2022 Q4 Form 10-Q Financial Statement
#000147793222008487 Filed on November 14, 2022
Income Statement
Concept | 2022 Q4 | 2022 Q3 | 2021 Q3 |
---|---|---|---|
Revenue | $130.7K | $158.5K | $103.2K |
YoY Change | -3.29% | 53.61% | 71.98% |
Cost Of Revenue | $31.52K | $51.08K | $38.66K |
YoY Change | -13.74% | 32.13% | 28.87% |
Gross Profit | $99.17K | $107.4K | $64.53K |
YoY Change | 0.58% | 66.48% | 115.1% |
Gross Profit Margin | 75.88% | 67.77% | 62.54% |
Selling, General & Admin | $1.268M | $1.326M | $982.9K |
YoY Change | -16.81% | 34.95% | 15.64% |
% of Gross Profit | 1278.2% | 1234.69% | 1523.21% |
Research & Development | |||
YoY Change | |||
% of Gross Profit | |||
Depreciation & Amortization | $5.650K | $2.724K | $1.910K |
YoY Change | 98.94% | 42.62% | -80.9% |
% of Gross Profit | 5.7% | 2.54% | 2.96% |
Operating Expenses | $1.273M | $1.380M | $984.8K |
YoY Change | -16.59% | 40.15% | 14.52% |
Operating Profit | -$1.174M | -$1.222M | -$920.3K |
YoY Change | -17.78% | 32.75% | 10.88% |
Interest Expense | -$20.06M | $1.555M | -$263.6M |
YoY Change | -125.63% | -100.59% | 1137.14% |
% of Operating Profit | |||
Other Income/Expense, Net | $331.2K | -$22.06M | $0.00 |
YoY Change | -100.0% | ||
Pretax Income | -$20.90M | -$23.28M | -$264.6M |
YoY Change | -127.21% | -91.2% | 1085.82% |
Income Tax | $0.00 | $0.00 | $0.00 |
% Of Pretax Income | |||
Net Earnings | -$20.90M | -$23.28M | -$264.6M |
YoY Change | -127.21% | -91.2% | 1085.82% |
Net Earnings / Revenue | -15992.65% | -14687.23% | -256377.09% |
Basic Earnings Per Share | |||
Diluted Earnings Per Share | -$1.44 | -$47.74K | -$1.634M |
COMMON SHARES | |||
Basic Shares Outstanding | 719.1M shares | 491.2M shares | 161.9M shares |
Diluted Shares Outstanding | 487.7M shares | 161.9M shares |
Balance Sheet
Concept | 2022 Q4 | 2022 Q3 | 2021 Q3 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $1.167M | $2.456M | $5.165M |
YoY Change | -80.07% | -52.45% | 365.3% |
Cash & Equivalents | $1.167M | $2.456M | $5.165M |
Short-Term Investments | |||
Other Short-Term Assets | $56.83K | $142.1K | $142.1K |
YoY Change | 0.0% | 0.0% | -35.42% |
Inventory | $10.28M | ||
Prepaid Expenses | $56.83K | $142.1K | |
Receivables | $0.00 | $0.00 | $9.970K |
Other Receivables | $0.00 | $0.00 | $0.00 |
Total Short-Term Assets | $1.223M | $2.598M | $5.317M |
YoY Change | -79.39% | -51.14% | 259.25% |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | $63.27K | $64.35K | $71.27K |
YoY Change | -8.14% | -9.71% | -10.91% |
Goodwill | $0.00 | ||
YoY Change | |||
Intangibles | |||
YoY Change | |||
Long-Term Investments | $26.84M | $28.03M | $27.39M |
YoY Change | -26.07% | 2.35% | |
Other Assets | $6.572M | $6.822M | |
YoY Change | 60.3% | ||
Total Long-Term Assets | $33.47M | $34.92M | $27.46M |
YoY Change | -17.29% | 27.16% | 166.11% |
TOTAL ASSETS | |||
Total Short-Term Assets | $1.223M | $2.598M | $5.317M |
Total Long-Term Assets | $33.47M | $34.92M | $27.46M |
Total Assets | $34.70M | $37.52M | $32.78M |
YoY Change | -25.23% | 14.46% | 177.79% |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $791.5K | $1.491M | $1.367M |
YoY Change | -45.39% | 9.02% | -6.35% |
Accrued Expenses | $3.550M | $3.264M | $1.524M |
YoY Change | 68.73% | 114.16% | 1285.43% |
Deferred Revenue | |||
YoY Change | |||
Short-Term Debt | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Long-Term Debt Due | $33.93M | $33.12M | |
YoY Change | 57.8% | ||
Total Short-Term Liabilities | $17.83M | $37.42M | $177.8M |
YoY Change | -81.55% | -78.95% | 447.62% |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $33.93M | $33.12M | $20.50M |
YoY Change | 57.8% | 61.55% | |
Other Long-Term Liabilities | $61.55K | $56.98K | $52.60K |
YoY Change | 16.0% | 8.33% | 163.0% |
Total Long-Term Liabilities | $33.93M | $33.12M | $20.55M |
YoY Change | 57.8% | 61.13% | 102663.0% |
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $17.83M | $37.42M | $177.8M |
Total Long-Term Liabilities | $33.93M | $33.12M | $20.55M |
Total Liabilities | $51.82M | $70.60M | $198.3M |
YoY Change | -56.17% | -64.4% | 510.56% |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$589.0M | -$568.1M | |
YoY Change | -222.39% | ||
Common Stock | $18.09K | $546.9K | |
YoY Change | -92.96% | ||
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | -$17.12M | -$33.08M | -$165.5M |
YoY Change | |||
Total Liabilities & Shareholders Equity | $34.70M | $37.52M | $32.78M |
YoY Change | -25.23% | 14.46% | 177.79% |
Cashflow Statement
Concept | 2022 Q4 | 2022 Q3 | 2021 Q3 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$20.90M | -$23.28M | -$264.6M |
YoY Change | -127.21% | -91.2% | 1085.82% |
Depreciation, Depletion And Amortization | $5.650K | $2.724K | $1.910K |
YoY Change | 98.94% | 42.62% | -80.9% |
Cash From Operating Activities | -$1.539M | -$943.9K | -$888.3K |
YoY Change | 27.16% | 6.26% | 50.56% |
INVESTING ACTIVITIES | |||
Capital Expenditures | |||
YoY Change | |||
Acquisitions | |||
YoY Change | |||
Other Investing Activities | $250.0K | $1.200M | -$11.00M |
YoY Change | -106.1% | -110.91% | |
Cash From Investing Activities | $250.0K | $1.200M | -$11.00M |
YoY Change | -106.1% | -110.91% | |
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | $15.00M | ||
YoY Change | |||
Debt Paid & Issued, Net | |||
YoY Change | |||
Cash From Financing Activities | 0.000 | 0.000 | 15.00M |
YoY Change | -100.0% | -100.0% | |
NET CHANGE | |||
Cash From Operating Activities | -1.539M | -943.9K | -888.3K |
Cash From Investing Activities | 250.0K | 1.200M | -11.00M |
Cash From Financing Activities | 0.000 | 0.000 | 15.00M |
Net Change In Cash | -1.289M | 256.1K | 3.112M |
YoY Change | -286.94% | -91.77% | -627.41% |
FREE CASH FLOW | |||
Cash From Operating Activities | -$1.539M | -$943.9K | -$888.3K |
Capital Expenditures | |||
Free Cash Flow | |||
YoY Change |
Facts In Submission
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Profit Loss
ProfitLoss
|
246495102 | usd | |
us-gaap |
Share Based Compensation
ShareBasedCompensation
|
123754 | usd | |
us-gaap |
Share Based Compensation
ShareBasedCompensation
|
1536895 | usd | |
us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
8461 | usd | |
us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
9458 | usd | |
us-gaap |
Increase Decrease In Derivative Liabilities
IncreaseDecreaseInDerivativeLiabilities
|
71846677 | usd | |
us-gaap |
Increase Decrease In Derivative Liabilities
IncreaseDecreaseInDerivativeLiabilities
|
222688936 | usd | |
us-gaap |
Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
|
0 | usd | |
us-gaap |
Income Tax Reconciliation Equity In Earnings Losses Of Unconsolidated Subsidiary
IncomeTaxReconciliationEquityInEarningsLossesOfUnconsolidatedSubsidiary
|
-8265256 | usd | |
us-gaap |
