| Stockholders' Equity (Details) - USD ($) | Apr. 13, 2018 | May 06, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Oct. 29, 2020 | Jan. 29, 2020 | Apr. 02, 2018 |
| Stockholders' Equity (Details) [Line Items] | | | | | | | | | |
| Common stock, par value | | | | $ 0.01 | | $ 0.01 | | | $ 0.01 |
| Exercise price per unit | | | | $ 1 | | | $ 1 | | |
| Stock option plan, expiration date | | | | The options vested upon grant and are exercisable through January 4, 2032. | | | | | |
| Unrecognized compensation cost | | | | $ 325,000 | | | | | |
| Warrants termination, description | | | | An
Amendment No. 2 to the Prospectus Supplement (as described below) was filed on October 12, 2017. Under
Amendment No. 2, the Company initiated another unit offering which terminated on December 6, 2017. | | | | | |
| Price per share | | $ 3 | | $ 1 | | | | $ 3 | |
| Common stock shares, description | | | | 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.
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. 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. 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 ofunits 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 $1.00. 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 three months ended March 31, 2022, one participant in the “Request for Waiver”
aspect of the DSPP contributed approximately 85% 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 months ended March 31, 2022, and 2021, approximately $11,427,000, and $2,849,000 were raised under the DSPP program, respectively. The company raised approximately $2,585,000 from the period April
1, 2022 through May 6, 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-K, are not tradeable and are used internally for classification
and accounting purposes only. G.
Subscription Rights Offering On
April 2, 2018 the Company announced an offering (“2018 Subscription Rights Offering”) through American Stock Transfer &
Trust Company, LLC (the “Subscription Agent”), at no cost to the shareholders, of non-transferable Subscription Rights (each
“Right” and collectively, the “Rights”) to purchase its securities to persons who owned shares of our Common
Stock on April 13, 2018 (“the Record Date”). Pursuant to the 2018 Subscription Rights Offering, each holder of shares of
common stock on the Record Date received non-transferable Subscription Rights, with each Right comprised of one share of the Company
Common Stock, par value $0.01 per share (the “Common Stock”) and one Common Stock Purchase Warrant to purchase
an additional one share of Common Stock. Each Right could be exercised or subscribed at a per Right subscription price of $5.00.
Each Warrant affords the investor the opportunity to purchase one share of the Company Common Stock at a warrant exercise price of $3.00.
The warrant is referred to as “ZNWAI.” | | | | | |
| Exercise price per share | | | | $ 0.25 | | | | | |
| Common stock and warrant, description | | | | 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. | | | | | |
| DSPP program raised amount | | | $ 2,585,000 | $ 11,427,000 | $ 2,849,000 | | | | |
| Subscription price per share | | $ 5 | | | | | | | |
| Two Zero Two One Omnibus Incentive Stock Option Plan [Member] | | | | | | | | | |
| Stockholders' Equity (Details) [Line Items] | | | | | | | | | |
| Shares of common stock | | | | 38,000,000 | | | | | |
| Exercisable period | | | | 10 years | | | | | |
| Dividend Reinvestment and Stock Purchase Plan [Member] | | | | | | | | | |
| Stockholders' Equity (Details) [Line Items] | | | | | | | | | |
| Warrants termination, description | | | | The
ZNWAB warrants first became exercisable on May 2, 2016 and, in the case of ZNWAC on May 2, 2017 and in the case of ZNWAD on May 2, 2018,
at a per share exercise price of $1.00. | | | | | |
| ZNWAB warrants [Member] | | | | | | | | | |
| Stockholders' Equity (Details) [Line Items] | | | | | | | | | |
| Warrants termination, description | | | | As
of May 2, 2017, any outstanding ZNWAB warrants expired. | | | | | |
| ZNWAC warrants [Member] | | | | | | | | | |
| Stockholders' Equity (Details) [Line Items] | | | | | | | | | |
| Warrants termination, description | | | | As
of May 2, 2018, any outstanding ZNWAC warrants expired. | | | | | |
| ZNWAD Warrant one [Member] | | | | | | | | | |
| Stockholders' Equity (Details) [Line Items] | | | | | | | | | |
| Warrants termination, description | | | | On
May 29, 2019, the Company extended the termination date of the ZNWAD Warrant by one (1) year from the expiration date of May 2, 2020
to May 2, 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 ZNWAD Warrant by two (2) years from the expiration date of May 2,
2021 to May 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. On
November 1, 2016, the Company launched a unit offering under the Company’s DSPP pursuant to which participants could purchase units
comprised of seven shares of Common Stock and seven Common Stock purchase warrants, at a per unit purchase price of $10. The warrant
is referred to as “ZNWAE.” The
ZNWAE warrants became exercisable on May 1, 2017 and continued to be exercisable through May 1, 2020 at a per share exercise price of
$1.00. On
May 29, 2019, the Company extended the termination date of the ZNWAE Warrant by one (1) year from the expiration date of May 1, 2020
to May 1, 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 ZNWAE Warrant by two (2) years from the expiration date of May 1,
2021 to May 1, 2023. Zion considers this warrant as permanent equity per ASC 815-40-35-2. As such, there is no value assigned to this
extension. The warrant terms provide that if the Company’s Common Stock trades above $5.00 per share at the closing price for 15 consecutive trading days at any time prior to the expiration date of the warrant, the Company may, in its sole discretion, accelerate the termination of the warrant upon providing 60 days advanced notice to the warrant holders. On
May 22, 2017, the Company launched a new unit offering. This unit offering consisted of a new combination of common stock and warrants,
a new time period in which to purchase under the program, and a new unit price, but otherwise the same unit program features, conditions
and terms in the Prospectus Supplement applied. The unit offering terminated on July 12, 2017. This program enabled participants to purchase
Units of the Company’s securities where each Unit (priced at $250.00 each) was comprised of (i) the number of shares of Common
Stock determined by dividing $250.00 (the price of one Unit) by the average of the high and low sale prices of the Company’s Common
Stock as reported on the NASDAQ on the unit purchase date and (ii) Common Stock purchase warrants to purchase an additional 25 shares
of Common Stock at a warrant exercise price of $1.00 per share. The warrant is referred to as “ZNWAF.” All
ZNWAF warrants became exercisable on August 14, 2017 and continued to be exercisable through August 14, 2020 at a per share exercise
price of $1.00. On
May 29, 2019, the Company extended the termination date of the ZNWAF Warrant by one (1) year from the expiration date of August 14, 2020
to August 14, 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 ZNWAF Warrant by two (2) years from the expiration date of August
14, 2021 to August 14, 2023. Zion considers this warrant as permanent equity per ASC 815-40-35-2. As such, there is no value assigned
to this extension. The
warrant terms provide that if the Company’s Common Stock trades above $5.00 per share as the closing price for 15 consecutive trading
days at any time prior to the expiration date of the warrant, the Company has the sole discretion to accelerate the termination date
of the warrant upon providing 60 days advanced notice to the warrant holders. An
Amendment No. 2 to the Prospectus Supplement (as described below) was filed on October 12, 2017. Under
Amendment No. 2, the Company initiated another unit offering which terminated on December 6, 2017. This unit offering enabled participants
to purchase Units of the Company’s securities where each Unit (priced at $250.00 each) was comprised of (i) a certain number of
shares of Common Stock determined by dividing $250.00 (the price of one Unit) by the average of the high and low sale prices of the Company’s
Common Stock as reported on the NASDAQ on the unit purchase date and (ii) Common Stock purchase warrants to purchase an additional 15
shares of Common Stock at a warrant exercise price of $1.00 per share. The warrant is referred to as “ZNWAG.” The
warrants became exercisable on January 8, 2018 and continue to be exercisable through January 8, 2023 at a per share exercise price of
$1.00. The warrant terms provide that if the Company’s Common Stock trades above $5.00 per share as the closing price for 15 consecutive
trading days at any time prior to the expiration date of the warrant, the Company has the sole discretion to accelerate the termination
date of the warrant upon providing 60 days advanced notice to the warrant holders. On
February 1, 2018, the Company launched another unit offering which terminated on February 28, 2018. The unit offering consisted of Units
of our securities where each Unit (priced at $250.00 each) was comprised of (i) 50 shares of Common Stock and (ii) Common Stock purchase
warrants to purchase an additional 50 shares of Common Stock. The investor’s Plan account was credited with the number of shares
of the Company’s Common Stock acquired under the Units purchased. Each warrant affords the investor the opportunity to purchase
one share of Company Common Stock at a warrant exercise price of $5.00. The warrant is referred to as “ZNWAH.” The
warrants became exercisable on April 19, 2018 and continued to be exercisable through April 19, 2020 at a per share exercise price of
$5.00, after the Company, on December 4, 2018, extended the termination date of the Warrant by one (1) year from the expiration date
of April 19, 2019 to April 19, 2020. On
May 29, 2019, the Company extended the termination date of the ZNWAH Warrant by one (1) year from the expiration date of April 19, 2020
to April 19, 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 ZNWAH Warrant by two (2) years from the expiration date of April
19, 2021 to April 19, 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
August 21, 2018, the Company initiated another unit offering, and it terminated on September 26, 2018. The offering consisted of Units
of the Company’s securities where each Unit (priced at $250.00 each) was comprised of (i) a certain number of shares of Common
Stock determined by dividing $250.00 (the price of one Unit) by the average of the high and low sale prices of the Company’s publicly
traded common stock as reported on the NASDAQ on the Unit Purchase Date and (ii) Common Stock purchase warrants to purchase an additional
twenty-five (25) shares of Common Stock. The investor’s Plan account was credited with the number of shares of the Company’s
Common Stock acquired under the Units purchased. Each warrant affords the investor the opportunity to purchase one share of Company Common
Stock at a warrant exercise price of $1.00. The warrant is referred to as “ZNWAJ.” The
warrants became exercisable on October 29, 2018 and continued to be exercisable through October 29, 2020 at a per share exercise price
of $1.00, after the Company, on December 4, 2018, extended the termination date of the Warrant by one (1) year from the expiration date
of October 29, 2019 to October 29, 2020. On
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.” 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. 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.
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. 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. 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 ofunits 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 $1.00. 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 three months ended March 31, 2022, one participant in the “Request for Waiver”
aspect of the DSPP contributed approximately 85% 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 months ended March 31, 2022, and 2021, approximately $11,427,000, and $2,849,000 were raised under the DSPP program, respectively. The company raised approximately $2,585,000 from the period April
1, 2022 through May 6, 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-K, are not tradeable and are used internally for classification
and accounting purposes only. G.
Subscription Rights Offering On
April 2, 2018 the Company announced an offering (“2018 Subscription Rights Offering”) through American Stock Transfer &
Trust Company, LLC (the “Subscription Agent”), at no cost to the shareholders, of non-transferable Subscription Rights (each
“Right” and collectively, the “Rights”) to purchase its securities to persons who owned shares of our Common
Stock on April 13, 2018 (“the Record Date”). Pursuant to the 2018 Subscription Rights Offering, each holder of shares of
common stock on the Record Date received non-transferable Subscription Rights, with each Right comprised of one share of the Company
Common Stock, par value $0.01 per share (the “Common Stock”) and one Common Stock Purchase Warrant to purchase
an additional one share of Common Stock. Each Right could be exercised or subscribed at a per Right subscription price of $5.00.
Each Warrant affords the investor the opportunity to purchase one share of the Company Common Stock at a warrant exercise price of $3.00.
