secwatch.observer — SEC 8-K summary
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Issuer:     CoJax Oil & Gas Corp (CJAX)
CIK:        0001763925
Form:       8-K
Filed at:   2022-05-12T23:59:59+00:00
Accession:  0001763925-22-000008
Event type: other_material
Sentiment:  negative
Materiality: 0.85
Item codes: 4.02
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1763925/000176392522000008/0001763925-22-000008-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1763925/000176392522000008/cojax8k_nonreliance_5-12-22.htm
  HTML page:      https://secwatch.observer/filing/0001763925-22-000008

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