What changed in this filing

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Item 1. Financial Statements

2026-08-12 compared with 2026-05-13 · 456 added, 512 removed, 45 unchanged (96% of the section changed)

Financial Statements

COJAX OIL AND GAS CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

OIL AND GAS CORPORATION

CONSOLIDATED BALANCE SHEETS

Current Assets

Accounts receivable, net

Prepaid expenses

Total Current Assets

Accounts receivable,

Current Assets

Properties and Equipment

Oil and natural gas properties at cost

Proved Properties

Unproved Properties

and natural gas properties at cost

Accumulated depletion

Total Properties and Equipment, net

Properties and Equipment, net

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current Liabilities

Accounts payable

Workover expense payable

Accrued salaries and payroll taxes

Current portion of notes payable

Notes payable – related party

Total Current Liabilities

expense payable

salaries and payroll taxes

portion of notes payable

payable – related party

Current Liabilities

Long-term Liabilities

Asset retirement obligations

Note payable, net of current portion

Total Long-term Liabilities

Total Liabilities

Note payable, net

of current portion

Long-term Liabilities

Commitments and contingencies (Note 10)

1 unchanged sentence

Preferred stock, $ 0.10

par value, 50,000,000 current shares authorized, 0 and 0 Series A shares, $ 0.01 par value issued and outstanding at March 31, 2026 and December 31, 2025, respectively.

Common stock, $ 0.01 par value, 300,000,000 current shares authorized, 14,168,755 and 14,168,755 shares issued and outstanding, at March 31, 2026 and December 31, 2025 respectively.

par value, 50,000,000 current shares authorized, 0 and 0 Series A shares, $ 0.01 par value issued

and outstanding at June 30, 2026 and December 31, 2025, respectively.

Common stock, $ 0.01 par value, 300,000,000 current shares authorized, 14,168,755 and 14,168,755 shares issued and outstanding, at June 30, 2026

and December 31, 2025 respectively.

Subscription payable

Additional paid-in capital

Accumulated deficit

( 13,749,055 )

( 13,483,096 )

Total Stockholders’ Equity

Total Liabilities and Stockholders’ Equity

Additional paid-in

( 13,746,441 )

The accompanying notes are an integral part

of these unaudited condensed consolidated financial statements.

COJAX OIL AND GAS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF

For the Three Months

Ended March 31,

Total Stockholders’

Total Liabilities

and Stockholders’ Equity

accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

OIL AND GAS CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

the Three Months

the Six Months

Operating costs and expenses:

Lease operating expenses

General and administrative expenses

Depletion and accretion on discounted liabilities

Total operating costs and expenses

Loss from Operations

General and administrative

and accretion on discounted liabilities

operating costs and expenses

Income (Loss)

from Operations

Other expense:

Other income and expense

Interest expense, net

Total other expense

$ ( 265,959 )

$ ( 144,806 )

Net loss per common share - basic and diluted

Weighted average number of common shares outstanding during the period - basic and diluted

The accompanying notes are an integral part

of these unaudited condensed consolidated financial statements.

COJAX OIL AND GAS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF

STOCKHOLDERS’ EQUITY

Net income (loss)

per common share - basic and diluted

Weighted average number of common shares

outstanding during the period - basic and diluted

accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

OIL AND GAS CORPORATION

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

Subscriptions

Stockholder’s

December 31, 2024

$ ( 12,373,887 )

Stockholder’s equity

Balance, December 31,

Net loss for the

three months ending March 31, 2025

March 31, 2025

$ ( 12,518,693 )

Balance, March

Common stock issued

for acquisitions

Net loss for the

three months ending June 30, 2025

Balance, June

Balance, December 31, 2025

$ ( 13,483,096 )

Net loss for the

three months ending March 31, 2026

March 31, 2026

$ ( 13,749,055 )

The accompanying notes are an integral part

of these unaudited condensed consolidated financial statements.

COJAX OIL AND GAS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF

For the Three Months Ended March 31,

Cash flows from operating activities:

$ ( 265,959 )

$ ( 144,806 )

Adjustments to reconcile Net loss to net cash provided by operations:

Balance, March 31, 2026

Net income for the three months ending June

Balance, June

accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

OIL AND GAS CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

Months Ended June 30,

flows from operating activities:

to reconcile Net loss to net cash provided by (used in) operations:

Depletion expense

Accretion of asset retirement obligation

Changes in operating assets and liabilities:

Accretion of asset

retirement obligation

Changes in operating

assets and liabilities:

Accounts receivable

Prepaid expense

Accounts payable and accrued liabilities

Net cash provided by operating activities

Cash flows from investing activities:

Net cash provided by investing activities

payable and accrued liabilities

Net cash provided

(used in) by operating activities

Cash flows from

investing activities:

Capitalized development

Net cash used

in investing activities

Cash flows from financing activities:

Payments of loan payable - SBA PPP loan

Net cash used in financing activities

of loan payable - SBA PPP loan

cash used in financing activities

Net change in cash

Cash at beginning of period

Cash at end of period

Supplemental disclosure of non-cash operating activities:

Cash paid for interest and taxes

Supplemental disclosure of non-cash investing activities:

Capital expenditures on oil and natural gas properties included in accounts payable

The accompanying notes are an integral part

of these unaudited condensed consolidated financial statements.

COJAX OIL AND GAS CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL

NOTE 1 – ORGANIZATION, NATURE OF OPERATIONS AND BASIS

OF PRESENTATION

CoJax Oil & Gas Corporation, a Virginia

corporation (“Company”), was incorporated on November 13, 2017.

The Company is based in Arlington, Virginia, with a

wholly owned subsidiary, Barrister Energy LLC (‘Barrister Energy’), registered in Mississippi and based in Laurel,

Nature of Operations

The Company is a growing U.S.

energy company

engaged in the acquisition and development of lower-risk onshore oil and gas-producing properties within the Southeastern U.S.

The Company’s focused growth strategy relies primarily on leveraging management’s expertise to acquire both operated

and non-operated interests in producing properties with the goal of assembling a large oil and gas portfolio.

Through this strategy

of acquisition of operated and non-operated properties, the Company has the unique ability to benefit from the technical and scientific

expertise of world-class exploration and production (“E&P”) companies operating in the area.

Since its inception,

the Company has been engaged primarily in organizational activities and had limited revenue-generating operations before the period

covered by this quarterly report.

