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Cover - USD ($)	12 Months Ended
Cover - USD ($)	Mar. 31, 2020	Jun. 24, 2020	Sep. 30, 2019
Cover
Entity Registrant Name	CAMBER ENERGY, INC.
Entity Central Index Key	0001309082
Document Type	10-K
Document Period End Date	Mar. 31, 2020
Entity File Number	001-32508
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Entity Well Known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Reporting Status Current	Yes
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	NV
Entity Smaller Reporting Company	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity Public Float			$ 8,388,256
Entity Common Stock, Shares Outstanding		12,455,929
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2020

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CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2020	Mar. 31, 2019
Current Assets
Cash	$ 656,615	$ 7,778,723
Accounts Receivable, Net of Allowance	255,363	129,037
Other Current Assets	220,682	263,205
Total Current Assets	1,132,660	8,170,965
Property and Equipment
Oil and Gas Properties - Subject to Amortization	50,443,883	50,528,953
Oil and Gas Properties - Not Subject to Amortization	28,016,989	28,016,989
Other Property and Equipment	1,570	1,570
Total Property and Equipment	78,462,442	78,547,512
Accumulated Depletion, Depreciation, Amortization and Impairment	(78,351,825)	(78,334,324)
Total Property and Equipment, Net	110,617	213,188
Equity Method Investment - Elysium Energy, LLC	957,169
Notes Receivable	7,339,719
Other Assets	155,053	198,519
Total Assets	9,695,218	8,582,672
Current Liabilities
Accounts Payable	1,474,221	1,521,329
Common Stock Payable	173,000	303,340
Accrued Expenses	348,460	276,133
Current Asset Retirement Obligations	30,227	0
Current Income Taxes Payable	3,000	3,000
Total Current Liabilities	2,028,908	2,103,802
Asset Retirement Obligations	41,523	303,809
Derivative Liability		5
Total Liabilities	2,070,431	2,407,616
Stockholders' Equity (Deficit)
Common Stock, 25,000,000 Shares Authorized of $0.001 Par Value, 5,000,000 and 13,441 Shares Issued and Outstanding, respectively	5,000	13
Additional Paid-in Capital	144,815,627	152,251,623
Stock Dividends Distributable	15,878,926	8,141,843
Accumulated Deficit	(158,074,768)	(154,218,469)
Total Stockholders' Equity (Deficit)	2,624,787	6,175,056
Total Liabilities and Stockholders' Equity	9,695,218	8,582,672
Series B Preferred Stock [Member]
Stockholders' Equity (Deficit)
Preferred stock		44
Total Stockholders' Equity (Deficit)		44
Series C Preferred Stock [Member]
Temporary Equity
Preferred Stock Series C, 525 and 0 Shares Issued and Outstanding, Respectively, Liquidation Preference of $5,250,000	5,000,000
Stockholders' Equity (Deficit)
Preferred stock	2	2
Total Stockholders' Equity (Deficit)	$ 2	$ 2

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CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Mar. 31, 2020	Mar. 31, 2019
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized	250,000,000	250,000,000
Common stock, issued	5,000,000	13,441
Common stock, outstanding	5,000,000	13,441
Series A Preferred Stock [Member]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, authorized	2,000	2,000
Preferred stock, issued	0	0
Preferred stock, outstanding	0	0
Series B Preferred Stock [Member]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, authorized	600,000	600,000
Preferred stock, issued	0	44,000
Preferred stock, outstanding	0	44,000
Series C Preferred Stock [Member]
Preferred stock, issued	525	0
Preferred stock, outstanding	525	0
Preferred stock, liquidation preference	$ 5,250,000
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, authorized	5,000	5,000
Preferred stock, issued	2,294	2,305
Preferred stock, outstanding	2,294	2,305
Preferred stock, liquidation preference	$ 63,004,710	$ 63,004,710
Series D Preferred Stock [Member]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, authorized	50,000	50,000
Preferred stock, issued	0	0
Preferred stock, outstanding	0	0
Series E Preferred Stock [Member]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, authorized	1,000,000	1,000,000
Preferred stock, issued	0	0
Preferred stock, outstanding	0	0
Series F Preferred Stock [Member]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, authorized	16,750	16,750
Preferred stock, issued	0	0
Preferred stock, outstanding	0	0

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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	Mar. 31, 2020	Mar. 31, 2019
Operating Revenues
Total	$ 397,118	$ 2,742,102
Operating Expenses
Lease Operating Expenses	479,656	2,870,908
Severance and Property Taxes	14,440	132,993
Depreciation, Depletion, Amortization and Accretion	20,420	478,770
Impairment of Oil and Gas Properties	0	1,304,785
Gain on Sale of Property and Equipment		(25,808,246)
General and Administrative	4,909,871	5,152,766
Total	5,424,387	(15,868,024)
Operating Income (Loss)	(5,027,269)	18,610,126
Other Expense (Income)
Interest Expense	14,771	2,438,097
Equity in Earnings of Unconsolidated Entity	(957,169)
Other (Income) Expense, Net	(228,572)	(474,124)
Total Other Expense (Income)	(1,170,970)	1,963,973
Income (Loss) Before Income Taxes	(3,856,299)	16,646,153
Income Tax Benefit (Expense)		3,000
Net Income (Loss)	$ (3,856,299)	$ 16,643,153
Income (Loss) Per Common Share
Basic (in dollars per share)	$ (5.50)	$ 2,775.61
Diluted (in dollars per share)	$ (5.50)	$ 262.32
Weighted Average Number of Common Shares Outstanding
Basic (in shares)	2,109,622	3,951
Diluted (in shares)	2,109,622	41,805
Crude Oil Sales [Member]
Operating Revenues
Total	$ 296,036	$ 526,365
Natural Gas Sales [Member]
Operating Revenues
Total	37,049	772,105
Natural Gas Liquid Sales [Member]
Operating Revenues
Total	$ 64,033	$ 1,443,632

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CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) - USD ($)	Series C Preferred Stock [Member]	Series E Preferred Stock [Member]	Series F Preferred Stock [Member]	Series B Preferred Stock [Member]	Series C Preferred Stock [Member]	Common Stock [Member]	Additional Paid-In Capital [Member]	Stock Divided Distributable [Member]	Accumulated Deficit [Member]	Total
Balance, beginning at Mar. 31, 2018				$ 409	$ 1		$ 141,429,941	$ 2,467,910	$ (170,861,622)	$ (26,963,361)
Balance, beginning (in shares) at Mar. 31, 2018				408,508	1,132	184
Common Shares issued for:
Conversion of Series B to Common				$ (365)			365
Conversion of Series B to Common (in shares)				(364,508)		3
Conversion of Series C Preferred Stock						$ 4	(4)
Conversion of Series C Preferred Stock (in shares)					(404)	3,794
Rounding Adjustment for Split (in shares)						22
Payment of Series B Dividend							2,782	(2,782)
Share-Based Compensation							343,730			343,730
Conversion of Debenture						$ 9	917,095			917,104
Conversion of Debenture (in shares)						9,414
Issuance of Common Shares for Consulting Fees							234,430			234,430
Issuance of Common Shares for Consulting Fees (in shares)						14
Warrants - Abeyance (in shares)						10
Issuance of Series C Preferred Shares for Cash Proceeds					$ 1		14,999,999			15,000,000
Issuance of Series C Preferred Shares for Cash Proceeds (in shares)					1,577
Stock Dividends to be Issued							(5,676,715)	(5,676,715)
Net Income (Loss)									16,643,153	16,643,153
Balance, end at Mar. 31, 2019				$ 44	$ 2	$ 13	151,251,623	8,141,843	(154,218,469)	6,175,056
Balance, end (in shares) at Mar. 31, 2019				44,000	2,305	13,441
Cash Paid for Settlement of Series B Preferred Stock Warrants							(25,000)			(25,000)
Common Shares issued for:
Conversion of Series B to Common				$ (44)			44
Conversion of Series B to Common (in shares)				(44,000)
Conversion of Series C Preferred Stock						$ 4,899	(4,899)
Conversion of Series C Preferred Stock (in shares)					(11)	4,899,442
Conversion of Debenture - Abeyance						$ 29	(29)
Conversion of Debenture - Abeyance (in shares)						29,073
Rounding Adjustment for Split						$ 58	(58)
Rounding Adjustment for Split (in shares)						57,363
Payment of Series B Dividend							3	(3)
Payment for Consulting Fees						$ 1	331,029			331,030
Payment for Consulting Fees (in shares)						680
Issuance of Series E and F Preferred Stock		$ 18,701,000	$ 1,417,000
Issuance of Series E and F Preferred Stock (in shares)		1,000,000	16,750
Change in valuation of Series E and F Preferred Stock		$ (4,035,000)	$ 1,017,000
Redemption of Series E and F Preferred Stock		$ (14,666,000)	$ (2,434,000)
Redemption of Series E and F Preferred Stock (in shares)		(1,000,000)	(16,750)
Issuance of Series C Preferred Shares for Cash Proceeds	$ 5,000,000
Issuance of Series C Preferred Shares for Cash Proceeds (in shares)	525
Stock Dividends to be Issued							(7,737,086)	7,737,086
Net Income (Loss)									(3,856,299)	(3,856,299)
Balance, end at Mar. 31, 2020	$ 5,000,000				$ 2	$ 5,000	$ 144,815,627	$ 15,878,926	$ (158,074,768)	$ 2,624,787
Balance, end (in shares) at Mar. 31, 2020	525				2,294	5,000,000

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Mar. 31, 2020	Mar. 31, 2019
Cash Flows from Operating Activities
Net Income (Loss)	$ (3,856,299)	$ 16,643,153
Net Loss from Discontinued Operations
Net Income (Loss) from Continuing Operations	(3,856,299)	16,643,153
Adjustments to Reconcile Net Income (Loss) to Net Cash Used in Operating Activities:
Depreciation, Depletion, Amortization and Accretion	20,420	478,770
Impairment of Oil and Gas Properties	0	1,304,785
Share-Based Compensation	200,690	343,730
Amortization of Discount on Notes		1,499,647
Bad Debt Expense	17,694	190,365
Gain on Sale of Property and Equipment		(25,808,246)
Litigation Settlement - PetroGlobe	204,842
Change in Fair Value of Derivative Liability	(5)
Equity in Earnings of Unconsolidated Entity	(957,169)
Changes in Operating Assets and Liabilities:
Accounts Receivable	(144,020)	327,489
Other Current Assets	42,523	(34,472)
Accounts Payable and Accrued Expenses	(329,531)	(718,649)
Net Cash Used in Operating Activities from Continuing Operations	(4,800,855)	(5,773,428)
Net Cash Provided by Operating Activities from Discontinued Operations	1,212,391
Net Cash Used in Operating Activities	(3,588,464)	(5,773,428)
Investing Cash Flows
Cash paid for Oil and Gas Property Development Costs		(2,095,991)
Cash Acquired in Lineal Acquisition	449,763
Cash Disposed of in Connection with Lineal Redemption	(2,101,879)
Cash Paid for Issuance of Notes Receivable	(7,339,719)
Cash Proceeds from (Paid for) Deposits	43,466	(141,009)
Net Cash Provided by (Used in) Investing Activities from Operating Activities	(8,948,369)	(2,237,000)
Cash Used in Investing Activities from Discontinued Operations	(692,650)
Cash Used in Investing Activities	(9,641,019)	(2,237,000)
Financing Cash Flows
Proceeds from Issuance of Series C Preferred Stock	5,000,000	15,000,000
Cash Settlement of Preferred B Dividends	(25,000)
Net Cash Provided by Financing Activities from Continuing Operations	4,975,000	15,000,000
Cash Provided by Financing Activities from Discontinued Operations	1,132,375
Cash Provided by Financing Activities	6,107,375	15,000,000
(Decrease) Increase in Cash	(7,122,108)	6,989,572
Cash at Beginning of the Year	7,778,723	789,151
Cash at End of the Year	$ 656,615	$ 7,778,723

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ORGANIZATION AND OPERATIONS OF THE COMPANY

12 Months Ended

Mar. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

ORGANIZATION AND OPERATIONS OF THE COMPANY

Note 1 – Organization and Operations of the Company

Camber Energy, Inc. (“Camber” or the “Company”) is an independent oil and natural gas company engaged in the acquisition, development and sale of crude oil, natural gas and natural gas liquids from various known productive geological formations, including the Cline shale and upper Wolfberry shale in Glasscock County, Texas. Additionally, from the July 8, 2019 acquisition of Lineal Star Holdings, LLC (“Lineal”), until the divestiture of Lineal effective on December 31, 2019, each as discussed below, the Company, through Lineal, was involved in the oil and gas services industry.

On July 8, 2019, the Company acquired Lineal pursuant to the terms of an Agreement and Plan of Merger dated as of the same date (the “Lineal Plan of Merger” and the merger contemplated therein, the “Lineal Merger” or the “Lineal Acquisition”), by and between Lineal, Camber, Camber Energy Merger Sub 2, Inc., Camber’s wholly-owned subsidiary, and the Members of Lineal (the “Lineal Members”). Lineal is a specialty construction and oil and gas services enterprise providing services to the energy industry. Pursuant to the Lineal Plan of Merger, Camber acquired 100% of the ownership of Lineal from the Lineal Members in consideration for newly issued shares of Series E Redeemable Convertible Preferred Stock (“Series E Preferred Stock”) and Series F Redeemable Preferred Stock (“Series F Preferred Stock”). See also “Note 12 - Merger Agreement and Divestiture”. On October 8, 2019, Lineal acquired an 80% interest in Evercon Energy LLC (“Evercon”). The acquisition required Lineal to assume certain liabilities and provide working capital for a period of six months in the amount of $50,000 per month to Evercon. As part of the Lineal Divestiture, described below, Evercon was divested effective December 31, 2019.

On December 31, 2019, the Company entered into a Preferred Stock Redemption Agreement (the “Redemption Agreement”) by and between the Company and Lineal, whereby the Company redeemed the Company’s Series E and F Preferred Stock (the holders of such preferred stock, collectively, the “Preferred Holders”) issued in connection with the Lineal Merger. Pursuant to the Redemption Agreement, effective as of December 31, 2019, ownership of 100% of Lineal was transferred back to the Preferred Holders, and, all of the Series E Preferred Stock and Series F Preferred Stock of the Company outstanding were cancelled through the redemption (the “Lineal Divestiture”). See also “Note 12 - Merger Agreement and Divestiture”.

Prior to the acquisition of Lineal, the Company sold a significant portion of its oil and gas production assets in Oklahoma to N&B Energy, LLC (“N&B Energy”) effective August 1, 2018 (see further discussion in “Note 2 – Liquidation and Going Concern Considerations”). Additionally, as part of the sale of its assets to N&B Energy, the Company also retained a 12.5% production payment (effective until a total of $2.5 million has been received) and a 3% overriding royalty interest, in its then existing Okfuskee County, Oklahoma assets; and an overriding royalty interest on certain other undeveloped leasehold interests, pursuant to an Assignment of Production Payment and Assignments of Overriding Royalty Interests. No payments were received in regard to any of the retained items noted above through March 31, 2020 and the filing date of these financial statements.

Camber retained its assets in Glasscock County and operated wells in Hutchinson County, Texas until completion of the Settlement Agreement discussed below.

On January 31, 2020, the Company entered into a Compromise Settlement Agreement (the “Settlement Agreement”) with PetroGlobe Energy Holdings, LLC (“PetroGlobe”), Signal Drilling, LLC (“Signal”), Petrolia Oil, LLC (“Petrolia”), Prairie Gas Company of Oklahoma, LLC (“PGCO”), and Canadian River Trading Company, LLC (“CRTC”). Pursuant to the Settlement Agreement, the Company agreed to pay PetroGlobe $250,000, of which $100,000 was due upon execution of the Settlement Agreement, which payment has been made, and $150,000 was paid to an escrow account, which will be released by the Company upon the successful transfer of all wells and partnership interests of the Company’s prior wholly-owned subsidiary C E Energy LLC (“CE”) to PetroGlobe which is expected to occur shortly. CE operates all of the wells and leases which we held prior to such transfer which are located in Hutchinson County, Texas. See also “Note 10 – Commitments and Contingencies” – “Legal Proceedings”.

On February 3, 2020, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Viking Energy Group, Inc. (“Viking”). Pursuant to the Merger Agreement, at the effective time of the Merger (the “Effective Time”), each share of common stock of Viking (the “Viking Common Stock”) issued and outstanding, other than certain shares owned by the Company, Viking and Merger Sub, will be converted into the right to receive the pro rata share of 80% of the Company’s post-closing capitalization, subject to certain adjustment mechanisms discussed in the Merger Agreement (and excluding shares issuable upon conversion of the Series C Preferred Stock of the Company). Holders of Viking Common Stock will have any fractional shares of Company common stock after the Merger rounded up to the nearest whole share. The completion of the Merger is subject to certain closing conditions. A further requirement to the closing of the Merger was that the Company was required to have acquired 25% of Viking’s subsidiary Elysium Energy, LLC (“Elysium”) as part of a $5,000,000 investment in Viking’s Rule 506(c) offering, which transaction was completed on February 3, 2020. See also “Note 5 – Plan of Merger and Investment in Unconsolidated Entity”.

On March 1, 2018, the Company filed a Certificate of Amendment to the Company’s Articles of Incorporation with the Secretary of State of Nevada to affect a 1-for-25 reverse stock split of all outstanding common stock shares of the Company. The reverse stock split was effective on March 5, 2018. The effect of the reverse stock split was to combine every 25 shares of outstanding common stock into one new share, with no change in authorized shares or par value per share. On December 20, 2018, the Company filed a Certificate of Change with the Secretary of State of Nevada to affect another 1-for-25 reverse stock split of the Company’s (a) authorized shares of common stock (from 500,000,000 shares to 20,000,000 shares); and (b) issued and outstanding shares of common stock. The reverse stock split was effective on December 24, 2018. The effect of the reverse stock split was to combine every 25 shares of outstanding common stock into one new share, with a proportionate 1-for-25 reduction in the Company’s authorized shares of common stock, but no change in the par value per share of the common stock. Effective on April 10, 2019, the Company filed, with the Secretary of State of Nevada, a Certificate of Amendment to the Company’s Articles of Incorporation to increase the number of the Company’s authorized shares of common stock, $0.001 per value per share, from 20,000,000 shares to 250,000,000 shares. On July 3, 2019, the Company filed a Certificate of Amendment to the Company’s Articles of Incorporation with the Secretary of State of Nevada to affect another 1-for-25 reverse stock split of all outstanding common stock shares of the Company. The reverse stock split was effective on July 8, 2019. The effect of the reverse stock split was to combine every 25 shares of outstanding common stock into one new share, with no change in authorized shares (250,000,000 shares of common stock) or par value per share. On October 28, 2019, the Company filed a Certificate of Change with the Secretary of State of Nevada to affect a 1-for-50 reverse stock split of the Company’s (a) authorized shares of common stock (from 250,000,000 shares to 5,000,000 shares); and (b) issued and outstanding shares of common stock. The reverse stock split was effective on October 29, 2019. The effect of the reverse stock split was to combine every 50 shares of outstanding common stock into one new share, with a proportionate 1-for-50 reduction in the Company’s authorized shares of common stock, but with no change in the par value per share of the common stock. The result of the reverse stock split was to reduce, as of the effective date of the reverse stock split, the number of common stock shares outstanding from approximately 74.5 million shares to approximately 1.5 million shares (prior to rounding). Effective on April 16, 2020, Camber filed a Certificate of Amendment to its Articles of Incorporation to increase its authorized shares of common stock to 25 million shares of common stock.

Proportional adjustments were made to the conversion and exercise prices of the Company’s outstanding convertible preferred stock, warrants and stock options, and to the number of shares issued and issuable under the Company’s stock incentive plans in connection with each of the reverse splits described above. The reverse stock splits did not affect any stockholder’s ownership percentage of the Company’s common stock, except to the limited extent that the reverse stock splits resulted in any stockholder owning a fractional share. Fractional shares of common stock were rounded up to the nearest whole share based on each holder’s aggregate ownership of the Company. All issued and outstanding shares of common stock, conversion terms of preferred stock, options and warrants to purchase common stock and per share amounts contained in the financial statements, in accordance with Staff Accounting Bulletin (SAB) TOPIC 4C, have been retroactively adjusted to reflect the reverse splits for all periods presented.

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LIQUIDITY AND GOING CONCERN CONSIDERATIONS

12 Months Ended

Mar. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

LIQUIDITY AND GOING CONCERN CONSIDERATIONS

Note 2 – Liquidity and Going Concern Considerations

At March 31, 2020, the Company’s total current assets of $1.1 million were less than its total current liabilities of approximately $2.0 million, resulting in a working capital deficit of $0.9 million, while at March 31, 2019, the Company’s total current assets of $8.2 million exceeded its total current liabilities of approximately $2.1 million, resulting in working capital of $6.1 million. The reduction from working capital of $6.1 million to a working capital deficit of $0.9 million is due to losses from continuing operations, costs incurred with the Lineal merger and ultimate divestiture with Lineal as discussed below under “Note 12 - Merger Agreement and Divestiture”, and $7.3 million of advances on long-term notes receivable relating to amounts loaned to Lineal and advanced to Viking, as discussed in greater detail above under “Note 1 - Organization and Operations of the Company”.

Additionally, recent oil and gas price volatility as a result of geopolitical conditions and the global COVID-19 pandemic have already had, and are expected to continue to have a negative impact on the Company’s financial position and results of operations. Negative impacts could include, but are not limited to, the Company’s ability to sell its oil and gas production, reduction in the selling price of the Company’s oil and gas, failure of a counterparty to make required payments, possible disruption of production as a result of worker illness or mandated production shutdowns or ‘stay-at-home’ orders, and access to new capital and financing.

The factors above raise substantial doubt about the Company’s ability to continue to operate as a going concern for the twelve months following the issuance of these financial statements. The Company believes that it may not have sufficient liquidity to meet its operating costs unless it can raise new funding, which may be through the sale of debt or equity or unless it closes the Viking Merger (discussed below), which is the Company’s current plan, which Merger is anticipated to close in the third calendar quarter of 2020, and which required closing date is currently September 30, 2020, but can be extended until up to December 31, 2020, pursuant to certain conditions in the Merger Agreement. There is no guarantee though that the Viking merger will be completed or other sources of funding be available. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

The Company had no secured debt outstanding as of March 31, 2020.

During the years ended March 31, 2020 and 2019, the Company sold 525 shares and 1,577 shares, respectively, of Series C Preferred Stock pursuant to the terms of various Stock Purchase Agreements, for total proceeds of $5 million and $15 million, respectively.

N&B Energy Asset Disposition Agreement

On July 12, 2018, the Company entered into an Asset Purchase Agreement (as amended by the First Amendment to the Sale Agreement dated August 3, 2018 and the Second Amendment to Sale Agreement dated September 24, 2018, the “Sale Agreement”), as seller, with N&B Energy as purchaser, which entity is affiliated with Richard N. Azar II, the Company’s former Chief Executive Officer and former director (“Azar”), and Donnie B. Seay, the Company’s former director (“Seay”). Pursuant to the Sale Agreement, the Company agreed to sell to N&B Energy a substantial portion of its assets, including all of the assets acquired pursuant to the terms of the December 31, 2015 Asset Purchase Agreement and certain other acquisitions, other than the production payment and overriding royalty interests discussed below (the “Disposed Assets”). In consideration for the Disposed Assets, N&B Energy agreed to pay the Company $100 in cash to assume the Company’s liabilities and contractual obligations in connection with the Disposed Assets (including lease and bonus payments), to assume all of the Company’s obligations and debt owed under its outstanding loan agreement with International Bank of Commerce (“IBC Bank”), which had a then outstanding principal balance of approximately $36.9 million and the other parties agreed to enter into a settlement agreement.

Assumption Agreement

On September 26, 2018, the Company entered into an Assumption Agreement (the “Assumption Agreement”) with IBC Bank; CE Operating, LLC, the Company’s wholly-owned subsidiary (“CE Operating”), which became a party to the Sale Agreement pursuant to the second amendment thereto; N&B Energy; Azar; RAD2 Minerals, Ltd., an entity owned and controlled by Azar (“RAD2”); Seay; and DBS Investments, Ltd., an entity owned and controlled by Seay. Azar, Seay, RAD2, and DBS are collectively referred to as the “Guarantors”.

Pursuant to the Assumption Agreement, N&B Energy agreed to assume all of the Company’s liabilities and obligations owed to IBC Bank and IBC Bank approved the transactions contemplated by the Sale Agreement and the assumption by N&B Energy of all of the amounts and liabilities which the Company owed to IBC Bank (collectively, the “IBC Obligations”). Finally, pursuant to the Assumption Agreement, IBC Bank released and forever discharged the Company and CE Operating and each of their current and former officers, directors, and stockholders, from all covenants, agreements, obligations, claims and demands of any kind, whether in law or at equity, which IBC Bank then had, arising out of or related to the amounts which the Company owed to IBC Bank under the Note, Loan Agreement or mortgages and/or under such documents or agreements, and further agreed to release the lien which IBC Bank then held on certain of the Company’s properties located in west Texas.

N&B Energy Sale Agreement Closing

On September 26, 2018, the transactions contemplated by the Sale Agreement closed and N&B Energy assumed all of the IBC Obligations (pursuant to the Assumption Agreement described above) and paid the Company $100 in cash, and the Company transferred ownership of the Assets to N&B Energy.

Notwithstanding the sale of the Assets, the Company retained its assets in Glasscock and Hutchinson Counties, Texas and also retained a 12.5% production payment (effective until a total of $2.5 million has been received) and a 3% overriding royalty interest, in its prior Okfuskee County, Oklahoma assets; and retained an overriding royalty interest on certain other undeveloped leasehold interests, pursuant to an Assignment of Production Payment and Assignment of Overriding Royalty Interests.

