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May 29, 2019, the Company extended the termination date of the ZNWAJ Warrant by one (1) year from the expiration date of October 29, |
2020 to October 29, 2021. Zion considers this warrant as permanent equity per ASC 815-40-35-2. As such, there is no value assigned to |
this extension. On |
September 15, 2020, the Company extended the termination date of the ZNWAJ Warrant by two (2) years from the expiration date of October |
29, 2021 to October 29, 2023. Zion considers this warrant as permanent equity per ASC 815-40-35-2. As such, there is no value assigned |
to this extension. On |
December 10, 2018, the Company initiated another unit offering, and it terminated on January 23, 2019. The offering consisted of Units |
of the Company’s securities where each Unit (priced at $250.00 each) is comprised of (i) two hundred and fifty (250) shares of |
Common Stock and (ii) Common Stock purchase warrants to purchase an additional two hundred and fifty (250) shares of Common Stock at |
a per share exercise price of $0.01. The investor’s Plan account was credited with the number of shares of the Company’s |
Common Stock and Warrants that are acquired under the Units purchased. Each warrant affords the participant the opportunity to purchase |
one share of our Common Stock at a warrant exercise price of $0.01. The warrant is referred to as “ZNWAK.” 21 Zion |
Oil & Gas, Inc. Consolidated |
Condensed Notes to Financial Statements (Unaudited) Note |
3 - Stockholders’ Equity (cont’d) The |
warrants became exercisable on February 25, 2019 and continued to be exercisable through February 25, 2020 at a per share exercise price |
of $ 0.01 . On |
May 29, 2019, the Company extended the termination date of the ZNWAK Warrant by one (1) year from the expiration date of February 25, |
2020 to February 25, 2021. Zion considers this warrant as permanent equity per ASC 815-40-35-2. As such, there is no value assigned to |
this extension. On |
September 15, 2020, the Company extended the termination date of the ZNWAK Warrant by two (2) years from the expiration date of February |
25, 2021 to February 25, 2023. Zion considers this warrant as permanent equity per ASC 815-40-35-2. As such, there is no value assigned |
to this extension. On |
April 24, 2019, the Company initiated another unit offering and it terminated on June 26, 2019, after the Company, on June 5, 2019, extended |
the termination date of the unit offering. The |
unit offering consisted of Units of the Company’s securities where each Unit (priced at $250.00 each) was comprised of (i) two |
hundred and fifty (250) shares of Common Stock and (ii) Common Stock purchase warrants to purchase an additional fifty (50) shares of |
Common Stock at a per share exercise price of $2.00. The investor’s Plan account was credited with the number of shares of the |
Company’s Common Stock and Warrants acquired under the Units purchased. For Plan participants who enrolled into the Unit Program |
with the purchase of at least one Unit and also enrolled in the separate Automatic Monthly Investments (“AMI”) program at |
a minimum of $50.00 per month or more, received an additional twenty-five (25) warrants at an exercise price of $2.00 during this Unit |
Option Program. The twenty-five (25) additional warrants were for enrolling into the AMI program. Existing subscribers to the AMI were |
entitled to the additional twenty-five (25) warrants once, if they purchased at least one (1) unit during the Unit program. Each warrant |
affords the participant the opportunity to purchase one share of our Common Stock at a warrant exercise price of $2.00. The warrant is |
referred to as “ZNWAL.” The |
warrants became exercisable on August 26, 2019 and continued to be exercisable through August 26, 2021 at a per share exercise price |
of $2.00. On |
September 15, 2020, the Company extended the termination date of the ZNWAL Warrant by two (2) years from the expiration date of August |
26, 2021 to August 26, 2023. Zion considers this warrant as permanent equity per ASC 815-40-35-2. As such, there is no value assigned |
to this extension. Under |
our Plan, the Company under a Request For Waiver Program executed Waiver Term Sheets of a unit option program consisting of a Unit (shares |
of stock and warrants) of its securities and subsequently an option program consisting of shares of stock to a participant. The participant’s |
Plan account was credited with the number of shares of the Company’s Common Stock and Warrants that were acquired. Each warrant |
affords the participant the opportunity to purchase one share of our Common Stock at a warrant exercise price of $ 1.00 . The warrant shall |
have the company notation of “ZNWAM.” The warrants will not be registered for trading on the OTCQX or any other stock market |
or trading market. The warrants became exercisable on January 15, 2021 and continue to be exercisable through July 15, 2022 at a per |
share exercise price of $ 1.00 . On |
March 21, 2022, the Company extended the termination date of the ZNWAM Warrant by one (1) year from the expiration date of July 15, 2022 |
to July 15, 2023. Zion considers this warrant as permanent equity per ASC 815-40-35-2. As such, there is no value assigned to this extension. On |
February 1, 2021, the Company initiated a unit offering and it terminated on March 17, 2021. 22 Zion |
Oil & Gas, Inc. Consolidated |
Condensed Notes to Financial Statements (Unaudited) Note |
3 - Stockholders’ Equity (cont’d) The |
unit offering consisted of Units of the Company’s securities where each Unit (priced at $250.00 each) was comprised of (i) the |
