Camber Energy, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Camber Energy, Inc. filed its 2023 10-K, reporting $500 million in revenue and $44.8 million in net income.</b>

AI Summary

CAMBER ENERGY, INC. (CEIN) filed a Annual Report (10-K) with the SEC on March 25, 2024. Camber Energy, Inc. reported total assets of $119,301,921 for the fiscal year ended December 31, 2023. The company's net income for the fiscal year ended December 31, 2023, was $44,852,611. Total debt for Camber Energy, Inc. was $2,075 as of December 31, 2023. Revenue for the fiscal year ended December 31, 2023, was $500,000,000. Operating margin for the fiscal year ended December 31, 2023, was 0.001%.

Why It Matters

For investors and stakeholders tracking CAMBER ENERGY, INC., this filing contains several important signals. The filing details the company's financial performance and position as of December 31, 2023, providing investors with crucial information for evaluating the business. Key financial metrics such as total assets, net income, and revenue are disclosed, allowing for an assessment of the company's operational success and financial health over the past fiscal year.

Risk Assessment

Risk Level: medium — CAMBER ENERGY, INC. shows moderate risk based on this filing. The company's financial statements and disclosures in this 10-K filing are critical for understanding its current financial health and operational performance, which can be complex and subject to market fluctuations in the oil and gas sector.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to assess Camber Energy's financial stability and future prospects.

Financial Highlights

debt To Equity

N/A

revenue

500000000

operating Margin

0.001

total Assets

119301921

total Debt

2075

net Income

44852611

eps

N/A

gross Margin

0.001

cash Position

N/A

revenue Growth

N/A

Key Numbers

• 500000000 — Revenue (Fiscal year ended December 31, 2023)
• 44852611 — Net Income (Fiscal year ended December 31, 2023)
• 119301921 — Total Assets (As of December 31, 2023)
• 2075 — Total Debt (As of December 31, 2023)
• 0.001 — Operating Margin (Fiscal year ended December 31, 2023)
• 0.001 — Gross Margin (Fiscal year ended December 31, 2023)

Key Players & Entities

• CAMBER ENERGY, INC. (company) — Filer name
• 10-K (filing) — Form type
• 20231231 (date) — Fiscal year end
• 20240325 (date) — Filing date
• 15915 KATY FREEWAY SUITE 450 (address) — Business address
• HOUSTON (location) — Business address city
• TX (location) — Business address state
• 77094 (postal_code) — Business address zip

FAQ

Risk Factors

• Collectability of Accounts Receivable [medium — financial]: The company recorded a reserve of $1,800,000 for uncollectable accounts receivable related to the disposals of Ichor Energy, LLC, and Elysium Energy, LLC during the three months ended March 31, 2022.

Key Financial Figures

• $0.001 — nge on which registered Common Stock, $0.001 par value CEI NYSE American Securi
• $0.64 — ice of the registrant's common stock of $0.64 per share on such date. Shares of the r
• $7,958,159 — "), a Canadian federal corporation, for $7,958,159 in cash. Simson-Maxwell manufactures an
• $515,000 — -producing wells, for gross proceeds of $515,000. On December 1, 2023, a subsidiary of P
• $250,000 — ucing oil well in Texas for proceeds of $250,000. The Company recorded a net gain on the
• $854,465 — these two transactions in the amount of $854,465, as follows: Proceeds from sale (net o
• $50,000 — he refund of a cash performance bond of $50,000. The refund, net of fees, is included i
• $3,590,000 — d 1 inactive well, to third parties for $3,590,000 in cash. The proceeds from the sale wer
• $8,961,705 — oss on the transaction in the amount of $8,961,705, as follows: Proceeds from sale $ 3,5
• $1,200,000 — y received an unanticipated refund of a $1,200,000 performance bond as a result of Petrodo
• $10,000 — s H Preferred Stock has a face value of $10,000 per share, is convertible into a certai
• $15 m — shares of Series C Preferred Stock for $15 million, at a 5% original issue discount

Filing Documents

• cei_10k.htm (10-K) — 2396KB
• cei_ex41.htm (EX-4.1) — 73KB
• cei_ex211.htm (EX-21.1) — 7KB
• cei_ex231.htm (EX-23.1) — 2KB
• cei_ex232.htm (EX-23.2) — 3KB
• cei_ex311.htm (EX-31.1) — 13KB
• cei_ex312.htm (EX-31.2) — 13KB
• cei_ex321.htm (EX-32.1) — 5KB
• cei_ex322.htm (EX-32.2) — 5KB
• cei_ex971.htm (EX-97.1) — 30KB
• cei_ex991.htm (EX-99.1) — 8KB
• cei_ex991img32.jpg (GRAPHIC) — 327KB
• cei_ex971img5.jpg (GRAPHIC) — 3KB
• cei_ex991img26.jpg (GRAPHIC) — 73KB
• cei_ex991img27.jpg (GRAPHIC) — 276KB
• cei_ex991img28.jpg (GRAPHIC) — 335KB
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• cei_ex991img30.jpg (GRAPHIC) — 329KB
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• cei_ex991img34.jpg (GRAPHIC) — 323KB
• cei_ex971img4.jpg (GRAPHIC) — 2KB
• cei_ex991img35.jpg (GRAPHIC) — 316KB
• cei_10kimg8.jpg (GRAPHIC) — 3KB
• cei_10kimg6.jpg (GRAPHIC) — 5KB
• cei_10kimg1.jpg (GRAPHIC) — 6KB
• cei_ex232img2.jpg (GRAPHIC) — 4KB
• cei_ex991img38.jpg (GRAPHIC) — 152KB
• cei_ex991img37.jpg (GRAPHIC) — 161KB
• cei_ex991img36.jpg (GRAPHIC) — 139KB
• cei_ex991img33.jpg (GRAPHIC) — 320KB
• 0001477932-24-001445.txt (&nbsp;) — 14423KB
• cei-20231231.xsd (EX-101.SCH) — 102KB
• cei-20231231_lab.xml (EX-101.LAB) — 507KB
• cei-20231231_cal.xml (EX-101.CAL) — 78KB
• cei-20231231_pre.xml (EX-101.PRE) — 451KB
• cei-20231231_def.xml (EX-101.DEF) — 297KB
• cei_10k_htm.xml (XML) — 1668KB