The effective date of the Sale Agreement was August 1, 2018. The Assets were assigned “as is” with all faults.

As a result of the Assumption Agreement and the Sale Agreement, the Company reduced its liabilities by $37.9 million and its assets by approximately $12.1 million.

The following table summarizes the net assets sold and gain recognized in connection with the Assumption Agreement and Sale Agreement:

	Transaction Summary
Assumption of IBC Bank Loan	$	36,943,617
Assumption of ARO Liability		699,536
Assumption of Capital Lease Obligations and Other		287,074
Cash Received at Closing		100
Oil and Gas Properties Transferred		(12,122,081	)
Total Gain on Sale	$	25,808,246

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Mar. 31, 2020

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Note 3 – Summary of Significant Accounting Policies

Principles of Consolidation

The financial statements of Camber Energy include the accounts of its wholly-owned subsidiaries, Camber Permian LLC, a Texas limited liability company, which is wholly-owned, CE Operating, LLC, an Oklahoma limited liability company, which is wholly-owned, and C E Energy LLC, a Texas limited liability company, which is wholly-owned, and which will be assigned to PetroGlobe shortly after the date of this report, as discussed below under “Note 10 – Commitments and Contingencies” – “Legal Proceedings”. All material intercompany accounts and transactions have been eliminated in consolidation.

Reclassifications

Certain reclassifications have been made to the prior year financial statements to conform them with the current year presentation. These reclassifications had no effect on the reported results of operations.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Camber’s financial statements are based on a number of significant estimates, including oil and natural gas reserve quantities which are the basis for the calculation of depreciation, depletion and impairment of oil and natural gas properties, and timing and costs associated with its asset retirement obligations, as well as those related to the fair value of stock options, stock warrants and stock issued for services. While the Company believes that its estimates and assumptions used in preparation of the financial statements are appropriate, actual results could differ from those estimates.

Cash and Cash Equivalents

Cash and cash equivalents include cash in banks and financial instruments which mature within three months of the date of purchase. The Company maintains cash and cash equivalents in bank deposit accounts, which at times may exceed federally insured limits of $250,000. At March 31, 2020 and 2019, the Company’s cash in excess of the federally insured limit was $399,833 and $7,463,944, respectively. Historically, the Company has not experienced any losses in such accounts. The Company had no cash equivalents at March 31, 2020 or 2019, respectively.

Accounts Receivable

Accounts receivable, net, include amounts due for oil and gas revenues from prior month production, accrued interest on the notes receivable due from Lineal and Viking and an estimate of amounts due from N&B Energy related to the September 2018 Sale Agreement. The allowance for doubtful accounts is the Company’s best estimate of the probable amount of credit losses in the Company’s existing accounts receivable. At March 31, 2020 and March 31, 2019, there were allowances for doubtful accounts of approximately $208,000 and $190,000, respectively, included in accounts receivable, and there were bad debts of $17,694 and $0, recognized for the years ended March 31, 2020 and 2019, respectively.

Notes Receivable

Notes receivable includes the $5,000,000 note from Viking as described in “Note 6 – Long-Term Notes Receivable” and “Note 5 – Plan of Merger and Investment in Unconsolidated Entity”, and two notes due from Lineal in the amounts of $1,539,719 and $800,000, respectively, as more fully discussed in “Note 6 – Long-Term Notes Receivable” and “Note 12 – Merger Agreement and Divestiture”. As of March 31, 2020, the Company had no allowance for uncollectible amounts related to the notes receivable.

Property and Equipment

Property and equipment are recorded at cost and depreciated using the straight-line method over their useful lives. Amortization of the equipment under capital leases related to the Lineal operations was computed using the straight-line method over lives ranging from 3 to 5 years and is included in depreciation expense. Costs of maintenance and repairs were charged to expense when incurred.

Long-lived assets including intangible assets are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If an evaluation is required, the estimated future undiscounted cash flows associated with the asset are compared to the assets carrying amount to determine if an impairment of such asset is necessary. This evaluation, as well as an evaluation of our intangible assets, requires the Company to make long-term forecasts of the future revenues and costs related to the assets subject to review. Forecasts require assumptions about demand for the Company’s services and future market conditions. Estimating future cash flows requires significant judgment, and the Company’s projections may vary from the cash flows eventually realized. Future events and unanticipated changes to assumptions could require a provision for impairment in a future period. The effect of any impairment would be to expense the difference between the fair value (less selling costs) of such asset and its carrying value. Such expense would be reflected in earnings. No impairments were deemed necessary for the years ended March 31, 2020 and 2019, respectively.

Investment in Unconsolidated Entities

The Company accounts for its investment in unconsolidated entities under the equity method of accounting when it owns less than 51% of a controlling interest and does not have the ability to exercise significant influence over the operating and financial policies of the entity. The investment is adjusted accordingly for dividends or distributions it receives and its proportionate share of earnings or losses of the entity. The current investment in unconsolidated entities is a 25% in interest in Elysium Energy, LLC, which is involved in oil and gas exploration and production in the United States. The balance sheet of Elysium Energy, LLC at March 31, 2020 included current assets of $4.0 million, total assets of $37.7 million, total liabilities of $34.0 million and net assets of $3.7 million. Additionally, the income statement for Elysium Energy, LLC for the period from February 3, 2020 (the date of investment) through March 31, 2020 included total revenues of $4.0 million and net income of $3.8 million. See also “Note 5 – Plan of Merger and Investment in Unconsolidated Entity”.

Goodwill

Goodwill is tested for impairment annually and whenever events or circumstances make it more likely than not that an impairment may have occurred. Goodwill is reviewed for impairment at the reporting unit level, which is defined as operating segments or groupings of businesses one level below the operating segment level. The Company’s operating segments are the same as the reporting units used in its goodwill impairment test. Goodwill is tested for impairment by comparing the estimated fair value of a reporting unit, determined using a market approach, if market prices are available, or alternatively, a discounted cash flow model, with its carrying value. The annual evaluation of goodwill requires the use of estimates about future operating results, valuation multiples and discount rates of each reporting unit to determine their estimated fair value. Changes in these assumptions can materially affect these estimates. Once an impairment of goodwill has been recorded, it cannot be reversed. The Company recognized goodwill during the three months ended September 30, 2019 in conjunction with the Lineal Merger, which was written off during the quarter ended December 31, 2019 as a result of the Lineal Divestiture as discussed in “Note 12 – Merger Agreement and Divestiture”.

Revenue Recognition

Exploration and Production Revenue

The Company’s revenue for its exploration and production operations are comprised entirely of revenue from exploration and production activities. The Company’s oil is sold primarily to marketers, gatherers, and refiners. Natural gas is sold primarily to interstate and intrastate natural-gas pipelines, direct end-users, industrial users, local distribution companies, and natural-gas marketers. Natural gas liquids (“NGLs”) are sold primarily to direct end-users, refiners, and marketers. Payment is generally received from the customer in the month following delivery.

Contracts with customers have varying terms, including month-to-month contracts, and contracts with a finite term. The Company recognizes sales revenues for oil, natural gas, and NGLs based on the amount of each product sold to a customer when control transfers to the customer. Generally, control transfers at the time of delivery to the customer at a pipeline interconnect, the tailgate of a processing facility, or as a tanker lifting is completed. Revenue is measured based on the contract price, which may be index-based or fixed, and may include adjustments for market differentials and downstream costs incurred by the customer, including gathering, transportation, and fuel costs.

Revenues are recognized for the sale of the Company’s net share of production volumes. Sales on behalf of other working interest owners and royalty interest owners are not recognized as revenues.

Oil and Gas Services Revenue

The majority of Lineal’s oil and gas service revenue is derived from contracts and projects that typically span between 3 to 12 months. The oil and gas service contracts have a single performance obligation as the promise to transfer the individual goods or services is not separately identifiable from other promises in the contracts and, therefore, not distinct.

Lineal’s construction contracts are recognized over time because of the continuous transfer of control to the customer as all of the work is performed at the customer’s site and, therefore, the customer controls the asset as it is being constructed. Contract costs include labor, material, and indirect costs. Accounting for long-term contracts and programs involves the use of various techniques to estimate total contract revenue and costs. For long-term contracts, Lineal estimates the profit on a contract as the difference between the total estimated revenue and expected costs to complete a contract and recognize that profit over the life of the contract.

Contract estimates are based on various assumptions to project the outcome of future events. These assumptions include labor productivity and availability, the complexity of the work to be performed, the cost and availability of materials, and the performance of subcontractors.

The timing of revenue recognition, billings and cash collections results in billed accounts receivable and costs and estimated earnings in excess of billings on uncompleted contracts (contract assets) on the consolidated balance sheet. On Lineal’s construction contracts, amounts are billed as work progresses in accordance with agreed-upon contractual terms, either at periodic intervals (e.g., biweekly or monthly) or upon achievement of contractual milestones. Generally, billing occurs prior to revenue recognition, resulting in contract liabilities. These assets and liabilities are reported on the consolidated balance sheet on a contract-by-contract basis at the end of each reporting period.

Fair Value of Financial Instruments

Accounting Standards Codification (“ASC”) 820 defines fair value, establishes a framework for measuring fair value and enhances disclosures about fair value measurements. It defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value:

●

Level 1 – Quoted prices in active markets for identical assets or liabilities.

●

Level 2 – Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities that are not active; and model-driven valuations whose inputs are observable or whose significant value drivers are observable. Valuations may be obtained from, or corroborated by, third-party pricing services.

●

Level 3 – Unobservable inputs to measure fair value of assets and liabilities for which there is little, if any market activity at the measurement date, using reasonable inputs and assumptions based upon the best information at the time, to the extent that inputs are available without undue cost and effort.

As of March 31, 2020 and March 31, 2019, the significant inputs to the Company’s derivative liability and mezzanine equity calculations were Level 3 inputs.

Concentration of Credit Risk

The Company generally sells a significant portion of its oil and gas production to a relatively small number of customers. For the year ended March 31, 2020, the Company’s consolidated revenues were from the sale of oil, gas and natural gas liquids under marketing contracts primarily with Apache Corporation. For the year ended March 31, 2019, the Company’s consolidated revenues were from the sale of oil, gas and natural gas liquids under marketing contracts primarily with Superior Pipeline Company, Scissortail Energy, LLC and Apache Corporation. The Company has alternative purchasers available at competitive market prices if there is disruption in services or other events that cause the Company to search for other ways to sell the Company’s production.

During the year ended March 31, 2020, one customer accounted for 92% of total revenues. During the year ended March 31, 2019, three customers accounted for 84% of total revenues. The Company does not believe the loss of any customer will have a material effect on the Company because alternative customers are readily available.

Oil and Natural Gas Properties, Full Cost Method

Camber uses the full cost method of accounting for oil and natural gas producing activities. Costs to acquire mineral interests in oil and natural gas properties, to drill and equip exploratory wells used to find proved reserves, and to drill and equip development wells including directly related overhead costs and related asset retirement costs are capitalized.

Under this method, all costs, including internal costs directly related to acquisition, exploration and development activities are capitalized as oil and natural gas property costs on a country-by-country basis. Costs not subject to amortization consist of unproved properties that are evaluated on a property-by-property basis. Amortization of these unproved property costs begins when the properties become proved or their values become impaired. Camber assesses overall values of unproved properties, if any, on at least an annual basis or when there has been an indication that impairment in value may have occurred. Impairment of unproved properties is assessed based on management’s intention with regard to future development of individually significant properties and the ability of Camber to obtain funds to finance their programs. If the results of an assessment indicate that the properties are impaired, the amount of the impairment is added to the capitalized costs to be amortized.

Sales of oil and natural gas properties are accounted for as adjustments to the net full cost pool with no gain or loss recognized, unless the adjustment would significantly alter the relationship between capitalized costs and proved reserves. If it is determined that the relationship is significantly altered, the corresponding gain or loss will be recognized in the statements of operations.

Ceiling Test

In applying the full cost method, Camber performs an impairment test (ceiling test) at each reporting date, whereby the carrying value of property and equipment is compared to the “estimated present value” of its proved reserves discounted at a 10% interest rate of future net revenues, based on current economic and operating conditions at the end of the period, plus the cost of properties not being amortized, plus the lower of cost or fair market value of unproved properties included in costs being amortized, less the income tax effects related to book and tax basis differences of the properties. If capitalized costs exceed this limit, the excess is charged as an impairment expense.

During the year ended March 31, 2020, no impairments were recorded. During the year ended March 31, 2019, the Company recorded impairments totaling $1.3 million that were primarily related to unproved properties due to expirations of leaseholds.

Asset Retirement Obligations

The Company records the fair value of a liability for asset retirement obligations (“ARO”) in the period in which it is incurred and a corresponding increase in the carrying amount of the related long-lived asset. The present value of the estimated asset retirement cost is capitalized as part of the carrying amount of the long-lived asset and is depreciated over the useful life of the asset. Camber accrues an abandonment liability associated with its oil and natural gas wells when those assets are placed in service. The ARO is recorded at its estimated fair value and accretion is recognized over time as the discounted liability is accreted to its expected settlement value. Fair value is determined by using the expected future cash outflows discounted at Camber’s credit-adjusted risk-free interest rate. No market risk premium has been included in Camber’s calculation of the ARO balance.

Other Property and Equipment

Other property and equipment are stated at cost and consist primarily of furniture and computer equipment. Depreciation is computed on a straight-line basis over the estimated useful lives.

Income Taxes

Deferred income taxes are provided on the liability method whereby deferred tax assets are recognized for deductible temporary differences and operating losses and tax credit carry-forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and accrued tax liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

Camber has evaluated and concluded that there are no significant uncertain tax positions requiring recognition in the Company’s financial statements as of March 31, 2020 and 2019. The Company’s policy is to classify assessments, if any, for tax related interest expense and penalties as interest expense.

Earnings per Common Share

Basic and diluted income (loss) per share calculations are calculated on the basis of the weighted average number of shares of the Company’s common stock outstanding during the year. Diluted earnings per share give effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing diluted earnings per share, the average stock price for the period is used to determine the number of shares assumed to be purchased from the exercise price of the options and warrants. Purchases of treasury stock reduce the outstanding shares commencing on the date that the stock is purchased. Common stock equivalents are excluded from the calculation when a loss is incurred as their effect would be anti-dilutive.

Share-Based Compensation

Camber measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award over the vesting period.

Recently Adopted Accounting Pronouncements

ASC 2014-09, “Revenue from Contracts with Customers (Topic 606)”, supersedes the revenue recognition requirements and industry-specific guidance under Revenue Recognition (Topic 605). Topic 606 requires an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration the entity expects to be entitled to in exchange for those goods or services. The Company adopted Topic 606 on April 1, 2018, using the modified retrospective method applied to contracts that were not completed as of April 1, 2018. Under the modified retrospective method, prior period financial positions and results will not be adjusted. The cumulative effect adjustment recognized in the opening balances included no significant changes as a result of this adoption. While the Company does not expect 2020 net earnings to be materially impacted by revenue recognition timing changes, Topic 606 requires certain changes to the presentation of revenues and related expenses beginning April 1, 2018. Refer to “Note 11 – Revenue from Contracts with Customers” for additional information.

In November 2016, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”) amending the presentation of restricted cash within the consolidated statements of cash flows. The new guidance requires that restricted cash be added to cash and cash equivalents on the consolidated statements of cash flows. The Company adopted this ASU on April 1, 2018.

In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230). ASU 2016-15 seeks to reduce the existing diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. This update is effective for fiscal years beginning after December 15, 2017. The Company adopted this ASU on April 1, 2018 and the adoption did not have a significant impact to the Company’s consolidated financial statements.

In January 2017, the FASB issued ASU 2017-01, Business Combinations: Clarifying the Definition of a Business, which amends the current definition of a business. Under ASU 2017-01, to be considered a business, an acquisition would have to include an input and a substantive process that together significantly contributes to the ability to create outputs. ASU 2017-01 further states that when substantially all of the fair value of gross assets acquired is concentrated in a single asset (or a group of similar assets), the assets acquired would not represent a business. The new guidance also narrows the definition of the term “outputs” to be consistent with how it is described in Topic 606, Revenue from Contracts with Customers. The changes to the definition of a business will likely result in more acquisitions being accounted for as asset acquisitions. The guidance is effective for the annual period beginning after December 15, 2017, with early adoption permitted. The Company adopted this ASU on April 1, 2018 and the adoption did not have a significant impact to the Company’s consolidated financial statements.

In May 2017, the FASB issued ASU 2017-09, “Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting”, which provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. ASU 2017-09 is effective for annual periods beginning after December 15, 2017, with early adoption permitted, including adoption in any interim period for which financial statements have not yet been issued. The Company adopted this ASU on April 1, 2018 and the adoption did not have a significant impact to the Company’s consolidated financial statements.

In February 2016, the FASB issued ASU No. 2016.02 “Leases (Topic 842)”. The new lease guidance supersedes Topic 840. The core principle of the guidance is that entities should recognize the assets and liabilities that arise from leases. Topic 840 does not apply to leases to explore for, or to use, minerals, oil, natural gas and similar nongenerative resources including the intangible right to explore for those natural resources and rights to use the land in which those natural resources are contained. In July 2018, the FASB issued “Leases (Topic 842): Targeted Improvements”, which provides entities with an alternative modified transition method to elect not to recast the comparative periods presented when adopting Topic 842. The Company adopted Topic 842 as of April 1, 2019, using the alternative modified transition, for which, comparative periods, including the disclosures related to those periods, are not restated.

In addition, the Company elected practical expedients provided by the new standard, and the Company has elected to not reassess its prior conclusions about lease identification, lease classification, and initial direct costs and to retain off-balance sheet treatment of short-term leases (i.e., 12 months or less which do not contain purchase options that the Company is reasonably likely to exercise). As a result of the short-term expedient election, the Company does not have leases that require the recording of a net lease asset and lease liability on the Company’s consolidated balance sheet or have a material impact on consolidated earnings or cash flows as of April 1, 2019. Moving forward, the Company will evaluate any new lease commitments for application of Topic 842.

In August 2018, the FASB issued ASU 2018-13, “Disclosure Framework: Changes to the Disclosure Requirements for Fair Value Measurement,” which changes the disclosure requirements for fair value measurements by removing, adding, and modifying certain disclosures. The Company adopted ASU 2018-13 effective April 1, 2019. The adoption did not have a material impact on its consolidated financial statements.

Effective January 1, 2020, the Company adopted the Financial Accounting Standards Board’s update, Financial Instruments – Credit Losses (Topic 326), as amended. The standard requires a valuation allowance for credit losses be recognized for certain financial assets that reflects the current expected credit loss over the asset’s contractual life. The valuation allowance considers the risk of loss, even if remote, and considers past events, current conditions and expectations of the future. The standard did not have a material impact on the Company’s financial statements.

Recently Issued Accounting Pronouncements

The Company does not believe that any recently issued effective pronouncements, or pronouncements issued but not yet effective, if adopted, would have a material effect on the accompanying consolidated financial statements.

Subsequent Events

The Company has evaluated all transactions through the date the consolidated financial statements were issued for subsequent event disclosure consideration.

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PROPERTY AND EQUIPMENT

12 Months Ended

Mar. 31, 2020

Property and Equipment

PROPERTY AND EQUIPMENT

NOTE 4 – PROPERTY AND EQUIPMENT

Oil and Gas Properties

Under this method, all costs, including internal costs directly related to acquisition, exploration and development activities are capitalized as oil and natural gas property costs on a country-by-country basis. Costs not subject to amortization consist of unproved properties that are evaluated on a property-by-property basis. Amortization of these unproved property costs begins when the properties become proved or their values become impaired. Camber assesses overall values of unproved properties, if any, on at least an annual basis or when there has been an indication that impairment in value may have occurred. Impairment of unproved properties is assessed based on management’s intention with regard to future development of individually significant properties and the ability of Camber to obtain funds to finance its programs. If the results of an assessment indicate that the properties are impaired, the amount of the impairment is added to the capitalized costs to be amortized.

Costs of oil and natural gas properties are amortized using the units of production method. Amortization expense calculated per equivalent physical unit of production amounted to $1.30 and $1.18 per barrel of oil equivalent for the year ended March 31, 2020 and 2019, respectively.

All of Camber’s oil and natural gas properties are located in the United States. Costs being amortized at March 31, 2020 and 2019 are as follows:

	March 31, 2020			March 31, 2019
Oil and gas properties subject to amortization	$	50,352,033		$	50,352,306
Oil and gas properties not subject to amortization		28,016,989			28,016,989
Capitalized asset retirement costs		91,850			176,649
Total oil & natural gas properties		78,460,872			78,545,944
Accumulated depreciation, depletion, and impairment		(78,350,605	)		(78,333,628	)
Net Capitalized Costs	$	110,267		$	212,316

Impairments

For the year ended March 31, 2020, the Company recorded no impairments. For the year ended March 31, 2019, the Company recorded impairments totaling $1,304,785, which were due to lease expirations.

Additions and Depletion

During the years ended March 31, 2020 and 2019, the Company incurred costs of approximately $0 and $2.1 million, respectively, for technical and other capital enhancements to extend the lives of the Company’s wells. Additionally, the Company recorded $16,977 and $473,521 for depletion for the years ended March 31, 2020 and 2019, respectively.

Disposition of Oil and Natural Gas Properties

On July 12, 2018, the Company entered into the Sale Agreement, as seller, with N&B Energy as purchaser. Pursuant to the Sale Agreement, the Company agreed to sell to N&B Energy a substantial portion of its assets, including all of the assets acquired pursuant to the terms of the December 31, 2015 Asset Purchase Agreement and certain other acquisitions, other than a production payment and overriding royalty interests (the “Disposed Assets”). In consideration for the Disposed Assets, N&B Energy agreed to pay the Company $100 in cash, to assume all of the Company’s obligations and debt owed under its outstanding loan agreement with IBC Bank, which had a then outstanding principal balance of approximately $36.9 million, and certain other parties agreed to enter into a settlement agreement. The transaction closed in September 2018.

Leases

As part of the Lineal Acquisition, the Company acquired various operating and finance leases for sales and administrative offices, motor vehicles and machinery and equipment. Due to the Redemption Agreement discussed below in “Note 12 – Merger Agreement and Divestiture”, the Company no longer owns the operating and finance leases that it had acquired in connection with the Lineal Acquisition.

Effective August 1, 2018, the Company entered into a month-to-month lease at 1415 Louisiana, Suite 3500, Houston, Texas 77002. The entity providing use of the space without charge is affiliated with the Company’s Chief Financial Officer.

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PLAN OF MERGER AND INVESTMENT IN UNCONSOLIDATED ENTITY

12 Months Ended

Mar. 31, 2020

Equity Method Investments and Joint Ventures [Abstract]

PLAN OF MERGER AND INVESTMENT IN UNCONSOLIDATED ENTITY

NOTE 5 – PLAN OF MERGER AND Investment in Unconsolidated ENTITY

Viking Plan of Merger and Related Transactions

On February 3, 2020, the Company and Viking entered into a merger agreement (the “Merger Agreement”). Pursuant to the Merger Agreement, at the effective time of the Merger, each share of common stock of Viking issued and outstanding, other than certain shares owned by the Company, Viking and the Company’s merger sub which will be merged with and into Viking, with Viking being the surviving entity in the merger (“Merger Sub”), will be converted into the right to receive the pro rata share of 80% of the Company’s post-closing capitalization, subject to certain adjustment mechanisms discussed in the Merger Agreement (and excluding shares issuable upon conversion of the Series C Preferred Stock of the Company). Holders of Viking Common Stock will have any fractional shares of Company common stock after the Merger rounded up to the nearest whole share. The Merger Agreement can be terminated under certain circumstances, including by either Viking or the Company if the Merger has not been consummated on or before September 30, 2020, provided that the Company or Viking shall have the right to extend such date from time to time, until up to December 31, 2020, in the event that the Company has not fully resolved SEC comments on the Form S-4 (a preliminary draft of which has previously been filed) or other SEC filings related to the Merger, and Camber is responding to such comments in a reasonable fashion, subject to certain exceptions.

A further requirement to the closing of the Merger was that the Company was required to have acquired 25% of Viking’s subsidiary Elysium Energy, LLC (“Elysium”) as part of a $5,000,000 investment in Viking’s Rule 506(c) offering, which transaction was completed on February 3, 2020, as discussed below and an additional 5% of Elysium as part of a $4,200,000 investment in Viking’s Rule 506(c) offering, which transaction was completed on June 25, 2020 (as discussed below under “Note 19 – Subsequent Events”. In the event of termination of the Merger Agreement, Camber is required, under certain circumstances described below, to return a portion of the Elysium interests to Viking:

Reason for Termination	Percentage of Elysium Retained by Camber
The reasonable likelihood that the combined company will not meet the initial listing requirements of the NYSE American, required regulatory approvals will not be obtained, or the registration statement on Form S-4 will not be declared effective, through no fault of Camber or Viking	20%*
Termination of the Merger Agreement by either party, through no fault of Camber	25%*
Termination of the Merger Agreement due to a material breach of the Merger Agreement by Camber or its disclosure schedules	0%*
Termination of the Merger Agreement for any reason and in the event the Secured Notes (defined below) are not repaid within 90 days of the date of termination and the Additional Payment (defined below) is not made.	30%

*Assumes the payment of Secured Notes within 90 days of the date of termination of the Merger Agreement and the Additional Payment (defined below) is made.

The Merger Agreement provides that the Secured Notes (defined below) will be forgiven in the event the Merger closes, and the Secured Notes will be due 90 days after the date that the Merger Agreement is terminated by any party for any reason, at which time an additional payment shall also be due to the Company and payable by Viking in an amount equal to (i) 115.5% of the original principal amount of the Secured Notes, minus (ii) the amount due to the Company pursuant to the terms of the Secured Notes upon repayment thereof (the “Additional Payment”) is due.

