Financials

v3.21.2
Consolidated Balance Sheets - USD ($)
Jun. 30, 2021
Dec. 31, 2020
Current assets:    
Cash $ 2,110,524 $ 3,976,783
Restricted cash 5,360,506 3,862,756
Accounts receivable - oil and gas - net 5,836,331 4,050,631
Total current assets 13,307,361 11,890,170
Oil and gas properties, full cost method    
Proved developed producing oil and gas properties, net 61,787,619 64,703,753
Proved undeveloped and non-producing oil and gas properties, net 35,868,668 37,452,683
Total oil and gas properties, net 97,656,287 102,156,436
Fixed assets, net 357,770 433,168
Derivative asset 0 1,220,209
Deposits 57,896 57,896
TOTAL ASSETS 111,379,314 115,757,879
Current liabilities:    
Accounts payable 4,909,196 4,475,519
Accrued expenses and other current liabilities 419,108 3,857,655
Undistributed revenues and royalties 5,833,882 4,115,462
Derivative liability 12,649,422 893,458
Amount due to director 0 559,122
Current portion of long-term debt and other short-term borrowings - net of debt discount 44,325,164 32,977,368
Total current liabilities 68,136,772 46,878,584
Long term debt - net of current portion and debt discount 51,636,447 78,775,796
Operating lease liability 204,714 241,431
Asset retirement obligation 6,455,705 6,164,231
TOTAL LIABILITIES 126,433,638 132,060,042
Commitments and contingencies 0 0
STOCKHOLDERS' DEFICIT    
Preferred stock, $0.001 par value, 5,000,000 shares authorized, 28,092 shares issued and outstanding as of June 30, 2021 and December 31, 2020 28 28
Common stock, $0.001 par value, 500,000,000 shares authorized, 68,247,975 and 51,494,956 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively. 68,248 51,495
Additional paid-in capital 96,055,924 75,920,811
Accumulated deficit (111,178,524) (92,274,497)
TOTAL STOCKHOLDERS' DEFICIT (15,054,324) (16,302,163)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 111,379,314 $ 115,757,879

Source

v3.21.2
Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Revenue        
Oil and gas sales $ 10,696,633 $ 9,549,863 $ 21,190,712 $ 21,337,815
Operating expenses        
Lease operating costs 5,228,732 4,396,789 9,974,748 8,155,992
General and administrative 1,199,699 917,190 2,320,934 2,201,837
Stock based compensation 114,793 197,632 388,543 451,382
Depreciation, depletion and amortization 2,306,225 2,921,208 4,663,227 6,098,410
Accretion - ARO 147,308 115,658 289,674 241,278
Total operating expenses 8,996,757 8,548,477 17,637,126 17,148,899
Income from operations 1,699,876 1,001,386 3,553,586 4,188,916
Other income (expense)        
Interest expense (3,179,380) (6,909,555) (6,431,875) (11,493,115)
Amortization of debt discount (1,086,680) (1,542,074) (2,145,036) (2,777,604)
Change in fair value of derivatives (7,307,567) (9,292,013) (12,976,173) 13,587,431
Loss on financing settlements 0 (931,894) (926,531) (931,894)
Interest and other income 21,997 1,200 22,002 2,475
Total other income (expense) (11,551,630) (18,674,336) (22,457,613) (1,612,707)
Net income (loss) before income taxes (9,851,754) (17,672,950) (18,904,027) 2,576,209
Income tax benefit (expense)   0 0 0
Net income (loss) (9,851,754) (17,672,950) (18,904,027) 2,576,209
Net (income) loss attributable to noncontrolling interest 0 1,111,808 0 154,639
Net income (loss) attributable to Viking Energy Group, Inc. $ (9,851,754) $ (16,561,142) $ (18,904,027) $ 2,730,848
Earnings (loss) per common share        
Basic and Diluted $ (0.14) $ (1.11) $ (0.28) $ 0.19
Weighted average number of common shares outstanding        
Shares Basic and Diluted 68,132,199 14,858,031 67,350,993 14,391,251

Source

v3.21.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash flows from operating activities:    
Net income (loss) $ (18,904,027) $ 2,576,209
Adjustments to reconcile net loss to cash provided by operating activities:    
Change in fair value of derivative liability 12,976,173 (13,587,431)
Stock based compensation 388,543 451,382
Depreciation, depletion and amortization 4,663,227 6,098,410
Amortization of operational right-of-use assets 155 1,192
Accretion - asset retirement obligation 289,674 241,278
Amortization of debt discount 2,145,036 2,777,604
Loss on debt settlement 926,531 931,894
Stock based interest expense 0 2,178,356
Changes in operating assets and liabilities    
Accounts receivable (1,785,700) (1,803,293)
Prepaid expenses and other assets 0 66,014
Accounts payable 433,677 (2,196,294)
Accrued expenses and other current liabilities (326,986) 1,688,127
Undistributed revenues and royalties 1,718,420 744,351
Net cash provided by operating activities 2,524,723 167,799
Cash flows from investing activities:    
Investment in and acquisition of oil and gas properties (999,365) (1,184,830)
Proceeds from sale of oil and gas properties 876,613 0
Net cash used in investing activities (122,752) (1,184,830)
Cash flows from financing activities:    
Proceeds from long-term debt 510,000 8,641,421
Repayment of long-term debt (3,219,637) (8,810,703)
Proceeds from exercise of warrants 0 38,000
Repayment of amount due director (60,843) 0
Net cash used in financing activities (2,770,480) (131,282)
Net decrease in cash (368,509) (1,148,313)
Cash and Restricted Cash, beginning of period 7,839,539 5,638,724
Cash and Restricted Cash, end of period 7,471,030 4,490,411
Cash paid for:    
Interest 6,564,807 7,613,188
Income taxes 0 0
Supplemental disclosure of Non-Cash Investing and Financing Activities:    
Recognition of asset retirement obligation 0 1,514,328
Amortization of right-of-use asset and lease liability 36,872 15,751
Issuance of warrant shares as reduction of debt 0 15,000
Issuance of shares as discount on debt 141,321 718,860
Private placement debt exchanged for new private placement debt 0 2,160,150
Purchase of working interest through new debt 0 29,496,356
Accrued interest rolled into new private placement 0 103,583
Issuance of shares as reduction of debt and accrued expenses 0 4,110,250
Issuance of shares to parent for reduction of debt and accrued expenses $ 18,900,000 $ 0

Source