美國
證券和交易委員會
華盛頓特區20549
表格
根據1934年證券交易所法案第13或15（d）條規定的季度報告 |
截至2022年1月31日的季度期
或者
根據1934年證券交易法第13或15(D)條，交易所報告 |
對於從 _______ 到 _______ 的過渡期。
委託文件號碼：
(根據其章程規定的註冊人準確名稱) |
| ||
（註冊或組織的）州或其他司法轄區 公司成立或組織） |
| （國稅局僱主 唯一識別號碼） |
，（主要行政辦公地址）
(
(註冊人電話號碼，包括區號)
______________________________________________
（前名稱、地址及財政年度，如果自上次報告以來有更改）
根據該法案第12(b)條的規定登記的證券：
每一類的名稱 | 交易標的：Valkyrie比特幣基金 | 在交易所上市的名稱列表 |
NA | NA |
請勾選以下選項以指示註冊人是否在過去12個月內(或在註冊人需要提交此類報告的較短時間內)已提交證券交易法1934年第13或15(d)條所要求提交的所有報告，並且在過去90天內已受到此類報告提交要求的影響。
請勾選方框，以表明註冊人是否在過去12個月內（或其要求提交此類文件的較短期限內）提交了每份交互式數據文件，其提交是根據規則405號第S-T條（本章第232.405條）要求提交的。
勾選以下選框，指示申報人是大型加速評估提交人、加速評估提交人、非加速評估提交人、小型報告公司或新興成長型公司。關於「大型加速評估提交人」、「加速評估提交人」、「小型報告公司」和「新興成長型公司」的定義，請參見《交易所法規》第12億.2條。
大型加速存取器 | ☐ | 加速存取器 | ☐ |
☒ | 較小報告公司 | ||
|
| 新興成長公司 |
如果是新興成長型公司，在選中複選標記的同時，如果公司已選擇不使用根據證券交易法第13(a)條提供的任何新的或修訂後的財務會計準則的延長過渡期來符合新的或修訂後的財務會計準則，則表明該公司已選擇不使用根據證券交易法第13(a)條提供的任何新的或修訂後的財務會計準則的延長過渡期來符合新的或修訂後的財務會計準則。☐
請勾選以下選項以指示註冊人是否爲外殼公司(根據交易所法規則12b-2定義)。是
僅適用於公司發行人
截至2024年11月11日，註冊人已擁有
camber energy公司
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| 目錄 |
第一部分——財務信息
項目1.基本報表
camber energy公司 彙編的資產負債表(未經審計) | ||||||||
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| As of 截至九月三十日， 2024 |
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| As of 12月31日， 2023 |
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資產 |
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流動資產： |
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現金 |
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應收賬款淨額 |
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存貨淨額 |
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預付款項及其他流動資產 |
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總流動資產 |
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燃料幣和燃氣性質全部成本法 |
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已探明的石油和天然氣性質淨值 |
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石油和天然氣性質的總淨值 |
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固定資產淨額 |
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使用權資產，淨額 |
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esg乾淨能源許可證淨值 |
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其他無形資產- Simson Maxwell，淨額 |
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其他無形資產-變量利益實體 |
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商譽 |
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應收關聯方 |
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存款和其他資產 |
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資產總計 |
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負債和股東權益 |
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流動負債: |
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應付賬款 |
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應計費用及其他流動負債 |
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客戶存款 |
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未分配的收入和royalties |
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經營租賃負債流動部分 |
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應付關聯方 |
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應付票據 - 關聯方的當前部分 |
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銀行負債-信貸措施 |
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衍生品負債 |
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長期債務的當前部分-折讓後淨額 |
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流動負債合計 |
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長期債務-淨額（除流動部分和債務折讓外） |
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應付款項 - 關聯方 - 減去當前部分 |
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經營租賃負債，減：流動部分 |
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有條件義務 |
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資產退役義務 |
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負債合計 |
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承諾和 contingencies (注14) |
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股東權益 |
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優先股，系列A，每股面值 $215688680，截至2023年12月31日和2024年3月31日，已發行並流通股數分別爲 $227838680。 |
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優先股C系列，$每股面值， |
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優先股系列G，$股，截至2024年3月31日和2023年12月31日發行並流通。無清算優先權。 |
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優先股系列H，$股。 |
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普通股，每股面值爲 $0.0001； |
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在調整前一輪C系列優先股轉換時發行普通股 |
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其他資本公積 |
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其他綜合收益累計 |
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累積赤字 |
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Camber公司股東的赤字 |
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非控股權益 |
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總股東權益（赤字） |
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負債和股東權益（赤字）總計 |
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附註是這些未經審計的簡明綜合財務報表的一個組成部分。
| 3 |
| 內容表 |
Camber Energy, Inc. 綜合綜合損益表（未經審計） |
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| 三個月結束 |
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| 截至九個月 |
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| 九月三十日， |
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| 九月三十日, |
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| 2023 |
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| 2023 |
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收入 |
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電力發電單元和零件 |
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維修和修理 |
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石油和天然氣銷售 |
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營運費用 |
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銷貨成本 |
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租賃營運費用 |
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總務和行政 |
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股票給予報酬 |
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折舊、損耗和攤銷 |
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增值－資產退役義務 |
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營業費用總額 |
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營業損失 |
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其他收入（費用） |
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利息費用，淨額 |
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債務折價攤銷 |
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衍生負債公允價值變化 |
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出售會員權益的損失 |
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債務消滅虧損 |
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商譽減值 |
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其他收入 |
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總其他費用，淨額 |
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收入稅前淨損失 |
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所得稅益（費用） |
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凈損失 |
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歸屬於非控股利益的凈利潤（虧損） |
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Camber Energy, Inc.歸屬於股東的淨虧損。 |
| $ | ( | ) |
| $ | ( | ) |
| $ | ( | ) |
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每股普通股損失。 |
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基本和稀釋 |
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普通股權重平均數量 |
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基本和稀釋 |
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附註是這些未經審計的簡明綜合財務報表的一個組成部分。
| 4 |
| 目錄 |
Camber Energy, Inc. 綜合損益總表（未經審核） |
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| 截至 2024年9月30日之三個月 |
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| 九個月截至 |
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| 9月30日, |
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淨虧損 |
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外幣翻譯調整 |
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總綜合損失 |
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歸屬於非控股權益的較不全面盈（虧） |
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歸非控制權益的溢(虧)利 |
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歸屬於非控股權益的外幣翻譯調整 |
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歸屬於非控股權益的綜合盈虧 |
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歸屬於Camber的綜合虧損 |
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| $ | ( | ) |
| $ | ( | ) |
| $ | ( | ) |
附註是這些未經審計的簡明綜合財務報表的一個組成部分。
| 5 |
| 目錄 |
Camber Energy, Inc. 綜合現金流量表（未經核數） |
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| 截至九個月 |
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| 九月三十日， |
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| 2024 |
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經營活動現金流量： |
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凈損失 |
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調整以彌補淨虧損與經營活動使用現金之間的差異： |
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商譽減損 |
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衍生負債公允價值變化 |
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股票給予報酬 |
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折舊、減值和攤銷 |
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租賃權資產攤銷 |
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Cash flows from investing activities: |
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債務折價攤銷 |
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債務消滅虧損 |
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Net cash provided by (used in) investing activities |
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外幣翻譯調整 |
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營運資產和負債的變動 |
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應收帳款 |
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庫存 |
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預付費用及其他流動資產 |
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應付帳款 |
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應計費用及其他流動負債 |
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由於相關方 |
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客戶存款 |
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經營租賃負債 |
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$ |
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經營活動所用的淨現金 |
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投資活動之現金流量: |
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根据C系列优先股的调整增发股份 |
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固定資產取得 |
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併購取得的現金 |
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投資活動產生的淨現金流量 |
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來自籌資活動的現金流量: |
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還債長期借款 |
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長期負債收益 |
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債務在轉換特性修改時的債務折扣 |
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|
|
| ( | ) | |
$ |
|
|
|
|
|
| ||
來自票據、關係方的款項，淨額 |
|
|
|
|
|
| ||
籌資活動提供的淨現金 |
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
現金減少淨額 |
|
| ( | ) |
|
| ( | ) |
期初現金餘額 |
|
|
|
|
|
| ||
期末現金餘額 |
| $ |
|
| $ |
| ||
補充現金流量資訊： |
|
|
|
|
|
|
|
|
支付現金： |
|
|
|
|
|
|
|
|
利息 |
| $ |
|
| $ |
| ||
所得税 |
| $ |
|
| $ |
| ||
|
|
|
|
|
|
|
|
|
非現金投融資訊的補充披露： |
|
|
|
|
|
|
|
|
在對C系列特選股票進行補正時發行股份 |
| $ |
|
| $ |
| ||
與先前對C系列特選股票轉換相關的普通股將發行 |
| $ |
|
| $ | - |
| |
發行普通股以抵銷債務 |
| $ |
|
| $ |
| ||
發行普通股以抵銷債務上欠利息 |
| $ |
|
| $ |
| ||
新增使用權資產和租賃負債 |
| $ |
|
| $ |
| ||
附註是這些未經審計的簡明綜合財務報表的一個組成部分。
| 6 |
| 內容表 |
Camber Energy, Inc. 綜合總結股東權益變動表’ 股東權益變動總表(未經審核) |
截至2024年9月30日的九個月
|
| 歐皮民雄帶等 A輪融資 |
|
| 優先股 C系列 |
|
| 優先股 G系列 |
|
| 優先股 H系列 |
|
| 普通股 |
|
| 普通股 憑證行使後發行 |
|
| 額外 實收資本 |
|
| 累積 其他綜合損益 |
|
| (Accumulated |
|
| 非控制權益 |
|
| 所有板塊 股东权益 |
| |||||||||||||||||||||||||||||||||||
|
| 數量 |
|
| 數量 |
|
| 數字 |
|
| 金額 |
|
| 數字 |
|
| 數量 |
|
| 編號 |
|
| 編號 |
|
| 編號 |
|
| 數量 |
|
| 編號 |
|
| 數量 |
|
| 資本 |
|
| (損失) |
|
| 赤字 |
|
| 利息 |
|
| 股本 |
| |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
2023年12月31日餘額 |
|
|
|
| $ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ |
|
|
|
|
| $ |
|
|
| - |
|
| $ |
|
| $ |
|
| $ | ( | ) |
| $ | ( | ) |
| $ |
|
| $ |
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
在调整系列C优先股时发行的普通股 |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
|
|
|
|
|
|
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ |
| ||||||||||
在调整系列C优先股时将要发行的普通股 |
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ |
| ||||||||||||
發行用於服務的普通股 |
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
|
|
|
|
|
|
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ |
| ||||||||||||
外幣翻譯調整 |
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ |
| |||||||||||
凈損失 |
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
|
|
|
|
|
|
| ( | ) |
|
| ( | ) |
| $ | ( | ) | ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024年3月31日的餘額 |
|
|
|
| $ |
|
|
|
|
| $ |
|
|
|
|
| $ |
|
|
|
|
| $ |
|
|
|
|
| $ |
|
|
|
|
| $ |
|
| $ |
|
| $ | ( | ) |
| $ | ( | ) |
| $ |
|
| $ |
| |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
普通股因C類優先股的調整而發行 |
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
|
|
|
|
|
|
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ |
| ||||||||||||
普通股將因C類優先股的調整而發行 |
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
| ( | ) |
|
| ( | ) |
|
|
|
|
|
|
|
|
|
|
|
|
| $ | ( | ) | |||||||||
普通股因H類優先股的轉換而發行 |
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
| ( | ) |
|
| ( | ) |
|
|
|
|
|
|
|
| - |
|
|
|
|
|
| ( | ) |
|
|
|
|
|
|
|
|
|
| $ |
| ||||||||||
債務轉換發行的普通股份 |
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
|
|
|
|
|
|
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ |
| ||||||||||||
應計利息轉換發行的普通股份 |
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
|
|
|
|
|
|
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ |
| ||||||||||||
外幣翻譯調整 |