The warrant is referred to as “ZNWAI.” The
warrants became exercisable on June 29, 2018 and continued to be exercisable through June 29, 2020 at a per share exercise price of $3.00,
after the Company, on December 4, 2018, extended the termination date of the Warrant by one (1) year from the expiration date of June
29, 2019 to June 29, 2020. On
May 29, 2019, the Company extended the termination date of the ZNWAI Warrant by one (1) year from the expiration date of June 29, 2020
to June 29, 2021. On
September 15, 2020, the Company extended the termination date of the ZNWAI Warrant by two (2) years from the expiration date of June
29, 2021 to June 29, 2023. Zion considers this warrant as permanent equity per ASC 815-40-35-2. | | | | | |
| ZNWAD Warrant Two [Member] | | | | | | | | | |
| Stockholders' Equity (Details) [Line Items] | | | | | | | | | |
| Warrants termination, description | | | | On
September 15, 2020, the Company extended the termination date of the ZNWAD Warrant by two (2) years from the expiration date of May 2,
2021 to May 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. On
November 1, 2016, the Company launched a unit offering under the Company’s DSPP pursuant to which participants could purchase units
comprised of seven shares of Common Stock and seven Common Stock purchase warrants, at a per unit purchase price of $10. The warrant
is referred to as “ZNWAE.” The
ZNWAE warrants became exercisable on May 1, 2017 and continued to be exercisable through May 1, 2020 at a per share exercise price of
$1.00. On
May 29, 2019, the Company extended the termination date of the ZNWAE Warrant by one (1) year from the expiration date of May 1, 2020
to May 1, 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 ZNWAE Warrant by two (2) years from the expiration date of May 1,
2021 to May 1, 2023. Zion considers this warrant as permanent equity per ASC 815-40-35-2. As such, there is no value assigned to this
extension. The warrant terms provide that if the Company’s Common Stock trades above $5.00 per share at the closing price for 15 consecutive trading days at any time prior to the expiration date of the warrant, the Company may, in its sole discretion, accelerate the termination of the warrant upon providing 60 days advanced notice to the warrant holders. On
May 22, 2017, the Company launched a new unit offering. This unit offering consisted of a new combination of common stock and warrants,
a new time period in which to purchase under the program, and a new unit price, but otherwise the same unit program features, conditions
and terms in the Prospectus Supplement applied. The unit offering terminated on July 12, 2017. This program enabled participants to purchase
Units of the Company’s securities where each Unit (priced at $250.00 each) was comprised of (i) the number of shares of Common
Stock determined by dividing $250.00 (the price of one Unit) by the average of the high and low sale prices of the Company’s Common
Stock as reported on the NASDAQ on the unit purchase date and (ii) Common Stock purchase warrants to purchase an additional 25 shares
of Common Stock at a warrant exercise price of $1.00 per share. The warrant is referred to as “ZNWAF.” All
ZNWAF warrants became exercisable on August 14, 2017 and continued to be exercisable through August 14, 2020 at a per share exercise
price of $1.00. On
May 29, 2019, the Company extended the termination date of the ZNWAF Warrant by one (1) year from the expiration date of August 14, 2020
to August 14, 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 ZNWAF Warrant by two (2) years from the expiration date of August
14, 2021 to August 14, 2023. Zion considers this warrant as permanent equity per ASC 815-40-35-2. As such, there is no value assigned
to this extension. The
warrant terms provide that if the Company’s Common Stock trades above $5.00 per share as the closing price for 15 consecutive trading
days at any time prior to the expiration date of the warrant, the Company has the sole discretion to accelerate the termination date
of the warrant upon providing 60 days advanced notice to the warrant holders. An
Amendment No. 2 to the Prospectus Supplement (as described below) was filed on October 12, 2017. Under
Amendment No. 2, the Company initiated another unit offering which terminated on December 6, 2017. This unit offering enabled participants
to purchase Units of the Company’s securities where each Unit (priced at $250.00 each) was comprised of (i) a certain number of
shares of Common Stock determined by dividing $250.00 (the price of one Unit) by the average of the high and low sale prices of the Company’s
Common Stock as reported on the NASDAQ on the unit purchase date and (ii) Common Stock purchase warrants to purchase an additional 15
shares of Common Stock at a warrant exercise price of $1.00 per share. The warrant is referred to as “ZNWAG.” The
warrants became exercisable on January 8, 2018 and continue to be exercisable through January 8, 2023 at a per share exercise price of
$1.00. The warrant terms provide that if the Company’s Common Stock trades above $5.00 per share as the closing price for 15 consecutive
trading days at any time prior to the expiration date of the warrant, the Company has the sole discretion to accelerate the termination
date of the warrant upon providing 60 days advanced notice to the warrant holders. On
February 1, 2018, the Company launched another unit offering which terminated on February 28, 2018. The unit offering consisted of Units
of our securities where each Unit (priced at $250.00 each) was comprised of (i) 50 shares of Common Stock and (ii) Common Stock purchase
warrants to purchase an additional 50 shares of Common Stock. The investor’s Plan account was credited with the number of shares
of the Company’s Common Stock acquired under the Units purchased. Each warrant affords the investor the opportunity to purchase
one share of Company Common Stock at a warrant exercise price of $5.00. The warrant is referred to as “ZNWAH.” The
warrants became exercisable on April 19, 2018 and continued to be exercisable through April 19, 2020 at a per share exercise price of
$5.00, after the Company, on December 4, 2018, extended the termination date of the Warrant by one (1) year from the expiration date
of April 19, 2019 to April 19, 2020. On
May 29, 2019, the Company extended the termination date of the ZNWAH Warrant by one (1) year from the expiration date of April 19, 2020
to April 19, 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 ZNWAH Warrant by two (2) years from the expiration date of April
19, 2021 to April 19, 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
August 21, 2018, the Company initiated another unit offering, and it terminated on September 26, 2018. The offering consisted of Units
of the Company’s securities where each Unit (priced at $250.00 each) was comprised of (i) a certain number of shares of Common
Stock determined by dividing $250.00 (the price of one Unit) by the average of the high and low sale prices of the Company’s publicly
traded common stock as reported on the NASDAQ on the Unit Purchase Date and (ii) Common Stock purchase warrants to purchase an additional
twenty-five (25) shares of Common Stock. The investor’s Plan account was credited with the number of shares of the Company’s
Common Stock acquired under the Units purchased. Each warrant affords the investor the opportunity to purchase one share of Company Common
Stock at a warrant exercise price of $1.00. The warrant is referred to as “ZNWAJ.” The
warrants became exercisable on October 29, 2018 and continued to be exercisable through October 29, 2020 at a per share exercise price
of $1.00, after the Company, on December 4, 2018, extended the termination date of the Warrant by one (1) year from the expiration date
of October 29, 2019 to October 29, 2020. On
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.” 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. 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.
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. 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. 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 ofunits 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 $1.00. 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 three months ended March 31, 2022, one participant in the “Request for Waiver”
aspect of the DSPP contributed approximately 85% 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 months ended March 31, 2022, and 2021, approximately $11,427,000, and $2,849,000 were raised under the DSPP program, respectively. The company raised approximately $2,585,000 from the period April
1, 2022 through May 6, 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-K, are not tradeable and are used internally for classification
and accounting purposes only. G.
Subscription Rights Offering On
April 2, 2018 the Company announced an offering (“2018 Subscription Rights Offering”) through American Stock Transfer &
Trust Company, LLC (the “Subscription Agent”), at no cost to the shareholders, of non-transferable Subscription Rights (each
“Right” and collectively, the “Rights”) to purchase its securities to persons who owned shares of our Common
Stock on April 13, 2018 (“the Record Date”). Pursuant to the 2018 Subscription Rights Offering, each holder of shares of
common stock on the Record Date received non-transferable Subscription Rights, with each Right comprised of one share of the Company
Common Stock, par value $0.01 per share (the “Common Stock”) and one Common Stock Purchase Warrant to purchase
an additional one share of Common Stock. Each Right could be exercised or subscribed at a per Right subscription price of $5.00.
Each Warrant affords the investor the opportunity to purchase one share of the Company Common Stock at a warrant exercise price of $3.00.
The warrant is referred to as “ZNWAI.” The
warrants became exercisable on June 29, 2018 and continued to be exercisable through June 29, 2020 at a per share exercise price of $3.00,
after the Company, on December 4, 2018, extended the termination date of the Warrant by one (1) year from the expiration date of June
29, 2019 to June 29, 2020. On
May 29, 2019, the Company extended the termination date of the ZNWAI Warrant by one (1) year from the expiration date of June 29, 2020
to June 29, 2021. On
September 15, 2020, the Company extended the termination date of the ZNWAI Warrant by two (2) years from the expiration date of June
29, 2021 to June 29, 2023. Zion considers this warrant as permanent equity per ASC 815-40-35-2. | | | | | |
| ZNWAE Warrants [Member] | | | | | | | | | |
| Stockholders' Equity (Details) [Line Items] | | | | | | | | | |
| Warrants termination, description | | | | The
ZNWAE warrants became exercisable on May 1, 2017 and continued to be exercisable through May 1, 2020 at a per share exercise price of
$1.00. | | | | | |
| Price per share | [1],[2] | | | $ 1 | | | | | |
| ZNWAE Warrant One [Member] | | | | | | | | | |
| Stockholders' Equity (Details) [Line Items] | | | | | | | | | |
| Warrants termination, description | | | | On
May 29, 2019, the Company extended the termination date of the ZNWAE Warrant by one (1) year from the expiration date of May 1, 2020
to May 1, 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 ZNWAE Warrant by two (2) years from the expiration date of May 1,
2021 to May 1, 2023. Zion considers this warrant as permanent equity per ASC 815-40-35-2. As such, there is no value assigned to this
extension. The warrant terms provide that if the Company’s Common Stock trades above $5.00 per share at the closing price for 15 consecutive trading days at any time prior to the expiration date of the warrant, the Company may, in its sole discretion, accelerate the termination of the warrant upon providing 60 days advanced notice to the warrant holders. On
May 22, 2017, the Company launched a new unit offering. This unit offering consisted of a new combination of common stock and warrants,
a new time period in which to purchase under the program, and a new unit price, but otherwise the same unit program features, conditions
and terms in the Prospectus Supplement applied. The unit offering terminated on July 12, 2017. This program enabled participants to purchase
Units of the Company’s securities where each Unit (priced at $250.00 each) was comprised of (i) the number of shares of Common
Stock determined by dividing $250.00 (the price of one Unit) by the average of the high and low sale prices of the Company’s Common
Stock as reported on the NASDAQ on the unit purchase date and (ii) Common Stock purchase warrants to purchase an additional 25 shares
of Common Stock at a warrant exercise price of $1.00 per share. The warrant is referred to as “ZNWAF.” All
ZNWAF warrants became exercisable on August 14, 2017 and continued to be exercisable through August 14, 2020 at a per share exercise
price of $1.00. On
May 29, 2019, the Company extended the termination date of the ZNWAF Warrant by one (1) year from the expiration date of August 14, 2020
to August 14, 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 ZNWAF Warrant by two (2) years from the expiration date of August
14, 2021 to August 14, 2023. Zion considers this warrant as permanent equity per ASC 815-40-35-2. As such, there is no value assigned
to this extension. The
warrant terms provide that if the Company’s Common Stock trades above $5.00 per share as the closing price for 15 consecutive trading
days at any time prior to the expiration date of the warrant, the Company has the sole discretion to accelerate the termination date
of the warrant upon providing 60 days advanced notice to the warrant holders. An
Amendment No. 2 to the Prospectus Supplement (as described below) was filed on October 12, 2017. Under
Amendment No. 2, the Company initiated another unit offering which terminated on December 6, 2017. This unit offering enabled participants
to purchase Units of the Company’s securities where each Unit (priced at $250.00 each) was comprised of (i) a certain number of
shares of Common Stock determined by dividing $250.00 (the price of one Unit) by the average of the high and low sale prices of the Company’s
Common Stock as reported on the NASDAQ on the unit purchase date and (ii) Common Stock purchase warrants to purchase an additional 15
shares of Common Stock at a warrant exercise price of $1.00 per share. The warrant is referred to as “ZNWAG.” The
warrants became exercisable on January 8, 2018 and continue to be exercisable through January 8, 2023 at a per share exercise price of
$1.00. The warrant terms provide that if the Company’s Common Stock trades above $5.00 per share as the closing price for 15 consecutive
trading days at any time prior to the expiration date of the warrant, the Company has the sole discretion to accelerate the termination
date of the warrant upon providing 60 days advanced notice to the warrant holders. On
February 1, 2018, the Company launched another unit offering which terminated on February 28, 2018. The unit offering consisted of Units
of our securities where each Unit (priced at $250.00 each) was comprised of (i) 50 shares of Common Stock and (ii) Common Stock purchase
warrants to purchase an additional 50 shares of Common Stock. The investor’s Plan account was credited with the number of shares
of the Company’s Common Stock acquired under the Units purchased. Each warrant affords the investor the opportunity to purchase
one share of Company Common Stock at a warrant exercise price of $5.00. The warrant is referred to as “ZNWAH.” The
warrants became exercisable on April 19, 2018 and continued to be exercisable through April 19, 2020 at a per share exercise price of
$5.00, after the Company, on December 4, 2018, extended the termination date of the Warrant by one (1) year from the expiration date
of April 19, 2019 to April 19, 2020. On
May 29, 2019, the Company extended the termination date of the ZNWAH Warrant by one (1) year from the expiration date of April 19, 2020
to April 19, 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 ZNWAH Warrant by two (2) years from the expiration date of April
19, 2021 to April 19, 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
August 21, 2018, the Company initiated another unit offering, and it terminated on September 26, 2018. The offering consisted of Units
of the Company’s securities where each Unit (priced at $250.00 each) was comprised of (i) a certain number of shares of Common
Stock determined by dividing $250.00 (the price of one Unit) by the average of the high and low sale prices of the Company’s publicly
traded common stock as reported on the NASDAQ on the Unit Purchase Date and (ii) Common Stock purchase warrants to purchase an additional
twenty-five (25) shares of Common Stock. The investor’s Plan account was credited with the number of shares of the Company’s
Common Stock acquired under the Units purchased. Each warrant affords the investor the opportunity to purchase one share of Company Common
Stock at a warrant exercise price of $1.00. The warrant is referred to as “ZNWAJ.” The
warrants became exercisable on October 29, 2018 and continued to be exercisable through October 29, 2020 at a per share exercise price
of $1.00, after the Company, on December 4, 2018, extended the termination date of the Warrant by one (1) year from the expiration date
of October 29, 2019 to October 29, 2020. On
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.” 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. 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.