number of Common Stock shares represented by the high-low average on the purchase date and (ii) Common Stock purchase warrants to purchase |
an additional twenty-five (25) shares of Common Stock at a per share exercise price of $1.00. The investor’s Plan account was credited |
with the number of shares of the Company’s Common Stock and Warrants acquired under the Units purchased. For Plan participants |
who enrolled into the Unit Program with the purchase of at least one Unit or who enrolled in the separate Automatic Monthly Investments |
(“AMI”) program at a minimum of $50.00 per month or more, received an additional ten (10) warrants at an exercise price of |
$1.00 during this Unit Option Program. The ten (10) additional warrants were for enrolling into the AMI program. Existing subscribers |
to the AMI were also entitled to the additional ten (10) warrants once, provided that they purchased at least one (1) unit during the |
Unit program. Each warrant affords the participant the opportunity to purchase one share of our Common Stock at a warrant exercise price |
of $1.00. The warrant is referred to as “ZNWAN.” The warrants became exercisable on May 16, 2021 |
and continue to be exercisable through May 16, 2023 at a per share exercise price of $1.00. On |
April 12, 2021, the Company initiated a unit offering and it terminated on May 12, 2021. The |
unit offering consisted of Units of the Company’s securities where each Unit (priced at $250.00 each) was comprised of (i) the |
number of Common Stock shares represented by the high-low average on the purchase date and (ii) Common Stock purchase warrants to purchase |
an additional fifty (50) shares of Common Stock at a per share exercise price of $.25. The investor’s Plan account was credited |
with the number of shares of the Company’s Common Stock and Warrants acquired under the Units purchased. For Plan participants |
who enrolled into the unit offering with the purchase of at least one Unit or who enrolled in the separate Automatic Monthly Investments |
(“AMI”) program at a minimum of $50.00 per month or more, received an additional fifty (50) warrants at an exercise price |
of $.25 during this Unit Option Program. The fifty (50) additional warrants were for enrolling into the AMI program. Existing subscribers |
to the AMI were also entitled to the additional fifty (50) warrants once, provided that they purchased at least one (1) unit during the |
Unit program. Each warrant affords the participant the opportunity to purchase one share of our Common Stock at a warrant exercise price |
of $.25. The warrant is referred to as “ZNWAO.” The warrants became exercisable on June 12, 2021 |
and continue to be exercisable through June 12, 2023 at a per share exercise price of $ .25 . Under |
our Plan, the Company under a Request For Waiver Program executed a Waiver Term Sheet for a unit program consisting of units of shares and warrants to a participant. After conclusion of the program on May 28, 2021, the participant’s Plan account was credited |
with the number of shares of the Company’s Common Stock and Warrants that were acquired. Each warrant affords the participant the |
opportunity to purchase one share of our Common Stock at a warrant exercise price of $ .25 . The warrant has the company notation of “ZNWAP.” |
The warrants will not be registered for trading on the OTCQX or any other stock market or trading market. The warrants were issued and |
became exercisable on June 2, 2021 and continue to be exercisable through June 2, 2022 at a per share exercise price of $.25. On |
March 21, 2022, the Company extended the termination date of the ZNWAP Warrant by one (1) year from the expiration date of June 2, 2022 |
to June 2, 2023. Zion considers this warrant as permanent equity per ASC 815-40-35-2. As such, there is no value assigned to this extension. Under |
our Plan, the Company under a Request For Waiver Program executed a Waiver Term Sheet for a program consisting of Zion securities to |
a participant. After conclusion of the program on June 17, 2021, the participant’s Plan account was credited with the number of |
shares of the Company’s Common Stock that were acquired. Under our Plan, the Company under a Request For Waiver Program executed |
a Waiver Term Sheet of a unit program consisting of units of shares of stock and warrants to a participant. After conclusion of the program |
on June 18, 2021, the participant’s Plan account was credited with the number of shares of the Company’s Common Stock and |
Warrants that were acquired. Each warrant affords the participant the opportunity to purchase one share of our Common Stock at a warrant |
exercise price of $.25. The warrant shall have the company notation of “ZNWAQ.” The warrants will not be registered for trading |
on the OTCQX or any other stock market or trading market. The warrants were issued on May 5, 2022 and are exercisable through July 6, |
2022 at a per share exercise price of $.25. 23 Zion |
Oil & Gas, Inc. Consolidated |
Condensed Notes to Financial Statements (Unaudited) Note |
3 - Stockholders’ Equity (cont’d) Under |
our Plan, the Company under a Request For Waiver Program executed a Waiver Term Sheet of a unit program consisting of units of |
shares of stock and warrants to a participant. After conclusion of the program on June 18, 2021, the participant’s Plan |
account was credited with the number of shares of the Company’s Common Stock and Warrants that were acquired. Each warrant |
affords the participant the opportunity to purchase one share of our Common Stock at a warrant exercise price of $.25. The warrant |
shall have the company notation of “ZNWAR.” The warrants will not be registered for trading on the OTCQX or any other |
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