Financials

v3.21.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2020
Dec. 31, 2019
Current assets:    
Cash $ 3,976,783 $ 1,761,495
Restricted cash 3,862,756 3,877,229
Accounts receivable - oil and gas 4,050,631 2,864,114
Prepaid expenses 0 168,994
Total current assets 11,890,170 8,671,832
Oil and gas properties, full cost method    
Proved developed producing oil and gas properties, net 64,703,753 68,924,441
Proved undeveloped and non-producing oil and gas properties, net 37,452,683 50,817,675
Total Oil and gas properties, net 102,156,436 119,742,116
Fixed assets, net 433,168 509,934
Derivative asset 1,220,209 0
Deposits 57,896 2,821,594
TOTAL ASSETS 115,757,879 131,745,476
Current liabilities:    
Accounts payable 4,475,519 3,791,894
Accrued expenses and other current liabilities 3,857,655 3,229,594
Undistributed revenues and royalties 4,115,462 2,247,678
Derivative liability 893,458 5,158,822
Amount due to director 559,122 590,555
Current portion of long-term debt - net of debt discount 32,977,368 19,225,045
Total current liabilities 46,878,584 34,243,588
Long term debt - net of current portion and debt discount 78,775,796 84,988,117
Operating lease liability 241,431 308,279
Asset retirement obligation 6,164,231 3,538,637
TOTAL LIABILITIES 132,060,042 123,078,621
Commitments and contingencies (Note 8) 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, 2020 and 2019 28 28
Common stock, $0.001 par value, 500,000,000 shares authorized, 51,494,956 and 13,799,812 shares issued and outstanding as of December 31, 2020 and 2019, respectively 51,495 13,800
Additional Paid-In Capital 75,920,811 38,935,790
Retained deficit (92,274,497) (30,282,763)
TOTAL STOCKHOLDERS' EQUITY (DEFICIT) (16,302,163) 8,666,855
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) $ 115,757,879 $ 131,745,476

Source

v3.21.1
Consolidated Statements of Operations - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Revenue    
Oil and gas sales $ 40,266,780 $ 34,592,850
Operating expenses    
Lease operating costs 19,075,749 12,203,777
Impairment of oil and gas properties 37,500,000 0
General and administrative 4,966,059 5,233,027
Stock based compensation 5,625,302 951,533
Accretion - asset retirement obligations 1,111,266 391,482
Depreciation, depletion & amortization 13,513,735 10,936,446
Total operating expenses 81,792,111 29,716,265
Income (Loss) from operations (41,525,331) 4,876,585
Other income (expenses)    
Interest expense (19,697,942) (12,988,695)
Amortization of debt discount (7,321,178) (7,975,244)
Change in fair value of derivatives 5,485,573 (3,308,880)
Loss on debt settlement (931,894) 0
Interest and other income 2,527 5,384
Total other income (expenses) (22,462,914) (24,267,435)
Net loss before income taxes (63,988,245) (19,390,850)
Income tax benefit (expense) 0 0
Net loss (63,988,245) (19,390,850)
Net loss attributable to noncontrolling interest 1,996,511 0
Net loss attributable to Viking Energy Group, Inc. $ (61,991,734) $ (19,390,850)
Loss per weighted average number of common shares outstanding - basic and diluted $ (2.42) $ (1.81)
Weighted average number of common shares outstanding - basic and diluted 26,459,006 10,708,865

Source

v3.21.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:    
Net loss $ (63,988,245) $ (19,390,850)
Adjustments to reconcile net loss to cash provided by operating activities:    
Change in fair value of derivative liability (5,485,573) 3,308,880
Stock-based compensation 5,625,302 951,533
Depreciation, depletion and amortization 13,513,735 10,936,446
Accretion - asset retirement obligation 1,111,266 391,482
Impairment of oil and gas properties 37,500,000 0
Amortization of right-of-use assets 1,442 3,766
Loss on financing settlement 931,894 0
Amortization of debt discount 7,321,178 7,975,244
Stock-based interest expense 2,178,356 0
Changes in operating assets and liabilities    
Accounts receivable (1,186,517) (2,517,727)
Prepaid expenses and other assets 182,692 (2,755,951)
Accounts payable 683,625 1,247,148
Accrued expenses and other current liabilities 1,617,298 2,837,595
Undistributed revenues and royalties 1,069,645 1,040,073
Net cash provided by operating activities 1,076,098 4,027,639
Cash flows from investing activities:    
Investment in and acquisition of oil and gas properties (1,935,328) (5,196,576)
Acquisition of fixed assets (59,900) (11,115)
Proceeds from sale of oil and gas interests 134,222 552,966
Net cash used in investing activities (1,861,006) (4,654,725)
Cash flows from financing activities:    
Proceeds from long-term debt 6,217,688 10,258,123
Proceeds from long-term debt - parent 5,600,000 0
Repayment of long-term debt (19,746,457) (9,131,911)
Proceeds from sale of stock - parent 10,900,000 0
Proceeds from sale of stock 7,925 0
Short term advance 0 693,706
Proceeds from amount due to director 0 195,000
Repayment of amount due to director (31,433) 0
Proceeds from exercise of warrants 38,000 241,000
Net cash provided by financing activities 2,985,723 2,255,918
Net increase (decrease) in cash 2,200,815 1,628,832
Cash, beginning of year 5,638,724 4,009,892
Cash, end of year 7,839,539 5,638,724
Cash paid for:    
Interest 15,995,430 10,034,325
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 66,848 59,086
Purchase of transportation equipment through direct financing 0 56,760
Proceeds from sale of oil and gas properties paid directly to reduce debt 250,000 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 2,466,531 167,151
Warrants exercised to reduce debt 0 1,900,635
Issuance of warrants as discount on debt 183,214 3,129,012
Debt refinanced through new credit facility 0 3,310,000
Purchase price adjustment of short-term advance 0 693,706
Issuance of warrants 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 2,444,244 0
Private placement debt exchanged for new private placement debt 654,000 0
Purchase of working interest through new debt 29,496,356 0
Purchase of working interest through assumption of undistributed revenue 798,139 0
Recognition of beneficial conversion feature as discount on debt 2,029,188 0
Accrued interest rolled into new private placement 103,583 0
Issuance of shares as reduction of debt and accrued expenses 4,110,250 0
Note payable - parent converted to sale of stock $ 9,200,000 $ 0

Source