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. 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. 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 ofunits 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 $1.00. 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 three months ended March 31, 2022, one participant in the “Request for Waiver”
aspect of the DSPP contributed approximately 85% 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 months ended March 31, 2022, and 2021, approximately $11,427,000, and $2,849,000 were raised under the DSPP program, respectively. The company raised approximately $2,585,000 from the period April
1, 2022 through May 6, 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-K, are not tradeable and are used internally for classification
and accounting purposes only. G.
Subscription Rights Offering On
April 2, 2018 the Company announced an offering (“2018 Subscription Rights Offering”) through American Stock Transfer &
Trust Company, LLC (the “Subscription Agent”), at no cost to the shareholders, of non-transferable Subscription Rights (each
“Right” and collectively, the “Rights”) to purchase its securities to persons who owned shares of our Common
Stock on April 13, 2018 (“the Record Date”). Pursuant to the 2018 Subscription Rights Offering, each holder of shares of
common stock on the Record Date received non-transferable Subscription Rights, with each Right comprised of one share of the Company
Common Stock, par value $0.01 per share (the “Common Stock”) and one Common Stock Purchase Warrant to purchase
an additional one share of Common Stock. Each Right could be exercised or subscribed at a per Right subscription price of $5.00.
Each Warrant affords the investor the opportunity to purchase one share of the Company Common Stock at a warrant exercise price of $3.00.
The warrant is referred to as “ZNWAI.” The
warrants became exercisable on June 29, 2018 and continued to be exercisable through June 29, 2020 at a per share exercise price of $3.00,
after the Company, on December 4, 2018, extended the termination date of the Warrant by one (1) year from the expiration date of June
29, 2019 to June 29, 2020. On
May 29, 2019, the Company extended the termination date of the ZNWAI Warrant by one (1) year from the expiration date of June 29, 2020
to June 29, 2021. On
September 15, 2020, the Company extended the termination date of the ZNWAI Warrant by two (2) years from the expiration date of June
29, 2021 to June 29, 2023. Zion considers this warrant as permanent equity per ASC 815-40-35-2. | | | | | |
| ZNWAE Warrant Two [Member] | | | | | | | | | |
| Stockholders' Equity (Details) [Line Items] | | | | | | | | | |
| Warrants termination, description | | | | On
September 15, 2020, the Company extended the termination date of the ZNWAE Warrant by two (2) years from the expiration date of May 1,
2021 to May 1, 2023. Zion considers this warrant as permanent equity per ASC 815-40-35-2. As such, there is no value assigned to this
extension. The warrant terms provide that if the Company’s Common Stock trades above $5.00 per share at the closing price for 15 consecutive trading days at any time prior to the expiration date of the warrant, the Company may, in its sole discretion, accelerate the termination of the warrant upon providing 60 days advanced notice to the warrant holders. On
May 22, 2017, the Company launched a new unit offering. This unit offering consisted of a new combination of common stock and warrants,
a new time period in which to purchase under the program, and a new unit price, but otherwise the same unit program features, conditions
and terms in the Prospectus Supplement applied. The unit offering terminated on July 12, 2017. This program enabled participants to purchase
Units of the Company’s securities where each Unit (priced at $250.00 each) was comprised of (i) the number of shares of Common
Stock determined by dividing $250.00 (the price of one Unit) by the average of the high and low sale prices of the Company’s Common
Stock as reported on the NASDAQ on the unit purchase date and (ii) Common Stock purchase warrants to purchase an additional 25 shares
of Common Stock at a warrant exercise price of $1.00 per share. The warrant is referred to as “ZNWAF.” All
ZNWAF warrants became exercisable on August 14, 2017 and continued to be exercisable through August 14, 2020 at a per share exercise
price of $1.00. On
May 29, 2019, the Company extended the termination date of the ZNWAF Warrant by one (1) year from the expiration date of August 14, 2020
to August 14, 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 ZNWAF Warrant by two (2) years from the expiration date of August
14, 2021 to August 14, 2023. Zion considers this warrant as permanent equity per ASC 815-40-35-2. As such, there is no value assigned
to this extension. The
warrant terms provide that if the Company’s Common Stock trades above $5.00 per share as the closing price for 15 consecutive trading
days at any time prior to the expiration date of the warrant, the Company has the sole discretion to accelerate the termination date
of the warrant upon providing 60 days advanced notice to the warrant holders. An
Amendment No. 2 to the Prospectus Supplement (as described below) was filed on October 12, 2017. Under
Amendment No. 2, the Company initiated another unit offering which terminated on December 6, 2017. This unit offering enabled participants
to purchase Units of the Company’s securities where each Unit (priced at $250.00 each) was comprised of (i) a certain number of
shares of Common Stock determined by dividing $250.00 (the price of one Unit) by the average of the high and low sale prices of the Company’s
Common Stock as reported on the NASDAQ on the unit purchase date and (ii) Common Stock purchase warrants to purchase an additional 15
shares of Common Stock at a warrant exercise price of $1.00 per share. The warrant is referred to as “ZNWAG.” The
warrants became exercisable on January 8, 2018 and continue to be exercisable through January 8, 2023 at a per share exercise price of
$1.00. The warrant terms provide that if the Company’s Common Stock trades above $5.00 per share as the closing price for 15 consecutive
trading days at any time prior to the expiration date of the warrant, the Company has the sole discretion to accelerate the termination
date of the warrant upon providing 60 days advanced notice to the warrant holders. On
February 1, 2018, the Company launched another unit offering which terminated on February 28, 2018. The unit offering consisted of Units
of our securities where each Unit (priced at $250.00 each) was comprised of (i) 50 shares of Common Stock and (ii) Common Stock purchase
warrants to purchase an additional 50 shares of Common Stock. The investor’s Plan account was credited with the number of shares
of the Company’s Common Stock acquired under the Units purchased. Each warrant affords the investor the opportunity to purchase
one share of Company Common Stock at a warrant exercise price of $5.00. The warrant is referred to as “ZNWAH.” The
warrants became exercisable on April 19, 2018 and continued to be exercisable through April 19, 2020 at a per share exercise price of
$5.00, after the Company, on December 4, 2018, extended the termination date of the Warrant by one (1) year from the expiration date
of April 19, 2019 to April 19, 2020. On
May 29, 2019, the Company extended the termination date of the ZNWAH Warrant by one (1) year from the expiration date of April 19, 2020
to April 19, 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 ZNWAH Warrant by two (2) years from the expiration date of April
19, 2021 to April 19, 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
August 21, 2018, the Company initiated another unit offering, and it terminated on September 26, 2018. The offering consisted of Units
of the Company’s securities where each Unit (priced at $250.00 each) was comprised of (i) a certain number of shares of Common
Stock determined by dividing $250.00 (the price of one Unit) by the average of the high and low sale prices of the Company’s publicly
traded common stock as reported on the NASDAQ on the Unit Purchase Date and (ii) Common Stock purchase warrants to purchase an additional
twenty-five (25) shares of Common Stock. The investor’s Plan account was credited with the number of shares of the Company’s
Common Stock acquired under the Units purchased. Each warrant affords the investor the opportunity to purchase one share of Company Common
Stock at a warrant exercise price of $1.00. The warrant is referred to as “ZNWAJ.” The
warrants became exercisable on October 29, 2018 and continued to be exercisable through October 29, 2020 at a per share exercise price
of $1.00, after the Company, on December 4, 2018, extended the termination date of the Warrant by one (1) year from the expiration date
of October 29, 2019 to October 29, 2020. On
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.” 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. 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.
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. 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. 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 ofunits 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 $1.00. 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 three months ended March 31, 2022, one participant in the “Request for Waiver”
aspect of the DSPP contributed approximately 85% 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 months ended March 31, 2022, and 2021, approximately $11,427,000, and $2,849,000 were raised under the DSPP program, respectively. The company raised approximately $2,585,000 from the period April
1, 2022 through May 6, 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-K, are not tradeable and are used internally for classification
and accounting purposes only. G.
Subscription Rights Offering On
April 2, 2018 the Company announced an offering (“2018 Subscription Rights Offering”) through American Stock Transfer &
Trust Company, LLC (the “Subscription Agent”), at no cost to the shareholders, of non-transferable Subscription Rights (each
“Right” and collectively, the “Rights”) to purchase its securities to persons who owned shares of our Common
Stock on April 13, 2018 (“the Record Date”). Pursuant to the 2018 Subscription Rights Offering, each holder of shares of
common stock on the Record Date received non-transferable Subscription Rights, with each Right comprised of one share of the Company
Common Stock, par value $0.01 per share (the “Common Stock”) and one Common Stock Purchase Warrant to purchase
an additional one share of Common Stock. Each Right could be exercised or subscribed at a per Right subscription price of $5.00.
Each Warrant affords the investor the opportunity to purchase one share of the Company Common Stock at a warrant exercise price of $3.00.
The warrant is referred to as “ZNWAI.” The
warrants became exercisable on June 29, 2018 and continued to be exercisable through June 29, 2020 at a per share exercise price of $3.00,
after the Company, on December 4, 2018, extended the termination date of the Warrant by one (1) year from the expiration date of June
29, 2019 to June 29, 2020. On
May 29, 2019, the Company extended the termination date of the ZNWAI Warrant by one (1) year from the expiration date of June 29, 2020
to June 29, 2021. On
September 15, 2020, the Company extended the termination date of the ZNWAI Warrant by two (2) years from the expiration date of June
29, 2021 to June 29, 2023. Zion considers this warrant as permanent equity per ASC 815-40-35-2. | | | | | |
| Warrant [Member] | | | | | | | | | |
| Stockholders' Equity (Details) [Line Items] | | | | | | | | | |
| Exercise price per unit | | | | $ 1 | | | | | |
| Price per share | | | | 5 | | | | | |
| Warrant exercise price | | | | $ 0.25 | | | | | |
| ZNWAF Warrant Two [Member] | | | | | | | | | |
| Stockholders' Equity (Details) [Line Items] | | | | | | | | | |
| Warrants termination, description | | | | On
September 15, 2020, the Company extended the termination date of the ZNWAF Warrant by two (2) years from the expiration date of August
14, 2021 to August 14, 2023. Zion considers this warrant as permanent equity per ASC 815-40-35-2. As such, there is no value assigned
to this extension. The
warrant terms provide that if the Company’s Common Stock trades above $5.00 per share as the closing price for 15 consecutive trading
days at any time prior to the expiration date of the warrant, the Company has the sole discretion to accelerate the termination date
of the warrant upon providing 60 days advanced notice to the warrant holders. An
Amendment No. 2 to the Prospectus Supplement (as described below) was filed on October 12, 2017. Under
Amendment No. 2, the Company initiated another unit offering which terminated on December 6, 2017. This unit offering enabled participants
to purchase Units of the Company’s securities where each Unit (priced at $250.00 each) was comprised of (i) a certain number of
shares of Common Stock determined by dividing $250.00 (the price of one Unit) by the average of the high and low sale prices of the Company’s
Common Stock as reported on the NASDAQ on the unit purchase date and (ii) Common Stock purchase warrants to purchase an additional 15
shares of Common Stock at a warrant exercise price of $1.00 per share. The warrant is referred to as “ZNWAG.” The
warrants became exercisable on January 8, 2018 and continue to be exercisable through January 8, 2023 at a per share exercise price of
$1.00. The warrant terms provide that if the Company’s Common Stock trades above $5.00 per share as the closing price for 15 consecutive
trading days at any time prior to the expiration date of the warrant, the Company has the sole discretion to accelerate the termination
date of the warrant upon providing 60 days advanced notice to the warrant holders. On
February 1, 2018, the Company launched another unit offering which terminated on February 28, 2018. The unit offering consisted of Units
of our securities where each Unit (priced at $250.00 each) was comprised of (i) 50 shares of Common Stock and (ii) Common Stock purchase
warrants to purchase an additional 50 shares of Common Stock. The investor’s Plan account was credited with the number of shares
of the Company’s Common Stock acquired under the Units purchased. Each warrant affords the investor the opportunity to purchase
one share of Company Common Stock at a warrant exercise price of $5.00. The warrant is referred to as “ZNWAH.” The
warrants became exercisable on April 19, 2018 and continued to be exercisable through April 19, 2020 at a per share exercise price of
$5.00, after the Company, on December 4, 2018, extended the termination date of the Warrant by one (1) year from the expiration date
of April 19, 2019 to April 19, 2020. On
May 29, 2019, the Company extended the termination date of the ZNWAH Warrant by one (1) year from the expiration date of April 19, 2020
to April 19, 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 ZNWAH Warrant by two (2) years from the expiration date of April
19, 2021 to April 19, 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
August 21, 2018, the Company initiated another unit offering, and it terminated on September 26, 2018. The offering consisted of Units
of the Company’s securities where each Unit (priced at $250.00 each) was comprised of (i) a certain number of shares of Common
Stock determined by dividing $250.00 (the price of one Unit) by the average of the high and low sale prices of the Company’s publicly
traded common stock as reported on the NASDAQ on the Unit Purchase Date and (ii) Common Stock purchase warrants to purchase an additional
twenty-five (25) shares of Common Stock. The investor’s Plan account was credited with the number of shares of the Company’s
Common Stock acquired under the Units purchased. Each warrant affords the investor the opportunity to purchase one share of Company Common
Stock at a warrant exercise price of $1.00. The warrant is referred to as “ZNWAJ.” The
warrants became exercisable on October 29, 2018 and continued to be exercisable through October 29, 2020 at a per share exercise price
of $1.00, after the Company, on December 4, 2018, extended the termination date of the Warrant by one (1) year from the expiration date
of October 29, 2019 to October 29, 2020. On
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.” 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. 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.
