Calgary, Alberta--(Newsfile Corp. - December 3, 2024) - Coelacanth Energy Inc. (TSXV: CEI) ("Coelacanth" or the "Company") announces that it has completed and tested 4 additional wells at its Two Rivers East Project including 3 Lower Montney Wells and 1 Upper Montney well on the 5-19 pad.LOWER MONTNEYThe 3 new Lower Montney wells (F5-19, G5-19, H5-19) were drilled with an average horizontal length of 3,285 metres and completed with approximately 2.5 tons of sand per horizontal metre. The wells were placed ...

Revenue and Financial Performance - Total revenue for the nine months ended September 30, 2024, was $25.41 million, compared to $24.41 million for the same period in 2023[4] - Revenue for the nine months ended September 30, 2024, increased by 4% to $25.4 million compared to $24.4 million in 2023, driven by higher power segment revenues[120] - Revenue for the three months ended September 30, 2024, decreased by 29% to $7.2 million compared to $10.1 million in 2023, primarily due to an unusually large sale in the prior year[119] - Revenue from power generation units and parts for the nine months ended September 30, 2024, was $15,998,386, compared to $14,502,388 for the same period in 2023[4] - Revenue from service and repairs for the nine months ended September 30, 2024, was $9,314,762, compared to $9,199,965 for the same period in 2023[4] - Oil and gas sales revenue for the nine months ended September 30, 2024, was $97,357, compared to $705,230 for the same period in 2023[4] - Power generation units revenue for the nine months ended September 30, 2024, was $12,964,409, compared to $10,416,808 in the same period in 2023[45] - Parts revenue for the nine months ended September 30, 2024, was $3,033,977, compared to $4,085,580 in the same period in 2023[45] - Total units and parts revenue for the nine months ended September 30, 2024, was $15,998,386, compared to $14,502,388 in the same period in 2023[45] - Service and repairs revenue for the nine months ended September 30, 2024, was $9,314,762, compared to $9,199,965 in the same period in 2023[45] - Total revenue for the nine months ended September 30, 2024, was $25,313,148, compared to $23,702,353 in the same period in 2023[45] - Power generation units revenue for the three months ended September 30, 2024, was $3,029,038, compared to $4,849,415 in the same period in 2023[45] - Parts revenue for the three months ended September 30, 2024, was $883,335, compared to $1,892,767 in the same period in 2023[45] - Total units and parts revenue for the three months ended September 30, 2024, was $3,912,373, compared to $6,742,182 in the same period in 2023[45] - Service and repairs revenue for the three months ended September 30, 2024, was $3,282,781, compared to $3,155,064 in the same period in 2023[45] - Total revenue for the three months ended September 30, 2024, was $7,195,154, compared to $9,897,246 in the same period in 2023[45] Net Loss and Comprehensive Loss - Net loss for the nine months ended September 30, 2024, was $63.94 million, compared to a net loss of $10.79 million for the same period in 2023[5] - Net loss for the nine months ended September 30, 2024, was $63,944,509, compared to $10,785,683 for the same period in 2023[6] - Total comprehensive loss for the nine months ended September 30, 2024, was $63,989,167, compared to $10,664,188 for the same period in 2023[6] - Net loss for the nine months ended September 30, 2024, was $34,267,479[11] - Net loss for the nine months ended September 30, 2023, was $8,175,563[14] - The company reported a net loss of $63.9 million for the nine months ended September 30, 2024, compared to a net loss of $10.8 million for the same period in 2023[116] - The company reported a net loss of $34.8 million for the three months ended September 30, 2024, compared to a net loss of $7.9 million in 2023, driven by a goodwill impairment of $34.9 million[120] Cash and Cash Equivalents - Cash and cash equivalents decreased to $451,415 as of September 30, 2024, from $906,060 as of December 31, 2023[3] - Net cash used in operating activities for the nine months ended September 30, 2024, was $1,454,022, compared to $4,840,379 for the same period in 2023[7] - Cash flows from financing activities provided $860,831 for the nine months ended September 30, 2024, compared