A required condition to the entry into the Merger was that the Company loan Viking $5 million, pursuant to the terms of a Securities Purchase Agreement, which was entered into on February 3, 2020 (the “SPA”). On February 3, 2020, the Company and Discover entered into a Stock Purchase Agreement pursuant to which Discover purchased 525 shares of Series C Preferred Stock, for $5 million, at a 5% original issue discount to the $10,000 face value of such preferred stock. Pursuant to the SPA, the Company made a $5 million loan to Viking (using funds raised from the sale of the Series C Preferred Stock shares to Discover), which was evidenced by a 10.5% Secured Promissory Note (the “Secured Note”). The Secured Note is secured by a security interest, para passu with the other investors in Viking’s Secured Note offering (subject to certain pre-requisites) in Viking’s then 75% ownership of Elysium and 100% of Ichor Energy Holdings, LLC, which is wholly-owned by Viking. Additionally, pursuant to a separate Security and Pledge Agreement entered into on February 3, 2020, Viking provided the Company a security interest in the membership, common stock and/or ownership interests of all of Viking’s existing and future, directly owned or majority owned subsidiaries, to secure the repayment of the Secured Note.

The Secured Note is convertible into common shares of Viking at a conversion price of $0.24 per share at any time after March 4, 2020, and before the 15th day after Viking’s common stock has traded at an average daily price of at least $0.55 for 15 consecutive business days (at which point the Secured Note is no longer convertible), provided that the Company is restricted from converting any portion of the Secured Note into Viking’s common stock if upon such conversion the Company would beneficially own more than 4.99% of Viking’s common stock (which percentage may be increased or decreased, with 61 days prior written notice to Viking, provided that such percentage cannot under any circumstances be increased to greater than 9.99%).

As additional consideration for the Company making the loan to Viking, Viking assigned the Company a 25% interest in Elysium pursuant to the terms of an Assignment of Membership Interests dated February 3, 2020.

Subsequently, on June 25, 2020, as discussed in greater detail below under “Note 19 – Subsequent Events”, the Company loaned an additional $4.2 million to Viking evidenced by another Secured Note (such $9.2 million in aggregate outstanding Secured Notes, the “Secured Notes”).

Investment in Unconsolidated Entity

The Company accounts for its investment in unconsolidated entities under the equity method of accounting when it owns less than 51% of a controlling interest and does not have the ability to exercise significant influence over the operating and financial policies of the entity. The Company owns 25% of Elysium as of March 31, 2020, as discussed above, and accounts for such ownership under the equity method of accounting. The investment is adjusted accordingly for dividends or distributions it receives and its proportionate share of earnings or losses of the entity. Elysium is involved in oil and gas exploration and production in the United States. The balance sheet of Elysium at March 31, 2020 included current assets of $4.0 million, total assets of $37.7 million, total liabilities of $34.0 million and net assets of $3.7 million. Additionally, the income statement for Elysium for the period from February 3, 2020 (the date acquired) through March 31, 2020 included total revenues of $4.0 million and net income of $3.8 million.

Table below shows the changes in the Investment in entities for the years ended March 31, 2020 and 2019, respectively:

	2020		2019
Carrying amount at beginning of year	$	—	$	—
Investment in Elysium		—		—
Proportionate Share of Elysium Earnings		957,169		—
Carrying amount at end of year	$	957,169	$	—

XML 33 R12.htm IDEA: XBRL DOCUMENT

LONG-TERM NOTES RECEIVABLE

12 Months Ended

Mar. 31, 2020

Receivables [Abstract]

LONG-TERM NOTES RECEIVABLE

NOTE 6 – LONG-TERM NOTES RECEIVABLE

Long-term notes receivable as of March 31, 2020 and 2019 are comprised of:

	March 31, 2020		March 31, 2019
Note receivable from Viking Energy Group, Inc. pursuant to a 10.5% Secured Promissory Note dated February 3, 2020 in the original principal amount of $5,000,000, having an annual interest rate of 10.5%, with interest due quarterly beginning on May 1, 2020, maturing February 3, 2022. Accrued and unpaid interest of $83,425 is included in accounts receivable at March 31, 2020. The Note is secured by secured interests in 6 Viking Energy Group, Inc. subsidiaries. See also “Note 5 - Plan of Merger and Investment in Unconsolidated Entity”.	$	5,000,0000	$	—
Note receivable from Lineal Star Holdings, LLC pursuant to a Promissory Note dated effective December 31, 2019, in the original principal amount of $1,539,719, accruing annual interest of 10.5%, due quarterly beginning on March 31, 2020, maturing December 31, 2021, with accrued and unpaid interest of $37,966 included in accounts receivable at March 31, 2020. See also “Note 12 - Merger Agreement and Divestiture”.		1,539,719		—
Note receivable from Lineal Star Holdings, LLC pursuant to a Promissory Note No. 2 dated effective December 31, 2019, in the original principal amount of $800,000, accruing annual interest of 8%, due quarterly beginning on March 31, 2020, maturing December 31, 2021, with accrued and unpaid interest of $15,781 included in accounts receivable at March 31, 2020. See also “Note 12 - Merger Agreement and Divestiture”.		800,000		—
Less: current maturities		—		—
Total	$	7,339,719	$	—

XML 34 R13.htm IDEA: XBRL DOCUMENT

ASSET RETIREMENT OBLIGATIONS

12 Months Ended

Mar. 31, 2020

Asset Retirement Obligation Disclosure [Abstract]

ASSET RETIREMENT OBLIGATIONS

NOTE 7 – ASSET RETIREMENT OBLIGATIONS

The following table presents the reconciliation of the beginning and ending aggregate carrying amounts of long-term legal obligations associated with the future retirement of oil and natural gas properties for the years ended March 31, 2020 and 2019:

	2020			2019
Carrying amount at beginning of year	$	303,809		$	979,159
Payments		(149,910	)		—
Accretion		2,920			4,725
Dispositions		—			(699,536	)
Revisions of previous estimates		(85,069	)		19,461
Carrying amount at end of year	$	71,750		$	303,809

Camber has short-term obligations of $30,227 and $0 related to the plugging liabilities at March 31, 2020 and 2019, respectively.

XML 35 R14.htm IDEA: XBRL DOCUMENT

NOTES PAYABLE AND DEBENTURE

12 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

NOTES PAYABLE AND DEBENTURE

NOTE 8 – NOTES PAYABLE AND DEBENTURE

The Company had no notes payable or debenture outstanding as of March 31, 2020 2019.

Debenture

On October 31, 2018, an accredited institutional investor, Discover Growth Fund LLC (“Discover”) converted the entire $495,000 remaining balance of principal owed under the terms of a convertible debenture which it held, into an aggregate of 642 shares of common stock, including 5 shares of common stock issuable upon conversion of the principal amount thereof (at a conversion price of $101,562.50 per share), and 637 shares in connection with conversion premiums due thereon (at an initial conversion price, as calculated as provided in such debenture, of $1,912.50 per share). A total of 80 of such shares were issued to Discover in connection with the initial conversion and the remaining shares were held in abeyance subject to Discover’s 9.99% ownership limitation, to be issued from time to time, at the request of Discover. Subsequent to the October 31, 2018 conversion date, Discover was due an additional 38,116 shares of common stock in connection with true ups associated with the original issuance, as a result of the conversion price of the conversion premiums falling to $31.25 per share pursuant to the terms of the convertible debenture. Through March 31, 2020, all of the shares have been issued.

XML 36 R15.htm IDEA: XBRL DOCUMENT

DERIVATIVE LIABILITIES

12 Months Ended

Mar. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE LIABILITIES

NOTE 9 – DERIVATIVE LIABILITIES

The Company has determined that certain warrants the Company has issued contain provisions that protect holders from future issuances of the Company’s common stock at prices below such warrants’ respective exercise prices and these provisions could result in modification of the warrants’ exercise price based on a variable that is not an input to the fair value of a “fixed-for-fixed” option as defined under FASB ASC Topic No. 815 - 40. The warrants granted to Ironman PI Fund II, LP contain anti-dilution provisions that provide for a reduction in the exercise price of such warrants in the event that future common stock (or securities convertible into or exercisable for common stock) is issued (or becomes contractually issuable) at a price per share (a “Lower Price”) that is less than the exercise price of such warrant at the time. The amount of any such adjustment is determined in accordance with the provisions of the warrant agreement and depends upon the number of shares of common stock issued (or deemed issued) at the Lower Price and the extent to which the Lower Price is less than the exercise price of the warrant at the time. The warrants expired on April 21, 2019.

Activities for derivative warrant instruments during the years ended March 31, 2020 and 2019 were as follows:

	2020			2019
Carrying amount at beginning of period	$	5		$	5
Change in fair value		(5	)		—
Carrying amount at end of period	$	—		$	5

The fair value of the derivative warrants was calculated using the Black-Scholes pricing model. Variables used in the Black Scholes pricing model as of March 31, 2019 include (1) discount rate of 2.20%, (2) expected term of 0.10 years, (3) expected volatility of 253.77%, and (4) zero expected dividends.

As of March 31, 2020, the Company had 2,294 shares of Series C Preferred Stock issued and outstanding, which shares of preferred stock are convertible into common stock of the Company pursuant to their terms. Such preferred stock is convertible, if converted in full, into more shares of common stock than the Company currently has authorized. Typically this would require the common stock equivalents to be considered tainted derivative instruments, and the Company to record a derivative liability for the aggregate fair value of the tainted securities; however, due to the low probability of the conversion of the Series C Preferred Stock; the ownership limitation therewith, which prevents the holder of such preferred stock from converting such preferred stock into common stock, if upon such conversion such holder would own more than 9.99% of the Company’s then outstanding shares of common stock; and the de minimis value of the tainted securities, the Company has determined that no fair value has to be recorded at this time.

XML 37 R16.htm IDEA: XBRL DOCUMENT

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Mar. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE 10 – COMMITMENTS AND CONTINGENCIES

Office Lease. Information regarding the Company’s office space is disclosed in greater detail above under “Note 4 Property and Equipment –Leases”, above.

During March and April 2018, the Company purchased certain equipment pursuant to capital leases. The effective borrowing rate was approximately 35%, and all obligations were due by December 2018. In conjunction with the assignment of the liabilities owed under the IBC Bank loan agreements to N&B Energy in September 2018, as discussed under “Note 2 – Liquidity and Going Concern Considerations” – “Assumption Agreement” all of the remaining obligations were assumed by the purchaser.

Lineal (which as of December 31, 2019 has been completely divested in connection with the Lineal Divestiture discussed in “Note 12 – Merger Agreement and Divestiture”) has the usual liability of contractors for the completion of contracts and the warranty of its work. In addition, Lineal acts as prime contractor on a majority of the projects it undertakes and is normally responsible for the performance of the entire project, including subcontract work. Management is not aware of any material exposure related thereto which has not been provided for in the accompanying consolidated financial statements.

Legal Proceedings. From time to time suits and claims against Camber arise in the ordinary course of Camber’s business, including contract disputes and title disputes. Camber records reserves for contingencies when information available indicates that a loss is probable, and the amount of the loss can be reasonably estimated.

Maranatha Oil Matter

In November 2015, Randy L. Robinson, d/b/a Maranatha Oil Co. sued the Company in Gonzales County, Texas (Cause No. 26160). The plaintiff alleged that it assigned oil and gas leases to the Company in April 2010, retaining a 4% overriding royalty interest and 50% working interest and that the Company failed to pay such overriding royalty interest or royalty interest. The interests relate to certain oil and gas properties which the Company subsequently sold to Nordic Oil USA in April 2013. The petition alleges causes of actions for breach of contract, failure to pay royalties, non-payment of working interest, fraud, fraud in the inducement of contract, money had and received, constructive trust, violation of theft liability act, continuing tort and fraudulent concealment. The suit seeks approximately $100,000 in amounts alleged owed, plus pre-and post-judgment interest. The Company has filed a denial to the claims and intends to vehemently defend itself against the allegations.

PetroGlobe Energy Holdings, LLC and Signal Drilling, LLC

In March 2019, PetroGlobe and Signal sued the Company in the 316^th Judicial District of Hutchinson County, Texas (Cause No. 43781). The plaintiffs alleged causes of action relating to negligent misrepresentation; fraud and willful misconduct; gross negligence; statutory fraud; breach of contract; and specific performance, in connection with a purchase and sale agreement entered into between the parties in March 2018, relating to the purchase by plaintiffs of certain oil and gas assets from the Company, and a related joint venture agreement. The lawsuit seeks in excess of $600,000 in damages, as well as pre- and post-judgment interest, court costs and attorneys’ fees, and punitive and exemplary damages. Additionally, a portion of the revenues from the properties in contention are being held in suspense as a result of the lawsuit. On October 31, 2019, the Company brought counterclaims against PetroGlobe and Signal, and Petrolia Oil, LLC and Ian Acrey, including bringing claims for causes of actions including declaratory judgment (that PetroGlobe and certain other plaintiffs represented that a lease and related wells were free of all agreements and rights in favor of third parties and provided a special warranty of title pursuant to the purchase and sale agreement); breach of contract (in connection with the purchase and sale agreement); statutory fraud; common law fraud (against Mr. Acrey and other plaintiffs); fraud by non-disclosure (against Mr. Acrey and other plaintiffs); negligent misrepresentation (against Mr. Acrey and other plaintiffs); breach of fiduciary duty (against Mr. Acrey and other plaintiffs) and seeking attorney’s fees and pre- and post-judgment interest.

On January 31, 2020, the Company entered into a Compromise Settlement Agreement (the “Settlement Agreement”) with PetroGlobe Energy Holdings, LLC (“PetroGlobe”), Signal Drilling, LLC (“Signal”), Petrolia Oil, LLC (“Petrolia”), Prairie Gas Company of Oklahoma, LLC (“PGCO”), and Canadian River Trading Company, LLC (“CRTC”). Pursuant to the Settlement Agreement, the Company agreed to pay PetroGlobe $250,000, of which $100,000 was due upon execution of the Settlement Agreement, which payment has been made, and $150,000 was paid to an escrow account, which release is subject to approval by the Company upon the successful transfer of all wells and partnership interests of the Company’s current wholly-owned subsidiary CE to PetroGlobe.

The Company recognized a net settlement cost of $204,842 included on the statement of operations for the year ended March 31, 2020 in connection with the settlement, which is expected to close shortly after the date of this report.

The Company has since brought the applicable wells into regulatory compliance to the extent such compliance was required by the Railroad Commission of Texas and the Company is in the process of assigning to PetroGlobe all of its right, title and interest in all wells, leases, royalties, minerals, equipment, and other tangible assets associated with specified wells and properties, which is expected to be completed shortly after the date of this report. The Company also plans to assign all of its membership interests in CE to Petrolia shortly after the date of this report.

The Company released the parties to the Settlement Agreement, including Ian Acrey, individually, as well as their officers, directors, or members from any claims asserted in the lawsuit, and the parties to the Settlement Agreement along with Ian Acrey, individually, released the Company, its officers, directors, shareholders and affiliate corporations from any claims asserted in the lawsuit. The Company did not release any claims or causes of action against N&B Energy, LLC, Sezar Energy, LLP related to Richard Azar, or any of their affiliates, or predecessors, or successors.

The parties filed a motion and order to dismiss the lawsuit with prejudice shortly after execution of the Settlement Agreement.

Apache Corporation

In December 2018, Apache Corporation (“Apache”) sued the Company, Sezar Energy, L.P., and Texokcan Energy Management Inc., in the 129th Judicial District Court of Harris County, Texas (Cause 2018-89515). Apache alleged causes of action for Breach of Contract, Money Had & Received and Conversion, relating to amounts Apache alleged it was owed under a joint operating agreement. Apache is seeking $586,438 in actual damages, exemplary damages, pre- and post-judgment interest, court costs and other amounts which it may be entitled. The Company has filed a general denial to the claims and asserted the affirmative defense of failure to mitigate. The parties are currently moving towards discovery. The Company denies Apache’s claims and intends to vehemently defend itself against the allegations.

N&B Energy

On September 12, 2019, N&B Energy filed a petition in the District Court for the 285^th Judicial District of Bexar County, Texas (Case #2019CI11816). Pursuant to the petition, N&B Energy raises claims against the Company for breach of contract, unjust enrichment, money had and received and disgorgement, in connection with $706,000 which it alleges it is owed under the Sale Agreement for true ups and post-closing adjustments associated therewith. The petition seeks amounts owed, pre- and post-judgment interest and attorney’s fees. The Company denies N&B Energy’s claims, believes it is owed approximately $400,000 related to the Sale Agreement and intends to vehemently defend itself against the allegations and claims and seek counterclaims. The Company is currently in negotiations to settle the matter with N&B Energy through binding arbitration.

XML 38 R17.htm IDEA: XBRL DOCUMENT

REVENUE FROM CONTRACTS WITH CUSTOMERS

12 Months Ended

Mar. 31, 2020

Revenue from Contract with Customer [Abstract]

REVENUE FROM CONTRACTS WITH CUSTOMERS

NOTE 11 – REVENUE FROM CONTRACTS WITH CUSTOMERS

Oil and Gas Contracts

The following table disaggregates revenue by significant product type for the years ended March 31, 2020 and 2019, respectively:

	2020		2019
Oil sales	$	296,036	$	526,365
Natural gas sales		37,049		772,105
Natural gas liquids sales		64,033		1,443,632
Total oil and gas revenue from customers	$	397,118	$	2,742,102

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

XML 39 R18.htm IDEA: XBRL DOCUMENT

MERGER AGREEMENT AND DIVESTITURE

12 Months Ended

Mar. 31, 2020

Business Combinations [Abstract]

MERGER AGREEMENT AND DIVESTITURE

NOTE 12 – MERGER AGREEMENT AND DIVESTITURE

Merger Agreement

On July 8, 2019 (the “Closing Date”), the Company entered into, and closed the transactions contemplated by, the Lineal Plan of Merger, by and between the Company, Camber Energy Merger Sub 2, Inc., the Company’s then newly formed wholly-owned subsidiary, Lineal, and the Lineal Members. Pursuant to the Lineal Plan of Merger, the Company acquired 100% of the ownership of Lineal from the Lineal Members in consideration for newly issued shares of Series E Redeemable Convertible Preferred Stock and Series F Redeemable Preferred Stock, as described in greater detail below.

In connection with the Lineal Plan of Merger, the Company entered into several other agreements, including (a) a Security Exchange Agreement dated July 8, 2019 (the “Exchange Agreement”), by and between the Company and Discover; (b) a Termination Agreement dated July 8, 2019, by and between the Company and Discover Growth Fund, which purchased shares of Series C Preferred Stock from us in December 2018 (“Discover Growth”, which subsequently transferred all of its shares of Series C Preferred Stock to Discover); and (c) a Funding and Loan Agreement dated July 8, 2019, by and among the Company, Lineal, and certain of the Lineal Members who also acquired shares of the Company’s preferred stock as a result of the Lineal Merger (the “Funding Agreement”), which provided for the Company to loan $1,050,000 to Lineal, which loan was evidenced by a Promissory Note entered into by Lineal, as borrower, in favor of the Company, as lender, dated July 8, 2019 (the “July 2019 Lineal Note”).

Also as part of the Lineal Merger, the Company designated three new series of preferred stock, (1) Series D Convertible Preferred Stock (the “Series D Preferred Stock” and the certificate of designations setting forth the rights thereof, the “Series D Designation”); (2) Series E Redeemable Convertible Preferred Stock (the “Series E Preferred Stock” and the certificate of designation setting forth the rights thereof (the “Series E Designation”); and (3) Series F Redeemable Preferred Stock (the “Series F Preferred Stock” and the certificate of designation setting forth the rights thereof, the “Series F Designation”, and the Series E Preferred Stock and the Series F Preferred Stock, collectively, the “Series E and F Preferred Stock”). Additionally, with the approval of the holders thereof, the Company amended and restated the designation of its Series C Redeemable Convertible Preferred Stock (the “Series C Preferred Stock” and the amended and restated designation setting forth the rights thereof, the “Series C Designation”).

The Lineal Plan of Merger, Series D Designation and Series E Designation, provided that, effective upon the date that the stockholders of the Company had approved the Lineal Plan of Merger and issuance of shares in connection therewith (the “Stockholder Approval” and such date of Stockholder Approval, the “Stockholder Approval Date”), and subject to certain closing conditions, (a) the common stock holders of the Company were to hold between 6% and 6.67% of the Company’s fully-diluted capitalization (depending on certain factors); (b) Discover was to hold Series D Preferred Stock convertible into 26.67% of the Company’s fully-diluted capitalization, subject to the terms of the Series D Preferred Stock; and (c) the Lineal Members, who held the Series E Preferred Stock, were to have the right to convert such Series E Preferred Stock, subject to the terms thereof, as discussed above, into 66.67% of the Company’s fully-diluted capitalization, or 70%, subject to certain factors.

Pursuant to the Lineal Plan of Merger, Merger Sub merged with and into Lineal, with Lineal continuing as the surviving entity in the Lineal Merger and as a wholly-owned subsidiary of the Company.

The Funding Agreement required the Company to fund $1,050,000 in immediately available funds to Lineal (the “Loan”). The Loan was documented by the July 2019 Lineal Note and the Loan was made on July 9, 2019.

The consideration paid for the acquisition was as follows:

Series E Preferred Shares	$	18,701,000
Series F Preferred Shares		1,417,000
Total consideration	$	20,118,000

The Series E Preferred Shares and the Series F Preferred Shares were determined to be contingently redeemable preferred stock and were accounted for as mezzanine equity. The fair value of the instruments was determined using an income valuation approach to estimated cash flows of the acquired business, analysis of the terms and rights of each class of equity instrument issued by the Company and an assessment of the probability of the various scenarios that could occur depending on the outcome of the Stockholder Approval vote, and the impact each scenario would have on the capital structure of the Company. Subsequent to the date of the Lineal Merger, the instruments will be assessed to determine whether it is probable of the instruments being redeemed as a result of contingencies being resolved. When it is deemed probable, the fair value will be adjusted to the new estimate of fair value in that period.

The allocation of the preliminary purchase price to the assets and liabilities acquired in connection with the Lineal Merger was based on the current values of the assets and liabilities of Lineal as of the Lineal Merger date on July 8, 2019 and are as follows:

Cash	$	449,763
Accounts receivable		2,776,477
Deferred tax assets		34,000
Cost in excess of billings		944,250
Property and equipment		1,436,920
Right of use asset – operating leases		913,396
Other current assets and deposits		60,132
Goodwill		17,992,118
Accounts payable – trade		(400,889	)
Accrued and other liabilities		(893,013	)
Operating lease liabilities		(913,396	)
Finance lease liabilities		(313,472	)
Loan Payable – shareholder		(492,337	)
Notes payable		(1,475,949	)
Net assets acquired	$	20,118,000

The total purchase price was allocated to the acquired tangible and intangible assets and liabilities of Lineal based on their estimated fair values as of the purchase closing date. The excess of the purchase price over the fair value of assets and liabilities acquired was allocated to goodwill.

Divestiture

On December 31, 2019, the Company entered into, and closed the transactions contemplated by the Redemption Agreement, by and between the Company, Lineal and the Preferred Holders.

Pursuant to the Redemption Agreement, the Company redeemed the Company’s Series E and F Preferred Stock issued in connection with the Lineal Merger and ownership of 100% of Lineal was transferred back to the Preferred Holders, and all of the Series E Preferred Stock and Series F Preferred Stock of the Company outstanding were cancelled through the redemption.

The Redemption Agreement also provided for (a) the entry by Lineal and the Company into a new unsecured promissory note in the amount of $1,539,719, the outstanding amount of the July 2019 Lineal Note together with additional amounts loaned by Camber to Lineal through December 31, 2019 (the “December 2019 Lineal Note”); (b) the unsecured loan by the Company to Lineal on December 31, 2019 of an additional $800,000, entered into by Lineal in favor of the Company on December 31, 2019 (“Lineal Note No. 2”); and (c) the termination of the prior Lineal Plan of Merger and Funding Agreement entered into in connection therewith (pursuant to which all funds previously held in a segregated account for future Lineal acquisitions, less amounts loaned pursuant to Lineal Note No. 2, were released back to the Company). The December 2019 Lineal Note and Lineal Note No. 2, accrue interest, payable quarterly in arrears, beginning on March 31, 2020 and continuing until December 31, 2021, when all interest and principal is due, at 8% and 10% per annum (18% upon the occurrence of an event of default), respectively. As of March 31, 2020, $53,746 of interest related to the December 2019 Lineal Note and Lineal Note No. 2 was accrued and included in the consolidated balance sheet in Accounts Receivable.

The divestiture resulting from the Redemption Agreement qualifies as a discontinued operation in accordance with U.S. generally accepted accounting principles (“GAAP”). As a result, operating results and cash flows related to the Lineal operations have been reflected as discontinued operations in the Company’s consolidated statements of operations and consolidated statements of cash flows for the periods presented.

The net consideration received for the divestiture was as follows:

Return of Series E Preferred Shares	$	14,666,000
Return of Series F Preferred Shares		2,434,000
Total net consideration	$	17,100,000

The fair value of the instruments immediately prior to the divestiture was determined using an income valuation approach to estimate cash flows of the acquired business, analysis of the terms and rights of each class of equity instrument issued by the Company and an assessment of the probability of the various scenarios that could occur depending on the outcome of the Stockholder Approval vote, and the impact each scenario would have on the capital structure of the Company. Immediately prior to the Lineal Disposition, the Company recognized a gain on the change in fair value of the Series E and F Preferred Shares of $3,018,000, included within net loss from discontinued operations.

