CoJax Oil & Gas Corp

Early-stage Gulf-states oil & gas operator with sub-$1M flat revenue, recurring losses, and going-concern doubt.

Strengths

• Generates some production revenue post-Barrister with positive operating cash margin (4.2%)
• Very low debt-to-equity after note conversions

Risks

• Going-concern doubt; operating margin -1.07 and recurring impairments
• Current ratio 0.175 (12th pct) and inability to raise capital beyond insider loans
• Sub-scale, reserve-dependent model reliant on commodity prices

Notable findings

• No interest coverageInterest coverage -417.06 (cannot cover interest)
• Going concernThese factors raise substantial doubt about our ability to continue as a going concern
• Net lossNet loss (net margin -115.1%)
• Weak liquidityCurrent ratio 0.18 (<1)
• Chronic dilutionShare count +33%/yr over 1y (dilution, book value/share -32%)
• Revenue declineRevenue -37.4% YoY