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. 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. 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 ofunits 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 $1.00. 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 three months ended March 31, 2022, one participant in the “Request for Waiver”
aspect of the DSPP contributed approximately 85% 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 months ended March 31, 2022, and 2021, approximately $11,427,000, and $2,849,000 were raised under the DSPP program, respectively. The company raised approximately $2,585,000 from the period April
1, 2022 through May 6, 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-K, are not tradeable and are used internally for classification
and accounting purposes only. G.
Subscription Rights Offering On
April 2, 2018 the Company announced an offering (“2018 Subscription Rights Offering”) through American Stock Transfer &
Trust Company, LLC (the “Subscription Agent”), at no cost to the shareholders, of non-transferable Subscription Rights (each
“Right” and collectively, the “Rights”) to purchase its securities to persons who owned shares of our Common
Stock on April 13, 2018 (“the Record Date”). Pursuant to the 2018 Subscription Rights Offering, each holder of shares of
common stock on the Record Date received non-transferable Subscription Rights, with each Right comprised of one share of the Company
Common Stock, par value $0.01 per share (the “Common Stock”) and one Common Stock Purchase Warrant to purchase
an additional one share of Common Stock. Each Right could be exercised or subscribed at a per Right subscription price of $5.00.
Each Warrant affords the investor the opportunity to purchase one share of the Company Common Stock at a warrant exercise price of $3.00.
The warrant is referred to as “ZNWAI.” The
warrants became exercisable on June 29, 2018 and continued to be exercisable through June 29, 2020 at a per share exercise price of $3.00,
after the Company, on December 4, 2018, extended the termination date of the Warrant by one (1) year from the expiration date of June
29, 2019 to June 29, 2020. On
May 29, 2019, the Company extended the termination date of the ZNWAI Warrant by one (1) year from the expiration date of June 29, 2020
to June 29, 2021. On
September 15, 2020, the Company extended the termination date of the ZNWAI Warrant by two (2) years from the expiration date of June
29, 2021 to June 29, 2023. Zion considers this warrant as permanent equity per ASC 815-40-35-2. | | | | | |
| Warrants [Member] | | | | | | | | | |
| Stockholders' Equity (Details) [Line Items] | | | | | | | | | |
| Exercise price per unit | | | | $ 5 | | | | | |
| ZNWAH Warrant one [Member] | | | | | | | | | |
| Stockholders' Equity (Details) [Line Items] | | | | | | | | | |
| Warrants termination, description | | | | On
May 29, 2019, the Company extended the termination date of the ZNWAH Warrant by one (1) year from the expiration date of April 19, 2020
to April 19, 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 ZNWAH Warrant by two (2) years from the expiration date of April
19, 2021 to April 19, 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
August 21, 2018, the Company initiated another unit offering, and it terminated on September 26, 2018. The offering consisted of Units
of the Company’s securities where each Unit (priced at $250.00 each) was comprised of (i) a certain number of shares of Common
Stock determined by dividing $250.00 (the price of one Unit) by the average of the high and low sale prices of the Company’s publicly
traded common stock as reported on the NASDAQ on the Unit Purchase Date and (ii) Common Stock purchase warrants to purchase an additional
twenty-five (25) shares of Common Stock. The investor’s Plan account was credited with the number of shares of the Company’s
Common Stock acquired under the Units purchased. Each warrant affords the investor the opportunity to purchase one share of Company Common
Stock at a warrant exercise price of $1.00. The warrant is referred to as “ZNWAJ.” The
warrants became exercisable on October 29, 2018 and continued to be exercisable through October 29, 2020 at a per share exercise price
of $1.00, after the Company, on December 4, 2018, extended the termination date of the Warrant by one (1) year from the expiration date
of October 29, 2019 to October 29, 2020. On
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.” 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. 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.
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. 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. 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 ofunits 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 $1.00. 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 three months ended March 31, 2022, one participant in the “Request for Waiver”
aspect of the DSPP contributed approximately 85% 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 months ended March 31, 2022, and 2021, approximately $11,427,000, and $2,849,000 were raised under the DSPP program, respectively. The company raised approximately $2,585,000 from the period April
1, 2022 through May 6, 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-K, are not tradeable and are used internally for classification
and accounting purposes only. G.
Subscription Rights Offering On
April 2, 2018 the Company announced an offering (“2018 Subscription Rights Offering”) through American Stock Transfer &
Trust Company, LLC (the “Subscription Agent”), at no cost to the shareholders, of non-transferable Subscription Rights (each
“Right” and collectively, the “Rights”) to purchase its securities to persons who owned shares of our Common
Stock on April 13, 2018 (“the Record Date”). Pursuant to the 2018 Subscription Rights Offering, each holder of shares of
common stock on the Record Date received non-transferable Subscription Rights, with each Right comprised of one share of the Company
Common Stock, par value $0.01 per share (the “Common Stock”) and one Common Stock Purchase Warrant to purchase
an additional one share of Common Stock. Each Right could be exercised or subscribed at a per Right subscription price of $5.00.
Each Warrant affords the investor the opportunity to purchase one share of the Company Common Stock at a warrant exercise price of $3.00.
The warrant is referred to as “ZNWAI.” The
warrants became exercisable on June 29, 2018 and continued to be exercisable through June 29, 2020 at a per share exercise price of $3.00,
after the Company, on December 4, 2018, extended the termination date of the Warrant by one (1) year from the expiration date of June
29, 2019 to June 29, 2020. On
May 29, 2019, the Company extended the termination date of the ZNWAI Warrant by one (1) year from the expiration date of June 29, 2020
to June 29, 2021. On
September 15, 2020, the Company extended the termination date of the ZNWAI Warrant by two (2) years from the expiration date of June
29, 2021 to June 29, 2023. Zion considers this warrant as permanent equity per ASC 815-40-35-2. | | | | | |
| ZNWAH Warrant Two [Member] | | | | | | | | | |
| Stockholders' Equity (Details) [Line Items] | | | | | | | | | |
| Warrants termination, description | | | | On
September 15, 2020, the Company extended the termination date of the ZNWAH Warrant by two (2) years from the expiration date of April
19, 2021 to April 19, 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
August 21, 2018, the Company initiated another unit offering, and it terminated on September 26, 2018. The offering consisted of Units
of the Company’s securities where each Unit (priced at $250.00 each) was comprised of (i) a certain number of shares of Common
Stock determined by dividing $250.00 (the price of one Unit) by the average of the high and low sale prices of the Company’s publicly
traded common stock as reported on the NASDAQ on the Unit Purchase Date and (ii) Common Stock purchase warrants to purchase an additional
twenty-five (25) shares of Common Stock. The investor’s Plan account was credited with the number of shares of the Company’s
Common Stock acquired under the Units purchased. Each warrant affords the investor the opportunity to purchase one share of Company Common
Stock at a warrant exercise price of $1.00. The warrant is referred to as “ZNWAJ.” The
warrants became exercisable on October 29, 2018 and continued to be exercisable through October 29, 2020 at a per share exercise price
of $1.00, after the Company, on December 4, 2018, extended the termination date of the Warrant by one (1) year from the expiration date
of October 29, 2019 to October 29, 2020. On
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.” 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. 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.
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. 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. 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 ofunits 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 $1.00. 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 three months ended March 31, 2022, one participant in the “Request for Waiver”
aspect of the DSPP contributed approximately 85% 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 months ended March 31, 2022, and 2021, approximately $11,427,000, and $2,849,000 were raised under the DSPP program, respectively. The company raised approximately $2,585,000 from the period April
1, 2022 through May 6, 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-K, are not tradeable and are used internally for classification
and accounting purposes only. G.
Subscription Rights Offering On
April 2, 2018 the Company announced an offering (“2018 Subscription Rights Offering”) through American Stock Transfer &
Trust Company, LLC (the “Subscription Agent”), at no cost to the shareholders, of non-transferable Subscription Rights (each
“Right” and collectively, the “Rights”) to purchase its securities to persons who owned shares of our Common
Stock on April 13, 2018 (“the Record Date”). Pursuant to the 2018 Subscription Rights Offering, each holder of shares of
common stock on the Record Date received non-transferable Subscription Rights, with each Right comprised of one share of the Company
Common Stock, par value $0.01 per share (the “Common Stock”) and one Common Stock Purchase Warrant to purchase
an additional one share of Common Stock. Each Right could be exercised or subscribed at a per Right subscription price of $5.00.
Each Warrant affords the investor the opportunity to purchase one share of the Company Common Stock at a warrant exercise price of $3.00.
The warrant is referred to as “ZNWAI.” The
warrants became exercisable on June 29, 2018 and continued to be exercisable through June 29, 2020 at a per share exercise price of $3.00,
after the Company, on December 4, 2018, extended the termination date of the Warrant by one (1) year from the expiration date of June
29, 2019 to June 29, 2020. On
May 29, 2019, the Company extended the termination date of the ZNWAI Warrant by one (1) year from the expiration date of June 29, 2020
to June 29, 2021. On
September 15, 2020, the Company extended the termination date of the ZNWAI Warrant by two (2) years from the expiration date of June
29, 2021 to June 29, 2023. Zion considers this warrant as permanent equity per ASC 815-40-35-2. | | | | | |
| ZNWAJ Warrant [Member] | | | | | | | | | |
| Stockholders' Equity (Details) [Line Items] | | | | | | | | | |
| Warrants termination, description | | | | On
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.” 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. 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.
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. 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. 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 ofunits 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 $1.00. 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 three months ended March 31, 2022, one participant in the “Request for Waiver”
aspect of the DSPP contributed approximately 85% 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 months ended March 31, 2022, and 2021, approximately $11,427,000, and $2,849,000 were raised under the DSPP program, respectively. The company raised approximately $2,585,000 from the period April
1, 2022 through May 6, 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-K, are not tradeable and are used internally for classification
and accounting purposes only. G.
Subscription Rights Offering On
April 2, 2018 the Company announced an offering (“2018 Subscription Rights Offering”) through American Stock Transfer &
Trust Company, LLC (the “Subscription Agent”), at no cost to the shareholders, of non-transferable Subscription Rights (each
“Right” and collectively, the “Rights”) to purchase its securities to persons who owned shares of our Common
Stock on April 13, 2018 (“the Record Date”). Pursuant to the 2018 Subscription Rights Offering, each holder of shares of
common stock on the Record Date received non-transferable Subscription Rights, with each Right comprised of one share of the Company
Common Stock, par value $0.01 per share (the “Common Stock”) and one Common Stock Purchase Warrant to purchase
an additional one share of Common Stock. Each Right could be exercised or subscribed at a per Right subscription price of $5.00.
Each Warrant affords the investor the opportunity to purchase one share of the Company Common Stock at a warrant exercise price of $3.00.
