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Item 9A. Controls and Procedures

2024-03-26 compared with 2023-11-20 · 522 added, 302 removed, 117 unchanged (88% of the section changed)

CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures (as that term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) that are designed to ensure that information required to be disclosed in our reports under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosures.

In designing disclosure controls and procedures, our management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible disclosure controls and procedures.

The design of any disclosure controls and procedures also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.

Any controls and procedures, no matter how well designed and operated, can provide only reasonable, not absolute, assurance of achieving the desired control objectives.

Our management, with the participation of our principal executive officer and principal financial officer, has evaluated the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this report.

Based upon that evaluation and subject to the foregoing, our principal executive officer and principal financial officer concluded that, our disclosure controls and procedures were not effective as of December 31, 2022, due to the material weaknesses in internal control over financial reporting described below.

Management’s Report on Internal Control Over Financial Reporting

Management is responsible for establishing and maintaining adequate internal control over financial reporting.

The Company’s internal control over financial reporting is a process designed under the supervision of its principal executive and principal financial officer to provide reasonable assurance regarding the reliability of financial reporting and the preparation of its consolidated financial statements for external reporting purposes in accordance with GAAP.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.

In addition, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate.

Material Weaknesses in Internal Control over Financial Reporting

Management assessed the effectiveness of the Company’s internal control over financial reporting as of December 31, 2022, based on the framework established in Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

Based on this assessment, management has determined that the Company’s internal control over financial reporting as of December 31, 2022, was not effective.

A material weakness, as defined in the standards established by the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”), is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of our annual or interim consolidated financial statements will not be prevented or detected on a timely basis.

The ineffectiveness of the Company’s internal control over financial reporting was due to the following material weaknesses:

· Inadequate segregation of duties consistent with control objectives;

· Lack of formal policies and procedures;

· Lack of a functioning audit committee and independent directors on the Company’s board of directors to oversee financial reporting responsibilities;

· Lack of risk assessment procedures on internal controls to detect financial reporting risks on a timely manner.

Management’s Plan to Remediate the Material Weakness

Management has been implementing and continues to implement measures designed to ensure that control deficiencies contributing to the material weakness are remediated, such that these controls are designed, implemented, and operating effectively.

The remediation actions planned include:

· Continue to search for and evaluate qualified independent outside directors;

· Identify gaps in our skills base and the expertise of our staff required to meet the financial reporting requirements of a public company;

· Continue to develop policies and procedures on internal control over financial reporting and monitor the effectiveness of operations on existing controls and procedures.

We are committed to maintaining a strong internal control environment and believe that these remediation efforts will deliver improvements in our control environment.

Our management will continue to monitor and evaluate the relevance of our risk-based approach and the effectiveness of our internal controls and procedures over financial reporting on an ongoing basis and is committed to taking further action and implementing additional enhancements or improvements, as necessary and as funds allow.

This Annual Report does not include an attestation report of the Company’s independent registered public accounting firm regarding internal control over financial reporting.

Management’s report was not subject to attestation by the Company’s independent registered public accounting firm pursuant to temporary rules of the Securities and Exchange Commission that permit the Company to provide only management’s report in this Annual Report, which may increase the risk that weaknesses or deficiencies in our internal control over financial reporting go undetected.

Changes in Internal Control Over Financial Reporting

There were no changes in our internal control over financial reporting that occurred during our fourth fiscal quarter that have materially affected, or that are reasonably likely to materially affect, our internal control over financial reporting.

of Disclosure Controls and Procedures

maintain disclosure controls and procedures (as that term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange

Act of 1934, as amended (the “Exchange Act”)) that are designed to ensure that information required to be disclosed

in our reports under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the

SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our principal

executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosures.

designing disclosure controls and procedures, our management necessarily was required to apply its judgment in evaluating the

cost-benefit relationship of possible disclosure controls and procedures.

The design of any disclosure controls and procedures

also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design

will succeed in achieving its stated goals under all potential future conditions.

Any controls and procedures, no matter how well

designed and operated, can provide only reasonable, not absolute, assurance of achieving the desired control objectives.

management, with the participation of our principal executive officer and principal financial officer, has evaluated the effectiveness

of the design and operation of our disclosure controls and procedures as of the end of the period covered by this report.

upon that evaluation and subject to the foregoing, our principal executive officer and principal financial officer concluded that,

our disclosure controls and procedures were not effective as of December 31, 2023, due to the material weaknesses in internal

control over financial reporting described below.

Report on Internal Control Over Financial Reporting

is responsible for establishing and maintaining adequate internal control over financial reporting.

The Company’s internal

control over financial reporting is a process designed under the supervision of its principal executive and principal financial

officer to provide reasonable assurance regarding the reliability of financial reporting and the preparation of its consolidated

financial statements for external reporting purposes in accordance with GAAP.

of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.

In addition, projections

of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes

in conditions or that the degree of compliance with the policies or procedures may deteriorate.

Weaknesses in Internal Control over Financial Reporting

assessed the effectiveness of the Company’s internal control over financial reporting as of December 31, 2023, based on

the framework established in Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations

of the Treadway Commission.

Based on this assessment, management has determined that the Company’s internal control over

financial reporting as of December 31, 2023, was not effective.

material weakness, as defined in the standards established by the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”),

is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable

possibility that a material misstatement of our annual or interim consolidated financial statements will not be prevented or detected

on a timely basis.

ineffectiveness of the Company’s internal control over financial reporting was due to the following material weaknesses:

segregation of duties consistent with control objectives;

of formal policies and procedures;

of a functioning audit committee and independent directors on the Company’s board

of directors to oversee financial reporting responsibilities;

of risk assessment procedures on internal controls to detect financial reporting risks

on a timely manner.

Plan to Remediate the Material Weakness

has been implementing and continues to implement measures designed to ensure that control deficiencies contributing to the material

weakness are remediated, such that these controls are designed, implemented, and operating effectively.

The remediation actions

planned include:

to search for and evaluate qualified independent outside directors;

gaps in our skills base and the expertise of our staff required to meet the financial

reporting requirements of a public company;

to develop policies and procedures on internal control over financial reporting and monitor

the effectiveness of operations on existing controls and procedures.

are committed to maintaining a strong internal control environment and believe that these remediation efforts will deliver improvements

in our control environment.

Our management will continue to monitor and evaluate the relevance of our risk-based approach and

the effectiveness of our internal controls and procedures over financial reporting on an ongoing basis and is committed to taking

further action and implementing additional enhancements or improvements, as necessary and as funds allow.

Annual Report does not include an attestation report of the Company’s independent registered public accounting firm regarding

internal control over financial reporting.

Management’s report was not subject to attestation by the Company’s independent

registered public accounting firm pursuant to temporary rules of the Securities and Exchange Commission that permit the Company

to provide only management’s report in this Annual Report, which may increase the risk that weaknesses or deficiencies in

our internal control over financial reporting go undetected.

in Internal Control Over Financial Reporting

were no changes in our internal control over financial reporting that occurred during our fourth fiscal quarter that have materially

affected, or that are reasonably likely to materially affect, our internal control over financial reporting.

OTHER INFORMATION

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DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE

Executive Officers and Directors

The following table sets forth information regarding our current directors and executive officers:

Chief Executive Officer, Director

Barrett Wellman

Chief Financial Officer

Officers and Directors

following table sets forth information regarding our current directors and executive officers:

Chief Executive Officer, President, Chairman, Director

Chief Financial Officer, Secretary, Director

William Allan Bradley

Our directors hold office until the next annual meeting of stockholders of the Company and until their successors have been elected and qualified.

directors hold office until the next annual meeting of stockholders of the Company and until their successors have been elected

and qualified.

Our officers are elected by the Board and serve at the discretion of the Board.

Guzy, age 72, has been our Chief Executive Officer since January 22, 2020, and a director since November 17, 2017.

He served as our Chief Financial Officer from November 17, 2017, through March 16, 2020.

Guzy h as served as an outside director of Leatt Corp.

Downs, age 64, has more than 42 years of experience in the Oil and Gas Industry, specifically in generating, evaluating and

managing oil and gas exploration, development and acquisition projects of private, independent and public companies in the area

of North and South Louisiana, East Texas, South Arkansas, Mississippi, Oklahoma, Alabama and Montana.

