Company: ZNOG
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001437749-25-009623
Chunk: 1176

Company: ZION OIL & GAS INC
Filing Date: 2025-03-27
Form: 10-K
Item: Item 1A
Chunk 1176
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4 and the exercise date and termination date of the related ZNWBA warrants were also extended to  January 31, 2026. On  December 10, 2024, the Company filed Amendment No. 13 whereby the current unit option was extended to  February 28, 2025 and the exercise date and termination date of the related ZNWBA warrants were also extended to  March 31, 2026. 

        F-
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        Zion Oil & Gas, Inc.

        Notes to Consolidated Financial Statements

   Note 7 - Income Taxes
    
   The Company had no income tax expense due to the operating loss incurred for the years ended  December 31, 2024 and 2023.
    
   The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at  December 31, 2024 and 2023 are presented below:

       December 31,    December 31,  
   2024    2023  
   US$    US$  
   thousands    thousands  
 Deferred tax assets:         
 Net operating loss carry forwards   61,341   58,977 
 Other   3,976   3,869 
 Total gross deferred tax assets   65,317   62,846 
 Less – valuation allowance   (60,456)  (59,036)
 Net deferred tax assets   4,861   3,810 
         
 Deferred tax liabilities:         
 Property and equipment   193   153 
 Other   (501)  (469)
 Unproved oil and gas properties   (4,553)  (3,494)
 Total gross deferred tax liabilities   (4,861)  (3,810)
         
 Net deferred tax asset   -   - 

   In assessing the likelihood of the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets, including net operating losses, is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible and tax carry forwards are utilizable.
    
   Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. In order to fully