Financials

v3.23.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2022
Dec. 31, 2021
Current assets:    
Cash $ 3,239,349 $ 3,467,938
Accounts receivable, net 5,276,622 8,781,086
Inventory 10,276,662 5,490,435
Notes receivable 0 3,000,000
Prepaids and other current assets 158,107 1,065,967
Total current assets 18,950,740 21,805,426
Oil and gas properties, full cost method    
Proved oil and gas properties, net 1,285,918 14,825,571
Total oil and gas properties, net 1,285,918 14,825,571
Fixed assets, net 1,716,200 1,487,012
Right of use assets, net 4,357,328 5,790,147
ESG Clean Energy license, net 4,577,131 4,885,825
Other intangibles - Simson Maxwell, net 3,254,600 3,874,117
Other intangibles - Variable Interest Entities 15,433,340 0
Due from related parties 327,132 4,835,153
Goodwill 0 252,290
Deposits and other assets 10,300 395,315
TOTAL ASSETS 49,912,689 58,150,856
Current liabilities:    
Accounts payable 3,905,247 8,325,469
Accrued expenses and other current liabilities 1,248,301 1,600,209
Customer deposits 5,447,025 23,015
Due to Camber Energy, Inc. 6,572,300 4,100,000
Undistributed revenues and royalties 2,378,739 1,332,282
Current portion of operating lease liability 1,304,047 1,324,722
Due to related parties 629,073 4,870,020
Current portion of notes payable - related parties 56,916 64,418
Bank indebtedness - credit facility 3,111,350 0
Current portion of long-term debt - net of discount 637,335 8,430,318
Total current liabilities 25,290,333 30,070,453
Long term debt - net of current portion and debt discount 2,106,281 2,741,190
Notes payable - related parties - net of current portion 627,153 724,502
Operating lease liability, net of current portion 3,160,654 4,474,832
Contingent obligations 1,435,757 0
Asset retirement obligation 1,927,196 2,111,650
TOTAL LIABILITIES 34,547,374 40,122,627
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 December 31, 2022, and December 31, 2021, respectively. 114,781 111,031
Additional paid-in capital 127,687,341 120,246,224
Accumulated other comprehensive loss (425,677) (177,981)
Accumulated deficit (122,187,673) (106,760,344)
Parent's stockholders' equity in Viking 5,188,805 13,418,958
Non-controlling interest 10,176,510 4,609,271
TOTAL STOCKHOLDERS' EQUITY 15,365,315 18,028,229
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 49,912,689 58,150,856
Series C Preferred Stock [Member]    
STOCKHOLDERS' EQUITY    
Preferred stock value 28 28
Series E Preferred Stock [Member]    
STOCKHOLDERS' EQUITY    
Preferred stock value $ 5 $ 0

Source

v3.23.1
Consolidated Statements of Operations - USD ($)
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Revenue    
Power generation units and parts $ 9,000,562 $ 1,607,077
Service and repairs 11,053,476 2,701,208
Oil and gas 3,984,122 33,679,679
Total revenue 24,038,160 37,987,964
Operating expenses    
Cost of goods sold 13,627,457 3,003,044
Lease operating costs 1,633,765 15,878,437
General and administrative 14,830,317 8,121,519
Stock based compensation 1,614,334 1,738,145
Impairment of intangible assets 451,772 0
Depreciation, depletion & amortization 1,499,166 7,307,157
Accretion - asset retirement obligation 55,521 608,691
Total operating expenses 33,712,332 36,656,993
Income (loss) from operations (9,674,172) 1,330,971
Other income (expense)    
Interest expense (638,346) (10,053,014)
Amortization of debt discount (99,695) (3,704,049)
Change in fair value of derivatives 0 (17,338,784)
Equity in earnings of unconsolidated subsidiary 0 (178,942)
Loss on financing settlements 0 (4,774,628)
(Loss) gain on disposal of membership interests and assets (7,747,347) 19,457,104
Interest and other income 801,301 470,492
Total other expense, net (7,684,087) (16,121,821)
Net loss before income taxes (17,358,259) (14,790,850)
Income tax benefit (expense) 0 0
Net loss (17,358,259) (14,790,850)
Net loss attributable to non-controlling interest (1,930,930) 305,003
Net loss attributable to Viking Energy Group, Inc. $ (15,427,329) $ (14,485,847)
Loss per common share, basic and diluted $ (0.13) $ (0.18)
Weighted average number of common shares outstanding, basic and diluted 114,564,070 82,228,404