The Company has begun to acquire assignments of hydrocarbon revenues and underlying oil

and gas exploration and production rights as covered by this quarterly report.

The Company runs all operations of its current acquisitions

through Barrister Energy LLC, its operational wholly-owned subsidiary.

The Company focuses on the acquisition of and exploitation

of upstream energy assets, specifically targeting select oil and gas mineral interests.

These acquisitions are structured

primarily as acquisitions of leases, working interests, real property interests and mineral rights and royalties and are generally

not regarded as the acquisition of securities, but rather real property interests.

As an owner, the Company has the right

to receive a portion of the production from the leased acreage (or of the proceeds of the sale thereof).

As an owner, the Company

also has an obligation for its share of lease operating costs.

Condensed Consolidated Financial

The accompanying condensed consolidated

financial statements prepared by CoJax Oil and Gas Corporation (the “Company” or “CoJax”) have not been

audited by an independent registered public accounting firm.

In the opinion of the Company’s management, the accompanying

unaudited financial statements contain all adjustments necessary for a fair presentation of the results of operations for the

periods presented, which adjustments were of a normal recurring nature, except as disclosed herein.

The results of operations

for the three months ended March 31, 2026, are not necessarily indicative of the results to be expected for the full year ending

December 31, 2026, for various reasons, including as a result of the impact of fluctuations in prices received for oil and natural

gas, natural production declines, the uncertainty of exploration and development drilling results, fluctuations in the fair value

of derivative instruments, the impacts of other factors.

These unaudited condensed consolidated

financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United

States (“U.S.

GAAP”) for interim financial information, and, accordingly, do not include all of the information and

footnotes required by U.S.

Cash at beginning

Supplemental disclosure of non-cash operating

Cash paid for interest

Supplemental disclosure of non-cash investing

Common shares issued

for accrued salaries

Capital expenditures

on oil and natural gas properties included in accounts payable

accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

OIL AND GAS CORPORATION

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1 – ORGANIZATION, NATURE OF OPERATIONS AND BASIS OF PRESENTATION

Oil & Gas Corporation, a Virginia corporation (“Company”), was incorporated on November 13, 2017.

is based in Arlington, Virginia, with a wholly owned subsidiary, Barrister Energy LLC (‘Barrister Energy’), registered

in Mississippi and based in Laurel, Mississippi.

of Operations

Company is a growing U.S.

energy company engaged in the acquisition and development of lower-risk onshore oil and gas-producing

properties within the Southeastern U.S.

The Company’s focused growth strategy relies primarily on leveraging management’s

expertise to acquire both operated and non-operated interests in producing properties with the goal of assembling a large oil

and gas portfolio.

Through this strategy of acquisition of operated and non-operated properties, the Company has the unique ability

to benefit from the technical and scientific expertise of world-class exploration and production (“E&P”) companies

operating in the area.

Since its inception, the Company has been engaged primarily in organizational activities and had limited

revenue-generating operations before the period covered by this quarterly report.

The Company has begun to acquire assignments

of hydrocarbon revenues and underlying oil and gas exploration and production rights as covered by this quarterly report.

Company runs all operations of its current acquisitions through Barrister Energy LLC, its operational wholly-owned subsidiary.

Company focuses on the acquisition of and exploitation of upstream energy assets, specifically targeting select oil and gas mineral

These acquisitions are structured primarily as acquisitions of leases, working interests, real property interests

and mineral rights and royalties and are generally not regarded as the acquisition of securities, but rather real property interests.

As an owner, the Company has the right to receive a portion of the production from the leased acreage (or of the proceeds

of the sale thereof).

As an owner, the Company also has an obligation for its share of lease operating costs.

Consolidated Financial Statements

accompanying condensed consolidated financial statements prepared by CoJax Oil and Gas Corporation (the “Company”

or “CoJax”) have not been audited by an independent registered public accounting firm.

In the opinion of the Company’s

management, the accompanying unaudited financial statements contain all adjustments necessary for a fair presentation of the results

of operations for the periods presented, which adjustments were of a normal recurring nature, except as disclosed herein.

results of operations for the six months ended June 30, 2026, are not necessarily indicative of the results to be expected for

the full year ending December 31, 2026, for various reasons, including as a result of the impact of fluctuations in prices received

for oil and natural gas, natural production declines, the uncertainty of exploration and development drilling results, fluctuations

in the fair value of derivative instruments, the impacts of other factors.

unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles

generally accepted in the United States (“U.S.

GAAP”) for interim financial information, and, accordingly, do not

include all of the information and footnotes required by U.S.

GAAP for complete financial statements.

Therefore, these financial statements should be read in conjunction

with the Company’s annual report on Form 10-K for the year ended December 31, 2025.

NOTE 2 – GOING CONCERN DISCLOSURE

The Company’s condensed consolidated

financial statements are prepared using U.S.

GAAP applicable to a going concern that contemplates the realization of assets and

liquidation of liabilities in the normal course of business.

There can be no assurance that the Company will be able to achieve

its business plan, raise any additional capital, or secure the additional financing necessary to implement its current operating

The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to

continue as a going concern.

The Company has yet to achieve profitable

operations, expects to incur further losses in the development of its business, and is dependent upon future issuances of equity

or other financings to fund ongoing operations, all of which raises substantial doubt about the Company’s ability to continue

as a going concern for a period of twelve months from the issuance of these financial statements.

The Company’s ability to

continue as a going concern is dependent upon its ability to generate future profitable operations and/or to obtain the necessary

financing from stockholders or other sources to meet its obligations and repay its liabilities arising from normal business operations

when they come due.

Management has no formal plan in place to address this concern but considers that the Company will be able

to obtain additional funds by equity financing and/or related party advances, however, there is no assurance of additional funding

being available or on acceptable terms, if at all.

NOTE 3 – SUMMARY OF SIGNIFICANT

ACCOUNTING POLICIES

Principles of consolidation

The accompanying condensed consolidated

financial statements include the accounts of the Company and of its wholly-owned subsidiaries.

All significant intercompany accounts

and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of financial statements

in conformity U.S.

GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities,

the disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues

and expenses during the reporting period.

Significant areas of estimate include the impairment of assets and rates for amortization,

accrued liabilities, future income tax obligations, and the inputs used in calculating stock-based compensation.

Actual results

could differ from those estimates and would affect future results of operations and cash flows.