The following table summarizes the assets and liabilities of Lineal which were transferred from the Company to the Preferred Holders, together with Lineal, as part of the Redemption agreement:

Cash	$	2,101,879
Accounts receivable		1,673,538
Deferred tax assets		34,000
Cost in excess of billings		497,340
Property and equipment		1,996,229
Right of use asset – operating leases		710,898
Other current assets and deposits		49,275
Goodwill		18,314,222
Accounts payable – trade		(260,882	)
Accrued and other liabilities		(369,448	)
Billings in excess of costs		(445,759)
Operating lease liabilities		(710,898	)
Finance lease liabilities		(237,925	)
Notes payable		(3,545,841	)
Net assets divested	$	19,806,628

As a result of the above, the Company recognized a loss on the disposal of the Lineal operations of $2,706,628 included within net loss from discontinued operations.

Components of amounts reflected in the Company’s consolidated statements of operations related to discontinued operations are presented in the following table for the year ended March 31, 2020.

	Year Ended
	March 31, 2020
Contract revenue	$	9,106,764
Contract costs		(7,772,726	)
Depreciation and amortization		(155,282	)
Selling, general and administrative		(1,649,643	)
Operating loss		(470,887	)
Other income		273,037
Interest expense		(113,522	)
Net (loss) from discontinued operations		(311,372	)
Loss on disposal of business		(2,706,628	)
Change in value of preferred stock		3,018,000
Total loss on discontinued operations	$	—

XML 40 R19.htm IDEA: XBRL DOCUMENT

INCOME TAXES

12 Months Ended

Mar. 31, 2020

Income Tax Disclosure [Abstract]

INCOME TAXES

NOTE 13 – INCOME TAXES

The Company recorded a provision for income taxes of approximately $0 and $3,000 for the years ended March 31, 2020 and March 31, 2019, respectively.

	2020		2019
Current taxes:
Federal	$	—	$	—
State		—		3,000
		—		3,000
Deferred taxes:
Federal		—		—
State		—		—
		—		—
Total	$	—	$	3,000

The following is a reconciliation between actual tax expense (benefit) and income taxes computed by applying the U.S. federal income tax rate of 21% to income from continuing operations before income taxes for the years ended March 31, 2020 and 2019:

	2020			2019
Tax expense (benefit), computed at expected tax rates	$	(809,941	)	$	3,495,692
Nondeductible expenses		3,298			77,473
State taxes net of FIT benefit		—			2,370
Return to accrual true-up		—			1,490,624
Change in valuation allowance		806,643			(5,063,159	)
Total	$	—		$	3,000

Tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred liabilities are presented below:

	At March 31,
	2020			2019
Deferred tax assets:
Net operating tax loss carryforwards	$	10,432,878		$	9,396,605
Depreciation, depletion and amortization		611,157			643,497
Income from subsidiary		(201,005	)		—
Share-based compensation		302,916			302,916
Bad debt reserve		43,692			39,977
Other		—			1
Total deferred tax assets (liabilities)		11,189,638			10,382,996

Less: valuation allowance		(11,189,638	)		(10,382,996	)
Total	$	—		$	—

The above estimates are based on management’s decisions concerning certain elections which could change the relationship between net income and taxable income. Management decisions are made annually and could cause the estimates to vary significantly.

The Company experienced an “ownership change” within the meaning of IRC Section 382 during the year ended March 31, 2017. As a result, certain limitations apply to the annual amount of net operating losses that can be used to offset post ownership change taxable income. The Company has estimated that $44.5 million of its pre-ownership change net operating loss could potentially be lost due to the IRC Section 382 limitation for the year ending March 31, 2017. This amount may increase if the Company experiences another ownership change(s) since the last ownership change. However, the income tax effect of those ownership change(s) should be nil as the Company had recorded a full valuation allowance against its deferred assets.

At March 31, 2020, the Company had estimated net operating loss carryforwards for federal income tax purposes of approximately $50 million, adjusted for the ownership change limitation discussed above, which will begin to expire, if not previously used, beginning in the fiscal year 2028. A valuation allowance has been established for the entire amount of the deferred tax assets for the years ended March 31, 2020 and March 31, 2019.

On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the 2017 Tax Cuts and Jobs Act (“2017 Tax Reform”). The 2017 Tax Reform significantly revised the future ongoing U.S. corporate income tax by, among other things, lowering U.S. corporate income tax rates and implementing a territorial tax system. The Company has reasonably estimated the effects of the 2017 Tax Reform and recorded provisional amounts in the consolidated financial statements as of March 31, 2018. This amount is primarily comprised of the re-measurement of federal net deferred tax liabilities resulting from the permanent reduction in the U.S. statutory corporate tax rate to 21%, from 34%. The Company will continue to monitor additional guidance issued by the U.S. Treasury Department, the IRS, and other standard-setting bodies, so we may make adjustments to the provisional amounts (if any). However, management’s opinion is that future adjustments due to the 2017 Tax Reform should not have a material impact on the Company’s provision for income taxes.

On March 27, 2020, President Trump signed into law the “Coronavirus Aid, Relief, and Economic Security Act” (“CARES ACT”). The CARES Act, among other things, includes provisions relating to net operating loss (“NOL”) carryback periods. The Company is evaluating the impact, if any, that the CARES Act may have on the Company’s future operations, financial position, and liquidity in fiscal year 2021. At this time, the Company does not expect to realize the benefits of the NOL carryback provisions.

The Company files income tax returns for federal and state purposes. Management believes that with few exceptions, the Company is not subject to examination by United States tax authorities for periods prior to 2016.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References+ Details

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STOCKHOLDERS' EQUITY

12 Months Ended

Mar. 31, 2020

Equity [Abstract]

STOCKHOLDERS' EQUITY

NOTE 14 – STOCKHOLDERS’ EQUITY

Common Stock

On April 20, 2018, Discover was issued 5 shares of common stock as a result of true-ups in connection with the August 23, 2017 conversion of $35,000 of the principal amount of the debenture held by Discover.

During the quarter ended September 30, 2018, the Company issued a stock dividend on the Series B Preferred Stock consisting of 1 share (with a fair value of $15,625 based on the share price at September 30, 2018) of the Company’s common stock. Due to the fact that the Company is in a retained deficit position, the Company recognized a charge to additional paid in-capital of $882 and stock dividends distributable but not issued based on the par value of the common stock issued. During the quarter ended September 30, 2018, the Company issued 1 share to settle a stock dividend accrued on Series B Preferred Stock.

On November 15, 2018, the Company entered into a consulting agreement with Regal Consulting (“Regal”), an investor relations firm, pursuant to which the firm agreed to provide the Company investor relations and consulting services for a period of six months, for monthly consideration of $28,000 and 7 restricted shares of the Company’s common stock. In January 2019, the Company issued 13 shares of restricted common stock to Regal Consulting for the months of November and December 2018, which shares were issued during the year ended March 31, 2019. On February 13, 2019, and effective on January 31, 2019, the Company entered into a First Amendment to the Consulting Agreement previously entered into with Regal Consulting. Pursuant to the First Amendment, the parties agreed to expand the investor relations services required to be provided by Regal Consulting under the agreement in consideration for $50,000 per month and 40 restricted shares of common stock per month (the “Regal Shares”)(which are fully-earned upon issuance) during the term of the agreement, and agreed to extend the term of the agreement until October 1, 2019 (unless the Company completes an acquisition or combination prior to such date). All of the Regal Shares had been earned and issued to Regal as of September 30, 2019. On October 15, 2019, the Company entered into a Settlement and Mutual Release Agreement (the “Release”) with Regal, pursuant to which it agreed to settle and terminate the consulting agreement with Regal. Pursuant to the Release, the Company agreed to issue Regal 1,514 shares of the Company’s restricted common stock and to pay Regal $17,500 in consideration for agreeing to terminate the agreement. The Company and Regal also provided each other mutual releases in connection with the Release. The 1,514 shares of common stock were issued to Regal on June 1, 2020.

On February 13, 2019, the Company entered into a letter agreement with SylvaCap Media (“SylvaCap”), pursuant to which SylvaCap agreed to act as the Company’s non-exclusive digital marketing service provider in consideration for an aggregate of 480 shares of restricted common stock (the “SylvaCap Shares”), which are fully-earned upon their issuance, and $50,000 per month during the term of the agreement, which ends on November 12, 2019 (unless the Company completes an acquisition or combination prior to such date) or upon termination by either party for cause. The Company also agreed to provide SylvaCap piggy-back registration rights in connection with the SylvaCap Shares and to pay SylvaCap $6,250 every three months as an expense reimbursement. The total value of the restricted shares of common stock due of $261,540 was accrued in common stock payable as of March 31, 2019. The 480 SylvaCap shares were issued in May 2019 and there are no shares due as of March 31, 2020.

During the year ended March 31, 2020, Discover and Discover Growth, which purchased shares of Series C Preferred Stock from the Company in December 2018, and which subsequently transferred all of its shares of Series C Preferred Stock to Discover, converted 11 shares of the Series C Preferred Stock with a face value of $110,000, and a total of 4,899,442 shares of common stock were issued, which includes additional shares for conversion premiums and true ups in connection with those conversions through March 31, 2020.

From April 1, 2019 to March 31, 2020, Discover was issued 29,073 shares of common stock as true-ups in connection with the October 31, 2018 conversion of the $495,000 remaining balance of principal owed under the terms of a convertible debenture. No additional shares were owed to Discover as of March 31, 2020, pursuant to the debenture.

Series A Convertible Preferred Stock

As of March 31, 2020 and 2019, the Company had no Series A Convertible Preferred Stock issued or outstanding.

Series B Redeemable Convertible Preferred Stock

As of March 31, 2020 and 2019, there were 0 and 44,000 shares of Series B Preferred Stock outstanding, respectively, which have the following features:

	●	a liquidation preference senior to all of the Company’s common stock;
	●	a dividend, payable quarterly, at an annual rate of six percent (6%) of the original issue price until such Series B Preferred Stock is no longer outstanding either due to conversion, redemption or otherwise; and
	●	voting rights on all matters, with each share having 1/781,250 of one vote.

During the quarter ended September 30, 2018, the Company issued a stock dividend on the Series B Preferred Stock consisting of 1 share of the Company’s common stock as described above.

On May 15, 2019, the Company entered into a conversion agreement with the then holder of all 44,000 shares of the Company’s then outstanding Series B Preferred Stock. Pursuant to the Conversion Agreement, all of the Series B Preferred Stock was converted into 1 share of the Company’s common stock pursuant to the stated terms of such Series B Preferred Stock, in consideration for $25,000 in cash due at the time of the parties entry into the agreement, which payment was made during the three months ended September 30, 2019. The holder also provided the Company a release in connection with certain of his rights under the Series B Preferred Stock (including any and all accrued and unpaid dividends) and certain other matters.

Effective on May 15, 2020, due to the fact that no shares of Series B Preferred Stock were outstanding, the Board of Directors approved, and the Company filed, a Certificate of Withdrawal of Certificate of Designation relating to such series of preferred stock with the Secretary of State of Nevada and terminated the designation of its Series B Preferred Stock effective as of the same date.

Series C Redeemable Convertible Preferred Stock

During the year ended March 31, 2020, the Company sold 525 shares of Series C Preferred Stock for total proceeds of $5 million. In the event the Merger Agreement entered into with Viking in February 2020 is terminated for any reason, we (until June 22, 2020, when such terms were amended) were required to redeem the 525 shares of Series C Preferred Stock which we sold during the year ended March 31, 2020, at a 110% premium, in an aggregate amount equal to $5,775,000. Because of the requirement to redeem such 525 shares of Series C Preferred Stock in the event the Merger Agreement is terminated, which termination is partially outside the control of the Company, such 525 shares of Series C Preferred Stock is classified as temporary equity on the March 31, 2020 balance sheet. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Subsequent to March 31, 2020, on June 22, 2020, the Company and Discover terminated the obligation for Camber to redeem the 525 shares of Series C Preferred Stock upon termination of the Merger Agreement; and provided that a new obligation exists in connection with the required redemption, on similar terms of 630 shares of Series C Preferred Stock sold on June 22, 2020.

During the year ended March 31, 2019, the Company sold and issued 1,577 shares of Series C Preferred Stock pursuant to the terms of a October 2017 Stock Purchase Agreement, October 2018 Stock Purchase Agreement and November 2018 Stock Purchase Agreement, for total consideration of $15 million. As of March 31, 2020 and 2019, there were 2,819 and 2,305 shares of Series C Preferred Stock outstanding, respectively.

During the year ended March 31, 2019, Discover and Discover Growth converted 404 shares of the Series C Preferred Stock with a face value of $4.04 million, and a total of 3,794 shares of common stock were issued, which includes additional shares for conversion premiums and true ups in connection with those conversions through March 31, 2019.

During the year ended March 31, 2020, Discover and Discover Growth converted 11 shares of the Series C Preferred Stock with a face value of $110,000, and a total of 4,899,442 shares of common stock were issued, which includes additional shares for conversion premiums and true ups in connection with those conversions through March 31, 2020.

As of March 31, 2020 and March 31, 2019, the Company accrued common stock dividends on the Series C Preferred Stock based on the then 34.95% premium dividend rate. The Company recognized a total charge to additional paid-in capital and stock dividends distributable but not issued of $7,737,086 and $5,676,715 related to the stock dividend declared but not issued for the years ended March 31, 2020 and 2019, respectively.

Series E Redeemable Convertible Preferred Stock and Series F Convertible Preferred Stock

As described above in “Note 1 – General” and “Note 12 – Merger Agreement and Divestiture”, on the Closing Date, pursuant to the Lineal Plan of Merger, the Company acquired 100% of the ownership of Lineal from the Lineal Members in consideration for 1,000,000 of the newly issued shares of Series E Preferred Stock and 16,750 of the newly issued shares of Series F Preferred Stock and effective on December 31, 2019, the Company divested its ownership in Lineal and the Series E Preferred Stock and Series F Preferred Stock were returned to the Company and cancelled.

Effective on May 15, 2020, due to the fact that no shares of Series E Preferred Stock and Series F Preferred Stock were outstanding, the Board of Directors approved, and the Company filed, Certificates of Withdrawal of the Certificate of Designations relating to such series of preferred stock with the Secretary of State of Nevada and terminated the designation of its Series E Preferred Stock and Series F Preferred Stock effective as of the same date.

Warrants

The following is a summary of the Company’s outstanding warrants at March 31, 2020:

Warrants		Exercise	Expiration		Intrinsic Value at
Outstanding		Price ($)	Date		March 31, 2020
1	⁽¹⁾	1,171,875.00	April 26, 2021	$	—
3	⁽²⁾	195,312.50	September 12, 2022		—
32	⁽³⁾	12,187.50	May 24, 2023		—
36				$	—

(1)	Warrants issued in connection with the sale of convertible notes. The warrants were exercisable on the grant date (April 26, 2016) and remain exercisable until April 26, 2021.

(2)	Warrants issued in connection with funding. The warrants were exercisable on the grant date (September 12, 2017) and remain exercisable until September 12, 2022.

(3)	Warrants issued in connection with a Severance Agreement with Richard N. Azar II, the Company’s former Chief Executive Officer. The warrants were exercisable on the grant date (May 25, 2018) and remain exercisable until May 24, 2023.

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SHARE-BASED COMPENSATION

12 Months Ended

Mar. 31, 2020

Share-based Payment Arrangement [Abstract]

SHARE-BASED COMPENSATION

NOTE 15 – SHARE-BASED COMPENSATION

Common Stock

The Company stockholders approved the 2014 Stock Incentive Plan (as amended to date, the “2014 Plan”) at the annual stockholder meeting held on February 13, 2014. The 2014 Plan provides the Company with the ability to offer up to 2.5 million (i) incentive stock options (to eligible employees only); (ii) nonqualified stock options; (iii) restricted stock; (iv) stock awards; (v) shares in performance of services; or (vi) any combination of the foregoing, to employees, consultants and contractors as provided in the 2014 Plan.

The Company stockholders approved the Lucas Energy, Inc. 2012 Stock Incentive Plan (“2012 Incentive Plan”) at the annual stockholder meeting held on December 16, 2011. The 2012 Incentive Plan provides the Company with the ability to offer (i) incentive stock options (to eligible employees only); (ii) nonqualified stock options; (iii) restricted stock; (iv) stock awards; (v) shares in performance of services; or (vi) any combination of the foregoing, to employees, consultants and contractors as provided in the 2012 Incentive Plan.

The Company stockholders approved the Lucas Energy, Inc. 2010 Long Term Incentive Plan (“2010 Incentive Plan” or “2010 Plan”) at the annual stockholder meeting held on March 30, 2010. The 2010 Incentive Plan provides the Company with the ability to offer (1) incentive stock options, (2) non-qualified stock options, and (3) restricted shares (i.e., shares subject to such restrictions, if any, as determined by the Compensation Committee or the Board) to employees, consultants and contractors as performance incentives.

Under the 2010 Incentive Plan, 58 shares of the Company’s common stock are authorized for initial issuance or grant, under the 2012 Incentive Plan, 96 shares of the Company’s common stock are authorized for initial issuance or grant, and under the 2014 Incentive Plan, as amended, 2,500,000 shares of the Company’s common stock are authorized for issuance or grant. As of March 31, 2020, there was an aggregate of 1 share available for issuance or grant under the 2010 Incentive Plan, 5 shares were available for issuance or grant under the 2012 Incentive Plan and an aggregate of approximately 1,999 securities were available for issuance or grant under the 2014 Incentive Plan as amended for future issuances and grants, respectively. The number of securities available under the 2010, 2012 and 2014 Plans is reduced one for one for each security delivered pursuant to an award under the Plans. Any issued or granted security that becomes available due to expiration, forfeiture, surrender, cancellation, termination or settlement in cash of an award under the Incentive Plans may be requested and used as part of a new award under the Plans.

The Plans are administered by the Compensation Committee and/or the Board in its discretion (the “Committee”). The Committee interprets the Plans and has broad discretion to select the eligible persons to whom awards will be granted, as well as the type, size and terms and conditions of each award, including the exercise price of stock options, the number of shares subject to awards, the expiration date of awards, and the vesting schedule or other restrictions applicable to awards.

Camber measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award over the vesting period.

Stock Options

The following summarizes Camber’s stock option activity for each of the years ended March 31, 2020 and 2019:

	2020				2019
	Number of Stock Options		Weighted Average Exercise Price		Number of Stock Options		Weighted Average Exercise Price
Outstanding at Beginning of Year		2	$	40,429,700		2	$	40,429,700
Expired/Cancelled		—		—		—		—
Outstanding at End of Year		2	$	40,429,700		2	$	40,429,700

Of the Company’s outstanding options, no options were exercised or forfeited during the years ended March 31, 2020 and 2019, respectively. Compensation expense related to stock options during the years ended March 31, 2020 and 2019 was $0.

Options outstanding and exercisable at March 31, 2020 and 2019 had no intrinsic value. The intrinsic value is based upon the difference between the market price of Camber’s common stock on the date of exercise and the grant price of the stock options.

As of March 31, 2020 and 2019, there was no remaining unrecognized share-based compensation expense related to all non-vested stock options, respectively.

Options outstanding and exercisable as of March 31, 2020:

Exercise	Remaining		Options		Options
Price ($)	Life (Yrs.)		Outstanding		Exercisable
40,429,700		0.50		2		2
		Total		2		2

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INCOME (LOSS) PER COMMON SHARE

12 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

INCOME (LOSS) PER COMMON SHARE

NOTE 16– INCOME (LOSS) PER COMMON SHARE

The calculation of earnings (loss) per share for the years ended March 31, 2020 and 2019 was as follows:

	Year Ended
	March 31,
	2020			2019
Numerator:
Income (loss)	$	(3,856,299	)	$	16,643,153
Less preferred dividends		(7,737,086	)		(5,676,715	)
Net income (loss) attributable to common stockholders	$	(11,593,385	)	$	10,966,438

Denominator
Weighted average share – basic		2,109,622			3,951

Dilutive effect of common stock equivalents
Options/warrants		—			—
Preferred C shares		—			37,854

Denominator
Total Weighted average shares – diluted		2,109,622			41,805
Income (loss) per share – basic
Continuing operations	$	(5.50	)	$	2,775.61
Income (loss) per share – diluted
Continuing Operations	$	(5.50	)	$	262.32

For the years ended March 31, 2020 and 2019, the following share equivalents related to convertible debt and warrants to purchase shares of common stock were excluded from the computation of diluted net income (loss) per share as the inclusion of such shares would be anti-dilutive.

	2020		2019
Common Shares Issuable for:
Convertible Debt		276		—
Options and Warrants		38		41
Series C Preferred Shares		1,218,016,833		—
Total		1,218,017,147		41

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SUPPLEMENTAL CASH FLOW INFORMATION

12 Months Ended

Mar. 31, 2020

Supplemental Cash Flow Elements [Abstract]

SUPPLEMENTAL CASH FLOW INFORMATION

NOTE 17 – SUPPLEMENTAL CASH FLOW INFORMATION

Net cash paid for interest and income taxes was as follows for the years ended March 31, 2020 and 2019:

	2020		2019
Interest	$	14,771	$	842,520
Income taxes	$	—	$	—

Non-cash investing and financing activities for the years ended March 31, 2020 and 2019 included the following:

	2020		2019

Reduction in Accounts Payable for Payments Made on Previously Accrued Capital Expenditures	$	—	$	547,033
Change in Estimate for Asset Retirement Obligations	$	85,069	$	19,461
Issuance of Common Stock for Payment of Consulting Fees	$	—	$	234,430
Settlement of Common Stock Payable	$	331,030	$	—
Conversion of Preferred B Shares to Common Stock	$	44	$	365
Stock Dividends Distributable but not Issued	$	7,737,086	$	5,676,715
Conversion of Notes and Accrued Interest to Common Stock	$	—	$	917,104
Conversion of Preferred Stock to Common Stock	$	4,899	$	4
Warrants Issued in Abeyance	$	29	$	—
Issuance of Common Stock for Dividends	$	3	$	2,782

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FAIR VALUE MEASUREMENTS

12 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

Note 18 – FAIR VALUE MEASUREMENTS

When applying fair value principles in the valuation of assets and liabilities, the Company is required to maximize the use of quoted market prices and minimize the use of unobservable inputs. The Company has not changed its valuation techniques used in measuring the fair value of any financial assets or liabilities during the fiscal years presented. The fair value estimates take into consideration the credit risk of both the Company and its counterparties.

When active market quotes are not available for financial assets and liabilities, the Company uses industry standard valuation models. Where applicable, these models project future cash flows and discount the future amounts to a present value using market-based observable inputs including credit risk, interest rate curves, foreign currency rates and forward and spot prices for currencies. In circumstances where market-based observable inputs are not available, management judgment is used to develop assumptions to estimate fair value. Generally, the fair value of our Level 3 instruments are estimated as the net present value of expected future cash flows based on internal and external inputs.

Fair Value Measurements

The liabilities and mezzanine equity carried at fair value as of March 31, 2020 and March 31, 2019 were as follows:

March 31, 2020

Total

Level 1

Level 2

Level 3

Liabilities:

Derivative liability

—

Total liabilities at fair value

—

	March 31, 2019
	Total		Level 1		Level 2		Level 3
Liabilities:
Derivative liability	$	5	$	—	$	—	$	5
Total liabilities at fair value	$	5	$	—	$	—	$	5

There were no transfers in or out of Level 3 for the year ended March 31, 2020.

Assets and Liabilities Measured at Fair Value on a Non-recurring Basis

In addition to the financial instruments that are recorded at fair value on a recurring basis, the Company records assets and liabilities at fair value on a non-recurring basis as required by U.S. GAAP. Generally, assets are recorded at fair value on a non-recurring basis as a result of impairment charges or as part of a business combination. As discussed in “Note 12 – Merger Agreement and Divestiture” , during the year ended March 31, 2020, the Company recorded non-recurring fair value measurements related to the Lineal Plan of Merger. These fair value measurements were classified as Level 3 within the fair value hierarchy.

Additionally, the Series E Preferred Stock and Series F Preferred Stock were considered contingently redeemable preferred stock and were classified as mezzanine equity during the period. The fair value of these instruments was estimated as part of the accounting for the Lineal Plan of Merger described in “Note 12 – Merger Agreement and Divestiture”. Effective December 31, 2019, the Series E and Series F Preferred Stock were returned to the Company and cancelled as part of the Lineal Divestiture. Immediately prior to the Lineal Divestiture, the estimated fair value of the Series E and Series F Preferred Stock was determined using an income valuation approach to estimate the future cash flows of the Lineal business as of December 31, 2019, including an analysis of the terms and rights of each class of equity and their current value based on the disposition of the Lineal business. No Series E and Series F Preferred Stock was outstanding as of March 31, 2020.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

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SUBSEQUENT EVENTS

12 Months Ended

Mar. 31, 2020

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 19– SUBSEQUENT EVENTS

On April 16, 2020, pursuant to the authorization and approval provided by the stockholders of the Company at the special meeting of stockholders held on April 16, 2020, the Company filed a Certificate of Amendment to its Articles of Incorporation with the Secretary of State of Nevada to increase its authorized shares of common stock, $0.001 par value per share, from 5 million shares to 25 million shares, which filing became effective on the same date.

On February 15, 2020, the Company entered into a letter agreement with Sylva International LLC d/b/a SylvaCap Media (“SylvaCap”), pursuant to which SylvaCap agreed to act as the Company’s non-exclusive digital marketing service provider in consideration for an aggregate of 100,000 shares of restricted common stock (the “SylvaCap Shares”), which are fully-earned upon their issuance, and $50,000 per month during the term of the agreement, which was to end on June 15, 2020. On May 12, 2020, the Company entered into the first amendment to the SylvaCap agreement. Pursuant to the amendment, the Company and SylvaCap extended the term of the letter agreement to October 19, 2020. The SylvaCap Shares were issued on May 15, 2020.

The Company previously designated (a) 2,000 shares of preferred stock as Series A Convertible Preferred Stock (November 2011); (b) 600,000 shares of preferred stock as Series B Redeemable Convertible Preferred Stock (Amended and Restated on August 2016); (c) 50,000 shares of preferred stock as Series D Convertible Preferred Stock (July 2019); (d) 1,000,000 shares of preferred stock as Series E Redeemable Convertible Preferred Stock (July 2019); and (e) 16,750 shares of preferred stock as Series F Redeemable Preferred Stock (July 2019).