Income Tax Reconciliation Equity In Earnings Losses Of Unconsolidated Subsidiary
IncomeTaxReconciliationEquityInEarningsLossesOfUnconsolidatedSubsidiary
|
-18339293 | usd | |
us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
-24389 | usd | |
us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
2894 | usd | |
us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
85250 | usd | |
us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
107872 | usd | |
us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
1201345 | usd | |
us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
1827527 | usd | |
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-3076394 | usd | |
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-2203759 | usd | |
cei |
Cash Paid For Viking Investment
CashPaidForVikingInvestment
|
0 | usd | |
cei |
Cash Paid For Viking Investment
CashPaidForVikingInvestment
|
11000000 | usd | |
cei |
Loans To Viking
LoansToViking
|
3922300 | usd | |
cei |
Loans To Viking
LoansToViking
|
0 | usd | |
cei |
Repayments Received From Viking
RepaymentsReceivedFromViking
|
-1200000 | usd | |
cei |
Repayments Received From Viking
RepaymentsReceivedFromViking
|
0 | usd | |
us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-2722300 | usd | |
us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-11000000 | usd | |
cei |
Repayment Of Long Term Debt
RepaymentOfLongTermDebt
|
1000000 | usd | |
cei |
Redemption Of Series G Preferred Stock
RedemptionOfSeriesGPreferredStock
|
-2750000 | usd | |
cei |
Redemption Of Series G Preferred Stock
RedemptionOfSeriesGPreferredStock
|
0 | usd | |
cei |
Redemption Of Series C Preferred Stock
RedemptionOfSeriesCPreferredStock
|
-18850000 | usd | |
cei |
Redemption Of Series C Preferred Stock
RedemptionOfSeriesCPreferredStock
|
0 | usd | |
cei |
Proceeds From Issuance Of Series C Prefered Stock
ProceedsFromIssuanceOfSeriesCPreferedStock
|
0 | usd | |
cei |
Proceeds From Issuance Of Series C Prefered Stock
ProceedsFromIssuanceOfSeriesCPreferedStock
|
15000000 | usd | |
us-gaap |
Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
|
25000000 | usd | |
us-gaap |
Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
|
2500000 | usd | |
us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
2400000 | usd | |
us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
17500000 | usd | |
us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
-3398694 | usd | |
us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
4296241 | usd | |
CY2021Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
5854382 | usd |
CY2020Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
868548 | usd |
CY2022Q3 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
2455688 | usd |
CY2021Q3 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
5164789 | usd |
us-gaap |
Interest Paid Net
InterestPaidNet
|
65559 | usd | |
us-gaap |
Interest Paid Net
InterestPaidNet
|
0 | usd | |
us-gaap |
Income Taxes Paid Net
IncomeTaxesPaidNet
|
0 | usd | |
us-gaap |
Income Taxes Paid Net
IncomeTaxesPaidNet
|
0 | usd | |
cei |
Issuance Of Series C Preferred Stock As Investment In Viking
IssuanceOfSeriesCPreferredStockAsInvestmentInViking
|
0 | usd | |
cei |
Issuance Of Series C Preferred Stock As Investment In Viking
IssuanceOfSeriesCPreferredStockAsInvestmentInViking
|
18900000 | usd | |
CY2021Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-71813552 | usd |
cei |
Conversion Of Series C Preferred Stock Amount
ConversionOfSeriesCPreferredStockAmount
|
51760451 | usd | |
cei |
True Up Shares Amount
TrueUpSharesAmount
|
35345011 | usd | |
us-gaap |
Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
|
123754 | usd | |
cei |
Redemption Of Series C Preferred Share For Cash Amount
RedemptionOfSeriesCPreferredShareForCashAmount
|
-18850000 | usd | |
cei |
Redemption Of Series G Preferred Stocks Amount
RedemptionOfSeriesGPreferredStocksAmount
|
-2750000 | usd | |
cei |
Series C Fair Value Adjustment
SeriesCFairValueAdjustment
|
45183021 | usd | |
cei |
Warrant Issued For Debt Discount
WarrantIssuedForDebtDiscount
|
14763393 | usd | |
us-gaap |
Other Noncash Income Expense
OtherNoncashIncomeExpense
|
1 | usd | |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-86841169 | usd | |
CY2022Q3 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-33079090 | usd |
CY2020Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-102225562 | usd |
cei |
Conversion Of Series C Preferred Stock Amount
ConversionOfSeriesCPreferredStockAmount
|
127029572 | usd | |
cei |
True Up Shares Amount
TrueUpSharesAmount
|
45795157 | usd | |
cei |
Issuance Of Common Shares For Consulting Fees Amount
IssuanceOfCommonSharesForConsultingFeesAmount
|
1494858 | usd | |
cei |
Equity Contribution
EquityContribution
|
11208840 | usd | |
cei |
Warrants Issued For Compensation
WarrantsIssuedForCompensation
|
42037 | usd | |
cei |
Issuance Of Series C Preferred Shares For Cash Proceeds Amount
IssuanceOfSeriesCPreferredSharesForCashProceedsAmount
|
-6164308 | usd | |
cei |
Issuance Of Series C Preferred Shares For Cash Proceeds One Amount
IssuanceOfSeriesCPreferredSharesForCashProceedsOneAmount
|
2881040 | usd | |
cei |
Changes In Fair Value Of Series C Shares
ChangesInFairValueOfSeriesCShares
|
-512686 | usd | |
cei |
Transfer Of Series C Preferred Stock To Permanent Equity Amount
TransferOfSeriesCPreferredStockToPermanentEquityAmount
|
1414206 | usd | |
us-gaap |
Other Noncash Income Expense
OtherNoncashIncomeExpense
|
-1 | usd | |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-246495102 | usd | |
CY2021Q3 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-165531949 | usd |
cei |
Note1 Relationship With And Ownership Of Viking Energy Group Inc
Note1RelationshipWithAndOwnershipOfVikingEnergyGroupInc
|
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>NOTE 1 RELATIONSHIP WITH AND OWNERSHIP OF VIKING ENERGY GROUP, INC.</strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 33.75pt; text-align:justify;">On December 23, 2020 Camber Energy, Inc. (“Camber”, the “Company”) acquired a 51% interest in Viking Energy Group, Inc. (“Viking”). On January 8, 2021 and on July 29, 2021 the Company acquired additional interests in Viking resulting in the Company owning approximately 63% of the outstanding common shares of Viking. The Company accounts for its investment in Viking under the equity method of accounting because the Company has the ability to exercise significant influence over the operating and financial policies of Viking, but not control. The December 2020, January 2021 and July 2021 transactions and a merger agreement signed between Camber and Viking in February 2021 are described further below.