CoJax Oil and Gas Corporation, based in Shreveport, Louisiana, reported its financial performance for the three and nine months ended September 30, 2024. The company experienced a modest increase in revenues, with Q3 2024 revenues reaching $250,619, up 0.9% from $248,302 in Q3 2023. Year-to-date (YTD) revenues for Q3 2024 totaled $750,678, reflecting a more significant increase of 12.8% compared to $665,643 for the same period in the previous year.

Despite the revenue growth, CoJax reported a net loss of $(149,758) for Q3 2024, a stark contrast to a net profit of $13,140 in Q3 2023. For the YTD period, the company recorded a net loss of $(527,682), worsening from a loss of $(413,551) in the prior year. Operating losses also increased, with Q3 2024 showing an operating loss of $(149,185) compared to an operating profit of $13,661 in Q3 2023. The YTD operating loss for 2024 was $(526,811), compared to $(411,930) for the same period in 2023.

Total assets surged to $11,347,093 as of September 30, 2024, significantly higher than $4,370,717 reported at the end of 2023. This increase in assets was accompanied by a rise in total stockholders’ equity, which reached $9,704,878, up from $3,068,086 at the end of the previous fiscal year. The company's cash position also improved, with cash holdings of $127,650 as of September 30, 2024, compared to $75,908 at the end of 2023.

Lease operating expenses saw a substantial increase, totaling $273,801 for YTD Q3 2024, which is a 72.7% rise from $158,516 in the same period of 2023. This increase in expenses contributed to the overall losses reported by the company.

Strategically, CoJax made significant acquisitions during the period, acquiring mineral and oil and gas interests in Mississippi from Liberty Operating, LLC. This acquisition involved the issuance of 2,211,982 shares valued at $2.00 per share, effective July 1, 2024, and an additional 1,320,755 shares for interests effective May 1, 2024.