Effective May 15, 2020, due to the fact that no shares of Series A Convertible Preferred Stock, Series B Redeemable Convertible Preferred Stock, Series D Convertible Preferred Stock, Series E Redeemable Convertible Preferred Stock or Series F Redeemable Preferred Stock were outstanding, the Board of Directors approved, and the Company filed, Certificate of Withdrawal of Certificate of Designations relating to such series of preferred stock with the Secretary of State of Nevada and terminated the designation of its Series A Convertible Preferred Stock, Series B Redeemable Convertible Preferred Stock, Series D Convertible Preferred Stock, Series E Redeemable Convertible Preferred Stock and Series F Redeemable Preferred Stock effective as of the same date. As a result, the only preferred stock which is currently designated by the Company is the Company’s Series C Redeemable Convertible Preferred Stock.

On May 27, 2020, Viking and Camber entered into the First Amendment to Agreement and Plan of Merger (the “First Amendment”) to amend the Merger Agreement to (i) modify the Camber Percentage (as defined below) adjustment mechanism to cap the aggregate Camber Percentage Increase (as defined below) or Camber Percentage Decrease (as defined below) at 5%; (ii) modify the events resulting in such adjustments; (iii) correct a prior error with such calculation which discussed Camber being required to have $4 million in cash at closing; and (iv) agree that neither party will raise capital from the other party’s existing shareholders without the prior written consent of the other party.

Upon the terms and subject to the conditions set forth in the Merger Agreement, at the effective time of the Merger, each share of Viking Common Stock issued and outstanding immediately prior to the Effective Time, other than certain shares owned by Camber, Viking and Camber’s merger subsidiary (which will be cancelled), will be converted into the right to receive the pro rata share of 80% of Camber’s post-Effective Time capitalization, taking into account the number of shares of common stock of Camber outstanding on a fully-diluted basis and without taking into account any shares of common stock which the holder of Camber’s Series C Preferred Stock can receive upon conversion of the Series C Preferred Stock, or a separate series of preferred stock issued in exchange for such Series C Preferred Stock, which has fixed conversion provisions, subject to certain adjustment provisions. Holders of Viking Common Stock will have any fractional shares of Camber common stock after the Merger rounded up to the nearest whole share.

The Merger Agreement, as amended by the First Amendment, provides that the Camber Percentage is to be adjusted as follows: (i) for each (A) $500,000 in Camber unencumbered cash (without any associated debt) available for use by the combined company (the “Combined Company”) after the Effective Time, with a permitted use being to, among other things, pay debt obligations of Viking outside of Viking’s Ichor division or Elysium division, which comes from equity sold by Camber for cash from February 3, 2020, through the Effective Time, which is not contingent or conditional upon the closing of the Merger (the “Camber Surplus Cash”), or (B) $500,000 in other unencumbered assets acquired by Camber after the date of First Amendment and prior to closing without increasing Camber’s liabilities (the “Other Camber Surplus Assets”), the Camber Percentage will increase by an incremental 0.5% (a “Camber Percentage Increase”); and (ii) for each additional $500,000 in Viking unencumbered cash (without any associated debt) for use by the Combined Company after the Effective Time which is not contingent or conditional upon the closing of the Plan of Merger, with a permitted use being to, among other things, pay debt obligations of Viking outside of Viking’s Ichor division or Elysium division in excess of $500,000 at Closing, which comes from equity sold by Viking for cash from February 3, 2020 through the Effective Time, the Camber Percentage will decrease by an incremental 0.5% (a “Camber Percentage Decrease”). The aggregate Camber Percentage Increase or Camber Percentage Decrease shall not exceed 5% pursuant to this particular section of the Merger Agreement, and neither party will raise capital from the other party’s existing shareholders without the prior written consent of such other party.

Since April 1, 2020, and through June 24, 2020, Discover has converted 498 shares of Series C Preferred Stock into approximately 13,033,208 shares of common stock, of which 7,354,416 shares of common stock had been issued as of June 24, 2020, and a total of approximately 5,678,792 shares of common stock were due to Discover, and are held in abeyance until such issuances are requested by Discover, subject to the 9.99% ownership limitation set forth in the designation of the Series C Preferred Stock. The number of Series C Preferred Stock converted by Discover of the Series C Preferred Stock since April 1, 2020, and through June 24, 2020, are summarized below:

●

On April 15, 2020, Discover converted 17 shares of Series C Preferred Stock into 442,804 shares of common stock, all of which have been issued to date;

●

On April 23, 2020, Discover converted 236 shares of Series C Preferred Stock into 6,177,412 shares of common stock, all of which have been issued to date; and

●

On June 23, 2020, Discover converted 245 shares of Series C Preferred Stock into 6,412,992 shares of common stock, of which a total of approximately 5,678,792 shares of common stock remain due to Discover as of June 24, 2020, and are held in abeyance until such issuances are requested by Discover, subject to the 9.99% ownership limitation set forth in the designation of the Series C Preferred Stock.

On June 15, 2020, Viking and the Company entered into a Second Amendment to Agreement and Plan of Merger (the “Second Amendment”) to amend the Merger Agreement to extend the date after which the Merger Agreement can be cancelled by either the Company or Viking, if not completed thereby, from June 30, 2020 to September 30, 2020, provided that either the Company or Viking has the right to further extend such date from time to time, until up to December 31, 2020, in the event that Camber has not fully resolved SEC comments on Registration Statement on Form S-4 which the Company filed in connection with the Merger, or other SEC filings related to the Merger, and the Company is responding to such comments in a reasonable fashion, subject to certain exceptions.

On and effective June 22, 2020, the Company and Discover entered into a Stock Purchase Agreement (the “June 2020 Purchase Agreement”), pursuant to which Discover purchased 630 shares of Series C Preferred Stock for $6 million, at a 5% original issue discount to the $10,000 face value of such preferred stock (the “Face Value”). Pursuant to the June 2020 Purchase Agreement, as long as Discover holds any shares of Series C Preferred Stock, the Company agreed that, except as contemplated in connection with the Merger, the Company would not issue or enter into or amend an agreement pursuant to which the Company may issue any shares of common stock, other than (a) for restricted securities with no registration rights, (b) in connection with a strategic acquisition, (c) in an underwritten public offering, or (d) at a fixed price. The Company also agreed that it would not issue or amend any debt or equity securities convertible into, exchangeable or exercisable for, or including the right to receive, shares of common stock (i) at a conversion price, exercise price or exchange rate or other price that is based upon or varies with, the trading prices of or quotations for the shares of common stock at any time after the initial issuance of the security or (ii) with a conversion, exercise or exchange price that is subject to being reset at some future date after the initial issuance of the security or upon the occurrence of specified or contingent events directly or indirectly related to the business of the Company or the market for the common stock.

Additionally, provided that the Company has not materially breached the terms of the June 2020 Purchase Agreement, the Company may at any time, in its sole and absolute discretion, repurchase from Discover all, but not less than all, of the then outstanding shares of Series C Preferred Stock sold pursuant to the agreement by paying to Discover 110% of the aggregate face value of all such shares.

The Company also agreed to provide Discover a right of first offer to match any offer for financing the Company receives from any person while the shares of Series C Preferred Stock sold pursuant to the June 2020 Purchase Agreement are outstanding, except for debt financings not convertible into common stock, which are excluded from such right to match.

Finally, the Company agreed that if it issues any security with any term more favorable to the holder of such security or with a term in favor of the holder of such security that was not similarly provided to Discover, then the Company would notify Discover of such additional or more favorable term and such term, at Discover’s option, may become a part of the transaction documents with Discover.

The Company agreed pursuant to the June 2020 Purchase Agreement that if the Merger does not close by the required date approved by the parties thereto (as such may be extended from time to time), the Company is required, at Discover’s option, in its sole and absolute discretion, to immediately repurchase from Discover all then outstanding Series C Preferred Stock shares acquired by Discover pursuant to the June 2020 Purchase Agreement, by paying to Discover 110% of the aggregate Face Value of all such shares (the “Repurchase Requirement”), which totals $6,930,000.

Finally, the Company agreed to include proposals relating to the approval of the June 2020 Purchase Agreement and the issuance of the shares of common stock upon conversion of the Series C Preferred Stock sold pursuant to the June 2020 Purchase Agreement, as well as an increase in authorized common stock to fulfill the Company’s obligations to issue such shares, at the meeting held to approve the Merger or a separate meeting in the event the Merger is terminated prior to shareholder approval, and to use commercially reasonable best efforts to obtain such approvals as soon as possible and in any event prior to December 31, 2020.

On June 22, 2020, the Company and Discover entered into an Amendment to Stock Purchase Agreement (the “SPA Amendment”), pursuant to which Discover agreed to terminate the obligation set forth in the Stock Purchase Agreement previously entered into between the Company and Discover on February 3, 2020, which contained a Repurchase Requirement substantially similar to the one contained in the June 2020 Purchase Agreement (as to the 525 shares of Series C Preferred Stock sold to Discover on February 3, 2020), which would have required that the Company pay Discover an aggregate of $5,775,000 in connection with the redemption of the 525 shares of Series C Preferred Stock the Company sold to Discover in the event the Merger was terminated.

On June 25, 2020, the Company and Viking entered into a Third Amendment to Agreement and Plan of Merger, which (i) provided for the entry into the June 2020 SPA (defined below) and the loan of the $4.2 million evidenced by the June 2020 Secured Note (discussed below); (ii) provided for the requirement to pay the Additional Payment (as discussed in “Note 5 – Plan of Merger and Investment in Unconsolidated Entity”) as a break-up fee, in the event the Merger is terminated prior to closing; (iii) updated the percentages of Elysium which are required to be returned to Viking upon termination of the Merger (as updated in “Note 5 – Plan of Merger and Investment in Unconsolidated Entity”); (iv) confirm that none of the funds loaned by the Company to Viking will affect the merger ratios set forth in the Merger Agreement; and (v) allow for the Company’s Board of Directors to authorize the payment to the officers and directors of the Company, of consideration of up to $150,000 each ($600,000 in aggregate), for past services rendered and services to be rendered by such individuals through the closing date of the Merger, which compensation has not been formally authorized by the Board of Directors to date, but which is expected to be authorized and documented in the coming weeks.

The discussion of the Merger Agreement included throughout these financial statements (including under “Note 5 – Plan of Merger and Investment in Unconsolidated Entity”) has been updated to take into effect the amendments affected by the Third Amendment.

On June 25, 2020, the Company loaned Viking an additional $4.2 million, pursuant to the terms of a Securities Purchase Agreement, which was entered into on the same date (the “June 2020 SPA”). The $4.2 million loan was evidenced by a 10.5% Secured Promissory Note (the “June 2020 Secured Note” and together with the February 2020 Secured Note, the “Secured Notes”), the repayment of which was secured by the terms of a Security and Pledge Agreement. The June 2020 Secured Note has substantially similar terms as the February 3, 2020 10.5% Secured Note discussed under “Note 5 – Plan of Merger and Investment in Unconsolidated Entity”, and substantially similar security obligations of Viking in connection therewith.

As additional consideration for the Company making the loan to Viking, Viking assigned the Company an additional 5% of Elysium pursuant to the terms of an Assignment of Membership Interests dated June 25, 2020, which brings the Company’s current total ownership of Elysium up to 30%.

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Supplemental Oil and Gas Disclosures (Unaudited)

12 Months Ended

Mar. 31, 2020

Supplemental Oil And Gas Disclosures

Supplemental Oil and Gas Disclosures (Unaudited)

The following disclosures for the Company are made in accordance with authoritative guidance regarding disclosures about oil and natural gas producing activities. Users of this information should be aware that the process of estimating quantities of “proved,” “proved developed,” and “proved undeveloped” crude oil, natural gas liquids and natural gas reserves is complex, requiring significant subjective decisions in the evaluation of all available geological, engineering and economic data for each reservoir. The data for a given reservoir may also change substantially over time as a result of numerous factors including, but not limited to, additional development activity, evolving production history and continual reassessment of the viability of production under varying economic conditions. Consequently, material revisions (upward or downward) to existing reserve estimates may occur from time to time. Although reasonable effort is made to ensure that reserve estimates reported represent the most accurate assessments possible, the significance of the subjective decisions required and variances in available data for various reservoirs make these estimates generally less precise than other estimates presented in connection with financial statement disclosures.

Proved reserves represent estimated quantities of crude oil, natural gas liquids and natural gas that geoscience and engineering data can estimate, with reasonable certainty, to be economically producible from a given day forward from known reservoirs under economic conditions, operating methods and government regulation before the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation.

Proved developed reserves are proved reserves expected to be recovered under operating methods being utilized at the time the estimates were made, through wells and equipment in place or if the cost of any required equipment is relatively minor compared to the cost of a new well.

The Company reported financial results from its acquisition of 25% of the membership interests of Elysium effective February 3, 2020, based on information provided by Viking’s management, which was derived from reserve reports prepared by an independent third party in conjunction with the acquisition due diligence as of September 1, 2019. Those balances were then adjusted for production reported by the seller through December 31, 2019 and then for actual production from the acquisition date through March 31, 2020. Elysium reported estimated total net reserves as of March 31, 2020 were 2,988,160 barrels (Bbls) of crude oil and 41,576,500 thousand cubic feet (Mcf) of natural gas which translates to an equivalent of 9,917,580 barrel of oil equivalents (Boe). Camber’s 25% interest in Elysium equates to ownership of 747,040 Bbls of crude oil and 10,394,130 Mcf of natural gas, which translates to an equivalent of 2,479,390 Boe.

These reserves are based on the Oil and Gas Benchmark Prices to Estimate Year-End Petroleum Reserves and Values Using U.S. Securities and Exchange Commission Guidelines from the Modernization of Oil and Gas Reporting and on the quantities of oil, natural gas and natural gas liquids (NGLs), which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible from a given date forward, from known reservoirs, under existing economic conditions, operating methods and government regulations, prior to the time at which contracts providing the rights to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation. Reserves and economic evaluation of all of the Company’s properties are prepared on a well-by-well basis. The accuracy of the reserve estimates is a function of the quality and quantity of available data; interpretation of that data; and accuracy of various mandated economic assumptions.

As of March 31, 2020, Viking had net capitalized costs of $30.2 million and a net operating income from its oil and gas properties of $1.6 million. Camber’s 25% ownership in Elysium equates to net capitalized costs of $7.6 million and net operating income from its interest in the Elysium oil and gas properties of $0.4 million.

Viking’s management used an average monthly crude oil price of $52.048 per Bbl and a natural gas price of $2.74 per Mcf, for the twelve months ended March 31, 2020, to calculate the estimated discounted future net cash flow (“PV-10”) before tax expenses for total proved reserves of Elysium of approximately $104.9 million. Camber’s 25% ownership of Elysium equates to a PV10 before tax expense $26.2 million. Oil, natural gas and NGL prices are market driven and have been historically volatile, and we expect that future prices will continue to fluctuate due to supply and demand factors, seasonality, and geopolitical and economic factors, and such volatility can have a significant impact on our estimates of proved reserves and the related PV-10 value.

Proved undeveloped reserves are reserves that are expected to be recovered from new wells on undrilled acreage, or from existing wells where a relatively major expenditure is required. Reserves on undrilled acreage are limited to those directly offsetting development spacing areas that are reasonably certain of production when drilled, unless evidence using reliable technology exists that establishes reasonable certainty of economic producibility at greater distances. Undrilled locations can be classified as having undeveloped reserves only if a development plan has been adopted indicating that they are scheduled to be drilled within five years, unless the specific circumstances justify a longer time. Estimates for proved undeveloped reserves are not attributed to any acreage for which an application of fluid injection or other improved recovery technique is contemplated, unless such techniques have been proved effective by actual projects in the same reservoir or an analogous reservoir, or by other evidence using reliable technology establishing reasonable certainty.

PROVED RESERVE SUMMARY

All of the Company’s reserves are located in the United States. The following tables sets forth the changes in Camber’s net proved reserves (including developed and undeveloped reserves) for the years ended March 31, 2020 and 2019. Reserves estimates as of March 31, 2020 and 2019, respectively, were estimated by the independent petroleum consulting firm Graves & Co. Consulting LLC:

	March 31,
	2020			2019
Crude Oil (Bbls)
Net proved reserves at beginning of year		124,524			129,573
Revisions of previous estimates		(64,275	)		(3,868	)
Purchases in place		—			—
Extensions, discoveries and other additions		—			—
Sales in place		—			(75	)
Production		(5,399	)		(8,846	)
Net proved reserves at end of year		54,850			124,520

Natural Gas (Mcf)
Net proved reserves at beginning of year		208,710			8,147,168
Revisions of previous estimates		18,005			(7,609,052	)
Purchases in place		—			—
Extensions, discoveries and other additions		—			—
Sales in place		—			(7,983	)
Production		(18,892	)		(321,423	)
Net proved reserves at end of year		207,823			208,710

NGL (Bbls)
Net proved reserves at beginning of year		44,110			1,435,703
Revisions of previous estimates		4,381			(1,338,916	)
Purchases in place		—			—
Extensions, discoveries and other additions		—			—
Sales in place		—			(1,418	)
Production		(4,536	)		(51,269	)
Net proved reserves at end of year		43,955			44,100

Oil Equivalents (Boe)
Net proved reserves at beginning of year		203,406			2,923,138
Revisions of previous estimates		(56,880	)		(2,603,224	)
Purchases in place		—			—
Extensions, discoveries and other additions		—			—
Sales in place		—			(2,823	)
Production		(13,084	)		(113,685	)
Net proved reserves at end of year		133,442			203,406

The following table sets forth Camber’s proved developed and undeveloped reserves at March 31, 2020 and 2019:

	At March 31,
	2020		2019
Proved Developed Producing Reserves
Crude Oil (Bbls)		54,850		76,490
Natural Gas (Mcf)		207,823		208,710
NGL (Bbls)		43,955		44,100
Oil Equivalents (Boe)		133,442		155,376

Proved Developed Non-Producing Reserves
Crude Oil (Bbls)		—		48,030
Natural Gas (Mcf)		—		—
NGL (Bbls)		—		—
Oil Equivalents (Boe)		—		48,030

Proved Undeveloped Reserves
Crude Oil (Bbls)		—		—
Natural Gas (Mcf)		—		—
NGL (Bbls)		—		—
Oil Equivalents (Boe)		—		—

Proved Reserves
Crude Oil (Bbls)		54,850		124,520
Natural Gas (Mcf)		207,823		208,710
NGL (Bbls)		43,955		44,100
Oil Equivalents (Boe)		133,442		203,406

*The Company engaged Graves & Co Consulting, LLC, an independent reserve engineering firm, to provide a reserve report on the Company’s properties as of March 31, 2020.

Proved Developed Not Producing Reserves

At March 31, 2020 and 2019, the Company had proved developed not producing reserves of crude oil of 0 Bbls and 48,030, respectively.

Proved Undeveloped Reserves

At March 31, 2020 and 2019, the Company had no proved undeveloped reserves.

The following table sets forth Camber’s net reserves in Boe by reserve category and by formation at March 31, 2020 and 2019:

	Proved Developed		Proved Non-Producing		Proved Undeveloped		Total Proved
Hutchinson Area
At March 31, 2020		—		—		—		—
At March 31, 2019		18,200		48,030		—		66,230
Trend Area
At March 31, 2020		133,442		—		—		133,442
At March 31, 2019		132,361		—		—		132,361
Other
At March 31, 2020		—		—		—		—
At March 31, 2019		4,815		—		—		4,815
Total
At March 31, 2020		133,442		—		—		133,442
At March 31, 2019		155,376		48,030		—		203,406

Capitalized Costs Relating to Oil and Natural Gas Producing Activities. The following table sets forth the capitalized costs relating to Camber’s crude oil and natural gas producing activities at March 31, 2020 and 2019:

	At March 31,
	2020			2019
Oil and gas properties subject to amortization	$	50,352,033		$	50,352,306
Oil and gas properties not subject to amortization		28,016,989			28,016,989
Capitalized asset retirement costs		91,850			176,649
Total oil & natural gas properties		78,460,872			78,545,944
Accumulated depreciation, depletion, and impairment		(78,350,605	)		(78,333,628	)
Net Capitalized Costs	$	110,267		$	212,316

Costs Incurred in Oil and Natural Gas Property Acquisition, Exploration and Development Activities. The following table sets forth the costs incurred in Camber’s oil and natural gas property acquisition, exploration and development activities for the years ended March 31, 2020 and 2019:

	2020		2019
Acquisition of properties
Proved	$	—	$	—
Unproved		—		—
Exploration costs		—		—
Development costs		—		1,548,953
Total	$	—	$	1,548,953

Results of Operations for Oil and Natural Gas Producing Activities. The following table sets forth the results of operations for oil and natural gas producing activities for the years ended March 31, 2020 and 2019:

	2020			2019
Crude oil and natural gas revenues	$	397,118		$	2,742,102
Production costs		(494,096	)		(3,003,901	)
Depreciation and depletion		(16,977	)		(473,521	)
Results of operations for producing activities, excluding corporate overhead and interest costs	$	(113,955	)	$	(735,320	)

Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Natural Gas Reserves. The following information has been developed utilizing procedures prescribed by ASC Topic 932 and based on crude oil and natural gas reserves and production volumes estimated by the independent petroleum consultants of Camber. The estimates were based on a 12-month average of first-of-the-month commodity prices for the years ended March 31, 2020 and 2019. The following information may be useful for certain comparison purposes, but should not be solely relied upon in evaluating Camber or its performance. Further, information contained in the following table should not be considered as representative of realistic assessments of future cash flows, nor should the Standardized Measure of Discounted Future Net Cash Flows be viewed as representative of the current value of Camber.

The future cash flows presented below are based on cost rates and statutory income tax rates in existence as of the date of the projections and average prices over the preceding twelve months. It is expected that material revisions to some estimates of crude oil and natural gas reserves may occur in the future, development and production of the reserves may occur in periods other than those assumed, and actual prices realized and costs incurred may vary significantly from those used.

Management does not rely upon the following information in making investment and operating decisions. Such decisions are based upon a wide range of factors, including estimates of probable and possible as well as proved reserves, and varying price and cost assumptions considered more representative of a range of possible economic conditions that may be anticipated.

The following table sets forth the standardized measure of discounted future net cash flows from projected production of Camber’s oil, NGL, and natural gas reserves as of March 31, 2020 and 2019:

	At March 31,
	2020			2019
Future cash inflows	$	4,069,441		$	9,223,561
Future production costs		(1,832,098	)		(4,073,084	)
Future development costs		—			(595,000	)
Future income taxes		(469,846	)		(956,650	)
Future net cash flows		1,767,497			3,598,827
Discount to present value at 10% annual rate		(803,608	)		(1,520,346	)
Standardized measure of discounted future net cash flows relating to proved oil and gas reserves	$	963,889		$	2,078,481

Changes in Standardized Measure of Discounted Future Net Cash Flows. The following table sets forth the changes in the standardized measure of discounted future net cash flows for each of the years ended March 31, 2020 and 2019:

	2020			2019
Standardized measure, beginning of year	$	2,078,481		$	7,468,115
Crude oil and natural gas sales, net of production costs		96,978			260,928
Net changes in prices and production costs		(408,944	)		1,842,171
Changes in estimated future development costs		(324,481	)		344,759
Revisions of previous quantity estimates		(145,373	)		17,112,424
Accretion of discount		122,014			263,955
Net change in income taxes		304,877			3,460,184
Purchases of reserves in place		—			—
Sales of reserves in place		—			(10,083	)
Change in timing of estimated future production		(759,663	)		(28,663,972	)
Standardized measure, end of year	$	963,889		$	2,078,481

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Mar. 31, 2020

Accounting Policies [Abstract]

Principles of Consolidation

Principles of Consolidation

Reclassifications

Reclassifications

Use of Estimates

Use of Estimates

Cash and Cash Equivalents

Cash and Cash Equivalents

Accounts Receivable

Accounts Receivable

Notes Receivable

Notes Receivable

Property and Equipment

Property and Equipment

Investment in Unconsolidated Entities

Investment in Unconsolidated Entities

Goodwill

Goodwill

Revenue Recognition

Revenue Recognition

Exploration and Production Revenue

Revenues are recognized for the sale of the Company’s net share of production volumes. Sales on behalf of other working interest owners and royalty interest owners are not recognized as revenues.

Oil and Gas Services Revenue

Fair Value of Financial Instruments

Fair Value of Financial Instruments

●

Level 1 – Quoted prices in active markets for identical assets or liabilities.

●

As of March 31, 2020 and March 31, 2019, the significant inputs to the Company’s derivative liability and mezzanine equity calculations were Level 3 inputs.

Concentration of Credit Risk

Concentration of Credit Risk

Oil and Natural Gas Properties, Full Cost Method

Oil and Natural Gas Properties, Full Cost Method

Ceiling Test

Ceiling Test

Asset Retirement Obligations

Asset Retirement Obligations

Other Property and Equipment

Other Property and Equipment

Other property and equipment are stated at cost and consist primarily of furniture and computer equipment. Depreciation is computed on a straight-line basis over the estimated useful lives.

Income Taxes

Income Taxes

Earnings per Common Share

Earnings per Common Share

Share-Based Compensation

Share-Based Compensation

Camber measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award over the vesting period.

Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements

Subsequent Events

Subsequent Events

The Company has evaluated all transactions through the date the consolidated financial statements were issued for subsequent event disclosure consideration.