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><em>December 23, 2020 Transaction</em></strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 33.75pt; text-align:justify;">On December 23, 2020, the Company entered into a Securities Purchase Agreement with Viking, pursuant to which Camber acquired 26,274,510 shares (“Camber’s Investment”) of Viking common stock (“Camber’s Viking Shares”), which constituted 51% of the total outstanding common stock of Viking, in consideration of (i) Camber’s payment of $10,900,000 to Viking (the “Cash Purchase Price”), and (ii) cancellation of $9,200,000 in promissory notes issued by Viking to Camber (“Camber’s Viking Notes”). Pursuant to the purchase agreement, Viking was obligated to issue additional shares of Viking common stock to Camber, if necessary, to ensure Camber owned at least 51% of the common stock of Viking through July 1, 2022.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 33.75pt; text-align:justify;">In connection with Camber’s Investment, the Company and Viking terminated their previous merger agreement, dated August 31, 2020, as amended, and the Company assigned its membership interests in the Company’s unconsolidated subsidiary, Elysium Energy Holdings, LLC (“Elysium”), to Viking. Also in connection with Camber’s Investment, effective December 23, 2020, the Company (i) borrowed $12,000,000 from an institutional investor; (ii) issued the investor a promissory note in the principal amount of $12,000,000, accruing interest at the rate of 10% per annum and maturing December 11, 2022 (the “Camber Investor Note”); (iii) granted the Investor a first-priority security interest in Camber’s Viking Shares and Camber’s other assets pursuant to a pledge agreement and a general security agreement, respectively; and (iv) entered into an amendment to the Company’s $6,000,000 promissory note previously issued to the investor dated December 11, 2020 (the “Additional Camber Investor Note”), amending the acceleration provision of the note to provide that the note repayment obligations would not accelerate if the Company increased its authorized capital stock by March 11, 2021 (and the Company increased its authorized capital stock in February 2021 as required). In order to close Camber’s Investment, effective December 23, 2020, Viking entered into a Guaranty Agreement, guaranteeing repayment of the Camber Investor Note and the Additional Camber Investor Note.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 33.75pt; text-align:justify;">On December 23, 2020, the Camber Investor Note was funded, and the Company and Viking closed Camber’s Investment, with the Company paying the Cash Purchase Price to Viking and cancelling Camber’s Viking Notes, as additional consideration. In exchange, Viking issued 26,274,510 shares of its common stock to Camber, representing 51% of Viking’s total outstanding common shares, the Viking Shares. At the closing, James Doris and Frank Barker, Jr., Viking’s CEO and CFO, respectively, at the time, were appointed the CEO and CFO of Camber, and Mr. Doris was appointed a member of the Board of Directors of Camber.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><em>Acquisition of Additional Viking Shares</em></strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 33.75pt; text-align:justify;">On January 8, 2021, the Company entered into another purchase agreement with Viking pursuant to which the Company agreed to acquire an additional 16,153,846 shares of Viking common stock (the “Shares”) in consideration of (i) the Company issuing 1,890 shares of Camber’s Series C Redeemable Convertible Preferred Stock to EMC Capital Partners, LLC (“EMC”), one of the Viking’s lenders which held a secured promissory note issued by Viking to EMC in the original principal amount of $20,869,218 in connection with the purchase of oil and gas assets on or about February 3, 2020 (the “EMC Note”); and (ii) EMC considering the EMC Note paid in full and cancelled pursuant to the Cancellation Agreement described below.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 33.75pt; text-align:justify;">Simultaneously, on January 8, 2021, Viking entered into a Cancellation Agreement with EMC (the “Cancellation Agreement”) pursuant to which Viking agreed to pay $325,000 to EMC, and EMC agreed to cancel and terminate in the EMC Note and all other liabilities, claims, amounts owing and other obligations under the Note. At the same time, the Company entered into a purchase agreement with EMC pursuant to which (i) the Company agreed to issue 1,890 shares of Camber’s Series C Redeemable Convertible Preferred Stock to EMC, and (ii) EMC agreed to enter into the Cancellation Agreement with Viking to cancel the EMC Note.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><em>February 2021 Merger Agreement with Viking</em></strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 33.75pt; text-align:justify;">On February 15, 2021, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Viking. The Merger Agreement provides that, upon the terms and subject to the conditions set forth therein, a newly formed wholly-owned subsidiary of Camber (“Merger Sub”) would merge with and into Viking (the “Merger”), with Viking surviving the Merger as a wholly-owned subsidiary of the Company.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 33.75pt; text-align:justify;">Pursuant to the Merger Agreement, at the effective time of the Merger (the “Effective Time”), each share: (i) of common stock, of Viking (the “Viking Common Stock”) issued and outstanding immediately prior to the Effective Time, other than shares owned by Camber, Viking and Merger Sub, will be converted into the right to receive one share of common stock of the Company; and (ii) of Series C Convertible Preferred Stock of Viking (the “Viking Preferred Stock”) issued and outstanding immediately prior to the Effective Time will be converted into the right to receive one share of Series A Convertible Preferred Stock of the Company (the “Camber Series A Preferred Stock”). Each share of Camber Series A Preferred Stock will convert into 890 shares of common stock of Camber (subject to a beneficial ownership limitation preventing conversion into Camber common stock if the holder would be deemed to beneficially own more than 9.99% of the Company’s common stock), will be treated equally with the Company’s common stock with respect to dividends and liquidation, and will only have voting rights with respect to voting: (a) on a proposal to increase or reduce the Company’s share capital; (b) on a resolution to approve the terms of a buy-back agreement; (c) on a proposal to wind up Camber; (d) on a proposal for the disposal of all or substantially all of Camber’s property, business and undertaking; (f) during the winding-up of Camber; and/or (g) with respect to a proposed merger or consolidation in which Camber is a party or a subsidiary of Camber is a party. Holders of Viking Common Stock and Viking Preferred Stock will have any fractional shares of Camber common stock or preferred stock after the Merger rounded up to the nearest whole share.