Financials

v3.20.1
Consolidated Balance Sheets - USD ($)
Mar. 31, 2020
Dec. 31, 2019
Current assets:    
Cash $ 1,614,251 $ 1,761,495
Restricted cash 4,650,864 3,877,229
Accounts receivable - oil and gas - net 4,620,305 2,864,114
Prepaid expenses 104,272 168,994
Total current assets 10,989,692 8,671,832
Oil and gas properties, full cost method    
Proved developed producing oil and gas properties, net 89,452,026 68,924,441
Proved undeveloped and non-producing oil and gas properties, net 58,944,434 50,817,675
Total oil and gas properties, net 148,396,460 119,742,116
Fixed assets, net 483,830 509,934
Derivative asset 17,720,622
Deposits 119,190 2,821,594
TOTAL ASSETS 177,709,794 131,745,476
Current liabilities:    
Accounts payable 1,999,431 3,791,894
Accrued expenses and other current liabilities 4,467,469 3,229,594
Undistributed revenues and royalties 2,671,862 2,247,678
Derivative liability 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 21,098,455 19,225,045
Total current liabilities 30,827,772 34,243,588
Long term debt - net of current portion and debt discount 112,077,985 84,988,117
Operating lease liability 292,528 308,279
Asset retirement obligation 5,178,585 3,538,637
TOTAL LIABILITIES 148,376,870 123,078,621
Commitments and contingencies (Note 8)
STOCKHOLDERS' EQUITY    
Preferred stock, $0.001 par value, 5,000,000 shares authorized, 28,092 shares issued and outstanding as of March 31, 2020 and December 31, 2019 28 28
Common stock, $0.001 par value, 500,000,000 shares authorized, 126,925,314 and 124,198,309 shares issued and outstanding as of March 31, 2020 and December 31, 2019 respectively. 126,925 124,198
Additional paid-in capital 39,239,575 38,825,392
Accumulated deficit (10,990,773) (30,282,763)
Equity attributable to Viking Energy Group, Inc. 28,375,755 8,666,855
Noncontrolling interest 957,169
TOTAL STOCKHOLDERS' EQUITY 29,332,924 8,666,855
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 177,709,794 $ 131,745,476

Source

v3.20.1
Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Revenue    
Oil and gas sales $ 11,787,952 $ 9,346,592
Operating expenses    
Lease operating costs 3,759,203 2,599,394
General and administrative 1,284,647 1,033,345
Stock based compensation 253,750 39,582
Depreciation, depletion and amortization 3,177,202 2,370,688
Accretion - ARO 125,620 82,546
Total operating expenses 8,600,422 6,125,555
Income from operations 3,187,530 3,221,037
Other income (expense)    
Interest expense (4,583,560) (3,131,393)
Amortization of debt discount (1,235,530) (2,278,959)
Change in fair value of derivatives 22,879,444 (9,745,583)
Interest and other income 1,275 3,417
Total other income (expense) 17,061,629 (15,152,518)
Net income (loss) before income taxes 20,249,159 (11,931,481)
Income tax benefit (expense)
Net income (loss) 20,249,159 (11,931,481)
Net income attributable to noncontrolling interest (957,169)
Net income (loss) attributable to Viking Energy Group, Inc. $ 19,291,990 $ (11,931,481)
Earnings (loss) per common share Basic and Diluted $ 0.15 $ (0.13)
Weighted average number of common shares outstanding Basic and Diluted 125,320,234 91,103,394

Source

v3.20.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash flows from operating activities:    
Net income (loss) $ 20,249,159 $ (11,931,481)
Adjustments to reconcile net income (loss) to cash provided by operating activities:    
Change in fair value of derivative liability (22,879,444) 9,745,583
Stock based compensation 253,750 39,582
Depreciation, depletion and amortization 3,177,202 2,370,688
Amortization of operational right-of-use assets 768 1,286
Accretion - Asset retirement obligation 125,620 82,546
Amortization of debt discount 1,235,530 2,278,959
Changes in operating assets and liabilities    
Accounts receivable (1,756,191) (2,781,548)
Prepaid expenses and other assets 17,126 (17,611)
Accounts payable (1,792,463) (263,807)
Accrued expenses and other current liabilities 1,008,761 917,665
Undistributed revenues and royalties 424,184 (74,952)
Net cash provided by operating activities 64,002 366,910
Cash flows from investing activities:    
Investment in and acquisition of oil and gas properties (811,276) (493,126)
Net cash used in investing activities (811,276) (493,126)
Cash flows from financing activities:    
Proceeds from long term debt 3,773,679
Proceeds from exercise of warrants 38,000
Short term advance 693,706
Repayment of long-term debt (2,438,014) (332,332)
Net cash provided by financing activities 1,373,665 361,374
Net increase in cash 626,391 251,158
Cash and Restricted Cash, beginning of period 5,638,724 4,009,892
Cash and Restricted Cash, end of period 6,265,115 4,245,050
Supplemental Cash Flow Information:    
Cash paid for: Interest 3,531,095 2,239,731
Cash paid for: Income taxes
Supplemental disclosure of Non-Cash Investing and Financing Activities:    
Recognition of asset retirement obligation 1,514,328
Recognition of right-of-use asset and lease liability 367,365
Amortization of right-of-use asset and lease liability 15,751 14,292
Purchase of transportation equipment through direct financing 56,760
Issuance of warrant shares as reduction of debt 15,000
Issuance of shares as discount on debt 110,160
Private placement debt exchanged for new private placement debt 654,000
Purchase of working interest through new debt 29,496,356
Accrued interest rolled into new private placement $ 39,592

Source