Financials

v3.22.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2021
Dec. 31, 2020
Current assets:    
Cash $ 3,467,938 $ 3,976,783
Restricted cash 0 3,862,756
Accounts receivable 8,781,086 4,050,631
Inventory 5,490,435 0
Notes receivable 3,000,000 0
Prepaids and other current assets 1,065,966 0
Total current assets 21,805,426 11,890,170
Oil and gas properties, full cost method    
Proved developed producing oil and gas properties, net 6,609,198 64,703,753
Undeveloped and non-producing oil and gas properties, net 8,216,373 37,452,683
Total Oil and gas properties, net 14,825,571 102,156,436
Fixed assets, net 1,487,012 433,168
Right of use assets, net 5,790,147 0
Derivative asset 0 1,220,209
ESG Clean Energy license, net 4,885,825 0
Due from related parties 4,835,153 0
Other Intangibles 3,874,117 0
Goodwill 252,290 0
Deposits and other assets 395,315 57,896
TOTAL ASSETS 58,150,856 115,757,879
Current liabilities:    
Accounts payable 8,325,469 4,475,519
Accrued expenses and other current liabilities 1,600,209 3,857,655
Customer deposits 23,015  
Due to Camber Energy, Inc. 4,100,000 0
Undistributed revenues and royalties 1,332,282 4,115,462
Derivative liability 0 893,458
Due to director 0 559,122
Current portion of operating lease liability 1,324,722 0
Due to related parties 4,870,020 0
Current portion of notes payable - related parties 64,418 0
Current portion of long-term debt - net of debt discount 8,430,318 32,977,368
Total current liabilities 30,070,453 46,878,584
Notes payable - related parties - net of current portion 724,502 0
Long term debt - net of current portion and debt discount 2,741,190 78,775,796
Operating lease liability, net of current portion 4,474,832 241,431
Asset retirement obligation 2,111,650 6,164,231
TOTAL LIABILITIES 40,122,627 132,060,042
Commitments and contingencies - Note 13 0 0
STOCKHOLDERS' EQUITY    
Preferred stock, $0.001 par value, 5,000,000 shares authorized, 28,092 shares issued and outstanding as of December 31, 2021 and 2020 28 28
Common stock, $0.001 par value, 500,000,000 shares authorized, 111,030,965 and 51,494,956 shares issued and outstanding as of December 31, 2021 and 2020, respectively 111,031 51,495
Additional Paid-In Capital 120,246,224 75,920,811
Accumulated other comprehensive loss (177,981) 0
Accumulated deficit (106,760,344) (92,274,497)
Non-controlling interest 4,609,271 0
TOTAL STOCKHOLDERS' EQUITY (DEFICIT) 18,028,229 (16,302,163)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) $ 58,150,856 $ 115,757,879

Source

v3.22.1
Consolidated Statements of Operations - USD ($)
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Revenue    
Oil and gas sales $ 33,679,679 $ 40,266,780
Power generation units and parts 1,607,077 0
Service and repairs 2,701,208 0
Total Revenue 37,987,964 40,266,780
Operating expenses    
Cost of goods sold 3,003,044 0
Lease operating costs 15,878,437 19,075,749
Impairment of oil and gas properties 0 37,500,000
General and administrative 8,121,519 4,966,059
Stock based compensation 1,738,145 5,625,302
Accretion asset retirement obligations 608,691 1,111,266
Depreciation, depletion & amortization 7,307,157 13,513,735
Total operating expenses 36,656,993 81,792,111
Income (Loss) from operations 1,330,971 (41,525,331)
Other income (expenses)    
Interest expense (10,053,014) (19,697,942)
Amortization of debt discount 3,704,049 7,321,178
Change in fair value of derivatives (17,338,784) 5,485,573
Loss on financing settlements (4,774,628) (931,894)
Equity in earnings of unconsolidated entity (178,942) 0
Gain on disposal of membership interests (19,457,104) 0
Interest and other income 470,492 2,527
Total other income (expenses) (16,121,821) (22,462,914)
Net loss before income taxes (14,790,850) (63,988,245)
Income tax benefit (expense) 0 0
Net loss (14,790,850) (63,988,245)
Net loss attributable to noncontrolling interest 305,003 (1,996,511)
Net loss attributable to Viking Energy Group, Inc. (14,485,847) (61,991,734)
Preferred stock deemed dividend (see note 4) 0 (42,002,301)
Net loss attributable to common stockholders $ (14,485,847) $ (103,994,035)
Loss per weighted average number of common shares outstanding basic and diluted $ (0.18) $ (3.93)
Weighted average number of common shares outstanding basic and diluted 82,228,404 26,459,006