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
|
|
|
| ( | ) |
|
|
|
|
|
|
| $ | ( | ) | |||||||||
淨損失 |
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
|
|
|
|
|
|
| ( | ) |
|
| ( | ) |
| $ | ( | ) | ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024年6月30日的結餘 |
|
|
|
| $ |
|
|
|
|
| $ |
|
|
|
|
| $ |
|
|
| - |
|
| $ |
|
|
|
|
| $ |
|
|
|
|
| $ |
|
| $ |
|
| $ | ( | ) |
| $ | ( | ) |
| $ |
|
| $ |
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
由於C系列優先股的調整而發行的普通股 |
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
|
|
|
|
|
|
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ |
| ||||||||||||
因C系列優先股的調整而將要發行的普通股 |
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
|
| ( | ) |
|
| ( | ) |
|
|
|
|
|
|
|
|
|
|
|
|
| $ | ( | ) | ||||||||
外幣翻譯調整 |
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
|
|
|
| ( | ) |
|
|
|
|
|
|
| $ | ( | ) | |||||||||
淨損失 |
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
|
|
|
|
|
|
| ( | ) |
|
| ( | ) |
| $ | ( | ) | ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024年9月30日的結餘 |
|
|
|
| $ |
|
|
|
|
| $ |
|
|
|
|
| $ |
|
|
| - |
|
| $ |
|
|
|
|
| $ |
|
|
|
|
| $ |
|
| $ |
|
| $ | ( | ) |
| $ | ( | ) |
| $ |
|
| $ | ( | ) | |||||||||||||
| 7 |
| 目錄 |
截至2023年9月30日止的九個月
|
| 歐皮民雄帶等 A輪融資 |
|
| 優先股 C系列 |
|
| 優先股 G系列 |
|
| 優先股 H系列 |
|
| 普通股 |
|
| 將發行普通股 |
|
| 額外 實收資本 |
|
| 累積 其他綜合損益 |
|
| (Accumulated |
|
| 非控制權益 |
|
| 所有板塊 股东权益 |
| |||||||||||||||||||||||||||||||||||
|
| 數量 |
|
| 數量 |
|
| 數字 |
|
| 金額 |
|
| 數字 |
|
| 金額 |
|
| 數字 |
|
| 金額 |
|
| 數字 |
|
| 金額 |
|
| 數字 |
|
| 金額 |
|
| 資本 |
|
| (損失) |
|
| 赤字 |
|
| 利息 |
|
| 股本 |
| |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
2022年12月31日結餘 |
|
|
|
| $ |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
|
|
| $ |
|
|
|
|
| $ |
|
|
| - |
|
| $ | - |
|
| $ |
|
| $ | ( | ) |
| $ | ( | ) |
| $ |
|
| $ |
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
外幣翻譯調整 |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
| - |
|
|
| - |
|
| $ |
| |||
凈損失 |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
|
|
|
| - |
|
|
| - |
|
|
| ( | ) |
|
| ( | ) |
| $ | ( | ) | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2023年3月31日結餘 |
|
|
|
| $ |
|
|
| - |
|
| $ | - |
|
|
| - |
|
| $ | - |
|
|
|
|
| $ |
|
|
|
|
| $ |
|
|
| - |
|
| $ | - |
|
| $ |
|
| $ | ( | ) |
| $ | ( | ) |
| $ |
|
| $ |
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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在債務轉換時發行的股份 |
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因行使warrants而發行的股份 |
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2023年6月30日的餘額 |
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反向合併調整 |
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因轉換債務而發行的股份 |
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因轉換H系列優先股而發行的股份 |
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因轉換C系列優先股而發行的股份 |
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根據C系列優先股的真實調整所發行的股份 |
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外幣轉換調整 |
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淨損失 |
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2023年9月30日的餘額 |
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附註是這些未經審計的簡明綜合財務報表的一個組成部分。
| 8 |
| 內容表 |
Camber Energy, Inc. 附註至簡明綜合財務報表 （未經審計） |
註1. 與Viking Energy Group, Inc.合併。
2023年8月1日，camber energy，inc.（“camber”，“公司”，“我們”或“我們的”）按照2021年2月15日camber和vikig之間的合併協議和計劃的條款和條件，完成了之前宣布的與vikig energy group，inc.（“vikig”）的合併（“合併”），該協議在2023年4月18日進行了修訂（修訂後的協議稱為“合併協議”）合併後，vikig作為camber的全資子公司存續下去。
根據合併協議中的條款和條件，每一股：(i
每股新康堡 A 优先股可转换为
每股新Camber H系列優先股的面值是$
每一個未行使的Viking Common Stock期權或認股權，自動變為完全行使期權或認股權（一個“調整後的期權”），就購買條款和條件而言，與該Viking Option適用的條款和條件基本相同，不同之處在於，該調整後的期權不再行使Viking Common Stock，而是行使Camber Common Stock。
每張由Viking發行的，可轉換為Viking普通股的債務票據（“Viking可轉換票據”）已轉換為一張可轉換為Camber普通股的債務票據（“調整後可轉換票據”），其條款和條件基本與相應的Viking可轉換票據相同（包括，為避免疑問，任何在完成合併後引貼間隔期間適用之延長後期轉換期限），唯一的不同是，調整後可轉換票據可以轉換為Camber普通股，而不是Viking普通股。
| 9 |
| 目錄 |
就併購事宜，Camber發行了大約股Camber Common Stock，這表示在發行後佔Camber Common Stock的大約%
出於會計目的，此次合併被視為反向收購。因此，維京（法律上的子公司）被視為坎伯（法律上的母公司）的收購者。因此，這些合併基本報表反映了維京截至合併日期的財務狀況、經營結果和現金流，以及維京和坎伯自2023年8月1日起的合併財務狀況、經營結果和現金流。
James A. Doris繼續擔任合併公司的總裁兼首席執行官，合併公司繼續在德克薩斯州休斯頓擁有總部。
附註2。 公司資料和運營
Camber是一家以成長為導向的多元化能源公司。通過我們持有多數股權的子公司，在北美為商業和工業客戶提供定制能源和電力解決方案，並且我們在以下方面擁有多數股權：(i) 擁有對一種利用臭氧技術進行完全開發、取得專利的專有醫療和生物危害廢物處理系統的知識產權的實體；和(ii) 擁有對完全開發、取得專利和申請專利的專有電力變速器和配電開放導體檢測系統的知識產權的實體。此外，我們持有加拿大和美國多個地點提供排他性的清潔能源和碳捕獲系統的專利許可。我們的其他子公司在美國擁有石油產權。公司還在探索其他相關可再生能源機會和/或技術，目前正在產生收入，或者在合理的時間內有產生收入的合理前景。
定制能源和動力解決方案:
Simson-Maxwell 買併
2021年8月6日，維京公司收購了約百分之
清潔能源和碳捕獲系統：
2021年8月，維京公司與ESG Clean Energy, LLC（以下簡稱“ESG”）簽訂了一項許可協議，以利用ESG的專利權和專有技術，用於固定式電力發電、熱能和二氧化碳捕獲（以下簡稱“ESG Clean Energy系統”）。維京公司所獲許可的知識產權包括某些專利和/或專利申請，包括：（i）美國專利號：10,774,733，申請日：2018年10月24日，授予日：2020年9月15日，名稱：“循環底部發電系統”；（ii）美國專利號：17/661,382，授予日：2023年8月8日，名稱：“用於生成電能，捕獲二氧化碳並生產產品的循環底部發電系統及其相關的系統和方法”；（iii）美國專利號：11624307，授予日：2023年4月22日，名稱：“用於生成電能和捕獲二氧化碳的循環底部發電系統及其相關的系統和方法”；（iv）歐洲（在英國、法國和德國得到確認）專利號：EP3728891，授予日：2023年4月12日，名稱：“循環底部發電系統”；（v）美國專利申請號：17/224,200，申請日：2021年4月7日，名稱：“循環底部發電系統”（該專利於2022年3月獲得美國專利及商標局批准，專利號：11,286,832）；（vi）美國專利申請號：17/358,197，申請日：2021年6月25日，名稱：“循環底部發電系統”；（vii）美國專利申請號：17/448,943，申請日：2021年9月27日，名稱：“用於生成電能和捕獲二氧化碳的循環底部發電系統及其相關的系統和方法”；和（viii）美國專利申請號：17/448,938，申請日：2021年9月27日，名稱：“用於生成電能，捕獲二氧化碳並生產產品的循環底部發電系統及其相關的系統和方法。”
| 10 |
| 目錄 |
esg清潔能源系統旨在從內燃發動機發電並利用廢熱來捕獲大約
公司打算將 esg 清潔能源系統出售、租賃和/或轉授給第三方，其中包括使用 Simson-Maxwell 現有的分銷渠道。公司還可能會將 esg 清潔能源系統用於自己的賬戶，無論是在其石油業務、Simson-Maxwell 的發電業務方面，還是其他。
使用臭氧科技的醫療廢棄物處理系統：
2022年1月，Viking收購了Viking Ozone Technology, LLC（以下簡稱Viking Ozone）的X％股份，該公司擁有使用臭氧技術的專利（即美國實用新型專利號碼11,565,289）的醫療和生物危害廢物處理系統的知識產權。Simson-Maxwell已被指定為該系統的獨家全球製造商和供應商。這項技術旨在成為生物危害廢物焚燒、化學處理、高壓滅菌和熱處理的可持續替代方案，並使處理後的廢物在世界各地許多地點被視為可再生能源的一種。
開放導體檢測技術：
2022年2月，維京收購了兩家公司的股份，分別是Viking Sentinel Technology, LLC（“Viking Sentinel”）和Viking Protection Systems, LLC（“Viking Protection”），它們擁有專利和專利申請中的自有電力變速器和分配開放導線檢測系統的知識產權。這些系統旨在檢測變壓器線路、配電線路或耦合失敗的斷裂，並在其觸地之前立即切斷線路的電源。這項技術旨在提高公共安全，減少引發火災事件的風險，並成為電力公用事業改善現有基礎設施的韌性和可靠性的網格強化和穩定計劃中的重要組成部分。至本文件日期為止，Viking Sentinel和/或Viking Protection所擁有的知識產權相關專利、待定專利和/或專利申請摘要如下：
石油和燃料幣資產：
2024年的資產出售:
2024年2月1日，公司以總收入$的形式出售了其在德克薩斯州克萊因和沃爾夫伯里層位的石油和天然氣資產的工作權益。
該公司在此交易中記錄了以下的凈虧損：
出售款項（扣除交易成本淨額） |
| $ |
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減少石油和天然氣全成本池（基於處置儲量的百分比） |
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修復的資產退估責任 |
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虧損出售 |
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| 11 |
| 目錄 |
2023年的剝離:
2023年11月5日，Viking旗下的Mid-Con Petroleum, LLC和Mid-Con Drilling, LLC，完全擁有的子公司，出售了石油和天然氣資產在堪薩斯州，包括168口生產井，90口注入井和34口非生產井，總收益為$
在2023年12月1日，Viking（維京公司）的全資子公司Petrodome能源有限責任公司的非經營工作權益在德克薩斯州的一口產油井中，以入帳金額為收益金額
公司在2023年第四季度對這兩筆交易進行了以下淨收益記錄：
出售款項（扣除交易成本淨額） |
| $ |
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減少石油和天然氣全成本池（基於處置儲量的百分比） |
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在這些交易之後，Petrodome不再是任何油氣資產的運營商，並申請退還一筆現金履約債券，金額為$。
截至2024年9月30日，公司並未持有任何生產石油和燃料幣物業的利益。
注意事項3。 經營概念
本公司的簡明合併基本報表已根據持續經營假設編製，假設在業務正常進程中實現資產並滿足負債。截至2024年9月30日的九個月，公司淨損為$(
截至2024年9月30日，公司股東欠款為$(
這些條件對於公司能否持續作為業務存在提出了重大疑慮。公司能否持續作為業務存在，取決於其能否利用現有資源產生未來的盈利業務，開發額外的收購機會，並獲得必要的融資來滿足到期支付業務運營產生的負債和償還義務。管理層認為公司可能能夠繼續開發新機會，並可以通過債務和/或股權融資獲得額外資金來促進其業務策略; 但不能保證將有額外的資金可用。這些簡明的合併財務報表未包含任何調整已記錄資產或負債的情況，如果公司必須縮減業務或無法繼續存在時，可能需要進行調整。
備註4。 主要會計政策摘要
最近公布的會計準則
在2023年12月，財務會計準則委員會（FASB）發布了2023-09《會計準則更新》，即《2023-09》，關於所得稅，在擴大了與稅率調和和所得稅支付相關的年度披露要求的同時，提高了收入稅披露的透明度。修正案對於在2024年12月15日之後開始的財政年度生效。允許提前採用。修正案應當按照前瞻性的原則進行應用。允許追溯適用。公司目前正在評估這項修正案對其披露的影響。
| 12 |
| 目錄 |
2023年11月，FASB發布了《2023年第07號會計準則更新》（ASU 2023-07），即對分部進行了更新，改進了應披露的報告分部方面的要求。 ASU 2023-07主要通過要求公眾實體披露定期提供給首席營運決策者（CODM）並納入每個報告的分部利潤或損失測量中的重大分部費用來增強有關重大分部費用的披露。 這項ASU還（i）要求公開實體在年度和中期基礎上按可報告分部披露其他分部項目的金額，以及其組成的描述；（ii）要求所有年度披露項目在中期提供；（iii）澄清如果CODM在評估分部績效並決定如何分配資源時使用多於一個盈利能力衡量標準，則可能報告一個或多個該等盈利能力衡量標準；（iv）要求披露CODM的標題和職位以及該分部利潤如何被CODM用來評估分部績效和決定如何分配資源的描述；（v）要求單一分部的實體提供所有新的所需披露項。 ASU 2023-07適用於2023年12月15日後開始的財政年度和2024年12月15日後開始的財政年度內的中期時間段，並要求回顧性適用。 可以提前採納。 根據ASU 2023-07的修訂與財務披露有關，其採納對公司的營運業績、財務狀況或現金流量不會產生影響。 公司將在2024年12月31日結束的年度報告期和此後的中期報告期採納ASU 2023-07。
2023年6月，財務會計準則委員會（FASB）發布了《財務會計準則更新（ASU）2023-05，企業組合（ASC主題805）：》 創業公司成立， 提供了關於通過新實體建立聯合創業公司會計處理的指引。該更新要求對此類交易應用收購法會計，要求各方根據收購日期的公平價值來認識和衡量可識別的資產和負債，同時設立了調整的測量期。該更新的修訂對所有於2025年1月1日或之後形成的聯合創業公司成立具有前瞻性的有效性。ASU 2023-05將對非上市實體於2025年12月15日後開始的年度週期有效，允許提前採用。公司目前正在評估此更新對其聯合創業公司會計實踐的影響，預計將增強財務報告的一致性和透明度，並不會對其財務狀況或業務成果產生實質影響。
a) 演示基礎
本公司隨附的未經審核簡明綜合財務報表按照美國公認的會計原則（「美國 GAAP」）和證券交易委員會（「SEC」）中期報告規則編製，並應與坎伯以表格 10-k 表格向 SEC 提交的最新年報中所載的經審核合併財務報表及其附註一併閱讀。管理層認為，所有由正常定期調整（除非另有指明），以公平呈現財務狀況和展示中期業務結果所需的調整，均已反映在本文中。中期的營運結果並不一定表明全年預期的業績。
b) 合併基礎
本文所呈現的簡明財務報表反映了公司及其全資子公司維京能源集團(Viking Energy Group, Inc.)、凱伯佩爾米安有限責任公司(Camber Permian LLC)、CE經營有限責任公司(CE Operating LLC)的合並財務業績，維京的全資子公司還包括中卡恩石油公司(Mid-Con Petroleum, LLC)、中卡恩鑽探公司(Mid-Con Drilling, LLC)、中卡恩開發公司(Mid-Con Development, LLC)和彼特羅能源公司(Petrodome Energy, LLC)，以及維京控股的主要全資子公司辛森-麥克斯韋爾(Simson-Maxwell)。
2022年1月，Viking收購了Viking Ozone 51%的所有權，而2022年2月，Viking又收購了Viking Sentinel和Viking Protection 51%的所有權。這些實體成立的目的是為了促進已收購的知識產權的貨幣化（請參見註7）。這些實體是符合變量利益實體標準的，公司擁有控制性的金融利益；因此，這些實體也被納入合併報表中。
所有重要的集團間交易和餘額都已消除。
c) 外國貨幣
以資產負債表日的匯率將以外幣計價的資產和負債換算成美元。以整個期間的平均匯率換算以外幣進行的業務的經營業績和現金流量。匯率波動對資產和負債的轉換的影響被列為股東權益中累積其他綜合收益(損失)的組件。外幣交易的收益和損失幾乎可以忽略不計。
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d) 在準備簡明合併基本報表時使用估計
根據美國GAAP，依照簡明合併基本報表的準則，要求管理層做出一定的估計和假設，這些估計和假設會影響報告金額和時間的收入和支出，資產和負債的報告金額和分類，以及附帶資產和負債的披露。需要使用管理層估計的重要領域包括確定公司各系列優先股的公允價值，長壽資產的減損，商譽，商品衍生品的公允價值，以及股份報酬、 資產退休義務的退休。預計未來所得稅收入的稅率。
探明、概估和可能的油氣儲量估計是測算油氣資源消耗和探明及未探明油氣資源市值下降的重要參考指標。油氣儲量的探測以及未來的生產速率和開發支出計劃的預測都帶有很多不確定性。同樣，評估探明和未探明油氣資源市值下跌的情況也存在很多不確定性，包括但不限於估算未來可回收儲量和商品價格前景。實際結果可能會與利用的估計和假設不同。
e) 金融工具 根據 ASC 820 規定，在計量公允價值時，實體應儘量使用可觀察輸入並儘量減少使用不可觀察輸入。該標準基於圍繞用於計量公允價值的輸入的獨立、客觀證據的級別建立了一個公正價值層次結構。金融工具在公允價值層次結構中的分類是基於對計量公平價值的重大意義的最低輸入級別。該輸入按優先順序分爲三個級別，可用於公允價值計量： 第1級適用於存在相同資產或負債的活躍市場上已有的報價價格。 第2級適用於存在其他輸入的資產或負債，對於這些輸入，可觀察到的爲該資產或負債的實物或涉及該資產或負債的同類物在不活躍市場上的報價價格，或可觀察的輸入或能夠由常識推導或與可觀察市場數據相一致的方式涉及該資產或負債的模型派生的估值。 第3級適用於不存在任何可觀察輸入的資產或負債，這些輸入對估值方法的重要性對資產或負債的公允價值計量的測量具有重要意義。
財務會計準則Codification，「ASC」主題820-10，「公平價值測量」要求披露公司持有的金融工具的公平價值。ASC主題820-10定義了公平價值，併爲公平價值測量的披露建立了一個三級估值層次結構，以增加公平價值測量的披露要求。 在合併資產負債表中報告的存款、應計費用和其他流動負債、應付賬款、衍生負債、到董事的應付金額和可轉換票據的賬面金額都可以作爲金融工具，並且由於這些工具產生和預期實現之間的短期內的時間以及它們的當前市場利率，它們的賬面價值是合理估計的。 估值層次的三個級別定義如下：
| · | 一級：估值方法的輸入是在活躍市場中相同資產或負債的報價價格（未調整）。 |
| · | 二級：估值方法的輸入包括在活躍市場上類似資產和負債的報價和直接或間接可爲金融工具的大部分期限觀察到的資產或負債的輸入。 |
| · | 三級：計價方法的輸入是不可觀察的資產和負債的公允價值，其測量日少有市場活動，使用合理的輸入和假設，基於當時最好的信息，如果輸入不需要付出過高的成本和努力，儘可能可用。 |
截至2024年9月30日，相對於公司的C系列可贖回可轉換優先股（「C系列優先股」），公司衍生負債的重要輸入是三級輸入。
截至2024年9月30日的九個月內，按公允價值計量的資產和負債如下所示，依據上述三種公允價值層級進行分類：
描述 |
| 報價 價格在 活躍 所有基金類型市場 相同的資產 (級別1) |
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| 重要 其他 可觀察的輸入 輸入 (二級) |
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| 顯著不可觀測 輸入 (三級) |
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| 截至2024年9月30日的九個月總收益（損失） |
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衍生品負債- C系列優先股 |
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f) 現金及現金等價物
現金及現金等價物包括銀行存款和原始期限不超過三個月的高流動性投資證券。美國銀行帳戶由聯邦存款保險公司（FDIC）保險，保險額最高爲$。
g）應收賬款
公司的燃料幣業務應收賬款包括購買商應收款和聯合利益計費應收款。公司評估這些應收賬款的收回能力，並在必要時記錄預期信用損失準備金。在確定所需的準備金時，管理層考慮諸如歷史損失、當前應收賬款逾期情況、債務人當前償還公司義務的能力以及現有行業和經濟數據等重要因素。截至2024年9月30日和2023年12月31日，公司未計提與石油和燃料幣相關的信用損失準備金。
公司在正常的業務過程中向發電客戶提供信貸。公司進行持續的信用評估，通常不要求抵押品。付款條款一般爲30天。公司以發票金額減去預期信用損失準備金的方式計量其貿易應收賬款。公司定期評估其應收賬款，並根據管理層的估計建立預期信用損失準備金，這些估計包括對過去註銷和收款歷史的回顧以及對當前信用狀況的分析。截止到2024年9月30日和2023年12月31日，公司在發電應收賬款上設有預期信用損失準備金 $
h）庫存
庫存以成本或淨實現價值較低者爲基礎，並由零部件、設備和在製品組成。在製品和成品的成本包括材料、直接勞動和製造費用。在每個報告期結束時，公司評估其庫存，以調整庫存餘額，處理過時和滯銷物品。
截至2024年9月30日和2023年12月31日，庫存包括以下內容：
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i) 租賃會計
公司使用使用權模型來覈算其作爲承租人的租賃，該模型要求實體在租賃開始日確認租賃負債和使用權資產。租賃負債相當於租賃期內剩餘租賃付款的現值，並按照增量借款利率折現，因爲公司租賃的內在利率不容易確定。增量借款利率是公司需要支付的利率，用於抵押貸款，相當於租賃期間的付款，在類似的經濟條件下進行。租賃付款包括租賃開始日期前的付款和任何殘值擔保（如果適用）。在確定租賃期限時，公司包括其合理確定要行使的選擇期間，因爲不續訂租賃協議將會造成重大經濟損失。
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對於經營租賃，公司作爲承租人的最低租賃支付或收款，包括最低計劃租金增長，在適用的租賃期內以直線租金的形式確認爲租賃費用（「直接租金」）。 直線租金超過支付的最低租金部分，將包括在公司作爲承租人的租賃資產中。經營租賃的短期租賃費用包括租期少於12個月的租金費用。
公司按照修訂租賃標準的過渡指引允許的便利措施來選擇產品包，這使得Viking可以繼續沿用歷史的租賃分類，並保留任何在採用該標準之前存在的租賃的初始直接成本，並且不重新評估是否任何在採用之前簽訂的合同是租賃。此外，公司選擇將租賃協議中的租賃元素和非租賃元素作爲單個租賃元素來確定租賃資產和負債。另外，公司選擇不認定租期不到一年的租賃的使用權資產和負債。
j) 業務組合
公司根據其估計的公允價值，將購買代價的公允價值分配給所獲得的有形資產、承擔的負債以及獲得的無形資產。購買代價的公允價值超過這些可辨認的資產和負債的公允價值的部分，被記爲商譽。這樣的評估需要管理層進行重大估計和假設，特別是針對無形資產。評估某些無形資產價值的重大估計包括但不限於，從市場參與者的角度看，未來獲得的顧客名單、獲得的技術和商標的現金流量預期、有用壽命和貼現率。管理層對公允價值的估計基於認爲合理而本質上是不確定和不可預測的假設，因此實際結果可能與估計值有所不同。在測量期內（即收購日期後一年），公司可能會對所獲得的資產和負債進行調整，並將相應的抵消記入商譽。在測量期結束時，任何後續的調整都被記入利潤中。
k) Goodwill
Goodwill is the excess of cost of an acquired entity over the fair value of amounts assigned to assets acquired and liabilities assumed in a business combination. Goodwill is subject to impairment testing at least annually and will be tested for impairment between annual tests if an event occurs or circumstances change that would indicate the carrying amount may be impaired. An entity has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after completing the assessment, it is determined that it is more likely than not that the fair value of a reporting unit is less than its carrying value, the Company will proceed to a quantitative test. The Company may also elect to perform a quantitative test instead of a qualitative test for any or all of our reporting units. The test compares the fair value of an entity’s reporting units to the carrying value of those reporting units. This quantitative test requires various judgments and estimates. The Company estimates the fair value of the reporting unit using a market approach in combination with a discounted operating cash flow approach. Impairment of goodwill is measured as the excess of the carrying amount of goodwill over the fair values of recognized and unrecognized assets and liabilities of the reporting unit.
