Financials

v3.21.1
Consolidated Balance Sheets - USD ($)
Mar. 31, 2021
Dec. 31, 2020
Current assets:    
Cash $ 2,501,859 $ 3,976,783
Restricted cash 3,437,170 3,862,756
Accounts receivable - oil and gas - net 5,826,114 4,050,631
Total current assets 11,765,143 11,890,170
Oil and gas properties, full cost method    
Proved developed producing oil and gas properties, net 63,618,180 64,703,753
Proved undeveloped and non-producing oil and gas properties, net 36,876,079 37,452,683
Total oil and gas properties, net 100,494,259 102,156,436
Fixed assets, net 395,696 433,168
Derivative asset 0 1,220,209
Deposits 57,896 57,896
TOTAL ASSETS 112,712,994 115,757,879
Current liabilities:    
Accounts payable 4,831,614 4,475,519
Accrued expenses and other current liabilities 443,401 3,857,655
Undistributed revenues and royalties 4,827,528 4,115,462
Derivative liability 5,341,855 893,458
Amount due to director 40,843 559,122
Current portion of long-term debt and other short-term borrowings - net of debt discount 44,601,248 32,977,368
Total current liabilities 60,086,489 46,878,584
Long term debt - net of current portion and debt discount 51,419,373 78,775,796
Operating lease liability 223,472 241,431
Asset retirement obligation 6,308,397 6,164,231
TOTAL LIABILITIES 118,037,731 132,060,042
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 March 31, 2021 and December 31, 2020 28 28
Common stock, $0.001 par value, 500,000,000 shares authorized,68,080,555 and 51,494,956 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively. 68,081 51,495
Additional paid-in capital 95,933,924 75,920,811
Accumulated deficit (101,326,770) (92,274,497)
TOTAL STOCKHOLDERS' DEFICIT (5,324,737) (16,302,163)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 112,712,994 $ 115,757,879

Source

v3.21.1
Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Revenue    
Oil and gas sales $ 10,494,079 $ 11,787,952
Operating expenses    
Lease operating costs 4,746,016 3,759,203
General and administrative 1,121,235 1,284,647
Stock based compensation 273,750 253,750
Depreciation, depletion and amortization 2,357,002 3,177,202
Accretion - ARO 142,366 125,620
Total operating expenses 8,640,369 8,600,422
Income from operations 1,853,710 3,187,530
Other income (expense)    
Interest expense (3,252,495) (4,583,560)
Amortization of debt discount (1,058,356) (1,235,530)
Loss on debt settlement (926,531) 0
Change in fair value of derivatives (5,668,606) 22,879,444
Interest and other income 5 1,275
Total other income (expense) (10,905,983) 17,061,629
Net income (loss) before income taxes (9,052,273) 20,249,159
Income tax benefit (expense) 0 0
Net income (loss) (9,052,273) 20,249,159
Net loss attributable to noncontrolling interest 0 (957,169)
Net income (loss) attributable to Viking Energy Group, Inc. $ (9,052,273) $ 19,291,990
Earnings (loss) per common share    
Earning Basic and Diluted $ (0.13) $ 1.39
Weighted average number of common shares outstanding    
Basic and Diluted 66,561,107 13,924,471

Source

v3.21.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities:    
Net Income (loss) $ (9,052,273) $ 20,249,159
Adjustments to reconcile net loss to cash provided by operating activities:    
Change in fair value of derivative liability 5,668,606 (22,879,444)
Stock based compensation 273,750 253,750
Depreciation, depletion and amortization 2,357,002 3,177,202
Amortization of operational right-of-use assets 248 768
Accretion - Asset retirement obligation 142,366 125,620
Loss on debt settlement 926,531 0
Amortization of debt discount 1,058,356 1,235,530
Changes in operating assets and liabilities    
Accounts receivable (1,775,483) (1,756,191)
Prepaid expenses and other assets 0 17,126
Accounts payable 356,095 (1,792,463)
Accrued expenses and other current liabilities (302,692) 1,008,761
Undistributed revenues and royalties 712,066 424,184
Net cash provided by operating activities 364,572 64,002
Cash flows from investing activities:    
Investment in and acquisition of oil and gas properties (673,761) (811,276)
Net cash used in investing activities (673,761) (811,276)
Cash flows from financing activities:    
Proceeds from long-term debt 425,000 3,773,679
Repayment of long-term debt (1,996,321) (2,438,014)
Proceeds from exercise of warrants 0 38,000
Repayment of amount due director (20,000) 0
Net cash (used in) provided by financing activities (1,591,321) 1,373,665
Net increase in cash (1,900,510) 626,391
Cash and Restricted Cash, beginning of period 7,839,539 5,638,724
Cash and Restricted Cash, end of period 5,939,029 6,265,115
Cash paid for:    
Interest 3,360,602 3,531,095
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 17,959 15,751
Issuance of warrant shares as reduction of debt 0 15,000
Issuance of shares as discount on debt 133,947 110,160
Private placement debt exchanged for new private placement debt 0 654,000
Purchase of working interest through new debt 0 29,496,356
Accrued interest rolled into new private placement 0 39,592
Issuance of shares to parent for reduction of debt and accrued expenses $ 18,900,000 $ 0

Source