Cash and Cash Equivalents

The Company considers all highly liquid

temporary cash investments with an original maturity of three months or less to be cash equivalents.

At March 31, 2026 and December

31, 2025, the Company had no cash equivalents.

Oil and Gas Producing Activities

The Company uses the successful efforts

method of accounting for oil and gas activities.

Under this method, the costs of productive exploratory wells, all development

wells, related asset retirement obligation assets, and productive leases are capitalized and amortized, principally by field, on

a units-of-production basis over the life of the remaining proved reserves.

Exploration costs, including personnel costs, geological

and geophysical expenses, and delay rentals for oil and gas leases are charged to expense as incurred.

Exploratory drilling costs

are initially capitalized but charged to expense if and when the well is determined not to have found reserves in commercial quantities.

Estimates of oil and gas reserves, as determined

by independent petroleum engineers, are continually subject to revision based on price, production history and other factors.

expense, which is computed based on the units of production method, could be significantly impacted by changes in such estimates.

Additionally, US GAAP requires that if the expected future undiscounted cash flows from an asset are less than its carrying cost,

that asset must be written down to its fair market value.

As the fair market value of an oil and gas property will usually be significantly

less than the total undiscounted future net revenues expected from that asset, slight changes in the estimates used to determine

future net revenues from an asset could lead to the necessity of recording a significant impairment of that asset.

Unproved oil and gas properties will be

assessed annually to determine whether they have been impaired by the drilling of dry holes on or near the related acreage or other

circumstances, which may indicate a decline in value.

When impairment occurs, a loss will be recognized.

When leases for unproved

properties expire, the costs thereof, net of any related allowance for impairment, will be removed from the accounts and charged

The Company will review its proved oil

and natural gas properties for impairment whenever events and circumstances indicate that a decline in the recoverability of its

carrying value may have occurred.

It estimates the undiscounted future net cash flows of its oil and natural gas properties and

compares such undiscounted future cash flows to the carrying amount of the oil and natural gas properties to determine if the carrying

amount is recoverable.

If the carrying amount exceeds the estimated undiscounted future cash flows, the Company will adjust the

carrying amount of the oil and natural gas properties to fair value.

During the year ended December 31, 2025,

the Company recorded impairments of $ 402,152 on oil and gas properties.

There were no impairments recorded during the three

months ended March 31, 2026 and 2025.

Long-Lived Assets

The Company accounts for the impairment

or disposal of long-lived assets according to the Financial Accounting Standards Board’s (“FASB”) Accounting

Standards Codification (“ASC”) 360 “Property, Plant and Equipment”.

ASC 360 clarifies the accounting for

the impairment of long-lived assets and for long-lived assets to be disposed of, including the disposal of business segments and

major lines of business.

Long-lived assets are reviewed when facts and circumstances indicate that the carrying value of the asset

may not be recoverable.

When necessary, impaired assets are written down to estimated fair value based on the best information

Estimated fair value is generally based on either appraised value or measured by discounting estimated future cash flows.

Therefore, these financial

statements should be read in conjunction with the Company’s annual report on Form 10-K for the year ended December 31, 2025.

2 – GOING CONCERN DISCLOSURE

Company’s condensed consolidated financial statements are prepared using U.S.

GAAP applicable to a going concern that contemplates

the realization of assets and liquidation of liabilities in the normal course of business.

There can be no assurance that the

Company will be able to achieve its business plan, raise any additional capital, or secure the additional financing necessary

to implement its current operating plan.

The accompanying financial statements do not include any adjustments that might be necessary

if the Company is unable to continue as a going concern.

Company has yet to achieve consecutive quarters of profitable operations, expects to incur further losses in the development of

its business, and is dependent upon future issuances of equity or other financings to fund ongoing operations, all of which raises

substantial doubt about the Company’s ability to continue as a going concern for a period of twelve months from the issuance

of these financial statements.

The Company’s ability to continue as a going concern is dependent upon its ability to generate

future profitable operations and/or to obtain the necessary financing from stockholders or other sources to meet its obligations

and repay its liabilities arising from normal business operations when they come due.

Management has no formal plan in place to

address this concern but considers that the Company will be able to obtain additional funds by equity financing and/or related

party advances, however, there is no assurance of additional funding being available or on acceptable terms, if at all.

3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

of consolidation

accompanying condensed consolidated financial statements include the accounts of the Company and of its wholly-owned subsidiaries.

All significant intercompany accounts and transactions have been eliminated in consolidation.

preparation of financial statements in conformity U.S.

GAAP requires management to make estimates and assumptions that affect

the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the financial

statements, and the reported amounts of revenues and expenses during the reporting period.

Significant areas of estimate include

the impairment of assets and rates for amortization, accrued liabilities, future income tax obligations, and the inputs used in

calculating stock-based compensation.

Actual results could differ from those estimates and would affect future results of operations

and cash flows.

and Cash Equivalents

Company considers all highly liquid temporary cash investments with an original maturity of three months or less to be cash equivalents.

At June 30, 2026 and December 31, 2025, the Company had no cash equivalents.

and Gas Producing Activities

Company uses the successful efforts method of accounting for oil and gas activities.

Under this method, the costs of productive

exploratory wells, all development wells, related asset retirement obligation assets, and productive leases are capitalized and

amortized, principally by field, on a units-of-production basis over the life of the remaining proved reserves.

Exploration costs,

including personnel costs, geological and geophysical expenses, and delay rentals for oil and gas leases are charged to expense

Exploratory drilling costs are initially capitalized but charged to expense if and when the well is determined not

to have found reserves in commercial quantities.

of oil and gas reserves, as determined by independent petroleum engineers, are continually subject to revision based on price,

production history and other factors.

Depletion expense, which is computed based on the units of production method, could be significantly

impacted by changes in such estimates.

Additionally, US GAAP requires that if the expected future undiscounted cash flows from

an asset are less than its carrying cost, that asset must be written down to its fair market value.

As the fair market value of

an oil and gas property will usually be significantly less than the total undiscounted future net revenues expected from that

asset, slight changes in the estimates used to determine future net revenues from an asset could lead to the necessity of recording

a significant impairment of that asset.

oil and gas properties will be assessed annually to determine whether they have been impaired by the drilling of dry holes on

or near the related acreage or other circumstances, which may indicate a decline in value.

When impairment occurs, a loss will

be recognized.

When leases for unproved properties expire, the costs thereof, net of any related allowance for impairment, will

be removed from the accounts and charged to expense.