to $3,012,047 for the same period in 2023[8] - Cash at the end of the period for September 30, 2024, was $451,415, compared to $1,432,599 for the same period in 2023[8] - Net cash used in operating activities was $1.5 million for the nine months ended September 30, 2024, compared to $4.8 million in 2023, with a decrease in cash during the period to $451,415 from $1.4 million[119] - Cash decreased from $906,060 as of December 31, 2023, to $451,415 as of September 30, 2024[3] Goodwill and Intangible Assets - Goodwill impairment of $34.86 million was recorded in the nine months ended September 30, 2024[5] - Goodwill impairment and change in fair value of derivative liability adjustments totaled $34,860,411 and $18,573,289, respectively, for the nine months ended September 30, 2024[7] - Goodwill impairment charge of $34,860,411 recorded for the three months ended September 30, 2024, representing the entire goodwill balance[51] - The Company recorded a goodwill impairment charge of $34,860,411 for the three months ended September 30, 2024, due to a significant decline in stock price and delisting from a national stock exchange[51] - Goodwill is subject to impairment testing at least annually, with the option to first assess qualitative factors before proceeding to a quantitative test comparing fair value to carrying value[40] - Intangible assets related to the ESG Clean Energy license are amortized over 16 years, while Simson-Maxwell customer relationships are amortized over 10 years[41] - Intangible assets from the Simson-Maxwell acquisition include customer relationships valued at $3,908,126, amortized over 10 years, and the Simson-Maxwell brand, which is not amortized[127] - The acquisition of a 51% interest in Viking Ozone, Viking Sentinel, and Viking Protection resulted in aggregate intangible assets of $15,433,340, which have an indefinite life and are not amortized[128] - The ESG Clean Energy License intangible asset valued at $5,000,000 with accumulated amortization of $963,295 as of September 30, 2024[57] - Estimated future amortization expense for ESG Clean Energy License is $304,465 per year for the next five years[58] - Simson-Maxwell Brand and Customer Relationships valued at $2,230,673 and $1,677,453 respectively, with estimated future amortization of $167,745 per year for Customer Relationships[58] Operating Expenses - Total operating expenses for the nine months ended September 30, 2024, were $30.80 million, compared to $27.62 million for the same period in 2023[4] - The company's operating expenses increased by $3.2 million to $30.8 million for the nine months ended September 30, 2024, compared to $27.6 million in 2023, primarily due to increased power segment sales[120] - The company's operating expenses decreased by $1.6 million to $9.1 million for the three months ended September 30, 2024, compared to $10.7 million in 2023[119] - The company's total operating expenses for the nine months ended September 30, 2024, were $30,801,256, with oil and gas segment expenses at $3,749,935 and power generation segment expenses at $27,051,321[101] - The company's general and administrative expenses for the nine months ended September 30, 2024, were $11,990,210, with oil and gas segment expenses at $3,144,693 and power generation segment expenses at $8,845,517[101] Stock and Equity - Loss per share of common stock for the nine months ended September 30, 2024, was $0.35, compared to $0.18 for the same period in 2023[5] - Common shares issued on true-up of Series C preferred stock for the nine months ended September 30, 2024, totaled 36,103,638 shares[10] - Common shares issued on true-up of Series C preferred stock increased by 36,103,638 shares, amounting to $36.104 million[10] - Common shares issued on conversion of debt totaled 19,907,976 shares, amounting to $19.908 million[10] - Additional paid-in capital increased to $155,913,262 as of September 30, 2024[10] - Common shares issued on conversion of Series H preferred stock amounted to 3,333,333 shares, totaling $3.333 million[13] - Common shares issued on true-up of Series C preferred stock in 2023 amounted to 11,900,223 shares, totaling $11.900 million[13] - The company issued a total of 116,834,937 shares of common stock during the nine months ended September 30, 