Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Operations (Unaudited)

v3.20.2
Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Revenue        
Oil and gas sales $ 9,549,863 $ 8,734,323 $ 21,337,815 $ 18,080,915
Operating expenses        
Lease operating costs 4,396,789 2,857,278 8,155,992 5,456,672
General and administrative 917,190 1,257,959 2,201,837 2,291,304
Stock based compensation 197,632 2,500 451,382 42,082
Depreciation, depletion andamortization 2,921,208 2,228,191 6,098,410 4,598,879
Accretion - ARO 115,658 75,681 241,278 158,227
Total operating expenses 8,548,477 6,421,609 17,148,899 12,547,164
Income from operations 1,001,386 2,312,714 4,188,916 5,533,751
Other income (expense)        
Interest expense (6,909,555) (3,192,574) (11,493,115) (6,323,967)
Amortization of debt discount (1,542,074) (2,304,291) (2,777,604) (4,583,250)
Change in fair value of derivatives (9,292,013) 4,474,016 13,587,431 (5,271,567)
Loss on financing settlements (931,894) 0 (931,894)  
Interest and other income 1,200 2,481 2,475 5,898
Total other income (expense) (18,674,336) (1,020,368) (1,612,707) (16,172,886)
Net income (loss) before income taxes (17,672,950) 1,292,346 2,576,209 (10,639,135)
Income tax benefit (expense) 0 0 0 0
Net income (loss) (17,672,950) 1,292,346 2,576,209 (10,639,135)
Net (income) loss attributable to noncontrolling interest 1,111,808 0 154,639 0
Net income (loss) attributable to Viking Energy Group, Inc. $ (16,561,142) $ 1,292,346 $ 2,730,848 $ (10,639,135)
Earnings (loss) per common share        
Basic and Diluted $ (0.13) $ 0.01 $ 0.02 $ (0.12)
Weighted average number of common shares outstanding        
Basic and Diluted 133,722,276 91,192,033 129,521,255 91,147,958