Company will review its proved oil and natural gas properties for impairment whenever events and circumstances indicate that a

decline in the recoverability of its carrying value may have occurred.

It estimates the undiscounted future net cash flows of

its oil and natural gas properties and compares such undiscounted future cash flows to the carrying amount of the oil and natural

gas properties to determine if the carrying amount is recoverable.

If the carrying amount exceeds the estimated undiscounted future

cash flows, the Company will adjust the carrying amount of the oil and natural gas properties to fair value.

the year ended December 31, 2025, the Company recorded impairments of $ 402,152 on oil and gas properties.

There were no impairments

recorded during the six months ended June 30, 2026 and 2025.

Company accounts for the impairment or disposal of long-lived assets according to the Financial Accounting Standards Board’s

(“FASB”) Accounting Standards Codification (“ASC”) 360 “Property, Plant and Equipment”.

360 clarifies the accounting for the impairment of long-lived assets and for long-lived assets to be disposed of, including the

disposal of business segments and major lines of business.

Long-lived assets are reviewed when facts and circumstances indicate

that the carrying value of the asset may not be recoverable.

When necessary, impaired assets are written down to estimated fair

value based on the best information available.

Estimated fair value is generally based on either appraised value or measured by

discounting estimated future cash flows.

Considerable management judgment is necessary to estimate discounted future cash flows.

Accordingly, actual results could vary

significantly from such estimates.

The Company did not recognize any impairment losses on long-lived assets during the three months

ended March 31, 2026 and 2025.

Fair Value of Financial Instruments

The Company had no financial instruments

for the three months ended March 31, 2026, or for the year ended December 31, 2025.

ASC 820 “Fair Value Measurements

and Disclosures” defines fair value as the exchange price that would be received for an asset or paid to transfer a liability

(an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market

participants on the measurement date.

ASC 820 also establishes a fair value hierarchy that distinguishes between (1) market participant

assumptions developed based on market data obtained from independent sources (observable inputs) and (2) a reporting entity’s

own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable

The fair value hierarchy consists of three broad levels, which give the highest priority to unadjusted quoted prices in

active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3).

levels of the fair value hierarchy are described below:

Level 1 – Unadjusted quoted

prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 – Inputs other than

quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including

quoted prices for similar assets or liabilities in active markets;

quoted prices for identical or similar assets or liabilities

in markets that are not active;

inputs other than quoted prices that are observable for the asset or liability (e.g., interest

and inputs that are derived principally from or corroborated by observable market data by correlation or other means;

Level 3 – Fair value measurements

are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market

data (unobservable inputs).

Fair value estimates discussed herein are

based upon certain market assumptions and pertinent information available to management as of March 31, 2026, and December 31,

The respective carrying values of certain on-balance-sheet financial instruments approximated their fair values due to the

short-term nature of these instruments.

Revenue Recognition

The Company accounts for revenue under

ASC 606 “Revenue from Contracts with Customers.” Under ASC 606, oil and natural gas sales revenues are recognized when

control of the product is transferred to the customer, the performance obligations under the terms of the contracts with customers

are satisfied and collectability is reasonably assured.

All the Company’s oil and natural gas sales are made under contracts

with customers.

The performance obligations for the Company’s contracts with customers are satisfied at a point in time through

the delivery of oil and natural gas to its customers.

Accordingly, the Company’s contracts do not give rise to contract assets

or liabilities.

The Company typically receives payment within 90 days of the month of delivery.

The Company’s contracts for

oil and natural gas sales are standard industry contracts that include variable consideration based on the monthly index price

and adjustments that may include counterparty-specific provisions related to volumes, price differentials, discounts, and other

adjustments and deductions.

The following table presents revenues disaggregated

by product for the three months ended March 31, 2026, and 2025:

For the Three Months

Ended March 31,

Accordingly, actual results could vary significantly from such estimates.

The Company did not recognize any impairment losses

on long-lived assets during the six months ended June 30, 2026 and 2025.

Value of Financial Instruments

Company had no financial instruments for the six months ended June 30, 2026, or for the year ended December 31, 2025.

820 “Fair Value Measurements and Disclosures” defines fair value as the exchange price that would be received for

an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability

in an orderly transaction between market participants on the measurement date.

ASC 820 also establishes a fair value hierarchy

that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources

(observable inputs) and (2) a reporting entity’s own assumptions about market participant assumptions developed based on

the best information available in the circumstances (unobservable inputs).

The fair value hierarchy consists of three broad levels,

which give the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and

the lowest priority to unobservable inputs (Level 3).

The three levels of the fair value hierarchy are described below:

1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted

assets or liabilities;

2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly

or indirectly, including quoted prices for similar assets or liabilities in active markets;

quoted prices for identical or similar

assets or liabilities in markets that are not active;

inputs other than quoted prices that are observable for the asset or liability

(e.g., interest rates);

and inputs that are derived principally from or corroborated by observable market data by correlation

or other means;

3 – Fair value measurements are those derived from valuation techniques that include inputs for the asset or liability

that are not based on observable market data (unobservable inputs).

value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as

of June 30, 2026, and December 31, 2025.

The respective carrying values of certain on-balance-sheet financial instruments approximated

their fair values due to the short-term nature of these instruments.

Company accounts for revenue under ASC 606 “Revenue from Contracts with Customers.” Under ASC 606, oil and natural

gas sales revenues are recognized when control of the product is transferred to the customer, the performance obligations under

the terms of the contracts with customers are satisfied and collectability is reasonably assured.

All the Company’s oil

and natural gas sales are made under contracts with customers.

The performance obligations for the Company’s contracts with

customers are satisfied at a point in time through the delivery of oil and natural gas to its customers.

Accordingly, the Company’s

contracts do not give rise to contract assets or liabilities.

The Company typically receives payment within 90 days of the month

The Company’s contracts for oil and natural gas sales are standard industry contracts that include variable

consideration based on the monthly index price and adjustments that may include counterparty-specific provisions related to volumes,

price differentials, discounts, and other adjustments and deductions.

following table presents revenues disaggregated by product for the three and six months ended June 30, 2026, and 2025:

Schedule of revenues disaggregated by product

the Three Months

Ended June 30,

the Six Months

Ended June 30,

Crude oil revenues

Total revenues

Accounts Receivable

Accounts receivable consists of oil and

natural gas receivables.