2024, including 89,149,679 True-Up shares and 19,907,976 shares from debt conversion[82] - Series C Preferred Stock holders are entitled to cumulative dividends of 24.95% per annum, adjustable up to 34.95% if a Trigger Event occurs[83] - The conversion rate for Series C Preferred Stock is 95% of the average of the lowest 5 daily VWAPs during the Measuring Period, not exceeding 100% of the lowest sales price on the last day of the Measuring Period[85] - The Series C Preferred Stock has a maturity date of seven years after issuance, after which remaining shares will automatically convert into common stock if sufficient shares are available[85] - Camber filed an amendment to the Series C COD on October 31, 2022, adjusting the conversion rate calculation and waiving additional shares due to Equity Condition failures[85] - Discover waived all rights to receive additional Conversion Shares and convert Promissory Notes into common stock, effective November 3, 2022[86] - As of September 30, 2024, Antilles held 30 shares of Series C Preferred Stock, convertible into common stock at a floor price of $0.15 per share[86] - The fair value of 101,585,980 True-Up shares due from prior conversions was $16,253,757 as of March 25, 2024, with 43,574,679 shares remaining by September 30, 2024[87] - Series G Preferred Stock has a face value of $10,000 per share and accrues cumulative dividends at 10.0% per annum[90] - In 2022, the Company redeemed 5,272 shares of Series G Preferred Stock, reducing outstanding shares from 10,544 to 5,272[91] - As of September 30, 2024, 2,641,416 warrants were outstanding with a weighted average exercise price of $0.21 and a remaining contractual life of 2.60 years[94] - Series H Preferred Stock was issued at $10,000 per share, with 475 shares converted into 7,916,666 shares of common stock by September 30, 2024[92] - The company increased the exercise price of James Doris' outstanding warrants from $0.009 per share to $1.00 per share on October 23, 2024[101] Mergers and Acquisitions - Camber Energy completed a merger with Viking Energy Group on August 1, 2023, issuing 49,290,152 shares of Camber Common Stock representing 59.99% of outstanding shares[17] - Camber reserved 88,647,137 additional shares for potential conversions and exercises related to the merger[17] - The merger is accounted for as a reverse acquisition with Viking treated as the acquirer[17] - Viking acquired 60.5% of Simson-Maxwell Ltd. for $7,958,159 in cash, expanding its portfolio in power generation and custom energy solutions[18] - Viking acquired a 51% interest in Viking Ozone Technology, LLC, which owns a patented medical waste disposal system using ozone technology, with Simson-Maxwell as the exclusive worldwide manufacturer[20] - Viking acquired a 51% interest in Viking Sentinel and Viking Protection, owning intellectual property for open conductor detection systems to enhance grid safety and stability[20] - The merger consideration transferred was $52,036,151, with Viking shareholders owning 64.9% of the merged entity[50] - Net assets acquired in the merger included $1,475,000 in oil and gas properties and $56,432,183 in investment in Viking[52] - Camber completed the merger with Viking Energy Group, Inc., with Viking surviving the merger as a wholly owned subsidiary of Camber, and Camber issued approximately 49,290,152 shares of Camber Common Stock, representing approximately 59.99% of the outstanding Camber Common Stock[112][114] - Viking acquired approximately 60.5% of the issued and outstanding shares of Simson-Maxwell Ltd. for $7,958,159 in cash, with Simson-Maxwell providing commercial and industrial clients with efficient, flexible, environmentally responsible and clean-tech energy systems[106] - Viking acquired 51% of Viking Ozone for $2,495,868, including $2 million in stock and $495,868 in contingent consideration, with patents and intellectual property valued at $4,916,057[60][61] - Viking acquired 51% of Viking Sentinel for $233,334 in stock, with patents and intellectual property valued at $457,518[62][63] - Viking acquired 51% of Viking Protection for $21 million, payable in convertible preferred stock or cash, with potential revenues of $500 million if sales targets are met[64][65] - Total consideration for the acquisition is $5,373,223, including $4,433,334 in fair value of stock and $939,889 in contingent consideration[66] - Intangible assets for patents and intellectual property are valued at $10,059,765, with a non-controlling interest of $(4,686,542)[66] - The company consolidates three VIEs: Viking Ozone, Viking Sentinel, and Viking Protection, with total intangible assets of $15,433,340 and non-controlling interests of $(7,330,915)[67][68] Asset and Liability Changes - Accounts receivable decreased to $5.92 million as of September 30, 2024, from $8.55 million as of December 31, 2023[3] - Inventory decreased to $8.32 million as of September 30, 2024, from $9.80 million as of December 31, 2023[3] - Total current liabilities decreased to $29.31 million as of September 30, 2024, from $31.80 million as of December 31, 2023[3] - Accounts receivable decreased from $8,545,449 as of December 31, 2023, to $5,922,607 as of September 30, 2024[3] - Inventory decreased from $9,795,969 as of December 31, 2023, to $8,321,934 as of September 30, 2024[3] - Total current assets decreased from $19,653,836 as of December 31, 2023, to $15,085,907 as of September 30, 2024[3] - Current assets decreased to $15.1 million as of September 30, 2024, from $17.9 million in 2023, while current liabilities increased to $29.3 million from $27.4 million, resulting in a working capital deficit of $14.2 million[118] - The company's stockholders' deficit stood at $(31,662,829) as of September 30, 2024, with long-term debt of $39,673,475 and a working capital deficiency of $14,221,385[24] - The largest components of current liabilities include accrued interest on notes payable of $6,194,664 and drawings against the bank credit facility of $4,193,122[24] - The company's derivative liability for Series C Preferred Stock was valued at $533,782 using Level 3 inputs, with total losses of $(18,573,289) for the nine months ended September 30, 2024[35] - The company's reserve for expected credit losses on power generation accounts receivable was $31,444 as of September 30, 2024, down from $36,678 at December 31, 2023[36] - Inventory as of September 30, 2024 was $8,321,934, down from $9,795,969 at December 31, 2023, with a reserve for obsolescence of $(1,189,313)[37] - The company uses the right-of-use (ROU) model for leases, recognizing lease liabilities and ROU assets at the lease commencement date, discounted using the incremental borrowing rate[36] - The company's notes payable to related parties as of September 30, 2024, totaled $1,021,768, with a current portion of $502,730[73] - Noncontrolling interest decreased from $7,040,648 on January 1, 2024, to $6,911,867 on September 30, 2024, reflecting a net loss attributable to noncontrolling interest of $128,781[75] - The company's long-term debt and other short-term borrowings totaled $39,676,296 as of September 30, 2024, with

● . . Coelacanth Energy Inc. Announces $52 Million Revolving Bank Credit Facility and Fall Drilling Program October 07, 2024 6:00 AM EDT | Source: Coelacanth Energy Inc. Calgary, Alberta--(Newsfile Corp. - October 7, 2024) - Coelacanth Energy Inc. (TSXV: CEI) ("Coelacanth" or the "Company") announces that it has secured a $52 million bank credit facility and has commenced a 4- well drilling program at Two Rivers East. TWO RIVERS EAST PROJECT Coelacanth has commenced drilling on the 5-19 Pad at Two Rivers Ea ...

EX-99.1 2 cei_ex991.htm SHAREHOLDER LETTER EXHIBIT 99.1 Camber Energy Provides Update to Shareholders HOUSTON, TX / ACCESSWIRE / August 27, 2024 -- Camber Energy, Inc. (OTC:QB: CEIN) ("Camber" or the "Company"), a growth-oriented diversified energy company, today shares an open letter to shareholders. Dear Shareholders, We take this opportunity to provide a brief update on certain matters involving the Company. OTC:QB Designation Effective August 27, 2024, the Company's shares of common stock, trading under ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT UNDER SECTION 13 OR 15 (D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2024 OR ☐ TRANSITION REPORT UNDER SECTION 13 OR 15 (D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______. Commission file number: 001-32508 Camber Energy, Inc. (Exact name of registrant as specified in its charter) Nevada 20-2660243 (State or other jurisdiction of i ...