Business

Business 5 ITEM 1A.

Risk Factors

Risk Factors 13 ITEM 1C Cybersecurity 33 ITEM 2.

Properties

Properties 34 ITEM 3.

Legal Proceedings

Legal Proceedings 36 ITEM 4. Mine Safety Disclosures 36 PART II ITEM 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 37 ITEM 6.

Selected Financial Data

Selected Financial Data 43 ITEM 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 43 ITEM 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 53 ITEM 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 54 ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 57 ITEM 9A.

Controls and Procedures

Controls and Procedures 57 ITEM 9B. Other Information 58 PART III ITEM 10. Directors, Executive Officers and Corporation Governance 59 ITEM 11.

Executive Compensation

Executive Compensation 66 ITEM 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 68 ITEM 13. Certain Relationships and Related Transactions, and Director Independence 69 ITEM 14. Principal Accounting Fees and Services 70 PART IV ITEM 15. Exhibits, Financial Statement Schedules 71 ITEM 16. Form 10–K Summary 71

SIGNATURES

SIGNATURES 72 2 Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Report on Form 10-K (this " Report ") contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are generally located in the material set forth under the headings " Risk Factors ", " Mana g ement's Discussion and Analysis of Financial Condition and Results of Operations ", " Business ", and " Properties " but may be found in other locations as well. These forward-looking statements are subject to risks and uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from the results, performance or achievements expressed or implied by the forward-looking statements. You should not unduly rely on these statements. Factors, risks, and uncertainties that could cause actual results to differ materially from those in the forward-looking statements include, among others: The availability of funding and the terms of funding; Our ability to integrate and realize the benefits from future acquisitions that we may complete and the costs of such integrations; Significant dilution caused by the conversion of Series C Preferred Stock into common stock, as well as downward pressure on our stock price as a result of the sale of such common shares; Our growth strategies; Anticipated trends in our business; Our ability to repay outstanding loans and satisfy our outstanding liabilities; Market conditions in the oil and gas industry; The timing, cost and procedure for future acquisitions; The impact of government regulation; Estimates regarding future net revenues from oil and natural gas reserves and the present value thereof; Legal proceedings and/or the outcome of and/or negative perceptions associated therewith; Planned capital expenditures (including the amount and nature thereof); Our ability to maintain our NYSE listing;

BUSINESS

ITEM 1. BUSINESS. Camber Energy, Inc. ("Camber", the "Company", "we", "us" or "our") is a growth-oriented diversified energy company. Through our majority-owned subsidiaries we provide custom energy and power solutions to commercial and industrial clients in North America, and have a majority interest in: (i) an entity with intellectual property rights to a fully developed, patented, proprietary Medical and Bio-Hazard Waste Treatment system using Ozone Technology; and (ii) entities with the intellectual property rights to fully developed, patented and patent pending, proprietary Electric Transmission and Distribution Open Conductor Detection Systems. Also, we hold a license to a patented clean energy and carbon-capture system with exclusivity in Canada and for multiple locations in the United States. Various of our other subsidiaries own interests in oil properties in the United States. The Company is also exploring other renewable energy-related opportunities and/or technologies, which are currently generating revenue, or have a reasonable prospect of generating revenue within a reasonable period of time. Custom Energy and Power Solutions: Simson-Maxwell Acquisition On August 6, 2021, Viking acquired approximately 60.5% of the issued and outstanding shares of Simson-Maxwell Ltd. ("Simson-Maxwell"), a Canadian federal corporation, for $7,958,159 in cash. Simson-Maxwell manufactures and supplies power generation products, services and custom energy solutions. Simson-Maxwell provides commercial and industrial clients with efficient, flexible, environmentally responsible and clean-tech energy systems involving a wide variety of products, including CHP (combined heat and power), tier 4 final diesel and natural gas industrial engines, solar, wind and storage. Simson-Maxwell also designs and assembles a complete line of electrical control equipment including switch gear, synchronization and paralleling gear, distribution, Bi-Fuel and complete power generation produ

View Full Filing

View this 10-K filing on SEC EDGAR