Quarterly report pursuant to Section 13 or 15(d)


Cover - shares
9 Months Ended
Sep. 30, 2021
Nov. 05, 2021
Cover [Abstract]    
Entity Registrant Name VIKING ENERGY GROUP, INC.  
Entity Central Index Key 0001102432  
Document Type 10-Q/A  
Amendment Flag true  
Current Fiscal Year End Date --12-31  
Entity Small Business true  
Entity Shell Company false  
Entity Emerging Growth Company false  
Entity Current Reporting Status Yes  
Document Period End Date Sep. 30, 2021  
Entity Filer Category Non-accelerated Filer  
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2021  
Entity Common Stock Shares Outstanding   101,971,563
Document Quarterly Report true  
Entity Interactive Data Current Yes  
Document Transition Report false  
Entity File Number 000-29219  
Entity Incorporation State Country Code NV  
Entity Tax Identification Number 98-0199508  
Entity Address Address Line 1 15915 Katy Freeway  
Entity Address Address Line 2 Suite 450  
Entity Address City Or Town Houston  
Entity Address State Or Province TX  
Entity Address Postal Zip Code 77094  
City Area Code 281  
Local Phone Number 404 4387  
Amendment Description This Amendment No. 1 to Quarterly Report on Form 10-Q/A (this “Amendment”) amends the quarterly report of Viking Energy Group, Inc. (the “Company”) for the quarterly period ended September 30, 2021, as filed with the United States Securities and Exchange Commission (the “SEC”) on November 15, 2021 (the “Original 10-Q”), to restate the financial statements for the three and nine months ended September 30, 2020. On August 31, 2020, the Company filed an amended Certificate of Designation (the “August Amendment”) regarding the rights associated with Viking’s shares of Series C Preferred Stock (the “Preferred Shares”) in connection with an Agreement and Plan of Merger (the “2020 Merger Agreement”) in effect at the time between the Company and Camber Energy, Inc. (“Camber”).  The August Amendment modified the conversion and voting entitlements associated with the Preferred Shares in anticipation of a full combination between Viking and Camber. The modification of preferred stock rights that includes adding a substantive conversion option requires the modification to be treated as a redemption of the preferred shares and any difference between the fair value of the modified preferred shares and the carrying amount of the preferred shares be subtracted (or added) to net income to arrive at income available to common shareholders in accordance with FASB ASC 260-10-S99-2.  Consequently, we have recognized a deemed dividend in determining net income or loss attributable to common shareholders as reported in the Statement of Operations and utilized in computing earnings or loss per common share for the three and nine months ended September 30, 2020. The deemed dividend has no impact on the Company’s (i) balance sheet, (ii) reported revenues and expenses, and (iii) statement of cash flows. The Company is amending the Original 10-Q to recognize the fair value of the deemed dividend in the amount of $14,546,677 for the three and nine months ended September 30, 2020; such deemed dividend had not been previously recognized.  This restatement has no impact on financial position and results of operations for the three and nine months ended September 30, 2021. Except as described above and in note 4 to the accompanying consolidated financial statements and in “Item 4.  Controls and Procedures,” no other information included in the Original 10-Q is being amended or updated by this Amendment, and this Amendment does not purport to reflect any information or events subsequent to the Original 10-Q. This Amendment continues to describe the conditions as of the date of the Original 10-Q, and, except as expressly described herein, the Company has not updated, modified or supplemented the disclosures contained in the Original 10-Q. Accordingly, this Amendment should be read in conjunction with the Original 10-Q, the 10-Q for the quarterly period ended September 30, 2020, and with the Company’s filings with the SEC subsequent to the Original 10-Q.