Financials

v3.22.2
Consolidated Balance Sheets (Unaudited) - USD ($)
Jun. 30, 2022
Dec. 31, 2021
Current assets:    
Cash $ 3,332,399 $ 3,467,938
Accounts receivable, net 6,125,290 8,781,086
Inventory 8,146,111 5,490,435
Notes receivable 1,960,000 3,000,000
Prepaids and other current assets 670,957 1,065,967
Total current assets 20,234,757 21,805,426
Oil and gas properties, full cost method    
Proved developed producing oil and gas properties, net 6,302,596 6,609,198
Proved undeveloped and non-producing oil and gas properties, net 7,859,459 8,216,373
Total oil and gas properties, net 14,162,055 14,825,571
Fixed assets, net 1,510,486 1,487,012
Right of use assets, net 5,000,859 5,790,147
ESG Clean Energy license, net 4,732,747 4,885,825
Due from related parties 456,965 4,835,153
Other intangibles - Simson Maxwell, net 3,790,935 3,874,117
Other intangibles - Variable Interest Entities 15,433,340 0
Goodwill 252,290 252,290
Deposits and other assets 10,300 395,315
TOTAL ASSETS 65,584,734 58,150,856
Current liabilities:    
Accounts payable 3,324,595 8,325,469
Accrued expenses and other current liabilities 879,004 1,600,209
Customer deposits 1,396,347 23,015
Due to Camber Energy, Inc. 8,022,300 4,100,000
Undistributed revenues and royalties 3,228,070 1,332,282
Current portion of operating lease liability 1,354,637 1,324,722
Due to related parties 674,604 4,870,020
Current portion of notes payable - related parties 74,645 64,418
Bank indebtedness - credit facility 3,310,982 0
Current portion of long-term debt - net of discount 4,549,393 8,430,318
Total current liabilities 26,814,577 30,070,453
Notes payable - related parties - net of current portion 673,252 724,502
Long term debt - net of current portion and debt discount 2,425,034 2,741,190
Operating lease liability, net of current portion 3,786,750 4,474,832
Contingent obligations 1,435,757 0
Asset retirement obligation 2,193,281 2,111,650
TOTAL LIABILITIES 37,328,651 40,122,627
Commitments and contingencies 0 0
STOCKHOLDERS' EQUITY    
Common stock, $0.001 par value, 500,000,000 shares authorized, 114,780,967 and 111,030,965 shares issued and outstanding as of June 30, 2022, and December 31, 2021, respectively. 114,781 111,031
Additional paid-in capital 126,909,137 120,246,224
Accumulated other comprehensive loss (112,686) (177,981)
Accumulated deficit (110,046,514) (106,760,344)
Parent's Stockholders' Equity in Viking 16,864,751 13,418,958
Non-controlling interest 11,391,332 4,609,271
TOTAL STOCKHOLDERS' EQUITY 28,256,083 18,028,229
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 65,584,734 58,150,856
Preferred Stock Series C [Member]    
STOCKHOLDERS' EQUITY    
Preferred stock, value 28 28
Preferred Stock Series E [Member]    
STOCKHOLDERS' EQUITY    
Preferred stock, value $ 5 $ 0

Source

v3.22.2
Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Revenue        
Oil and gas sales $ 1,870,055 $ 10,696,633 $ 3,548,872 $ 21,190,712
Power generation units and parts 1,496,526 0 3,634,127 0
Service and repairs 3,218,864 0 5,322,563 0
Total revanue 6,585,445 10,696,633 12,505,562 21,190,712
Operating expenses        
Cost of goods sold 2,602,290 0 5,053,599 0
Lease operating costs 617,653 5,228,732 1,186,168 9,974,748
General and administrative 3,186,601 1,199,699 8,480,762 2,320,934
Stock based compensation 296,062 114,793 588,870 388,543
Depreciation, depletion and amortization 513,701 2,306,225 1,013,470 4,663,227
Accretion - ARO 46,565 147,308 81,631 289,674
Total operating expenses 7,262,872 8,996,757 16,404,500 17,637,126
Income (loss) from operations (677,427) 1,699,876 (3,898,938) 3,553,586
Other income (expense)        
Interest expense (219,283) (3,179,380) (353,045) (6,431,875)
Amortization of debt discount (2,374) (1,086,680) (94,896) (2,145,036)
Change in fair value of derivatives 0 (7,307,567) 0 (12,976,173)
Loss on financing settlements 0 0 0 (926,531)
Other income 707,124 21,997 511,855 22,002
Total other income (expense) 485,467 (11,551,630) 63,914 (22,457,613)
Net loss before income taxes (191,960) (9,851,754) (3,835,024) (18,904,027)
Income tax benefit (expense) 0 0 0 0
Net loss (191,960) (9,851,754) (3,835,024) (18,904,027)
Net loss attributable to non-controlling interest (188,349) 0 (548,854) 0
Net loss attributable to Viking Energy Group, Inc. $ (3,611) $ (9,851,754) $ (3,286,170) $ (18,904,027)
Earnings (loss) per common share        
Basic and Diluted $ 0 $ (0.14) $ (0.03) $ (0.28)
Weighted average number of common shares outstanding        
Basic and Diluted 114,780,967 68,132,199 114,364,300 67,350,993

Source

v3.22.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities:    
Net loss $ (3,835,024) $ (18,904,027)
Adjustments to reconcile net loss to cash provided by (used in) operating activities:    
Change in fair value of derivative liability 0 12,976,173
Stock based compensation 588,870 388,543
Depreciation, depletion and amortization 1,013,470 4,663,227
Amortization of operational right-of-use assets 11,560 155
Accretion - asset retirement obligation 81,631 289,674
Bad debt expense 1,800,000 0
Amortization of debt discount 94,896 2,145,036
Loss on debt settlement 0 926,531
Changes in operating assets and liabilities    
Accounts receivable 855,796 (1,785,700)
Prepaid expenses and other assets 191,155 0
Inventory (2,655,676) 0
Accounts payable (5,000,874) 433,677
Accrued expenses and other current liabilities (721,205) (326,986)
Related party payables 182,772 0
Customer deposits 1,373,332 0
Undistributed revenues and royalties 1,895,788 1,718,420
Net cash provided by (used in) operating activities (4,123,509) 2,524,723
Cash flows from investing activities:    
Proceeds from sale of oil and gas properties 24,688 876,613
Investment in and acquisition of oil and gas properties (9,813) (999,365)
Acquisition of fixed assets (32,484) 0
Proceeds from sale of notes receivable 1,040,000 0
Net cash provided by (used in) investing activities 1,022,391 (122,752)
Cash flows from financing activities:    
Proceeds from long-term debt 0 510,000
Repayment of long-term debt (4,332,998) (3,219,637)
Proceeds from non-interest-bearing advances from Camber 3,922,300 0
Advances from bank credit facility 3,310,982 0
Repayment of amount due to director 0 (60,843)
Net cash provided by (used in) financing activities 2,900,284 (2,770,480)
Effect of exchange rates on cash 65,295 0
Net decrease in cash (135,539) (368,509)
Cash, beginning of period 3,467,938 7,839,539
Cash, end of period 3,332,399 7,471,030
Cash paid for:    
Interest 353,045 6,564,807
Income taxes 0 0
Supplemental disclosure of Non-Cash Investing and Financing Activities:    
Amortization of right-of-use asset and lease liability 628,952 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 as discount on debt 0 141,321
Issuance of shares to parent for reduction of debt and accrued expenses $ 0 $ 18,900,000

Source