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 33.75pt; text-align:justify;">At the Effective Time, each outstanding Viking equity award, will be converted into the right to receive the merger consideration in respect of each share of Viking Common Stock underlying such equity award and, in the case of Viking stock options, be converted into vested Camber stock options based on the merger exchange ratio calculated as provided above (the “Exchange Ratio”).</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 33.75pt; text-align:justify;">The Merger Agreement provides, among other things, that effective as of the Effective Time, James A. Doris, the current Chief Executive Officer of both the Company and Viking, shall continue to serve as President and Chief Executive Officer following the Effective Time. The Merger Agreement provides that, as of the Effective Time, the Combined Company will have its headquarters in Houston, Texas.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 33.75pt; text-align:justify;">The Merger Agreement also provides that, during the period from the date of the Merger Agreement until the Effective Time, each of Viking and the Company will be subject to certain restrictions on its ability to solicit alternative acquisition proposals from third parties, to provide non-public information to third parties and to engage in discussions with third parties regarding alternative acquisition proposals, subject to customary exceptions. Viking is required to hold a meeting of its stockholders to vote upon the adoption of the Merger Agreement and, subject to certain exceptions, to recommend that its stockholders vote to adopt the Merger Agreement. The Company is required to hold a meeting of its stockholders to approve the issuance of Viking Common Stock and Viking Preferred Stock in connection with the Merger (the “Share Issuance”).</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 33.75pt; text-align:justify;">The completion of the Merger is subject to customary conditions, including (i) adoption of the Merger Agreement by the Company’s stockholders and approval of the Share Issuance by the Company’s stockholders, (ii) receipt of required regulatory approvals, (iii) effectiveness of a registration statement on Form S-4 for the Company’s common stock to be issued in the Merger (the “Form S-4”), and (iv) the absence of any law, order, injunction, decree or other legal restraint preventing the completion of the Merger or making the completion of the Merger illegal. Each party’s obligation to complete the Merger is also subject to certain additional customary conditions, including (i) subject to certain exceptions, the accuracy of the representations and warranties of the other party, (ii) subject to certain exceptions, performance by the other party of its obligations under the Merger Agreement and (iii) the absence of any material adverse effect on the other party, as defined in the Merger Agreement.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 33.75pt; text-align:justify;">Additional closing conditions to the Merger include that in the event the NYSE American determines that the Merger constitutes, or will constitute, a “back-door listing”/”reverse merger”, the Company (and its common stock) is required to qualify for initial listing on the NYSE American, pursuant to the applicable guidance and requirements of the NYSE as of the Effective Time.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 33.75pt; text-align:justify;">The Merger Agreement can be terminated (i) at any time with the mutual consent of the parties; (ii) by either the Company or Viking if any governmental consent or approval required for closing is not obtained, or any governmental entity issues a final non-appealable order or similar decree preventing the Merger; (iii) by either Company or Viking if the Merger shall not have been consummated on or before August 1, 2021; (iv) by the Company or Viking, upon the breach by the other of a term of the Merger, which is not cured within 30 days of the date of written notice thereof by the other; (v) by Company or Viking is unable to obtain the affirmative vote of its stockholders for approval of the Merger; (vi) by Viking if Company is unable to obtain the affirmative vote of its stockholders required pursuant to the terms of the Merger Agreement; and (vii) by Company or Viking if there is a willful breach of the Merger Agreement by the other party thereto.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 33.75pt; text-align:justify;">The Merger Agreement contains customary indemnification obligations of the parties and representations and warranties.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 33.75pt; text-align:justify;">As of November 8, 2022, neither Viking nor Camber has advised of its intention to terminate the Merger Agreement. However, given the lapse of time since the date of the Merger Agreement and the lack of progress during that period toward completing certain of the transaction requirements and satisfying certain of the conditions to the merger, we believe it is reasonably likely that certain terms, including economic terms of the merger would need to be modified by the parties in order for the parties to proceed with the merger. While the parties have discussed this likelihood, neither party has determined the revised terms, if any, upon which it would be prepared to proceed with a revised merger agreement. Any revisions to the terms and conditions of the merger agreement would be subject to the written agreement of the parties, and there is no assurance Viking and Camber will agree on any such proposed modifications or conditions. Moreover, the satisfaction of conditions, whether existing or new, may be outside of Camber’s control.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><em>July 2021 Transaction</em></strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 33.75pt; text-align:justify;">On July 29, 2021, the Company entered into a Securities Purchase Agreement with Viking to acquire an additional 27,500,000 shares of Viking common stock for an aggregate purchase price of $11,000,000. The proceeds from the transaction were used by Viking to (i) acquire an approximate 60.5% interest Simson-Maxwell, Ltd, a Canadian company engaged in the manufacture and supply of industrial engines, power generation products, services and custom energy solutions; (ii) acquire a license of a patented carbon-capture system for exclusive use in Canada and for a specified number of locations in the United States; and (iii) for general working capital purposes.