Camber Energy, Inc. Files Q1 2024 10-Q Report

TL;DR

<b>Camber Energy, Inc. filed its Q1 2024 10-Q report detailing financial performance and business activities.</b>

AI Summary

CAMBER ENERGY, INC. (CEIN) filed a Quarterly Report (10-Q) with the SEC on May 10, 2024. Camber Energy, Inc. reported its Q1 2024 financial results on May 10, 2024. The company's fiscal year ends on December 31st. The filing covers the period from January 1, 2024, to March 31, 2024. Key financial figures such as revenue, net income, and EPS are detailed in the report. The report includes information on various business segments and financial instruments.

Why It Matters

For investors and stakeholders tracking CAMBER ENERGY, INC., this filing contains several important signals. This filing provides investors with the latest quarterly financial data, enabling them to assess the company's performance and financial health. Understanding the details within this 10-Q is crucial for making informed investment decisions regarding Camber Energy.

Risk Assessment

Risk Level: medium — CAMBER ENERGY, INC. shows moderate risk based on this filing. The company has a history of financial challenges and complex capital structures, as indicated by the various preferred stock series and past name changes, suggesting ongoing financial risks.

Analyst Insight

Investors should carefully review the financial statements and risk factors in this 10-Q to understand Camber Energy's current financial position and future prospects.

Key Numbers

• 2024-03-31 — Period End Date (Quarterly report period)
• 2024-05-10 — Filing Date (Date the report was filed)
• 1231 — Fiscal Year End (Company's fiscal year end date)
• 001-32508 — SEC File Number (SEC file number for Camber Energy)

Key Players & Entities

• CAMBER ENERGY, INC. (company) — Filer name
• 10-Q (regulator) — Form type
• 2024-03-31 (date) — Period of report
• 2024-05-10 (date) — Filing date
• 1311 (other) — Standard Industrial Classification for Crude Petroleum & Natural Gas
• HOUSTON (location) — Business address city
• TX (location) — Business address state
• LUCAS ENERGY, INC. (company) — Former company name

FAQ

Risk Factors

• Subsequent Events [medium — financial]: The company has engaged in several significant financing and corporate actions after the reporting period, including preferred stock issuances and redemptions, which could impact its capital structure and financial obligations.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-05-10: Filing Date — Date the 10-Q report was officially filed with the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC), that gives a comprehensive overview of a company's financial performance. (Provides investors with timely updates on the company's financial health and operational progress.)

Preferred Stock

Stock that has special rights or privileges over common stock. (Understanding preferred stock is key to analyzing Camber Energy's complex capital structure and potential dilution.)

Key Financial Figures

• $0.001 — nge on which registered Common Stock, $0.001 Par Value Per Share CEI NYSE Americ
• $10,000 — s H Preferred Stock has a face value of $10,000 per share, is convertible into a certai

Filing Documents

• cei_10q.htm (10-Q) — 1324KB
• cei_ex311.htm (EX-31.1) — 9KB
• cei_ex312.htm (EX-31.2) — 9KB
• cei_ex321.htm (EX-32.1) — 4KB
• cei_ex322.htm (EX-32.2) — 4KB
• 0001477932-24-002701.txt (&nbsp;) — 7673KB
• cei-20240331.xsd (EX-101.SCH) — 88KB
• cei-20240331_lab.xml (EX-101.LAB) — 425KB
• cei-20240331_cal.xml (EX-101.CAL) — 72KB
• cei-20240331_pre.xml (EX-101.PRE) — 398KB
• cei-20240331_def.xml (EX-101.DEF) — 282KB
• cei_10q_htm.xml (XML) — 1380KB

– Financial Information

Part I – Financial Information Item 1

Financial Statements

Financial Statements 3 Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 (unaudited) 3 Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 (unaudited) 4 Condensed Consolidated Statements of Comprehensive Loss for the three months ended March 31, 2024 and 2023 (unaudited) 5 Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024, and 2023 (unaudited) 6 Condensed Consolidated Statements of Changes in Stockholders' Equity for the three months ended March 31, 2024 and 2023 (unaudited) 7 Notes to Condensed Consolidated Financial Statements (unaudited) 9 Item 2

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 44 Item 3

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 54 Item 4

Controls and Procedures

Controls and Procedures 54

– Other Information

Part II – Other Information Item 1

Legal Proceedings

Legal Proceedings 55 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 56 Item 3 Defaults Upon Senior Securities 56 Item 4 Mine Safety Disclosures 56 Item 5 Other Information 57 Item 6 Exhibits 58 2 Table of Contents

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS CAMBER ENERGY, INC. Condensed Consolidated Balance Sheets As of March 31, 2024 As of December 31, 2023 (unaudited) (unaudited) ASSETS Current assets: Cash $ 407,705 $ 906,060 Accounts receivable, net 5,307,202 8,545,449 Inventory 9,248,846 9,795,969 Prepaids and other current assets 604,346 406,358 Total current assets 15,568,099 19,653,836 Oil and gas properties, full cost method Proved oil and gas properties, net - 1,083,576 Total oil and gas properties, net - 1,083,576 Fixed assets, net 1,616,824 1,639,759 Right of use assets, net 3,972,292 3,900,632 ESG Clean Energy license, net 4,191,475 4,268,437 Other intangibles - Simson Maxwell, net 2,375,324 2,417,145 Other intangibles - Variable Interest Entities 15,433,340 15,433,340 Goodwill 52,970,485 52,970,485 Due from related parties 341,397 334,437 Deposits and other assets - 10,300 TOTAL ASSETS $ 96,469,236 $ 101,711,947 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 8,413,983 $ 6,759,819 Accrued expenses and other current liabilities 7,435,015 10,993,350 Customer deposits 1,780,890 2,769,486 Undistributed revenues and royalties 1,633,409 1,633,838 Current portion of operating lease liability 1,316,339 1,357,653 Due to related parties 819,801 643,121 Current portion of notes payable - related parties 408,031 407,154 Bank indebtedness - credit facility 3,927,188 3,365,995 Derivative liability 4,077,500 3,863,321 Current portion of long-term debt - net of discount 2,769 2,743 Total current liabilities 29,814,925 31,796,480 Long term debt - net of current portion and debt discount 40,854,502 39,971,927 Notes payable - related parties - net of current portion 541,532 578,863 Operating lease liability, net of current portion 2,701,346 2,588,287 Contingent obligations 1,435,757 1,

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View this 10-Q filing on SEC EDGAR