workover operations. Afterwards, the crew will rig down, slide the drilling rig over several meters and rig up on the MJ-01 well location. The crew will then open the well and continue to follow the approved work plan in conjunction with the selected service providers. This should occur toward the end of Q2 or early Q3 depending on subsurface conditions encountered during the reopening phase and contractor scheduling availability.</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">We have made strategic adjustments to control both cost and time. Despite the typical delays during Passover, which this year began on the evening of April 22nd and ended on the evening of April 30th, we have satisfied all regulatory requirements necessary to commence operations, including, as previously mentioned, approval by the Supervisory Committee. We are ready and moving forward.</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. Basis of Presentation</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 accompanying unaudited interim consolidated condensed financial statements of Zion Oil &amp; Gas, Inc. have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with Article 8-03 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments, consisting only of normal recurring accruals necessary for a fair statement of financial position, results of operations and cash flows, have been included. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the financial statements and the accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. The year-end balance sheet data presented for comparative purposes was derived from audited financial statements, but does not include all disclosures required by GAAP. The results of operations for the three months ended March 31, 2024 are not necessarily indicative of the operating results for the year ending December 31, 2024 or for any other subsequent interim period.</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>C. Going Concern</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 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 in doubt. The consolidated condensed 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 three months ended March 31, 2024, the Company incurred a net loss of approximately $1.8 million and had an accumulated deficit of approximately $288 million. These factors raise substantial doubt about the Company’s ability to continue as a going concern for one year from the date the financials were issued.</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 condensed financial statements do not include any adjustments that might result from the outcome of this uncertainty. </p>
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
-1800000 usd
CY2024Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-288000000 usd
CY2024Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
26965575 shares
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
14901250 shares
CY2024Q1 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>B. Use of Estimates</b> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of the accompanying unaudited consolidated condensed 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 condensed financial statements in future periods.</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 condensed financial statements, and although there is currently no major impact, there may be changes to those estimates in future periods. We have made the same estimates as to the potential impact the Israel-Hamas war may have on our operations. Actual results may differ from these estimates.</p>
CY2023Q1 us-gaap Impairment Of Oil And Gas Properties
ImpairmentOfOilAndGasProperties
45000 usd
CY2024Q1 us-gaap Costs Incurred Exploration Costs
CostsIncurredExplorationCosts
16943000 usd
CY2023 us-gaap Costs Incurred Exploration Costs
CostsIncurredExplorationCosts
16637000 usd
CY2023Q1 znogw Legal And Seismic Costs License Fees And Other Preparation Costs Post Impairment Of Unproved Oil And Gas Properties
LegalAndSeismicCostsLicenseFeesAndOtherPreparationCostsPostImpairmentOfUnprovedOilAndGasProperties
34000 usd
CY2023Q1 us-gaap Impairment Of Oil And Gas Properties
ImpairmentOfOilAndGasProperties
45000 usd
CY2024Q1 us-gaap Inventory Drilling Noncurrent
InventoryDrillingNoncurrent