Ongoing evaluations of collectability are performed and an allowance for potential credit losses is provided

against the portion of accounts receivable that is estimated to be uncollectible.

During the three months ended March 31, 2026,

the Company recorded write-offs of certain accounts receivable primarily related to the net settlement and true-up of receivable

and payable balances with counterparties, which represent amounts that were not expected to be collected independently outside

of such settlements.

These write-offs were recorded against accounts receivable and did not relate to a deterioration in the overall

credit quality of the Company’s customers.

At both March 31, 2026, and December 31, 2025, the allowance for expected credit

losses was $ 0 .

Stock-Based Compensation

The Company accounts for Stock-Based Compensation

under ASC 718 “Compensation – Stock Compensation”, which addresses the accounting for transactions in which an

entity exchanges its equity instruments for goods or services, with a primary focus on transactions in which an entity obtains

employee services in share-based payment transactions.

Generally accepted accounting principles require measurement of the cost

of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award.

compensation costs arising from subsequent modifications of awards after the grant date must be recognized.

The Company issues stock to consultants

for various services.

The costs for these transactions are measured at the fair value of the consideration received or the fair

value of the equity instruments issued, whichever is more reliably measurable.

The value of the common stock is measured at the

earlier of (i) the date at which a firm commitment for performance by the counterparty to earn the equity instruments is reached

or (ii) the date at which the counterparty’s performance is complete.

The Company recognized consulting expense and a corresponding

increase to additional paid-in-capital related to stock issued for services.

Income taxes are accounted for under ASC

740 using the liability method of accounting for income taxes.

Under the liability method, future tax liabilities and assets are

recognized for the estimated future tax consequences attributable to differences between the amounts reported in the financial

statement carrying amounts of assets and liabilities and their respective tax bases.

Future tax assets and liabilities are measured

using enacted or substantially enacted income tax rates expected to apply when the asset is realized, or the liability settled.

The effect of a change in income tax rates on future income tax liabilities and assets is recognized in income in the period that

the change occurs.

Future income tax assets are recognized to the extent that they are considered more likely than not to be realized.

ASC 740 clarifies the accounting for uncertainty

in income taxes recognized in an enterprise’s financial statements.

This standard requires a company to determine whether

it is more likely than not that a tax position will be sustained upon examination based on the technical merits of the position.

If the more-likely-than-not threshold is met, a company must measure the tax position to determine the amount to recognize in the

financial statements.

Because of the implementation of this standard,

the Company performed a review of its material tax positions in accordance with recognition and measurement standards established

by ASC 740 and concluded that it had no uncertain tax positions as of March 31, 2026, or as of December 31, 2025.

Basic and Diluted Earnings per Share

The Company computes income per share

in accordance with ASC 260, “Earnings per Share”, which requires the presentation of both basic and diluted earnings

per share (“EPS”) on the face of the condensed consolidated statement of operations.

Basic EPS is computed by dividing

income available to common stockholders by the weighted average number of shares outstanding during the period.

Diluted EPS gives

effect to all dilutive potential shares of common stock outstanding during the period using the treasury stock method and convertible

preferred stock using the if-converted method.

In computing diluted EPS, the average stock price for the period is used in determining

the number of shares assumed to be purchased from the exercise of stock options or warrants.

Diluted EPS excludes all dilutive

potential shares if their effect is anti-dilutive.

As of March 31, 2026 and December 31, 2025, the Company had 0 potentially dilutive

common shares outstanding, respectively.

Asset Retirement Obligations

The Company records the estimated fair

value of obligations associated with the retirement of tangible, long-lived assets in the period in which they are incurred.

a liability is initially recorded, the Company capitalizes the cost by increasing the carrying amount of the related long-lived

Over time, the liability is accreted to its present value, and the capitalized cost is depleted over the useful life of

the related asset.

Revisions to estimated asset retirement

obligations will result in an adjustment to the related capitalized asset and corresponding liability.

Upon settlement of the

liability, the Company either settles the obligation for its recorded amount or incurs a gain or loss.

The Company’s asset

retirement obligation relates to the plugging, dismantling, removal, site reclamation, and similar activities of its oil and gas

Asset retirement obligations are estimated

at the present value of expected future net cash flows and are discounted using the Company’s credit adjusted risk free rate.

The Company uses unobservable inputs in the estimation of asset retirement obligations that include, but are not limited to:

of labor, costs of materials, profits on costs of labor and materials, the effect of inflation on estimated costs, and discount

Due to the subjectivity of assumptions and the relative long lives of the Company’s leases, the costs to ultimately

retire the Company’s obligations may vary significantly from prior estimates.

Assumptions used in determining estimates are

reviewed annually.

Concentration of Credit Risk

Our revenue can be materially affected

by current economic conditions and the price of oil and natural gas.

However, based on the current demand for crude oil and natural

gas and the fact that alternative purchasers are readily available, we believe that the loss of our marketing agents and/or any

of the purchasers identified by our marketing agents would not have a long-term material adverse effect on our financial position

or results of international operations.

The continued economic disruption resulting from Russia’s invasion of Ukraine, a

potential global recession, and other varying macroeconomic conditions could materially impact the Company’s business in

future periods.

Any potential disruption will depend on the duration and intensity of these events, which are highly uncertain

and cannot be predicted at this time.

Segment Information

The Company operates in one reportable

segment engaged in the acquisition, exploration, and production of oil and natural gas properties in the Gulf States Drilling Region.

The Company’s chief operating decision

maker (“CODM”) is the President and Chief Executive Officer as he maintains responsibility for assessment of the Company’s

performance and decision making regarding resource allocation.

Condensed Consolidated net income (loss) is the performance measure

used by the CODM to evaluate the segment’s performance and allocate capital and to monitor budget versus actual results.

The information regularly provided to the CODM on the segment’s revenues and significant expenses aligns with the categories

presented in the Condensed Consolidated Statements of Income.

Furthermore, the segment’s assets are reported on the Condensed

Consolidated Balance Sheets as total assets.

NOTE 4 – RECENT ACCOUNTING PRONOUNCEMENTS

New and Recently Adopted Accounting

Pronouncements

In November 2023, the Financial Accounting

Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280):

receivable consists of oil and natural gas receivables.

Ongoing evaluations of collectability are performed and an allowance for

potential credit losses is provided against the portion of accounts receivable that is estimated to be uncollectible.

six months ended June 30, 2026, the Company recorded write-offs of certain accounts receivable primarily related to the net settlement

and true-up of receivable and payable balances with counterparties, which represent amounts that were not expected to be collected

independently outside of such settlements.