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LIQUIDITY AND GOING CONCERN CONSIDERATIONS (Tables)

12 Months Ended

Mar. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of net assets sold and gain recognized in connection with the Assumption Agreement and Sale Agreement

The following table summarizes the net assets sold and gain recognized in connection with the Assumption Agreement and Sale Agreement:

	Transaction Summary
Assumption of IBC Bank Loan	$	36,943,617
Assumption of ARO Liability		699,536
Assumption of Capital Lease Obligations and Other		287,074
Cash Received at Closing		100
Oil and Gas Properties Transferred		(12,122,081	)
Total Gain on Sale	$	25,808,246

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PROPERTY AND EQUIPMENT (Tables)

12 Months Ended

Mar. 31, 2020

Property and Equipment

Schedule of oil and natural gas properties

All of Camber’s oil and natural gas properties are located in the United States. Costs being amortized at March 31, 2020 and 2019 are as follows:

	March 31, 2020			March 31, 2019
Oil and gas properties subject to amortization	$	50,352,033		$	50,352,306
Oil and gas properties not subject to amortization		28,016,989			28,016,989
Capitalized asset retirement costs		91,850			176,649
Total oil & natural gas properties		78,460,872			78,545,944
Accumulated depreciation, depletion, and impairment		(78,350,605	)		(78,333,628	)
Net Capitalized Costs	$	110,267		$	212,316

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PLAN OF MERGER AND INVESTMENT IN UNCONSOLIDATED ENTITY (Tables)

12 Months Ended

Mar. 31, 2020

Equity Method Investments and Joint Ventures [Abstract]

Schedule of return of interests upon termination of merger agreement

In the event of termination of the Merger Agreement, Camber is required, under certain circumstances described below, to return a portion of the Elysium interests to Viking:

Reason for Termination	Percentage of Elysium Retained by Camber
The reasonable likelihood that the combined company will not meet the initial listing requirements of the NYSE American, required regulatory approvals will not be obtained, or the registration statement on Form S-4 will not be declared effective, through no fault of Camber or Viking	20%*
Termination of the Merger Agreement by either party, through no fault of Camber	25%*
Termination of the Merger Agreement due to a material breach of the Merger Agreement by Camber or its disclosure schedules	0%*
Termination of the Merger Agreement for any reason and in the event the Secured Notes (defined below) are not repaid within 90 days of the date of termination and the Additional Payment (defined below) is not made.	30%

*Assumes the payment of Secured Notes within 90 days of the date of termination of the Merger Agreement and the Additional Payment (defined below) is made.

Schedule of investment in unconsolidated entity

Table below shows the changes in the Investment in entities for the years ended March 31, 2020 and 2019, respectively:

	2020		2019
Carrying amount at beginning of year	$	—	$	—
Investment in Elysium		—		—
Proportionate Share of Elysium Earnings		957,169		—
Carrying amount at end of year	$	957,169	$	—

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LONG-TERM NOTES RECEIVABLE (Tables)

12 Months Ended

Mar. 31, 2020

Receivables [Abstract]

Schedule of long-term notes receivable

Long-term notes receivable as of March 31, 2020 and 2019 are comprised of:

	March 31, 2020		March 31, 2019
Note receivable from Viking Energy Group, Inc. pursuant to a 10.5% Secured Promissory Note dated February 3, 2020 in the original principal amount of $5,000,000, having an annual interest rate of 10.5%, with interest due quarterly beginning on May 1, 2020, maturing February 3, 2022. Accrued and unpaid interest of $83,425 is included in accounts receivable at March 31, 2020. The Note is secured by secured interests in 6 Viking Energy Group, Inc. subsidiaries. See also “Note 5 - Plan of Merger and Investment in Unconsolidated Entity”.	$	5,000,0000	$	—
Note receivable from Lineal Star Holdings, LLC pursuant to a Promissory Note dated effective December 31, 2019, in the original principal amount of $1,539,719, accruing annual interest of 10.5%, due quarterly beginning on March 31, 2020, maturing December 31, 2021, with accrued and unpaid interest of $37,966 included in accounts receivable at March 31, 2020. See also “Note 12 - Merger Agreement and Divestiture”.		1,539,719		—
Note receivable from Lineal Star Holdings, LLC pursuant to a Promissory Note No. 2 dated effective December 31, 2019, in the original principal amount of $800,000, accruing annual interest of 8%, due quarterly beginning on March 31, 2020, maturing December 31, 2021, with accrued and unpaid interest of $15,781 included in accounts receivable at March 31, 2020. See also “Note 12 - Merger Agreement and Divestiture”.		800,000		—
Less: current maturities		—		—
Total	$	7,339,719	$	—

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ASSET RETIREMENT OBLIGATIONS (Tables)

12 Months Ended

Mar. 31, 2020

Asset Retirement Obligation Disclosure [Abstract]

Schedule of reconciliation of long-term legal obligations

	2020			2019
Carrying amount at beginning of year	$	303,809		$	979,159
Payments		(149,910	)		—
Accretion		2,920			4,725
Dispositions		—			(699,536	)
Revisions of previous estimates		(85,069	)		19,461
Carrying amount at end of year	$	71,750		$	303,809

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DERIVATIVE LIABILITIES (Tables)

12 Months Ended

Mar. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of activity for derivative warrant instruments

Activities for derivative warrant instruments during the years ended March 31, 2020 and 2019 were as follows:

	2020			2019
Carrying amount at beginning of period	$	5		$	5
Change in fair value		(5	)		—
Carrying amount at end of period	$	—		$	5

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REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)

12 Months Ended

Mar. 31, 2020

Revenue from Contract with Customer [Abstract]

Schedule of disaggregates revenue

The following table disaggregates revenue by significant product type for the years ended March 31, 2020 and 2019, respectively:

	2020		2019
Oil sales	$	296,036	$	526,365
Natural gas sales		37,049		772,105
Natural gas liquids sales		64,033		1,443,632
Total oil and gas revenue from customers	$	397,118	$	2,742,102

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MERGER AGREEMENT AND DIVESTITURE (Tables)

12 Months Ended

Mar. 31, 2020

Business Combinations [Abstract]

Schedule of consideration paid for the acquisition

The consideration paid for the acquisition was as follows:

Series E Preferred Shares	$	18,701,000
Series F Preferred Shares		1,417,000
Total consideration	$	20,118,000

Schedule of current values of the assets and liabilities of Lineal as of the Merger

Cash	$	449,763
Accounts receivable		2,776,477
Deferred tax assets		34,000
Cost in excess of billings		944,250
Property and equipment		1,436,920
Right of use asset – operating leases		913,396
Other current assets and deposits		60,132
Goodwill		17,992,118
Accounts payable – trade		(400,889	)
Accrued and other liabilities		(893,013	)
Operating lease liabilities		(913,396	)
Finance lease liabilities		(313,472	)
Loan Payable – shareholder		(492,337	)
Notes payable		(1,475,949	)
Net assets acquired	$	20,118,000

Schedule of net consideration received for the divestiture

The net consideration received for the divestiture was as follows:

Return of Series E Preferred Shares	$	14,666,000
Return of Series F Preferred Shares		2,434,000
Total net consideration	$	17,100,000

Schedule of assets and liabilities transferred in Redemption agreement

The following table summarizes the assets and liabilities of Lineal which were transferred from the Company to the Preferred Holders, together with Lineal, as part of the Redemption agreement:

Cash	$	2,101,879
Accounts receivable		1,673,538
Deferred tax assets		34,000
Cost in excess of billings		497,340
Property and equipment		1,996,229
Right of use asset – operating leases		710,898
Other current assets and deposits		49,275
Goodwill		18,314,222
Accounts payable – trade		(260,882	)
Accrued and other liabilities		(369,448	)
Billings in excess of costs		(445,759)
Operating lease liabilities		(710,898	)
Finance lease liabilities		(237,925	)
Notes payable		(3,545,841	)
Net assets divested	$	19,806,628

Schedule of consolidated statements of operations related to discontinued operations

Components of amounts reflected in the Company’s consolidated statements of operations related to discontinued operations are presented in the following table for the year ended March 31, 2020.

	Year Ended
	March 31, 2020
Contract revenue	$	9,106,764
Contract costs		(7,772,726	)
Depreciation and amortization		(155,282	)
Selling, general and administrative		(1,649,643	)
Operating loss		(470,887	)
Other income		273,037
Interest expense		(113,522	)
Net (loss) from discontinued operations		(311,372	)
Loss on disposal of business		(2,706,628	)
Change in value of preferred stock		3,018,000
Total loss on discontinued operations	$	—

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INCOME TAXES (Tables)

12 Months Ended

Mar. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of provision for income taxes

The Company recorded a provision for income taxes of approximately $0 and $3,000 for the years ended March 31, 2020 and March 31, 2019, respectively.

	2020		2019
Current taxes:
Federal	$	—	$	—
State		—		3,000
		—		3,000
Deferred taxes:
Federal		—		—
State		—		—
		—		—
Total	$	—	$	3,000

Schedule of reconciliation between actual tax expense and income taxes

	2020			2019
Tax expense (benefit), computed at expected tax rates	$	(809,941	)	$	3,495,692
Nondeductible expenses		3,298			77,473
State taxes net of FIT benefit		—			2,370
Return to accrual true-up		—			1,490,624
Change in valuation allowance		806,643			(5,063,159	)
Total	$	—		$	3,000

Schedule of deferred tax assets and deferred liabilities

Tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred liabilities are presented below:

	At March 31,
	2020			2019
Deferred tax assets:
Net operating tax loss carryforwards	$	10,432,878		$	9,396,605
Depreciation, depletion and amortization		611,157			643,497
Income from subsidiary		(201,005	)		—
Share-based compensation		302,916			302,916
Bad debt reserve		43,692			39,977
Other		—			1
Total deferred tax assets (liabilities)		11,189,638			10,382,996

Less: valuation allowance		(11,189,638	)		(10,382,996	)
Total	$	—		$	—

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STOCKHOLDERS' EQUITY (DEFICIT) (Tables)

12 Months Ended

Mar. 31, 2020

Equity [Abstract]

Schedule of outstanding warrants

The following is a summary of the Company’s outstanding warrants at March 31, 2020:

Warrants		Exercise	Expiration		Intrinsic Value at
Outstanding		Price ($)	Date		March 31, 2020
1	⁽¹⁾	1,171,875.00	April 26, 2021	$	—
3	⁽²⁾	195,312.50	September 12, 2022		—
32	⁽³⁾	12,187.50	May 24, 2023		—
36				$	—

(1)	Warrants issued in connection with the sale of convertible notes. The warrants were exercisable on the grant date (April 26, 2016) and remain exercisable until April 26, 2021.

(2)	Warrants issued in connection with funding. The warrants were exercisable on the grant date (September 12, 2017) and remain exercisable until September 12, 2022.

(3)	Warrants issued in connection with a Severance Agreement with Richard N. Azar II, the Company’s former Chief Executive Officer. The warrants were exercisable on the grant date (May 25, 2018) and remain exercisable until May 24, 2023.

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SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Mar. 31, 2020

Share-based Payment Arrangement [Abstract]

Schedule of stock option activity

The following summarizes Camber’s stock option activity for each of the years ended March 31, 2020 and 2019:

	2020				2019
	Number of Stock Options		Weighted Average Exercise Price		Number of Stock Options		Weighted Average Exercise Price
Outstanding at Beginning of Year		2	$	40,429,700		2	$	40,429,700
Expired/Cancelled		—		—		—		—
Outstanding at End of Year		2	$	40,429,700		2	$	40,429,700

Schedule of options outstanding and exercisable

Options outstanding and exercisable as of March 31, 2020:

Exercise	Remaining		Options		Options
Price ($)	Life (Yrs.)		Outstanding		Exercisable
40,429,700		0.50		2		2
		Total		2		2

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INCOME (LOSS) PER COMMON SHARE (Tables)

12 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

Schedule of earnings (loss) per share

The calculation of earnings (loss) per share for the years ended March 31, 2020 and 2019 was as follows:

	Year Ended
	March 31,
	2020			2019
Numerator:
Income (loss)	$	(3,856,299	)	$	16,643,153
Less preferred dividends		(7,737,086	)		(5,676,715	)
Net income (loss) attributable to common stockholders	$	(11,593,385	)	$	10,966,438

Denominator
Weighted average share – basic		2,109,622			3,951

Dilutive effect of common stock equivalents
Options/warrants		—			—
Preferred C shares		—			37,854

Denominator
Total Weighted average shares – diluted		2,109,622			41,805
Income (loss) per share – basic
Continuing operations	$	(5.50	)	$	2,775.61
Income (loss) per share – diluted
Continuing Operations	$	(5.50	)	$	262.32

Schedule of anti-dilutive shares

	2020		2019
Common Shares Issuable for:
Convertible Debt		276		—
Options and Warrants		38		41
Series C Preferred Shares		1,218,016,833		—
Total		1,218,017,147		41

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SUPPLEMENTAL CASH FLOW INFORMATION (Tables)

12 Months Ended

Mar. 31, 2020

Supplemental Cash Flow Elements [Abstract]

Schedule of supplemental cash flow information

Net cash paid for interest and income taxes was as follows for the years ended March 31, 2020 and 2019:

	2020		2019
Interest	$	14,771	$	842,520
Income taxes	$	—	$	—

Non-cash investing and financing activities for the years ended March 31, 2020 and 2019 included the following:

	2020		2019

Reduction in Accounts Payable for Payments Made on Previously Accrued Capital Expenditures	$	—	$	547,033
Change in Estimate for Asset Retirement Obligations	$	85,069	$	19,461
Issuance of Common Stock for Payment of Consulting Fees	$	—	$	234,430
Settlement of Common Stock Payable	$	331,030	$	—
Conversion of Preferred B Shares to Common Stock	$	44	$	365
Stock Dividends Distributable but not Issued	$	7,737,086	$	5,676,715
Conversion of Notes and Accrued Interest to Common Stock	$	—	$	917,104
Conversion of Preferred Stock to Common Stock	$	4,899	$	4
Warrants Issued in Abeyance	$	29	$	—
Issuance of Common Stock for Dividends	$	3	$	2,782

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FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Schedule of liabilities and mezzanine equity carried at fair value

The liabilities and mezzanine equity carried at fair value as of March 31, 2020 and March 31, 2019 were as follows:

March 31, 2020

Total

Level 1

Level 2

Level 3

Liabilities:

Derivative liability

—

Total liabilities at fair value

—

	March 31, 2019
	Total		Level 1		Level 2		Level 3
Liabilities:
Derivative liability	$	5	$	—	$	—	$	5
Total liabilities at fair value	$	5	$	—	$	—	$	5

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Supplemental Oil and Gas Disclosures (Unaudited) (Tables)

12 Months Ended

Mar. 31, 2020

Supplemental Oil And Gas Disclosures

Schedule of proved developed, proved undeveloped and probable undeveloped reserves

The following tables sets forth the changes in Camber’s net proved reserves (including developed and undeveloped reserves) for the years ended March 31, 2020 and 2019. Reserves estimates as of March 31, 2020 and 2019, respectively, were estimated by the independent petroleum consulting firm Graves & Co. Consulting LLC:

	March 31,
	2020			2019
Crude Oil (Bbls)
Net proved reserves at beginning of year		124,524			129,573
Revisions of previous estimates		(64,275	)		(3,868	)
Purchases in place		—			—
Extensions, discoveries and other additions		—			—
Sales in place		—			(75	)
Production		(5,399	)		(8,846	)
Net proved reserves at end of year		54,850			124,520

Natural Gas (Mcf)
Net proved reserves at beginning of year		208,710			8,147,168
Revisions of previous estimates		18,005			(7,609,052	)
Purchases in place		—			—
Extensions, discoveries and other additions		—			—
Sales in place		—			(7,983	)
Production		(18,892	)		(321,423	)
Net proved reserves at end of year		207,823			208,710

NGL (Bbls)
Net proved reserves at beginning of year		44,110			1,435,703
Revisions of previous estimates		4,381			(1,338,916	)
Purchases in place		—			—
Extensions, discoveries and other additions		—			—
Sales in place		—			(1,418	)
Production		(4,536	)		(51,269	)
Net proved reserves at end of year		43,955			44,100

Oil Equivalents (Boe)
Net proved reserves at beginning of year		203,406			2,923,138
Revisions of previous estimates		(56,880	)		(2,603,224	)
Purchases in place		—			—
Extensions, discoveries and other additions		—			—
Sales in place		—			(2,823	)
Production		(13,084	)		(113,685	)
Net proved reserves at end of year		133,442			203,406

The following table sets forth Camber’s proved developed and undeveloped reserves at March 31, 2020 and 2019:

	At March 31,
	2020		2019
Proved Developed Producing Reserves
Crude Oil (Bbls)		54,850		76,490
Natural Gas (Mcf)		207,823		208,710
NGL (Bbls)		43,955		44,100
Oil Equivalents (Boe)		133,442		155,376

Proved Developed Non-Producing Reserves
Crude Oil (Bbls)		—		48,030
Natural Gas (Mcf)		—		—
NGL (Bbls)		—		—
Oil Equivalents (Boe)		—		48,030

Proved Undeveloped Reserves
Crude Oil (Bbls)		—		—
Natural Gas (Mcf)		—		—
NGL (Bbls)		—		—
Oil Equivalents (Boe)		—		—

Proved Reserves
Crude Oil (Bbls)		54,850		124,520
Natural Gas (Mcf)		207,823		208,710
NGL (Bbls)		43,955		44,100
Oil Equivalents (Boe)		133,442		203,406

The following table sets forth Camber’s net reserves in Boe by reserve category and by formation at March 31, 2020 and 2019:

	Proved Developed		Proved Non-Producing		Proved Undeveloped		Total Proved
Hutchinson Area
At March 31, 2020		—		—		—		—
At March 31, 2019		18,200		48,030		—		66,230
Trend Area
At March 31, 2020		133,442		—		—		133,442
At March 31, 2019		132,361		—		—		132,361
Other
At March 31, 2020		—		—		—		—
At March 31, 2019		4,815		—		—		4,815
Total
At March 31, 2020		133,442		—		—		133,442
At March 31, 2019		155,376		48,030		—		203,406

Schedule of net capitalized costs being amortized

The following table sets forth the capitalized costs relating to Camber’s crude oil and natural gas producing activities at March 31, 2020 and 2019:

	At March 31,
	2020			2019
Oil and gas properties subject to amortization	$	50,352,033		$	50,352,306
Oil and gas properties not subject to amortization		28,016,989			28,016,989
Capitalized asset retirement costs		91,850			176,649
Total oil & natural gas properties		78,460,872			78,545,944
Accumulated depreciation, depletion, and impairment		(78,350,605	)		(78,333,628	)
Net Capitalized Costs	$	110,267		$	212,316

Schedule of costs incurred in oil and natural gas property acquisition, exploration and development activities

The following table sets forth the costs incurred in Camber’s oil and natural gas property acquisition, exploration and development activities for the years ended March 31, 2020 and 2019:

	2020		2019
Acquisition of properties
Proved	$	—	$	—
Unproved		—		—
Exploration costs		—		—
Development costs		—		1,548,953
Total	$	—	$	1,548,953

Schedule of results of operations for oil and natural gas producing activities

The following table sets forth the results of operations for oil and natural gas producing activities for the years ended March 31, 2020 and 2019:

	2020			2019
Crude oil and natural gas revenues	$	397,118		$	2,742,102
Production costs		(494,096	)		(3,003,901	)
Depreciation and depletion		(16,977	)		(473,521	)
Results of operations for producing activities, excluding corporate overhead and interest costs	$	(113,955	)	$	(735,320	)

Schedule of standardized measure of discounted future net cash flows relating to proved oil and natural gas reserves

The following table sets forth the standardized measure of discounted future net cash flows from projected production of Camber’s oil, NGL, and natural gas reserves as of March 31, 2020 and 2019:

	At March 31,
	2020			2019
Future cash inflows	$	4,069,441		$	9,223,561
Future production costs		(1,832,098	)		(4,073,084	)
Future development costs		—			(595,000	)
Future income taxes		(469,846	)		(956,650	)
Future net cash flows		1,767,497			3,598,827
Discount to present value at 10% annual rate		(803,608	)		(1,520,346	)
Standardized measure of discounted future net cash flows relating to proved oil and gas reserves	$	963,889		$	2,078,481

Schedule of changes in the standardized measure of discounted future net cash flows

The following table sets forth the changes in the standardized measure of discounted future net cash flows for each of the years ended March 31, 2020 and 2019:

	2020			2019
Standardized measure, beginning of year	$	2,078,481		$	7,468,115
Crude oil and natural gas sales, net of production costs		96,978			260,928
Net changes in prices and production costs		(408,944	)		1,842,171
Changes in estimated future development costs		(324,481	)		344,759
Revisions of previous quantity estimates		(145,373	)		17,112,424
Accretion of discount		122,014			263,955
Net change in income taxes		304,877			3,460,184
Purchases of reserves in place		—			—
Sales of reserves in place		—			(10,083	)
Change in timing of estimated future production		(759,663	)		(28,663,972	)
Standardized measure, end of year	$	963,889		$	2,078,481

- Definition

Tabular disclosure of the net quantities of an enterprise's interests in proved developed and undeveloped reserves of (a) crude oil (including condensate and natural gas liquids), (b) natural gas (including coal bed methane), (c) synthetic oil, (d) synthetic gas, and (e) other nonrenewable natural resources that are intended to be upgraded during the period as of the beginning of the period, changes in quantities during the period, and as of the end of the period.

+ References+ Details

- Definition

Tabular disclosure of the future net cash flows relating to proved oil and gas reserves and oil and gas subject to purchase under long-term agreements in which the enterprise participates in the operation of the properties on which the oil and gas is located or otherwise serves as the producer. This information is presented in aggregate and for each geographic area for which reserve quantities are disclosed.

+ References+ Details

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ORGANIZATION AND OPERATIONS OF THE COMPANY (Details Narrative)									1 Months Ended
	Jun. 25, 2020 USD ($)	Feb. 03, 2020 USD ($)	Oct. 29, 2019 shares	Jul. 08, 2019 USD ($)	Sep. 26, 2018 USD ($)	Aug. 01, 2018 USD ($)	Jul. 08, 2018	Mar. 05, 2018	Jan. 31, 2020 USD ($)	Apr. 16, 2020 shares	Apr. 15, 2020 shares	Mar. 31, 2020 shares	Oct. 27, 2019 shares	Oct. 08, 2019	Apr. 10, 2019 shares	Apr. 09, 2019 shares	Mar. 31, 2019 shares	Dec. 20, 2018 shares	Dec. 19, 2018 shares
Reverse stock split ratio			.02				0.04	0.04
Common stock authorized shares \| shares			5,000,000									250,000,000	250,000,000		250,000,000	20,000,000	250,000,000	20,000,000	500,000,000
Common Stock, Outstanding \| shares			1,500,000									5,000,000	74,500,000				13,441
Ownership percentage												25.00%
Subsequent Event [Member]
Common stock authorized shares \| shares										25,000,000	5,000,000
Elysium Energy LLC [Member]
Ownership percentage		25.00%										25.00%
Elysium Energy LLC [Member] \| Subsequent Event [Member]
Ownership percentage	30.00%
N&B Energy LLC [Member]
Production payment percentage						12.50%
Production payment						$ 2,500,000
Overriding royalty interest						3.00%
Evercon Energy LLC ("Evercon") [Member]
Provide working capital				$ 50,000
Ownership percentage														80.00%
Agreement And Plan Of Merger [Member] \| Members of Lineal [Member]
Ownership percentage				100.00%
Sale Agreement [Member] \| N&B Energy LLC [Member]
Production payment percentage					12.50%
Production payment					$ 2,500,000
Overriding royalty interest					3.00%
Sale Agreement [Member] \| Viking Energy Group Inc [Member]
Percentage of post-closing capitalization to be received		80.00%
Settlement Agreement [Member] \| Petroglobe Energy Holdings, LLC and Signal Drilling, LLC [Member]
Litigation settlement amount									$ 250,000
Litigation settlement due									100,000
Escrow account									$ 150,000
Viking Plan Of Merger Agreement [Member]
Percentage of post-closing capitalization to be received		80.00%
Viking Plan Of Merger Agreement [Member] \| Elysium Energy LLC [Member]
Investment in subsidiary		$ 5,000,000
Ownership percentage		25.00%
Viking Plan Of Merger Agreement [Member] \| Elysium Energy LLC [Member] \| Subsequent Event [Member]
Investment in subsidiary	$ 4,200,000

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LIQUIDITY AND GOING CONCERN CONSIDERATIONS (Details) - USD ($)		12 Months Ended
	Sep. 26, 2019	Mar. 31, 2019
Gain on Sales of Oil and Gas Properties		$ 25,808,246
N&B Energy LLC [Member] \| Sale Agreement [Member]
Assumption of IBC Loan	$ 36,943,617
Assumption of ARO Liability	699,536
Assumption of Capital Lease Obligations and Other	287,074
Cash Received at Closing	100
Oil and Gas Properties Transferred	(12,122,081)
Gain on Sales of Oil and Gas Properties	$ 25,808,246

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LIQUIDITY AND GOING CONCERN CONSIDERATIONS (Details Narrative) - USD ($)	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Current assets	$ 1,132,660	$ 8,170,965
Current liabilities	2,028,908	2,103,802
Working capital deficit	(900,000)	$ 6,100,000
Notes Receivable	$ 7,339,719
Stock Purchase Agreement [Member] \| Series C Preferred Stock [Member]
Number of shares issued	525	1,577
Proceeds from sale of shares	$ 5,000,000	$ 15,000,000

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References+ Details

- Definition

Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.