The warrant is referred to as “ZNWAI.” The
warrants became exercisable on June 29, 2018 and continued to be exercisable through June 29, 2020 at a per share exercise price of $3.00,
after the Company, on December 4, 2018, extended the termination date of the Warrant by one (1) year from the expiration date of June
29, 2019 to June 29, 2020. On
May 29, 2019, the Company extended the termination date of the ZNWAI Warrant by one (1) year from the expiration date of June 29, 2020
to June 29, 2021. On
September 15, 2020, the Company extended the termination date of the ZNWAI Warrant by two (2) years from the expiration date of June
29, 2021 to June 29, 2023. Zion considers this warrant as permanent equity per ASC 815-40-35-2. | | | | | |
| ZNWAJ Warrant Two [Member] | | | | | | | | | |
| Stockholders' Equity (Details) [Line Items] | | | | | | | | | |
| Warrants termination, description | | | | 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.” 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. 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.
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. 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. 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 ofunits 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 $1.00. 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 three months ended March 31, 2022, one participant in the “Request for Waiver”
aspect of the DSPP contributed approximately 85% 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 months ended March 31, 2022, and 2021, approximately $11,427,000, and $2,849,000 were raised under the DSPP program, respectively. The company raised approximately $2,585,000 from the period April
1, 2022 through May 6, 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-K, are not tradeable and are used internally for classification
and accounting purposes only. G.
Subscription Rights Offering On
April 2, 2018 the Company announced an offering (“2018 Subscription Rights Offering”) through American Stock Transfer &
Trust Company, LLC (the “Subscription Agent”), at no cost to the shareholders, of non-transferable Subscription Rights (each
“Right” and collectively, the “Rights”) to purchase its securities to persons who owned shares of our Common
Stock on April 13, 2018 (“the Record Date”). Pursuant to the 2018 Subscription Rights Offering, each holder of shares of
common stock on the Record Date received non-transferable Subscription Rights, with each Right comprised of one share of the Company
Common Stock, par value $0.01 per share (the “Common Stock”) and one Common Stock Purchase Warrant to purchase
an additional one share of Common Stock. Each Right could be exercised or subscribed at a per Right subscription price of $5.00.
Each Warrant affords the investor the opportunity to purchase one share of the Company Common Stock at a warrant exercise price of $3.00.
The warrant is referred to as “ZNWAI.” The
warrants became exercisable on June 29, 2018 and continued to be exercisable through June 29, 2020 at a per share exercise price of $3.00,
after the Company, on December 4, 2018, extended the termination date of the Warrant by one (1) year from the expiration date of June
29, 2019 to June 29, 2020. On
May 29, 2019, the Company extended the termination date of the ZNWAI Warrant by one (1) year from the expiration date of June 29, 2020
to June 29, 2021. On
September 15, 2020, the Company extended the termination date of the ZNWAI Warrant by two (2) years from the expiration date of June
29, 2021 to June 29, 2023. Zion considers this warrant as permanent equity per ASC 815-40-35-2. | | | | | |
| ZNWAK [Member] | | | | | | | | | |
| Stockholders' Equity (Details) [Line Items] | | | | | | | | | |
| Price per share | [1],[2] | | | $ 0.01 | | | | | |
| ZNWAK Warrant One [Member] | | | | | | | | | |
| Stockholders' Equity (Details) [Line Items] | | | | | | | | | |
| Warrants termination, description | | | | 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. 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.
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. 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. 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 ofunits 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 $1.00. 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 three months ended March 31, 2022, one participant in the “Request for Waiver”
aspect of the DSPP contributed approximately 85% 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 months ended March 31, 2022, and 2021, approximately $11,427,000, and $2,849,000 were raised under the DSPP program, respectively. The company raised approximately $2,585,000 from the period April
1, 2022 through May 6, 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-K, are not tradeable and are used internally for classification
and accounting purposes only. G.
Subscription Rights Offering On
April 2, 2018 the Company announced an offering (“2018 Subscription Rights Offering”) through American Stock Transfer &
Trust Company, LLC (the “Subscription Agent”), at no cost to the shareholders, of non-transferable Subscription Rights (each
“Right” and collectively, the “Rights”) to purchase its securities to persons who owned shares of our Common
Stock on April 13, 2018 (“the Record Date”). Pursuant to the 2018 Subscription Rights Offering, each holder of shares of
common stock on the Record Date received non-transferable Subscription Rights, with each Right comprised of one share of the Company
Common Stock, par value $0.01 per share (the “Common Stock”) and one Common Stock Purchase Warrant to purchase
an additional one share of Common Stock. Each Right could be exercised or subscribed at a per Right subscription price of $5.00.
Each Warrant affords the investor the opportunity to purchase one share of the Company Common Stock at a warrant exercise price of $3.00.
The warrant is referred to as “ZNWAI.” The
warrants became exercisable on June 29, 2018 and continued to be exercisable through June 29, 2020 at a per share exercise price of $3.00,
after the Company, on December 4, 2018, extended the termination date of the Warrant by one (1) year from the expiration date of June
29, 2019 to June 29, 2020. On
May 29, 2019, the Company extended the termination date of the ZNWAI Warrant by one (1) year from the expiration date of June 29, 2020
to June 29, 2021. On
September 15, 2020, the Company extended the termination date of the ZNWAI Warrant by two (2) years from the expiration date of June
29, 2021 to June 29, 2023. Zion considers this warrant as permanent equity per ASC 815-40-35-2. | | | | | |
| ZNWAK Warrant Two [Member] | | | | | | | | | |
| Stockholders' Equity (Details) [Line Items] | | | | | | | | | |
| Warrants termination, description | | | | 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. 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.
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. 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. 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 ofunits 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 $1.00. 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 three months ended March 31, 2022, one participant in the “Request for Waiver”
aspect of the DSPP contributed approximately 85% 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 months ended March 31, 2022, and 2021, approximately $11,427,000, and $2,849,000 were raised under the DSPP program, respectively. The company raised approximately $2,585,000 from the period April
1, 2022 through May 6, 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-K, are not tradeable and are used internally for classification
and accounting purposes only. G.
Subscription Rights Offering On
April 2, 2018 the Company announced an offering (“2018 Subscription Rights Offering”) through American Stock Transfer &
Trust Company, LLC (the “Subscription Agent”), at no cost to the shareholders, of non-transferable Subscription Rights (each
“Right” and collectively, the “Rights”) to purchase its securities to persons who owned shares of our Common
Stock on April 13, 2018 (“the Record Date”). Pursuant to the 2018 Subscription Rights Offering, each holder of shares of
common stock on the Record Date received non-transferable Subscription Rights, with each Right comprised of one share of the Company
Common Stock, par value $0.01 per share (the “Common Stock”) and one Common Stock Purchase Warrant to purchase
an additional one share of Common Stock. Each Right could be exercised or subscribed at a per Right subscription price of $5.00.
Each Warrant affords the investor the opportunity to purchase one share of the Company Common Stock at a warrant exercise price of $3.00.
The warrant is referred to as “ZNWAI.” The
warrants became exercisable on June 29, 2018 and continued to be exercisable through June 29, 2020 at a per share exercise price of $3.00,
after the Company, on December 4, 2018, extended the termination date of the Warrant by one (1) year from the expiration date of June
29, 2019 to June 29, 2020. On
May 29, 2019, the Company extended the termination date of the ZNWAI Warrant by one (1) year from the expiration date of June 29, 2020
to June 29, 2021. On
September 15, 2020, the Company extended the termination date of the ZNWAI Warrant by two (2) years from the expiration date of June
29, 2021 to June 29, 2023. Zion considers this warrant as permanent equity per ASC 815-40-35-2. | | | | | |
| ZNWAL Warrant [Member] | | | | | | | | | |
| Stockholders' Equity (Details) [Line Items] | | | | | | | | | |
| Price per share | [2] | | | $ 2 | | | | | |
| Offering cost, description | | | | 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. 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.
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. 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. 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 ofunits 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 $1.00. 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 three months ended March 31, 2022, one participant in the “Request for Waiver”
aspect of the DSPP contributed approximately 85% 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 months ended March 31, 2022, and 2021, approximately $11,427,000, and $2,849,000 were raised under the DSPP program, respectively. The company raised approximately $2,585,000 from the period April
1, 2022 through May 6, 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-K, are not tradeable and are used internally for classification
and accounting purposes only. G.
Subscription Rights Offering On
April 2, 2018 the Company announced an offering (“2018 Subscription Rights Offering”) through American Stock Transfer &
Trust Company, LLC (the “Subscription Agent”), at no cost to the shareholders, of non-transferable Subscription Rights (each
“Right” and collectively, the “Rights”) to purchase its securities to persons who owned shares of our Common
Stock on April 13, 2018 (“the Record Date”). Pursuant to the 2018 Subscription Rights Offering, each holder of shares of
common stock on the Record Date received non-transferable Subscription Rights, with each Right comprised of one share of the Company
Common Stock, par value $0.01 per share (the “Common Stock”) and one Common Stock Purchase Warrant to purchase
an additional one share of Common Stock. Each Right could be exercised or subscribed at a per Right subscription price of $5.00.
Each Warrant affords the investor the opportunity to purchase one share of the Company Common Stock at a warrant exercise price of $3.00.
The warrant is referred to as “ZNWAI.” | | | | | |
| ZNWAL Warrant Two [Member] | | | | | | | | | |
| Stockholders' Equity (Details) [Line Items] | | | | | | | | | |
| Warrants termination, description | | | | 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. 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.
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. 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. 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 ofunits 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 $1.00. 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 three months ended March 31, 2022, one participant in the “Request for Waiver”
aspect of the DSPP contributed approximately 85% 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 months ended March 31, 2022, and 2021, approximately $11,427,000, and $2,849,000 were raised under the DSPP program, respectively. The company raised approximately $2,585,000 from the period April
1, 2022 through May 6, 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-K, are not tradeable and are used internally for classification
and accounting purposes only. G.
Subscription Rights Offering On
April 2, 2018 the Company announced an offering (“2018 Subscription Rights Offering”) through American Stock Transfer &
Trust Company, LLC (the “Subscription Agent”), at no cost to the shareholders, of non-transferable Subscription Rights (each
“Right” and collectively, the “Rights”) to purchase its securities to persons who owned shares of our Common
Stock on April 13, 2018 (“the Record Date”). Pursuant to the 2018 Subscription Rights Offering, each holder of shares of
common stock on the Record Date received non-transferable Subscription Rights, with each Right comprised of one share of the Company
Common Stock, par value $0.01 per share (the “Common Stock”) and one Common Stock Purchase Warrant to purchase
an additional one share of Common Stock. Each Right could be exercised or subscribed at a per Right subscription price of $5.00.
Each Warrant affords the investor the opportunity to purchase one share of the Company Common Stock at a warrant exercise price of $3.00.
The warrant is referred to as “ZNWAI.” The
warrants became exercisable on June 29, 2018 and continued to be exercisable through June 29, 2020 at a per share exercise price of $3.00,
after the Company, on December 4, 2018, extended the termination date of the Warrant by one (1) year from the expiration date of June
29, 2019 to June 29, 2020. On
May 29, 2019, the Company extended the termination date of the ZNWAI Warrant by one (1) year from the expiration date of June 29, 2020
to June 29, 2021. On
September 15, 2020, the Company extended the termination date of the ZNWAI Warrant by two (2) years from the expiration date of June
29, 2021 to June 29, 2023. Zion considers this warrant as permanent equity per ASC 815-40-35-2. | | | | | |
| ZNWAM Warrant One [Member] | | | | | | | | | |
| Stockholders' Equity (Details) [Line Items] | | | | | | | | | |
| Warrants termination, description | | | | 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. 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.
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. 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. 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 ofunits 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 $1.00. 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 three months ended March 31, 2022, one participant in the “Request for Waiver”
aspect of the DSPP contributed approximately 85% 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 months ended March 31, 2022, and 2021, approximately $11,427,000, and $2,849,000 were raised under the DSPP program, respectively. The company raised approximately $2,585,000 from the period April
1, 2022 through May 6, 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-K, are not tradeable and are used internally for classification
and accounting purposes only. G.
Subscription Rights Offering On
April 2, 2018 the Company announced an offering (“2018 Subscription Rights Offering”) through American Stock Transfer &
Trust Company, LLC (the “Subscription Agent”), at no cost to the shareholders, of non-transferable Subscription Rights (each
“Right” and collectively, the “Rights”) to purchase its securities to persons who owned shares of our Common
Stock on April 13, 2018 (“the Record Date”). Pursuant to the 2018 Subscription Rights Offering, each holder of shares of
common stock on the Record Date received non-transferable Subscription Rights, with each Right comprised of one share of the Company
Common Stock, par value $0.01 per share (the “Common Stock”) and one Common Stock Purchase Warrant to purchase
an additional one share of Common Stock. Each Right could be exercised or subscribed at a per Right subscription price of $5.00.
Each Warrant affords the investor the opportunity to purchase one share of the Company Common Stock at a warrant exercise price of $3.00.