These write-offs were recorded against accounts receivable and did not relate to a

deterioration in the overall credit quality of the Company’s customers.

At both June 30, 2026, and December 31, 2025, the

allowance for expected credit losses was $ 0 .

Company accounts for Stock-Based Compensation under ASC 718 “Compensation – Stock Compensation”, which addresses

the accounting for transactions in which an entity exchanges its equity instruments for goods or services, with a primary focus

on transactions in which an entity obtains employee services in share-based payment transactions.

Generally accepted accounting

principles require measurement of the cost of employee services received in exchange for an award of equity instruments based

on the grant-date fair value of the award.

Incremental compensation costs arising from subsequent modifications of awards after

the grant date must be recognized.

Company issues stock to consultants for various services.

The costs for these transactions are measured at the fair value of the

consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable.

the common stock is measured at the earlier of (i) the date at which a firm commitment for performance by the counterparty to

earn the equity instruments is reached or (ii) the date at which the counterparty’s performance is complete.

recognized consulting expense and a corresponding increase to additional paid-in-capital related to stock issued for services.

taxes are accounted for under ASC 740 using the liability method of accounting for income taxes.

Under the liability method, future

tax liabilities and assets are recognized for the estimated future tax consequences attributable to differences between the amounts

reported in the financial statement carrying amounts of assets and liabilities and their respective tax bases.

Future tax assets

and liabilities are measured using enacted or substantially enacted income tax rates expected to apply when the asset is realized,

or the liability settled.

The effect of a change in income tax rates on future income tax liabilities and assets is recognized

in income in the period that the change occurs.

Future income tax assets are recognized to the extent that they are considered

more likely than not to be realized.

740 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements.

This standard

requires a company to determine whether it is more likely than not that a tax position will be sustained upon examination based

on the technical merits of the position.

If the more-likely-than-not threshold is met, a company must measure the tax position

to determine the amount to recognize in the financial statements.

of the implementation of this standard, the Company performed a review of its material tax positions in accordance with recognition

and measurement standards established by ASC 740 and concluded that it had no uncertain tax positions as of June 30, 2026, or

as of December 31, 2025.

and Diluted Earnings per Share

Company computes income per share in accordance with ASC 260, “Earnings per Share”, which requires the presentation

of both basic and diluted earnings per share (“EPS”) on the face of the condensed consolidated statement of operations.

Basic EPS is computed by dividing income available to common stockholders by the weighted average number of shares outstanding

during the period.

Diluted EPS gives effect to all dilutive potential shares of common stock outstanding during the period using

the treasury stock method and convertible preferred stock using the if-converted method.

In computing diluted EPS, the average

stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options

Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive.

As of June 30, 2026 and December

31, 2025, the Company had 0 potentially dilutive common shares outstanding, respectively.

Retirement Obligations

Company records the estimated fair value of obligations associated with the retirement of tangible, long-lived assets in the period

in which they are incurred.

When a liability is initially recorded, the Company capitalizes the cost by increasing the carrying

amount of the related long-lived asset.

Over time, the liability is accreted to its present value, and the capitalized cost is

depleted over the useful life of the related asset.

to estimated asset retirement obligations will result in an adjustment to the related capitalized asset and corresponding liability.

Upon settlement of the liability, the Company either settles the obligation for its recorded amount or incurs a gain or loss.

The Company’s asset retirement obligation relates to the plugging, dismantling, removal, site reclamation, and similar activities

of its oil and gas properties.

retirement obligations are estimated at the present value of expected future net cash flows and are discounted using the Company’s

credit adjusted risk free rate.

The Company uses unobservable inputs in the estimation of asset retirement obligations that include,

but are not limited to:

costs of labor, costs of materials, profits on costs of labor and materials, the effect of inflation on

estimated costs, and discount rate.

Due to the subjectivity of assumptions and the relative long lives of the Company’s

leases, the costs to ultimately retire the Company’s obligations may vary significantly from prior estimates.

used in determining estimates are reviewed annually.

Concentration

of Credit Risk

revenue can be materially affected by current economic conditions and the price of oil and natural gas.

However, based on the

current demand for crude oil and natural gas and the fact that alternative purchasers are readily available, we believe that the

loss of our marketing agents and/or any of the purchasers identified by our marketing agents would not have a long-term material

adverse effect on our financial position or results of international operations.

The continued economic disruption resulting from

Russia’s invasion of Ukraine, a potential global recession, and other varying macroeconomic conditions could materially

impact the Company’s business in future periods.

Any potential disruption will depend on the duration and intensity of these

events, which are highly uncertain and cannot be predicted at this time.

Company operates in one reportable segment engaged in the acquisition, exploration, and production of oil and natural gas properties

in the Gulf States Drilling Region.

Company’s chief operating decision maker (“CODM”) is the President and Chief Executive Officer as he maintains

responsibility for assessment of the Company’s performance and decision making regarding resource allocation.

Consolidated net income (loss) is the performance measure used by the CODM to evaluate the segment’s performance and allocate

capital and to monitor budget versus actual results.

The information regularly provided to the CODM on the segment’s revenues

and significant expenses aligns with the categories presented in the Condensed Consolidated Statements of Income.

the segment’s assets are reported on the Condensed Consolidated Balance Sheets as total assets.

4 – RECENT ACCOUNTING PRONOUNCEMENTS

and Recently Adopted Accounting Pronouncements

November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”)

2023-07, Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures.

The ASU requires enhanced disclosures about significant segment expenses that are

regularly provided to the Chief Operating Decision Maker and included in each reported measure of segment profit or loss.

Additionally,

the ASU expanded interim disclosure segments.

The ASU was adopted by the Company during the year ended December 31, 2025 and did

not have a material impact on the consolidated financial statements.

See Segment Information as disclosed with Note 3 for additional

information regarding the updates made.

Management does not believe any other recently

issued accounting pronouncements, if adopted, would have a material effect on the Company’s present or future financial statements.

NOTE 5 – ROYALTY INTERESTS IN OIL

AND GAS PROPERTIES

The Company did not execute any acquisitions

during the three months ended March 31, 2026.

At March 31, 2026, the Company had leased oil and gas properties assets valued at

$ 9,326,331 .

During the year ended December 31, 2025

due to diminishing operating margins the Company elected to dispose of its interests in the NONOP Assets.