l) Intangible Assets
Intangible assets include amounts related to the Company’s license agreement with ESG Clean Energy, LLC, and patents and intellectual property owned by Viking Ozone, Viking Protection and Viking Sentinel. Additionally, as part of the acquisition of Simson-Maxwell, Viking identified intangible assets consisting of Simson-Maxwell’s customer relationships and its brand. These intangible assets are described in detail in Note 7.
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The intangible assets related to the ESG Clean Energy license and the Simson-Maxwell customer relationships are being amortized on a straight-line basis over
The Company reviews these intangible assets, at least annually, for possible impairment when events or changes in circumstances that the assets carrying amount may not be recoverable. In evaluating the future benefit of its intangible assets, the Company estimates the anticipated undiscounted future net cash flows of the intangible assets over the remaining estimated useful life. If the carrying amount is not recoverable, an impairment loss is recorded for the excess of the carrying value of the asset over its fair value.
m) Income (Loss) per Share
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 shares of common stock 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.
For the nine months ended September 30, 2024 and 2023, there were approximately
n) Revenue Recognition
Power Generation Revenues
Through its
1. | Sale of power generation units. Simson-Maxwell manufactures and assembles power generation solutions. The solutions may consist of one or more units and are generally customized for each customer. Contracts are required to be executed for each customized solution. The contracts generally require customers to submit non-refundable progress payments for measurable milestones delineated in the contract. The Company considers the completed unit or units to be a single performance obligation for purposes of revenue recognition and recognizes revenue when control of the product is transferred to the customer, which typically occurs upon shipment or delivery to the customer. Sales, use, value add and other similar taxes assessed by governmental authorities and collected concurrent with revenue-producing activities are excluded from revenue. Progress payments are recognized as contract liabilities until the completed unit is delivered. Revenue is measured as the amount of consideration the Company expects to be entitled to in exchange for the transfer of the units, which is generally the price stated in the contract. The Company does not allow returns because of the customized nature of the units and does not offer discounts, rebates, or other promotional incentives or allowances to customers. Simson-Maxwell has elected to recognize the cost for freight activities when control of the product has transferred to the customer as an expense within cost of goods. |
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2. | Parts revenue- Simson-Maxwell sells spare parts and replacement parts to its customers. Simson-Maxwell is an authorized parts distributor for a number of national and international power generation manufacturers. The Company considers the purchase orders for parts, which in some cases are governed by master sales agreements, to be the contracts with the customers. For each contract, the Company considers the commitment to transfer products, each of which is distinct, to be the identified performance obligations. Revenue is measured as the amount of consideration the Company expects to be entitled to in exchange for the transfer of product, which is generally the price stated in the contract specific for each item sold, adjusted for the value of expected returns. Sales, use, value add and other similar taxes assessed by governmental authorities and collected concurrent with revenue-producing activities are excluded from revenue. Simson-Maxwell has elected to recognize the cost for freight activities when control of the product has transferred to the customer as an expense within cost of goods sold in the consolidated statements of comprehensive income. Parts revenues are recognized at the point in time when control of the product is transferred to the customer, which typically occurs upon shipment or delivery to the customer. |
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3. | Service and repairs- Simson-Maxwell offers service and repair of various types of power generation systems. Service and repairs are generally performed on customer owned equipment and billed based on labor hours incurred. Each repair is considered a performance obligation. As a result of control transferring over time, revenue is recognized based on the extent of progress towards completion of the performance obligation. Simson-Maxwell generally uses the cost-to-cost measure of progress for its service work because the customer controls the asset as it is being serviced. Most service and repairs are completed within one or two days. |
The following table disaggregates Simson-Maxwell’s revenue by source for the three and nine months ended September 30, 2024 and 2023:
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|
|
| ||||
|
| $ |
|
| $ |
|
| $ |
|
| $ |
| ||||
Oil and Gas Revenues
Sales of crude oil, natural gas, and natural gas liquids (“NGLs”) have been 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.
o) Income Taxes
The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements. Under this method, the Company determines deferred tax assets and liabilities on the basis of the differences between the consolidated financial statements and the tax basis of assets and liabilities by using estimated tax rates for the year in which the differences are expected to reverse.
The Company recognizes deferred tax assets and liabilities to the extent that we believe that these assets and/or liabilities are more likely than not to be realized. In making such a determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies, and results of recent operations. If we determine that the Company would be able to realize our deferred tax assets in the future in excess of their net recorded amount, we would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes.
In assessing the realizability of its deferred tax assets, management evaluated whether it is more likely than not that some portion, or all of its deferred tax assets, will be realized. The realization of its deferred tax assets relates directly to the Company’s ability to generate taxable income. The valuation allowance is then adjusted accordingly.
| 18 |
| Table of Contents |
p) Stock-Based Compensation
The Company may issue stock options to employees and stock options or warrants to non-employees in non-capital raising transactions for services and for financing costs. The cost of stock options and warrants issued to employees and non-employees is measured on the grant date based on the fair value. The fair value is determined using the Black-Scholes option pricing model. The resulting amount is charged to expense on the straight-line basis over the period in which the Company expects to receive the benefit, which is generally the vesting period.
The fair value of stock options and warrants is determined at the date of grant using the Black-Scholes option pricing model. The Black-Scholes option model requires management to make various estimates and assumptions, including expected term, expected volatility, risk-free rate, and dividend yield. The expected term represents the period of time that stock-based compensation awards granted are expected to be outstanding and is estimated based on considerations including the vesting period, contractual term and anticipated employee exercise patterns. Expected volatility is based on the historical volatility of the Company’s stock. The risk-free rate is based on the U.S. Treasury yield curve in relation to the contractual life of stock-based compensation instrument. The dividend yield assumption is based on historical patterns and future expectations for the Company dividends.
q) Impairment of Long-lived Assets
The Company, at least annually, is required to review its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable through the estimated undiscounted cash flows expected to result from the use and eventual disposition of the assets. Whenever any such impairment exists, an impairment loss will be recognized for the amount by which the carrying value exceeds the fair value.
Assets are grouped and evaluated at the lowest level for their identifiable cash flows that are largely independent of the cash flows of other groups of assets. The Company considers historical performance and future estimated results in its evaluation of potential impairment and then compares the carrying amount of the asset to the future estimated cash flows expected to result from the use of the asset. If the carrying amount of the asset exceeds estimated expected undiscounted future cash flows, the Company measures the amount of impairment by comparing the carrying amount of the asset to its fair value. The estimation of fair value is generally determined by using the asset’s expected future discounted cash flows or market value. The Company estimates fair value of the assets based on certain assumptions such as budgets, internal projections, and other available information as considered necessary.
r) Accounting for Asset Retirement Obligations
Asset retirement obligations (“ARO”) primarily represent the estimated present value of the amount the Company will incur to plug, abandon and remediate oil and gas properties at the projected end of their productive lives, in accordance with applicable federal, state and local laws. The Company determined its ARO by calculating the present value of estimated cash flows related to the obligation. The retirement obligation is recorded as a liability at its estimated present value as of the obligation’s inception, with an offsetting increase to proved properties.
The following table describes the changes in the Company’s asset retirement obligations for the nine months ended September 30, 2024 and 2023:
|
| Nine Months Ended |
| |||||
|
| September 30, |
| |||||
|
| 2024 |
|
| 2023 |
| ||
Asset retirement obligation – beginning |
| $ |
|
| $ |
| ||
ARO recovered on disposal of membership interests |
|
| ( | ) |
|
|
| |
ARO acquired on the Merger |
|
|
|
|
|
| ||
Accretion expense |
|
|
|
|
|
| ||
Asset retirement obligation – ending |
| $ |
|
| $ |
| ||
| 19 |
| Table of Contents |
s) Derivative Liabilities
Convertible Preferred Shares
The Series C Preferred Stock and the Company’s Series G Redeemable Convertible Preferred Stock (the “Series G Preferred Stock”) contain provisions that could result in modification of the conversion price that is based on a variable that is not an input to the fair value of a “fixed-for-fixed” option as defined under FASB ASC Topic No. 815 - 40, “Derivatives and Hedging”.
The Series C Preferred Stock are convertible into shares of common stock at a fixed $
At the conversion date, the number of shares due for the Conversion Premium is estimated based on the previous 30-day VWAP (or 60 trading days if there is a Triggering Event). If the VWAP calculation for the portion of the Measurement Period following the date of conversion is lower than the VWAP for the portion of the Measurement Period prior to the date of conversion, the holder will be issued additional shares of common stock (the “True-Up shares”). If the VWAP calculation is higher, no True-Up shares are issued.
The Company has determined that the Series C Preferred Stock contains an embedded derivative liability relating to the Conversion Premium and, upon conversion, a derivative liability for the potential obligation to issue True-Up Shares relating to shares of Series C Preferred Stock that have been converted and the Measurement Period has not expired, if applicable.
The fair value of the derivative liability relating to the Conversion Premium for any outstanding shares of Series C Preferred Stock is equal to the cash required to settle the Conversion Premium. The fair value of the potential True-Up share obligation has been estimated using a binomial pricing mode and the lesser of the conversion price or the lowest closing price of the Company’s stock subsequent to the conversion date, and the historical volatility of the Company’s common stock.
The Series G Convertible Preferred stock is redeemable or convertible into a variable number of shares of common stock, at the option of the Company. The conversion rate is determined at the time of conversion using a VWAP calculation similar to the Series C Preferred Stock described above. As a result, the Series G Preferred Stock contains an embedded derivative that is required to be recorded at fair value. The Company has determined that the fair value of the embedded derivative is negligible due to the restrictions on conversion.
Capitalized terms used but not defined herein with respect to the Series C Preferred Stock or the Series G Preferred Stock have the meaning assigned to them in the Fifth Amended and Restated Certificate of Designations of Preferences, Powers, Rights and Limitations of Series C Redeemable Convertible Preferred Stock filed by the Company with the Secretary of State of Nevada on November 8, 2021, as amended on October 28, 2022 and again on February 21, 2024 (as amended, the “Series C COD”) or the Certificate of Designations of Preferences, Powers, Rights and Limitations of Series G Redeemable Convertible Preferred Stock filed by the Company with the Secretary of State of Nevada on December 30, 2021 (the “Series G COD”), as applicable.
| 20 |
| Table of Contents |
Convertible Debt
We review the terms of convertible debt issues to determine whether there are embedded derivative instruments, including embedded conversion options, which are required to be bifurcated and accounted for separately as derivative financial instruments. In circumstances where the host instrument contains more than one embedded derivative instrument, including the conversion option, that is required to be bifurcated, the bifurcated derivative instruments are accounted for as a single, compound derivative instrument.
Bifurcated embedded derivatives are initially recorded at fair value and are then revalued at each reporting date with changes in the fair value reported as non-operating income or expense. When the equity or convertible debt instruments contain embedded derivative instruments that are to be bifurcated and accounted for as liabilities, the total proceeds received are first allocated to the fair value of all the bifurcated derivative instruments. The remaining proceeds, if any, are then allocated to the host instruments themselves, usually resulting in those instruments being recorded at a discount from their face value. The discount from the face value of the convertible debt, together with the stated interest on the instrument, is amortized over the life of the instrument through periodic charges to interest expense.
The Company has adopted a sequencing approach to allocating its authorized and unissued shares when the number of such shares is insufficient to satisfy all convertible instruments or option type contracts that may be settled in shares. Specifically, the Company allocates it authorized and unissued shares based on the inception date of each instrument, with shares allocated first to those instruments with the earliest inception dates. Instruments with later inception dates for which no shares remain to be allocated are reclassified to asset or liability.
t) Undistributed Revenues and Royalties
The Company records a liability for cash collected from oil and gas sales that have not been distributed. The amounts are distributed in accordance with the working interests of the respective owners.
u) Subsequent events
The Company has evaluated all subsequent events from September 30, 2024 through the date of filing of this report (see Note 16).
Note 5. Merger of Camber Energy, Inc. and Viking Energy Group, Inc.
As discussed in Note 1, the Merger has been accounted for as a reverse acquisition with Viking treated as the acquiror of Camber for financial accounting purposes.
The transaction consideration transferred by the accounting acquirer for its interest in the accounting acquiree is based on the number of equity interests the legal subsidiary would have had to issue to give the owners of the legal parent the same percentage equity interest in the combined entity that results from the reverse acquisition. This was determined as follows:
Number of Viking shares of common stock outstanding at merger date |
|
|
| |
Viking shareholder ownership interest in the merged entity |
|
| % | |
Grossed up number of shares |
|
|
| |
Number of shares theoretically issued to Camber shareholders |
|
|
| |
Viking share price at date of merger |
| $ |
| |
Consideration transferred |
| $ |
|
| 21 |
| Table of Contents |
The consideration transferred was allocated to the assets acquired and liabilities assumed of Camber based upon their estimated fair values as of the merger closing date, and any excess value of the consideration transferred over the net assets will be recognized as goodwill, as follows:
Consideration transferred |
| $ |
| |
|
|
|
|
|
Net Assets Acquired and Liabilities Assumed (Camber): |
|
|
|
|
Cash |
| $ |
| |
Prepaids |
|
|
| |
Oil and gas properties |
|
|
| |
Advances due from Viking |
|
|
| |
Investment in Viking |
|
|
| |
Goodwill |
|
|
| |
Total net assets acquired |
|
|
| |
|
|
|
|
|
Accounts payable |
| $ |
| |
Accrued expenses and other current liabilities |
|
|
| |
Derivative liability |
|
|
| |
Long term debt |
|
|
| |
Asset retirement obligations |
|
|
| |
Total net liabilities assumed |
|
|
| |
|
|
|
|
|
Total Net Assets Acquired and Liabilities Assumed |
| $ |
|
The Company performs quarterly qualitative assessments of possible indicators of goodwill impairment; no indicators were identified during the first two quarters of 2024. However, during the three months ended September 30, 2024, the market price of the Company’s common stock declined significantly and its common stock was delisted from a national stock exchange. The Company concluded that these factors were an indicator of goodwill impairment and therefore performed a quantitative assessment of the goodwill arising from the Merger.