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><em><strong>Accounting for the Viking Investment</strong></em></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 33.75pt; text-align:justify;">As noted above, in accordance with the terms of the Viking Investment, Mr. James A. Doris became the President and Chief Executive Officer of the Company, resulting in Mr. Doris being the President and Chief Executive Officer of each of the Company and Viking. Mr. Doris does not own any shares of the Company but he owns or controls shares of Series C Preferred Stock of Viking with significant voting rights. Such voting rights were suspended until July 1, 2022 or if Mr. Doris were no longer the Chief Executive Officer of the Company. The Company has determined that it has the ability to exercise significant influence over the operations and policies of Viking, but not control of Viking given the voting rights associated with Mr. Doris’ Series C Preferred Stock. Consequently, the Company accounts for the Viking Investment under the equity method. </p> | ||
CY2020Q4 | us-gaap |
Secured Borrowings Gross Difference Amount
SecuredBorrowingsGrossDifferenceAmount
|
12000000 | usd |
CY2020Q4 | us-gaap |
Investment Owned Balance Principal Amount
InvestmentOwnedBalancePrincipalAmount
|
12000000 | usd |
CY2020Q4 | us-gaap |
Debt Instrument Interest Rate During Period
DebtInstrumentInterestRateDuringPeriod
|
0.10 | pure |
CY2020Q4 | cei |
Promissory Note Issued To Investor
PromissoryNoteIssuedToInvestor
|
6000000 | usd |
CY2020Q4 | us-gaap |
Debt Instrument Maturity Date
DebtInstrumentMaturityDate
|
2020-12-11 | |
cei |
Liquidity And Going Concern Considerationstextblock
LiquidityAndGoingConcernConsiderationstextblock
|
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>NOTE 3 – LIQUIDITY AND GOING CONCERN CONSIDERATIONS</strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 33.75pt; text-align:justify;">The Company’s consolidated financial statements included herein have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company generated a net loss of $86,841,169 for the nine months ended September 30, 2022 as compared to a net loss of $253,172,096 for the nine months ended September 30, 2021. The 2022 loss was comprised of, among other things, certain non-cash items with a total net impact of $80,244,148 including: (i) a loss on derivative liability of $71,846,677 (ii) loss in earnings of unconsolidated entity of $8,265,256 (iii) stock-based compensation of $123,754; and (iv) depreciation, depletion and accretion of $8,461. </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 33.75pt; text-align:justify;">As of September 30, 2022, the Company has a stockholders’ deficit of $33,079,090 and total long-term debt of $33,116,749, net of debt discount. </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 33.75pt; text-align:justify;">As of September 30, 2022, the Company has a working capital deficiency of approximately $34.8 million. The largest component of current liabilities creating this working capital deficiency is a derivative liability of $32.7 million.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 33.75pt; text-align:justify;">Management believes it will be able to continue to leverage the expertise and relationships of its operational and technical teams to enhance existing assets and identify new development and acquisition opportunities in order to improve the Company’s financial position. The Company may have the ability, if it can raise additional capital, to acquire new assets in a separate division from existing subsidiaries. </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 33.75pt; text-align:justify;">Nonetheless, recent oil and gas price volatility as a result of geopolitical conditions and the global COVID-19 pandemic have already had and may continue to have a negative impact on the Company’s financial position and results of operations. Negative impacts could include but are not limited to: The Company’s ability to sell our oil and gas production, reduction in the selling price of the Company’s oil and gas, failure of a counterparty to make required hedge payments, possible disruption of production as a result of worker illness or mandated production shutdowns, the Company’s ability to maintain compliance with loan covenants and/or refinance existing indebtedness, and access to new capital and financing.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 33.75pt; text-align:justify;">These conditions raise substantial doubt regarding the Company’s ability to continue as a going concern. The Company’s ability to continue as a going concern is dependent upon its ability to utilize the resources in place to generate future profitable operations, to develop additional acquisition opportunities, and to obtain the necessary financing to meet its obligations and repay its liabilities arising from business operations when they come due. Management believes the Company will be able to continue to develop new opportunities and will be able to obtain additional funds through debt and / or equity financings to facilitate its development strategy; however, there is no assurance of additional funding being available. These consolidated financial statements do not include any adjustments to the recorded assets or liabilities that might be necessary should the Company have to curtail operations or be unable to continue in existence.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 33.75pt; text-align:justify;">The Company entered into a Loan Agreement on December 24, 2021 with the investor named therein (the “<span style="text-decoration:underline">Investor</span>”) pursuant to which the Investor agreed to loan the Company $25,000,000 subject to, among other things, the Company having increased its authorized capital of common shares on or before December 31, 2021, which increase occurred on December 30, 2021.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 33.75pt; text-align:justify;">On January 3, 2022 the Company received $25,000,000 (the “<span style="text-decoration:underline">Loan Proceeds</span>”) from the Investor, and in connection therewith executed and delivered the following in favor of the Investor: (i) a promissory note dated on or about December 31, 2021 in the principal amount of $26,315,789.47, representing a 5% original issue discount (the “<span style="text-decoration:underline">Investor Note</span>”), accruing interest at a rate equal to the Wall Street Journal Prime Rate, payable at maturity, and maturing January 1, 2027; (ii) a Security Agreement-Pledge (the “<span style="text-decoration:underline">Pledge Agreement</span>”) granting the Investor a first-priority security interest in Camber’s common shares of Viking Energy Group, Inc.; and (iii) a general security agreement (the “<span style="text-decoration:underline">Security Agreement</span>”) granting the Investor a first-priority security interest in Camber’s other assets. The Investor may convert amounts owing under the Investor Note into shares of common stock of Camber at a fixed price of $1.50 per share, subject to beneficial ownership limitations. The obligations under the Investor Note are supported by a Guaranty from Viking Energy Group, Inc.