The warrant is referred to as “ZNWAI.” The
warrants became exercisable on June 29, 2018 and continued to be exercisable through June 29, 2020 at a per share exercise price of $3.00,
after the Company, on December 4, 2018, extended the termination date of the Warrant by one (1) year from the expiration date of June
29, 2019 to June 29, 2020. On
May 29, 2019, the Company extended the termination date of the ZNWAI Warrant by one (1) year from the expiration date of June 29, 2020
to June 29, 2021. On
September 15, 2020, the Company extended the termination date of the ZNWAI Warrant by two (2) years from the expiration date of June
29, 2021 to June 29, 2023. Zion considers this warrant as permanent equity per ASC 815-40-35-2. | | | | | |
| Znwap warrant one [Member] | | | | | | | | | |
| Stockholders' Equity (Details) [Line Items] | | | | | | | | | |
| Warrants termination, description | | | | 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.
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. 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. 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 ofunits 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 $1.00. 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 three months ended March 31, 2022, one participant in the “Request for Waiver”
aspect of the DSPP contributed approximately 85% 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 months ended March 31, 2022, and 2021, approximately $11,427,000, and $2,849,000 were raised under the DSPP program, respectively. The company raised approximately $2,585,000 from the period April
1, 2022 through May 6, 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-K, are not tradeable and are used internally for classification
and accounting purposes only. G.
Subscription Rights Offering On
April 2, 2018 the Company announced an offering (“2018 Subscription Rights Offering”) through American Stock Transfer &
Trust Company, LLC (the “Subscription Agent”), at no cost to the shareholders, of non-transferable Subscription Rights (each
“Right” and collectively, the “Rights”) to purchase its securities to persons who owned shares of our Common
Stock on April 13, 2018 (“the Record Date”). Pursuant to the 2018 Subscription Rights Offering, each holder of shares of
common stock on the Record Date received non-transferable Subscription Rights, with each Right comprised of one share of the Company
Common Stock, par value $0.01 per share (the “Common Stock”) and one Common Stock Purchase Warrant to purchase
an additional one share of Common Stock. Each Right could be exercised or subscribed at a per Right subscription price of $5.00.
Each Warrant affords the investor the opportunity to purchase one share of the Company Common Stock at a warrant exercise price of $3.00.
The warrant is referred to as “ZNWAI.” The
warrants became exercisable on June 29, 2018 and continued to be exercisable through June 29, 2020 at a per share exercise price of $3.00,
after the Company, on December 4, 2018, extended the termination date of the Warrant by one (1) year from the expiration date of June
29, 2019 to June 29, 2020. On
May 29, 2019, the Company extended the termination date of the ZNWAI Warrant by one (1) year from the expiration date of June 29, 2020
to June 29, 2021. On
September 15, 2020, the Company extended the termination date of the ZNWAI Warrant by two (2) years from the expiration date of June
29, 2021 to June 29, 2023. Zion considers this warrant as permanent equity per ASC 815-40-35-2. | | | | | |
| ZNWAS [Member] | | | | | | | | | |
| Stockholders' Equity (Details) [Line Items] | | | | | | | | | |
| Waiver program executed plan descripton | | | | 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.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. 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 ofunits 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 $1.00. 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 three months ended March 31, 2022, one participant in the “Request for Waiver”
aspect of the DSPP contributed approximately 85% 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 months ended March 31, 2022, and 2021, approximately $11,427,000, and $2,849,000 were raised under the DSPP program, respectively. The company raised approximately $2,585,000 from the period April
1, 2022 through May 6, 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-K, are not tradeable and are used internally for classification
and accounting purposes only. G.
Subscription Rights Offering On
April 2, 2018 the Company announced an offering (“2018 Subscription Rights Offering”) through American Stock Transfer &
Trust Company, LLC (the “Subscription Agent”), at no cost to the shareholders, of non-transferable Subscription Rights (each
“Right” and collectively, the “Rights”) to purchase its securities to persons who owned shares of our Common
Stock on April 13, 2018 (“the Record Date”). Pursuant to the 2018 Subscription Rights Offering, each holder of shares of
common stock on the Record Date received non-transferable Subscription Rights, with each Right comprised of one share of the Company
Common Stock, par value $0.01 per share (the “Common Stock”) and one Common Stock Purchase Warrant to purchase
an additional one share of Common Stock. Each Right could be exercised or subscribed at a per Right subscription price of $5.00.
Each Warrant affords the investor the opportunity to purchase one share of the Company Common Stock at a warrant exercise price of $3.00.
The warrant is referred to as “ZNWAI.” The
warrants became exercisable on June 29, 2018 and continued to be exercisable through June 29, 2020 at a per share exercise price of $3.00,
after the Company, on December 4, 2018, extended the termination date of the Warrant by one (1) year from the expiration date of June
29, 2019 to June 29, 2020. On
May 29, 2019, the Company extended the termination date of the ZNWAI Warrant by one (1) year from the expiration date of June 29, 2020
to June 29, 2021. On
September 15, 2020, the Company extended the termination date of the ZNWAI Warrant by two (2) years from the expiration date of June
29, 2021 to June 29, 2023. Zion considers this warrant as permanent equity per ASC 815-40-35-2. | | | | | |
| ZNWAR one [Member] | | | | | | | | | |
| Stockholders' Equity (Details) [Line Items] | | | | | | | | | |
| Warrants termination, description | | | | 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.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 ofunits 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 $1.00. 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 three months ended March 31, 2022, one participant in the “Request for Waiver”
aspect of the DSPP contributed approximately 85% 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 months ended March 31, 2022, and 2021, approximately $11,427,000, and $2,849,000 were raised under the DSPP program, respectively. The company raised approximately $2,585,000 from the period April
1, 2022 through May 6, 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-K, are not tradeable and are used internally for classification
and accounting purposes only. G.
Subscription Rights Offering On
April 2, 2018 the Company announced an offering (“2018 Subscription Rights Offering”) through American Stock Transfer &
Trust Company, LLC (the “Subscription Agent”), at no cost to the shareholders, of non-transferable Subscription Rights (each
“Right” and collectively, the “Rights”) to purchase its securities to persons who owned shares of our Common
Stock on April 13, 2018 (“the Record Date”). Pursuant to the 2018 Subscription Rights Offering, each holder of shares of
common stock on the Record Date received non-transferable Subscription Rights, with each Right comprised of one share of the Company
Common Stock, par value $0.01 per share (the “Common Stock”) and one Common Stock Purchase Warrant to purchase
an additional one share of Common Stock. Each Right could be exercised or subscribed at a per Right subscription price of $5.00.
Each Warrant affords the investor the opportunity to purchase one share of the Company Common Stock at a warrant exercise price of $3.00.
The warrant is referred to as “ZNWAI.” The
warrants became exercisable on June 29, 2018 and continued to be exercisable through June 29, 2020 at a per share exercise price of $3.00,
after the Company, on December 4, 2018, extended the termination date of the Warrant by one (1) year from the expiration date of June
29, 2019 to June 29, 2020. On
May 29, 2019, the Company extended the termination date of the ZNWAI Warrant by one (1) year from the expiration date of June 29, 2020
to June 29, 2021. On
September 15, 2020, the Company extended the termination date of the ZNWAI Warrant by two (2) years from the expiration date of June
29, 2021 to June 29, 2023. Zion considers this warrant as permanent equity per ASC 815-40-35-2. | | | | | |
| ZNWAI Warrants [Member] | | | | | | | | | |
| Stockholders' Equity (Details) [Line Items] | | | | | | | | | |
| Price per share | [1],[2],[3] | | | $ 3 | | | | | |
| Subscription Rights Offering [Member] | | | | | | | | | |
| Stockholders' Equity (Details) [Line Items] | | | | | | | | | |
| Proceeds from the sale of the rights | | | | | | $ 3,038,000 | | | |
| Expenses from offering | | | | | | $ 243,000 | | | |
| Common Stock [Member] | Warrant [Member] | | | | | | | | | |
| Stockholders' Equity (Details) [Line Items] | | | | | | | | | |
| Price per share | | | | 5 | | | | | |
| Znwaf [Member] | | | | | | | | | |
| Stockholders' Equity (Details) [Line Items] | | | | | | | | | |
| Common stock, par value | | | | $ 5 | | | | | |
| ZNWAL Warrant [Member] | | | | | | | | | |
| Stockholders' Equity (Details) [Line Items] | | | | | | | | | |
| Expiration date, description | | | | 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. | | | | | |
| Warrant [Member] | | | | | | | | | |
| Stockholders' Equity (Details) [Line Items] | | | | | | | | | |
| Subscription rights offering, description | | | | Each
shareholder received .10 (one tenth) of a Subscription Right (i.e. one Subscription Right for each 10 shares owned) for each share of
the Company’s Common Stock owned on the Record Date. | | | | | |
| Warrant [Member] | ZNWAI Warrants [Member] | | | | | | | | | |
| Stockholders' Equity (Details) [Line Items] | | | | | | | | | |
| Expiration date, description | | | | On
May 29, 2019, the Company extended the termination date of the ZNWAI Warrant by one (1) year from the expiration date of June 29, 2020
to June 29, 2021. | | | | | |
| Unit Option Program [Member] | Znwaf [Member] | | | | | | | | | |
| Stockholders' Equity (Details) [Line Items] | | | | | | | | | |
| New unit program, description | | | | On
May 22, 2017, the Company launched a new unit offering. This unit offering consisted of a new combination of common stock and warrants,
a new time period in which to purchase under the program, and a new unit price, but otherwise the same unit program features, conditions
and terms in the Prospectus Supplement applied. The unit offering terminated on July 12, 2017. This program enabled participants to purchase
Units of the Company’s securities where each Unit (priced at $250.00 each) was comprised of (i) the number of shares of Common
Stock determined by dividing $250.00 (the price of one Unit) by the average of the high and low sale prices of the Company’s Common
Stock as reported on the NASDAQ on the unit purchase date and (ii) Common Stock purchase warrants to purchase an additional 25 shares
of Common Stock at a warrant exercise price of $1.00 per share. The warrant is referred to as “ZNWAF.” All
ZNWAF warrants became exercisable on August 14, 2017 and continued to be exercisable through August 14, 2020 at a per share exercise
price of $1.00. On
May 29, 2019, the Company extended the termination date of the ZNWAF Warrant by one (1) year from the expiration date of August 14, 2020
to August 14, 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 ZNWAF Warrant by two (2) years from the expiration date of August
14, 2021 to August 14, 2023. Zion considers this warrant as permanent equity per ASC 815-40-35-2. As such, there is no value assigned
to this extension. The
warrant terms provide that if the Company’s Common Stock trades above $5.00 per share as the closing price for 15 consecutive trading
days at any time prior to the expiration date of the warrant, the Company has the sole discretion to accelerate the termination date
of the warrant upon providing 60 days advanced notice to the warrant holders. An
Amendment No. 2 to the Prospectus Supplement (as described below) was filed on October 12, 2017. Under
Amendment No. 2, the Company initiated another unit offering which terminated on December 6, 2017. This unit offering enabled participants
to purchase Units of the Company’s securities where each Unit (priced at $250.00 each) was comprised of (i) a certain number of
shares of Common Stock determined by dividing $250.00 (the price of one Unit) by the average of the high and low sale prices of the Company’s
Common Stock as reported on the NASDAQ on the unit purchase date and (ii) Common Stock purchase warrants to purchase an additional 15
shares of Common Stock at a warrant exercise price of $1.00 per share. The warrant is referred to as “ZNWAG.” The
warrants became exercisable on January 8, 2018 and continue to be exercisable through January 8, 2023 at a per share exercise price of
$1.00. The warrant terms provide that if the Company’s Common Stock trades above $5.00 per share as the closing price for 15 consecutive
trading days at any time prior to the expiration date of the warrant, the Company has the sole discretion to accelerate the termination
date of the warrant upon providing 60 days advanced notice to the warrant holders. On
February 1, 2018, the Company launched another unit offering which terminated on February 28, 2018. The unit offering consisted of Units
of our securities where each Unit (priced at $250.00 each) was comprised of (i) 50 shares of Common Stock and (ii) Common Stock purchase
warrants to purchase an additional 50 shares of Common Stock. The investor’s Plan account was credited with the number of shares
of the Company’s Common Stock acquired under the Units purchased. Each warrant affords the investor the opportunity to purchase
one share of Company Common Stock at a warrant exercise price of $5.00. The warrant is referred to as “ZNWAH.” The
warrants became exercisable on April 19, 2018 and continued to be exercisable through April 19, 2020 at a per share exercise price of
$5.00, after the Company, on December 4, 2018, extended the termination date of the Warrant by one (1) year from the expiration date
of April 19, 2019 to April 19, 2020. On
May 29, 2019, the Company extended the termination date of the ZNWAH Warrant by one (1) year from the expiration date of April 19, 2020
to April 19, 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 ZNWAH Warrant by two (2) years from the expiration date of April
19, 2021 to April 19, 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
August 21, 2018, the Company initiated another unit offering, and it terminated on September 26, 2018. The offering consisted of Units
of the Company’s securities where each Unit (priced at $250.00 each) was comprised of (i) a certain number of shares of Common
Stock determined by dividing $250.00 (the price of one Unit) by the average of the high and low sale prices of the Company’s publicly
traded common stock as reported on the NASDAQ on the Unit Purchase Date and (ii) Common Stock purchase warrants to purchase an additional
twenty-five (25) shares of Common Stock. The investor’s Plan account was credited with the number of shares of the Company’s
Common Stock acquired under the Units purchased. Each warrant affords the investor the opportunity to purchase one share of Company Common
Stock at a warrant exercise price of $1.00. The warrant is referred to as “ZNWAJ.” The
warrants became exercisable on October 29, 2018 and continued to be exercisable through October 29, 2020 at a per share exercise price
of $1.00, after the Company, on December 4, 2018, extended the termination date of the Warrant by one (1) year from the expiration date
of October 29, 2019 to October 29, 2020. On
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.” 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. 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.
