CJAX

MKT CAP $50.3MP/E —DIV YIELD —FCF YIELD —REV TTM $833K −20.1%NET INCOME −$1MNET DEBT $11K52W 3.55 – 3.55SEC XBRL · TTM TO Invalid Date

How CJAX rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025

Text kept

84%

of sentences unchanged

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new sentences

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sentences removed

Length

+988

words, now 9,458

New in FY2025

Item 1A—Risk Factors in this Annual Report on Form 10-K for further discussion of risks related to climate change and the regulation of methane emissions.
As another example, in January 2023, the EPA announced a proposed consent decree that, if finalized as proposed, would establish a December 10, 2024 deadline for the EPA to review and propose revisions to the National Emission Standards for Hazardous Air Pollutants (“NESHAP”) for oil and natural gas production facilities and natural gas transmission and storage facilities, which may require us to make additional changes to our operations.
It is difficult to predict the timing and certainty of any future government action and the effect on our operations.
Future legislation or regulations adopted to address climate change could also make our products more or less desirable than competing sources of energy.
However, we expect that the impacts to our operations will not be materially different from other similarly situated companies involved in natural gas and oil exploration and production activities.
Legislative and regulatory initiatives related to climate change and greenhouse gas emissions could, and likely would, require us to incur increased operating costs adversely affecting our profits and could adversely affect demand for the oil and natural gas we produce, depressing the prices we receive for oil and natural gas.
In the course of our routine oil and natural gas operations, surface spills and leaks, including casing leaks, of oil, produced water or other materials may occur, and we may incur costs for waste handling and environmental compliance.
It is also possible that our oil and natural gas operations may require us to manage NORM.
NORM is present in varying concentrations in sub-surface formations, including hydrocarbon reservoirs, and may become concentrated in scale, film and sludge in equipment that comes in contact with crude oil and natural gas production and processing streams.
Some states, including Texas and Louisiana, have enacted regulations governing the handling, treatment, storage and disposal of NORM.
We are subject to the requirements of OSHA and comparable state statutes.
The OSHA Hazard Communication Standard, the “community right-to-know” regulations under Title III of the federal Superfund Amendments and Reauthorization Act and similar state statutes require us to organize information about hazardous materials used, released or produced in our operations.
Certain of this information must be provided to employees, state and local governmental authorities and local citizens.
We are also subject to the requirements and reporting set forth in OSHA workplace standards.
We have not in the past been, and do not anticipate in the near future to be, required to expend amounts that are material in relation to our total capital expenditures as a result of environmental laws and regulations, but since these laws and regulations are periodically amended, we are unable to predict the ultimate cost of compliance.
We have no assurance that more stringent laws and regulations protecting the environment will not be adopted or that we will not otherwise incur material expenses in connection with environmental laws and regulations in the future.
We may be unable to pass on such increased compliance costs to our customers.
Principal Executive Offices Our principal executive office is located at 4830 Line Avenue, Suite 152, Shreveport, Louisiana, 71106, and our telephone number is (703) 479-8538.
We rent our principal executive offices under a month-to-month lease for a monthly rental of $26.
The Company website is www.cojaxoilandgas.com.
Employees We currently have two full-time employees: William R.
Downs, our Chief Executive Officer, and Jeffrey J.
The officers devote the number of hours necessary to perform their duties, and each officer, in his sole discretion, determines the extent of the time commitment.
The prices we receive for oil production, and the levels of oil production, depend on numerous factors beyond our control, which include worldwide and regional economic conditions affecting the global supply and demand for oil, such as: ● levels of production, domestic and worldwide inventories; ● the capacity of U.S. and international refiners to use U.S. supplies of oil, natural gas and NGLs ● the price and quantity of foreign imports of oil and their effect on U.S. oil producers; ● relative price and availability of alternative forms of energy; ● political and economic geopolitical instability, including the ongoing war between Russia and Ukraine, the conflict in the Middle East, including the recent conflict between the U.S. and Iran, as well as sanctions and other government actions arising from these conflicts, and conditions in or affecting other oil-producing regions or countries, including Africa, South America, which significantly affects global oil market price; ● actions of the OPEC, its members, and other state-controlled oil companies relating to oil price and production controls, especially production disputes between Saudi Arabia and Russia, who often have different goals ● the level of global exploration, development, and production of oil ● the proximity, capacity, cost, and availability of oil gathering and transportation facilities; · ● localized and global oil supply and demand fundamentals and transportation availability ● the cost of exploring for, developing, producing, and transporting oil which cost may go up due to oil storage surpluses created by COVID-19 pandemic ● weather conditions and other natural disasters, and storms in the Gulf States Drilling Region appear to increase in intensity in the past five years ● technological advances affecting oil consumption, especially the growing production of electric-powered cars, trucks, and buses ● the price and availability and consumer demand for alternative fuels to oil and reduction in the use of products that are made from oil, especially certain plastics, which demand is fueled by environmental concerns ● climate control legislation that increases the cost and lowers the demand for oil by providing incentives and tax benefits for use of non-oil fuels, and ● effect of existing U.S. federal, state, and local, and non-U.S. governmental regulation and taxes.
During the three years ended December 31, 2025, NYMEX WTI prices ranged from a high of $95.03 per barrel on September 28, 2023, to a low of $54.98 per barrel on December 16, 2025, and NYMEX Henry Hub prices ranged from a high of $6.40 per MMBtu on February 18, 2025, to a low of $1.21 per MMBtu on November 11, 2024.
Cybersecurity attacks in particular are evolving and include, but are not limited to, ransomware or other malicious software, social engineering attacks, deepfakes and artificial intelligence ("AI")-enhanced phishing, attempts to gain unauthorized access to data, and other electronic security breaches that could lead to disruptions in critical systems, unauthorized release of confidential or otherwise protected information and corruption of data.
Threat actors may leverage AI and machine learning, technologies to conduct more sophisticated surveillance, reconnaissance and attacks against our systems.
We seek to prevent, detect and investigate cybersecurity incidents, but in some cases, we might be unaware of an incident or its magnitude and effects.
The increased use of artificial intelligence (“AI”) technologies, both by the Company and by third parties, may introduce additional cybersecurity and operational risks.
AI-enabled applications and services may rely on large volumes of data, third-party models, and cloud-based infrastructure, which could increase exposure to data privacy, security, and intellectual property risks.
In addition, threat actors may increasingly leverage AI-enabled techniques to enhance the scale, speed, and sophistication of cyberattacks, including social engineering, phishing, and automated exploitation.
While the Company seeks to manage these risks through its cybersecurity and risk management programs, there can be no assurance that such measures will prevent all AI-related security incidents, which could have a material adverse effect on the Company’s business, financial position, results of operations, or cash flows.
Although we utilize various procedures and controls to monitor and protect against these threats and to mitigate our exposure to such threats, there can be no assurance that these procedures and controls will be sufficient in preventing security threats from materializing.
However, implementation of various procedures and controls to monitor and mitigate such security threats and to increase security for its information, systems, facilities, and infrastructure may require us to expend significant additional resources to continue to modify or enhance our protective measures or to investigate and remediate any vulnerabilities to cyberattacks.
Moreover, there can be no assurance that such procedures and controls will be sufficient to prevent security breaches from occurring.
Risks Relating to Our Common Stock Our common stock is currently quoted on OTCID market of OTC Markets, Inc.; however, because our common stock was downgraded to Expert Market, a new application for Proprietary Quotations may be required to allow brokers to place proprietary quotations on our stock ..
Between October 2021 and July 2023, our stock was quoted at the time on the OTC Pink marketplace, which published brokerage quotations; however, because we were delinquent with our reporting obligations and did not file our 2022 annual report and 2023 quarterly reports timely, our stock was downgraded to Expert Market marketplace until we filed all required reports.
While our common stock is currently trading on the OTCID Marketplace, which is a new tier of OTC Markets, indicating that companies on that tier complies with all SEC reporting obligations and additional obligations imposed by OTC Markets, that are current our stock is not eligible for proprietary broker-dealer quotations, and all quotes of our common stock reflect unsolicited customer orders.
Even if our stock becomes eligible for proprietary quotations, the trading on the OTCID marketplace, which is the basic marketplace, is often thin and characterized by wide fluctuations in trading prices, due to many factors that may have little to do with our operations or business prospects.