● ● July 02, 2024 6:00 AM EDT | Source: Coelacanth Energy Inc. TWO RIVERS EAST PROJECT The total estimated costs of the infrastructure are estimated at $80 million of which $50 million is for the Facility. Funding will be from cash on hand plus the NRM funding noted below. Manufacturing of components for the Facility has already commenced with in-field construction for both the Facility and pipelines scheduled from fall 2024 through April 2025. The Two Rivers East Project is anchored by the Lower Montney bu ...

Zacks Investment Research has recently initiated coverage of Camber Energy, Inc. (CEI) , assigning a "Neutral" recommendation to the company's shares. This assessment comes amid a mixed outlook for the company, which has been making notable strides in the diversified energy space despite industry challenges. Camber Energy, headquartered in Houston, TX, is a diversified energy company providing custom energy and power solutions in North America. It maintains a majority interest in patented technologies, incl ...

Additionally, with the acquisition of Simson-Maxwell, the Company identified other intangible assets consisting of customer relationships (which is being amortized on a straight-line basis over 10 years) and Simson-Maxwell brand (which is not being amortized) with an aggregate appraised fair value $3,908,126. With the acquisition of a 51% interest in Viking Ozone, Viking Sentinel and Viking Protection, as described in Note 8, the Company has aggregate intangible assets of $15,433,340. These assets have an i ...

Largeacceleratedfiler Non-acceleratedFiler We file annual, quarterly, and current reports, proxy statements and other information with the Securities and Exchange Commission ("SEC"). Our SEC filings are available to the public over the Internet at the SEC's website at www.sec.gov and are available for download, free of charge, soon after such reports are filed with or furnished to the SEC, on the "Investors," "SEC Filings" page of our website at www.camber.energy. Information on our website is not part of t ...

Revenue and Financial Performance - Revenue from power generation units and parts increased to $6,742,182 for Q3 2023, up from $3,278,966 in Q3 2022, representing a 106% growth[30] - Total revenue for the nine months ended September 30, 2023, was $24,407,583, compared to $18,666,268 in the same period of 2022, a 31% increase[30] - Revenue from power generation units and parts for the nine months ended September 30, 2023, was $14,502,388, compared to $6,913,093 for the same period in 2022[30] - Service and repairs revenue for the nine months ended September 30, 2023, was $9,199,965, compared to $8,086,449 for the same period in 2022[30] - Oil and gas sales revenue for the nine months ended September 30, 2023, was $705,230, compared to $3,666,726 for the same period in 2022[30] - Simson-Maxwell's revenue from power generation units for the three months ended September 30, 2023, was $4,849,415, a significant increase from $2,082,218 in the same period in 2022[83] - Simson-Maxwell's total revenue from units and parts for the nine months ended September 30, 2023, was $14,502,388, compared to $6,913,093 in the same period in 2022[83] - Simson-Maxwell's service and repairs revenue for the nine months ended September 30, 2023, was $9,199,965, up from $8,086,449 in the same period in 2022[83] - The company's total revenue for the nine months ended September 30, 2023, was $23,702,353, compared to $14,999,542 in the same period in 2022[83] - Oil revenues for September 2023 were $213,609, a decrease from $337,665 in September 2022, while total oil revenues for 2023 reached $604,870 compared to $1,956,461 in 2022[107] - Natural gas and natural gas liquids revenues for September 2023 were $14,615, a significant improvement from a loss of $235,479 in September 2022, with total revenues for 2023 at $978,971[107] - Well operations revenues for September 2023 were $5,600, down from $15,668 in September 2022, but total revenues for 2023 increased to $731,294[107] - Total power generation revenues for September 2023 were $233,824, up from $117,854 in September 2022, with total revenues for 2023 reaching $3,666,726[107] - The Company's total revenue for the nine months ended September 30, 2023 was $18,666,268, with $14,999,542 from the Power Generation segment and $3,666,726 from