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(priced at $250.00 each) was comprised of (i) a certain number of shares of Common Stock determined by dividing $250.00 (the price of |
one Unit) by the average of the high and low sale prices of the Company’s publicly traded common stock as reported on the NASDAQ |
on the Unit Purchase Date and (ii) Common Stock purchase warrants to purchase an additional twenty-five (25) shares of Common Stock. The |
investor’s Plan account was credited with the number of shares of the Company’s Common Stock acquired under the Units purchased. |
Each warrant affords the investor the opportunity to purchase one share of Company Common Stock at a warrant exercise price of $1.00. |
The warrant is referred to as “ZNWAJ.” The warrants became exercisable on October 29, |
2018 and continued to be exercisable through October 29, 2020 at a per share exercise price of $1.00, after the Company, on December 4, |
2018, extended the termination date of the Warrant by one (1) year from the expiration date of October 29, 2019 to October 29, 2020. On May 29, 2019, the Company extended the termination |
date of the ZNWAJ Warrant by one (1) year from the expiration date of October 29, 2020 to October 29, 2021. Zion considers this warrant |
as permanent equity per ASC 815-40-35-2. As such, there is no value assigned to this extension. On September 15, 2020, the Company extended the |
termination date of the ZNWAJ Warrant by two (2) years from the expiration date of October 29, 2021 to October 29, 2023. Zion considers |
this warrant as permanent equity per ASC 815-40-35-2. As such, there is no value assigned to this extension. On December 10, 2018, the Company initiated another |
unit offering, and it terminated on January 23, 2019. The offering consisted of Units of the Company’s securities where each Unit |
(priced at $250.00 each) is comprised of (i) two hundred and fifty (250) shares of Common Stock and (ii) Common Stock purchase warrants |
to purchase an additional two hundred and fifty (250) shares of Common Stock at a per share exercise price of $0.01. The investor’s |
Plan account was credited with the number of shares of the Company’s Common Stock and Warrants that are acquired under the Units |
purchased. Each warrant affords the participant the opportunity to purchase one share of our Common Stock at a warrant exercise price |
of $0.01. The warrant is referred to as “ZNWAK.” The warrants became exercisable on February 25, |
2019 and continued to be exercisable through February 25, 2020 at a per share exercise price of $0.01. On May 29, 2019, the Company extended the termination |
date of the ZNWAK Warrant by one (1) year from the expiration date of February 25, 2020 to February 25, 2021. Zion considers this warrant |
as permanent equity per ASC 815-40-35-2. As such, there is no value assigned to this extension. On September 15, 2020, the Company extended the |
termination date of the ZNWAK Warrant by two (2) years from the expiration date of February 25, 2021 to February 25, 2023. Zion considers |
this warrant as permanent equity per ASC 815-40-35-2. As such, there is no value assigned to this extension. On April 24, 2019, the Company initiated another |
unit offering and it terminated on June 26, 2019, after the Company, on June 5, 2019, extended the termination date of the unit offering. 24 Zion Oil & Gas, Inc. Consolidated Condensed Notes to Financial Statements |
(Unaudited) Note 3 - Stockholders’ Equity (cont’d) The unit offering consisted of Units of the Company’s |
securities where each Unit (priced at $250.00 each) was comprised of (i) two hundred and fifty (250) shares of Common Stock and (ii) Common |
Stock purchase warrants to purchase an additional fifty (50) shares of Common Stock at a per share exercise price of $2.00. The investor’s |
Plan account was credited with the number of shares of the Company’s Common Stock and Warrants acquired under the Units purchased. |
For Plan participants who enrolled into the Unit Program with the purchase of at least one Unit and also enrolled in the separate Automatic |
Monthly Investments (“AMI”) program at a minimum of $50.00 per month or more, received an additional twenty-five (25) warrants |
at an exercise price of $2.00 during this Unit Option Program. The twenty-five (25) additional warrants were for enrolling into the AMI |
program. Existing subscribers to the AMI were entitled to the additional twenty-five (25) warrants once, if they purchased at least one |
(1) unit during the Unit program. Each warrant affords the participant the opportunity to purchase one share of our Common Stock at a |
