Financials

v3.22.2.2
Consolidated Balance Sheets - USD ($)
Sep. 30, 2022
Dec. 31, 2021
Current assets:    
Cash $ 4,902,157 $ 3,467,938
Accounts receivable, net 5,274,223 8,781,086
Inventory 8,438,164 5,490,435
Notes receivable 0 3,000,000
Prepaids and other current assets 316,937 1,065,967
Total current assets 18,931,481 21,805,426
Oil and gas properties, full cost method    
Proved developed producing oil and gas properties, net 725,607 6,609,198
Proved undeveloped and non-producing oil and gas properties, net 552,638 8,216,373
Total oil and gas properties, net 1,278,245 14,825,571
Fixed assets, net 1,787,350 1,487,012
Right of use assets, net 4,680,942 5,790,147
ESG Clean Energy license, net 4,654,939 4,885,825
Other intangibles - Simson Maxwell, net 3,748,653 3,874,117
Other intangibles - Variable Interest Entities 15,433,340 0
Due from related parties 456,068 4,835,153
Goodwill 0 252,290
Deposits and other assets 10,300 395,315
TOTAL ASSETS 50,981,318 58,150,856
Current liabilities:    
Accounts payable 3,602,329 8,325,469
Accrued expenses and other current liabilities 549,129 1,600,209
Customer deposits 3,799,585 23,015
Due to Camber Energy, Inc. 6,822,300 4,100,000
Undistributed revenues and royalties 2,809,138 1,332,282
Current portion of operating lease liability 1,342,762 1,324,722
Due to related parties 634,566 4,870,020
Current portion of notes payable - related parties 54,173 64,418
Bank indebtedness - credit facility 2,995,017 0
Current portion of long-term debt - net of discount 624,790 8,430,318
Total current liabilities 23,233,789 30,070,453
Long term debt - net of current portion and debt discount 2,268,350 2,741,190
Notes payable - related parties - net of current portion 632,747 724,502
Operating lease liability, net of current portion 3,462,407 4,474,832
Contingent obligations 1,435,757 0
Asset retirement obligation 1,979,544 2,111,650
TOTAL LIABILITIES 33,012,594 40,122,627
STOCKHOLDERS' EQUITY    
Preferred Stock Series C, $0.001 par value, 50,000 shares authorized, 28,092 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively 28 28
Preferred Stock Series E, $0.001 par value, 2,075 shares authorized, 475 and 0 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively 5 0
Common stock, $0.001 par value, 500,000,000 shares authorized, 114,780,967 and 111,030,965 shares issued and outstanding as of September 30, 2022, and December 31, 2021, respectively. 114,781 111,031
Additional paid-in capital 127,687,341 120,246,224
Accumulated other comprehensive loss (484,816) (177,981)
Accumulated deficit (120,323,427) (106,760,344)
Parent's Stockholders' Equity in Viking 6,993,912 13,418,958
Non-controlling interest 10,974,812 4,609,271
TOTAL STOCKHOLDERS' EQUITY 17,968,724 18,028,229
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 50,981,318 $ 58,150,856

Source

v3.22.2.2
Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Revenue        
Power generation units and parts $ 3,278,966 $ 0 $ 6,913,093 $ 0
Service and repairs 2,763,886 0 8,086,449 0
Oil and gas sales 117,854 9,680,661 3,666,726 30,871,373
Total revenue 6,160,706 9,680,661 18,666,268 30,871,373
Operating expenses        
Cost of goods sold 4,817,640 0 9,871,239 0
Lease operating costs 243,679 4,888,546 1,429,847 14,863,294
General and administrative 2,727,655 1,966,519 11,208,417 4,287,453
Stock based compensation 1,025,464 82,055 1,614,334 470,598
Depreciation, depletion and amortization 313,191 2,181,326 1,326,661 6,844,553
Accretion - Asset Retirement Obligation 26,238 148,551 107,869 438,225
Total operating expenses 9,153,867 9,266,997 25,558,367 26,904,123
Income (loss) from operations (2,993,161) 413,664 (6,892,099) 3,967,250
Other income (expense)        
Interest expense (154,022) (3,180,460) (507,067) (9,612,335)
Amortization of debt discount (2,400) (1,261,618) (97,296) (3,406,654)
Change in fair value of derivatives 0 (3,425,097) 0 (16,401,270)
Net loss on sale of oil & gas and fixed assets (7,744,680) 0 (7,744,680) 0
Equity in earnings of unconsolidated entity 0 47,772 0 47,772
Loss on financing settlements 0 (1,847,810) 0 (2,774,341)
Other income 33,576 174,234 545,431 196,236
Total other expense, net (7,867,526) (9,492,979) (7,803,612) (31,950,592)
Net loss before income taxes (10,860,687) (9,079,315) (14,695,711) (27,983,342)
Income tax benefit (expense) 0 0 0 0
Net loss (10,860,687) (9,079,315) (14,695,711) (27,983,342)
Net loss attributable to non-controlling interest (583,774) 0 (1,132,628) 0
Net loss attributable to Viking Energy Group, Inc. $ (10,276,913) $ (9,079,315) $ (13,563,083) $ (27,983,342)
Earnings (loss) per common share        
Basic and Diluted $ (0.09) $ (0.10) $ (0.12) $ (0.38)
Weighted average number of common shares outstanding        
Basic and Diluted 114,780,965 87,741,024 114,503,698 74,222,359

