Quarterly report pursuant to Section 13 or 15(d)

Equity

v3.20.2
Equity
6 Months Ended
Jun. 30, 2020
Equity  
Note 6. Equity

(a) Preferred Stock

 

The Company is authorized to issue 5,000,000 shares of Preferred Stock, par value $0.001 per share (the “Preferred Stock”), of which 50,000 have been designated as Series C Preferred Stock (the “Series C Preferred Stock”). Pursuant to the amended Certification of Designation of the Series C Preferred Stock filed on June 17, 2020, each share of Series C Preferred Stock entitles the holder thereof to 37,500 votes on all matters submitted to the vote of the stockholders of the Company.Each share of Series C Preferred Stock is convertible, at the option of the holder, at any time after the date of issuance of such share, at the office of the Company or any transfer agent for such stock, into one share of fully paid and non-assessable common stock.

  

(b) Common Stock

 

On November 5, 2018, the Company amended its Articles of Incorporation to increase the number of shares of common stock the Company is authorized to issue from 100,000,000 to 500,000,000.

 

During the six months ended June 30, 2020, the Company issued shares of its common stock as follows:

  

 

·

3,235,255 shares of common stock issued for services valued at fair value on the date of the transactions, totaling $451,382.

 

·

566,250 shares of common stock pursuant to the exercise of 675,000 warrants.

 

·

5,921,018 shares of common stock issued as discount on debt valued at fair value on the date of the transaction totaling $718,860.

 

·

26,151,286 shares of common stock issued in settlement of debt and short term borrowings, valued at fair value on the date of the transaction totaling $4,110,250, and resulting in a loss on financing settlements of $931,894.

    

During the six months ended June 30, 2019, the Company issued shares of its common stock as follows:

 

 

·

210,929 shares of common stock issued for services valued at fair value on the date of the transaction totaling $42,082.

    

(c) Noncontrolling Interest

 

As described in Note 7 to the consolidated financial statements, on February 3, 2020 and June 26, 2020, Viking borrowed $5.0 million and $4.2 million respectively from Camber Energy, Inc.As additional consideration for each loan, Viking assigned Camber 25% and 5% (respectively) of the membership interests in Elysium Holdings, LLC. At the time of assignments, the fair value of each such interest was zero.

 

The following schedule discloses the effects of changes in the Company’s ownership interest in its subsidiaries on the Company’s equity for the six months ended June 30, 2020:

 

Noncontrolling interest - December 31, 2019

 

$ -

 

 

 

 

 

 

Transfers to the noncontrolling interest

 

 

 

 

Recognition of noncontrolling interest at fair value

 

 

-

 

 

 

 

 

 

Net loss attributable to noncontrolling interest

 

 

154,639

 

 

 

 

 

 

Change from net income attibutable to Viking Energy Group, Inc and transfers to from noncontrolling interest

 

$ 154,639