the Oil and Gas segment[168] Operating Expenses and Costs - Total operating expenses for Q3 2023 were $10,131,070, compared to $6,160,706 in Q3 2022, a 64% increase[30] - Cost of goods sold for the nine months ended September 30, 2023, was $16,256,686, up from $9,871,239 in the same period of 2022, a 65% increase[30] - General and administrative expenses for the nine months ended September 30, 2023, were $10,064,707, compared to $11,208,417 in the same period of 2022, a 10% decrease[30] - Operating expenses for the nine months ended September 30, 2023, were $24,407,583, compared to $18,666,268 for the same period in 2022[30] - Lease operating costs for the nine months ended September 30, 2023, were $534,123, compared to $1,429,847 for the same period in 2022[30] - Total operating expenses for the nine months ended September 30, 2023, were $27,621,176, compared to $25,558,367 for the same period in 2022[43] - The Company's total operating expenses for the nine months ended September 30, 2023 were $25,558,367, resulting in a loss from operations of $6,892,099[168] Net Loss and Comprehensive Loss - Net loss for the nine months ended September 30, 2023, was $25,272,428, compared to a net loss of $25,206,073 in the same period of 2022[32] - The Merger resulted in a net loss of $22,364,088 for the three months ended September 30, 2023[43] - Total comprehensive loss for the three months ended September 30, 2023, was $22,352,701[43] - The company recorded a net loss of $25,272,428 for the nine months ended September 30, 2023, compared to a net loss of $14,695,711 for the same period in 2022[52] - Net loss for the period was $(25,272,428)[32] - Net loss for the nine months ended September 30, 2023, was $25,272,428, compared to $14,695,711 for the same period in 2022[43] - The company reported a loss from operations of $3,213,593 for the period, with total operating expenses of $27,621,176[141] Cash Flow and Financing Activities - Net cash provided by financing activities for the nine months ended September 30, 2023, was $3,012,047, compared to a net cash used of $2,760,347 in the same period of 2022[32] - Cash and cash equivalents at the end of Q3 2023 were $1,432,599, down from $4,902,157 at the end of Q3 2022[32] - Net cash provided by financing activities was $3,012,047, compared to a net cash used in financing activities of $(2,760,347) in the previous period[32] - Cash, end of period decreased to $1,432,599 from $4,902,157 in the previous period[32] - Issuance of shares on conversion of debt amounted to $3,832,273[32] - Net cash used in operating activities for the nine months ended September 30, 2023, was $4,961,874, compared to $2,108,542 for the same period in 2022[43] - Cash paid for interest was $421,754[32] Stockholders' Equity and Debt - Total stockholders' equity as of September 30, 2023, was $29,189,192, compared to $15,365,315 as of December 31, 2022[32] - The company issued $3,832,273 worth of shares on conversion of debt during the nine months ended September 30, 2023[32] - As of September 30, 2023, the company had stockholders' equity of $29,189,192 and long-term debt of $38,849,855[52] - The company's working capital deficiency as of September 30, 2023, was $9,451,778, primarily due to Simson-Maxwell's bank credit facility drawings of $4,324,791[52] - The company's long-term debt includes a $26,315,789 note payable to Discover Growth Fund, with an interest rate of 3.25%[124] - The total long-term debt, net of current portion and debt discount, was $38,849,855 as of September 30, 2023[102] - Principal maturities of long-term debt for 2027 amount to $46,818,858, with a net value of $36,292,978 after unamortized discount[102] Mergers and Acquisitions - The Merger was completed on August 1, 2023, with Viking surviving as a wholly owned subsidiary of Camber[45] - Camber issued approximately 49,290,152 shares of Camber Common Stock, representing 59.99% of the outstanding shares post-Merger[35] - Camber reserved approximately 88,647,137 additional shares for potential conversions and exercises related to preferred stock and convertible notes[35] - The Merger is treated as a reverse acquisition, with Viking as the acquirer, and consolidated financial statements reflect Viking's results up to the Merger date and combined results from August 1, 2023, to September 30, 2023[175] - Viking