warrant exercise price of $2.00. The warrant is referred to as “ZNWAL.” The warrants became exercisable on August 26, |
2019 and continued to be exercisable through August 26, 2021 at a per share exercise price of $2.00. On September 15, 2020, the Company extended the |
termination date of the ZNWAL Warrant by two (2) years from the expiration date of August 26, 2021 to August 26, 2023. Zion considers |
this warrant as permanent equity per ASC 815-40-35-2. As such, there is no value assigned to this extension. Under our Plan, the Company under a Request For |
Waiver Program executed Waiver Term Sheets of a unit option program consisting of a Unit (shares of stock and warrants) of its securities |
and subsequently an option program consisting of shares of stock to a participant. The participant’s Plan account was credited with |
the number of shares of the Company’s Common Stock and Warrants that were acquired. Each warrant affords the participant the opportunity |
to purchase one share of our Common Stock at a warrant exercise price of $1.00. The warrant shall have the company notation of “ZNWAM.” |
The warrants will not be registered for trading on the OTCQX or any other stock market or trading market. The warrants became exercisable |
on January 15, 2021 and continued to be exercisable through July 15, 2022 at a per share exercise price of $1.00. On March 21, 2022, the Company extended the termination |
date of the ZNWAM Warrant by one (1) year from the expiration date of July 15, 2022 to July 15, 2023. Zion considers this warrant as permanent |
equity per ASC 815-40-35-2. As such, there is no value assigned to this extension. On February 1, 2021, the Company initiated a unit |
offering and it terminated on March 17, 2021. The unit offering consisted of Units of the Company’s |
securities where each Unit (priced at $250.00 each) was comprised of (i) the number of Common Stock shares represented by the high-low |
average on the purchase date and (ii) Common Stock purchase warrants to purchase an additional twenty-five (25) shares of Common Stock |
at a per share exercise price of $1.00. The investor’s Plan account was credited with the number of shares of the Company’s |
Common Stock and Warrants acquired under the Units purchased. For Plan participants who enrolled into the Unit Program with the purchase |
of at least one Unit or who enrolled in the separate Automatic Monthly Investments (“AMI”) program at a minimum of $50.00 |
per month or more, received an additional ten (10) warrants at an exercise price of $1.00 during this Unit Option Program. The ten (10) |
additional warrants were for enrolling into the AMI program. Existing subscribers to the AMI were also entitled to the additional ten |
(10) warrants once, provided that they purchased at least one (1) unit during the Unit program. Each warrant affords the participant the |
opportunity to purchase one share of our Common Stock at a warrant exercise price of $1.00. The warrant is referred to as “ZNWAN.” The warrants became exercisable on May 16, 2021 |
and continue to be exercisable through May 16, 2023 at a per share exercise price of $1.00. On April 12, 2021, the Company initiated a unit |
offering and it terminated on May 12, 2021. 25 Zion Oil & Gas, Inc. Consolidated Condensed Notes to Financial Statements |
(Unaudited) Note 3 - Stockholders’ Equity (cont’d) The unit offering consisted of Units of the Company’s |
securities where each Unit (priced at $250.00 each) was comprised of (i) the number of Common Stock shares represented by the high-low |
average on the purchase date and (ii) Common Stock purchase warrants to purchase an additional fifty (50) shares of Common Stock at a |
per share exercise price of $.25. The investor’s Plan account was credited with the number of shares of the Company’s Common |
Stock and Warrants acquired under the Units purchased. For Plan participants who enrolled into the unit offering with the purchase of |
at least one Unit or who enrolled in the separate Automatic Monthly Investments (“AMI”) program at a minimum of $50.00 per |
month or more, received an additional fifty (50) warrants at an exercise price of $.25 during this Unit Option Program. The fifty (50) |
additional warrants were for enrolling into the AMI program. Existing subscribers to the AMI were also entitled to the additional fifty |
(50) warrants once, provided that they purchased at least one (1) unit during the Unit program. Each warrant affords the participant the |