Source

v3.22.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:    
Net loss $ (14,790,850) $ (63,988,245)
Adjustments to reconcile net loss to cash provided by operating activities:    
Change in fair value of derivative liability 17,338,784 (5,485,573)
Stock-based compensation 1,738,145 5,625,302
Depreciation, depletion and amortization 7,307,157 13,513,735
Accretion - asset retirement obligation 608,691 1,111,266
Impairment of oil and gas properties 0 37,500,000
Amortization of right-of-use assets 3,950 1,442
Loss on financing settlement 4,774,628 931,894
PPP loan forgiveness (149,600)  
Equity in earnings of unconsolidated entity 178,942 0
Gain on disposal of membership interests (19,457,104) 0
Foreign currency translation adjustment (177,981) 0
Amortization of debt discount 3,704,049 7,321,178
Stock-based interest expense 0 2,178,356
Changes in operating assets and liabilities, net of effects of business combination during the year    
Accounts receivable (9,892,063) (1,186,517)
Prepaid expenses and other assets 58,196 182,692
Inventory 329,177 0
Accounts payable 5,202,065 683,625
Accrued expenses and other current liabilities 950,387 1,617,298
Related party payables (774,983) 0
Undistributed revenues and royalties 1,048,933 1,069,645
Net cash provided by (used in) operating activities (1,999,477) 1,076,098
Cash flows from investing activities:    
Investment in and acquisition of oil and gas properties (1,575,810) (1,935,328)
Acquisition of fixed assets (6,024) (59,900)
Payments for ESG Clean Energy license (2,000,000) 0
Acquisition of Simson Maxwell (7,958,159) 0
Purchase of notes receivable (3,000,000) 0
Cash received in purchase majority interest 5,668,384 0
Proceeds from sale of oil and gas interests 950,613 134,222
Net cash used in investing activities (7,920,996) (1,861,006)
Cash flows from financing activities:    
Proceeds from long-term debt 0 6,217,688
Proceeds from long-term debt - Camber 0 5,600,000
Repayment of Viking long-term debt (5,543,157) (19,746,457)
Proceeds from sale of stock to Camber Energy, Inc. 11,000,000 10,900,000
Proceeds from sale of stock 0 7,925
Proceeds from non interest bearing advances from Camber 4,100,000 0
Repayments of Simson Maxwell bank credit facility (4,007,971) 0
Repayment of amount due to director 0 (31,433)
Proceeds from exercise of warrants 0 38,000
Net cash provided by financing activities 5,548,872 2,985,723
Net increase (decrease) in cash (4,371,601) 2,200,815
Cash, beginning of year 7,839,539 5,638,724
Cash, end of year 3,467,938 7,839,539
Cash paid for interest 9,559,659 15,995,430
Cash paid for taxes 0 0
Supplemental Disclosure of Non-Cash Investing and Financing Activities:    
Recognition of asset retirement obligation 0 1,514,328
Recognition of right-of-use asset and lease liability 5,845,810 0
Amortization of right-of-use asset and lease liability 215,998 66,848
Proceeds from sale of oil and gas properties paid directly to reduce debt 0 250,000
Issuance of shares to pay ESG License obligation 2,750,000 0
Issuance of shares as payment of interest on debt 0 115,958
Issuance of shares for services 1,220,023 3,158,771
Issuance of warrants for services 166,753 2,466,531
Issuance of warrants as discount on debt 0 183,214
Issuance of warrants shares as reduction of debt 0 15,000
Issuance of shares in debt conversion 7,762,997 4,350,146
Issuance of shares as discount on debt 141,321 2,444,244
Private placement debt exchanged for new private placement debt 0 654,000
Purchase of working interest through new debt 0 29,496,356
Purchase of working interest through assumption of undistributed revenue 0 798,139
Recognition of beneficial conversion feature as discount on debt 0 2,029,188
Accrued interest rolled into new private placement 0 103,583
Issuance of shares as reduction of debt and accrued expenses 18,900,000 4,110,250
Issuance of shares for prepaid services 1,187,500 0
PPP loan forgiveness 149,600 0
Note payable parent converted to sale of stock $ 0 $ 9,200,000

Source