5600000 usd
CY2024Q1 us-gaap Inventory Raw Materials And Purchased Parts Net Of Reserves
InventoryRawMaterialsAndPurchasedPartsNetOfReserves
540000 usd
CY2024Q1 us-gaap Other Inventories Spare Parts
OtherInventoriesSpareParts
48000 usd
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
5510000 usd
CY2024Q1 us-gaap Property Plant And Equipment Other Accumulated Depreciation
PropertyPlantAndEquipmentOtherAccumulatedDepreciation
191000 usd
CY2024Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
5319000 usd
CY2024Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2024Q1 znogw Share Based Compensation Arrangement By Sharebased Payment Award Options Grants In Period Grant Date Fair Value
ShareBasedCompensationArrangementBySharebasedPaymentAwardOptionsGrantsInPeriodGrantDateFairValue
9000 usd
CY2024Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y
CY2024Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0762 pure
CY2024Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
211000 usd
CY2020Q3 znogw Extended Termination Term
ExtendedTerminationTerm
P2Y
CY2020Q3 us-gaap Sale Of Stock Description Of Transaction
SaleOfStockDescriptionOfTransaction
expiration date of February 25, 2021 to February 25, 2023
CY2023Q2 znogw Exercise Price Per Share
ExercisePricePerShare
0.25
CY2022Q2 znogw Exercise Price Per Share
ExercisePricePerShare
0.25
znogw Net Cashflow Value
NetCashflowValue
365000 usd
CY2023Q2 znogw Termination Expiration One Description
TerminationExpirationOneDescription
the Company extended the termination date of the ZNWAQ warrant from July 15, 2023 to September 6, 2023
CY2022Q1 znogw Extended Termination Term
ExtendedTerminationTerm
P1Y
CY2024Q1 znogw Exercise Price Per Share
ExercisePricePerShare
0.25
CY2024Q1 us-gaap Termination Loans
TerminationLoans
7500000 usd
CY2024Q1 us-gaap Excess Stock Shares Issued
ExcessStockSharesIssued
500 shares
CY2024Q1 znogw Number Of Warrants Purchase Units
NumberOfWarrantsPurchaseUnits
-500 shares
CY2024Q1 znogw Number Of Days Required To Receive Warrant
NumberOfDaysRequiredToReceiveWarrant
P90Y
CY2024Q1 us-gaap Debt Instrument Increase Decrease For Period Net
DebtInstrumentIncreaseDecreaseForPeriodNet
50 usd
CY2024Q1 us-gaap Investment Restricted Per Unit
InvestmentRestrictedPerUnit
50
CY2024Q1 us-gaap Stock Repurchase Program Remaining Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramRemainingNumberOfSharesAuthorizedToBeRepurchased
50 shares
CY2024Q1 us-gaap Warrant Exercise Price Decrease
WarrantExercisePriceDecrease
0.25
CY2024Q1 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
50
CY2024Q1 znogw Amount Raised Under The Dspp Program
AmountRaisedUnderTheDSPPProgram
3557000 usd
CY2023Q1 znogw Amount Raised Under The Dspp Program
AmountRaisedUnderTheDSPPProgram
792000 usd
CY2024Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
3557000 usd
CY2023Q1 znogw Equity Issuance Costs
EquityIssuanceCosts
816000 usd
CY2024Q1 znogw Net Cash Provided Amount
NetCashProvidedAmount
2741000 usd
CY2023Q1 us-gaap Investment Company Committed Capital
InvestmentCompanyCommittedCapital
1959000 usd
CY2018Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2018Q2 znogw Subscription Price
SubscriptionPrice
5
CY2018Q4 us-gaap Line Of Credit Facility Expiration Period
LineOfCreditFacilityExpirationPeriod
P1Y
CY2019Q2 us-gaap Line Of Credit Facility Expiration Period
LineOfCreditFacilityExpirationPeriod
P1Y
CY2020Q3 us-gaap Line Of Credit Facility Expiration Period
LineOfCreditFacilityExpirationPeriod
P2Y
CY2023 znogw Number Of Share Owned
NumberOfShareOwned
10 shares
CY2023Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
29697020 shares
CY2024Q1 znogw Class Of Warrants Expired
ClassOfWarrantsExpired
-240068 shares
CY2024Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
29456952 shares
CY2024Q1 us-gaap Unproved Oil And Gas Property Successful Effort Method
UnprovedOilAndGasPropertySuccessfulEffortMethod
2592000 usd
CY2023Q4 us-gaap Unproved Oil And Gas Property Successful Effort Method
UnprovedOilAndGasPropertySuccessfulEffortMethod
2538000 usd
CY2024Q1 znogw Capitalized Salary Costs Excluded From Amortization
CapitalizedSalaryCostsExcludedFromAmortization
2470000 usd
CY2023Q4 znogw Capitalized Salary Costs Excluded From Amortization
CapitalizedSalaryCostsExcludedFromAmortization
2444000 usd