Source

v3.23.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:    
Net loss $ (17,358,259) $ (14,790,850)
Adjustments to reconcile net loss to cash used in operating activities:    
Change in fair value of derivative liability 0 17,338,784
Stock-based compensation 1,614,334 1,738,145
Impairment of intangible assets 451,772 0
Depreciation, depletion and amortization 1,499,166 7,307,157
Accretion - asset retirement obligation 55,521 608,691
Amortization of right-of-use assets 21,326 3,950
Loss on financing settlement 0 4,774,628
PPP loan forgiveness 0 (149,600)
Equity in earnings of unconsolidated entity 0 178,942
Loss (gain) on disposal of membership interests and assets 8,963,372 (19,457,104)
Foreign currency translation adjustment (247,696) (177,981)
Amortization of debt discount 99,695 3,704,049
Changes in operating assets and liabilities, net of effects of business combination during the year    
Accounts receivable 3,504,464 (9,892,063)
Prepaid expenses and other assets 456,745 58,196
Inventory (4,786,227) 329,177
Accounts payable (4,420,222) 5,202,065
Accrued expenses and other current liabilities (351,908) 950,387
Related party payables 267,074 (774,983)
Customer deposits 5,424,010  
Undistributed revenues and royalties 1,046,457 1,048,933
Net cash used in operating activities (3,760,376) (1,999,477)
Cash flows from investing activities:    
Proceeds from sale of oil and gas properties 3,590,000 950,613
Investment in and acquisition of oil and gas properties (9,813) (1,575,810)
Acquisition of fixed assets (75,923) (6,024)
Proceeds from sale of fixed assets 76,311 0
Payments for ESG Clean Energy license 0 (2,000,000)
Acquisition of Simson-Maxwell 0 (7,958,159)
Repayment (purchase) of notes receivable 3,000,000 (3,000,000)
Cash received from acquisition of Simson-Maxwell 0 5,668,384
Net cash provided by (used in) investing activities 6,580,575 (7,920,996)
Cash flows from financing activities:    
Repayment of long-term debt (8,632,438) (5,543,157)
Proceeds from sale of stock to Camber Energy, Inc. 0 11,000,000
Proceeds from non-interest bearing advances from Camber 2,472,300 4,100,000
Advances (repayments) of Simson Maxwell bank credit facility (3,111,350) (4,007,971)
Net cash provided by (used in) financing activities (3,048,788) 5,548,872
Net decrease in cash (228,589) (4,371,601)
Cash, beginning of year 3,467,938 7,839,539
Cash, end of year 3,239,349 3,467,938
Cash paid for interest 624,723 9,559,659
Cash paid for taxes 0 0
Supplemental Disclosure of Non-Cash Investing and Financing Activities:    
Recognition of right-of-use asset and lease liability 0 5,845,810
Amortization of right-of-use asset and lease liability 1,272,484 215,998
Issuance of shares for purchase of ESG License 0 2,750,000
Issuance of shares for purchase of VIE interests 2,250,000 0
Issuance of preferred shares for purchase of VIE interests 4,750,000 0
Contingent obligation associated with acquisition of VIE interests 1,435,757  
Issuance of shares for services 0 1,220,023
Issuance of warrants for services 778,204 166,753
Issuance of shares in debt conversion 0 7,762,997
Issuance of shares as discount on debt   141,321
Issuance of shares as reduction of debt and accrued expenses 0 18,900,000
Issuance of shares for prepaid services $ 0 $ 1,187,500

Source