The assessment used a combination of market prices and discounted cash flows to determine the fair value of the Company. Based upon this assessment, the Company recorded a goodwill impairment charge of $34,860,411, representing an impairment of the entire goodwill balance, in the accompanying condensed consolidated statement of operations for the three months ended September 30, 2024.
Note 6. Oil and Gas Properties
The following table summarizes the Company’s oil and gas activities by classification and geographical cost center for the nine months ended September 30, 2024:
|
| December 31, |
|
|
|
|
|
|
|
| September 30, |
| ||||
|
| 2023 |
|
| Adjustments |
|
| Impairments |
|
| 2024 |
| ||||
Proved developed producing oil and gas properties |
|
|
|
|
|
|
|
|
|
|
|
| ||||
United States cost center |
| $ |
|
| $ | ( | ) |
| $ |
|
| $ |
| |||
Accumulated depreciation, depletion and amortization |
|
| ( | ) |
|
|
|
|
| - |
|
|
| - |
| |
Proved developed producing oil and gas properties, net |
| $ |
|
| $ | ( | ) |
| $ | - |
|
| $ | - |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Undeveloped and non-producing oil and gas properties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States cost center |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
Accumulated depreciation, depletion and amortization |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
Undeveloped and non-producing oil and gas properties, net |
| $ | - |
|
| $ |
|
| $ |
|
| $ |
| |||
Total Oil and Gas Properties, Net |
| $ |
|
| $ | ( | ) |
| $ |
|
| $ |
| |||
During the nine months ended September 30, 2024, the Company disposed of its working interests in its producing oil and gas properties (see Note 2).
| 22 |
| Table of Contents |
Note 7. Intangible Assets
ESG Clean Energy License
The Company’s intangible assets include costs associated with securing in August 2021 an Exclusive Intellectual Property License Agreement with ESG, pursuant to which Viking received (i) an exclusive license to ESG’s patent rights and know-how related to stationary electric power generation (not in connection with vehicles), including methods to utilize heat and capture carbon dioxide in Canada, and (ii) a non-exclusive license to the intellectual property in up to 25 sites in the United States that are operated by the Company or its affiliates.
In consideration of the licenses, Viking paid an up-front royalty of $
With respect to the payments noted in (i) and (ii) above,
The Company’s exclusivity with respect to Canada shall terminate if minimum continuing royalty payments to ESG are not at least equal to the following minimum payments based on the date that ESG first begins capturing carbon dioxide and selling for commercial purposes one or more commodities from a system installed and operated by ESG using the intellectual property (the “Trigger Date”):
|
| Minimum Payments |
| |
Years from the Trigger Date: |
| For Year Ended |
| |
Year two |
| $ |
| |
Year three |
|
|
| |
Year four |
|
|
| |
Year five |
|
|
| |
Year six |
|
|
| |
Year seven |
|
|
| |
Year eight |
|
|
| |
Year nine and after |
|
|
| |
The Company’s management believes that the Trigger Date could occur as early as the first quarter of 2025 but there is no assurance that it will occur at that or any time.
| 23 |
| Table of Contents |
If the continuing royalty percentage is adjusted jointly by the parties downward from the maximum of
The Company recognized amortization expense of $
The ESG intangible asset consisted of the following at September 30, 2024 and December 31, 2023:
|
| September 30, 2024 |
|
| December 31, 2023 |
| ||
ESG Clean Energy License |
| $ |
|
| $ |
| ||
Accumulated amortization |
|
| ( | ) |
|
| ( | ) |
|
| $ |
|
| $ |
| ||
Other intangibles – Simson-Maxwell – Customer Relationships and Brand
The Company allocated a portion of the purchase price of Simson-Maxwell to Customer Relationships with a fair value of $
The Company recognized amortization expense for the Customer Relationship intangible of $
The Company periodically reviews the fair value of the Customer Relationships and Brand to determine if an impairment charge should be recognized. The Company did not record any impairment for the nine-month period ended September 30, 2024. For the year ended December 31, 2023, the Company recorded an impairment charge of $
The Other intangibles – Simson-Maxwell consisted of the following at September 30, 2024 and December 31, 2023:
|
| September 30, 2024 |
|
| December 31, 2023 |
| ||
Simson-Maxwell Brand |
| $ |
|
| $ |
| ||
Customer Relationships |
|
|
|
|
|
| ||
Impairment of intangible assets |
|
| ( | ) |
|
| ( | ) |
Accumulated amortization |
|
| ( | ) |
|
| ( | ) |
|
| $ |
|
| $ |
| ||
| 24 |
| Table of Contents |
Note 8. Intangible Assets - Variable Interest Entity Acquisitions (VIE’s)
Medical Waste Disposal System
Choppy
On January 18, 2022,
Purchase Price: |
|
|
| |
Fair value of stock at closing |
| $ |
| |
Fair value of contingent consideration |
|
|
| |
Total consideration |
| $ |
| |
|
|
|
|
|
Purchase Price Allocation: |
|
|
|
|
Intangible asset – Patents and Intellectual Property |
| $ |
| |
Non-controlling interest |
|
| ( | ) |
Camber ownership interest |
| $ |
| |
Open Conductor Detection Technologies
Virga
On February 9, 2022,
Purchase Price: |
|
|
| |
Fair value of stock at closing |
| $ |
| |
Total consideration |
| $ |
| |
|
|
|
|
|
Purchase Price Allocation: |
|
|
|
|
Intangible asset – Patents and Intellectual Property |
| $ |
| |
Non-controlling interest |
|
| ( | ) |
Camber ownership interest |
| $ |
| |
| 25 |
| Table of Contents |
Jedda
On February 9, 2022, Viking entered into a Securities Purchase Agreement to purchase (the “Purchase”) 51 units (the “Units”), representing a
No. |
|
| Purchase Price* |
|
| When Due |
| No. of Pref. Shares |
|
| Conversion Price |
|
| No. of Underlying Common Shares |
|
| Estimated Revenues if Sales Target Achieved** |
| ||||||
| 1 |
|
| $ |
|
| On closing |
|
| N/A |
|
| $ |
|
|
|
|
|
| N/A |
| |||
| 2 |
|
| $ |
|
| On closing |
|
|
|
| $ |
|
|
|
|
|
| N/A |
| ||||
| 3 |
|
| $ |
|
| Upon the sale of 10k units |
|
|
|
| $ |
|
|
|
|
| $ |
| |||||
| 4 |
|
| $ |
|
| Upon the sale of 20k units |
|
|
|
| $ |
|
|
|
|
| $ |
| |||||
| 5 |
|
| $ |
|
| Upon the sale of 30k units |
|
|
|
| $ |
|
|
|
|
| $ |
| |||||
| 6 |
|
| $ |
|
| Upon the sale of 50k units |
|
|
|
| $ |
|
|
|
|
| $ |
| |||||
| 7 |
|
| $ |
|
| Upon the sale of 100k units |
|
|
|
| $ |
|
|
|
|
| $ |
| |||||
Total |
|
| $ |
|
|
|
|
|
|
| $ |
|
|
|
| $ |
| |||||||
___________
* | The $ |
** | These are estimates only. There is no guarantee any sales targets will be reached. |
Notwithstanding the above, the Company shall not effect any conversion of any shares of Viking Series E Preferred Stock, and Jedda shall not have the right to convert any shares of Viking Series E Preferred Stock, to the extent that after giving effect to the conversion, Jedda (together with Jedda’s affiliates, and any persons acting as a group together with Jedda or any of Jedda’s affiliates) would beneficially own in excess of 4.99% of the number of shares of the Camber Common Stock outstanding immediately after giving effect to the issuance of shares of Camber Common Stock issuable upon conversion of the shares of Viking Series E Preferred Stock by Jedda. Jedda, upon not less than 61 days’ prior notice to Camber, may increase or decrease the beneficial ownership limitation, provided that the beneficial ownership limitation in no event exceeds
Viking Protection was formed on or about January 31, 2022, and Jedda was issued all 100 units of Viking Protection in consideration of Jedda’s assignment to Viking Protection of all of Jedda’s intellectual property and intangible assets, including patent rights, know-how, procedures, methodologies, and contract rights in connection with an electric transmission ground fault prevention trip signal engaging system, and related patent application(s). On February 9, 2022 Viking acquired 51 units (51%) of Viking Protection from Jedda with Jedda retaining the remaining 49 units (49%) of Viking Protection, and Viking issued the 475 shares of Viking Series E Preferred Stock to Jedda. Viking and Jedda then entered into an Operating Agreement on February 9, 2022 governing the operation of Viking Protection. The Company determined the acquisition of a 51% interest in Viking Protection was the acquisition and initial consolidation of a VIE that is not a business. The acquisition was recorded as follows:
Purchase Price: |
|
|
| |
Fair value of stock at closing |
| $ |
| |
Fair value of contingent consideration |
|
|
| |
Total consideration |
| $ |
| |
|
|
|
|
|
Purchase Price Allocation: |
|
|
|
|
Intangible asset – Patents and Intellectual Property |
| $ |
| |
Non-controlling interest |
|
| ( | ) |
Camber ownership interest |
| $ |
| |
| 26 |
| Table of Contents |
The Company consolidates any VIEs in which it holds a variable interest and is the primary beneficiary. Generally, a VIE, is an entity with one or more of the following characteristics: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support; (b) as a group the holders of the equity investment at risk lack (i) the ability to make decisions about an entity’s activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; or (c) the equity investors have voting rights that are not proportional to their economic interests and substantially all of the entity’s activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights. The primary beneficiary of a VIE is generally the entity that has (a) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, and (b) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE.
The Company has determined that it is the primary beneficiary of three VIEs, Viking Ozone, Viking Sentinel and Viking Protection, and consolidates the financial results of these entities, as follows:
|
| Viking |
|
| Viking |
|
| Viking |
|
|
| |||||
|
| Ozone |
|
| Sentinel |
|
| Protection |
|
| Total |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Intangible asset - Patents and Intellectual Property |
| $ |
|
| $ |
|
| $ |
|
| $ |
| ||||
Non-controlling interest |
|
| ( | ) |
|
| ( | ) |
|
| ( | ) |
|
| ( | ) |
Camber ownership interest |
| $ |
|
| $ |
|
| $ |
|
| $ |
| ||||
Upon consummation of the Merger between Viking and Camber, all shares of Viking Series E Preferred Stock were exchanged for Camber Series H Preferred Stock, with substantially the same rights and terms with respect to Camber.
Note 9. Related Party Transactions
The Company’s CEO and Director, James Doris, renders professional services to the Company through AGD Advisory Group, Inc., an affiliate of Mr. Doris’s. During the nine months ended September 30, 2024 and 2023, the Company paid or accrued $
During the nine months ended September 30, 2024, the Company’s CEO and Director, James Doris, advanced $
The Company’s CFO, John McVicar, renders professional services to the Company through 1508586 Alberta Ltd., an affiliate of Mr. McVicar’s. During the nine months ended September 30, 2024 and 2023, the Company paid or accrued $
Simson-Maxwell
At the time of acquisition, Simson-Maxwell had several amounts due to/due from related parties and notes payable to certain employees, officers, family members and entities owned or controlled by such individuals. Viking assumed these balances and loan agreements in connection with the acquisition.
| 27 |
| Table of Contents |
The balance of amounts due to and due from related parties as of September 30, 2024 and December 31, 2023 are as follows:
|
| Due from related party |
|
| Due to related party |
|
| Net due (to) from |
| |||
September 30, 2024 |
|
|
|
|
|
|
|
|
| |||
Simmax Corp. & majority owner |
| $ |
|
| $ | ( | ) |
| $ | ( | ) | |
Adco Power Ltd. |
|
|
|
|
|
|
|
|
| |||
|
| $ |
|
| $ | ( | ) |
| $ | ( | ) | |
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
Simmax Corp. & majority owner |
| $ |
|
| $ | ( | ) |
| $ | ( | ) | |
Adco Power Ltd. |
|
|
|
|
|
|
|
|
| |||
|
| $ |
|
| $ | ( | ) |
| $ | ( | ) | |
Simmax Corp. owns a
The notes payable to related parties as of September 30, 2024 and December 31, 2023 are as follows:
|
| September 30, |
|
| December 31, |
| ||
|
| 2024 |
|
| 2023 |
| ||
|
|
|
|
|
|
| ||
Total notes payable to related parties |
| $ |
|
| $ |
| ||
Less current portion of notes payable - related parties |
|
| ( | ) |
|
| ( | ) |
Notes payable - related parties, net of current portion |
| $ |
|
| $ |
| ||
Note 10. Noncontrolling Interests
The following discloses the effects of changes in the Company’s ownership interest in Simson-Maxwell, and on the Company’s equity for nine months ended September 30, 2024:
Noncontrolling interest - January 1, 2024 |
| $ |
| |
|
|
|
|
|
Net loss attributable to noncontrolling interest |
|
| ( | ) |
|
|
|
|
|
Noncontrolling interest – September 30, 2024 |
| $ |
|
The following discloses the effects of the Company’s ownership interest in Viking Ozone, Viking Sentinel and Viking Protection in the aggregate, and on the Company’s equity for nine months ended September 30, 2024:
Noncontrolling interest - January 1, 2024 |
| $ |
| |
|
|
|
|
|
Net loss attributable to noncontrolling interest |
|
| ( | ) |
|
|
|
|
|
Noncontrolling interest – September 30, 2024 |
| $ |
|
| 28 |
| Table of Contents |
Note 11. Long-Term Debt and Other Short-Term Borrowings
Long term debt and other short-term borrowings consisted of the following at September 30, 2024 and December 31, 2023:
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Long-term debt: |
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Note payable to Discover, pursuant to a Secured Promissory Note dated December 24, 2021 and funded on January 3, 2022 in the original amount of $26,315,789 with interest and principal due at maturity on January 1, 2027. The note bears interest at a rate equal to the Wall Street Journal Prime Rate (3.25%) as of the effective date and is secured by lien on substantially all of the Company’s assets. The balance shown is net of unamortized debt discount of $7,299,464 and $9,714,868 at September 30, 2024 and December 31, 2023, respectively. |
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Note payable to Discover pursuant to a 10.0% Secured Promissory Note dated April 23, 2021 in the original amount of $2,500,000 with interest and principal due at maturity on January 1, 2027. Pursuant to an amendment dated December 24, 2021 the interest rate was adjusted to the Wall Street Journal Prime Rate (3.25%) as of the amendment date. The Note is secured by a lien on substantially all of the Company’s assets. |
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Note payable to Discover, pursuant to a 10.0% Secured Promissory Note dated December 22, 2020 in the original amount of $12,000,000 with interest and principal due at maturity on January 1, 2027. Pursuant to an amendment dated December 24, 2021 the interest rate was adjusted to the Wall Street Journal Prime Rate (3.25%) as of the amendment date. The Note is secured by a lien on substantially all of the Company's assets. |
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Note payable to Discover, pursuant to a 10.0% Secured Promissory Note dated December 11, 2020 in the original amount of $6,000,000 with interest and principal due at maturity on January 1, 2027. Pursuant to an amendment dated December 24, 2021 the interest rate was adjusted to the Wall Street Journal Prime Rate (3.25%) as of the amendment date. The Note is secured by a lien on substantially all of the Company’s assets. |
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On May 5, 2023, Viking signed a securities purchase agreement with FK Venture LLC (“Buyer”) under which FK Venture LLC agreed to purchase convertible promissory notes from the Company in the amount of $800,000 on the 5th day of each month commencing May 5, 2023 for 6 months, for a minimum commitment of $4,800,000. FK Venture LLC had the right to purchase up to $9,600,000. The notes bore interest at 12% per annum. The maturity date of the notes was the earlier of (i) July 1, 2025, or (ii) 90 days following the date that the Company completes a direct up-listing of its common stock to a national securities exchange (not including any merger or combination with Camber). FK Venture LLC had the right to convert all or any part of the outstanding and unpaid principal balance into common stock of the Company at a conversion price of $0.4158 per share. At December 31, 2023, the Buyer had purchased six notes and converted two of these notes subsequent to the closing of the Merger in exchange for 3,848,004 shares of the Company’s common stock. The Company recorded a loss on early extinguishment of $35,402 related to these conversions. During the nine-month period ended September 30, 2024, the Company adjusted the conversion price of three of the remaining notes to $0.16 and the fourth to $0.163. The Buyer then converted the four remaining notes in exchange for 19,907,976 shares of the Company’s common stock. The Company recorded a loss on early extinguishment of $811,132 related to these conversions. The balance at December 31, 2023 is shown is net of unamortized discount of $488,270. |
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Loan of $150,000 dated July 1, 2020 from the U.S. Small Business Administration. The loan bears interest at 3.75% and matures on July 28, 2050. The loan is payable in monthly installments of $731 with the remaining principal and accrued interest due at maturity. Installment payments were originally due to start 12 months from the date of the note but the date was extended to January 2023. Accrued interest from the original installment due date to January 2023 was capitalized to the loan principal balance |
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Total long-term debt |
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Less current portion and debt discount |
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Total long-term debt, net of current portion and debt discount |
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Principal maturities of long-term debt for the next five years and thereafter are as follows:
Twelve-month period ended September 30, |
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2025 |
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2026 |
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2027 |
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2028 |
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2029 |
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Thereafter |
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Advance from FK Venture LLC
During the nine-month period ended September 30, 2024, FK Venture LLC advanced $
Bank Credit Facility
Simson-Maxwell has a demand
| 30 |
| Table of Contents |
Note 12. Derivative Liability
Series C Preferred Stock
The Series C Preferred Stock contains an embedded derivative due to the potential conversion into a variable number of shares of common stock. Upon conversion of the Series C Preferred Stock into shares of common stock, the Company has a potential obligation to issue additional shares of common stock to satisfy the True-Up obligation. Both the Conversion Premium and the True-Up obligation are derivatives and are required to be recorded at fair value.