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 33.75pt; text-align:justify;">The majority of the Loan Proceeds of the loan were used to: (i) redeem shares of Series C Redeemable Convertible Preferred Stock of the Company not owned by the Investor or its affiliates; and (ii) pay in full the secured loan disclosed by the Company in a Current Report Filed on Form 8-K filed with the SEC on December 17, 2021.</p> | ||
cei |
Net Income Loss1
NetIncomeLoss1
|
86841169 | usd | |
cei |
Net Income Loss1
NetIncomeLoss1
|
253172096 | usd | |
cei |
Non Cash Items Net Impact
NonCashItemsNetImpact
|
80244148 | usd | |
us-gaap |
Increase Decrease In Derivative Liabilities
IncreaseDecreaseInDerivativeLiabilities
|
71846677 | usd | |
us-gaap |
Income Tax Reconciliation Equity In Earnings Losses Of Unconsolidated Subsidiary
IncomeTaxReconciliationEquityInEarningsLossesOfUnconsolidatedSubsidiary
|
-8265256 | usd | |
us-gaap |
Share Based Compensation
ShareBasedCompensation
|
123754 | usd | |
us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
8461 | usd | |
CY2022Q3 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-33079090 | usd |
CY2022Q3 | us-gaap |
Long Term Debt Current
LongTermDebtCurrent
|
33116749 | usd |
CY2022Q3 | cei |
Working Capital Deficit
WorkingCapitalDeficit
|
34800000 | usd |
CY2022Q3 | cei |
Derivative Liability
DerivativeLiability
|
32700000 | usd |
CY2021Q4 | cei |
Long Term Loan Face Value
LongTermLoanFaceValue
|
25000000 | usd |
CY2022Q3 | us-gaap |
Production Costs Cumulative
ProductionCostsCumulative
|
78433316 | usd |
CY2021Q4 | us-gaap |
Capitalized Costs Accumulated Depreciation Depletion Amortization And Valuation Allowance For Relating To Oil And Gas Producing Activities
CapitalizedCostsAccumulatedDepreciationDepletionAmortizationAndValuationAllowanceForRelatingToOilAndGasProducingActivities
|
78364432 | usd |
us-gaap |
Use Of Estimates
UseOfEstimates
|
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 33.75pt; text-align:justify;">The preparation of consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts and timing of revenues and expenses, the reported amounts and classification of assets and liabilities, and disclosure of contingent assets and liabilities. Significant areas requiring the use of management estimates relate to the determination of fair value of the Company’s Series C Preferred stock, impairment of long-lived assets, stock-based compensation, asset retirement obligations, and the determination of expected tax rates for future income tax recoveries.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 33.75pt; text-align:justify;">The estimates of proved, probable and possible oil and gas reserves are used as significant inputs in determining the depletion of oil and gas properties and the impairment of proved and unproved oil and gas properties. There are numerous uncertainties inherent in the estimation of quantities of proved, probable and possible reserves and in the projection of future rates of production and the timing of development expenditures. Similarly, evaluations for impairment of proved and unproved oil and gas properties are subject to numerous uncertainties including, among others, estimates of future recoverable reserves and commodity price outlooks. Actual results could differ from the estimates and assumptions utilized.</p> | ||
cei |
Federally Insured Limits
FederallyInsuredLimits
|
250000 | usd | |
CY2022Q3 | cei |
Cash In Excess Of The Federally Insured Limit
CashInExcessOfTheFederallyInsuredLimit
|
2205688 | usd |
CY2021Q4 | cei |
Cash In Excess Of The Federally Insured Limit
CashInExcessOfTheFederallyInsuredLimit
|
5604382 | usd |
us-gaap |
Depletion
Depletion
|
4538 | usd | |
CY2022Q3 | us-gaap |
Capitalized Costs Accumulated Depreciation Depletion Amortization And Valuation Allowance For Relating To Oil And Gas Producing Activities
CapitalizedCostsAccumulatedDepreciationDepletionAmortizationAndValuationAllowanceForRelatingToOilAndGasProducingActivities
|
78368970 | usd |
us-gaap |
Revenue Recognition Leases
RevenueRecognitionLeases
|
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 33.75pt; text-align:justify;">Sales of crude oil, natural gas, and natural gas liquids (NGLs) are included in revenue when production is sold to a customer in fulfillment of performance obligations under the terms of agreed contracts. Performance obligations primarily comprise delivery of oil, gas, or NGLs at a delivery point, as negotiated within each contract. Each barrel of oil, million BTU (MMBtu) of natural gas, or other unit of measure is separately identifiable and represents a distinct performance obligation to which the transaction price is allocated. Performance obligations are satisfied at a point in time once control of the product has been transferred to the customer. The Company considers a variety of facts and circumstances in assessing the point of control transfer, including but not limited to: whether the purchaser can direct the use of the hydrocarbons, the transfer of significant risks and rewards, the Company’s right to payment, and transfer of legal title. In each case, the time between delivery and when payments are due is not significant.</p> | ||
cei |
Oil And Gas Reserves
OilAndGasReserves
|
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 33.75pt; text-align:justify;">Reserve engineering is a subjective process that is dependent upon the quality of available data and the interpretation thereof, including evaluations and extrapolations of well flow rates and reservoir pressure. Estimates by different engineers often vary sometimes significantly. In addition, physical factors such as the results of drilling, testing and production subsequent to the date of an estimate, as well as economic factors such as changes in product prices, may justify revision of such estimates. Because proved reserves are required to be estimated using recent prices of the evaluation, estimated reserve quantities can be significantly impacted by changes in product prices.</p> | ||
cei |
Income Loss Per Share
IncomeLossPerShare
|