+ References+ Details

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LIQUIDITY AND GOING CONCERN CONSIDERATIONS (Details Narrative 1) - USD ($)	Sep. 26, 2018	Aug. 01, 2018	Jul. 12, 2018	Mar. 31, 2020	Oct. 08, 2019
Ownership percentage				25.00%
International Bank of Commerce [Member] \| Loan Agreement [Member]
Commercial bank debt assumed in acquisition			$ 36,900,000
N&B Energy LLC [Member]
Production payment percentage		12.50%
Production payment		$ 2,500,000
Overriding royalty interest		3.00%
N&B Energy LLC [Member] \| Sale Agreement [Member]
Proceeds from divestiture of businesses	$ 100
Production payment percentage	12.50%
Production payment	$ 2,500,000
Overriding royalty interest	3.00%
Reduction in liabilities	$ 37,900,000
Reduction in assets	$ 12,100,000
N&B Energy LLC [Member] \| Segundo Resources, LLC (Affiliate of RAD2) [Member] \| Asset Purchase Agreement [Member]
Proceeds from divestiture of businesses			$ 100
Evercon Energy LLC ("Evercon") [Member]
Ownership percentage					80.00%

XML 68 R47.htm IDEA: XBRL DOCUMENT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	2 Months Ended	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2020	Mar. 31, 2019	Feb. 03, 2020
Bad debts		$ 17,694	$ 190,365
Cash federally insured limit	$ 250,000	250,000	250,000
Amount of cash in excess of federally insured limit	399,833	399,833	7,463,944
Allowance for doubtful accounts receivable	208,000	208,000	190,000
Impairment of oil and gas		0	1,304,785
Notes receivable	$ 7,339,719	$ 7,339,719
Equity investment ownership percentage	25.00%	25.00%
Current assets	$ 1,132,660	$ 1,132,660	8,170,965
Total assets	9,695,218	9,695,218	8,582,672
Net income		(3,856,299)	16,643,153
Total liabilities	$ 2,070,431	$ 2,070,431	$ 2,407,616
Discount Rate [Member]
Property and equipment impairment test discount rate	0.10	0.10
One Customer [Member]
Percentage of product revenues		92.00%
Three Customers [Member]
Percentage of product revenues		84.00%
Elysium Energy LLC [Member]
Equity investment ownership percentage	25.00%	25.00%		25.00%
Current assets	$ 4,000,000	$ 4,000,000
Total assets	37,700,000	37,700,000
Net assets	3,700,000	3,700,000
Net income	3,800,000
Total revenues	4,000,000
Total liabilities	$ 34,000,000	$ 34,000,000
Minimum [Member]
Property, Plant and Equipment, Useful Life		3 years
Maximum [Member]
Property, Plant and Equipment, Useful Life		5 years
Equity investment ownership percentage	51.00%	51.00%
Viking Energy Group Inc [Member] \| Notes Receivable [Member]
Notes receivable	$ 5,000,000	$ 5,000,000
Lineal Industries [Member] \| Unsecured Promissory Note [Member]
Notes receivable	1,539,719	1,539,719
Lineal Industries [Member] \| Second Unsecured Promissory Note [Member]
Notes receivable	$ 800,000	$ 800,000

XML 69 R48.htm IDEA: XBRL DOCUMENT

PROPERTY AND EQUIPMENT (Details) - USD ($)	Mar. 31, 2020	Mar. 31, 2019
Components of oil and gas properties recorded at cost
Oil and gas properties subject to amortization	$ 50,352,033	$ 50,352,306
Oil and gas properties not subject to amortization	28,016,989	28,016,989
Capitalized asset retirement costs	91,850	176,649
Total oil & natural gas properties	78,460,872	78,545,944
Accumulated depreciation, depletion, and impairment	(78,350,605)	(78,333,628)
Net Capitalized Costs	$ 110,267	$ 212,316

XML 70 R49.htm IDEA: XBRL DOCUMENT

PROPERTY AND EQUIPMENT (Details Narrative)			12 Months Ended
PROPERTY AND EQUIPMENT (Details Narrative)	Sep. 26, 2018 USD ($)	Jul. 12, 2018 USD ($)	Mar. 31, 2020 USD ($) $ / Boe	Mar. 31, 2019 USD ($) $ / Boe
Amortization expense per barrel of oil equivalent \| $ / Boe			1.30	1.18
Impairment of oil and gas			$ 0	$ 1,304,785
Lives of wells enhancement			0	2,100,000
Depletion on lives of wells			$ 16,977	$ 473,521
N&B Energy LLC [Member] \| Sale Agreement [Member]
Proceeds from divestiture of businesses	$ 100
Segundo Resources, LLC (Affiliate of RAD2) [Member] \| Asset Purchase Agreement [Member] \| N&B Energy LLC [Member]
Proceeds from divestiture of businesses		$ 100
International Bank of Commerce [Member] \| Loan Agreement [Member]
Commercial bank debt assumed in acquisition		$ 36,900,000

XML 71 R50.htm IDEA: XBRL DOCUMENT

PLAN OF MERGER AND Investment in Unconsolidated ENTITY (Details)

12 Months Ended

Mar. 31, 2020

Percentage of Elysium Retained by Camber

25.00%

Termination One [Member]

Reason for Termination

The reasonable likelihood that the combined company will not meet the initial listing requirements of the NYSE American, required regulatory approvals will not be obtained, or the registration statement on Form S-4 will not be declared effective, through no fault of Camber or Viking

Percentage of Elysium Retained by Camber

20.00%

^[1]

Termination Two [Member]

Reason for Termination

Termination of the Merger Agreement by either party, through no fault of Camber

Percentage of Elysium Retained by Camber

25.00%

^[1]

Termination Three [Member]

Reason for Termination

Termination of the Merger Agreement due to a material breach of the Merger Agreement by Camber or its disclosure schedules

Percentage of Elysium Retained by Camber

0.00%

^[1]

Termination Four [Member]

Reason for Termination

Termination of the Merger Agreement for any reason and in the event the Secured Notes (defined below) are not repaid within 90 days of the date of termination and the Additional Payment (defined below) is not made.

Percentage of Elysium Retained by Camber

30.00%

[1]	Assumes the payment of Secured Notes within 90 days of the date of termination of the Merger Agreement and the Additional Payment (defined below) is made.

- Definition

General description of claims, deemed to be reimbursable and included in accounts receivable, relating to the termination of long-term government contracts and programs. Includes claims associated with terminated war and defense contracts. If a reasonable estimate of a termination claim is undeterminable or impossible to make, disclosure is made to discuss the status and circumstances related to the undeterminable claim.

+ References+ Details

XML 72 R51.htm IDEA: XBRL DOCUMENT

PLAN OF MERGER AND Investment in Unconsolidated ENTITY (Details 1)	12 Months Ended
	Mar. 31, 2020 USD ($)
Equity Method Investments and Joint Ventures [Abstract]
Proportionate Share of Elysium Earnings	$ 957,169
Carrying amount at end of year	$ 957,169

XML 73 R52.htm IDEA: XBRL DOCUMENT

PLAN OF MERGER AND Investment in Unconsolidated ENTITY (Details Narrative)				2 Months Ended	12 Months Ended
	Jun. 25, 2020 USD ($)	Feb. 03, 2020 USD ($) $ / shares	Feb. 03, 2020 USD ($) $ / shares shares	Mar. 31, 2020 USD ($)	Mar. 31, 2020 USD ($) Days $ / shares	Mar. 31, 2019 USD ($)
Ownership percentage				25.00%	25.00%
Current assets				$ 1,132,660	$ 1,132,660	$ 8,170,965
Total assets				9,695,218	9,695,218	8,582,672
Total liabilities				$ 2,070,431	2,070,431	2,407,616
Net income					$ (3,856,299)	$ 16,643,153
Maximum [Member]
Ownership percentage				51.00%	51.00%
Elysium Energy LLC [Member]
Ownership percentage		25.00%	25.00%	25.00%	25.00%
Current assets				$ 4,000,000	$ 4,000,000
Total assets				37,700,000	37,700,000
Total liabilities				34,000,000	34,000,000
Net assets				3,700,000	$ 3,700,000
Total revenues				4,000,000
Net income				$ 3,800,000
Elysium Energy LLC [Member] \| Subsequent Event [Member]
Ownership percentage	30.00%
Viking Plan Of Merger Agreement [Member]
Percentage of post-closing capitalization to be received		80.00%
Viking Plan Of Merger Agreement [Member] \| Elysium Energy LLC [Member]
Ownership percentage		25.00%	25.00%
Investment in subsidiary		$ 5,000,000
Viking Plan Of Merger Agreement [Member] \| Elysium Energy LLC [Member] \| Subsequent Event [Member]
Investment in subsidiary	$ 4,200,000
Percentage of additional ownership interest acquired	5.00%
Securities Purchase Agreement [Member]
Principal amount		$ 5,000,000	$ 5,000,000
Securities Purchase Agreement [Member] \| 10.5% Secured Promissory Note [Member]
Debt termination payment percentage of principal					115.50%
Conversion price (in dollars per share) \| $ / shares		$ 0.24	$ 0.24
Average common stock trading price for debt conversion \| $ / shares					$ 0.55
Consecutive business days \| Days					15
Interest rate		10.50%	10.50%
Securities Purchase Agreement [Member] \| 10.5% Secured Promissory Note [Member] \| Viking Energy Group Inc [Member]
Maximum ownership percentage of common stock for debt conversion				4.99%	4.99%
Securities Purchase Agreement [Member] \| 10.5% Secured Promissory Note [Member] \| Viking Energy Group Inc [Member] \| Maximum [Member]
Maximum ownership percentage of common stock for debt conversion				9.99%	9.99%
Securities Purchase Agreement [Member] \| 10.5% Secured Promissory Note [Member] \| Viking Energy Group Inc [Member] \| Elysium [Member]
Ownership interest				75.00%	75.00%
Securities Purchase Agreement [Member] \| 10.5% Secured Promissory Note [Member] \| Viking Energy Group Inc [Member] \| Ichor Energy Holdings LLC [Member]
Ownership interest				100.00%	100.00%
Securities Purchase Agreement [Member] \| June 2020 Secured Note [Member] \| Subsequent Event [Member]
Principal amount	$ 4,200,000
Interest rate	10.50%
Securities Purchase Agreement [Member] \| Secured Notes [Member] \| Subsequent Event [Member]
Principal amount	$ 9,200,000
Securities Purchase Agreement [Member] \| Series C Preferred Stock [Member]
Principal amount		$ 5,000,000	$ 5,000,000
Number of shares issed (in shares) \| shares			525
Stock issuance dicount percentage			5.00%
Face value per share \| $ / shares		$ 10,000	$ 10,000
Redemption amount		$ 5,775,000	$ 5,775,000

XML 74 R53.htm IDEA: XBRL DOCUMENT

LONG-TERM NOTES RECEIVABLE (Details)	Mar. 31, 2020 USD ($)
Total	$ 7,339,719
10.5% Secured Promissory Note [Member] \| Viking Energy Group Inc [Member]
Subtotal	50,000,000
Promissory Note [Member] \| Lineal Star Holdings LLC [Member]
Subtotal	1,539,719
Promissory Note Two [Member] \| Lineal Star Holdings LLC [Member]
Subtotal	$ 800,000

XML 75 R54.htm IDEA: XBRL DOCUMENT

LONG-TERM NOTES RECEIVABLE (Details Narrative)	12 Months Ended
LONG-TERM NOTES RECEIVABLE (Details Narrative)	Mar. 31, 2020 USD ($)
10.5% Secured Promissory Note [Member] \| Viking Energy Group Inc [Member]
Principal amounts	$ 5,000,000
Annual interest rate	10.50%
Interest due start date	May 01, 2020
Interest payment frequency	quarterly
Maturity date	Feb. 03, 2022
Accrued and unpaid interest	$ 83,425
Promissory Note [Member] \| Lineal Star Holdings LLC [Member]
Principal amounts	$ 1,539,719
Annual interest rate	10.50%
Interest due start date	Mar. 31, 2020
Interest payment frequency	quarterly
Maturity date	Dec. 31, 2021
Accrued and unpaid interest	$ 37,966
Promissory Note Two [Member] \| Lineal Star Holdings LLC [Member]
Principal amounts	$ 800,000
Annual interest rate	8.00%
Interest due start date	Mar. 31, 2020
Interest payment frequency	quarterly
Maturity date	Dec. 31, 2021
Accrued and unpaid interest	$ 15,781

XML 76 R55.htm IDEA: XBRL DOCUMENT

ASSET RETIREMENT OBLIGATIONS (Details) - USD ($)	12 Months Ended
ASSET RETIREMENT OBLIGATIONS (Details) - USD ($)	Mar. 31, 2020	Mar. 31, 2019
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Carrying amount at beginning of year	$ 303,809	$ 979,159
Payments	(149,910)
Accretion	2,920	4,725
Dispositions		(699,536)
Revisions of previous estimates	(85,069)	19,461
Carrying amount at end of year	$ 71,750	$ 303,809

XML 77 R56.htm IDEA: XBRL DOCUMENT

ASSET RETIREMENT OBLIGATIONS (Details Narrative) - USD ($)	Mar. 31, 2020	Mar. 31, 2019
Asset Retirement Obligation Disclosure [Abstract]
Short-term obligations	$ 30,227	$ 0

XML 78 R57.htm IDEA: XBRL DOCUMENT

NOTES PAYABLE AND DEBENTURE (Details Narrative) - USD ($)	1 Months Ended	12 Months Ended
	Oct. 31, 2018	Mar. 31, 2020	Mar. 31, 2019
Common Stock [Member]
Number of shares converted			9,414
Discover Growth Fund [Member]
Debt instrument converted amount	$ 495,000
Notes interest rate	9.99%
Number of shares issued	80
Conversion premiums shares		38,116
Conversion prices (in dollars per share)		$ 31.25
Discover Growth Fund [Member] \| Common Stock [Member]
Conversion price (in dollars per share)	$ 101,562.50
Number of shares issued	5
Number of shares converted	642
Conversion premiums shares	637
Conversion prices (in dollars per share)	$ 1,912.50

XML 79 R58.htm IDEA: XBRL DOCUMENT

DERIVATIVE LIABILITIES (Details) - USD ($)	12 Months Ended
DERIVATIVE LIABILITIES (Details) - USD ($)	Mar. 31, 2020	Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Carrying amount at beginning of period	$ 5	$ 5
Change in fair value	$ (5)
Carrying amount at end of period		$ 5

XML 80 R59.htm IDEA: XBRL DOCUMENT

DERIVATIVE LIABILITY (Details Narrative)	Mar. 31, 2020 shares	Mar. 31, 2019 yr shares
Series C Preferred Stock [Member]
Preferred stock, outstanding \| shares	2,294	2,305
Maximum ownership percentage of common stock	9.99%
Expected Term [Member]
Measurement input \| yr		0.10
Discount Rate [Member]
Measurement input		0.0220
Volatility [Member]
Measurement input		2.5377
Expected dividends [Member]
Measurement input		0

XML 81 R60.htm IDEA: XBRL DOCUMENT

COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($)		1 Months Ended	2 Months Ended	12 Months Ended
	Sep. 12, 2019	Jan. 31, 2020	Apr. 30, 2018	Mar. 31, 2020
Capital leases effective borrowing rate			35.00%
Settlement payments				$ 204,842
Net settlement cost				204,842
Petroglobe Energy Holdings, LLC and Signal Drilling, LLC [Member] \| Settlement Agreement [Member]
Settlement payments		$ 100,000
Litigation settlement amount		250,000
Escrow account		$ 150,000
Petroglobe Energy Holdings, LLC and Signal Drilling, LLC [Member] \| Purchase And Sale Agreement [Member]
Damages amount				600,000
N&B Energy [Member] \| Sale Agreement [Member]
Owed amount	$ 400,000
Damages amount	$ 706,000
Apache Corporation [Member] \| Joint Operating Agreement [Member]
Damages amount				586,438
Maranatha Oil Co [Member]
Litigation settlement amount				$ 100,000
Overriding royalty interest				4.00%
Randy L Robinson [Member]
Overriding royalty interest				50.00%

XML 82 R61.htm IDEA: XBRL DOCUMENT

REVENUE FROM CONTRACTS WITH CUSTOMERS (Details) - USD ($)	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Total oil and gas revenue from customers	$ 397,118	$ 2,742,102
Crude Oil Sales [Member]
Total oil and gas revenue from customers	296,036	526,365
Natural Gas Sales [Member]
Total oil and gas revenue from customers	37,049	772,105
Natural Gas Liquid Sales [Member]
Total oil and gas revenue from customers	$ 64,033	$ 1,443,632

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

XML 83 R62.htm IDEA: XBRL DOCUMENT

MERGER AGREEMENT AND DIVESTITURE (Details) - Lineal Star Holdings, LLC [Member]	12 Months Ended
	Mar. 31, 2020 USD ($)
Total consideration	$ 20,118,000
Series E Preferred Stock [Member]
Total consideration	18,701,000
Series F Preferred Stock [Member]
Total consideration	$ 1,417,000

XML 84 R63.htm IDEA: XBRL DOCUMENT

MERGER AGREEMENT AND DIVESTITURE (Details 1) - Lineal Star Holdings, LLC [Member]	Jul. 08, 2019 USD ($)
Cash	$ 449,763
Accounts receivable	2,776,477
Deferred tax assets	34,000
Cost in excess of billings	944,250
Property and equipment	1,436,920
Right of use asset - operating leases	913,396
Other current assets and deposits	60,132
Goodwill	17,992,118
Accounts payable - trade	(400,889)
Accrued and other liabilities	(893,013)
Operating lease liabilities	(913,396)
Finance lease liabilities	(313,472)
Loan Payable - shareholder	(492,337)
Notes payable	(1,475,949)
Net assets acquired	$ 20,118,000

XML 85 R64.htm IDEA: XBRL DOCUMENT

MERGER AGREEMENT AND DIVESTITURE (Details 2) - Discontinued Operations, Disposed of by Sale [Member]	Mar. 31, 2020 USD ($)
Total net consideration	$ 17,100,000
Series E Preferred Stock [Member]
Total net consideration	14,666,000
Series F Preferred Stock [Member]
Total net consideration	$ 2,434,000

XML 86 R65.htm IDEA: XBRL DOCUMENT

MERGER AGREEMENT AND DIVESTITURE (Details 3) - Discontinued Operations, Disposed of by Sale [Member]	Mar. 31, 2020 USD ($)
Cash	$ 2,101,879
Accounts receivable	1,673,538
Deferred tax assets	34,000
Cost in excess of billings	497,340
Property and equipment	1,996,229
Right of use asset - operating leases	710,898
Other current assets and deposits	49,275
Goodwill	18,314,222
Accounts payable - trade	(260,882)
Accrued and other liabilities	(369,448)
Billings in excess of costs	(445,759)
Operating lease liabilities	(710,898)
Finance lease liabilities	(237,925)
Notes payable	(3,545,841)
Net assets divested	$ 19,806,628

XML 87 R66.htm IDEA: XBRL DOCUMENT

MERGER AGREEMENT AND DIVESTITURE (Details 4) - Discontinued Operations, Disposed of by Sale [Member]	12 Months Ended
	Mar. 31, 2020 USD ($)
Contract revenue	$ 9,106,764
Contract costs	(7,772,726)
Depreciation and amortization	(155,282)
Selling, general and administrative	(1,649,643)
Operating loss	(470,887)
Other income	273,037
Interest expense	(113,522)
Net (loss) from discontinued operations	(311,372)
Loss on disposal of business	(2,706,628)
Change in value of preferred stock	$ 3,018,000

XML 88 R67.htm IDEA: XBRL DOCUMENT

MERGER AGREEMENT AND DIVESTITURE (Details Narrative) - USD ($)	1 Months Ended	12 Months Ended
	Oct. 31, 2018	Mar. 31, 2020	Jul. 08, 2019
Ownership percentage		25.00%
Accounts receivable		$ 0
Maximum [Member]
Ownership percentage		51.00%
Lineal Star Holdings, LLC [Member]
Precantage of debt		18.00%
Change in value of preferred stock		$ 2,706,628
Lineal Star Holdings, LLC [Member] \| Series E and F Preferred Shares [Member]
Change in value of preferred stock		3,018,000
Lineal Star Holdings, LLC [Member] \| July 2019 Lineal Note [Member]
Principal amounts		$ 1,539,719
Maturity start date		Mar. 31, 2020
Maturity end date		Dec. 31, 2021
Interest rate		8.00%
Lineal Star Holdings, LLC [Member] \| December 2019 Lineal Note [Member]
Principal amounts		$ 800,000
Interest rate		10.00%
Accounts receivable		$ 53,746
Discover Growth Fund [Member] \| Series C Preferred Stock [Member]
Ownership percentage		9.99%
Discover Growth Fund [Member]
Debt instrument converted amount	$ 495,000
Agreement And Plan Of Merger [Member] \| Common Stock [Member] \| Minimum [Member]
Percentage of fully diluted capitalization			6.00%
Agreement And Plan Of Merger [Member] \| Common Stock [Member] \| Maximum [Member]
Percentage of fully diluted capitalization			6.67%
Agreement And Plan Of Merger [Member] \| Series D Preferred Stock [Member]
Percentage of fully diluted capitalization			26.67%
Agreement And Plan Of Merger [Member] \| Series E Preferred Stock [Member] \| Minimum [Member]
Percentage of fully diluted capitalization			66.70%
Agreement And Plan Of Merger [Member] \| Series E Preferred Stock [Member] \| Maximum [Member]
Percentage of fully diluted capitalization			70.00%
Agreement And Plan Of Merger [Member] \| Members of Lineal [Member]
Ownership percentage			100.00%
Funding And Loan Agreement [Member] \| Lineal Star Holdings, LLC [Member]
Principal amounts			$ 1,050,000

XML 89 R68.htm IDEA: XBRL DOCUMENT

INCOME TAXES (Details)	12 Months Ended
INCOME TAXES (Details)	Mar. 31, 2019 USD ($)
Current taxes:
State	$ 3,000
Total current taxes	3,000
Deferred taxes:
Total	$ (3,000)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References+ Details

XML 90 R69.htm IDEA: XBRL DOCUMENT

INCOME TAXES (Details 1) - USD ($)	12 Months Ended
INCOME TAXES (Details 1) - USD ($)	Mar. 31, 2020	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Tax expense (benefit), computed at expected tax rates	$ (809,941)	$ 3,495,692
Nondeductible expenses	3,298	77,473
State taxes net of FIT benefit		2,370
Return to accrual true-up		1,490,624
Change in valuation allowance	$ 806,643	(5,063,159)
Total		$ (3,000)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References+ Details

XML 91 R70.htm IDEA: XBRL DOCUMENT

INCOME TAXES (Details 2) - USD ($)	Mar. 31, 2020	Mar. 31, 2019
Deferred tax assets:
Net operating tax loss carryforwards	$ 10,432,878	$ 9,396,605
Depreciation, depletion and amortization	611,157	643,497
Income from subsidiary	(201,005)
Share-based compensation	302,916	302,916
Bad debt reserve	43,692	39,977
Other		1
Total deferred tax assets (liabilities)	11,189,638	10,382,996
Less: valuation allowance	$ (11,189,638)	$ (10,382,996)

XML 92 R71.htm IDEA: XBRL DOCUMENT

INCOME TAXES (Details Narrative) - USD ($)			12 Months Ended
INCOME TAXES (Details Narrative) - USD ($)	Dec. 22, 2017	Dec. 20, 2017	Mar. 31, 2020	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Pre-ownership change net operating loss			$ 44,500,000
Net operating loss carry-forwards			$ 50,000,000
Expiration year			2028
Federal income tax rate	21.00%	34.00%	21.00%	21.00%

XML 93 R72.htm IDEA: XBRL DOCUMENT

STOCKHOLDERS' EQUITY (Details)

Mar. 31, 2020

$ / shares

Warrants outstanding

Warrant - Exercise Price 1,171,875.00 [Member]

Warrants outstanding

^[1]

Warrant exercise price | $ / shares

$ 1,171,875.00

Warrant expiration date

Apr. 26, 2021

Warrant - Exercise Price 195,312.50 [Member]

Warrants outstanding

^[2]

Warrant exercise price | $ / shares

$ 195,312.50

Warrant expiration date

Sep. 12, 2022

Warrant - Exercise Price 12,187.50 [Member]

Warrants outstanding

^[3]

Warrant exercise price | $ / shares

$ 12,187.50

Warrant expiration date

May 24, 2023

[1]	Warrants issued in connection with the sale of convertible notes. The warrants were exercisable on the grant date (April 26, 2016) and remain exercisable until April 26, 2021.
[2]	Warrants issued in connection with funding. The warrants were exercisable on the grant date (September 12, 2017) and remain exercisable until September 12, 2022.
[3]	Warrants issued in connection with a Severance Agreement with Richard N. Azar II, the Company's former Chief Executive Officer. The warrants were exercisable on the grant date (May 25, 2018) and remain exercisable until May 24, 2023.

