Company: ZNOG
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001437749-25-009623
Chunk: 499

Company: ZION OIL & GAS INC
Filing Date: 2025-03-27
Form: 10-K
Item: Item 3
Chunk 499
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 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 incentive, there are no guarantees that stock options will be “in the money” and, in that event, would maintain no value.

Zion granted the following number of stock options during the quarters of 2024 and 2023:

      ● 
      March 31, 2023: 200,000 

      ● 
      June 30, 2023: 25,000 

      ● 
      September 30, 2023: 7,910,000 

      ● 
      December 31, 2023: 0 

      ● 
      March 31, 2024: 200,000 

      ● 
      June 30, 2024: 0 

      ● 
      September 30, 2024: 10,000 

      ● 
      December 31, 2024: 0 

      ● 
      YTD December 31, 2023: 8,135,000 

      ● 
      YTD December 31, 2024: 210,000 

      ● 
      Total Decrease in Options Granted During 2024: 7,925,000 

The primary driver of this variance was stock option expense. The number of stock options granted was 7,925,000 lower during 2024, and therefore expenses were significantly lower.

Other expenses. Other expenses during the year ended December 31, 2024 were $2,694,000 compared to $2,627,000 for the year ended December 31, 2023. This is a variance of $67,000 or 3%, which is not a material variance . The expenses in this category are comprised of non-compensation and non-professional expenses incurred. 

Impairment of unproved oil and gas properties. Impairment of unproved oil and gas properties