He also owned and managed

several oilfield service companies.

to joining CoJax, between February 2022 and October 2023, Mr.

Downs served as Executive Vice President and Chief Operating Officer

of Topcat Companies, an oilfield service company, where he was responsible for the management of the workover rigs, saltwater

transportation and disposal, drilling fluids disposal, financial and safety oversight, oversight of individual vice presidents

and their team management.

Between August 2020 and October 2023, Mr.

Downs served as Executive Vice President and Chief Operating

Officer of Topcat Waste Management Facility and was responsible for managing of the drilling fluids and solids waste disposal

site in Waskom, Texas, saltwater disposal and transportation and workover rigs.

August 2017, Mr.

Downs founded Downs Energy Acquisitions and Downs Operating Company, an oil and gas production acquisition and

operating company, which he managed and owned between August 2017 and December 2020.

This company operated three gas field in

East Texas and North Louisiana, and Mr.

Downs managed the operational, financial and personnel activities of the Company.

Downs divested his ownership in this company.

Downs is a Certified Petroleum Geologist, a member of American Association of Petroleum Geologists, a former Convention Chairman

and President of the GCAGS and a member of Division of Professional Affairs.

Downs earned his Bachelor of Science in Geology

in 1981 from Centenary College of Louisiana.

Guzy, age 72, served as our Chief Executive Officer from January 22, 2020 to January 10, 2024, and as a director since November

He served as our Chief Financial Officer from November 17, 2017, through March 16, 2020, and effective, January 10,

2024, is currently serving as the Chief Financial Officer

Guzy has served

as an outside director of Leatt Corp.

(OTC Trading Symbol:

1 unchanged sentence

Guzy also served, from October 2007 to August 2010, as Leatt Corp’s President.

Guzy has served as an executive manager or consultant for business development, sales, customer service, and management in the telecommunications industry, specifically, with IBM Corp., Sprint International, Bell Atlantic Video Services, Loral CyberStar, and FaciliCom International.

Guzy has also started his own telecommunications company providing Internet services in Western Africa.

He serves as an independent director and chairman of the audit committee of Capstone Companies, Inc.

Guzy has served as an executive manager

or consultant for business development, sales, customer service, and management in the telecommunications industry, specifically,

with IBM Corp., Sprint International, Bell Atlantic Video Services, Loral CyberStar, and FaciliCom International.

also started his own telecommunications company providing Internet services in Western Africa.

He serves as an independent director

and chairman of the audit committee of Capstone Companies, Inc.

(OTC Trading Symbol:

CAPC), Since 2020, he has also served as an independent director of Brownies Marine Group, Inc.

CAPC), Since 2020, he has also served as

an independent director of Brownies Marine Group, Inc.

(OTC Trading Symbol:

Guzy has an MBA in Strategic Planning and Management from The Wharton School of the University of Pennsylvania, an M.S.

Guzy has an MBA in Strategic Planning and

Management from The Wharton School of the University of Pennsylvania, an M.S.

in Systems Engineering from the University of Pennsylvania;

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Guzy’s management and extensive experience led to the conclusion that he should serve as a director.

Wellman, age 75, has been our Chief Financial Officer since March 16, 2020.

Wellman has over 30 years of business experience as an accountant, controller, chief financial officer, chief information officer, and senior executive for various companies and two large accounting firms.

Since 2006, Mr.

Wellman has maintained a financial consulting business in Arlington, Virginia.

He has an MBA from Marshall University and a B.S.

in Accounting from the University of Charleston.

Bradley, age 56, has served as our director since March 7, 2022.

Bradley has over fifteen years of leadership, business consulting, financial, and management experience for publicly traded and private companies.

Bradley has over fifteen years of leadership, business consulting,

financial, and management experience for publicly traded and private companies.

Since June 2011, Mr.

Bradley served as M&A/Business Consulting Managing Director and Chief Financial Officer at Global Advisors Inc.

Bradley served as M&A/Business

Consulting Managing Director and Chief Financial Officer at Global Advisors Inc.

where he provided business consulting services,

reviewed client’s financial positions and managed relationships, conducted financial reviews, including the PCAOB or IFRS audit process, and provided his consulting business advice on restructuring and potential mergers and acquisitions.

Since September 2018 he has served as the Chairman of the Board of Magagram Social Media Inc., a Toronto-based private company, from December 2006 to June 2011 as Chief Executive Officer of Ocean to Ocean Inc., and from January 2002 until November 2006, as Vice President of Gourmet Foods International.

Bradley graduated from York University in 1998 in Finance and Economics and received his undergraduate degree with honors in 1991 in Business Finance from Sandford College.

Board Committees

We currently do not have any committees of our Board of Directors.

Family Relationships

There are no family relationships among any of our officers or directors.

Code of Ethics

We have adopted a Code of Business Conduct and Ethics that applies to our principal executive, financial and accounting officers (or persons performing similar functions).

Involvement in Certain Legal Proceedings

To our knowledge, our directors and executive officers have not been involved in any of the following events during the past ten years:

any bankruptcy petition filed by or against such person or any business of which such person was a general partner or executive officer either at the time of the bankruptcy or within two years prior to that time;

any conviction in a criminal proceeding or being subject to a pending criminal proceeding (excluding traffic violations and other minor offenses);

being subject to any order, judgment, or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining him from or otherwise limiting his involvement in any type of business, securities or banking activities or to be associated with any person practicing in banking or securities activities;

being found by a court of competent jurisdiction in a civil action, the SEC or the Commodity Futures Trading Commission to have violated a Federal or State securities or commodities law, and the judgment has not been reversed, suspended, or vacated;

being subject of, or a party to, any Federal or State judicial or administrative order, judgment decree, or finding, not subsequently reversed, suspended, or vacated, relating to an alleged violation of any Federal or state securities or commodities law or regulation, any law or regulation respecting financial institutions or insurance companies, or any law or regulation prohibiting mail or wire fraud or fraud in connection with any business entity;

being subject of or party to any sanction or order, not subsequently reversed, suspended, or vacated, of any self-regulatory organization, any registered entity, or any equivalent exchange, association, entity or organization that has disciplinary authority over its members or persons associated with a member.

Compensation of Directors

reviewed client’s financial positions and managed relationships, conducted financial reviews, including the PCAOB or IFRS

audit process, and provided his consulting business advice on restructuring and potential mergers and acquisitions.

Since September

2018 he has served as the Chairman of the Board of Magagram Social Media Inc., a Toronto-based private company, from December

2006 to June 2011 as Chief Executive Officer of Ocean to Ocean Inc., and from January 2002 until November 2006, as Vice President

of Gourmet Foods International.

Bradley graduated from York University in 1998 in Finance and Economics and received his undergraduate

degree with honors in 1991 in Business Finance from Sandford College.

currently do not have any committees of our Board of Directors.

Relationships

are no family relationships among any of our officers or directors.

have adopted a Code of Business Conduct and Ethics that applies to our principal executive, financial and accounting officers

(or persons performing similar functions).

in Certain Legal Proceedings

our knowledge, our directors and executive officers have not been involved in any of the following events during the past ten

bankruptcy petition filed by or against such person or any business of which such person

was a general partner or executive officer either at the time of the bankruptcy or within

two years prior to that time;

conviction in a criminal proceeding or being subject to a pending criminal proceeding

(excluding traffic violations and other minor offenses);

subject to any order, judgment, or decree, not subsequently reversed, suspended or vacated,

of any court of competent jurisdiction, permanently or temporarily enjoining him from

or otherwise limiting his involvement in any type of business, securities or banking

activities or to be associated with any person practicing in banking or securities activities;

found by a court of competent jurisdiction in a civil action, the SEC or the Commodity

Futures Trading Commission to have violated a Federal or State securities or commodities

law, and the judgment has not been reversed, suspended, or vacated;

subject of, or a party to, any Federal or State judicial or administrative order, judgment

decree, or finding, not subsequently reversed, suspended, or vacated, relating to an

alleged violation of any Federal or state securities or commodities law or regulation,

any law or regulation respecting financial institutions or insurance companies, or any

law or regulation prohibiting mail or wire fraud or fraud in connection with any business

subject of or party to any sanction or order, not subsequently reversed, suspended, or

vacated, of any self-regulatory organization, any registered entity, or any equivalent

exchange, association, entity or organization that has disciplinary authority over its

members or persons associated with a member.

