CoJax Oil & Gas restates financials; acquisition misaccounted, properties value cut from $10M to $2.7M

CoJax Oil & Gas Corp

Board determined 2020 annual and Q1-Q3 2021 financials should no longer be relied upon due to acquisition accounting error.
Acquisition of Barrister Energy incorrectly treated as business combination; should be 'under common control' per ASC 805-50-30.
Carrying value of oil & gas properties to decrease from $10M to $2.7M; stockholders' equity reduced by same amount, no effect on net loss.
Company to file amended 2020 annual report, Q1-Q3 2021 reports, and 2021 annual report; timeline not yet known.

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.