Financials

v3.20.2
Consolidated Balance Sheets - USD ($)
Sep. 30, 2020
Dec. 31, 2019
Current assets:    
Cash $ 2,330,846 $ 1,761,495
Restricted cash 3,620,426 3,877,229
Accounts receivable - oil and gas - net 3,806,746 2,864,114
Prepaid expenses 33,178 168,994
Total current assets 9,791,196 8,671,832
Oil and gas properties, full cost method    
Proved developed producing oil and gas properties, net 84,852,456 68,924,441
Proved undeveloped and non-producing oil and gas properties, net 56,221,132 50,817,675
Total oil and gas properties, net 141,073,588 119,742,116
Fixed assets, net 443,513 509,934
Derivative asset 4,376,174 0
Deposits 121,196 2,821,594
TOTAL ASSETS 155,805,667 131,745,476
Current liabilities:    
Accounts payable 2,351,493 3,791,894
Accrued expenses and other current liabilities 4,298,851 3,229,594
Undistributed revenues and royalties 3,415,990 2,247,678
Derivative liability 965,903 5,158,822
Amount due to director 573,562 590,555
Current portion of long-term debt and other short-term borrowings - net of debt discount 61,614,657 19,225,045
Total current liabilities 73,220,456 34,243,588
Long term debt - net of current portion and debt discount 66,891,550 84,988,117
Operating lease liability 258,948 308,279
Asset retirement obligation 5,413,902 3,538,637
TOTAL LIABILITIES 145,784,856 123,078,621
STOCKHOLDERS' EQUITY    
Preferred stock, $0.001 par value, 5,000,000 shares authorized, 28,092 shares issued and outstanding as of September 30, 2020 and December 31, 2019 28 28
Common stock, $0.001 par value, 500,000,000 shares authorized, 225,243,059 and 124,198,309 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively. 225,243 124,198
Additional paid-in capital 55,536,901 38,825,392
Accumulated deficit (44,558,409) (30,282,763)
Equity attributable to Viking Energy Group, Inc. 11,203,763 8,666,855
Noncontrolling interest (1,182,952) 0
TOTAL STOCKHOLDERS' EQUITY 10,020,811 8,666,855
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 155,805,667 $ 131,745,476

Source

v3.20.2
Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Revenue        
Oil and gas sales $ 10,149,387 $ 9,000,591 $ 31,487,202 $ 27,081,506
Operating expenses        
Lease operating costs 4,991,648 3,547,662 13,147,640 9,004,334
General and administrative 1,190,145 1,076,287 3,391,982 3,367,591
Stock based compensation 3,235,200 402,451 3,686,582 444,533
Depreciation, depletion and amortization 2,573,183 2,379,725 8,671,593 6,978,604
Impairment of oil and gas properties 2,500,000 0 2,500,000 0
Accretion - ARO 119,659 72,042 360,937 230,269
Total operating expenses 14,609,835 7,478,167 31,758,734 20,025,331
Income from operations (4,460,448) 1,522,424 (271,532) 7,056,175
Other income (expense)        
Interest expense (5,327,925) (3,278,555) (16,821,040) (9,602,522)
Amortization of debt discount (3,228,124) (2,364,357) (6,005,728) (6,947,607)
Change in fair value of derivatives (5,018,338) 5,539,255 8,569,093 267,688
Loss on financing settlements 0 0 (931,894) 0
Interest and other income 28 363 2,503 6,261
Total other income (expense) (13,574,359) (103,294) (15,187,066) (16,276,180)
Net income (loss) before income taxes (18,034,807) 1,419,130 (15,458,598) (9,220,005)
Income tax benefit (expense) 0 0 0 0
Net income (loss) (18,034,807) 1,419,130 (15,458,598) (9,220,005)
Net loss attributable to noncontrolling interest 1,028,313 0 1,182,952 0
Net income (loss) attributable to Viking Energy Group, Inc. $ (17,006,494) $ 1,419,130 $ (14,275,646) $ (9,220,005)
Earnings (loss) per common share        
Basic and Diluted $ (0.08) $ 0.02 $ (0.09) $ (0.10)
Weighted average number of common shares outstanding        
Basic and Diluted 203,843,871 92,586,983 154,476,293 91,632,904

Source

v3.20.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities:    
Net loss $ (15,458,598) $ (9,220,005)
Adjustments to reconcile net loss to cash provided by operating activities:    
Change in fair value of derivative liability (8,569,093) (267,688)
Stock based compensation 3,686,582 444,533
Depreciation, depletion and amortization 8,671,593 6,978,604
Amortization of operational right-of-use assets 1,442 2,997
Accretion - ARO 360,937 230,269
Impairment of oil and gas properties 2,500,000 0
Amortization of debt discount 6,005,728 6,947,607
Loss on financing settlement 931,894 0
Stock-based interest expense 2,178,356 0
Changes in operating assets and liabilities    
Accounts receivable (942,632) (2,307,266)
Prepaid expenses and other assets 86,214 26,639
Accounts payable (1,440,401) (806,594)
Accrued expenses and other current liabilities 2,058,495 1,753,034
Undistributed revenues and royalties 1,168,312 538,650
Net cash provided by operating activities 1,238,829 4,320,780
Cash flows from investing activities:    
Investment in and acquisition of oil and gas properties (1,527,473) (4,641,453)
Acquisition of fixed assets (34,075) 0
Proceeds from sale of oil and gas interests 84,816 552,966
Net cash used in investing activities (1,476,732) (4,088,487)
Cash flows from financing activities:    
Proceeds from long-term debt 11,467,688 6,372,383
Repayment of long-term debt (10,946,169) (3,859,025)
Proceeds from amount due to director 0 195,000
Proceeds from sale of stock 7,925 0
Proceeds from exercise of warrants 38,000 0
Short term advance 0 693,706
Repayment of amount due director (16,993) 0
Net cash provided by financing activities 550,451 3,402,064
Net increase in cash 312,548 3,634,357
Cash and Restricted Cash, beginning of period 5,638,724 4,009,892
Cash and Restricted Cash, end of period 5,951,272 7,644,249
Cash paid for:    
Interest 12,683,119 7,664,537
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 49,331 43,723
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 1,361,106
Issuance of shares as payment of interest on debt 115,958 620,508
Issuance of warrants for services 699,819 167,151
Issuance of warrants as discount on debt 183,214 3,129,012
Debt refinanced through new credit facility 0 3,310,000
Issuance of warrant shares as reduction of debt 15,000 0
Issuance of shares in debt conversion 4,350,146 0
Issuance of shares as discount on debt 2,375,501 0
Private placement debt exchanged for new private placement debt 6,839,345 0
Purchase of working interest through new debt 29,496,356 0
Recognition of beneficial conversion feature as discount on debt 1,929,978 0
Accrued interest rolled into new private placement 141,985 0
Issuance of shares as reduction of debt and accrued expenses $ 4,110,250 $ 0

Source