Delinquent Section 16(a) Reports

Section 16(a) of the Securities Exchange Act of 1934 requires

our executive officers and directors and persons beneficially owning more than ten percent of our equity securities (“Reporting

Persons”) to file initial reports of ownership and changes in ownership with the Securities and Exchange Commission.

solely on our review of copies of such reports and representations from Reporting Persons, we believe that during the fiscal year

ended December 31, 2023, Jeffrey Guzy, the Chief Executive Officer, Chairman and Director, failed to file timely Form 4 reporting

the grant of 50,000 shares of Series A Convertible Preferred Stock and Wm.

Barrett Wellman, the Chief Financial Officer, failed

to file timely Form 4 reporting the grant of 50,000 shares of Series A Convertible Preferred Stock.

Director Compensation Table

2 unchanged sentences

Compensation Earnings

For the years ended December 31, 2022, and 2021, no compensation has been paid to our directors in consideration for their services rendered in their capacities as directors.

Outstanding Equity Awards at Fiscal Year-End

There are no current outstanding equity awards to our executive officers as of December 31, 2022.

Long-Term Incentive Plans

There are no arrangements or plans in which we provide pension, retirement, or similar benefits for directors or executive officers.

the years ended December 31, 2023, and 2022, no compensation has been paid to our directors in consideration for their services

rendered in their capacities as directors.

Equity Awards at Fiscal Year-End

are no current outstanding equity awards to our executive officers as of December 31, 2023.

Incentive Plans

are no arrangements or plans in which we provide pension, retirement, or similar benefits for directors or executive officers.

EXECUTIVE COMPENSATION

The following table sets forth information concerning all cash and non-cash compensation awarded to, earned by or paid to our Chief Executive Officer and the other executive officer with compensation exceeding $100,000 during 2022 and 2021 (each a “Named Executive Officer”).

SUMMARY COMPENSATION TABLE

following table sets forth information concerning all cash and non-cash compensation awarded to, earned by or paid to our Chief

Executive Officer and the other executive officer with compensation exceeding $100,000 during 2023 and 2022 (each a “Named

Executive Officer”).

COMPENSATION TABLE

Name and Principal Position

Option Awards

Compensation ($)

Barrett Wellman (2)

Guzy was appointed Chief Executive Officer on January 22, 2020.

Jeffrey Guzy has a base annual salary of $120,000, payable on a semi-monthly basis in equal installments, but the base salary is deferred until the Company has sufficient cash flow to pay the base salary.

Further, the base salary can either be paid in total when Company is adequately funded, or the accrued unpaid base salary can be converted into shares of the CoJax Common Stock at the lower conversion price of the initial public offering price of $2.00 or current market price at the time of conversion by Mr.

Wellman was appointed Chief Financial Officer on March 16, 2020.

Wellman’s base salary is $100,000, payable semi-monthly in equal installments, but the base salary is deferred until the Company has sufficient cash flow to pay the base

Alternatively, the accrued unpaid base salary can be converted into shares of the CoJax Common Stock at the lower conversion price of the initial public offering price of $2.00 or current market price at the time of conversion by Mr.

Employment Agreements with Key Executives

Jeffrey Guzy’s employment agreement dated January 24, 2020, provides, in part, for:

(1) the term of the employment agreement is three years;

(2) a base annual salary of $120,000 payable semi-monthly in equal installments, but the base salary is deferred and only will be paid when the Company is adequately funded, or the accrued unpaid base salary can be converted into shares of the CoJax Common Stock at the lower conversion price of the initial public offering price of $2.00 or current market price at the time of conversion by Mr.

Guzy is eligible for an ad hoc performance bonus if and in an amount approved by the disinterested directors when and if CoJax appoints disinterested directors;

Guzy may participate in any incentive compensation and other benefit plans to the extent that he is eligible to do so;

(5) continuation of Mr.

Guzy’s under the Company’s health insurance and other benefit plans for 24 months after any termination of his employment for a good reason (as defined in the employment agreement);

(6) imposes confidentiality and non-recruitment of Company employees obligations on Mr.

Guzy for one year after the end of employment;

(7) the employment agreement provides that the Company can terminate Mr.

Guzy’s employment for cause (as defined in the employment agreement) and for Mr.

Guzy to terminate the employment agreement for “good reason” (as defined in the employment agreement);

Guzy terminates the employment for a good reason, then he would be entitled to:

A cash payment, payable in equal installments over a six (6) month period after Mr.

Guzy terminates employment, equal to the sum of the following:

Base Annual Salary.

Subject to the payment of the following sums not causing the insolvency of the Company , the equivalent of the greater of (i) twenty-four (24) months of Mr.

Guzy’s then-current base salary or (ii) the remainder of the term of the employment agreement (the "Severance Period");

Earned but Unpaid Amounts.

Any previously earned but unpaid salary through Mr.

Guzy’s final date of employment, being Mr.

Guzy’s termination of employment.

Further, the employment agreement also provides the following indemnification to Mr.

CoJax shall indemnify and save harmless Mr.

Guzy for any liability incurred by reason of any act or omission performed by Mr.

Guzy while acting in good faith on behalf of the Company.

Within the scope of the authority of his pursuant to the employment agreement and the fullest extent provided under the CoJax Bylaws, the CoJax Amended and Restated Articles of Incorporation and the Virginia Stock Corporation Act, except that Mr.

Guzy must have in good faith believed that such action was in, or not opposed to, the best interests of CoJax, and, with respect to any criminal action or proceeding, had no reasonable cause to believe that such conduct was unlawful.

No indemnification barred by regulations or policies of the SEC or in clear violation of public policy will be permitted under the employment agreement.

On February 14, 2023, the Company entered into a new employment agreement with Mr.

Guzy (the “Guzy 2023 Employment Agreement”), pursuant to which Mr.

Guzy will continue serving the Company as Chief Executive Officer, President and Chairman of the Company.

The Guzy 2023 Employment Agreement has a 3-year term through February 14, 2026, unless terminated earlier pursuant to the terms of the Guzy

2023 Employment Agreement.

Guzy was appointed as Chief Executive Officer on January 22, 2020 and served in this capacity until January 10, 2024.

Guzy’s base annual salary of $120,000 is payable on a semi-monthly basis in equal installments, but the base salary is deferred

until the Company has sufficient cash flow to pay the base salary.

Further, the base salary can either be

paid in total when Company is adequately funded, or the accrued unpaid base salary can be converted into shares of the CoJax Common

Stock at the lower conversion price of the initial public offering price of $2.00 or current market price at the time of conversion

Wellman was appointed Chief Financial

Officer on March 16, 2020.

He resigned from this position on January 10, 2024.

Wellman’s base salary of $100,000

is payable semi-monthly in equal installments, but the base salary is deferred until the Company has sufficient cash flow to pay

the base salary.

Alternatively, the accrued unpaid base salary can be converted into shares of the CoJax Common Stock at

the lower conversion price of the initial public offering price of $2.00 or current market price at the time of conversion by Mr.

Agreements with Key Executives

On February 20, 2020, the Company entered

into an initial employment agreement with Jeffrey Guzy.

The term of that agreement was 3 years.

This initial employment agreement

was terminated on February 14, 2023, on the date the Company entered into a second employment agreement with Mr.

Guzy (the “Guzy

2023 Employment Agreement”), pursuant to which Mr.

Guzy continued serving the Company as Chief Executive Officer, President

and Chairman of the Company.

The Guzy 2023 Employment Agreement has a 3-year term through February 14, 2026, unless terminated

earlier pursuant to the terms of the Guzy 2023 Employment Agreement.

Pursuant to the Guzy 2023 Employment Agreement, Mr.

Guzy will be paid a base salary of $120,000 per annum, which salary will accrue and can either be paid in total when the Company is adequately funded or, alternatively, the accrued unpaid base salary can be converted into shares of the Company’s common stock at the lower conversion price of the initial public offering price of $2.00 or current market price at the time of conversion by Mr.

Guzy will be paid a base salary of $120,000 per annum, which salary will accrue and can either be paid in total when the Company

is adequately funded or, alternatively, the accrued unpaid base salary can be converted into shares of the Company’s common

stock at the lower conversion price of the initial public offering price of $2.00 or current market price at the time of conversion

Pursuant to the Guzy 2023 Employment Agreement, Mr.