Conversion of the face value of the Series C Preferred Stock is fixed at $
The Company determines the redemption value of the face value of the Series C Preferred Stock to be the fair value of the shares of common stock issuable to satisfy the conversion of the face value of the Series C Preferred Stock. The fair value of the Conversion Premium is determined to be the fair value of the shares required to satisfy the Conversion Premium.
The Company receives notice of conversion from the holder with a calculation of the number of shares of common stock required to be issued to satisfy the redemption value plus the Conversion Premium. The Company then issues the number of shares of common stock determined by the holder using a VWAP calculation for the Measurement Period before the conversion date. The shares may be issued over time due to ownership limitations of the holder. Upon conversion of the Series C Preferred Stock, the Company reduces the derivative liability by the amount that was originally recorded for the number of Series C Preferred Stock converted. Any difference between the current fair value of the common shares issued to satisfy the conversion premium and the originally recorded derivative liability is recorded as a loss on derivative liability.
The holder may be entitled to additional shares subsequent to the conversion date if the VWAP calculation for the portion of the Measurement Period following the date of conversion is lower than the VWAP for the portion of the Measurement Period prior to the date of conversion, referred to as True-Up shares. If the VWAP calculation is higher, no True-Up shares are issued.
The potential obligation to issue True-Up shares may create an additional derivative liability. The determination of the number of True-Up shares due, if any, is based on the lowest VWAP calculation over the Measurement Period that extends beyond the conversion date. In addition, if the Company has not complied with certain provisions of the COD, the Measurement Period does not end until the Company is in compliance. The potential obligation to issue True-Up shares after the conversion date is a derivative liability.
The derivative liability for the True-Up Shares at the end of each period represents Series C Preferred Stock conversions in respect of which the Measurement Period had not expired as of the period end. The fair value of the derivative liability is estimated using a binomial pricing model, the estimated remaining Measurement Period, the share price and the historical volatility of the Company’s common stock.
The fair value of the derivative liability relating to the potential obligation to issue True-Up shares is subject to adjustment as the Company’s stock price changes. Such changes are recorded as changes in fair value of derivative liability.
On March 25, 2024, the Company received a notice letter from the NYSE American stating that the Company was back in compliance with all of the NYSE American’s continued listing standards. As a result, the Measurement Period related to prior conversions of
| 31 |
| Table of Contents |
Activities for Series C Preferred Stock derivative liability during the nine months ended September 30, 2024 was as follows:
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| September 30, 2024 |
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Carrying amount at beginning of year |
| $ |
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Change in fair value |
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Settlement of obligation (issuance of shares of common stock) |
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| ( | ) |
Reclassification of True-Up share obligation from liability to equity |
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| ( | ) |
Carrying amount at end of period |
| $ |
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Convertible Debt
On March 10, 2023, the terms of the promissory notes held by Mid-Con Petroleum, LLC and Mid-Con Drilling, LLC described in Note 11 were amended to include a conversion feature granting the holder of the note the option to convert the principal balance of the debt, in whole or in part, into common stock of Viking. The conversion price is equal to the lesser of : (i) the average of the 5 lowest individual daily volume weighted average prices (“VWAP”) of Viking common stock during
The modification to the terms of the promissory notes was treated as a debt extinguishment and the Company recorded a loss on the extinguishment of debt of $
The fair value of the debt was determined as the total number of shares, equal to the face value of the debt on March 10, 2023 divided by the VWAP, multiplied by the closing share price on that day.
The value of the conversion option was based upon the fair value of Viking’s common stock. As the option was convertible into a variable number of shares, it was considered to be a derivative to be continuously recognized at fair value, with changes to fair value recorded in the statement of operations. The fair value of the conversion feature at the date of modification was determined to be $
At March 31, 2023, the fair value of the conversion feature was remeasured and determined to be $
On April 28, 2023, $
On June 30, 2023, the fair value of the conversion feature was remeasured and determined to be $
On July 31, 2023, the fair value of the conversion feature was remeasured and determined to be $
In August 2023, the balance of the promissory notes was assigned and converted into
Note 13. Equity
(a) Common Stock
The Company is authorized to issue
| 32 |
| Table of Contents |
During the nine months ended September 30, 2024, the Company issued a total of
(i) | A total of |
(ii) | A total of |
(iii) | A total of |
(iv) | A total of |
(v) | A total of |
(b) Preferred Stock
The Company is authorized to issue
(i) Series A Convertible Preferred Stock
On August 1, 2023, the Company issued
(ii) Series C Redeemable Convertible Preferred Stock
Holders of the Series C Preferred Stock are entitled to cumulative dividends in the amount of
The Series C Preferred Stock may be converted into shares of our common stock at any time at the option of the holder, or at Camber’s option if certain equity conditions (as defined in the Series C COD), are met. Upon conversion, Camber will pay the holders of the Series C Preferred Stock being converted through the issuance of common stock, in an amount equal to the dividends that such shares would have otherwise earned if they had been held through the maturity date (i.e., seven years), and issue to the holders such number of shares of common stock equal to $
| 33 |
| Table of Contents |
The conversion premium under the Series C Preferred Stock is payable and the dividend rate under the Series C Preferred Stock is adjustable. Specifically,
The Series C Preferred Stock has a maturity date that is seven years after the date of issuance and, if the Series C Preferred Stock has not been wholly converted into shares of common stock prior to such date, all remaining outstanding Series C Preferred Stock will automatically be converted into shares of common stock, to the extent Camber has sufficient authorized but unissued shares of common stock available for issuance upon conversion. Notwithstanding any other provision of this designation, available authorized and unissued shares of common stock will be a limit and cap on the maximum number of shares of common stock that could be potentially issuable with respect to all conversions and other events that are not solely within the control of Camber. Camber will at all times use its best efforts to authorize sufficient shares. The number of shares required to settle the excess obligation is fixed on the date that net share settlement occurs. The Dividend Maturity Date will be indefinitely extended and suspended until sufficient authorized and unissued shares become available.
Camber may not issue any preferred stock that is pari passu or senior to the Series C Preferred Stock with respect to any rights for a period of one year after the earlier of such date (i) a registration statement is effective and available for the resale of all shares of common stock issuable upon conversion of the Series C Preferred Stock, or (ii) Rule 144 under the Securities Act is available for the immediate unrestricted resale of all shares of common stock issuable upon conversion of the Series C Preferred Stock.
The Series C Preferred Stock is subject to a beneficial ownership limitation, which prevents any holder of the Series C Preferred Stock from converting such Series C Preferred Stock into common stock, if upon such conversion, the holder would beneficially own greater than
Pursuant to the Series C COD, holders of the Series C Preferred Stock are permitted to vote together with holders of common stock on all matters other than election of directors and shareholder proposals (including proposals initiated by any holders of preferred shares), on an as-if converted basis, subject to the beneficial ownership limitation in the Series C COD, even if there are insufficient shares of authorized common stock to fully convert the Series C Preferred Stock. Also pursuant to certain agreements entered into with the holders of the Series C Preferred Stock in October 2021, due to the occurrence of a Trigger Event, Camber no longer has the right to conduct an early redemption of the Series C Preferred Stock as provided for in the Series C COD unless the Company’s indebtedness to Discover is paid in full.
On October 31, 2022, Camber filed with the Secretary of State of Nevada an amendment to the Series C COD (the “Series C Amendment”), dated as of October 28, 2022 (the “Series C Amendment Date”), pursuant to agreements between Camber and each of Discover and Antilles Family Office, LLC (“Antilles”) signed on October 28, 2022, which amended the Series C COD such that (i) beginning on the Series C Amendment Date and thereafter, when determining the conversion rate for each share of Series C Preferred Stock based on the trading price of Camber’s common stock over a certain number of previous days (“Measurement Period”), no day will be added to what would otherwise have been the end of any Measurement Period for the failure of the Equity Condition (as defined in the Series C COD), even if the volume weighted average trading price (“Measuring Metric”) is not at least $
| 34 |
| Table of Contents |
November 2022 Agreement with Discover Growth Fund, LLC
On November 3, 2022, the Company entered into an agreement with Discover, pursuant to which Discover absolutely and unconditionally waived and released any and all rights to receive further or additional shares of the Company’s common stock (the “Conversion Shares”) with respect to any and all shares of Series C Preferred Stock previously converted by Discover including, but not limited to, the right to deliver additional notices for more Conversion Shares under the Series C COD.
Discover also absolutely and unconditionally waived and released any and all rights to convert all or any part of any Promissory Notes previously executed by the Company in favor of Discover into shares of the Company’s common stock and agreed not to convert or attempt to convert any portion of any Promissory Notes, at any particular price or at all.
February 2024 Agreement with Antilles Family Office, LLC
On or about February 15, 2024, the Company and Antilles entered into the February 2024 Antilles Agreement in relation to an amendment to the fifth amended and restated certificate of designations regarding its Series C Preferred Stock, as amended (the “COD”). Particularly, in exchange for the release and indemnity as provided for in the Agreement, Antilles agreed to certain amendments to the COD. On February 21, 2024, the Company filed with the Secretary of State of Nevada an amendment to the COD (the “Amendment”), dated as of February 21, 2024 (the “Amendment Date”), pursuant to the Agreement, which amended the COD to (i) establish a floor price in connection with determining the Conversion Premium (as defined in the COD) associated with conversions of Series C Preferred Stock, (ii) confirm that the Company may make an early redemption of any outstanding Series C Preferred Stock provided that outstanding promissory notes in favor of the Investor or its affiliates (collectively, the “Notes”) are paid in full, and (iii) confirm that no additional conversion shares will be owed to the Investor if the Notes are paid in full and all then outstanding shares of Series C Preferred Stock have been redeemed. Specifically, the Amendment provides that (i) beginning on the Amendment Date and thereafter, the Measuring Metric will be the higher of (x) the volume weighted average price of the Common Stock on any Trading Day following the Issuance Date of the Series C Preferred Stock and (y) $0.15, (ii) notwithstanding any other provision of the COD or any other document or agreement between the parties, the Company may make an early redemption pursuant to Section I.F.2 of the COD even though multiple Trigger Events (as defined in the COD) have occurred, subject to full repayment of any outstanding Notes, and (iii) if all outstanding Notes are paid in full and all then outstanding shares of Series C Preferred Stock are redeemed, the Investor will not thereafter deliver any Additional Notices (as defined in the COD) with respect to then already-converted shares of Series C Preferred Stock, and no additional Conversion Shares (as defined in the COD) will be owed to Antilles.
In addition, pursuant to the Agreement, (i) beginning on February 15, 2024 and thereafter, the Company agreed to pay at least fifty percent of the net proceeds received by the Company in connection with any registered or unregistered offering of equity or debt securities of the Company toward repayment of any outstanding Notes, and (ii) Antilles rescinded its prior notice to increase the beneficial ownership limitation to
As of September 30, 2024, Antilles held
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| September 30, 2024* |
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Estimated number of shares issuable for conversion at $ 162.50 per share at September 30, 2024 |
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Estimated number of shares of common stock required to satisfy Conversion Premium using VWAP at period end |
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*based on 30 shares of Series C Convertible Preferred Stock outstanding as of such date and a VWAP of $
| 35 |
| Table of Contents |
On March 25, 2024, the Company received a notice letter from the NYSE American stating that the Company was back in compliance with all of the NYSE American’s continued listing standards. As a result, the Measurement Period related to prior conversions of 240 Series C Preferred Stock ended and the number of remaining True-Up shares due from these prior conversions was fixed at
(iii) Series G Redeemable Convertible Preferred Stock
On or about December 30, 2021, the Company created a new class of Series G Preferred Stock, having a face value of $
The rights, entitlements and other characteristics of the Series G Preferred Stock are set out in the Series G COD.
Pursuant to the Series G COD, the Series G Preferred Stock may be converted into shares of common stock at any time at the option of the holder at a price per share of common stock equal to one cent above the closing price of the Company’s common stock on the date of the issuance of such shares of Series G Preferred Stock, or as otherwise specified in the Stock Purchase Agreement, subject to adjustment as otherwise provided in the COD. Upon conversion, the Company will pay the holders of the Series G Preferred Stock being converted a conversion premium equal to the amount of dividends that such shares would have otherwise earned if they had been held through the maturity date.
The Series G Preferred Stock, with respect to dividend rights and rights upon liquidation, winding-up or dissolution, rank: (a) senior to the Company’s common stock; (b) junior to the Series C Preferred Stock, (c) senior to the Series E Redeemable Convertible Preferred Stock and Series F Redeemable Convertible Preferred Stock, as such may be designated as of the date of this Designation, or which may be designated by the Company after the date of this Designation; (d) senior, pari passu or junior with respect to any other series of Preferred Stock, as set forth in the COD with respect to such Preferred Stock; and (d) junior to all existing and future indebtedness of the Company.
Except as prohibited by applicable law or as set forth herein, the holders of shares of Series G Preferred Stock will have the right to vote together with holders of common stock and Series C Preferred on all matters other than: (i) the election of directors; (ii) and any shareholder proposals, including proposals initiated by any holder of shares of Series G Preferred Stock), in each instance on an as-converted basis, subject to the beneficial ownership limitation in the COD even if there are insufficient shares of authorized common stock to fully convert the shares of Series G Preferred Stock into common stock.
Commencing on the date of the issuance of any such shares of Series G Preferred Stock, each outstanding share of Series G Preferred Stock will accrue cumulative dividends at a rate equal to 10.0% per annum, subject to adjustment as provided in the COD, of the Face Value. Dividends will be payable with respect to any shares of Series G Preferred Stock upon any of the following: (a) upon redemption of such shares in accordance with the Series G COD; (b) upon conversion of such shares in accordance with the Series G COD; and (c) when, as and if otherwise declared by the board of directors of the Corporation.
Dividends, as well as any applicable Conversion Premium payable hereunder, will be paid in shares of common stock valued at (i) if there is no Material Adverse Change as at the date of payment or issuance of shares of common stock for the Conversion Premium, as applicable,
| 36 |
| Table of Contents |
On the Dividend Maturity Date,
In the first quarter of 2022, pursuant to a stock purchase agreement between the Company and an accredited investor (the “Investor”) dated on or about December 30, 2021, the Investor purchased from the Company
The Purchase Price was paid by the Investor via payment of $
There are
The Company may in its sole discretion redeem the
In 2022, the Company paid the Investor $
(iv) Series H Convertible Preferred Stock
On August 1, 2023, the Company issued
| 37 |
| Table of Contents |
(c) Warrants
The following table represents stock warrant activity as of and for the nine months ended September 30, 2024: |
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| Aggregate Intrinsic Value |
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Warrants Outstanding – December 31, 2023 |
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Granted |
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Warrants Outstanding – September 30, 2024 |
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Outstanding Exercisable – September 30, 2024 |
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Note 14. Commitments and Contingencies
Building, vehicle and equipment leases – Simson-Maxwell
The Company has right-of-use assets and operating lease liabilities associated with various operating lease agreements of Simson-Maxwell pertaining to seven business locations, for the premises, vehicles and equipment used in operations in the amount of $
Payments due in each of the next five years and thereafter at September 30, 2024 under these leases are as follows:
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2029 and thereafter |
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Present value of remaining lease payments |
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| 38 |
| Table of Contents |
Legal matters
Merger-Related Litigation
On February 9, 2024, plaintiff Lawrence Rowe, on behalf of himself and all other similarly situated former public minority shareholders of Viking, filed against the Company and its CEO a putative Class Action Complaint (i.e. C.A. No.4:24-cv-00489) styled Lawrence Rowe, Individually and on Behalf of All Others Similarly Situated v. James A. Doris and Camber Energy, Inc., in the U.S. District Court for the Southern District of Texas, Houston Division. The complaint alleges breaches of fiduciary duty in connection with the merger between Viking and the Company and seeks to recover damages for the alleged breaches. The defendants deny the allegations and filed a motion to dismiss (“MTD”) the case on April 26, 2024. The MTD hearing was held on August 30, 2024 and the Court’s decision with respect to such hearing remains pending.
