Company: ZNOG
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001437749-25-009623
Chunk: 927

Company: ZION OIL & GAS INC
Filing Date: 2025-03-27
Form: 10-K
Item: Item 7A
Chunk 927
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, no proved reserves have been found.

        F-
       43

        Zion Oil & Gas, Inc.

        Notes to Consolidated Financial Statements

   Note 9 - Commitments and Contingencies (cont’d)
    
   F. Office and Vehicle Leases
    
   (i) The Company’s corporate office in Dallas, Texas is under lease for 8,774 square feet. On  October 4, 2023, the Company and the Lessor signed a Third Amendment to the Lease Agreement (“Third Amendment”) whereby the Lease extended from  June 1, 2023 through  December 31, 2024, for a total of 19 months. The monthly payments to be paid are as follows: (1) basic rent of $7,677.25, (2) common area maintenance of $2,917.36, (3) taxes and insurance of $1,593.94 and (4) electricity charges of $1,703.62. The corporate office in Dallas is under new ownership as of  April 2024.  The Company is awaiting a lease amendment beginning  January 1, 2025, but in the meantime, new ownership has provided written assurance to the Company that we  may continue renting space in the office building at the same rates as in 2024.
    
   (ii) On  November 13, 2020, the Company and GM Financial (as Lessor) signed a motor vehicle lease agreement for a 2020 Chevy Equinox. The first payment of $447.77 was due on  November 13, 2020 and this was paid on or around that date. The lease called for 38 additional payments, from  December 2020 through  January 2024, of $447.77 so that the sum of all 39 payments was $17,463.03. At the inception of the lease, and in addition to the sum of the 39 payments, lease signing bonuses provided an initial $1,500 reduction of the lease cost on  November 13, 2020. The value at the end of the lease had a residual value of $15,193.60 per the terms of the lease agreement. Additionally, the Company must pay the Lessor $.25 cents per mile for each mile in excess of 20,000 annual miles. This lease was treated as an operating lease.
    
   The 2020 Chevrolet Equinox was returned to the dealership