Guzy may participate in any incentive compensation and other benefit plans may be granted bonus performance bonus payments to be paid in cash, stock, or both.

In addition, the Guzy 2023 Employment Agreement includes provisions for paid vacation time and expense reimbursement.

The Guzy 2023 Employment Agreement may be terminated (i) immediately upon Mr.

Guzy may participate in any incentive compensation and other benefit

plans may be granted bonus performance bonus payments to be paid in cash, stock, or both.

In addition, the Guzy 2023 Employment

Agreement includes provisions for paid vacation time and expense reimbursement.

The Guzy 2023 Employment Agreement provided

for termination (i) immediately upon Mr.

Guzy’s death or Disability;

(ii) by the Company for Cause;

Guzy for Good Reason (as these terms are defined in the Guzy 2023 Employment Agreement or (iv) other than for Cause or Good Reason, by Mr.

Good Reason (as these terms are defined in the Guzy 2023 Employment Agreement or (iv) other than for Cause or Good Reason, by Mr.

Guzy or the Company upon not less than sixty (60) days prior written notice of termination.

Guzy terminates the employment for a Good Reason, then he would be entitled to:

a cash payment, payable in equal installments over a six (6) month period after Mr.

Guzy terminates the employment

for a Good Reason, then he would be entitled to:

a cash payment, payable in equal installments over a six (6) month period after

Guzy terminates employment, equal to the sum of the following:

(a) subject to the payment of the following sums not causing the insolvency of the Company, the equivalent of the greater of (i) twenty-four (24) months of Mr.

Guzy’s then-current base salary or (ii) the remainder of the term of the Guzy 2023 Employment Agreement;

plus (b) any previously earned but unpaid salary through Mr.

(a) subject to the payment of the following sums not causing

the insolvency of the Company, the equivalent of the greater of (i) twenty-four (24) months of Mr.

Guzy’s then-current

base salary or (ii) the remainder of the term of the Guzy 2023 Employment Agreement;

plus (b) any previously earned but unpaid

salary through Mr.

Guzy’s final date of employment, being Mr.

Guzy’s termination of employment.

Barrett Wellman’s employment agreement, dated March 16, 2020 , provides for:

CoJax signed an employment agreement for Mr.

Wellman's services as Chief Financial Officer on March 16, 2020.

Under the employment agreement:

(1) the term of the employment agreement is 3 years;

(2) a base annual salary of $100,000 payable semi-monthly in equal installments, but the base salary can either be paid in total when CoJax is adequately funded or, alternatively, the accrued unpaid base salary can be converted into shares of the CoJax common stock at the lower conversion price of the initial public offering price of $2.00 or current market price at the time of conversion by Mr.

On January 10, 2024,

the Guzy 2023 Employment Agreement was terminated in connection with Mr.

Guzy’s resignation from serving as Chief Executive

Officer, President and Chairman.

On the same date, in connection with appointment of Mr.

Guzy to serve as Chief Financial Officer,

the Company entered into a new employment agreement with Mr.

Guzy for his services as Chief Financial Officer.

The Company entered into an employment

agreement with Wm.

Barrett Wellman on March 16, 2020, for his service as Chief Financial Officer.

That agreement had an initial

3-year term and was extended until August 16, 2024.

This employment agreement provided for the following:

a base annual salary of $100,000 to be paid semi-monthly in equal installments, but the base salary can either be paid in total when CoJax is adequately funded or, alternatively, the accrued unpaid base salary can be converted into shares of the CoJax common stock at the lower conversion price of the initial public offering price of $2.00 or current market price at the time of conversion by Mr.

Wellman is eligible for an ad hoc performance bonus if and in an amount approved by the disinterested directors;

9 unchanged sentences

Wellman terminates the employment for a good reason, then he would be entitled to:

A cash payment, payable in equal installments over a six (6) month period after Mr.

A cash payment, payable in equal installments

over a six (6) month period after Mr.

Wellman terminates employment, equal to the sum of the following:

Base Annual Salary.

Subject to the payment of the following sums subject to not causing the insolvency of the Company , the equivalent of the greater of (i) twenty-four (24) months of Mr.

Wellman’s then-current base salary or (ii) the remainder of the term of the employment agreement (the "Severance Period");

Earned but Unpaid Amounts.

Annual Salary.

Subject to the payment of the following sums subject to not causing the insolvency of the Company , the

equivalent of the greater of (i) twenty-four (24) months of Mr.

Wellman’s then-current base salary or (ii) the remainder

of the term of the employment agreement (the "Severance Period");

but Unpaid Amounts.

Any previously earned but unpaid salary through Mr.

1 unchanged sentence

Wellman’s termination of employment.

The employment agreement also provides the following indemnification to Mr.

The employment agreement also provided

the following indemnification to Mr.

The Company shall indemnify and save harmless Mr.

Wellman for any liability incurred by reason of any act or omission performed by Mr.

Wellman for any liability

incurred by reason of any act or omission performed by Mr.

Wellman while acting in good faith on behalf of the Company.

Wellman must have in good faith believed that such action was in, or not opposed to, the best interests of the Company, and, with respect to any criminal action or proceeding, had no reasonable cause to believe that such conduct was unlawful.

No indemnification barred by regulations or policies of the SEC or in clear violation of public policy will be permitted under the employment agreement.

Wellman’s Employment Agreement has been extended to a termination date of August 16, 2024.

Director Compensation

Jeffrey Guzy did not receive any cash compensation for his role as a director for the year ended December 31, 2022.

See Item 12 for further details.

No indemnification

barred by regulations or policies of the SEC or in clear violation of public policy will be permitted under the employment agreement.

Wellman’s Employment Agreement

was terminated on January 10, 2024 upon his resignation as Chief Financial and Secretary.

Guzy did not receive any cash compensation for his role as a director for the year ended December 31, 2023.

Bradley did not receive any cash compensation for his role as a director for the year ended December 31, 2023.

See Item 12 for further details.

Employee Benefit Plans

The Company currently has no employee benefit plans.

Benefit Plans

Company currently has no employee benefit plans.

Equity Incentive Plan

CoJax’s Board of Directors and stockholders approved the 2018 Equity Incentive Plan on December 31, 2018 (“2018 Plan”), which replaced the 2017 Equity Incentive Plan (“2017 Plan”) that was approved by the Board of Directors and stockholders on January 2, 2018.

The Board of Directors terminated the 2017 Plan on December 31, 2018.

Our Board of Directors and stockholders

approved the 2018 Equity Incentive Plan on December 31, 2018 (“2018 Plan”), which replaced the 2017 Equity Incentive

Plan (“2017 Plan”) that was approved by the Board of Directors and stockholders on January 2, 2018.

of Directors terminated the 2017 Plan on December 31, 2018.

No options or awards were granted under the 2017 Plan.

No options or other incentive compensation has been granted as of the date of this Annual Report.

The following is a summary of the 2018 Plan:

No options or other incentive compensation

has been granted as of December 31, 2023.

following is a summary of the 2018 Plan:

Plan Purpose .

The 2018 Plan will allow us to grant equity awards, including performance awards, to incentivize high levels of performance and productivity by individuals who provide services to us and to further align the interests of our employees with those of CoJax and its stockholders.

The use of our common stock as part of our compensation program is intended to foster a pay-for-performance culture that is an essential element of our overall compensation philosophy.

Our equity will be used to retain our officers and other employees and promote a focus on sustained enhancement through

improved performance.

The 2018 Plan is intended to be “performance-based compensation” under Section 162(m) of the Internal Revenue Code (“Section 162(m)”), to be exempt from the tax deduction limits of Section 162(m) if they meet the other requirements of Section 162(m).

The 2018 Plan will allow us to grant equity awards, including performance awards, to incentivize high levels

of performance and productivity by individuals who provide services to us and to further align the interests of our employees

with those of CoJax and its stockholders.

The use of our common stock as part of our compensation program is intended to foster

a pay-for-performance culture that is an essential element of our overall compensation philosophy.

Our equity will be used to

retain our officers and other employees and promote a focus on sustained enhancement through improved performance.