Shareholder-Related Litigation
The Company was the target of a “short” report issued by Kerrisdale Capital in early October 2021, and as a result of such short report, on October 29, 2021, a Class Action Complaint (i.e. C.A.No.4:21-cv-03574) was filed against the Company, its CEO and CFO by Ronald E. Coggins, Individually and on Behalf of All Others Similarly Situated v. Camber Energy, Inc., et al.; in the U.S. District Court for the Southern District of Texas, Houston Division, pursuant to which the plaintiffs sought to recover damages alleged to have been suffered by them as a result of the defendants’ violations of federal securities laws. The Company and the other Defendants filed a Motion to Dismiss (“MTD”) the Class Action Complaint, and on September 22, 2023, the Court granted the MTD in full. On October 25, 2023, the Court signed a joint stipulation submitted by the parties, dismissing the case with prejudice.
On or about June 30, 2022, the Company was made aware of a Shareholder Derivative Complaint (Case No. 4:22-cv-2167) filed in the U.S. District Court for the Southern District of Texas, Houston Division (the “Court”) against the Company, its current directors, and certain of its former directors (the “Houston Derivative Complaint”). The allegations contained in the Houston Derivative Complaint involve state-law claims for breach of fiduciary duty and unjust enrichment and a federal securities claim under Section 14(a) of the Securities Exchange Act of 1934. On January 20, 2023, the Court held that certain claims brought by the plaintiff relating to director actions and statements made in proxy statements prior to June 30, 2019, were time barred, but did not dismiss certain claims brought by plaintiff relating to director actions and statements made in proxy statements after June 30, 2019. Pursuant to Article 6 of the Amended and Restated Bylaws, on February 15, 2023, the Company’s Board of Directors (the “Board”) formed a Committee of the Board (the “Special Litigation Committee”) to investigate, analyze, and evaluate the remaining allegations in the Houston Derivative Complaint. The Special Litigation Committee completed its investigation and found no basis to conclude that any Camber officer’s or director’s conduct “involved intentional misconduct, fraud or a knowing violation of law,” which would be required under applicable Nevada law to prevail on any claims for breach of fiduciary duty or federal proxy violations; and, on November 17, 2023, filed with the Court a Motion to Terminate or, in the alternative, schedule an evidentiary hearing on the Motion. Briefing on the Motion was completed on January 12, 2024.
On or about June 21, 2024, the parties to the Houston Derivative Complaint entered into a Stipulation and Agreement of Settlement (the “Stipulation and Settlement”) to fully, finally, and forever resolve, discharge, and settle all of the claims in the Houston Derivative Complaint, without the defendants admitting any liability, subject to approval of the Court and subject to the terms and conditions thereof. Any fees to be paid to the plaintiffs’ attorneys and/or the plaintiff(s) in connection with or pursuant to the Stipulation and Settlement will be paid by the Company’s insurer. On July 2, 2024, the Court issued an order providing for preliminary approval of the Stipulation and Settlement and set a final approval hearing for September 12, 2024. On or about September 17, 2024, the Court issued a final order and judgement approving the Stipulation and Settlement and awarded fees payable to the Plaintiff’s legal counsel in the amount of $
| 39 |
| Table of Contents |
Maranatha Oil Matter
In November 2015, Randy L. Robinson, d/b/a Maranatha Oil Co. sued the Company in Gonzales County, Texas (Cause No. 26160). The plaintiff alleged that it assigned oil and gas leases to the Company in April 2010, retaining a 4% overriding royalty interest and 50% working interest and that the Company failed to pay such overriding royalty interest or royalty interest. The interests relate to certain oil and gas properties which the Company subsequently sold to Nordic Oil USA in April 2013. The petition alleges causes of actions for breach of contract, failure to pay royalties, non-payment of working interest, fraud, fraud in the inducement of contract, money had and received, constructive trust, violation of theft liability act, continuing tort and fraudulent concealment. The suit seeks approximately $
Pinch vs. Petrodome Matter
In or about late 2011 or early 2012, Petrodome Operating, LLC, a wholly-owned subsidiary of Petrodome (which in or about December, 2017 become a wholly owned subsidiary of Viking), on behalf of various working interest owners, including Petrodome East Creole, LLC, another subsidiary of Petrodome Energy, LLC, coordinated the drilling of an approx. 13,000 foot well in the Kings Bayou Field in Cameron Parish, LA. Petrodome Operating engaged a third party to complete the drilling work. The subject well produced hydrocarbons from 2012 until approximately June 2016, at which time production ceased, after which Petrodome Operating arranged for the well to be plugged in accordance with State guidelines. During the time the well was producing hydrocarbons, royalty and/or over-riding royalty payments were made to various mineral and/or land/owners (collectively, “Mineral Owners”). In or about October, 2019 the Mineral Owners commenced an action against Petrodome Operating, Petrodome East Creole, LLC and others claiming the Mineral Owners suffered damages (i.e., a loss of royalty and/or over-riding royalty payments) as a result of the subject well not, according to the Mineral Owners, being drilled and/or completed properly. Petrodome Operating, Petrodome East Creole, LLC and the other defendants denied the Mineral Owners’ claims and engaged counsel to defend the action.
In or about November, 2023, the parties, without the subject Petrodome entities admitting liability, agreed to fully and completely settle the matter and pay the Mineral Owners a total sum of $
Archrock vs. Petrodome et al.
On or about September 15, 2023, Archrock Partners Operating LLC filed a Petition (Court File No. 2013-4090) in Harris County, TX against Petrodome Energy, LLC, a wholly-owned subsidiary of Viking Energy Group, Inc., Petrodome Operating, LLC, Pointe a la Hache LLC and Potash LLC alleging the defendants owe approximately $
Note 15. Business Segment Information and Geographic Data
The Company has two reportable segments: Power Generation and Oil and Gas Exploration. The power generation segment provides custom energy and power solutions to commercial and industrial clients in North America and the oil and gas segment is involved in exploration and production with properties in central and southern United States. We evaluate segment performance based on revenue and operating income (loss).
Information related to our reportable segments and our consolidated results for the nine months ended September 30, 2024 is presented below.
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Note 16. Subsequent Events
On or about October 23, 2024, the Company and James Doris entered into a Second Amendment to Common Stock Warrant Agreement pursuant to which the exercise price of Mr. Doris’ outstanding warrants (i.e. right to purchase
Series C Preferred Stock
Between October 1 and November 11, 2024, the Company issued
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| Table of Contents |
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
You should read the following discussion and analysis in conjunction with the condensed consolidated financial statements and notes thereto appearing elsewhere in this Quarterly Report on Form 10-Q. In preparing the management’s discussion and analysis, the registrant presumes that you have read or have access to the discussion and analysis for the preceding fiscal year.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This document includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 or the Reform Act. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including, but not limited to, any projections of earning, revenue or other financial items; any statements of the plans, strategies and objectives of management for future operations; any statements concerning proposed new services or developments; any statements regarding future economic conditions of performance; and statements of belief; and any statements of assumptions underlying any of the foregoing. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following: our ability to raise capital and the terms thereof; ability to gain an adequate player base to generate the expected revenue; competition with established gaming websites; adverse changes in government regulations or polices; and other factors referenced in this Form 10-Q.
The use in this Form 10-Q of such words as “believes”, “plans”, “anticipates”, “expects”, “intends”, and similar expressions are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. These forward-looking statements present the Company’s estimates and assumptions only as of the date of this Report. Except for the Company’s ongoing obligation to disclose material information as required by the federal securities laws, the Company does not intend, and undertakes no obligation, to update any forward-looking statements.
Although the Company believes that the expectations reflected in any of the forward-looking statements are reasonable, actual results could differ materially from those projected or assumed or any of the Company’s forward-looking statements. The Company’s future financial condition and results of operations, as well as any forward-looking statements, are subject to change and inherent risks and uncertainties.
PLAN OF OPERATIONS
Company Overview
Camber是一家以成長為導向的多元化能源公司。通過我們持有多數股權的子公司，在北美為商業和工業客戶提供定制能源和電力解決方案，並且我們在以下方面擁有多數股權：(i) 擁有對一種利用臭氧技術進行完全開發、取得專利的專有醫療和生物危害廢物處理系統的知識產權的實體；和(ii) 擁有對完全開發、取得專利和申請專利的專有電力變速器和配電開放導體檢測系統的知識產權的實體。此外，我們持有加拿大和美國多個地點提供排他性的清潔能源和碳捕獲系統的專利許可。我們的其他子公司在美國擁有石油產權。公司還在探索其他相關可再生能源機會和/或技術，目前正在產生收入，或者在合理的時間內有產生收入的合理前景。
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定制能源和動力解決方案:
Simson-Maxwell 買併
2021年8月6日，Viking以现金7958159美元收购了Simson-Maxwell Ltd.（“Simson-Maxwell”）已发行和流通股份的约60.5％。Simson-Maxwell是一家加拿大联邦公司，专门生产和供应发电产品、服务和定制能源解决方案。Simson-Maxwell为商业和工业客户提供高效、灵活、环境负责和清洁技术的能源系统，涉及各种产品，包括CHP（联合发热和发电）、Tier 4末端柴油和天然气工业发动机、太阳能、风能和储能。Simson-Maxwell还设计和组装一整套电气控制设备，包括开关设备、同步和并联设备、分配设备、双燃料设备和完整的发电生产控制设备。Simson-Maxwell已经运营了80多年，旗下的七家分支机构帮助维护大量现有的维护协议，并满足公司其他客户的能源和电力解决方案需求。
清潔能源和碳捕獲系統：
2021年8月，維京公司與ESG Clean Energy, LLC（以下簡稱“ESG”）簽訂了一項許可協議，以利用ESG的專利權和專有技術，用於固定式電力發電、熱能和二氧化碳捕獲（以下簡稱“ESG Clean Energy系統”）。維京公司所獲許可的知識產權包括某些專利和/或專利申請，包括：（i）美國專利號：10,774,733，申請日：2018年10月24日，授予日：2020年9月15日，名稱：“循環底部發電系統”；（ii）美國專利號：17/661,382，授予日：2023年8月8日，名稱：“用於生成電能，捕獲二氧化碳並生產產品的循環底部發電系統及其相關的系統和方法”；（iii）美國專利號：11624307，授予日：2023年4月22日，名稱：“用於生成電能和捕獲二氧化碳的循環底部發電系統及其相關的系統和方法”；（iv）歐洲（在英國、法國和德國得到確認）專利號：EP3728891，授予日：2023年4月12日，名稱：“循環底部發電系統”；（v）美國專利申請號：17/224,200，申請日：2021年4月7日，名稱：“循環底部發電系統”（該專利於2022年3月獲得美國專利及商標局批准，專利號：11,286,832）；（vi）美國專利申請號：17/358,197，申請日：2021年6月25日，名稱：“循環底部發電系統”；（vii）美國專利申請號：17/448,943，申請日：2021年9月27日，名稱：“用於生成電能和捕獲二氧化碳的循環底部發電系統及其相關的系統和方法”；和（viii）美國專利申請號：17/448,938，申請日：2021年9月27日，名稱：“用於生成電能，捕獲二氧化碳並生產產品的循環底部發電系統及其相關的系統和方法。”
ESG清潔能源系統的設計目的是從內燃機產生清潔電力，並利用廢熱捕獲大約100%的二氧化碳（CO2）排放，而不影響效率，以促進某些商品的生產。例如，專利號11,286,832涵蓋了一種“廢氣-廢氣熱交換器”的發明，能有效冷卻並重新加熱主要發電機的廢氣，從而通過次級動力源實現更大的能量輸出並實現安全通風。該專利的另一個關鍵方面是開發了一種二氧化碳捕集系統，該系統利用二氧化碳泵的廢熱來加熱和再生吸附劑，從而能夠安全地將二氧化碳包裝和封存。
公司打算將 esg 清潔能源系統出售、租賃和/或轉授給第三方，其中包括使用 Simson-Maxwell 現有的分銷渠道。公司還可能會將 esg 清潔能源系統用於自己的賬戶，無論是在其石油業務、Simson-Maxwell 的發電業務方面，還是其他。
使用臭氧科技的醫療廢棄物處理系統：
2022年1月，Viking收購了Viking Ozone 51%的股份，後者擁有使用臭氧技術的專利知識產權（即美國實用專利第11,565,289號），專有的醫療和生物危害廢物處理系統。Simson-Maxwell 被指定為該系統的全球獨家製造商和供應商。這項技術旨在成為生物危害廢物焚燒、化學、高壓滅菌和熱處理的可持續替代方案，並使處理後的廢物在世界許多地方被歸類為可再生燃料，用於能源回收（“WTE”）設施。
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開放導體檢測技術：
2022年2月，Viking收購了兩個實體Viking Sentinel和Viking Protection的51％股權，這些實體擁有專利和專利待批的專有電力傳輸和分配開放導體檢測系統的知識產權。該系統設計用於檢測傳輸線路、分配線路或耦合失效的斷裂情況，並在達到地面之前立即終止電源供應。這項技術旨在提高公共安全，降低引發縱火事故的風險，並成為電力公用事業在提高現有基礎設施的抗災能力和可靠性方面的重要組成部分。以下是與Viking Sentinel和/或Viking Protection擁有的知識產權相關的適用專利，待批專利和/或專利申請的摘要截至本文件日期：
申請號 | 描述 | 申請已提交 | 已收到允許通知 | 專利已發放 |
美國專利號 17/672,422 | 使用雙重高靈敏度監測的電力變速器線路接地故障防護方法 | 是 | 是 | 是 |
美國專利號 17/693,504 | 使用雙重高靈敏度監測的電力變速器線路接地故障預防系統 | 是 | 是 | 是 |
美國專利號 17/821,651 | 使用高靈敏度繼電器設備與低靈敏度繼電器設備並行的雙參數監測電力輸電線路接地故障預防系統 | 是 | 是 | 是 |
美國專利號 18/227,670 | 使用多參數高靈敏度監測的電力輸電線路接地故障預防方法 | 是 | 是 | 是 |
美國專利號 17/300,485 | 線路末端保護與觸發信號接入 | 是 | 是 | 是 |
美國專利號 17/628,545 | 線路末端保護與阻擋 | 是 | 是 | 是 |
國際申請號 PCT/US2024/010627 | 使用多參數高靈敏度監測的電力變速器線路接地故障預防方法 | 是 |
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石油和燃料幣資產：
截至2024年9月30日，該公司沒有持有任何生產石油和燃料幣的資產。
2024年的剝離項目：
2024年2月1日，公司以205,000美元的總收益，出售了其在得克薩斯州Cline和Wolfberry地層生產的石油和燃料幣產權。
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| 目錄 |
公司在此交易中錄得淨虧損，具體如下：
出售所得（扣除交易成本後） |
| $ | 205,000 |
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油氣全成本池減值（基於已處置儲量的百分比） |
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| (1,038,900 | ) |
已恢復的資產退役成本 |
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| 78,394 |
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出售損失 |
| $ | (755,506 | ) |
2023年的剝離項目：
2023年11月5日，Viking全資子公司Mid-Con Petroleum, LLC和Mid-Con Drilling, LLC以515,000美元的總收益，出售了其在堪薩斯州的石油股和燃料幣資產的100%權益，這些資產包括168口生產井、90口注入井和34口非生產井。
2023年12月1日，Petrodome的一家子公司以250,000美元的收益出售了其在德克薩斯州一口正在生產的油井的非經營性權益。
公司在這兩筆交易中錄得淨收益，如下所示：
銷售淨收入（扣除交易成本） |
| $ | 751,450 |
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油氣全成本池減值（基於已處置儲量的百分比） |
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| (1,049,229 | ) |
已恢復的資產退役成本 |
|
| 1,104,806 |
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現金債券可回收款（扣除費用） |
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| 47,438 |
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處置收益 |
| $ | 854,465 |
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在這些交易之後，Petrodome不再是任何石油和燃料幣資產的運營商，並申請退還現金履約債券型爲50,000美元的款項。該退款扣除手續費後的金額已包含在截至2023年12月31日的預付賬款和其他流動資產中，並已被納入處置收益的計算之中。
與維京能源集團合併。
2023年8月1日，camber energy, inc.（「Camber」，公司，「我們」，「我們的」）完成了之前宣佈的與維京能源集團（Viking Energy Group, Inc.）的合併（「合併」），根據Camber與Viking於2021年2月15日簽署的合併協議及計劃的條款和條件，該協議於2023年4月18日進行了修訂（經修訂的「合併協議」），維京作爲camber的全資子公司存續於合併中。
根據合併協議的條款和條件，每股普通股，面值爲$0.001每股，維京公司（「維京普通股」）已發行並流通的除Camper擁有的股份外，將被轉換爲Camper普通股（「Camper普通股」）的一股權益；已發行並流通的維京系列C優先股（「維京系列C優先股」）將被轉換爲Camper可轉換系列A優先股（「新Camper系列A優先股」）的一股權益；已發行和流通的維京可轉換系列E優先股（「維京系列E優先股」，與維京系列C優先股一起，稱爲「維京優先股」）將被轉換爲Camper系列H優先股（「新Camper系列H優先股」，與新Camper系列A優先股一起構成「新Camper優先股」）的一股權益。
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Each share of New Camber Series A Preferred Stock is convertible into 890 shares of Camber Common Stock (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 Camber Common Stock), is treated equally with Camber Common Stock with respect to dividends and liquidation, and only has voting rights with respect to voting: (a) on a proposal to increase or reduce Camber’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.
