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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. 23 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) 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 continued 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. 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. 24 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 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 continued 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. During the second quarter of 2022, all warrants represented |
by ZNWAP and ZNWAR were exercised resulting in a net cash inflow of $364,979. 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. On May 17, 2022, the Company extended the termination |
date of the ZNWAQ Warrant by one (1) year from the expiration date of July 6, 2022 to July 6, 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 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 stock market or trading market. The warrants were issued and became exercisable on June |
22, 2021 and continue to be exercisable through June 22, 2022 at a per share exercise price of $.25. Additionally, Zion incurred $115,000 |
in equity issuance costs to an outside party related to this waiver program. 25 Zion Oil & Gas, Inc. Consolidated Condensed Notes to Financial Statements |
(Unaudited) Note 3 - Stockholders’ Equity (cont’d) On March 21, 2022, the Company extended the termination |
date of the ZNWAR Warrant by one (1) year from the expiration date of June 22, 2022 to June 22, 2023. Zion considers this warrant as permanent |
equity per ASC 815-40-35-2. As such, there is no value assigned to this extension. During the second quarter of 2022, all |
warrants represented by ZNWAP and ZNWAR were exercised resulting in a net cash inflow of $364,979. Under our Plan, the Company under a Request For |
Waiver Program executed a Waiver Term Sheet to a participant. After conclusion of the program on September 15, 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 November 15, 2021, the participant’s Plan account will be credited with the number of shares of the |
Company’s Common Stock and Warrants that will be 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 “ZNWAS.” The |
warrants will not be registered for trading on the OTCQX or any other stock market or trading market. The warrants will be exercisable |
on November 15, 2023 and continue to be exercisable through December 31, 2023 at a per share exercise price of $.25. During 2021, two participants who participated in the “Request |
for Waiver” aspect of the DSPP contributed approximately 67% of the cash raised through the DSPP. During the six months ended June |
30, 2022, one participant in the “Request for Waiver” aspect of the DSPP contributed approximately 77% of the cash raised |
through the DSPP. On December 9, 2019 Zion filed an Amendment No. |
1 to the Registration Statement on Form S-1 (File No. 333-235299) solely for the purpose of re-filing a revised Exhibit 5.1 to the Registration |
Statement. This Amendment No. 1 does not modify any provision of the prospectus that forms a part of the Registration Statement and accordingly, |
such prospectus has not been included herein. On December 10, 2021 Zion filed an Amendment No. |
1 to the Registration Statement on Form S-3 (File No. 333-235299) for the purpose of converting the existing Form S-1 to the Registration |
Statement on Form S-3. This Amendment No. 1 does not modify any provision of the prospectus that forms a part of the Registration Statement |
and accordingly such prospectus has not been included herein. For the three and six months ended June 30, 2022, |
approximately $ 1,566,000 , and $ 12,993,000 were raised under the DSPP program, respectively. For the three and six months ended June 30, 2021, |
approximately $ 10,939,000 , and $ 13,788,000 were raised under the DSPP program, respectively. The company raised approximately $ 533,000 from |
the period July 1, 2022 through August 8, 2022, under the DSPP program. The warrants represented by the company notation |
ZNWAA are tradeable on the OTCQX market under the symbol ZNOGW. However, all of the other warrants characterized above, in the table below, |
and throughout this Form 10-Q, are not tradeable and are used internally for classification and accounting purposes only. F. Subscription Rights |
Offering On April 2, 2018 the Company announced an offering |
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