The 2018 Plan

is intended to be “performance-based compensation” under Section 162(m) of the Internal Revenue Code (“Section

162(m)”), to be exempt from the tax deduction limits of Section 162(m) if they meet the other requirements of Section 162(m).

Plan Administration.

The Board of Directors, or the Compensation Committee of the Board of Directors when formed by the Board of Directors, has the authority to administer our 2018 Plan.

Subject to the terms of the 2018 Plan, the Board of Directors or the authorized board committee, referred to as the “plan administrator,” determines recipients, dates of grant, the numbers and types of stock awards to be granted, and the terms and conditions of the stock awards, including the period of their exercisability and vesting schedule applicable to a stock award.

Subject to the limitations set forth below, the plan administrator will also determine the exercise price, strike price, or purchase price of awards granted and the types of consideration to be paid for the award.

The Board of Directors, or the Compensation Committee of the Board of Directors when formed by the

Board of Directors, has the authority to administer our 2018 Plan.

Subject to the terms of the 2018 Plan, the Board of Directors

or the authorized board committee, referred to as the “plan administrator,” determines recipients, dates of grant,

the numbers and types of stock awards to be granted, and the terms and conditions of the stock awards, including the period of

their exercisability and vesting schedule applicable to a stock award.

Subject to the limitations set forth below, the plan administrator

will also determine the exercise price, strike price, or purchase price of awards granted and the types of consideration to be

paid for the award.

The plan administrator has the authority to modify outstanding awards under our 2018 Plan.

Subject to the terms of our 2018 Plan, the plan administrator has the authority, without stockholder approval, to reduce the exercise, purchase or strike price of any outstanding stock award, cancel any outstanding stock award in exchange for new stock awards, cash, or other consideration, or take any other action that is treated as a repricing under generally accepted accounting principles;

provided, that, stockholders must approve any repricing of SAR’s.

Subject to the

terms of our 2018 Plan, the plan administrator has the authority, without stockholder approval, to reduce the exercise, purchase

or strike price of any outstanding stock award, cancel any outstanding stock award in exchange for new stock awards, cash, or

other consideration, or take any other action that is treated as a repricing under generally accepted accounting principles;

that, stockholders must approve any repricing of SAR’s.

Plan Share Reserve .

Three million shares of common stock are reserved for issuance under grants or awards made pursuant to the 2018 Plan.

If a stock award granted under our 2018 Plan expires or otherwise terminates without being exercised in full, or is settled in cash, the shares of our common stock not acquired pursuant to the stock award again will become available for subsequent issuance under our 2018 Plan.

The following types of shares under our 2018 Plan may become available for the grant of new stock awards under our 2018 Plan:

(1) shares that are forfeited to or repurchased by us before becoming fully vested;

Three million shares of common stock are reserved for issuance under grants or awards made

pursuant to the 2018 Plan.

If a stock award granted under our 2018 Plan expires or otherwise terminates without being

exercised in full, or is settled in cash, the shares of our common stock not acquired pursuant to the stock award again will become

available for subsequent issuance under our 2018 Plan.

The following types of shares under our 2018 Plan may become available

for the grant of new stock awards under our 2018 Plan:

(1) shares that are forfeited to or repurchased by us before becoming

fully vested;

(2) shares withheld to satisfy income or employment withholding taxes;

or (3) shares used to pay the exercise or purchase price of a stock award.

Shares issued under our 2018 Plan may be previously unissued shares or reacquired shares bought by us on the open market.

or (3) shares used to pay the exercise

or purchase price of a stock award.

Shares issued under our 2018 Plan may be previously unissued shares or reacquired shares bought

by us on the open market.

Plan Stock Awards.

Our 2018 Plan provides for the grant of incentive stock options (within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended, (“Code”)), non-statutory stock options, stock appreciation rights, or SARs, restricted stock awards, restricted stock unit awards, performance-based stock awards and other forms of equity compensation, which are collectively referred to as stock awards.

Our 2018 Plan provides for the grant of incentive stock options (within the meaning of Section 422

of the Internal Revenue Code of 1986, as amended, (“Code”)), non-statutory stock options, stock appreciation rights,

or SARs, restricted stock awards, restricted stock unit awards, performance-based stock awards and other forms of equity compensation,

which are collectively referred to as stock awards.

Our 2018 Plan also provides for the grant of performance cash awards.

Incentive stock options may be granted only to employees.

All other awards may be granted to employees, including officers, and to non-employee directors and consultants .

Incentive and non-statutory stock options are evidenced by stock option agreements adopted by the plan administrator.

The plan administrator determines the exercise price for a stock option, within the terms and conditions of our 2018 Plan, provided that the exercise price of a stock option generally cannot be less than 100% of the fair market value of our common stock on the date of grant.

stock options may be granted only to employees.

All other awards may be granted to employees, including officers, and to non-employee

directors and consultants .

Incentive and non-statutory stock options are evidenced by stock option agreements adopted

by the plan administrator.

The plan administrator determines the exercise price for a stock option, within the terms and conditions

of our 2018 Plan, provided that the exercise price of a stock option generally cannot be less than 100% of the fair market value

of our common stock on the date of grant.

Options granted under our 2018 Plan vest at the rate specified by the plan administrator.

The plan administrator determines the term of stock options granted under our 2018 Plan, up to a maximum of ten years.

Unless the terms of an option holder’s stock option agreement provide otherwise, if an option holder’s service relationship with us, or any of our affiliates, ceases for any reason other than disability, death, or cause, the option holder may generally exercise any vested options for three months following the cessation of service.

The option term will automatically be extended in the event that exercise of the option following such a termination of service is prohibited by applicable securities laws or our insider trading policy.

Acceptable consideration for the purchase of common stock issued upon the exercise of a stock option will be determined by the plan administrator and may include (1) cash, check, bank draft, or money order, (2) a broker-

assisted cashless exercise, (3) the tender of shares of our common stock previously owned by the option holder, (4) a net exercise of the option if it is a nonqualified stock option, and (5) other legal consideration approved by the plan administrator.

Unless the plan administrator provides otherwise, options generally are not transferable except by will, the laws of descent and distribution, or pursuant to a domestic relations order.

Tax Limitations on Incentive Stock Options.

The aggregate fair market value, determined at the time of grant, of our common stock with respect to incentive stock options that are exercisable for the first time by an option holder during any calendar year under all of our stock plans, may not exceed $100,000.

Options or portions thereof that exceed such limit will be treated as nonqualified stock options.

No incentive stock option may be granted to any person who, at the time of the grant, owns or is deemed to own stock possessing more than 10% of our total combined voting power or that of any of our affiliates unless (1) the option exercise price is at least 110% of the fair market value of the stock subject to the option on the date of grant and (2) the term of the incentive stock option does not exceed five years from the date of grant.

Restricted Stock Awards.

the terms of an option holder’s stock option agreement provide otherwise, if an option holder’s service relationship

with us, or any of our affiliates, ceases for any reason other than disability, death, or cause, the option holder may generally

exercise any vested options for three months following the cessation of service.

The option term will automatically be extended

in the event that exercise of the option following such a termination of service is prohibited by applicable securities laws or

our insider trading policy.

consideration for the purchase of common stock issued upon the exercise of a stock option will be determined by the plan administrator

and may include (1) cash, check, bank draft, or money order, (2) a broker-assisted cashless exercise, (3) the tender

of shares of our common stock previously owned by the option holder, (4) a net exercise of the option if it is a nonqualified

stock option, and (5) other legal consideration approved by the plan administrator.

the plan administrator provides otherwise, options generally are not transferable except by will, the laws of descent and distribution,

or pursuant to a domestic relations order.

Limitations on Incentive Stock Options.

The aggregate fair market value, determined at the time of grant, of our common

stock with respect to incentive stock options that are exercisable for the first time by an option holder during any calendar

year under all of our stock plans, may not exceed $100,000.

Options or portions thereof that exceed such limit will be treated

as nonqualified stock options.

No incentive stock option may be granted to any person who, at the time of the grant, owns or is

deemed to own stock possessing more than 10% of our total combined voting power or that of any of our affiliates unless (1) the

option exercise price is at least 110% of the fair market value of the stock subject to the option on the date of grant and (2) the

term of the incentive stock option does not exceed five years from the date of grant.

