Financials

v3.20.2
Consolidated Balance Sheets - USD ($)
Jun. 30, 2020
Dec. 31, 2019
Current assets:    
Cash $ 1,921,408 $ 1,761,495
Restricted cash 2,569,003 3,877,229
Accounts receivable - oil and gas - net 4,667,407 2,864,114
Prepaid expenses 53,378 168,994
Total current assets 9,211,196 8,671,832
Oil and gas properties, full cost method    
Proved developed producing oil and gas properties, net 87,818,028 68,924,441
Proved undeveloped and non-producing oil and gas properties, net 58,047,338 50,817,675
Total oil and gas properties, net 145,865,366 119,742,116
Fixed assets, net 450,352 509,934
Derivative asset 8,428,610 0
Deposits 121,196 2,821,594
TOTAL ASSETS 164,076,720 131,745,476
Current liabilities:    
Accounts payable 1,595,600 3,791,894
Accrued expenses and other current liabilities 4,082,845 3,229,594
Undistributed revenues and royalties 2,992,029 2,247,678
Derivative liability 0 5,158,822
Amount due to director 590,555 590,555
Current portion of long-term debt and other short-term borrowings - net of debt discount 63,059,086 19,225,045
Total current liabilities 72,320,115 34,243,588
Long term debt - net of current portion and debt discount 69,609,772 84,988,117
Operating lease liability 276,034 308,279
Asset retirement obligation 5,294,243 3,538,637
TOTAL LIABILITIES 147,500,164 123,078,621
STOCKHOLDERS' EQUITY    
Preferred stock, $0.001 par value, 5,000,000 shares authorized, 28,092 shares issued and outstanding as of June 30, 2020 and December 31, 2019 28 28
Common stock, $0.001 par value, 500,000,000 shares authorized, 160,072,118 and 124,198,309 shares issued and outstanding as of June 30, 2020 and December 31, 2019 respectively. 160,072 124,198
Additional paid-in capital 44,123,010 38,825,392
Accumulated deficit (27,551,915) (30,282,763)
Equity attributable to Viking Energy Group, Inc. 16,731,195 8,666,855
Noncontrolling interest (154,639) 0
TOTAL STOCKHOLDERS' EQUITY 16,576,556 8,666,855
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 164,076,720 $ 131,745,476

Source

v3.20.2
Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Revenue        
Oil and gas sales $ 9,549,863 $ 8,734,323 $ 21,337,815 $ 18,080,915
Operating expenses        
Lease operating costs 4,396,789 2,857,278 8,155,992 5,456,672
General and administrative 917,190 1,257,959 2,201,837 2,291,304
Stock based compensation 197,632 2,500 451,382 42,082
Depreciation, depletion andamortization 2,921,208 2,228,191 6,098,410 4,598,879
Accretion - ARO 115,658 75,681 241,278 158,227
Total operating expenses 8,548,477 6,421,609 17,148,899 12,547,164
Income from operations 1,001,386 2,312,714 4,188,916 5,533,751
Other income (expense)        
Interest expense (6,909,555) (3,192,574) (11,493,115) (6,323,967)
Amortization of debt discount (1,542,074) (2,304,291) (2,777,604) (4,583,250)
Change in fair value of derivatives (9,292,013) 4,474,016 13,587,431 (5,271,567)
Loss on financing settlements (931,894) 0 (931,894)  
Interest and other income 1,200 2,481 2,475 5,898
Total other income (expense) (18,674,336) (1,020,368) (1,612,707) (16,172,886)
Net income (loss) before income taxes (17,672,950) 1,292,346 2,576,209 (10,639,135)
Income tax benefit (expense) 0 0 0 0
Net income (loss) (17,672,950) 1,292,346 2,576,209 (10,639,135)
Net (income) loss attributable to noncontrolling interest 1,111,808 0 154,639 0
Net income (loss) attributable to Viking Energy Group, Inc. $ (16,561,142) $ 1,292,346 $ 2,730,848 $ (10,639,135)
Earnings (loss) per common share        
Basic and Diluted $ (0.13) $ 0.01 $ 0.02 $ (0.12)
Weighted average number of common shares outstanding        
Basic and Diluted 133,722,276 91,192,033 129,521,255 91,147,958

Source

v3.20.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities:    
Net income (loss) $ 2,576,209 $ (10,639,135)
Adjustments to reconcile net income (loss) to cash provided by operating activities:    
Change in fair value of derivative liability (13,587,431) 5,271,567
Stock based compensation 451,382 42,082
Depreciation, depletion and amortization 6,098,410 4,598,879
Amortization of operational right-of-use assets 1,192 2,228
Accretion - Asset retirement obligation 241,278 158,227
Amortization of debt discount 2,777,604 4,583,250
Loss on financing settlement 931,894  
Stock based interest expense 2,178,356  
Changes in operating assets and liabilities    
Accounts receivable (1,803,293) (2,362,672)
Prepaid expenses and other assets 66,014 33,874
Accounts payable (2,196,294) (1,607,849)
Accrued expenses and other current liabilities 1,688,127 1,727,325
Undistributed revenues and royalties 744,351 100,416
Net cash provided by operating activities 167,799 1,908,192
Cash flows from investing activities:    
Investment in and acquisition of oil and gas properties (1,184,830) (3,319,812)
Proceeds from sale of oil and gas interests 0 287,966
Net cash used in investing activities (1,184,830) (3,031,846)
Cash flows from financing activities:    
Proceeds from long term debt 8,641,421 2,734,143
Proceeds from amount due to director 0 195,000
Proceeds from exercise of warrants 38,000 0
Short term advance 0 693,706
Repayment of long-term debt (8,810,703) (1,464,566)
Net cash provided by (used in) financing activities (131,282) 2,158,283
Net increase (decrease) in cash (1,148,313) 1,034,629
Cash and Restricted Cash, beginning of period 5,638,724 4,009,892
Cash and Restricted Cash, ending of period 4,490,411 5,044,521
Cash paid for:    
Interest 7,613,188 4,383,027
Income taxes 0 0
Supplemental disclosure of Non-Cash Investing and Financing Activities:    
Recognition of asset retirement obligation 1,514,328 94,796
Recognition of right-of-use asset and lease liability 0 367,365
Amortization of right-of-use asset and lease liability 15,751 28,738
Purchase of transportation equipment through direct financing 0 56,760
Proceeds from sale of oil and gas properties paid directly to reduce debt 0 3,800,000
Elimination of asset retirement obligation associated with sale of assets 0 797,796
Issuance of warrant shares as reduction of debt 15,000 0
Issuance of shares as discount on debt 718,860 0
Private placement debt exchanged for new private placement debt 654,000 0
Purchase of working interest through new debt 29,496,356 0
Accrued interest rolled into new private placement 103,583 0
Issuance of shares as reduction of debt and accrued expenses $ 4,110,250 $ 0

Source