On July 1, 2025, the

Board of Directors of CoJax Oil and Gas Corporation approved a Reassignment Agreement by which the Company assigned and conveyed

100% of its interest in the NONOP Assets back to Taxodium Energy, LLC and its affiliates.

On October 22, 2025, pursuant to the

Reassignment Agreement, the Company transferred to Taxodium 100% ownership, right, title and interests in the aforementioned NONOP

Assets in exchange for full release from all outstanding payables related to the NONOP assets.

To recognize the reassignment the

Company removed the following balances:

accounts receivable of $ 214,392 , oil and gas properties at cost of $ 397,207 accumulated

depletion of $ 219,859 , accounts payable of $ 249,855 , workover payable of $ 10,625 , and asset retirement obligations of $ 52,934 .

The ASU requires enhanced disclosures

about significant segment expenses that are regularly provided to the Chief Operating Decision Maker and included in each reported

measure of segment profit or loss.

Additionally, the ASU expanded interim disclosure segments.

The ASU was adopted by the Company

during the year ended December 31, 2025 and did not have a material impact on the consolidated financial statements.

Information as disclosed with Note 3 for additional information regarding the updates made.

does not believe any other recently issued accounting pronouncements, if adopted, would have a material effect on the Company’s

present or future financial statements.

5 – ROYALTY INTERESTS IN OIL AND GAS PROPERTIES

Company did not execute any acquisitions during the six months ended June 30, 2026.

At June 30, 2026, the Company had leased oil

and gas properties assets valued at $ 9,474,171 .

the year ended December 31, 2025 due to diminishing operating margins the Company elected to dispose of its interests in the NONOP

On July 1, 2025, the Board of Directors of CoJax Oil and Gas Corporation approved a Reassignment Agreement by which the

Company assigned and conveyed 100% of its interest in the NONOP Assets back to Taxodium Energy, LLC and its affiliates.

22, 2025, pursuant to the Reassignment Agreement, the Company transferred to Taxodium 100% ownership, right, title and interests

in the aforementioned NONOP Assets in exchange for full release from all outstanding payables related to the NONOP assets.

recognize the reassignment the Company removed the following balances:

accounts receivable of $ 214,392 , oil and gas properties

at cost of $ 397,207 accumulated depletion of $ 219,859 , accounts payable of $ 249,855 , workover payable of $ 10,625 , and asset retirement

obligations of $ 52,934 .

No cash was transferred due to the reassignment.

The Company accounted for this transaction as an asset disposal and recognized

a loss of $ 78,326 on the disposal.

The Company accounted for this transaction as an asset

disposal and recognized a loss of $ 78,326 on the disposal.

Scheduled leased oil and gas properties assets

2 unchanged sentences

Capital expenditures on oil and gas properties 1

Balance, March 31, 2026

We recorded depletion expense of $ 55,945 and $ 100,514 for the

three months ended March 31, 2026 and 2025, respectively.

NOTE 6 – ASSET RETIREMENT OBLIGATION

The Company records the obligation to plug

and abandon oil and gas wells at the dates the properties are either acquired or the wells are drilled.

The asset retirement obligation

is adjusted each quarter for any liabilities incurred or settled during the period, accretion expense, and any revisions made to

the costs or timing estimates.

The asset retirement obligation is incurred using an annual credit-adjusted risk-free discount rate

at the applicable dates.

Changes in the asset retirement obligation were as follows:

Balance, June 30, 2026

expenditures incurred in the six months ended June 30, 2026 are inclusive balances accrued within the accounts and workover payable

balances on the Consolidated Balance sheet.

Company recorded depletion expense of $ 90,520 and $ 146,465 for the three and six months ended June 30, 2026, respectively, and

recorded depletion expense of $ 95,425 and $ 195,939 for the three and six months ended June 30, 2025 respectively.

6 – ASSET RETIREMENT OBLIGATION

Company records the obligation to plug and abandon oil and gas wells at the dates the properties are either acquired or the wells

The asset retirement obligation is adjusted each quarter for any liabilities incurred or settled during the period,

accretion expense, and any revisions made to the costs or timing estimates.

The asset retirement obligation is incurred using

an annual credit-adjusted risk-free discount rate at the applicable dates.

Changes in the asset retirement obligation were as

Schedule of Changes in the asset retirement obligation

Balance, December 31, 2025

Accretion expense

Balance, March 31, 2026

NOTE 7 – NOTES PAYABLE

Notes payable consisted of the following:

Balance, June 30, 2026

7 – NOTES PAYABLE

payable consisted of the following:

Schedule of Notes

Notes payable – related party

2 unchanged sentences

Notes payable net of current portion

On May 7, 2020, the Company applied for

a Small Business Association (SBA) loan under the Paycheck Protection Program (PPP).

The Company met all the necessary qualifications

to apply for a $ 49,992 loan.

On June 10, 2020, the SBA PPP loan was approved and transferred to the Company to be used for payment

of accrued payroll and related payroll taxes.

On November 29, 2021, the Company was notified that the request for forgiveness was

The note was converted to a five -year loan bearing interest at 1 % per annum beginning on January 1, 2022.

Related Party

The Company has issued several unsecured

promissory notes to a related party, the CFO of the Company.

The related party notes bear interest at 2 % per annum.

Principal and

accrued interest on all notes mature on December 31, 2026.

NOTE 8 – RELATED PARTY TRANSACTIONS

For the three months ending March 31, 2026

and the year ending 2025, the following related party transactions occurred between any of the Company’s directors or executive

officers or any person nominated or chosen by the Company to become a director or executive officer:

On April 10, 2025, the Company issued 170,116 shares

at the price of $ 2.00 per share to Wm.

Barrett Wellman for settlement of accrued compensation expenses.

There was no related party activity recorded

for the quarter ended March 31, 2026.

NOTE 9 – STOCKHOLDER’S EQUITY

Authorized Capital

The Company has 300,000,000 authorized

shares of Common Stock at $ 0.01 par value and 50,000,000 authorized shares of Preferred Stock at a par value of $ 0.10 , and Series

A convertible shares at a par value of $ 0.01 .

The Company had 14,168,755 and 14,168,755 shares of Common Stock issued and outstanding

as of March 31, 2026 and December 31, 2025, respectively.

The Company had 0 shares of Preferred Stock issued and outstanding as

of March 31, 2026 and December 31, 2025.