Stock Awards.

Restricted stock awards are evidenced by restricted stock award agreements adopted by the plan administrator.

Restricted stock awards may be granted in consideration for (1) cash, check, bank draft, or money order, (2) services rendered to us or our affiliates, or (3) any other form of legal consideration.

Common stock acquired under a restricted stock award may, but need not, be subject to a share repurchase option in our favor in accordance with a vesting schedule as determined by the plan administrator.

Rights to acquire shares under a restricted stock award may be transferred only upon such terms and conditions as set by the plan administrator.

Except as otherwise provided in the applicable award agreement, restricted stock unit awards that have not vested will be forfeited upon the participant’s cessation of continuous service for any reason.

Restricted Stock Unit Awards.

Restricted stock unit awards are evidenced by restricted stock unit award agreements adopted by the plan administrator.

Restricted stock awards may be granted in consideration for (1) cash, check, bank draft, or money order, (2) services

rendered to us or our affiliates, or (3) any other form of legal consideration.

Common stock acquired under a restricted

stock award may, but need not, be subject to a share repurchase option in our favor in accordance with a vesting schedule as determined

by the plan administrator.

Rights to acquire shares under a restricted stock award may be transferred only upon such terms and

conditions as set by the plan administrator.

Except as otherwise provided in the applicable award agreement, restricted stock

unit awards that have not vested will be forfeited upon the participant’s cessation of continuous service for any reason.

Stock Unit Awards.

Restricted stock unit awards are evidenced by restricted stock unit award agreements adopted by the

plan administrator.

Restricted stock unit awards may be granted in consideration for any form of legal consideration or no consideration.

A restricted stock unit award may be settled by cash, delivery of stock, a combination of cash and stock as deemed appropriate by the plan administrator, or in any other form of the consideration set forth in the restricted stock unit award agreement.

Additionally, dividend equivalents may be credited in respect of shares covered by a restricted stock unit award.

Rights under a restricted stock units award may be transferred only upon such terms and conditions as set by the plan administrator.

Restricted stock unit awards may be subject to vesting as determined by the plan administrator.

Except as otherwise provided in the applicable award agreement, restricted stock units that have not vested will be forfeited upon the participant’s cessation of continuous service for any reason.

Stock Appreciation Rights or “SARs .” SARs are evidenced by SAR grant agreements adopted by the plan administrator.

The plan administrator determines the strike price for a SAR, which generally cannot be less than 100% of the fair market value of our common stock on the date of grant.

Upon the exercise of a SAR, we will pay the participant an amount in cash or stock equal to (1) the excess of the per-share fair market value of our common stock on the date of exercise over the strike price, multiplied by (2) the number of shares of common stock with respect to which the SAR is exercised.

A SAR granted under our 2018 Plan vests at the rate specified in the SAR agreement as determined by the plan administrator.

The plan administrator determines the term of SARs granted under our 2018 Plan, up to a maximum of ten years.

Unless the terms of a participant’s SAR agreement provides otherwise, if a participant’s service relationship with us or any of our affiliates ceases for any reason other than cause, disability, or death, the participant may generally exercise any vested SAR for a period of three months following the cessation of service.

The SARs’ term will be further extended in the event that applicable securities laws prohibit the exercise of the SAR following such a termination of service.

In no event may a SAR be exercised beyond the expiration of its term.

Unless the plan administrator provides otherwise, SARs generally are not transferable except by will, the laws of descent and distribution, or pursuant to a domestic relations order.

A SAR holder may designate a beneficiary, however, who may exercise the SAR following the holder’s death.

Performance Awards.

A restricted stock unit award may be settled by cash, delivery of stock, a combination of cash and stock as deemed appropriate

by the plan administrator, or in any other form of the consideration set forth in the restricted stock unit award agreement.

Additionally,

dividend equivalents may be credited in respect of shares covered by a restricted stock unit award.

Rights under a restricted

stock units award may be transferred only upon such terms and conditions as set by the plan administrator.

Restricted stock unit

awards may be subject to vesting as determined by the plan administrator.

Except as otherwise provided in the applicable award

agreement, restricted stock units that have not vested will be forfeited upon the participant’s cessation of continuous

service for any reason.

Appreciation Rights or “SARs .” SARs are evidenced by SAR grant agreements adopted by the plan administrator.

plan administrator determines the strike price for a SAR, which generally cannot be less than 100% of the fair market value of

our common stock on the date of grant.

Upon the exercise of a SAR, we will pay the participant an amount in cash or stock equal

to (1) the excess of the per-share fair market value of our common stock on the date of exercise over the strike price, multiplied

by (2) the number of shares of common stock with respect to which the SAR is exercised.

A SAR granted under our 2018 Plan

vests at the rate specified in the SAR agreement as determined by the plan administrator.

plan administrator determines the term of SARs granted under our 2018 Plan, up to a maximum of ten years.

Unless the terms of

a participant’s SAR agreement provides otherwise, if a participant’s service relationship with us or any of our affiliates

ceases for any reason other than cause, disability, or death, the participant may generally exercise any vested SAR for a period

of three months following the cessation of service.

The SARs’ term will be further extended in the event that applicable

securities laws prohibit the exercise of the SAR following such a termination of service.

In no event may a SAR be exercised beyond

the expiration of its term.

the plan administrator provides otherwise, SARs generally are not transferable except by will, the laws of descent and distribution,

or pursuant to a domestic relations order.

A SAR holder may designate a beneficiary, however, who may exercise the SAR following

the holder’s death.

Our 2018 Plan permits the grant of performance-based stock and cash awards.

Our compensation committee can structure such awards so that stock or cash will be issued or paid pursuant to such award only after the achievement of certain pre-established performance goals during a designated performance period.

Our compensation committee can structure

such awards so that stock or cash will be issued or paid pursuant to such award only after the achievement of certain pre-established

performance goals during a designated performance period.

The plan administrator determines the performance goals.

The performance goals may be based on company-wide performance or performance of one or more business units, divisions, affiliates, or business segments.

They may be either absolute or relative to the performance of one or more comparable companies or the performance of one or more relevant indices.

Other Stock Awards.

The performance

goals may be based on company-wide performance or performance of one or more business units, divisions, affiliates, or business

They may be either absolute or relative to the performance of one or more comparable companies or the performance of

one or more relevant indices.

Stock Awards.

The plan administrator may grant other awards based in whole or in part by reference to our common stock.

The plan administrator will set the number of shares under the stock award and all other terms and conditions of such awards.

Changes to Capital Structure.

In the event that there is a specified type of change in our capital structure, such as a stock split or recapitalization, appropriate adjustments will be made to (1) the class and a maximum number of shares reserved for issuance under our 2018 Plan, (2) the class and a maximum number of shares by which the share reserve may increase each year automatically, (3) the class and a maximum number of shares that may be issued upon the exercise of incentive stock options and (4) the class and number of shares and exercise price, strike price or purchase price, if applicable, of all outstanding stock awards.

Change in Control.

The plan administrator may provide, in an individual award agreement or any other written agreement between a participant and us, that the stock award will be subject to additional acceleration of vesting and exercisability or settlement in the event of a change in control.

Under our 2018 Plan, a change in control is generally (1) the acquisition by a person or entity of more than 50% of our combined voting power other than by merger, consolidation, or similar transaction, (2) a consummated merger, consolidation, or similar transaction immediately after which our stockholders cease to own more than 50% of the combined voting power of the surviving entity or (3) a consummated sale, lease or exclusive license or other disposition of all or substantially all of our consolidated assets.

Amendment and Termination.

Board of Directors has the authority to amend, suspend or terminate our 2018 Plan, provided that such action does not materially impair the existing rights of any participant without such participant’s written consent and provided further that certain types of amendments will require the approval of stockholders.

No incentive stock options may be granted after the tenth anniversary of the date that the Board of Directors adopts the 2018 Plan.

Outstanding Equity Awards

There are no outstanding equity awards as of December 31, 2022.

to Capital Structure.

In the event that there is a specified type of change in our capital structure, such as a stock

split or recapitalization, appropriate adjustments will be made to (1) the class and a maximum number of shares reserved

for issuance under our 2018 Plan, (2) the class and a maximum number of shares by which the share reserve may increase each

year automatically, (3) the class and a maximum number of shares that may be issued upon the exercise of incentive stock

options and (4) the class and number of shares and exercise price, strike price or purchase price, if applicable, of all

outstanding stock awards.