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 33.75pt; text-align:justify;">Basic and diluted income (loss) per share calculations are calculated on the basis of the weighted average number of shares of the Company’s common stock outstanding during the year. Diluted earnings per share give effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing diluted earnings per share, the average stock price for the period is used to determine the number of shares assumed to be purchased from the exercise price of the options and warrants. Purchases of treasury stock reduce the outstanding shares commencing on the date that the stock is purchased. Common stock equivalents are excluded from the calculation when a loss is incurred as their effect would be anti-dilutive. At September 30, 2022 and December 31, 2021 there were 250,509,284 and 262,224,956 common stock equivalents that were anti-dilutive, respectively.</p> | ||
CY2022Q3 | cei |
Antidilutive Common Stock Equivalents
AntidilutiveCommonStockEquivalents
|
250509284 | shares |
CY2021Q4 | cei |
Antidilutive Common Stock Equivalents
AntidilutiveCommonStockEquivalents
|
262224956 | shares |
CY2021 | cei |
Carrying Amount At End Of Period
CarryingAmountAtEndOfPeriod
|
93108568 | usd |
CY2022Q3 | cei |
Ownership Interest Percentage
OwnershipInterestPercentage
|
0.50 | pure |
CY2021Q4 | us-gaap |
Production Costs Cumulative
ProductionCostsCumulative
|
78433316 | usd |
CY2021Q4 | us-gaap |
Capitalized Costs Oil And Gas Producing Activities Gross
CapitalizedCostsOilAndGasProducingActivitiesGross
|
68884 | usd |
cei |
Total Depletion And Adjustments
TotalDepletionAndAdjustments
|
-4538 | usd | |
CY2022Q3 | us-gaap |
Capitalized Costs Oil And Gas Producing Activities Gross
CapitalizedCostsOilAndGasProducingActivitiesGross
|
64346 | usd |
cei |
Investment In Unconsolidated Entities
InvestmentInUnconsolidatedEntities
|
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>NOTE 6 – INVESTMENT IN UNCONSOLIDATED ENTITIES</strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 33.75pt; text-align:justify;">The Company accounts for its investment in Viking under the equity method. The Company owns approximately 60.9% of the outstanding common shares of Viking at September 30, 2022 and December 31, 2021. </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 33.75pt; text-align:justify;">Table below shows the changes in the investments in unconsolidated entities for the nine-month period ended September 30, 2022 and the year ended December 31, 2021. </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><table cellpadding="0" style="border-spacing:0;font-size:10pt;width:100%"><tbody><tr style="height:15px"><td><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td colspan="2" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>September 30, </strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>2022</strong></p></td><td><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td colspan="2" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>December 31, </strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>2021</strong></p></td><td><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Carrying amount – beginning of period</p></td><td style="width:1%;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;"><p style="font-size:10pt;font-family:times new roman;margin:0px">$</p></td><td style="width:9%;vertical-align:bottom;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">36,299,592</p></td><td style="width:1%;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;"><p style="font-size:10pt;font-family:times new roman;margin:0px">$</p></td><td style="width:9%;vertical-align:bottom;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">15,830,538</p></td><td style="width:1%;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Investment in Viking</p></td><td style="width:1%;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:9%;vertical-align:bottom;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">-</p></td><td style="width:1%;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:9%;vertical-align:bottom;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">29,900,000</p></td><td style="width:1%;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Proportionate share of (losses)</p></td><td style="width:1%;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="BORDER-BOTTOM: 1px solid;width:1%;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">(8,265,256 </p></td><td style="width:1%;vertical-align:bottom;"><p style="font-size:10pt;font-family:times new roman;margin:0px">)</p></td><td style="width:1%;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="BORDER-BOTTOM: 1px solid;width:1%;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">(9,430,946 </p></td><td style="width:1%;vertical-align:bottom;"><p style="font-size:10pt;font-family:times new roman;margin:0px">)</p></td></tr><tr style="height:15px;background-color:#ffffff"><td><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:9%;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:9%;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Carrying amount - ending</strong></p></td><td style="width:1%;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"><p style="font-size:10pt;font-family:times new roman;margin:0px">$</p></td><td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">28,034,336</p></td><td style="width:1%;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"><p style="font-size:10pt;font-family:times new roman;margin:0px">$</p></td><td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">36,299,592</p></td><td style="width:1%;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr></tbody></table> | ||
CY2021Q4 | us-gaap |
Equity Method Investments
EquityMethodInvestments
|
36299592 | usd |
CY2020Q4 | us-gaap |
Equity Method Investments
EquityMethodInvestments
|
15830538 | usd |
cei |
Investment In Viking And Elysium
InvestmentInVikingAndElysium
|
0 | usd | |
CY2021 | cei |
Investment In Viking And Elysium
InvestmentInVikingAndElysium
|
29900000 | usd |
us-gaap |
Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
|
-8265256 | usd | |
CY2021 | us-gaap |
Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
|
-9430946 | usd |
cei |
Carrying Amount Ending
CarryingAmountEnding
|
28034336 | usd | |
CY2021 | cei |
Carrying Amount Ending
CarryingAmountEnding
|
36299592 | usd |
CY2021Q4 | us-gaap |
Asset Retirement Obligation
AssetRetirementObligation
|
53055 | usd |
CY2020Q4 | us-gaap |
Asset Retirement Obligation
AssetRetirementObligation
|
46748 | usd |
us-gaap |
Asset Retirement Obligation Cash Paid To Settle
AssetRetirementObligationCashPaidToSettle
|
0 | usd | |
CY2021 | us-gaap |
Asset Retirement Obligation Cash Paid To Settle
AssetRetirementObligationCashPaidToSettle
|
0 | usd |
us-gaap |
Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
|
3923 | usd | |
CY2021 | us-gaap |
Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
|
6307 | usd |
CY2022Q3 | us-gaap |
Asset Retirement Obligation
AssetRetirementObligation
|
56978 | usd |
CY2021Q4 | us-gaap |
Asset Retirement Obligation
AssetRetirementObligation
|
53055 | usd |
CY2021 | cei |
Issued Series C Preferred Shares
IssuedSeriesCPreferredShares
|
46238850 | usd |
cei |
Change In Fair Value Derivative Liability Current
ChangeInFairValueDerivativeLiabilityCurrent
|
71846677 | usd | |
CY2021 | cei |
Change In Fair Value Derivative Liability Current
ChangeInFairValueDerivativeLiabilityCurrent
|
152831568 | usd |
cei |
Settlement Of Obligation Iissuance Of Common Shares
SettlementOfObligationIissuanceOfCommonShares
|
-132288484 | usd | |
CY2021 | cei |
Settlement Of Obligation Iissuance Of Common Shares
SettlementOfObligationIissuanceOfCommonShares
|
-199943084 | usd |
cei |
Carrying Amount At End Of Period
CarryingAmountAtEndOfPeriod
|
32666761 | usd | |
CY2022Q3 | us-gaap |
Debt Instrument Annual Principal Payment
DebtInstrumentAnnualPrincipalPayment
|
46815789 | usd |
CY2021Q4 | us-gaap |
Debt Instrument Annual Principal Payment
DebtInstrumentAnnualPrincipalPayment
|
21500000 | usd |
CY2022Q3 | us-gaap |
Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
|
13699040 | usd |
CY2021Q4 | us-gaap |
Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
|
0 | usd |
CY2022Q3 | us-gaap |
Long Term Debt Current
LongTermDebtCurrent
|
33116749 | usd |
CY2022Q3 | cei |
Less Current Portion
LessCurrentPortion
|
0 | usd |
CY2022Q3 | us-gaap |
Long Term Debt
LongTermDebt
|
33116749 | usd |
CY2021Q4 | us-gaap |
Long Term Debt
LongTermDebt
|
21500000 | usd |
CY2021Q4 | cei |
Long Term Loan Face Value
LongTermLoanFaceValue
|
25000000 | usd |
CY2022Q1 | cei |
Long Term Loan Face Value
LongTermLoanFaceValue
|
26315790 | usd |
CY2022Q1 | cei |
Proceeds From Loan
ProceedsFromLoan
|
25000000 | usd |
CY2022Q3 | us-gaap |
Warrants And Rights Outstanding Maturity Date
WarrantsAndRightsOutstandingMaturityDate
|
2026-12-31 | |
us-gaap |
Proceeds From Notes Payable
ProceedsFromNotesPayable
|
25000000 | usd | |
CY2022Q3 | us-gaap |
Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
|
0 | usd |
CY2022Q3 | us-gaap |
Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
|
0 | usd |
CY2022Q3 | us-gaap |
Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
|
0 | usd |
CY2022Q3 | us-gaap |
Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
|
0 | usd |
CY2022Q3 | us-gaap |
Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
|
33116749 | usd |
CY2022Q3 | us-gaap |
Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
|
0 | usd |
CY2022Q3 | us-gaap |
Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
|
33116749 | usd |
cei |
Unchange Dividend Rate
UnchangeDividendRate
|
0.2495 | pure | |
cei |
Unchange Dividend Rate
UnchangeDividendRate
|
0.3495 | pure | |
cei |
Description Conversion Price
DescriptionConversionPrice
|
Recognizing that the closing share price of our publicly traded stock is an observable input to fair value, such price was used for determining fair value in most cases and the Company only considered an alternative measure of fair value when the closing price of the Company’s common stock varied by more than 30% from the five-day moving average immediately prior to the measurement date. | ||
CY2021Q4 | us-gaap |
Derivative Liabilities Current
DerivativeLiabilitiesCurrent
|
93108568 | usd |
CY2020Q4 | us-gaap |
Derivative Liabilities Current
DerivativeLiabilitiesCurrent
|
93981234 | usd |
cei |
Issued Series C Preferred Shares
IssuedSeriesCPreferredShares
|
0 | usd | |
cei |
Revanue From Oil Sales
RevanueFromOilSales
|
295752 | usd | |
cei |
Revanue From Oil Sales
RevanueFromOilSales
|
185447 | usd | |
cei |
Revanue From Natural Gas Liquids Sales
RevanueFromNaturalGasLiquidsSales
|
170814 | usd | |
cei |
Revanue From Natural Gas Liquids Sales
RevanueFromNaturalGasLiquidsSales
|
80635 | usd | |
cei |
Oil And Gas Revenue From Customers
OilAndGasRevenueFromCustomers
|
466566 | usd | |
cei |
Oil And Gas Revenue From Customers
OilAndGasRevenueFromCustomers
|
266082 | usd | |
us-gaap |
Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
|
140000 | shares | |
us-gaap |
Share Based Compensation
ShareBasedCompensation
|
123754 | usd | |
CY2021Q2 | cei |
Warrants Issued For Purchase Of Common Share
WarrantsIssuedForPurchaseOfCommonShare
|
100000 | shares |
CY2021Q2 | us-gaap |
Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
|
0.705 | |
CY2021Q2 | cei |
Warrants Issued For Compensation
WarrantsIssuedForCompensation
|
42037 | usd |
CY2021Q2 | us-gaap |
Lease Expiration Date1
LeaseExpirationDate1
|
2022-04-25 | |
CY2022Q3 | us-gaap |
Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
|
150150032 | shares |
CY2022Q3 | cei |
Income Losses
IncomeLosses
|
-23280727 | usd |
CY2021Q3 | cei |
Income Losses
IncomeLosses
|
-264555523 | usd |
cei |
Income Losses
IncomeLosses
|
-86841169 | usd | |
cei |
Income Losses
IncomeLosses
|
-246495102 | usd | |
us-gaap |
Redeemable Preferred Stock Dividends
RedeemablePreferredStockDividends
|
6676994 | usd | |
CY2022Q3 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-23280727 | usd |
CY2021Q3 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-264555523 | usd |
us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-86841169 | usd | |
us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-253172096 | usd | |
CY2022Q3 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
487692319 | shares |
CY2021Q3 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
161892534 | shares |
us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
401147671 | shares | |
us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
81599069 | shares | |
CY2022Q3 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
487692319 | shares |
CY2021Q3 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
161892534 | shares |
us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
401147671 | shares | |
us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
81599069 | shares | |
CY2022Q3 | us-gaap |
Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
|
-0.05 | |
CY2021Q3 | us-gaap |
Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
|
-1.63 | |
us-gaap |
Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
|
-0.22 | ||
us-gaap |
Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
|
-3.10 | ||
CY2022Q3 | us-gaap |
Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
|
-0.05 | |
CY2021Q3 | us-gaap |
Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
|
-1.63 | |
us-gaap |
Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
|
-0.22 | ||
us-gaap |
Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
|
-3.10 |