Company: ZNOG
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001437749-25-009623
Chunk: 45

Company: ZION OIL & GAS INC
Filing Date: 2025-03-27
Form: 10-K
Item: Item 1
Chunk 45
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 the future, realize our deferred tax assets in excess of the net recorded amount, an adjustment to the deferred tax asset would be made. In the period that such a determination was made, the adjustment to the deferred tax asset would produce an increase in our net income.

Asset Retirement Obligation 

We record a liability for asset retirement obligation at fair value in the period in which it is incurred and a corresponding increase in the carrying amount of the related long-lived assets.

RESULTS OF OPERATIONS 

The following table sets forth our Statements of Operations data for the years ended December 31 (all data is in thousands of USD) for 2024 and 2023:

      2024 

      2023 

      Operating costs and expenses: 

      General and administrative expenses 

     4,645

     5,193

      Other 

     2,694

     2,627

      Impairment of unproved oil and gas properties 

     -

     135

      Operating costs and expenses 

     7,339

     7,955

      Other expense, net 

     4

     2

      Net loss 

     7,343

     7,957

FOR THE YEAR ENDED December 31, 2024 COMPARED TO December 31, 2023

Revenue. We currently have no revenue generating operations.

      29

Operating costs and expenses. Operating costs and expenses for the year ended December 31, 2024 were $7,339,000 compared to $7,955,000 for the year ended December 31, 2023 Operating costs for the year ended December 31, 2024 were $616,000 (8%) lower compared to the year ended December 31, 2023. 

General and administrative expenses. General and administrative expenses for the year ended December 31, 2024 were $4,645,000 compared to $5,193,000 for the year ended December 31, 2023. This represents a reduction of $548,000, or 11%, year over year. A major component of general and administrative expenses is non-cash stock compensation expense in the form of stock options granted to employees, management and directors. As stated in this filing, Zion does not have revenue generating operations. Historically, we have compensated our staff in part by granting stock options in lieu of cash balances. However, though stock option grants are intended to provide a financial