CY2024Q1 us-gaap Capitalized Costs Of Unproved Properties Excluded From Amortization Cumulative
CapitalizedCostsOfUnprovedPropertiesExcludedFromAmortizationCumulative
1418000 usd
CY2023Q4 us-gaap Capitalized Costs Of Unproved Properties Excluded From Amortization Cumulative
CapitalizedCostsOfUnprovedPropertiesExcludedFromAmortizationCumulative
1418000 usd
CY2024Q1 znogw Legal And Seismic Costs License Fees And Other Preparation Costs Excluded From Amortization
LegalAndSeismicCostsLicenseFeesAndOtherPreparationCostsExcludedFromAmortization
10424000 usd
CY2023Q4 znogw Legal And Seismic Costs License Fees And Other Preparation Costs Excluded From Amortization
LegalAndSeismicCostsLicenseFeesAndOtherPreparationCostsExcludedFromAmortization
10198000 usd
CY2024Q1 us-gaap Other Oil And Gas Property Successful Effort Method
OtherOilAndGasPropertySuccessfulEffortMethod
39000 usd
CY2023Q4 us-gaap Other Oil And Gas Property Successful Effort Method
OtherOilAndGasPropertySuccessfulEffortMethod
39000 usd
CY2024Q1 us-gaap Oil And Gas Property Full Cost Method Net
OilAndGasPropertyFullCostMethodNet
16943000 usd
CY2023Q4 us-gaap Oil And Gas Property Full Cost Method Net
OilAndGasPropertyFullCostMethodNet
16637000 usd
CY2023Q1 znogw Drilling Costs And Other Operational Related Costs Post Impairment Of Unproved Oil And Gas Properties
DrillingCostsAndOtherOperationalRelatedCostsPostImpairmentOfUnprovedOilAndGasProperties
11000 usd
CY2024Q1 znogw Drilling Costs And Other Operational Related Costs Changes In Unproved Oil And Gas Properties
DrillingCostsAndOtherOperationalRelatedCostsChangesInUnprovedOilAndGasProperties
54000 usd
CY2023Q4 znogw Drilling Costs And Other Operational Related Costs Changes In Unproved Oil And Gas Properties
DrillingCostsAndOtherOperationalRelatedCostsChangesInUnprovedOilAndGasProperties
63000 usd
CY2024Q1 znogw Capitalized Salary Costs Changes In Unproved Oil And Gas Properties
CapitalizedSalaryCostsChangesInUnprovedOilAndGasProperties
26000 usd
CY2023Q4 znogw Capitalized Salary Costs Changes In Unproved Oil And Gas Properties
CapitalizedSalaryCostsChangesInUnprovedOilAndGasProperties
26000 usd
CY2024Q1 znogw Legal And Seismic Costs License Fees And Other Preparation Costs Changes In Unproved Oil And Gas Properties
LegalAndSeismicCostsLicenseFeesAndOtherPreparationCostsChangesInUnprovedOilAndGasProperties
226000 usd
CY2023Q4 znogw Legal And Seismic Costs License Fees And Other Preparation Costs Changes In Unproved Oil And Gas Properties
LegalAndSeismicCostsLicenseFeesAndOtherPreparationCostsChangesInUnprovedOilAndGasProperties
124000 usd
CY2023Q4 znogw Impairment Of Unproved Oil And Gas Properties Changes In Unproved Oil And Gas Properties
ImpairmentOfUnprovedOilAndGasPropertiesChangesInUnprovedOilAndGasProperties
-45000 usd
CY2024Q1 znogw Inclusive Non Cash Amount
InclusiveNonCashAmount
664000 usd
CY2023Q1 znogw Inclusive Non Cash Amount
InclusiveNonCashAmount
1515000 usd
CY2024Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
956000 usd
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
194000 usd
CY2024Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
224000 usd
CY2023Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
167000 usd
CY2024Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
708000 usd
CY2023Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
24000 usd
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
932000 usd
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
191000 usd
CY2024Q1 us-gaap Lessee Operating Lease Description
LesseeOperatingLeaseDescription
The Company had an option to renew the lease for another five years from February 1, 2024 to January 31, 2029, provided it is not in breach of the agreement, where it is required as well to furnish a notice of intent to exercise the option six months prior to termination of lease, and it furnishes a bank guarantee and insurance confirmation prior to commencement of the option period. The Company exercised the option to renew the lease for another seven years from February 1, 2024 through January 31, 2031, when rent is to be paid on a monthly basis in the base amount of approximately NIS 46,500 per month (approximately $12,800) at the exchange rate in effect on the date of this report and is linked to an increase (but not a decrease) in the CPI.