Gone since FY2024

The prices we receive for oil production, and the levels of oil production, depend on numerous factors beyond our control, which include worldwide and regional economic conditions affecting the global supply and demand for oil, such as: ● levels of production, domestic and worldwide inventories; ● the capacity of U.S. and international refiners to use U.S. supplies of oil, natural gas and NGLs ● the price and quantity of foreign imports of oil and their effect on U.S. oil producers; ● relative price and availability of alternative forms of energy; ● political and economic conditions in or affecting other oil-producing regions or countries, including the Middle East, Africa, South America, current invasion of Ukraine by Russia, which significantly affects global oil market price ● actions of the OPEC, its members, and other state-controlled oil companies relating to oil price and production controls, especially production disputes between Saudi Arabia and Russia, who often have different goals ● the level of global exploration, development, and production of oil ● the proximity, capacity, cost, and availability of oil gathering and transportation facilities; · ● localized and global oil supply and demand fundamentals and transportation availability ● the cost of exploring for, developing, producing, and transporting oil which cost may go up due to oil storage surpluses created by COVID-19 pandemic ● weather conditions and other natural disasters, and storms in the Gulf States Drilling Region appear to increase in intensity in the past five years ● technological advances affecting oil consumption, especially the growing production of electric-powered cars, trucks, and buses ● the price and availability and consumer demand for alternative fuels to oil and reduction in the use of products that are made from oil, especially certain plastics, which demand is fueled by environmental concerns ● climate control legislation that increases the cost and lowers the demand for oil by providing incentives and tax benefits for use of non-oil fuels, and ● effect of existing U.S. federal, state, and local, and non-U.S. governmental regulation and taxes.
During the three years ended December 31, 2024, NYMEX WTI prices ranged from a high of $123.64 per barrel on March 8, 2022, to a low of $65.75 per barrel on September 10, 2024, and NYMEX Henry Hub prices ranged from a high of $9.51 per MMBtu on August 17, 2022, to a low of $1.21 per MMBtu on November 11, 2024.
However, these actions may require us to expend significant additional resources to continue to modify or enhance our protective measures or to investigate and remediate any vulnerabilities to cyberattacks.
Risks Relating to Our Common Stock Our common stock is currently quoted on Pink Marketplace of OTC Markets; however, because our common stock was downgraded to Expert Market, we need to submit a new application for Proprietary Quotations.
Between October 2021 and July 2023, our stock was quoted on the OTC Pink marketplace, which publishes brokerage quotations; however, because we were delinquent with our reporting obligations and did not file our 2022 annual report and 2023 quarterly reports timely, our stock was downgraded to Expert Market marketplace until we filed all required reports.
While our common stock is currently trading again on the OTC Pink Marketplace, because our stock was downgraded to Expert Market, our stock is not eligible for proprietary broker-dealer quotations, and all quotes of our common stock reflect unsolicited customer orders.
Even if our stock becomes eligible for proprietary quotations, the trading on the OTC Pink marketplace is often thin and characterized by wide fluctuations in trading prices, due to many factors that may have little to do with our operations or business prospects.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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