Quarterly report pursuant to Section 13 or 15(d)

Equity

Equity

6 Months Ended

Jun. 30, 2021

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 December 22, 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. Notwithstanding, so long as Camber Energy, Inc. owns or is entitled to own at least 51% of the outstanding shares of common stock of the Company and James Doris remains a director and Chief Executive Officer of Camber, each share of Preferred Stock shall not be entitled to any votes on matters submitted to a 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 37,500 shares of fully paid and non-assessable common stock. However, upon any business combination or merger between Camber and Viking such that Camber acquires substantially all of the outstanding common stock or substantially all of Viking’s assets, the Company shall ensure that the Preferred Stock is convertible into the greater of: (i) 25,000,000 common shares of Camber (or a number of preferred shares of Camber convertible into such number of common shares of Camber); or (ii) that number of common shares of Camber that 25,000,000 shares of common stock would be convertible or exchange into in the Combination (or a number of preferred shares of Camber convertible into such number of common shares of Camber).

(b) Common Stock

On January 5, 2021, the Company filed a Certificate of Amendment with the Secretary of State of the State of Nevada to effect a reverse split of our common stock at a ratio of 1-for-9 (the “Reverse Stock Split”). As a result of the Reverse Stock Split, each nine (9) pre-split shares of common stock outstanding were automatically combined into one (1) new share of common stock. All share and per shares numbers in this Periodic Report on Form 10-Q have been adjusted to reflect the Reverse Stock Split.

During the six months ended June 30, 2021, the Company issued shares of its common stock as follows:

	•	428,067 shares of common stock issued for services valued at fair value on the date of the transactions, totaling $358,662.
	•	169,336 shares of common stock issued as discount on debt valued at fair value on the date of the transaction totaling $141,321.
	•	16,153,846 shares of common stock issued pursuant to a subscription agreement for $18,900,000. (see Note 1)

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

	•	359,473 shares of common stock issued for services valued at fair value on the date of the transaction totaling $451,382.
	•	46,250 shares of common stock issued for exercise of warrants valued at fair value on the date of the transaction totaling $38,000.
	•	16,667 shares of common stock issued for exercise of warrants as a reduction of debt valued at fair value on the date of the transaction totaling $15,000.
	•	657,891 shares of common stock issued as discount on debt valued at fair value on the date of the transaction totaling $718,860.
	•	2,905,699 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.