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
281000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
156000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
155000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
150000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
150000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
275000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1167000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
235000 usd
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
932000 usd
CY2024Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
75000 usd
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
69000 usd
CY2024Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
88000 usd
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
70000 usd
CY2023Q4 us-gaap Loss Contingency Accrual Insurance Related Assessment Premium Tax Offset
LossContingencyAccrualInsuranceRelatedAssessmentPremiumTaxOffset
76263 usd
CY2023Q4 us-gaap Payments For Reinsurance
PaymentsForReinsurance
22699 usd
CY2023Q4 us-gaap Financing Interest Expense
FinancingInterestExpense
5356 usd
CY2023Q4 znogw Insurance Financing Payments Rate Of Interest
InsuranceFinancingPaymentsRateOfInterest
0.1399 pure
CY2023Q4 us-gaap Loss Contingency Accrual Insurance Related Assessment Premium Tax Offset
LossContingencyAccrualInsuranceRelatedAssessmentPremiumTaxOffset
441598 usd
CY2023Q4 us-gaap Payments For Reinsurance
PaymentsForReinsurance
68733 usd
CY2024Q1 us-gaap Financing Interest Expense
FinancingInterestExpense
37287 usd
CY2024Q1 znogw Insurance Financing Payments Rate Of Interest
InsuranceFinancingPaymentsRateOfInterest
0.134 pure
CY2024Q1 us-gaap Loss Contingency Accrual Insurance Related Assessment Premium Tax Offset
LossContingencyAccrualInsuranceRelatedAssessmentPremiumTaxOffset
94989 usd
CY2024Q1 us-gaap Payments For Reinsurance
PaymentsForReinsurance
37637 usd
CY2024Q1 znogw Insurance Financing Balances
InsuranceFinancingBalances
388000 usd
CY2023Q1 znogw Insurance Financing Balances
InsuranceFinancingBalances
432000 usd
CY2024Q1 znogw Bank Guarantees To Government
BankGuaranteesToGovernment
944000 usd
CY2024Q1 znogw Bank Guarantees To Others
BankGuaranteesToOthers
87000 usd
CY2024Q1 znogw Aggregate Bank Guarantee Amount
AggregateBankGuaranteeAmount
1031000 usd
CY2024Q1 znogw Percentage Of Currency Inflation
PercentageOfCurrencyInflation
0.015 pure
CY2023 znogw Percentage Of Currency Inflation
PercentageOfCurrencyInflation
0.031 pure
CY2023Q4 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
2146000 usd
CY2024Q1 znogw Fund Interest Rate Percentage
FundInterestRatePercentage
0.032 pure
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 us-gaap Increase Decrease In Deposit Other Assets
IncreaseDecreaseInDepositOtherAssets
usd
CY2023Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
usd
CY2023Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
usd
CY2023Q1 znogw Depreciation Of Oil And Gas Equipment
DepreciationOfOilAndGasEquipment
usd
CY2023Q1 znogw Unpaid Costs Of Issuance During2023
UnpaidCostsOfIssuanceDuring2023
usd
CY2023Q1 znogw Addition Of Right Of Use Lease Assets And Lease Obligations
AdditionOfRightOfUseLeaseAssetsAndLeaseObligations
usd
CY2024Q1 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
usd
CY2024Q1 us-gaap Property Plant And Equipment Disposals
PropertyPlantAndEquipmentDisposals
usd
CY2024Q1 znogw Warrants Issued
WarrantsIssued
shares
CY2024Q1 znogw Class Of Warrants Exercised
ClassOfWarrantsExercised
shares