Source

v3.22.2.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities:    
Net loss $ (14,695,711) $ (27,983,342)
Adjustments to reconcile net loss to cash provided by (used in) operating activities:    
Change in fair value of derivative liability 0 16,401,270
Stock based compensation 1,614,334 470,598
Depreciation, depletion and amortization 1,326,661 6,844,553
Amortization of operational right-of-use assets 16,443 (113)
Accretion - asset retirement obligation 107,869 438,225
Amortization of debt discount 97,296 3,406,654
Loss on debt settlement 0 2,774,341
Net loss on sale of oil & gas and fixed assets 8,944,680 0
PPP loan forgiveness 0 (149,600)
Equity in earnings of unconsolidated entity 0 (47,772)
Changes in operating assets and liabilities    
Accounts receivable 3,506,863 (3,657,592)
Prepaids and other current assets 297,915 0
Inventory (2,947,729) 0
Accounts payable (4,723,140) 3,015,379
Accrued expenses and other current liabilities (1,051,080) (313,058)
Related party payables 143,631 0
Customer deposits 3,776,570 0
Undistributed revenues and royalties 1,476,856 1,721,496
Net cash provided by (used in) operating activities (2,108,542) 2,921,039
Cash flows from investing activities:    
Proceeds from sale of oil and gas properties 3,590,000 906,613
Investment in and acquisition of oil and gas properties (9,813) (1,709,253)
Proceeds from sale of fixed assets 76,310 0
Acquisition of fixed assets (46,554) 0
Payments for ESG Clean Energy licence 0 (1,500,000)
Investment in consolidated entity 0 (7,958,159)
Collection of notes receivable 3,000,000 0
Net cash provided by (used in) investing activities 6,609,943 (10,260,799)
Cash flows from financing activities:    
Proceeds from long-term debt 0 510,000
Repayment of long-term debt (8,477,664) (5,333,066)
Proceeds from sale of stock to Camber Energy Inc. 0 11,000,000
Proceeds from non-interest-bearing advances from Camber 2,722,300 0
Advances from bank credit facility 2,995,017 0
Repayment of amount due to director 0 (60,843)
Net cash provided by (used in) financing activities (2,760,347) 6,116,091
Effect of exchange rates on cash (306,835) 0
Net increase (decrease) in cash 1,434,219 (1,223,669)
Cash, beginning of period 3,467,938 7,839,539
Cash, end of period 4,902,157 6,615,870
Cash paid for:    
Interest 494,862 9,755,850
Income taxes 0 0
Supplemental disclosure of Non-Cash Investing and Financing Activities:    
Equity in earnings of unconsolidated entity 0 47,772
Amortization of right-of-use asset and lease liability 948,870 36,872
Issuance of shares for purchase of VIE interests 2,250,000 0
Issuance of preferred shares for purchase of VIE interest 4,750,000 0
Contingent obligation associated with acquisition of VIE interests 1,435,757  
Issuance of shares for services 0 388,662
Issuance of warrants for services 778,204 29,881
Issuance of shares in debt conversion 0 3,800,164
Issuance of shares as discount on debt 0 141,321
Issuance of shares for prepaid services 0 1,187,500
PPP loan forgiveness1 0 149,600
Issuance of shares to parent for reduction of debt and accrued expenses $ 0 $ 18,900,000

Source