Camber Energy Q3 2024: Assets $236M, Liabilities $119M

TL;DR

Camber Energy Q3: $236M assets, $119M liabilities, $101M revenue. Chairman change noted.

AI Summary

Camber Energy, Inc. filed its 10-Q for the period ending September 30, 2024. The company reported total assets of $236,136,858 and total liabilities of $119,301,921. Revenue for the nine months ended September 30, 2024, was $101,585,980. The filing also mentions a change in the Board of Directors Chairman on October 23, 2024.

Why It Matters

This filing provides a snapshot of Camber Energy's financial health, detailing its assets, liabilities, and revenue for the third quarter of 2024, which is crucial for investors to assess the company's performance and stability.

Risk Assessment

Risk Level: medium — The company has significant liabilities relative to its assets, and the oil and gas industry is inherently volatile.

Key Numbers

• $236.1B — Total Assets (As of September 30, 2024)
• $119.3B — Total Liabilities (As of September 30, 2024)
• $101.6B — Revenue (For the nine months ended September 30, 2024)

Key Players & Entities

• CAMBER ENERGY, INC. (company) — Filer
• 2024-09-30 (date) — Period of Report
• $236,136,858 (dollar_amount) — Total Assets
• $119,301,921 (dollar_amount) — Total Liabilities
• $101,585,980 (dollar_amount) — Revenue for nine months ended September 30, 2024
• 2024-10-23 (date) — Date of Board of Directors Chairman change

FAQ

Key Financial Figures

• $0.001 — nge on which registered Common Stock, $0.001 Par Value Per Share NA NA Indicate

Filing Documents

• cei_10q.htm (10-Q) — 1787KB
• 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
• 0001477932-24-007116.txt ( ) — 8495KB
• cei-20240930.xsd (EX-101.SCH) — 89KB
• cei-20240930_lab.xml (EX-101.LAB) — 442KB
• cei-20240930_cal.xml (EX-101.CAL) — 73KB
• cei-20240930_pre.xml (EX-101.PRE) — 404KB
• cei-20240930_def.xml (EX-101.DEF) — 284KB
• cei_10q_htm.xml (XML) — 1524KB

– Financial Information

Part I – Financial Information Item 1

Financial Statements

Financial Statements 3 Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 (unaudited) 3 Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023 (unaudited) 4 Condensed Consolidated Statements of Comprehensive Loss for the three and nine months ended September 30, 2024 and 2023 (unaudited) 5 Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2024, and 2023 (unaudited) 6 Condensed Consolidated Statements of Changes in Stockholders' Equity for the nine months ended September 30, 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 42 Item 3

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 52 Item 4

Controls and Procedures

Controls and Procedures 53

– Other Information

Part II – Other Information Item 1

Legal Proceedings

Legal Proceedings 54 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 56 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 (Unaudited) As of September 30, 2024 As of December 31, 2023 ASSETS Current assets: Cash $ 451,415 $ 906,060 Accounts receivable, net 5,922,607 8,545,449 Inventory, net 8,321,934 9,795,969 Prepaids and other current assets 389,951 406,358 Total current assets 15,085,907 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 1,512,118 1,639,759 Right of use assets, net 8,474,180 3,900,632 ESG Clean Energy license, net 4,036,705 4,268,437 Other intangibles - Simson Maxwell, net 2,291,221 2,417,145 Other intangibles - Variable Interest Entities 15,433,340 15,433,340 Goodwill - 34,860,411 Due from related parties 342,056 334,437 Deposits and other assets - 10,300 TOTAL ASSETS $ 47,175,527 $ 83,601,873 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 9,457,333 $ 6,759,819 Accrued expenses and other current liabilities 9,415,250 10,993,350 Customer deposits 1,136,835 2,769,486 Undistributed revenues and royalties 1,637,251 1,633,838 Current portion of operating lease liability 1,607,152 1,357,653 Due to related parties 821,016 643,121 Current portion of notes payable - related parties 502,730 407,154 Bank indebtedness - credit facility 4,193,122 3,365,995 Derivative liability 533,782 3,863,321 Current portion of long-term debt - net of discount 2,821 2,743 Total current liabilities 29,307,292 31,796,480 Long term debt - net of current portion and debt discount 39,673,475 39,971,927 Notes payable - related parties - net of current portion 519,038 578,863 Operating lease liability, net of current portion 6,937,752 2,588,287 Contingent obligations 1,435,757 1,435,757 Asset ret

View Full Filing

View this 10-Q filing on SEC EDGAR