Tue, Aug 27, 7:47 AM (140 days ago)
Camber Energy, Inc. filed an amended Form 10-Q/A for the quarter ended September 30, 2023, to restate its consolidated financial statements following a merger with Viking Energy Group, Inc. The restatement adjusted the valuation of Camber's investment in Viking to fair value at merger date, impacting goodwill and stockholders’ equity. For Q3 2023, revenue increased 64% to $10.1 million, primarily due to higher power generation sales, while net loss narrowed to $7.9 million from $10.7 million year-over-year. Operating expenses rose to $10.7 million, driven by increased costs of goods sold and general administrative expenses due to the merger. As of September 30, 2023, total assets reached $83.7 million, with long-term debt at $38.8 million and a working capital deficiency of $9.5 million, raising concerns about the company's ability to continue as a going concern. The company aims to generate profitable operations and secure financing to meet obligations. Future operations may be influenced by the ongoing need for capital and the performance of its energy and power solutions segment.