The plan administrator may provide, in an individual award agreement or any other written agreement between

a participant and us, that the stock award will be subject to additional acceleration of vesting and exercisability or settlement

in the event of a change in control.

Under our 2018 Plan, a change in control is generally (1) the acquisition by a person

or entity of more than 50% of our combined voting power other than by merger, consolidation, or similar transaction, (2) a

consummated merger, consolidation, or similar transaction immediately after which our stockholders cease to own more than 50%

of the combined voting power of the surviving entity or (3) a consummated sale, lease or exclusive license or other disposition

of all or substantially all of our consolidated assets.

and Termination.

Board of Directors has the authority to amend, suspend or terminate our 2018 Plan, provided that such

action does not materially impair the existing rights of any participant without such participant’s written consent and

provided further that certain types of amendments will require the approval of stockholders.

No incentive stock options may be

granted after the tenth anniversary of the date that the Board of Directors adopts the 2018 Plan.

Equity Awards

There were no outstanding equity awards to our Named Executive Officers as of December 31, 2023.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

The following table lists, as of November 16, 2023 the number of shares of common stock beneficially owned by (i) each person, entity or group (as that term is used in Section 13(d)(3) of the Securities Exchange Act of 1934) known to the Company to be the beneficial owner of more than 5% of the outstanding common stock;

(ii) each of our directors (iii) each of our Named Executive Officers and (iv) all executive officers and directors as a group.

Information relating to beneficial ownership of common stock by our principal stockholders and management is based upon information furnished by each person using “beneficial ownership” concepts under the rules of the SEC.

Under these rules, a person is deemed to be a beneficial owner of a security if that person directly or indirectly has or shares voting power, which includes the power to vote or direct the voting of the security, or investment power, which includes the power to dispose or direct the disposition of the security.

The person is also deemed to be a beneficial owner of any security of which that person has a right to acquire beneficial ownership within 60 days.

Under the SEC rules, more than one person may be deemed to be a beneficial owner of the same securities, and a person may be deemed to be a beneficial owner of securities as to which he or she may not have any pecuniary interest.

Except as noted below, each person has sole voting and investment power with respect to the shares beneficially owned and each stockholder’s address is c/o CoJax Oil and Gas Corporation, 3033 Wilson Boulevard, Suite E-605, Arlington, Virginia 22201.

The percentages below are calculated based on 9,315,902 shares of common stock issued and outstanding as of November xx, 2023.

following table lists, as of March 26, 2024 the number of shares of common stock beneficially owned by (i) each person, entity

or group (as that term is used in Section 13(d)(3) of the Securities Exchange Act of 1934) known to the Company to be the beneficial

owner of more than 5% of the outstanding common stock;

(ii) each of our directors (iii) each of our Named Executive Officers and

(iv) all executive officers and directors as a group.

Information relating to beneficial ownership of common stock by our principal

stockholders and management is based upon information furnished by each person using “beneficial ownership” concepts

under the rules of the SEC.

Under these rules, a person is deemed to be a beneficial owner of a security if that person directly

or indirectly has or shares voting power, which includes the power to vote or direct the voting of the security, or investment

power, which includes the power to dispose or direct the disposition of the security.

The person is also deemed to be a beneficial

owner of any security of which that person has a right to acquire beneficial ownership within 60 days.

Under the SEC rules, more

than one person may be deemed to be a beneficial owner of the same securities, and a person may be deemed to be a beneficial owner

of securities as to which he or she may not have any pecuniary interest.

Except as noted below, each person has sole voting and

investment power with respect to the shares beneficially owned and each stockholder’s address is c/o CoJax Oil and Gas Corporation,

3033 Wilson Boulevard, Suite E-605, Arlington, Virginia 22201.

The percentages below are calculated based on 10,465,902

shares of common stock issued and outstanding as of March 26, 2024.

Name of Beneficial Owner

Executive Officers and Directors:

Barrett Wellman (2)

William Allan Bradley

6 unchanged sentences

Khaki Investments LLC (5)

1) Includes 575,000 shares of common stock issuable upon conversion of 57,500 shares of Series A Convertible Preferred Stock that can be converted at any time.

Each share of the Series A Convertible Preferred Stock is convertible at the option of the holder thereof to ten (10) shares of common stock.

(2) Includes 47,500 shares of common stock issuable upon conversion of 22,500 shares of Series A Convertible Preferred Stock.

Each share of the Series A Convertible Preferred Stock is convertible at the option of the holder thereof to ten (10) shares of common stock.

(3) Peter Biglane is the Manager of Rosswood Capital LLC and has sole voting and dispositive power over the shares held by Rosswood Capital LLC.

(4) David Sullivan is the Manager of Stone Creek Properties LLC and has sole voting and dispositive power over the shares held by Stone Creek Properties LLC.

(5) Alfonso Rivera Revilla is the Manager of Stonefield Fund LLC and has sole voting and dispositive power over the shares held by Stonefield Fund LLC.

(6) Andrew Cardwell is the Manager of Quantoleum Holdings LLC and has sole voting and dispositive power over the shares held by Quantoleum Holdings LLC.

(7) Sophie Biglane is the Manager of Khaki Investments LLC and has sole voting and dispositive power over the shares held by Khaki Investments LLC.

Changes in Control Agreements.

As of December 31, 2022, we are not aware of any arrangements that may result in “changes in control”, as that term is defined by the provisions of Item 403(c) of Regulation S-K.

(1) Peter Biglane is the Manager of Rosswood Capital

LLC and has sole voting and dispositive power over the shares held by Rosswood Capital LLC.

(2) David Sullivan is the Manager of Stone Creek Properties

LLC and has sole voting and dispositive power over the shares held by Stone Creek Properties LLC.

(3) Alfonso Rivera Revilla is the Manager of Stonefield

Fund LLC and has sole voting and dispositive power over the shares held by Stonefield Fund LLC.

(4) Andrew Cardwell is the Manager of Quantoleum Holdings

LLC and has sole voting and dispositive power over the shares held by Quantoleum Holdings LLC.

Andrew Cardwell is also the

Manager of Taxodium Energy, LLC.

(5) Sophie Biglane is the Manager of Khaki Investments

LLC and has sole voting and dispositive power over the shares held by Khaki Investments LLC.

in Control Agreements.

of December 31, 2023, we are not aware of any arrangements that may result in “changes in control”, as that term is

defined by the provisions of Item 403(c) of Regulation S-K.

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

In addition to the executive officer compensation arrangements discussed in “Executive Compensation,” below we describe transactions since incorporation, in which we have been a participant, in which the amount involved in the transaction is material to our Company, and in which any of the following is a party:

(a) enterprises that directly or indirectly through one or more intermediaries, control or are controlled by, or are under common control with, our Company;

addition to the executive officer compensation arrangements discussed in “Executive Compensation,” below we describe

transactions since incorporation, in which we have been a participant, in which the amount involved in the transaction is material

to our Company, and in which any of the following is a party:

(a) enterprises

that directly or indirectly through one or more intermediaries, control or are controlled

by, or are under common control with, our Company;

(b) associates;

(c) individuals owning, directly or indirectly, an interest in the voting power of our Company that gives them significant influence over our Company, and close members of any such individual’s family;

(d) key management personnel, that is, those persons having authority and responsibility for planning, directing, and controlling the activities of our Company, including directors and senior management of companies and close members of such individuals’ families;

(e) enterprises in which a substantial interest in the voting power is owned, directly or indirectly, by any person described in (c) or (d) or over which such a person is able to exercise significant influence.

Review, Approval, and Ratification of Related Party Transactions

Given our small size and limited financial resources, we have not adopted formal policies and procedures for the review, approval, or ratification of transactions, such as those described above, with our executive officer(s), Director(s), and significant stockholders.

We intend to establish formal policies and procedures in the future, once we have sufficient resources and have appointed additional Directors, so that such transactions will be subject to the review, approval, or ratification of our Board of Directors, or an appropriate committee thereof.

owning, directly or indirectly, an interest in the voting power of our Company that gives

them significant influence over our Company, and close members of any such individual’s

management personnel, that is, those persons having authority and responsibility for

planning, directing, and controlling the activities of our Company, including directors

and senior management of companies and close members of such individuals’ families;

(e) enterprises

in which a substantial interest in the voting power is owned, directly or indirectly,

by any person described in (c) or (d) or over which such a person is able to exercise

significant influence.

