Company: ZNOG
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001437749-25-009623
Chunk: 841

Company: ZION OIL & GAS INC
Filing Date: 2025-03-27
Form: 10-K
Item: Item 2
Chunk 841
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 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 in  November 2023 and the lease was effectively terminated without any payment for excess mileage.
    
   (iii) On  November 14, 2023, the Company and GM Financial (as Lessor) signed a motor vehicle lease agreement for a 2023 Chevy Equinox. The first payment of $499.32 was due on  November 14, 2023 and this was paid on or around that date. The lease calls for 38 additional payments, from  December 2023 through  January 2027, of $499.32 so that the sum of all 39 payments is $19,473.48. 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 14, 2023. The value at the end of the lease has a residual value of $14,011.40 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 is treated as an operating lease.
    
   At  December 31, 2024, and continuing through the date of this Form 10-K report, all payments have been paid on time to the Lessor, and the Company is in good standing with regard to this lease agreement.
    
   (iv) The Company’s field office in Caesarea, Israel is under lease for 6,566 square feet.
    
   The Company had an option to renew the lease for another five years from  February 1, 2024 to  January 31, 2029, provided it is not in breach of the agreement, where it is required as well to furnish a notice of intent to exercise the option six months prior to termination of lease, and it furnishes a bank guarantee and insurance confirmation prior to commencement of the option period. The Company exercised its option to renew the lease for another seven years from  February 1, 2024 through  January 31, 2031, when rent is to be paid on a monthly basis in the base amount of approximately