acquired 60.5% of Simson-Maxwell Ltd. for $7,958,159 in cash on August 6, 2021[48] - Viking acquired a 51% ownership interest in Viking Ozone, Viking Sentinel, and Viking Protection in early 2022[53] - Viking acquired 51% of Viking Ozone for 8,333,333 shares of common stock, with a fair value of approximately $2,000,000[118] - Viking acquired 51% of Viking Sentinel for 416,667 shares of common stock, with a total consideration of $233,334[118] - The total consideration for the acquisition of Viking Sentinel was $5,373,223, including $4,433,334 in stock and $939,889 in contingent consideration[119] - Camber Energy completed the merger with Viking Energy Group, Inc. on August 1, 2023, with Viking surviving as a wholly owned subsidiary[45] - Camber Energy holds a majority interest in entities with intellectual property rights to proprietary Medical and Bio-Hazard Waste Treatment systems and Electric Transmission and Distribution Open Conductor Detection Systems[47] Goodwill and Intangible Assets - Goodwill impairment for the nine months ended September 30, 2023, amounted to $14,486,745[43] - The company's goodwill impairment for the nine months ended September 30, 2023, was $14,486,745[52] - The company's intangible assets related to the ESG Clean Energy license and Simson-Maxwell customer relationships are being amortized over 16 and 10 years, respectively[60] - The ESG Clean Energy License intangible asset was valued at $5,000,000 as of September 30, 2023, with accumulated amortization of $653,755[94] - The company paid $500,000 and issued 6,942,691 shares of common stock to ESG as part of the royalty payments for the ESG Clean Energy License[92] - The company's intangible assets include customer relationships and brand from Simson-Maxwell, though specific values were not disclosed[94] - The company recognized amortization expense of $230,886 for the nine months ended September 30, 2023, with estimated future amortization expense of $304,465 per year for the next five years[23] - The company allocated $1,677,453 to Customer Relationships and $2,230,673 to the Simson-Maxwell Brand as part of the purchase price of Simson-Maxwell[23] Derivative Liabilities and Stock Issuance - The company's derivative liabilities for Series C Preferred Stock and Convertible Debt resulted in total losses of $5,803,791 for the nine months ended September 30, 2023[55] - The company recorded a derivative liability of $3,319,210 as of September 30, 2023[127] - The Series C Preferred Stock has a beneficial ownership limitation preventing any holder from converting into common stock if it would result in owning more than 9.99% of the company's outstanding common stock[132] - The company issued a total of 93,876,128 shares of common stock during the nine months ended September 30, 2023, including 8,525,782 shares from the conversion of Series C Preferred Stock and 19,251,650 true-up shares related to prior conversions of Series C Preferred Stock[129] - The Series C Preferred Stock contains an embedded derivative liability related to the Conversion Premium and potential True-Up shares, with fair value estimated using a binomial pricing model[184] - The fair value of the Series C Preferred Stock derivative liability is estimated using a binomial pricing model, considering the remaining Measurement Period, share price, and historical volatility of the company's common stock[151] - As of September 30, 2023, the company estimates that 6,701,867 shares of common stock would be required to satisfy the conversion of 30 outstanding shares of Series C Preferred Stock, based on an estimated low VWAP[159] - The company could be required to issue an additional 27,913,399 true-up shares as of September 30, 2023, due to the extended Measurement Period and declining stock price following prior conversions of 240 shares of Series C Preferred Stock[159] - The Series C Preferred Stock holders are entitled to cumulative dividends of 24.95% per annum, adjustable up to 34.95% if a Trigger Event occurs, with seven years of dividends due upon redemption, conversion, or maturity[155] - The Series G Preferred Stock, created on December 30, 2021, has a face value of $10,000 per share and accrues cumulative dividends at a rate of 10.0% per annum, payable upon redemption, conversion, or as declared by the board of directors[159] - The Series G Preferred