Preferred Stock

The holders of Preferred Stock are entitled

to receive dividends equal to the amount of the dividend or distribution per share of common stock payable multiplied by the number

of shares of common stock the shares of Series A preferred shares held by such holder are convertible into.

Each Series A preferred

share is convertible into ten common shares.

The Company classified the Series A Preferred

Stock as permanent equity in the condensed consolidated financial statements as the terms do not provide for an obligation to buy

back the shares in exchange for cash or other assets of the Company.

The shares are not considered debt under ASC 480 “Distinguishing

Liabilities from Equity” as the shares do not represent an obligation that must or may be settled with a variable number

May 7, 2020, the Company applied for a Small Business Association (SBA) loan under the Paycheck Protection Program (PPP).

Company met all the necessary qualifications to apply for a $ 49,992 loan.

On June 10, 2020, the SBA PPP loan was approved and

transferred to the Company to be used for payment of accrued payroll and related payroll taxes.

On November 29, 2021, the Company

was notified that the request for forgiveness was denied.

The note was converted to a 5 five-year loan bearing interest at 1 % per

annum beginning on January 1, 2022.

Company has issued several unsecured promissory notes to a related party, the CFO of the Company.

The related party notes bear

interest at 2 % per annum.

Principal and accrued interest on all notes mature on December 31, 2026.

8 – RELATED PARTY TRANSACTIONS

the six months ending June 30, 2026 and the year ending 2025, the following related party transactions occurred between any of

the Company’s directors or executive officers or any person nominated or chosen by the Company to become a director or executive

April 10, 2025, the Company issued 170,116 shares at the price of $ 2.00 per share to Wm.

Barrett Wellman for settlement

of accrued compensation expenses.

was no related party activity recorded for the quarter ended June 30, 2026.

9 – STOCKHOLDER’S EQUITY

Company has 300,000,000 authorized shares of Common Stock at $ 0.01 par value and 50,000,000 authorized shares of Preferred Stock

at a par value of $ 0.10 , and Series A convertible shares at a par value of $ 0.01 .

The Company had 14,168,755 and 14,168,755 shares

of Common Stock issued and outstanding as of June 30, 2026 and December 31, 2025, respectively.

The Company had 0 shares of Preferred

Stock issued and outstanding as of June 30, 2026 and December 31, 2025.

holders of Preferred Stock are entitled to receive dividends equal to the amount of the dividend or distribution per share of

common stock payable multiplied by the number of shares of common stock the shares of Series A preferred shares held by such holder

are convertible into.

Each Series A preferred share is convertible into ten common shares.

Company classified the Series A Preferred Stock as permanent equity in the condensed consolidated financial statements as the

terms do not provide for an obligation to buy back the shares in exchange for cash or other assets of the Company.

are not considered debt under ASC 480 “Distinguishing Liabilities from Equity” as the shares do not represent an obligation

that must or may be settled with a variable number of shares.

No other redemption features exist within the terms of the instrument.

Refer to Note 8 for details on convertible

preferred stock issuances to the Company’s officers.

Refer to Note 8 for details on common share

issuances to the Company’s officers.

Refer to Note 5 for details on common share

issuances for acquired interests in oil and gas properties.

During the three months ended March 31,

2026, there has been no common share activity.

The above shares of capital stock are restricted

securities under Rule 144 and were issued in reliance on an exemption from the registration requirements of the Securities Act

of 1933, as amended (the “Securities Act”).

Capital Contributions

During the periods ending March 31, 2026,

and March 31, 2025, the Company did not receive any capital contributions.

NOTE 10 – COMMITMENTS AND CONTINGENCIES

Operating Lease Commitments

The Company has no lease obligations at

March 31, 2026, and December 31, 2025.

Additionally, the Company has no known contingencies as of March 31, 2026, and December

Purchase Commitments

The Company has no purchase obligations

at March 31, 2026 and December 31, 2025.

Significant Risks and Uncertainties

Concentration of Credit Risk – Cash – The

Company maintains cash and cash equivalent balances at a single financial institution that are insured by the Federal Deposit

Insurance Corporation (FDIC) up to $ 250,000 .

At March 31, 2026, and December 31, 2025, the Company had no

exposure in excess of

Concentration of Credit Risk – Accounts Receivable

– All of the Company’s outstanding accounts receivable was with two parties, Taxodium Energy, LLC and Liberty Operating

NOTE 11 – SUBSEQUENT EVENTS

In connection with the issuance of the

condensed consolidated financial statements of Cojax Oil and Gas, Company has evaluated subsequent events and transactions for

potential recognition and/or disclosure through May 13, 2026 the date the financial statements were issued.

Management determined

that there were no reportable subsequent events that occurred during such period to be disclosed as of and for the three months

ended March 31, 2026.

to Note 8 for details on convertible preferred stock issuances to the Company’s officers.

to Note 8 for details on common share issuances to the Company’s officers.

the six months ended June 30, 2026, there has been no common share activity.

above shares of capital stock are restricted securities under Rule 144 and were issued in reliance on an exemption from the registration

requirements of the Securities Act of 1933, as amended (the “Securities Act”).

Contributions

the periods ending June 30, 2026, and June 30, 2025, the Company did not receive any capital contributions.

10 – COMMITMENTS AND CONTINGENCIES

Lease Commitments

Company has no lease obligations at June 30, 2026, and December 31, 2025.

Additionally, the Company has no known contingencies

as of June 30, 2026, and December 31, 2025.

Company has no purchase obligations at June 30, 2026 and December 31, 2025.

Risks and Uncertainties

Concentration

of Credit Risk – Cash – The Company maintains cash and cash equivalent balances at a single financial institution

that are insured by the Federal Deposit Insurance Corporation (FDIC) up to $ 250,000 .

At June 30, 2026, and December 31, 2025,

the Company had no exposure in excess of insurance.

Concentration

of Credit Risk – Accounts Receivable – All of the Company’s outstanding accounts receivable was with two

parties, Taxodium Energy, LLC and Liberty Operating Company.

11 – SUBSEQUENT EVENTS

connection with the issuance of the condensed consolidated financial statements of Cojax Oil and Gas, Company has evaluated subsequent

events and transactions for potential recognition and/or disclosure through August 12, 2026 the date the financial statements

Management determined that there were no reportable subsequent events that occurred during such period to be disclosed

as of and for the six months ended June 30, 2026.

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-Q

Item 1. Financial Statements