Approval, and Ratification of Related Party Transactions

our small size and limited financial resources, we have not adopted formal policies and procedures for the review, approval, or

ratification of transactions, such as those described above, with our executive officer(s), Director(s), and significant stockholders.

We intend to establish formal policies and procedures in the future, once we have sufficient resources and have appointed additional

Directors, so that such transactions will be subject to the review, approval, or ratification of our Board of Directors, or an

appropriate committee thereof.

On a moving forward basis, our Directors will continue to approve any related party transaction.

Legal Proceedings

We know of no material, active, pending, or threatened to proceed against us or our subsidiaries, nor are we, or any subsidiary, involved as a plaintiff or defendant in any material proceeding or pending litigation.

know of no material, active, pending, or threatened to proceed against us or our subsidiaries, nor are we, or any subsidiary,

involved as a plaintiff or defendant in any material proceeding or pending litigation.

PRINCIPAL ACCOUNTING FEES AND SERVICES

Audit and Accounting Fees

The Board of the Company has appointed Sadler, Gibb & Associates, LLC (“S|G”) as our independent registered public accounting firm for the fiscal year ended December 31, 2022.

Haynie & Company CPAs PC (“Haynie”) was our independent registered public accounting firm for the fiscal year ended December 31, 2021.

The following table sets forth the fees billed to the Company for professional services rendered by S|G and Haynie for each of the years ended December 31, 2022, and 2021, respectively:

and Accounting Fees

Effective as of January

4, 2024, Sadler, Gibb & Associates, LLC resigned as the Company’s independent registered public accounting firm

and the Board of the Company appointed M&K CPAs, PLLC (“M&K”) as our independent registered public accounting

firm for the fiscal year ended December 31, 2023.

The following table sets forth the fees billed to the Company for professional

services rendered by M&K and S|G for each of the years ended December 31, 2023, and 2022, respectively:

Audit related fees

All other fees

The aggregate audit fees billed and unbilled for the fiscal years ended December 31, 2022, and 2021 were for professional services rendered by Haynie for the audits of our annual consolidated financial statements, the audit of our consolidated financial statements included in our registration statement on Form S-1 and the Form 10-K.

The Company did not incur any aggregate tax fees billed and unbilled for the fiscal years ended December 31, 2022, and 2021.

The Company did not incur any other fees related to services rendered by our principal accountant for the fiscal years ended December 31, 2022, and 2021.

Effective May 6, 2003, the Securities and Exchange Commission adopted rules that require that before our auditor is engaged by us to render any auditing or permitted non-audit related service, the engagement be:

· approved by our audit committee;

· entered into pursuant to pre-approval policies and procedures established by the audit committee, provided that the policies and procedures are detailed as to the particular service, the audit committee is informed of each service, and such policies and procedures do not include delegation of the audit committee’s responsibilities to management.

We do not have an audit committee.

Our entire board of directors pre-approves all services provided by our independent auditors.

All of the above services and fees were reviewed and approved by the entire board of directors before the respective services were rendered.

The aggregate audit

fees billed and unbilled for the fiscal years ended December 31, 2023, and 2022 were for professional services rendered by M&K

and S|G, respectively, for the audits of our annual consolidated financial statements, the audit of our consolidated financial

statements included in our registration statement on Form 10-K.

Company did not incur any aggregate tax fees billed and unbilled for the fiscal years ended December 31, 2023, and 2022.

Company did not incur any other fees related to services rendered by our principal accountant for the fiscal years ended December

31, 2023, and 2022.

May 6, 2003, the Securities and Exchange Commission adopted rules that require that before our auditor is engaged by us to render

any auditing or permitted non-audit related service, the engagement be:

by our audit committee;

into pursuant to pre-approval policies and procedures established by the audit committee,

provided that the policies and procedures are detailed as to the particular service, the audit

committee is informed of each service, and such policies and procedures do not include

delegation of the audit committee’s responsibilities to management.

do not have an audit committee.

Our entire board of directors pre-approves all services provided by our independent

of the above services and fees were reviewed and approved by the entire board of directors before the respective services were

EXHIBITS, FINANCIAL STATEMENT SCHEDULES

The following exhibits are included with this Annual Report:

following exhibits are included with this Annual Report:

Articles of Incorporation of CoJax Oil and Gas Corporation (incorporated by reference to Exhibit 3.1 to the Form S-1 Registration Statement filed with the Commission on July 26, 2019)

21 unchanged sentences

Barrett Wellman (incorporated by reference to Exhibit 10.2 to the Form 8-K filed with the Commission on January 4, 2022)

NONOP purchase and sale agreement dated November 8, 2022

BUCKLEY purchase and sale agreement dated October 15, 2022

NONOP purchase and sale agreement dated November 8, 2022 (incorporated by reference to Exhibit 10.15 to

the Annual Report on Form 10-K for 2022 filed with the Commission on November 20, 2023)

BUCKLEY purchase and sale agreement dated October 15, 2022 (incorporated by reference to Exhibit 10.16

to the Annual Report on Form 10-K for 2022 filed with the Commission on November 20, 2023)

Agreement between William R.

Downs and the Company dated January 10, 2024 (incorporated by reference to Exhibit 10.1 to the

Current Report on Form 8-K filed with the Commission on January 16, 2024)

Agreement between Jeffrey J.

Guzy and the Company dated January 10, 2024 (incorporated by reference to Exhibit 10.2 to the

Current Report on Form 8-K filed with the Commission on January 16, 2024)

Code of Ethics (incorporated by reference to Exhibit 14 to the Form S-1 Registration Statement filed with the Commission on July 26, 2019)

Subsidiaries of CoJax Oil and Gas Corporation (incorporated by reference to Exhibit 21.1 to the Amendment No.

4 to Form S-1 Registration Statement filed with the Commission on September 14, 2021)

Subsidiaries of CoJax Oil and Gas Corporation (incorporated by reference to Exhibit 21.1 to the Form S-1 Registration Statement filed with the Commission on June 24, 2021)

Consent of Netherland, Sewell & Associates, Inc.

Certification of William R.

Downs, Chief Executive Officer and President of CoJax Oil and Gas Corporation, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

Certification of Jeffrey J.

Guzy, Chief Executive Officer and President of CoJax Oil and Gas Corporation, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

Certification of Wm.

Barrett Wellman, Chief Financial Officer of CoJax Oil and Gas Corporation, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

Guzy, Chief Financial Officer of CoJax Oil and Gas Corporation, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

Certification of William R.

Downs, Chief Executive Officer and President of CoJax Oil and Gas Corporation, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Certification of Jeffrey J.

Guzy, Chief Executive Officer and President of CoJax Oil and Gas Corporation, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Certification of Wm.

Barrett Wellman, Chief Financial Officer of CoJax Oil and Gas Corporation, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Guzy, Chief Financial Officer of CoJax Oil and Gas Corporation, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Barrister Energy, LLC Oil Leases (incorporated by reference to Exhibit 99.2 to the Company’s Annual Report on Form 10-K, filed with the Commission on May 14, 2021)

2 unchanged sentences

FORM 10–K SUMMARY

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

COJAX OIL AND GAS CORPORATION

/s/ Jeffrey J.

Chief Executive Officer and President

(Principal Executive Officer)

November 17, 2023

Barrett Wellman

Chief Financial Officer

(Principal Financial and Accounting Officer)

November 17, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

/s/ Jeffrey J.

Chief Executive Officer and President

(Principal Executive Officer)

November 17, 2023

Barrett Wellman

Chief Financial Officer

(Principal Financial and Accounting Officer)

November 17, 2023

to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report

to be signed on its behalf by the undersigned, thereunto duly authorized.

OIL AND GAS CORPORATION

Executive Officer and President

Executive Officer)

Financial Officer

Financial and Accounting Officer)

to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf

of the Registrant and in the capacities and on the dates indicated.

Executive Officer and President

Executive Officer)

Financial Officer

Financial and Accounting Officer)

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 9A. Controls and Procedures