Company: ZNOG
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001437749-25-009623
Chunk: 425

Company: ZION OIL & GAS INC
Filing Date: 2025-03-27
Form: 10-K
Item: Item 15
Chunk 425
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 and information become known. The Company will continue to consider the potential impact of the COVID-19 pandemic on its business operations.
    
   B. Going Concern
    
   The Company incurs cash outflows from operations, and all exploration activities and overhead expenses to date have been financed by way of equity or debt financing. The recoverability of the costs incurred to date is uncertain and dependent upon achieving significant commercial production of hydrocarbons. 
    
   The Company’s ability to continue as a going concern is dependent upon obtaining the necessary financing to undertake further exploration and development activities and ultimately generating profitable operations from its oil and natural gas interests in the future. The Company’s current operations are dependent upon the adequacy of its current assets to meet its current expenditure requirements and the accuracy of management’s estimates of those requirements. Should those estimates be materially incorrect, the Company’s ability to continue as a going concern  may be in doubt. The consolidated financial statements have been prepared on a going concern basis, which contemplates realization of assets and liquidation of liabilities in the ordinary course of business. During the year ended  December 31, 2024, the Company incurred a net loss of approximately $7.3 million and had an accumulated deficit of approximately $293.9 million. These factors raise substantial doubt about the Company’s ability to continue as a going concern for one year from the date the financials were issued.
    
   To carry out planned operations, the Company must raise additional funds through additional equity and/or debt issuances or through profitable operations. There can be no assurance that this capital or positive operational income will be available to the Company, and if it is not, the Company  may be forced to curtail or cease exploration and development activities. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty (see also Note 11).

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        Zion Oil & Gas, Inc.

        Notes to Consolidated Financial Statements

   Note 2 - Summary of Significant Accounting Policies
    
   A summary of the significant accounting policies applied in the presentation of the accompanying consolidated financial statements follows:
    
   A. Basis of Presentation and Foreign Currency Matters
    
   The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“US GAAP”).
    
   All amounts referred to in the notes to the consolidated financial statements are in United States Dollars ($) unless stated otherwise.
    
   The currency of the