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. 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. 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 ofunits 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 $1.00. 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 three months ended March 31, 2022, one participant in the “Request for Waiver”
aspect of the DSPP contributed approximately 85% 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 months ended March 31, 2022, and 2021, approximately $11,427,000, and $2,849,000 were raised under the DSPP program, respectively. The company raised approximately $2,585,000 from the period April
1, 2022 through May 6, 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-K, are not tradeable and are used internally for classification
and accounting purposes only. G.
Subscription Rights Offering On
April 2, 2018 the Company announced an offering (“2018 Subscription Rights Offering”) through American Stock Transfer &
Trust Company, LLC (the “Subscription Agent”), at no cost to the shareholders, of non-transferable Subscription Rights (each
“Right” and collectively, the “Rights”) to purchase its securities to persons who owned shares of our Common
Stock on April 13, 2018 (“the Record Date”). Pursuant to the 2018 Subscription Rights Offering, each holder of shares of
common stock on the Record Date received non-transferable Subscription Rights, with each Right comprised of one share of the Company
Common Stock, par value $0.01 per share (the “Common Stock”) and one Common Stock Purchase Warrant to purchase
an additional one share of Common Stock. Each Right could be exercised or subscribed at a per Right subscription price of $5.00.
Each Warrant affords the investor the opportunity to purchase one share of the Company Common Stock at a warrant exercise price of $3.00.
The warrant is referred to as “ZNWAI.” | | | | | |
| Six Senior Officers [Member] | 2011 Equity Incentive Stock Option Plan [Member] | | | | | | | | | |
| Stockholders' Equity (Details) [Line Items] | | | | | | | | | |
| Shares purchased under option plan | | | | 600,000 | | | | | |
| Exercise price per unit | | | | $ 0.915 | | | | | |
| Stock option plan, expiration date | | | | The options vested upon grant and are exercisable through January 4, 2031. | | | | | |
| Fair value of stock options granted | | | | $ 456,000 | | | | | |
| Six Senior Officers [Member] | Two Zero Two One Omnibus Incentive Stock Option Plan [Member] | | | | | | | | | |
| Stockholders' Equity (Details) [Line Items] | | | | | | | | | |
| Fair value of stock options granted | | | | $ 22,000 | | | | | |
| Option to purchase shares of common stock | | | | 175,000 | | | | | |
| Exercise price per share | | | | $ 0.1529 | | | | | |
| One senior officer [Member] | 2011 Equity Incentive Stock Option Plan [Member] | | | | | | | | | |
| Stockholders' Equity (Details) [Line Items] | | | | | | | | | |
| Exercise price per unit | | | | $ 0.01 | | | | | |
| Fair value of stock options granted | | | | $ 68,000 | | | | | |
| Shares purchased under option plan | | | | 75,000 | | | | | |
| One senior officer [Member] | Two Zero Two One Omnibus Incentive Stock Option Plan [Member] | | | | | | | | | |
| Stockholders' Equity (Details) [Line Items] | | | | | | | | | |
| Fair value of stock options granted | | | | $ 39,000 | | | | | |
| Option to purchase shares of common stock | | | | 25,000 | | | | | |
| Exercise price per share | | | | $ 0.01 | | | | | |
| One senior officer [Member] | Two Zero Two One Omnibus Incentive Stock Option Plan [Member] | Common Stock [Member] | | | | | | | | | |
| Stockholders' Equity (Details) [Line Items] | | | | | | | | | |
| Option to purchase shares of common stock | | | | 300,000 | | | | | |
| Seven Board [Member] | 2011 Equity Incentive Stock Option Plan [Member] | | | | | | | | | |
| Stockholders' Equity (Details) [Line Items] | | | | | | | | | |
| Stock option plan, expiration date | | | | The options vested upon grant and are exercisable through January 4, 2027. | | | | | |
| Seven Board [Member] | 2011 Non-Employee Directors Stock Option Plan [Member] | | | | | | | | | |
| Stockholders' Equity (Details) [Line Items] | | | | | | | | | |
| Shares purchased under option plan | | | | 350,000 | | | | | |
| Exercise price per unit | | | | $ 0.915 | | | | | |
| Fair value of stock options granted | | | | $ 252,000 | | | | | |
| Seven Board [Member] | Two Zero Two One Omnibus Incentive Stock Option Plan [Member] | | | | | | | | | |
| Stockholders' Equity (Details) [Line Items] | | | | | | | | | |
| Fair value of stock options granted | | | | $ 182,000 | | | | | |
| Option to purchase shares of common stock | | | | 1,400,000 | | | | | |
| Exercise price per share | | | | $ 0.1529 | | | | | |
| One Board [Member] | 2011 Non-Employee Directors Stock Option Plan [Member] | | | | | | | | | |
| Stockholders' Equity (Details) [Line Items] | | | | | | | | | |
| Shares purchased under option plan | | | | 50,000 | | | | | |
| Exercise price per unit | | | | $ 0.01 | | | | | |
| Fair value of stock options granted | | | | $ 45,000 | | | | | |
| One Board [Member] | Two Zero Two One Omnibus Incentive Stock Option Plan [Member] | | | | | | | | | |
| Stockholders' Equity (Details) [Line Items] | | | | | | | | | |
| Fair value of stock options granted | | | | $ 29,000 | | | | | |
| Option to purchase shares of common stock | | | | 200,000 | | | | | |
| Exercise price per share | | | | $ 0.01 | | | | | |
| Seven Staff [Member] | Two Zero Two One Omnibus Incentive Stock Option Plan [Member] | | | | | | | | | |
| Stockholders' Equity (Details) [Line Items] | | | | | | | | | |
| Stock option plan, expiration date | | | | The fair value of the options at the date of grant amounted to approximately $4,000. | | | | | |
| Five senior officer [Member] | Two Zero Two One Omnibus Incentive Stock Option Plan [Member] | | | | | | | | | |
| Stockholders' Equity (Details) [Line Items] | | | | | | | | | |
| Stock option plan, expiration date | | | | The options vest on January 5, 2023 (one year from the date of grant) and are exercisable through January 5, 2032. | | | | | |
| Fair value of stock options granted | | | | $ 209,000 | | | | | |
| Option to purchase shares of common stock | | | | 1,600,000 | | | | | |
| Exercise price per share | | | | $ 0.1529 | | | | | |
| Warrants and Options [Member] | Two Zero Two One Omnibus Incentive Stock Option Plan [Member] | | | | | | | | | |
| Stockholders' Equity (Details) [Line Items] | | | | | | | | | |
| Fair value of stock options granted | | | | $ 23,000 | | | | | |
| Option to purchase shares of common stock | | | | 160,000 | | | | | |
| Exercise price per share | | | | $ 0.01 | | | | | |
| Six Senior Officers One [Member] | 2011 Equity Incentive Stock Option Plan [Member] | | | | | | | | | |
| Stockholders' Equity (Details) [Line Items] | | | | | | | | | |
| Stock option plan, expiration date | | | | The options vested upon grant and are exercisable through January 17, 2032 | | | | | |
| Six Staff [Member] | Two Zero Two One Omnibus Incentive Stock Option Plan [Member] | | | | | | | | | |
| Stockholders' Equity (Details) [Line Items] | | | | | | | | | |
| Fair value of stock options granted | | | | $ 26,000 | | | | | |
| Option to purchase shares of common stock | | | | 200,000 | | | | | |
| Exercise price per share | | | | $ 0.14 | | | | | |
| Two Consultants [Member] | Two Zero Two One Omnibus Incentive Stock Option Plan [Member] | | | | | | | | | |
| Stockholders' Equity (Details) [Line Items] | | | | | | | | | |
| Fair value of stock options granted | | | | $ 5,000 | | | | | |
| Option to purchase shares of common stock | | | | 40,000 | | | | | |
| Exercise price per share | | | | $ 0.14 | | | | | |
| New Unit Program [Member] | Znwaf [Member] | | | | | | | | | |
| Stockholders' Equity (Details) [Line Items] | | | | | | | | | |
| Exercise price per unit | | | | 1 | | | | | |
| Unit Option Program [Member] | ZNWAK [Member] | | | | | | | | | |
| Stockholders' Equity (Details) [Line Items] | | | | | | | | | |
| Exercise price per share | | | | $ 0.01 | | | | | |
| New unit program, description | | | | 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.”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. 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.
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. 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. 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 ofunits 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 $1.00. 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 three months ended March 31, 2022, one participant in the “Request for Waiver”
aspect of the DSPP contributed approximately 85% 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 months ended March 31, 2022, and 2021, approximately $11,427,000, and $2,849,000 were raised under the DSPP program, respectively. The company raised approximately $2,585,000 from the period April
1, 2022 through May 6, 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-K, are not tradeable and are used internally for classification
and accounting purposes only. G.
Subscription Rights Offering On
April 2, 2018 the Company announced an offering (“2018 Subscription Rights Offering”) through American Stock Transfer &
Trust Company, LLC (the “Subscription Agent”), at no cost to the shareholders, of non-transferable Subscription Rights (each
“Right” and collectively, the “Rights”) to purchase its securities to persons who owned shares of our Common
Stock on April 13, 2018 (“the Record Date”). Pursuant to the 2018 Subscription Rights Offering, each holder of shares of
common stock on the Record Date received non-transferable Subscription Rights, with each Right comprised of one share of the Company
Common Stock, par value $0.01 per share (the “Common Stock”) and one Common Stock Purchase Warrant to purchase
an additional one share of Common Stock. Each Right could be exercised or subscribed at a per Right subscription price of $5.00.
Each Warrant affords the investor the opportunity to purchase one share of the Company Common Stock at a warrant exercise price of $3.00.
