Financials

v3.23.1
Consolidated Balance Sheets - USD ($)
Mar. 31, 2023
Dec. 31, 2022
Current assets:    
Cash $ 1,917,855 $ 3,239,349
Accounts receivable, net 6,486,165 5,276,622
Inventory 10,413,666 10,276,662
Prepaids and other current assets 265,728 158,107
Total current assets 19,083,414 18,950,740
Oil and gas properties, full cost method    
Proved oil and gas properties, net 1,224,588 1,285,918
Total oil and gas properties, net 1,224,588 1,285,918
Fixed assets, net 1,667,281 1,716,200
Right of use assets, net 4,031,934 4,357,328
ESG Clean Energy license, net 4,501,015 4,577,131
Other intangibles - Simson Maxwell, net 3,213,239 3,254,600
Other intangibles - Variable Interest Entities 15,433,340 15,433,340
Due from related parties 327,452 327,132
Deposits and other assets 10,300 10,300
TOTAL ASSETS 49,492,563 49,912,689
Current liabilities:    
Accounts payable 5,110,975 3,905,247
Accrued expenses and other current liabilities 817,841 1,248,301
Customer deposits 5,696,819 5,447,025
Due to Camber Energy, Inc. 6,077,300 6,572,300
Undistributed revenues and royalties 2,329,939 2,378,739
Current portion of operating lease liability 1,255,745 1,304,047
Due to related parties 718,435 629,073
Current portion of notes payable - related parties 57,892 56,916
Bank indebtedness - credit facility 3,429,485 3,111,350
Derivative liability 2,810,824 0
Current portion of long-term debt - net of discount 96,926 637,335
Total current liabilities 28,402,181 25,290,333
Long term debt - net of current portion and debt discount 421,571 2,106,281
Notes payable - related parties - net of current portion 612,802 627,153
Operating lease liability, net of current portion 2,866,140 3,160,654
Contingent obligations 1,435,757 1,435,757
Asset retirement obligation 1,958,578 1,927,196
TOTAL LIABILITIES 35,697,029 34,547,374
Commitments and contingencies (Note 13) 0 0
STOCKHOLDERS' EQUITY    
Common stock, $0.001 par value, 500,000,000 shares authorized, 114,780,967 shares issued and outstanding as of March 31, 2023 and December 31, 2022 114,781 114,781
Additional paid-in capital 127,687,341 127,687,341
Accumulated other comprehensive loss (363,131) (425,677)
Accumulated deficit (123,739,772) (122,187,673)
Parent's stockholders' equity in Viking 3,699,252 5,188,805
Non-controlling interest 10,096,282 10,176,510
TOTAL STOCKHOLDERS' EQUITY 13,795,534 15,365,315
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 49,492,563 49,912,689
Series C Preferred Stock [Member]    
STOCKHOLDERS' EQUITY    
Preferred stock, value 28 28
Series E Preferred Stock [Member]    
STOCKHOLDERS' EQUITY    
Preferred stock, value $ 5 $ 5

Source

v3.23.1
Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Revenue    
Power generation units and parts $ 2,458,295 $ 2,137,601
Service and repairs 4,540,697 2,103,699
Oil and gas 245,197 1,678,817
Total revenue 7,244,189 5,920,117
Operating expenses    
Cost of goods sold 4,786,631 2,451,309
Lease operating costs 125,363 568,515
General and administrative 3,050,321 5,294,161
Stock based compensation 0 292,808
Depreciation, depletion & amortization 231,148 499,769
Accretion - asset retirement obligation 31,382 35,066
Total operating expenses 8,224,845 9,141,628
Loss from operations (980,656) (3,221,511)
Other income (expense)    
Interest expense (146,671) (133,762)
Amortization of debt discount (53,732) (92,522)
Change in fair value of derivatives (534,607) 0
Loss on extinguishment of debt (154,763) 0
Interest income 6,834 100,231
Other income (expense) 231,268 (295,500)
Total other expense, net (651,671) (421,553)
Net loss before income taxes (1,632,327) (3,643,064)
Income tax benefit (expense) 0 0
Net loss (1,632,327) (3,643,064)
Net loss attributable to non-controlling interest (80,228) (360,505)
Net loss attributable to Viking Energy Group, Inc. $ (1,552,099) $ (3,282,559)
Loss per common share, basic and diluted $ (0.01) $ (0.03)
Weighted average number of common shares outstanding, basic and diluted 114,780,967 113,943,002

Source

v3.23.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities:    
Net loss $ (1,632,327) $ (3,643,064)
Adjustments to reconcile net loss to cash used in operating activities:    
Change in fair value of derivative liability 534,607 0
Stock based compensation 0 292,808
Depreciation, depletion and amortization 231,148 499,769
Amortization of operational right-of-use assets 4,884 6,228
Accretion - asset retirement obligation 31,382 35,066
Amortization of debt discount 53,732 92,522
Loss on extinguishment of debt 154,763 0
Bad debt expense 0 1,800,000
Changes in operating assets and liabilities    
Accounts receivable (1,209,543) 979,049
Prepaids and other current assets (107,621) (202,668)
Inventory (137,004) (460,423)
Accounts payable 1,205,728 (3,559,925)
Accrued expenses and other current liabilities (430,460) (363,765)
Due to related parties 89,042 321,844
Customer deposits 249,794 412,570
Undistributed revenues and royalties (48,800) 1,780,726
Net cash used in operating activities (1,010,675) (2,009,263)
Cash flows from investing activities:    
Proceeds from sale of oil and gas properties 0 22,676
Investment in and acquisition of oil and gas properties 0 (2,666)
Acquisition of fixed assets (25,726) (16,083)
Purchase of notes receivable   (960,000)
Net cash used in investing activities (25,726) (956,073)
Repayment of long-term debt (157,399) (3,618,780)
Proceeds from non-interest-bearing advances from Camber (495,000) 4,297,300
Advances from bank credit facility 318,135 1,232,448
Repayment of promissory notes, related parties (13,375)  
Net cash provided by (used in) financing activities (347,639) 1,910,968
Effect of exchange rates on cash 62,546 200,177
Net decrease in cash (1,321,494) (854,191)
Cash, beginning of period 3,239,349 3,467,938
Cash, end of period 1,917,855 2,613,747
Cash paid for:    
Interest 146,671 133,792
Income taxes 0 0
Supplemental disclosure of Non-Cash Investing and Financing Activities:    
Debt discount on modification of debt for conversion feature 2,144,068 0
Amortization of right-of-use asset and lease liability 325,394 332,810
Issuance of shares for purchase of VIE interests 0 2,250,000
Issuance of preferred shares for purchase of VIE interest 0 4,750,000
Contingent obligation associated with acquisition of VIE interests $ 0 $ 1,435,757

Source