Each share of New Camber Series H Preferred Stock has a face value of $10,000 per share, is convertible into a certain number of shares of Camber Common Stock, with the conversion ratio based upon achievement of certain milestones by Viking’s subsidiary, Viking Protection (provided the holder has not elected to receive the applicable portion of the purchase price in cash pursuant to that certain Purchase Agreement, dated as of February 9, 2022, by and between Viking and Jedda Holdings, LLC), is subject to a beneficial ownership limitation of 4.99% of Camber Common Stock (but may be increased up to a maximum of 9.99% at the sole election of a holder by the provision of at least 61 days’ advance written notice) and has voting rights equal to one vote per share of Camber Series H Preferred Stock held on a non-cumulative basis.
Each outstanding option or warrant to purchase Viking Common Stock (a “Viking Option”), to the extent unvested, automatically became fully vested and was converted automatically into an option or warrant (an “Adjusted Option”) to purchase, on substantially the same terms and conditions as were applicable to such Viking Option, except that instead of being exercisable into Viking Common Stock, such Adjusted Option is exercisable into Camber Common Stock.
Each outstanding promissory note issued by Viking that is convertible into Viking Common Stock (a “Viking Convertible Note”) was converted into a promissory note convertible into Camber Common Stock (an “Adjusted Convertible Note”) having substantially the same terms and conditions as applied to the corresponding Viking Convertible Note (including, for the avoidance of doubt, any extended post-termination conversion period that applies following consummation of the Merger), except that instead of being convertible into Viking Common Stock, such Adjusted Convertible Note is convertible into Camber Common Stock.
有關併購，Camber發行了大約49,290,152股Camber普通股，佔發行後流通Camber普通股的約59.99％。此外，與（1）新Camber A系列優先股的轉換，（2）新Camber H系列優先股的轉換，（3）調整期權的行權和（4）可轉換票據的轉換有關，Camber保留髮行約88,647,137股Camber普通股的權利。
出於會計目的，合併被視爲反向收購。因此，Viking（法律子公司）被視爲 Camber（法律母公司）的收購方。因此，這些合併基本報表反映了 Viking 在合併日期的財務狀況、經營業績和現金流，以及 Viking 和 Camber 從 2023 年 8 月 1 日至 2023 年 12 月 31 日的合併財務狀況、經營業績和現金流。上一年度的比較財務信息爲 Viking 的數據。
詹姆斯·A·多里斯繼續擔任合併後公司的總裁兼首席執行官，合併後的公司繼續在德克薩斯州休斯頓設有總部。
最近的發展
2024年8月7日，公司收到紐交所監管部門的通知，暫停了公司普通股的交易，並決定啓動程序，從紐交所美國分部除牌公司的普通股，因爲根據紐交所美國公司指南第1003(f)(v)條規定，公司根據公司普通股的低售價不再適合上市。
公司有權對紐約美國交易所董事會委員會上市資格小組對公司普通股退市的決定進行審查。公司決定不請求對該決定進行審查並對該決定提出上訴。2024年8月16日，紐約交易所向證券交易委員會提交了撤銷上市通知，以待退市公司的普通股。
公司的普通股從2024年8月8日市場開盤開始在場外交易粉紅市場上以"CEIN"爲標的交易。自2024年8月27日起，公司獲得批准，其普通股將被標在場外交易創業公司市場上。
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持續經營意見
公司的簡明合併基本報表包括在此，已按照持續經營的基礎編制，這考慮了在正常的業務過程中實現資產和滿足負債。公司在截至2024年9月30日的九個月內產生了淨虧損爲$(63,944,509)，而在截至2023年9月30日的九個月內的淨虧損爲$(10,785,683)。截至2024年9月30日的九個月內的虧損包括了一些非現金項目，包括：(i) 商譽減值$34,860,411；(ii) 衍生負債公允價值變動$18,573,289；(iii) 債務折扣攤銷$2,538,362；(iv) 債務清償損失$811,132；(v) 會員權益處置損失$755,506；(vi) 折舊、耗竭和攤銷$596,427。
截至2024年9月30日，公司股東赤字爲$(31,662,829)，長期債務（扣除當前債務）爲$39,673,475，營運資金缺口爲$14,221,385。造成這一營運資金缺口的最大元件是應付給Discover Growth Fund, LLC（「Discover」）的未付利息$6,194,664，以及Simson-Maxwell從其銀行信用額度中提取的$4,193,122。
這些條件對公司繼續作爲一個持續經營實體提出了重大疑問。公司繼續作爲一個持續經營實體的能力取決於其利用現有資源進行未來盈利操作的能力，開發額外的收購機會，以及獲得必要的融資來滿足其業務運作產生的義務並在到期時償還其債務。管理層認爲公司可能會繼續開發新機會，可能會通過債務和/或股權融資獲得額外資金以促進其業務策略；然而，並不能保證會有額外資金可供使用。這些壓縮的合併財務報表不包括可能需要進行的任何調整，如果公司不得不削減運營或無法繼續存在。
持續經營的結果
應該結合公司截至2024年9月30日和2023年9月30日三個月和九個月的財務狀況和經營業績的討論，閱讀公司年度報告Form 10-K/A，該報告於2023年12月31日結束，於2024年8月26日向SEC提交，以及其中的審計綜合財務報表和附註。
流動性和資本資源
營運資本： |
| 截至9月30日的九個月 |
| |||||
|
| 2024 |
|
| 2023 |
| ||
|
|
|
|
|
|
| ||
流動資產 |
| $ | 15,085,907 |
|
| $ | 17,944,854 |
|
流動負債 |
| $ | 29,307,292 |
|
| $ | 27,396,632 |
|
營運資金短缺 |
| $ | (14,221,385 | ) |
| $ | (9,451,778 | ) |
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現金流量： |
| 截至9月30日的九個月 |
| |||||
|
| 2024 |
|
| 2023 |
| ||
|
|
|
|
|
|
| ||
經營活動中的現金流量淨額 |
| $ | (1,454,022 | ) |
| $ | (4,840,379 | ) |
投資活動提供的淨現金 |
| $ | 138,546 |
|
| $ | 21,582 |
|
融資活動提供的淨現金 |
| $ | 860,831 |
|
| $ | 3,012,047 |
|
本期現金減少 |
| $ | (454,645 | ) |
| $ | (1,806,750 | ) |
期末現金及現金等價物 |
| $ | 451,415 |
|
| $ | 1,432,599 |
|
截至2024年9月30日的九個月內，經營活動中使用的淨現金爲$(1,454,022)，而2023年同期爲$(4,840,379)。這種增加主要是由於淨營運資金赤字的增加，部分被現金損失的增加所抵消。
截至2024年9月30日的九個月，投資活動現金流淨額達到$138,546，比2023年同期的$21,582增加。這一增長主要歸因於2024年從石油和燃料幣銷售中獲得的$205,000的收益。
2024年9月30日結束的九個月內，融資活動產生的淨現金流量從3,012,047美元下降至860,831美元，相比2023年同期。這一減少主要是由於債務發行淨收益減少。
2024年9月30日結束的三個月，與2023年9月30日結束的三個月相比
收入
該公司截至2024年9月30日三個月的總收入爲7,198,012美元，相比之下，2023年9月30日三個月的收入爲10,131,070美元，減少了2,933,058美元或29%。報告的減少主要是由於2023年9月30日結束的三個月內錄得一筆異常大的銷售。
費用
公司的營業費用從對應的前一年同期的10674454美元下降到9067532美元，較2024年9月30日結束的三個月期間。截至2024年9月30日，2024年9月30日結束的三個月期間，銷售產品的成本爲5121748美元，而2023年9月30日結束的三個月期間爲6653715美元，因動力部門銷售減少。2024年9月30日結束的三個月期間，租賃經營成本減少爲零，而截至2023年9月30日，爲207931美元。折舊、減值及攤銷（「DD&A」）費用減少至185298美元，而前一期爲237361美元。總務和行政費用增至3760486美元，而對應的前期爲3557486美元。
運營損失
公司在2024年9月30日結束的三個月內，運營虧損爲1,869,520美元，而在2023年9月30日結束的三個月內爲543,384美元。
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其他收益（費用）
截至2024年9月30日的三個月內，公司其他淨費用爲$(32,902,161)，相比截至2023年9月30日的三個月內其他淨費用爲$(7,333,960)。較高的費用主要由於商譽減值$(34,860,411)，部分被衍生負債公允價值收益$2,668,909所抵消，而去年則是公允價值損失$(5,986,536)。
淨損失
在截至2024年9月30日的三個月期間，公司淨虧損爲（34,771,681）美元，而截至2023年9月30日的三個月期間，淨虧損爲（7,877,344）美元。
截至2024年9月30日的九個月，與截至2023年9月30日的九個月相比
收入
該公司截至2024年9月30日的九個月總收入爲25,410,505美元，相比2023年9月30日的九個月總收入24,407,583美元，增長了1,002,922美元或4%。更高的電力板塊收入部分抵消了更低的石油和燃料幣收入。
費用
公司的營業費用在截止到2024年9月30日的九個月期間增加了3,180,080美元，達到了30,801,256美元，而在去年同期的九個月期間爲27,621,176美元。截止到2024年9月30日的九個月期間，營業成本爲17,886,731美元，較2023年9月30日的九個月期間的16,256,686美元有所增加，原因是電力部門的銷售增長。截止到2024年9月30日的九個月期間，租賃營業成本減少至22,352美元，而在2023年9月30日的九個月期間爲534,123美元。折舊、耗竭和攤銷（「DD&A」）費用爲596,427美元，而在上一個期間爲698,061美元。基於股票的補償爲305,000美元，而在上一個期間爲零。一般和行政費用從10,064,707美元增加了1,925,503美元，達到了11,990,210美元。
營業虧損
公司在2024年9月30日截至的九個月內，運營虧損爲$(5,390,751)，相比於2023年9月30日截至的九個月的$(3,213,593)。
其他收益（費用）
公司在截至2024年9月30日的九個月內發生了$(58,553,758)的其他費用淨額，而截至2023年9月30日的九個月內其他費用淨額爲$(7,572,090)。更高的費用主要是由於商譽減值$(34,860,411)，衍生負債公允價值變動的損失$(18,573,289)，會員權益處置損失$(755,506)以及更高的利息費用、債務折扣攤銷和債務清償損失。
淨損失
截至2024年9月30日的九個月期間，公司淨虧損爲$(63,944,509)，而截至2023年9月30日的九個月期間淨虧損爲$(10,785,683)。
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關鍵會計政策和估計
我們編制我們的合併財務報表時，遵循美國通用會計準則，這要求管理層做出某些估計和假設，並應用判斷。我們基於歷史經驗、當前趨勢和管理層在編制合併財務報表時認爲重要的其他因素，進行估計和判斷，實際結果可能與我們的估計存在差異，這種差異可能是重大的。由於需要對固有不確定事項的影響進行估計，因此在不同條件下或使用不同假設時，報告的金額可能會有重大差異。我們定期審查我們的關鍵會計政策以及這些政策在編制我們的合併財務報表中的應用，以及與我們的合併財務報表附註中會計政策相關的披露的充分性。以下是我們在編制合併財務報表時應用的最重要政策，其中一些在GAAP下可能有替代處理。我們還描述了在應用這些政策時我們做出的最重要的估計和假設。請參見我們合併財務報表的「附註4 - 重要會計政策摘要」。
變量利益實體的合併
公司合併其子公司的財務結果，這些子公司被定義爲公司持有控制財務利益的實體。
公司的幾個子公司被認爲是可變利益實體（「VIE」），其被定義爲任何以下條件之一的實體：
1. | 總股本不足以讓該實體在不需要額外從屬融資支持的情況下進行其業務活動。 | |
2. | 股東作爲一個群體，具有以下四種特徵之一： | |
| i. | 缺乏決定實體經濟績效最顯著的活動的權力。 |
| ii. | 具有非實質性投票權。 |
| iii. | 缺乏吸收預期損失的責任。 |
| iv. | 缺乏獲取實體預期剩餘收益的權利。 |
當公司被確定爲VIE的主要受益人時，公司將合併VIE的財務結果。
收入確認
發電收益
公司通過持有Simson-Maxwell 60.5% 的股份生產和銷售發電產品，服務和定製能源解決方案。
發電機組的銷售
公司認爲已完成的單位或單位是爲了營業收入確認而視爲單一履約義務，當產品的控制權轉移給客戶時認爲已實現營收，這通常發生在產品裝運或交付給客戶時。進度款項被識別爲合同負債，直到完成的單位被交付。營業收入的計量標準是公司預期爲轉讓單位而有權獲得的考慮金額，通常是合同中規定的價格。由於單位的定製性質，公司不允許退貨，也不向客戶提供折扣、回扣或其他促銷激勵措施或津貼。辛普森麥克斯威爾（Simson-Maxwell）選擇在產品控制權轉移給客戶時將貨運活動的成本作爲成本內費用進行確認。
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零件營業收入
公司將零件的採購訂單視爲與客戶的合同，這在某些情況下受主銷售協議的約束。對於每個合同，公司認爲轉讓產品的承諾（每個產品都是獨特的）是已識別的履約義務。營業收入的衡量是公司預計在交易所轉讓產品時有權獲得的對價金額，這通常是合同中針對每個銷售項所示的價格，並根據預計退貨的價值進行調整。 Simson-Maxwell已選擇在產品控制權轉移給客戶時，將運費活動的成本作爲營業成本中的一項費用確認。零件收入在產品控制權轉移給客戶的時點確認，這通常發生在發貨或交付給客戶時。
服務和維修
通常情況下，我們會根據所需用工時間對客戶所擁有的設備進行維修服務並開具賬單。每項維修服務都被視爲是一項履約能力。由於控制隨着時間的推移而轉移，因此根據完成履約能力的程度來確認收入。由於客戶在設備維修期間掌控着資產，因此Simson-Maxwell通常使用成本-to-成本的進度測量方法。大多數維修服務只需一天或兩天就可完成。
石油和燃料幣收入
燃料幣、天然氣和天然氣液體（「NGLs」）的銷售收入包括在營業收入中，當生產按照已達成的合同條款出售給客戶履行履行義務時。履行義務主要包括在合同中協商的交貨點交付石油、燃料幣或NGLs。每桶原油、萬BTU的天然氣，或其他計量單位是可單獨確定的，並代表一個明確的履行義務，交易價格被分配給該履行義務。一旦產品的控制權已被轉移給客戶，履行義務即在某個時點得以滿足。
商譽
商譽是指收購實體成本超出在業務合併中分配給已收購資產和假定負債的公允價值的部分。商譽每年至少需進行一次減值測試，如果發生事件或情況變化，可能表明賬面金額可能減值，則在年度測試之間也會進行減值測試。實體有選擇權首先評估定性因素，以判斷事件或情況的存在是否可能導致判斷其報告單位的公允價值低於其賬面金額。如果在完成評估後，判斷報告單位的公允價值低於其賬面價值的可能性較大，則公司將進行定量測試。公司也可以選擇對任何或所有報告單位進行定量測試，而不是定性測試。該測試比較實體報告單位的公允價值與這些報告單位的賬面價值。此定量測試需要各種判斷和估計。公司使用市場法結合貼現經營現金流法來估計報告單位的公允價值。商譽減值的衡量是賬面商譽金額超出報告單位已確認和未確認資產和負債的公允價值。
無形資產
無形資產包括公司與esg許可協議中描述的資本化金額，詳見註釋2。該資產按照被許可的相關專利的剩餘壽命直線攤銷，約爲16年。
此外，公司在收購Simson-Maxwell時，發現其他的無形資產，包括客戶關係（按直線法分攤10年攤銷）和Simson-Maxwell品牌（不攤銷），估計的公允價值總計爲$3,908,126。
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根據第8條所述，公司收購了Viking Ozone、Viking Sentinel和Viking Protection 51%的股權，其無形資產總額爲1543.334萬元美元。這些資產具有無限期壽命，不予攤銷。
公司每年至少對這些無形資產進行一次審查，以判斷在事件或環境變化可能導致資產賬面價值無法收回的情況下是否存在減值。在評估無形資產的未來收益時，公司估算了無形資產在剩餘預計使用壽命內的預期折現未來淨現金流。如果賬面價值無法收回，則記錄減值損失，金額爲資產賬面價值超過公允價值的部分。