Stock ranks senior to the company's common stock but junior to the Series C Preferred Stock and all existing and future indebtedness of the company[159] - The company issued 28,092 shares of new Series A Preferred Stock on August 1, 2023, in exchange for 28,092 outstanding shares of old Series C Preferred Stock, with each share convertible into 890 shares of Camber Common Stock[154] - The Company issued 475 shares of new Series H Preferred Stock in exchange for 475 outstanding shares of old Series E Preferred Stock, with each share having a face value of $10,000[161] - The Company redeemed 5,272 shares of Series G Preferred Stock in 2022, reducing the outstanding shares from 10,544 to 5,272[160] Legal and Regulatory Matters - The company faced a Class Action Complaint related to a short report, which was dismissed with prejudice on October 25, 2023[16] - A Shareholder Derivative Complaint remains pending, with a Special Litigation Committee formed to investigate allegations, and the outcome remains uncertain[16] - The Company does not currently maintain controls and procedures to ensure timely disclosure of required information under the Exchange Act[15] Inventory and Asset Management - The company's inventory as of September 30, 2023, was valued at $9,533,284, down from $10,276,662 at the end of 2022[56] - The company's inventory valuation method includes adjusting for obsolete and slow-moving items at the end of each reporting period[77] - The company sold oil and gas assets for $3,590,000 in cash, resulting in a loss of $8,961,705[50][51] - The company recorded a loss on disposal of oil and gas properties of $8,961,705 in 2022[72] - The company added $1,475,000 to oil and gas properties during the three months ended September 30, 2023, related to the merger with Camber[92] - The company's proved reserve estimates are based on U.S. SEC guidelines, with future net cash flows calculated using the unweighted arithmetic average of the prior 12-month commodity prices[180] - Proved developed producing oil and gas properties, net, increased to $2,409,745 as of September 30, 2023, from $1,069,113 at December 31, 2022[114] - Undeveloped and non-producing oil and gas properties, net, decreased to $186,102 as of September 30, 2023, from $216,805 at December 31, 2022[114] Leases and Operating Expenses - Total lease payments due over the next five years amount to $1,201,563 for 2024, $749,506 for 2025, $431,130 for 2026, $412,047 for 2027, and $990,426 for 2028 and thereafter[139] - Operating lease expense for Simson-Maxwell was $918,655 for the nine months ended September 30, 2023, down from $1,106,220 in the same period in 2022[164] - The Company's subsidiary, Petrodome, entered into a 66-month lease for 4,147 square feet of office space in Houston, Texas, with an annual base rent of $22.00 per square foot, escalating by $0.50 per foot each year[163] - The Company's operating lease expense for Petrodome's office space was $72,287 for the nine months ended September 30, 2023[163] - The Company's right-of-use assets and operating lease liabilities for Simson-Maxwell were $5,845,810, with a present value discount rate of 3.45% for premises and 7.5% for vehicles and equipment[163] Related Party Transactions - The Company's total notes payable to related parties as of September 30, 2023, was $975,744[123] - The Company's net due to related parties as of September 30, 2023, was $(300,948), compared to $(301,941) as of December 31, 2022[146] - The Company paid $310,000 in fees to AGD Advisory Group, Inc. for professional services during the nine months ended September 30, 2023[121] - The Company paid $190,000 in fees to 1508586 Alberta Ltd. for professional services during the nine months ended September 30, 2023[121] Other Financial Metrics - The company's change in fair value of derivative liability was $5.80 million for the nine months ended September 30, 2023[52] - The company's loss on extinguishment of debt was $605,507 for the nine months ended September 30, 2023[52] - The company's amortization of debt discount was $873,776 for the nine months ended September 30, 2023[52] - The company's depreciation, depletion, and amortization was $698,061 for the nine months ended September 30, 2023[52] - The company recorded a loss on the extinguishment of debt of $154,763 during the three-month period ended