The warrant is referred to as “ZNWAI.” | | | | | |
| Amended and Restated Certificate of Incorporation [Member] | Minimum [Member] | | | | | | | | | |
| Stockholders' Equity (Details) [Line Items] | | | | | | | | | |
| Increase in shares authorized | | | | 400,000,000 | | | | | |
| Amended and Restated Certificate of Incorporation [Member] | Maximum [Member] | | | | | | | | | |
| Stockholders' Equity (Details) [Line Items] | | | | | | | | | |
| Increase in shares authorized | | | | 800,000,000 | | | | | |
| ZNWAG [Member] | | | | | | | | | |
| Stockholders' Equity (Details) [Line Items] | | | | | | | | | |
| New unit program, description | | | | This unit offering enabled participants
to purchase Units of the Company’s securities where each Unit (priced at $250.00 each) was comprised of (i) a certain number of
shares of Common Stock determined by dividing $250.00 (the price of one Unit) by the average of the high and low sale prices of the Company’s
Common Stock as reported on the NASDAQ on the unit purchase date and (ii) Common Stock purchase warrants to purchase an additional 15
shares of Common Stock at a warrant exercise price of $1.00 per share. The warrant is referred to as “ZNWAG.” The
warrants became exercisable on January 8, 2018 and continue to be exercisable through January 8, 2023 at a per share exercise price of
$1.00. The warrant terms provide that if the Company’s Common Stock trades above $5.00 per share as the closing price for 15 consecutive
trading days at any time prior to the expiration date of the warrant, the Company has the sole discretion to accelerate the termination
date of the warrant upon providing 60 days advanced notice to the warrant holders. On
February 1, 2018, the Company launched another unit offering which terminated on February 28, 2018. The unit offering consisted of Units
of our securities where each Unit (priced at $250.00 each) was comprised of (i) 50 shares of Common Stock and (ii) Common Stock purchase
warrants to purchase an additional 50 shares of Common Stock. The investor’s Plan account was credited with the number of shares
of the Company’s Common Stock acquired under the Units purchased. Each warrant affords the investor the opportunity to purchase
one share of Company Common Stock at a warrant exercise price of $5.00. The warrant is referred to as “ZNWAH.” The
warrants became exercisable on April 19, 2018 and continued to be exercisable through April 19, 2020 at a per share exercise price of
$5.00, after the Company, on December 4, 2018, extended the termination date of the Warrant by one (1) year from the expiration date
of April 19, 2019 to April 19, 2020. On
May 29, 2019, the Company extended the termination date of the ZNWAH Warrant by one (1) year from the expiration date of April 19, 2020
to April 19, 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 ZNWAH Warrant by two (2) years from the expiration date of April
19, 2021 to April 19, 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
August 21, 2018, the Company initiated another unit offering, and it terminated on September 26, 2018. The offering consisted of Units
of the Company’s securities where each Unit (priced at $250.00 each) was comprised of (i) a certain number of shares of Common
Stock determined by dividing $250.00 (the price of one Unit) by the average of the high and low sale prices of the Company’s publicly
traded common stock as reported on the NASDAQ on the Unit Purchase Date and (ii) Common Stock purchase warrants to purchase an additional
twenty-five (25) shares of Common Stock. The investor’s Plan account was credited with the number of shares of the Company’s
Common Stock acquired under the Units purchased. Each warrant affords the investor the opportunity to purchase one share of Company Common
Stock at a warrant exercise price of $1.00. The warrant is referred to as “ZNWAJ.” The
warrants became exercisable on October 29, 2018 and continued to be exercisable through October 29, 2020 at a per share exercise price
of $1.00, after the Company, on December 4, 2018, extended the termination date of the Warrant by one (1) year from the expiration date
of October 29, 2019 to October 29, 2020. On
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.” 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. 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.
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. 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. 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 ofunits 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 $1.00. 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 three months ended March 31, 2022, one participant in the “Request for Waiver”
aspect of the DSPP contributed approximately 85% 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 months ended March 31, 2022, and 2021, approximately $11,427,000, and $2,849,000 were raised under the DSPP program, respectively. The company raised approximately $2,585,000 from the period April
1, 2022 through May 6, 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-K, are not tradeable and are used internally for classification
and accounting purposes only. G.
Subscription Rights Offering On
April 2, 2018 the Company announced an offering (“2018 Subscription Rights Offering”) through American Stock Transfer &
Trust Company, LLC (the “Subscription Agent”), at no cost to the shareholders, of non-transferable Subscription Rights (each
“Right” and collectively, the “Rights”) to purchase its securities to persons who owned shares of our Common
Stock on April 13, 2018 (“the Record Date”). Pursuant to the 2018 Subscription Rights Offering, each holder of shares of
common stock on the Record Date received non-transferable Subscription Rights, with each Right comprised of one share of the Company
Common Stock, par value $0.01 per share (the “Common Stock”) and one Common Stock Purchase Warrant to purchase
an additional one share of Common Stock. Each Right could be exercised or subscribed at a per Right subscription price of $5.00.
Each Warrant affords the investor the opportunity to purchase one share of the Company Common Stock at a warrant exercise price of $3.00.
The warrant is referred to as “ZNWAI.” | | | | | |
| ZNWAH [Member] | | | | | | | | | |
| Stockholders' Equity (Details) [Line Items] | | | | | | | | | |
| New unit program, description | | | | The unit offering consisted of Units
of our securities where each Unit (priced at $250.00 each) was comprised of (i) 50 shares of Common Stock and (ii) Common Stock purchase
warrants to purchase an additional 50 shares of Common Stock. The investor’s Plan account was credited with the number of shares
of the Company’s Common Stock acquired under the Units purchased. Each warrant affords the investor the opportunity to purchase
one share of Company Common Stock at a warrant exercise price of $5.00. The warrant is referred to as “ZNWAH.”The
warrants became exercisable on April 19, 2018 and continued to be exercisable through April 19, 2020 at a per share exercise price of
$5.00, after the Company, on December 4, 2018, extended the termination date of the Warrant by one (1) year from the expiration date
of April 19, 2019 to April 19, 2020. On
May 29, 2019, the Company extended the termination date of the ZNWAH Warrant by one (1) year from the expiration date of April 19, 2020
to April 19, 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 ZNWAH Warrant by two (2) years from the expiration date of April
19, 2021 to April 19, 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
August 21, 2018, the Company initiated another unit offering, and it terminated on September 26, 2018. The offering consisted of Units
of the Company’s securities where each Unit (priced at $250.00 each) was comprised of (i) a certain number of shares of Common
Stock determined by dividing $250.00 (the price of one Unit) by the average of the high and low sale prices of the Company’s publicly
traded common stock as reported on the NASDAQ on the Unit Purchase Date and (ii) Common Stock purchase warrants to purchase an additional
twenty-five (25) shares of Common Stock. The investor’s Plan account was credited with the number of shares of the Company’s
Common Stock acquired under the Units purchased. Each warrant affords the investor the opportunity to purchase one share of Company Common
Stock at a warrant exercise price of $1.00. The warrant is referred to as “ZNWAJ.” The
warrants became exercisable on October 29, 2018 and continued to be exercisable through October 29, 2020 at a per share exercise price
of $1.00, after the Company, on December 4, 2018, extended the termination date of the Warrant by one (1) year from the expiration date
of October 29, 2019 to October 29, 2020. On
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.” 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. 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.
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. 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. 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 ofunits 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 $1.00. 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 three months ended March 31, 2022, one participant in the “Request for Waiver”
aspect of the DSPP contributed approximately 85% 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 months ended March 31, 2022, and 2021, approximately $11,427,000, and $2,849,000 were raised under the DSPP program, respectively. The company raised approximately $2,585,000 from the period April
1, 2022 through May 6, 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-K, are not tradeable and are used internally for classification
and accounting purposes only. G.
Subscription Rights Offering On
April 2, 2018 the Company announced an offering (“2018 Subscription Rights Offering”) through American Stock Transfer &
Trust Company, LLC (the “Subscription Agent”), at no cost to the shareholders, of non-transferable Subscription Rights (each
“Right” and collectively, the “Rights”) to purchase its securities to persons who owned shares of our Common
Stock on April 13, 2018 (“the Record Date”). Pursuant to the 2018 Subscription Rights Offering, each holder of shares of
common stock on the Record Date received non-transferable Subscription Rights, with each Right comprised of one share of the Company
Common Stock, par value $0.01 per share (the “Common Stock”) and one Common Stock Purchase Warrant to purchase
an additional one share of Common Stock. Each Right could be exercised or subscribed at a per Right subscription price of $5.00.
Each Warrant affords the investor the opportunity to purchase one share of the Company Common Stock at a warrant exercise price of $3.00.
The warrant is referred to as “ZNWAI.” | | | | | |
| ZNWAJ Warrant [Member] | | | | | | | | | |
| Stockholders' Equity (Details) [Line Items] | | | | | | | | | |
| New unit program, description | | | | the Company’s Common Stock acquired under the Units purchased. Each warrant affords the investor the opportunity to purchase
one share of Company Common Stock at a warrant exercise price of $5.00. The warrant is referred to as “ZNWAH.”The
warrants became exercisable on April 19, 2018 and continued to be exercisable through April 19, 2020 at a per share exercise price of
$5.00, after the Company, on December 4, 2018, extended the termination date of the Warrant by one (1) year from the expiration date
of April 19, 2019 to April 19, 2020. On
May 29, 2019, the Company extended the termination date of the ZNWAH Warrant by one (1) year from the expiration date of April 19, 2020
to April 19, 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 ZNWAH Warrant by two (2) years from the expiration date of April
19, 2021 to April 19, 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
August 21, 2018, the Company initiated another unit offering, and it terminated on September 26, 2018. The offering consisted of Units
of the Company’s securities where each Unit (priced at $250.00 each) was comprised of (i) a certain number of shares of Common
Stock determined by dividing $250.00 (the price of one Unit) by the average of the high and low sale prices of the Company’s publicly
traded common stock as reported on the NASDAQ on the Unit Purchase Date and (ii) Common Stock purchase warrants to purchase an additional
twenty-five (25) shares of Common Stock. The investor’s Plan account was credited with the number of shares of the Company’s
Common Stock acquired under the Units purchased. Each warrant affords the investor the opportunity to purchase one share of Company Common
Stock at a warrant exercise price of $1.00. The warrant is referred to as “ZNWAJ.” The
warrants became exercisable on October 29, 2018 and continued to be exercisable through October 29, 2020 at a per share exercise price
of $1.00, after the Company, on December 4, 2018, extended the termination date of the Warrant by one (1) year from the expiration date
of October 29, 2019 to October 29, 2020. On
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.” 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. 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.
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. 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. 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 ofunits 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 $1.00. 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 three months ended March 31, 2022, one participant in the “Request for Waiver”
aspect of the DSPP contributed approximately 85% 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 months ended March 31, 2022, and 2021, approximately $11,427,000, and $2,849,000 were raised under the DSPP program, respectively. The company raised approximately $2,585,000 from the period April
1, 2022 through May 6, 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-K, are not tradeable and are used internally for classification
and accounting purposes only. G.
Subscription Rights Offering On
April 2, 2018 the Company announced an offering (“2018 Subscription Rights Offering”) through American Stock Transfer &
Trust Company, LLC (the “Subscription Agent”), at no cost to the shareholders, of non-transferable Subscription Rights (each
“Right” and collectively, the “Rights”) to purchase its securities to persons who owned shares of our Common
Stock on April 13, 2018 (“the Record Date”). Pursuant to the 2018 Subscription Rights Offering, each holder of shares of
common stock on the Record Date received non-transferable Subscription Rights, with each Right comprised of one share of the Company
Common Stock, par value $0.01 per share (the “Common Stock”) and one Common Stock Purchase Warrant to purchase
an additional one share of Common Stock. Each Right could be exercised or subscribed at a per Right subscription price of $5.00.
Each Warrant affords the investor the opportunity to purchase one share of the Company Common Stock at a warrant exercise price of $3.00.
The warrant is referred to as “ZNWAI.” | | | | | |
| ZNWAN [Member] | | | | | | | | | |
| Stockholders' Equity (Details) [Line Items] | | | | | | | | | |
| Warrants termination, description | | | | On
February 1, 2021, the Company initiated a unit offering and it terminated on March 17, 2021. | | | | | |
| ZNWAN Warrants [Member] | | | | | | | | | |
| Stockholders' Equity (Details) [Line Items] | | | | | | | | | |
| New unit program, description | | | | 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.
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. 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. 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 ofunits 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 $1.00. 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 three months ended March 31, 2022, one participant in the “Request for Waiver”
aspect of the DSPP contributed approximately 85% 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 months ended March 31, 2022, and 2021, approximately $11,427,000, and $2,849,000 were raised under the DSPP program, respectively. The company raised approximately $2,585,000 from the period April
1, 2022 through May 6, 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-K, are not tradeable and are used internally for classification
and accounting purposes only. G.
Subscription Rights Offering On
April 2, 2018 the Company announced an offering (“2018 Subscription Rights Offering”) through American Stock Transfer &
Trust Company, LLC (the “Subscription Agent”), at no cost to the shareholders, of non-transferable Subscription Rights (each
“Right” and collectively, the “Rights”) to purchase its securities to persons who owned shares of our Common
Stock on April 13, 2018 (“the Record Date”). Pursuant to the 2018 Subscription Rights Offering, each holder of shares of
common stock on the Record Date received non-transferable Subscription Rights, with each Right comprised of one share of the Company
Common Stock, par value $0.01 per share (the “Common Stock”) and one Common Stock Purchase Warrant to purchase
an additional one share of Common Stock. Each Right could be exercised or subscribed at a per Right subscription price of $5.00.
Each Warrant affords the investor the opportunity to purchase one share of the Company Common Stock at a warrant exercise price of $3.00.
The warrant is referred to as “ZNWAI.” | | | | | |
| ZNWAN Warrants [Member] | Warrants [Member] | | | | | | | | | |
| Stockholders' Equity (Details) [Line Items] | | | | | | | | | |
| Warrants termination, description | | | | On
April 12, 2021, the Company initiated a unit offering and it terminated on May 12, 2021. | | | | | |
| |
| [1] | On May 29, 2019, the Company extended the termination date of the Warrants by one (1) year. | |
| [2] | On September 15, 2020, the Company extended the termination date of the Warrants by two (2) years. | |
| [3] | On December 4, 2018, the Company extended the termination date of the Warrants by one (1) year. | |