CY2024Q1 znogw Drilling Costs And Other Operational Related Costs Post Impairment Of Unproved Oil And Gas Properties
DrillingCostsAndOtherOperationalRelatedCostsPostImpairmentOfUnprovedOilAndGasProperties
usd
CY2024Q1 znogw Capitalized Salary Costs Post Impairment Of Unproved Oil And Gas Properties
CapitalizedSalaryCostsPostImpairmentOfUnprovedOilAndGasProperties
usd
CY2023Q1 znogw Capitalized Salary Costs Post Impairment Of Unproved Oil And Gas Properties
CapitalizedSalaryCostsPostImpairmentOfUnprovedOilAndGasProperties
usd
CY2024Q1 znogw Capitalized Interest Costs Post Impairment Of Unproved Oil And Gas Properties
CapitalizedInterestCostsPostImpairmentOfUnprovedOilAndGasProperties
usd
CY2023Q1 znogw Capitalized Interest Costs Post Impairment Of Unproved Oil And Gas Properties
CapitalizedInterestCostsPostImpairmentOfUnprovedOilAndGasProperties
usd
CY2024Q1 znogw Legal And Seismic Costs License Fees And Other Preparation Costs Post Impairment Of Unproved Oil And Gas Properties
LegalAndSeismicCostsLicenseFeesAndOtherPreparationCostsPostImpairmentOfUnprovedOilAndGasProperties
usd
CY2024Q1 us-gaap Impairment Of Oil And Gas Properties
ImpairmentOfOilAndGasProperties
usd
CY2024Q1 znogw Capitalized Interest Costs Changes In Unproved Oil And Gas Properties
CapitalizedInterestCostsChangesInUnprovedOilAndGasProperties
usd
CY2023Q4 znogw Capitalized Interest Costs Changes In Unproved Oil And Gas Properties
CapitalizedInterestCostsChangesInUnprovedOilAndGasProperties
usd
CY2024Q1 znogw Other Costs Changes In Unproved Oil And Gas Properties
OtherCostsChangesInUnprovedOilAndGasProperties
usd
CY2023Q4 znogw Other Costs Changes In Unproved Oil And Gas Properties
OtherCostsChangesInUnprovedOilAndGasProperties
usd
CY2024Q1 znogw Impairment Of Unproved Oil And Gas Properties Changes In Unproved Oil And Gas Properties
ImpairmentOfUnprovedOilAndGasPropertiesChangesInUnprovedOilAndGasProperties
usd
CY2023Q4 znogw Insurance Financing Payments Due Month
InsuranceFinancingPaymentsDueMonth
P10M
CY2024Q1 znogw Insurance Financing Payments Due Month
InsuranceFinancingPaymentsDueMonth
P10M
CY2024Q1 znogw License Cost
LicenseCost
usd
CY2023 znogw License Cost
LicenseCost
usd
CY2024Q1 dei Amendment Flag
AmendmentFlag
false
CY2024Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2024Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2024Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001131312
CY2024Q1 dei Entity File Number
EntityFileNumber
001-33228

Files In Submission

Name View Source Status
znogw-20240331_pre.xml Edgar Link unprocessable
znogw-20240331_cal.xml Edgar Link unprocessable
0001213900-24-040902-index-headers.html Edgar Link pending
0001213900-24-040902-index.html Edgar Link pending
0001213900-24-040902.txt Edgar Link pending
0001213900-24-040902-xbrl.zip Edgar Link pending
ea0204408-10q_zionoil.htm Edgar Link pending
ea020440801ex31-1_zionoil.htm Edgar Link pending
ea020440801ex31-2_zionoil.htm Edgar Link pending
ea020440801ex32-1_zionoil.htm Edgar Link pending
ea020440801ex32-2_zionoil.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
image_001.jpg Edgar Link pending
MetaLinks.json Edgar Link pending
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FilingSummary.xml Edgar Link unprocessable
ea0204408-10q_zionoil_htm.xml Edgar Link completed
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report.css Edgar Link pending
Show.js Edgar Link pending
znogw-20240331.xsd Edgar Link pending
znogw-20240331_lab.xml Edgar Link unprocessable
znogw-20240331_def.xml Edgar Link unprocessable