opportunity to purchase one share of our Common Stock at a warrant exercise price of $.25. The warrant is referred to as “ZNWAO.” The warrants became exercisable on June 12, 2021 |
and continue to be exercisable through June 12, 2023 at a per share exercise price of $.25. Under our Plan, the Company under a Request For |
Waiver Program executed a Waiver Term Sheet for a unit program consisting of units of shares and warrants to a participant. After conclusion |
of the program on May 28, 2021, the participant’s Plan account was credited with the number of shares of the Company’s Common |
Stock and Warrants that were acquired. Each warrant affords the participant the opportunity to purchase one share of our Common Stock |
at a warrant exercise price of $.25. The warrant has the company notation of “ZNWAP.” The warrants will not be registered |
for trading on the OTCQX or any other stock market or trading market. The warrants were issued and became exercisable on June 2, 2021 |
and continued to be exercisable through June 2, 2022 at a per share exercise price of $.25. On March 21, 2022, the Company extended the termination |
date of the ZNWAP Warrant by one (1) year from the expiration date of June 2, 2022 to June 2, 2023. Zion considers this warrant as permanent |
equity per ASC 815-40-35-2. As such, there is no value assigned to this extension. During the second quarter of 2022, all warrants |
represented by ZNWAP and ZNWAR were exercised resulting in a net cash inflow of $364,979. Under our Plan, the Company under a Request For |
Waiver Program executed a Waiver Term Sheet for a program consisting of Zion securities to a participant. After conclusion of the program |
on June 17, 2021, the participant’s Plan account was credited with the number of shares of the Company’s Common Stock that |
were acquired. Under our Plan, the Company under a Request For |
Waiver Program executed a Waiver Term Sheet of a unit program consisting of units of shares of stock and warrants to a participant. After |
conclusion of the program on June 18, 2021, the participant’s Plan account was credited with the number of shares of the Company’s |
Common Stock and Warrants that were acquired. Each warrant affords the participant the opportunity to purchase one share of our Common |
Stock at a warrant exercise price of $.25. The warrant shall have the company notation of “ZNWAQ.” The warrants will not be |
registered for trading on the OTCQX or any other stock market or trading market. The warrants were issued on May 5, 2022 and are exercisable |
through July 6, 2022 at a per share exercise price of $.25. On May 17, 2022, the Company extended the termination |
date of the ZNWAQ Warrant by one (1) year from the expiration date of July 6, 2022 to July 6, 2023. Zion considers this warrant as permanent |
equity per ASC 815-40-35-2. As such, there is no value assigned to this extension. Under our Plan, the Company under a Request For |
Waiver Program executed a Waiver Term Sheet of a unit program consisting of units of shares of stock and warrants to a participant. After |
conclusion of the program on June 18, 2021, the participant’s Plan account was credited with the number of shares of the Company’s |
Common Stock and Warrants that were acquired. Each warrant affords the participant the opportunity to purchase one share of our Common |
Stock at a warrant exercise price of $.25. The warrant shall have the company notation of “ZNWAR.” The warrants will not be |
registered for trading on the OTCQX or any other stock market or trading market. The warrants were issued and became exercisable on June |
22, 2021 and continue to be exercisable through June 22, 2022 at a per share exercise price of $.25. Additionally, Zion incurred $115,000 |
in equity issuance costs to an outside party related to this waiver program. On March 21, 2022, the Company extended the termination |
date of the ZNWAR Warrant by one (1) year from the expiration date of June 22, 2022 to June 22, 2023. Zion considers this warrant as permanent |
equity per ASC 815-40-35-2. As such, there is no value assigned to this extension. During the second quarter of 2022, all warrants |
represented by ZNWAP and ZNWAR were exercised resulting in a net cash inflow of $364,979. Under our Plan, the Company under a Request For |
Waiver Program executed a Waiver Term Sheet to a participant. After conclusion of the program on September 15, 2021, the participant’s |
Plan account was credited with the number of shares of the Company’s Common Stock that were acquired. 26 Zion Oil & Gas, Inc. Consolidated Condensed Notes to Financial Statements |