衍生負債
系列C優先股COD包含的條款可能會導致系列C優先股轉換價格的修改，該價格基於一個不是「固定-固定」期權公平價值FASb ASC主題編號815-40定義下的輸入變量。
系列C優先股可按固定的162.50美元轉換比率轉換成普通股。轉換後，持有人有權獲得分紅派息，就像持有至到期日一樣，這被稱爲轉換溢價。轉換溢價可以以股票或現金的形式支付，由公司自選。如果轉換溢價以現金支付，金額是固定的，不可調整。如果轉換溢價以股票支付，則轉換比率基於測量期最低股價的VWAP計算。測量期是在轉換日前後30個交易日（如果存在觸發事件，則爲60個交易日）。如果存在觸發事件，則VWAP計算將被調整，測量期也將因公司不滿足COD中規定的一個或多個股權條件而發生調整。例如，測量期可能會因公司未滿足一個或多個股權條件而延長一天。觸發事件在系列C優先股的指定中有描述，但包括通常會成爲債務證券違約事件的項目，包括向SEC遲交報告。
在轉換日，根據前30天的VWAP估算出應付的轉換溢價所需股數。如果公司未選擇現金支付轉換溢價，則將發行所有應付轉換股和估算的應付轉換溢價股。如果轉換日後測量期一部分的VWAP計算值低於轉換日前測量期一部分的VWAP計算值，則將發行額外的普通股股份，稱爲True-Up 股份。如果後者高於前者，將不會發行True-Up股份。
公司已確定，C系列優先股包含與轉換溢價相關的嵌入式衍生負債，並且在轉換後，爲潛在的發行True-Up股票的衍生負債，該股票與已轉換的C系列股票相關，如適用，則測量期尚未到期。
與任何未償還C系列股份的轉換溢價相關的衍生負債的公允價值等於結清轉換溢價所需的現金。潛在的補償股份義務的公允價值已使用二項定價模型進行估算，並取轉換價格或公司股票轉換日期後低收盤價中的較低值，以及公司普通股的歷史波動率。
在本節中使用但未定義的大寫字母術語具有被賦予Series C COD的含義。
事項3.有關市場風險的定量和定性披露
作爲一家較小的報告公司（根據《交易所法》第120億.2條的定義），公司無需提供本項目要求的信息。
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事項4.控制和程序
披露控制程序
本公司目前並未維護控制和程序，以確保根據《交易所法》要求在其提交或提交的報告中披露的信息，在委員會規則和表格規定的時間範圍內進行記錄、處理、彙總和報告。披露控制和程序包括但不限於設計合理保證的信息控制和程序，以確保公司在其提交或提交的報告中披露的信息被累積並傳達給管理層，包括首席執行官和首席財務官，以便及時做出關於要求披露的決定。
在管理層的監督和參與下，包括公司首席執行官，在2024年9月30日評估了公司的信息披露控制與程序的有效性（如《證券交易法》第13a-15(e)和第15d-15(e)條所定義的），根據這一評估，公司首席執行官得出結論表示這些控制與程序並不有效。
財務報告內部控制的重大缺陷和變化
管理層已經鑑定出公司財務報告內部控制系統存在以下重大弱點：
| 1. | 公司沒有足夠的人員來維護適當的職責分離； |
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| 2. | 公司缺乏足夠的內部資源來分析和解釋C系列優先股的某些複雜特徵及其他複雜會計問題；並且 |
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| 3. | 公司未設計控制措施以確保財務信息由與財務信息的準備者同級或更高級別的個人進行審查和批准。具體來說，CFO是大多數財務信息的主要準備者，包括股權交易、衍生負債、減值和業務合併等複雜會計領域。沒有對這些信息進行審查或批准。 |
公司管理層正在通過增加員工並尋求會計專家的幫助處理這些實質性的弱點。管理層將繼續持續監測和評估公司內部控制和程序以及公司財務報告的內部控制措施的有效性，並致力於採取進一步行動並在資金允許的情況下實施額外的增強或改進。 所有基金類型。
2024年9月30日季度結束時，財務報告內部控制未發生變化。
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第二部分-其他信息
第1項法律訴訟
公司可能會不時捲入與業務正常運營相關的訴訟， 根據2024年9月30日，當前沒有任何即將發起或威脅的訴訟，可能會對公司運營結果產生重大影響。
與合併相關的訴訟
2024年2月9日，原告勞倫斯·羅（Lawrence Rowe）代表他自己和維京公司的所有類似之前的少數股東，針對該公司及其首席執行官提起了一項代表性集體訴訟訴狀（即C.A. No.4:24-cv-00489），案件標題爲 勞倫斯·羅（Lawrence Rowe）個人及代表其他類似情況的人，訴詹姆斯·A·多里斯（James A. Doris）和camber energy，inc。，在美國德克薩斯州南區休斯頓分區的聯邦地區法院提起。訴訟指控在維京和該公司之間的合併中存在違反受託責任，要求賠償所稱的違約。被告否認了指控，並於2024年4月26日提出了一項解釋動議（MTD）以駁回該案件。MTD聽證會定於2024年8月30日舉行，有關此次聽證會的法院裁決仍在等待中。
股東相關訴訟
該公司在2021年10月初受凱瑞戴爾資本發佈的一份"開空"報告的目標，作爲這份"開空"報告的結果，2021年10月29日，原告(即C.A.No.4:21-cv-03574)在美國德克薩斯州南區休斯頓分區地方法院針對該公司、其CEO和CFO提起了一項集體訴訟訴狀。 羅納德·E·考根斯（Ronald E. Coggins）個人及其他受害人訴Camber Energy公司等案；在美國德克薩斯州南區休斯敦分區地方法院，根據原告尋求根據聯邦證券法的規定恢復聲稱因被告違反聯邦證券法所遭受的損害。 該公司和其他被告提交了駁回訴訟請求的動議(MTD)，2023年9月22日，法院完全准許了動議(MTD)。 2023年10月25日，法院簽署了雙方提交的聯合認可書，終審駁回了該案。
於2022年6月30日前後，公司獲悉在美國德克薩斯州南區休斯敦分區（「法院」）提起了一項股東衍生訴狀（案件編號4:22-cv-2167），針對公司、其現任董事和部分前任董事（「休斯敦衍生訴狀」）。休斯敦衍生訴狀中所涉及的指控涉及違反受託責任和不當得利的州法主張，以及1934年證券交易法第14(a)條下的聯邦證券主張。2023年1月20日，法院裁定原告提出的關於2019年6月30日前在代理聲明中董事行爲和聲明的某些主張已過時，但並未駁回原告關於2019年6月30日後在代理聲明中董事行爲和聲明的某些主張。根據修訂後的公司章程第6條，於2023年2月15日，公司董事會（「董事會」）成立了一個董事會委員會（「特別訴訟委員會」）來調查、分析和評估休斯敦衍生訴狀中剩餘的指控。特別訴訟委員會完成了調查，並未發現任何卡姆伯任職官員或董事的行爲「涉及故意不當行爲、欺詐或明知違法行爲」，這在適用內華達法律下是勝訴任何違反受託責任或聯邦代理違規主張所必需的；於2023年11月17日向法院提交了一份終結動議或者備選方案，安排有關此動議的證據聽證會。動議的陳述於2024年1月12日完成。
於2024年6月21日左右，休斯頓衍生索賠的各方簽署了一份和解協議及和解書（「和解協議及和解書」），全面、最終和永久地解決、清償並了結了休斯頓衍生索賠中的所有索賠，被告並不承認任何責任，需獲得法庭批准，受其條款和條件約束。 與和解協議及和解書相關的或根據該協議和解書支付給原告律師和/或原告的任何費用將由公司的保險人支付。 2024年7月2日，法庭發佈了一項命令，初步批准和解協議及和解書，並將最終批准聽證會定於2024年9月12日。於2024年9月17日左右，法院發佈了最終命令和判決，批准了和解協議和和解書，並授予原告法律顧問120萬美元的費用，該費用將由公司的保險人支付。 到2024年9月30日，和解金額仍未支付，公司因此記錄了與和解有關的應計負債以及與保險金收入相關的應收款項。
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馬拉納薩油事
2015年11月，Randy L.Robinson，即Maranatha Oil Co.的業主在德克薩斯州岡薩雷斯縣（案件編號：26160）起訴了該公司。原告聲稱，它於2010年4月將油氣租賃權轉讓給了該公司，保留了4%的超期特許權和50%的工作利益，而該公司未能支付超期特許權或特許權。此利益涉及公司後來在2013年4月出售給挪迪克美國的某些油氣資產。起訴狀聲稱違約，未能支付特許權，未支付工作利益，欺詐，欺詐行爲引誘合同，金錢收到，建設性信託，違反盜竊責任法，持續侵權和欺詐隱瞞等行爲。該訴訟要求支付大約100,000美元的所聲稱的款項，以及預審和最終判決的利息。該公司已對這些指控提出否認，並打算堅決捍衛自己。
夾擊與石油穹頂問題
在2011年末或2012年初，Petrodome Operating, LLC，作爲Petrodome的全資子公司（在2017年12月左右成爲維京的全資子公司），代表包括Petrodome East Creole, LLC在內的多個工作權益所有者，協調在路易斯安那州卡梅倫區的Kings Bayou油田鑽探一口約13,000英尺的井。Petrodome Operating聘請了第三方完成鑽探工作。該井從2012年開始生產碳氫化合物，直到大約2016年6月，屆時生產停止，之後Petrodome Operating安排按照州指南對井進行封堵。在該井生產碳氫化合物期間，向各種礦產和/或土地所有者（統稱爲「礦業所有者」）支付了權利金和/或超額權利金。在2019年10月左右，礦業所有者對Petrodome Operating、Petrodome East Creole, LLC及其他人提起訴訟，聲稱礦業所有者因該井未按照礦業所有者的說法正確鑽探和/或完工而遭受損失（即，權利金和/或超額權利金的損失）。Petrodome Operating、Petrodome East Creole, LLC及其他被告否認了礦業所有者的索賠，並聘請律師爲此案辯護。
2023年11月左右，各方在不承認Petrodome實體存在責任的情況下，同意全面解決這一問題，並向礦業所有者支付總額爲650萬美元的金額，其中Petrodome應付415萬美元。Petrodome部分解決款項的支付完全由保險公司承擔。截至2023年12月31日，公司已經記錄了有關該解決方案的應計負債，以及相關保險收入金額爲415萬美元的應收款項。2024年2月，礦業所有者提起的訴訟被終局判決，解決款項已經用保險賠款支付。
archrock 與 Petrodome 等
在2023年9月15日左右，archrock合夥人運營有限責任公司在德克薩斯州賀錦麗縣提交了一份請願書（法院檔案號：2013-4090），被告是Petrodome Energy, LLC，這是一家Viking Energy Group, Inc.的全資子公司，Petrodome Operating, LLC，Pointe a la Hache LLC和Potash LLC，指控被告因與Pointe a la Hache LLC和Potash LLC租賃的石油和天然氣物業上的壓縮機相關的未支付租金費用而欠款約400,000美元。Petrodome Operating LLC曾是這些物業的合同運營商。Petrodome Energy和Petrodome Operating, LLC否認原告對他們的指控。大約在2024年5月，原告將Viking和James Doris作爲被告添加到該投訴中。Viking和Doris先生否認對他們的指控。
項目 1A 風險因素
作爲根據1934年證券交易法規則120億.2定義的較小的報告公司，該公司不需要提供本項目下的信息。
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項目2. 無註冊出售股票和使用收益
截至2024年9月30日的三個月內，公司如下面所述發行了未註冊的股權證券：
公司向優先股股東發行了總計36,103,638股普通股。這些普通股是在一位股東之前將C系列優先股轉換爲普通股時應得的，並根據證券法第s 3(a)(9)、3(a)(10)、4(a)(1)和4(a)(2)的註冊豁免進行發行，並/或根據規則144發佈，因爲這些普通股是以優先股股東持有的公司的優先股進行交易所發行的，交易沒有額外的對價，也沒有爲了交易的推介而獲得報酬，交易的證券已由優先股股東持有達到要求的持有期限，優先股股東不是公司的關聯人，公司也不是空殼公司，沒有進行一般性的推介，且與股東的交易不涉及公開發行。
第三部分。對高級證券的違約情況。
無。
第4項.礦山安全披露
無。
第5項其他信息
退市通知或未達到繼續上市規則或標準的轉讓。
2024年8月7日，camber energy公司收到了紐交所監管部門的通知，稱其已暫停公司普通股交易，並決定啓動程序將公司普通股從紐交所美國股市除牌，因其認定公司普通股的售價過低，不再適合根據紐交所美國公司守則第1003(f)(v)條進行上市。
公司有權對紐約美國交易所董事會委員會上市資格小組對公司普通股退市的決定進行審查。公司決定不請求對該決定進行審查並對該決定提出上訴。2024年8月16日，紐約交易所向證券交易委員會提交了撤銷上市通知，以待退市公司的普通股。
公司的普通股從2024年8月8日市場開盤開始在場外交易粉紅市場上以"CEIN"爲標的交易。自2024年8月27日起，公司獲得批准，其普通股將被標在場外交易創業公司市場上。
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不依賴先前發佈的財務報表或相關審計報告或完成的期中審查。
2024年8月21日，camber energy董事會（「董事會」）根據公司管理層和審計委員會的建議，並在與公司獨立註冊的會計師事務所磋商後，得出結論，不再應依賴於公司截至2023年12月31日的已發行的合併審計的綜合基本報表，這些基本報表包括公司截至2023年12月31日的年度10-k表格中的基本報表（「年度報告」），以及公司之前發佈的未經審計的合併基本報表，包括2023年9月30日和2024年3月31日的季度10-Q報告（「季度報告」和年度報告一起構成「報告」，以及報告中包括的所有基本報表，統稱爲「受影響的基本報表」），不再應依賴於這些報表，原因是公司在關於camber能源和維京能源公司的合併中對維京公司股權價值的估值上存在問題。同樣，任何先前提供或提交的報告，相關的收益發布，相關的管理層財務狀況和業績分析，投資者介紹或類似的通信，描述受影響基本報表相關部分的公司不再應依賴於這些內容。
公司隨後對年度報告和季度報告進行了修訂，包括重述的基本報表和相關披露（統稱爲「修訂報告」）。修訂報告中對基本報表的重述是非現金調整，並未影響公司的現金流。
關於財務報告的內部控制，公司在受影響的文件中曾披露由於缺乏內部資源來分析和解釋複雜的會計問題，導致在財務報告的內部控制方面存在重大缺陷。
公司的管理層與公司的獨立註冊會計師事務所，Turner, 石材石料 & Company, L.L.P. 討論了相關事項。
規則10b5-1交易安排
在2024年9月30日結束的三個月內，公司的任何董事或高管都沒有采取或終止「10b5-1規則交易安排」或「非10b5-1規則交易安排」，如《S-K條例》第408(a)條款所定義的那樣。
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展品6. 陳列品
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Camber Energy, Inc.與其中列出的投資者之間的協議，日期爲2024年2月15日（引用於Camber在2024年2月21日提交的8-k表格當前報告） | |
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根據2002年《薩班斯-豪利法案》第302條規定，根據1934年證券交易法第13a-14（1）條或第15d-14（a）條的要求，需要對首席執行官進行認證。 | |
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根據2002年《薩班斯-豪利法案》第302條規定，根據1934年證券交易法第13a-14（1）條或第15d-14（a）條的要求，需要對首席財務和會計官進行認證。 | |
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根據2002年《薩班斯-豪利法案》第906條和18 U.S.C. 63第1350條的規定，需要對首席財務和會計官進行認證。 | |
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101.INS** | Inline XBRL實例文檔（該實例文檔未出現在交互式數據文件中，因爲其XBRL標記嵌入在Inline XBRL文檔中） |
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101.SCH** | 行內XBRL分類擴展模式文檔 |
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101.CAL** | Inline XBRL稅務分類擴展計算鏈接庫文檔 |
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101.DEF** | 行內XBRL分類擴展定義鏈接庫文檔 |
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101.LAB** | 行內XBRL分類擴展標籤鏈接庫文檔 |
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101.PRE** | 行內XBRL分類擴展演示鏈接庫文檔 |
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104 | 封面頁面交互式數據文件（格式爲行內XBRL，包含在展覽101中） |
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*與此同步提交
** XBRL（可擴展的商業報告語言）信息提供，不屬於1933年修正版證券法第11或12條的註冊聲明或招股書的一部分，並且根據1934年修正版證券交易法第18條的規定不被視作提交，因此不受這些條款的影響。
項目7. 平衡表外安排
無。
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| 目錄 |
簽名
根據《證券交易法》第13或15（d）條的要求，註冊人已正式要求下列簽署人代表其簽署本報告，並經正式授權。
camber energy公司 （註冊人） |
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/s/ James Doris | 日期：2024年11月13日 |
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信安金融執行長 |
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/s/ John McVicar | 日期：2024年11月13日 |
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首席財務和會計官 |
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