XML 94 R73.htm IDEA: XBRL DOCUMENT

STOCKHOLDERS' EQUITY (Details Narrative) - USD ($)										1 Months Ended	3 Months Ended	12 Months Ended
STOCKHOLDERS' EQUITY (Details Narrative) - USD ($)	Jun. 22, 2020	Oct. 15, 2019	Jul. 08, 2019	May 15, 2019	Feb. 13, 2019	Feb. 13, 2019	Jan. 31, 2019	Nov. 15, 2018	Apr. 20, 2018	May 31, 2019	Sep. 30, 2018	Mar. 31, 2020	Mar. 31, 2019
Retained deficit												$ (158,074,768)	$ (154,218,469)
Ownership percentage												25.00%
Discover Growth Fund [Member]
Number of share issued for true ups												29,073
Discover Growth Fund [Member] \| Convertible Debenture [Member]
Value of shares issued on conversion												$ 495,000
Consulting Agreement [Member] \| Consultant [Member]
Monthly consideration								$ 28,000
Consulting Agreement [Member] \| Consultant [Member] \| Restricted Common Stock [Member]
Number of shares issued							13	7
Settlement and Mutual Release Agreement [Member] \| Regal Consulting, LLC [Member]
Number of shares issued		1,514
Consideration for terminate agreement		$ 17,500
Letter Agreement [Member] \| SylvaCap Media [Member]
Number of shares issued						480				480
Monthly consideration					$ 50,000
Expense reimbursement												$ 6,250
Letter Agreement [Member] \| SylvaCap Media [Member] \| Restricted Common Stock [Member]
Total accrued value of common stock													261,540
Agreement And Plan Of Merger [Member] \| Members of Lineal [Member]
Ownership percentage			100.00%
Series B Preferred Stock [Member]
Common stock issued on conversion				1
Preferred stock value issued													$ 44
Number of stock dividend issued											1
Preferred stock, shares outstanding				44,000								0	44,000
Preferred stock dividend rate												6.00%	6.00%
Preferred stock voting rights												voting rights on all matters, with each share having 1/781,250 of one vote
Value of shares issued on conversion				$ 25,000
Fair value of stock											$ 15,625
Share issued for stock dividend											1
Series C Preferred Stock [Member]
Preferred stock value issued												$ 2	$ 2
Preferred stock, shares outstanding												2,294	2,305
Preferred stock dividend rate												34.95%	34.95%
Series C Preferred Stock [Member] \| Discover Growth Fund [Member]
Common stock issued on conversion												11	404
Number of shares issued												4,899,442	3,794
Value of shares issued on conversion												$ 110,000	$ 4,040,000
Ownership percentage												9.99%
Series C Preferred Stock [Member] \| Stock Purchase Agreement [Member]
Preferred stock, shares outstanding												2,819
Number of shares issued												525	1,577
Proceeds from issuance of convertible preferred stock												$ 5,000,000	$ 15,000,000
Premium stock repurchase rate												110.00%
Requirement to redeem shares												525
Requirement to redeem shares, value												$ 5,775,000
Series C Preferred Stock [Member] \| Stock Purchase Agreement [Member] \| Subsequent Event [Member]
Number of shares issued	630
Proceeds from issuance of convertible preferred stock	$ 6,000,000
Series E Preferred Stock [Member]
Preferred stock, shares outstanding												0	0
Series E Preferred Stock [Member] \| Agreement And Plan Of Merger [Member] \| Members of Lineal [Member]
Stock issued for acquisition			1,000,000
Series F Preferred Stock [Member]
Preferred stock, shares outstanding												0	0
Series F Preferred Stock [Member] \| Agreement And Plan Of Merger [Member] \| Members of Lineal [Member]
Stock issued for acquisition			16,750
Additional Paid-In Capital [Member]
Stock Dividends to be Issued												$ 7,737,086	$ 5,676,715
Additional Paid-In Capital [Member] \| Series B Preferred Stock [Member]
Retained deficit											$ 882
Restricted Common Stock [Member] \| Consulting Agreement First Amendment [Member] \| Consultant [Member]
Number of shares issued												40
Monthly consideration												$ 50,000
Stock Divided Distributable [Member]
Stock Dividends to be Issued												$ (7,737,086)	$ 5,676,715
Institutional Investors [Member] \| Common Stock [Member]
Number of shares issued									5
Conversion of debt amount									$ 35,000

XML 95 R74.htm IDEA: XBRL DOCUMENT

SHARE-BASED COMPENSATION (Details) - $ / shares	12 Months Ended
SHARE-BASED COMPENSATION (Details) - $ / shares	Mar. 31, 2020	Mar. 31, 2019
Options, Outstanding
Outstanding at Beginning of Year	2	2
Expired/Cancelled
Outstanding at End of Year	2	2
Options, Outstanding, Weighted Average Exercise Price
Outstanding at Beginning of Year	$ 40,429,700	$ 40,429,700
Expired/Cancelled
Outstanding at End of Year	$ 40,429,700	$ 40,429,700

XML 96 R75.htm IDEA: XBRL DOCUMENT

SHARE-BASED COMPENSATION (Details 1) - $ / shares	12 Months Ended
SHARE-BASED COMPENSATION (Details 1) - $ / shares	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Options outstanding
Exercise price	$ 40,429,700
Remaining Life	6 months
Options Outstanding	2	2	2
Options Exercisable	2

XML 97 R76.htm IDEA: XBRL DOCUMENT

SHARE-BASED COMPENSATION (Details Narrative) - USD ($)	12 Months Ended
SHARE-BASED COMPENSATION (Details Narrative) - USD ($)	Mar. 31, 2020	Mar. 31, 2019
Stock option compensation expense	$ 0	$ 0
2014 Stock Incentive Plan [Member]
Shares authorized under incentive plan	2,500,000
Number of shares available for issuance	1,999
2010 Incentive Plan [Member]
Shares authorized under incentive plan	58
Number of shares available for issuance	1
2012 Incentive Plan [Member]
Shares authorized under incentive plan	96
Number of shares available for issuance	5

XML 98 R77.htm IDEA: XBRL DOCUMENT

INCOME (LOSS) PER COMMON SHARE (Details) - USD ($)	12 Months Ended
INCOME (LOSS) PER COMMON SHARE (Details) - USD ($)	Mar. 31, 2020	Mar. 31, 2019
Numerator:
Income (loss)	$ (3,856,299)	$ 16,643,153
Less preferred dividends	(7,737,086)	(5,676,715)
Net income (loss) attributable to common stockholders	$ (11,593,385)	$ 10,966,438
Denominator
Weighted average share - basic (in shares)	2,109,622	3,951
Dilutive effect of common stock equivalents
Preferred C shares		37,854
Denominator
Total Weighted average shares - diluted (in shares)	2,109,622	41,805
Income (loss) per share - basic
Continuing operations	$ (5.50)	$ 2,775.61
Income (loss) per share - diluted
Continuing Operations	$ (5.50)	$ 262.32

XML 99 R78.htm IDEA: XBRL DOCUMENT

INCOME (LOSS) PER COMMON SHARE (Details 1) - shares	12 Months Ended
INCOME (LOSS) PER COMMON SHARE (Details 1) - shares	Mar. 31, 2020	Mar. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total common shares issuable	1,218,017,147	41
Convertible Debt [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total common shares issuable	276
Options and Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total common shares issuable	38	41
Series C Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total common shares issuable	1,218,016,833

XML 100 R79.htm IDEA: XBRL DOCUMENT

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($)	12 Months Ended
SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($)	Mar. 31, 2020	Mar. 31, 2019
Supplemental cash flow information
Interest	$ 14,771	$ 842,520
Reduction in Accounts Payable for Payments Made on Previously Accrued Capital Expenditures		547,033
Change in Estimate for Asset Retirement Obligations	85,069	19,461
Issuance of Common Stock for Payment of Consulting Fees		234,430
Settlement of Common Stock Payable	331,030
Conversion of Preferred B Shares to Common Stock	44	365
Stock Dividends Distributable but not Issued	7,737,086	5,676,715
Conversion of Notes and Accrued Interest to Common Stock		917,104
Conversion of Preferred Stock to Common Stock	4,899	4
Warrants Issued in Abeyance	29	12
Issuance of Common Stock for Dividends	$ 3	$ 2,782

XML 101 R80.htm IDEA: XBRL DOCUMENT

FAIR VALUE MEASUREMENTS (Details)	Mar. 31, 2019 USD ($)
Liabilities:
Derivative liability	$ 5
Total liabilities at fair value	5
Level 3 [Member]
Liabilities:
Derivative liability	5
Total liabilities at fair value	$ 5

XML 102 R81.htm IDEA: XBRL DOCUMENT

SUBSEQUENT EVENTS (Details Narrative) - USD ($)										1 Months Ended	3 Months Ended	12 Months Ended
SUBSEQUENT EVENTS (Details Narrative) - USD ($)	Jun. 25, 2020	Jun. 23, 2020	Jun. 22, 2020	May 27, 2020	Apr. 23, 2020	Apr. 15, 2020	Feb. 15, 2020	Feb. 03, 2020	Feb. 13, 2019	May 31, 2019	Jun. 24, 2020	Mar. 31, 2020	Mar. 31, 2019	Apr. 16, 2020	Oct. 29, 2019	Oct. 27, 2019	Apr. 10, 2019	Apr. 09, 2019	Dec. 20, 2018	Dec. 19, 2018
Common stock, par value (in dollars per share)												$ 0.001	$ 0.001
Common stock authorized shares												250,000,000	250,000,000		5,000,000	250,000,000	250,000,000	20,000,000	20,000,000	500,000,000
Ownership percentage												25.00%
Elysium Energy LLC [Member]
Ownership percentage								25.00%				25.00%
Common Stock [Member]
Number of shares issued for services													14
Series A Preferred Stock [Member]
Preferred stock, authorized												2,000	2,000
Series B Preferred Stock [Member]
Preferred stock, authorized												600,000	600,000
Preferred stock value issued													$ 44
Series D Preferred Stock [Member]
Preferred stock, authorized												50,000	50,000
Series E Preferred Stock [Member]
Preferred stock, authorized												1,000,000	1,000,000
Series F Preferred Stock [Member]
Preferred stock, authorized												16,750	16,750
Series C Preferred Stock [Member]
Preferred stock, authorized												5,000	5,000
Preferred stock value issued												$ 2	$ 2
Stock Purchase Agreement [Member] \| Series C Preferred Stock [Member]
Number of shares issued												525	1,577
Proceeds from issuance of convertible preferred stock												$ 5,000,000	$ 15,000,000
Securities Purchase Agreement [Member]
Principal amount								$ 5,000,000
Securities Purchase Agreement [Member] \| 10.5% Secured Promissory Note [Member]
Interest rate								10.50%
Securities Purchase Agreement [Member] \| Series C Preferred Stock [Member]
Number of shares issued								525
Stock issuance dicount percentage								5.00%
Face value per share								$ 10,000
Redemption amount								$ 5,775,000
Principal amount								$ 5,000,000
Viking Plan Of Merger Agreement [Member] \| Elysium Energy LLC [Member]
Ownership percentage								25.00%
SylvaCap Media [Member] \| Letter Agreement [Member]
Number of shares issued									480	480
Restricted Common Stock [Member] \| SylvaCap Media [Member] \| Letter Agreement [Member]
Number of shares issued for services							100,000
Payment to services per month							$ 50,000
Subsequent Event [Member]
Common stock, par value (in dollars per share)														$ 0.001
Common stock authorized shares						5,000,000								25,000,000
Subsequent Event [Member] \| Elysium Energy LLC [Member]
Ownership percentage	30.00%
Subsequent Event [Member] \| Stock Purchase Agreement [Member] \| Series C Preferred Stock [Member]
Number of shares issued			630
Proceeds from issuance of convertible preferred stock			$ 6,000,000
Stock issuance dicount percentage			5.00%
Stock repurchase price percentage of face value			110.00%
Subsequent Event [Member] \| Stock Purchase Agreement [Member] \| Series C Preferred Stock [Member]
Face value per share			$ 10,000
Preferred stock value issued			$ 6,930,000
Subsequent Event [Member] \| Securities Purchase Agreement [Member] \| June 2020 Secured Note [Member]
Principal amount	$ 4,200,000
Interest rate	10.50%
Subsequent Event [Member] \| Third Amendment to Agreement and Plan of Merger [Member]
Authorized consideration for officers and directors, per individual	$ 150,000
Total authorized consideration for officers and directors	$ 600,000
Subsequent Event [Member] \| Viking Plan Of Merger Agreement [Member] \| Elysium Energy LLC [Member]
Percentage of additional ownership interest acquired	5.00%
Subsequent Event [Member] \| Viking and Camber [Member] \| First Amendment Merger Agreement [Member]
Cash required at closing				$ 4,000,000
Maximum increase (decrease) in percentage of pro rata share received after merger				5.00%
Percentage of pro rata share received after merger				80.00%
Increment of cash or other unencumbered assets acquired for increase (decrease) in percentage of pro rata share received after merger				$ 500,000
Incremental increase (decrease) in percentage of pro rata share received after merger				0.50%
Subsequent Event [Member] \| Discover Growth Fund LLC [Member] \| Common Stock [Member]
Number of shares issued upon conversion		6,412,992			6,177,412	442,804					13,033,208
Number of shares issued											7,354,416
Number of shares reserved for issuance		5,678,792									5,678,792
Number of shares outstanding											2,000,000
Subsequent Event [Member] \| Discover Growth Fund LLC [Member] \| Series C Preferred Stock [Member]
Number of convertible shares converted		245			236	17					498
Percentage of ownership limitation		9.99%									9.99%

XML 103 R82.htm IDEA: XBRL DOCUMENT

Supplemental Oil and Gas Disclosures (Unaudited) (Details)	12 Months Ended
	Mar. 31, 2020 Boe bbl Mcf	Mar. 31, 2019 Boe bbl Mcf
Crude Oil (Bbls) [Member]
Proved Reserves rollforward:
Net proved reserves at beginning of year	124,524	129,573
Revisions of previous estimates	(64,275)	(3,868)
Sales in place		(75)
Production	(5,399)	(8,846)
Net proved reserves at end of year	54,850	124,524
Natural Gas (Mcf) [Member]
Proved Reserves rollforward:
Net proved reserves at beginning of year \| Mcf	208,710	8,147,168
Revisions of previous estimates \| Mcf	18,005	(7,609,052)
Sales in place \| Mcf		(7,983)
Production \| Mcf	(18,892)	(321,423)
Net proved reserves at end of year \| Mcf	207,823	208,710
NGL (Bbls) [Member]
Proved Reserves rollforward:
Net proved reserves at beginning of year	44,110	1,435,703
Revisions of previous estimates	4,381	(1,338,916)
Sales in place		(1,418)
Production	(4,536)	(51,269)
Net proved reserves at end of year	43,955	44,110
Oil Equivalents (Boe) [Member]
Proved Reserves rollforward (Energy):
Net proved reserves at beginning of year \| Boe	203,406	2,923,138
Revisions of previous estimates \| Boe	(56,880)	(2,603,224)
Sales in place \| Boe		(2,823)
Production \| Boe	(13,084)	(113,685)
Net proved reserves at end of year \| Boe	133,442	203,406

XML 104 R83.htm IDEA: XBRL DOCUMENT

Supplemental Oil and Gas Disclosures (Unaudited) (Details 1)	Mar. 31, 2020 Boe bbl Mcf	Mar. 31, 2019 Boe bbl Mcf	Mar. 31, 2018 Boe bbl Mcf
Crude Oil (Bbls) [Member]
Reserve Quantities [Line Items]
Proved Developed Producing Reserves	54,850	76,490
Proved Developed Non-Producing Reserves	0	48,030
Proved Reserves	54,850	124,524	129,573
Natural Gas (Mcf) [Member]
Reserve Quantities [Line Items]
Proved Developed Producing Reserves \| Mcf	207,823	208,710
Proved Reserves \| Mcf	207,823	208,710	8,147,168
NGL (Bbls) [Member]
Reserve Quantities [Line Items]
Proved Developed Producing Reserves	43,955	44,100
Proved Reserves	43,955	44,110	1,435,703
Oil Equivalents (Boe) [Member]
Reserve Quantities [Line Items]
Proved Developed Producing Reserves \| Boe	133,442	155,376
Proved Developed Non-Producing Reserves \| Boe		48,030
Proved Reserves \| Boe	133,442	203,406	2,923,138

XML 105 R84.htm IDEA: XBRL DOCUMENT

Supplemental Oil and Gas Disclosures (Unaudited) (Details 2) - Oil Equivalents (Boe) [Member] - Boe	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Reserve Quantities [Line Items]
Proved Developed	133,442	155,376
Proved Non-Producing		48,030
Total Proved	133,442	203,406	2,923,138
Hutchinson Area [Member]
Reserve Quantities [Line Items]
Proved Developed		18,200
Proved Non-Producing		48,030
Total Proved		66,230
Trend Area [Member]
Reserve Quantities [Line Items]
Proved Developed	133,442	132,361
Total Proved	133,442	132,361
Other [Member]
Reserve Quantities [Line Items]
Proved Developed		4,815
Total Proved		4,815

XML 106 R85.htm IDEA: XBRL DOCUMENT

Supplemental Oil and Gas Disclosures (Unaudited) (Details 3) - USD ($)	Mar. 31, 2020	Mar. 31, 2019
Supplemental Oil And Gas Disclosures
Oil and gas properties subject to amortization	$ 50,352,033	$ 50,352,306
Oil and gas properties not subject to amortization	28,016,989	28,016,989
Capitalized asset retirement costs	91,850	176,649
Total oil & natural gas properties	78,460,872	78,545,944
Accumulated depreciation, depletion, and impairment	(78,350,605)	(78,333,628)
Net Capitalized Costs	$ 110,267	$ 212,316

XML 107 R86.htm IDEA: XBRL DOCUMENT

Supplemental Oil and Gas Disclosures (Unaudited) (Details 4)	12 Months Ended
	Mar. 31, 2019 USD ($)
Acquisition of properties
Development costs	$ 1,548,953
Total	$ 1,548,953

XML 108 R87.htm IDEA: XBRL DOCUMENT

Supplemental Oil and Gas Disclosures (Unaudited) (Details 5) - USD ($)	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Results of operations for oil and natural gas producing activities
Crude oil and natural gas revenues	$ 397,118	$ 2,742,102
Production costs	(494,096)	(3,003,901)
Depreciation and depletion	(16,977)	(473,521)
Results of operations for producing activities, excluding corporate overhead and interest costs	$ (113,955)	$ (735,320)

XML 109 R88.htm IDEA: XBRL DOCUMENT

Supplemental Oil and Gas Disclosures (Unaudited) (Details 6) - USD ($)	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Standardized measure of discounted future net cash flows
Future cash inflows	$ 4,069,441	$ 9,223,561
Future production costs	(1,832,098)	(4,073,084)
Future development costs		(595,000)
Future income taxes	(469,846)	(956,650)
Future net cash flows	1,767,497	3,598,827
Discount to present value at 10% annual rate	(803,608)	(1,520,346)
Standardized measure of discounted future net cash flows relating to proved oil and gas reserves	$ 963,889	$ 2,078,481	$ 7,468,115

XML 110 R89.htm IDEA: XBRL DOCUMENT

Supplemental Oil and Gas Disclosures (Unaudited) (Details 7) - USD ($)	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Changes in the standardized measure of discounted future cash flows
Standardized measure, beginning of year	$ 2,078,481	$ 7,468,115
Crude oil and natural gas sales, net of production costs	96,978	260,928
Net changes in prices and production costs	(408,944)	1,842,171
Changes in estimated future development costs	(324,481)	344,759
Revisions of previous quantity estimates	(145,373)	17,112,424
Accretion of discount	122,014	263,955
Net change in income taxes	304,877	3,460,184
Sales of reserves in place		(10,083)
Change in timing of estimated future production	(759,663)	(28,663,972)
Standardized measure, end of year	$ 963,889	$ 2,078,481

XML 111 R90.htm IDEA: XBRL DOCUMENT

Supplemental Oil and Gas Disclosures (Unaudited) (Details Narrative)	12 Months Ended
	Mar. 31, 2020 USD ($) Boe $ / bbl $ / Mcf bbl Mcf	Mar. 31, 2019 USD ($) Boe bbl Mcf	Feb. 03, 2020	Mar. 31, 2018 USD ($) Boe bbl Mcf
Reserve Quantities [Line Items]
Ownership percentage	25.00%
Net Capitalized Costs	$ 110,267	$ 212,316
Net Operating Income	(113,955)	(735,320)
Discounted future net cash flow	963,889	$ 2,078,481		$ 7,468,115
Viking Energy Group Inc [Member]
Reserve Quantities [Line Items]
Net Capitalized Costs	30,200,000
Net Operating Income	1,600,000
Discounted future net cash flow	$ 104,900,000
Elysium Energy LLC [Member]
Reserve Quantities [Line Items]
Ownership percentage	25.00%		25.00%
Net Capitalized Costs	$ 7,600,000
Net Operating Income	400,000
Discounted future net cash flow	$ 26,200,000
Crude Oil (Bbls) [Member]
Reserve Quantities [Line Items]
Total net reserves \| bbl	54,850	124,524		129,573
Proved Developed Non-Producing Reserves \| bbl	0	48,030
Crude Oil (Bbls) [Member] \| Viking Energy Group Inc [Member]
Reserve Quantities [Line Items]
Average monthly price \| $ / bbl	52.048
Crude Oil (Bbls) [Member] \| Elysium Energy LLC [Member]
Reserve Quantities [Line Items]
Total net reserves \| bbl	2,988,160
Equivalent ownership of net reserves \| bbl	747,040
Natural Gas (Mcf) [Member]
Reserve Quantities [Line Items]
Total net reserves \| Mcf	207,823	208,710		8,147,168
Natural Gas (Mcf) [Member] \| Viking Energy Group Inc [Member]
Reserve Quantities [Line Items]
Average monthly price \| $ / Mcf	2.74
Natural Gas (Mcf) [Member] \| Elysium Energy LLC [Member]
Reserve Quantities [Line Items]
Total net reserves \| Mcf	41,576,500
Equivalent ownership of net reserves \| Mcf	10,394,130
Oil Equivalents (Boe) [Member]
Reserve Quantities [Line Items]
Total net reserves \| Boe	133,442	203,406		2,923,138
Oil Equivalents (Boe) [Member] \| Elysium Energy LLC [Member]
Reserve Quantities [Line Items]
Total net reserves \| Boe	9,917,580
Equivalent ownership of net reserves \| Boe	2,479,390

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Nevada	20-2660243
(State of other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification No.)

1415 Louisiana, Suite 3500, Houston, Texas	77002
(Address of principal executive offices)	(Zip code)

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.001 par value	CEI	NYSE American

Large accelerated filer ☐	Accelerated filer ☐
Non-accelerated filer ☒	Smaller reporting company ☒
Emerging growth ☐

		Page
Glossary of Oil and Gas Terms		1
Cautionary Note Regarding Forward-Looking Statements		4
Where You Can Find More Information		5
General Information		6
	PART I
ITEM 1.	Business	7
	General	7
	Recent Reverse Stock Splits and Amendments to Articles	13
	Industry Segments	14
	Operations and Oil and Gas Properties	14
	Marketing	15
	Competition	15
	Regulation	15
	Insurance Matters	16
	Other Matters	16
ITEM 1A.	Risk Factors	18
ITEM 2.	Properties	46
ITEM 3.	Legal Proceedings	48
ITEM 4.	Mine Safety Disclosures	50
	PART II
ITEM 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	51
ITEM 6.	Selected Financial Data	55
ITEM 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	55
ITEM 7A.	Quantitative and Qualitative Disclosures About Market Risk	65
ITEM 8.	Financial Statements and Supplementary Data	65
ITEM 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	66
ITEM 9A.	Controls and Procedures	66
ITEM 9B.	Other Information	68
	PART III
ITEM 10.	Directors, Executive Officers and Corporation Governance	69
ITEM 11.	Executive Compensation	76
ITEM 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	78
ITEM 13.	Certain Relationships and Related Transactions, and Director Independence	80
ITEM 14.	Principal Accounting Fees and Services	88
	PART IV
ITEM 15.	Exhibits, Financial Statement Schedules	89
ITEM 16.	Form 10–K Summary	89
SIGNATURES		90

	●	“Exchange Act” refers to the Securities Exchange Act of 1934, as amended;

	●	“SEC” or the “Commission” refers to the United States Securities and Exchange Commission; and

	●	“Securities Act” refers to the Securities Act of 1933, as amended.

	●	a significant portion of our cash flows could be used to service our indebtedness;
	●	a high level of debt would increase our vulnerability to general adverse economic and industry conditions;
	●	any covenants contained in the agreements governing our outstanding indebtedness could limit our ability to borrow additional funds;
	●	dispose of assets, pay dividends and make certain investments;

	●	a high level of debt may place us at a competitive disadvantage compared to our competitors that are less leveraged and, therefore, they may be able to take advantage of opportunities that our indebtedness may prevent us from pursuing; and
	●	debt covenants to which we may agree may affect our flexibility in planning for, and reacting to, changes in the economy and in its industry.

	●	overall U.S. and global economic conditions;
	●	weather conditions and natural disasters;
	●	seasonal variations in oil and natural gas prices;
	●	price and availability of alternative fuels;
	●	technological advances affecting oil and natural gas production and consumption;
	●	consumer demand;
	●	domestic and foreign supply of oil and natural gas;
	●	variations in levels of production;
	●	regional price differentials and quality differentials of oil and natural gas; price and quantity of foreign imports of oil, NGLs, and natural gas;
	●	global pandemics and epidemics, such as COVID-19;
	●	the completion of large domestic or international exploration and production projects;
	●	restrictions on exportation of oil and natural gas;
	●	the availability of refining capacity;
	●	the impact of energy conservation efforts;
	●	political conditions in or affecting other oil producing and natural gas producing countries, including the current conflicts in the Middle East and conditions in South America and Russia; and
	●	domestic and foreign governmental regulations, actions and taxes.

	●	negatively impact the value of our reserves, because declines in oil and natural gas prices would reduce the value and amount of oil and natural gas that we can produce economically;
	●	reduce the amount of cash flow available for capital expenditures, repayment of indebtedness, and other corporate purposes; and
	●	limit Camber’s ability to borrow money or raise additional capital.

	●	actual prices we receive for oil and natural gas;
	●	actual cost and timing of development and production expenditures;
	●	the amount and timing of actual production; and
	●	changes in governmental regulations or taxation.

	●	our actual or anticipated operating and financial performance and drilling locations, including reserve estimates;
	●	quarterly variations in the rate of growth of our financial indicators, such as net income/loss per share, net income/loss and cash flows, or those of companies that are perceived to be similar to us;
	●	changes in revenue, cash flows or earnings estimates or publication of reports by equity research analysts;
	●	speculation in the press or investment community;
	●	public reaction to our press releases, announcements and filings with the SEC;
	●	sales of our common stock by us or other stockholders, or the perception that such sales may occur;
	●	the amount of our freely tradable common stock available in the public marketplace;
	●	general financial market conditions and oil and natural gas industry market conditions, including fluctuations in commodity prices;
	●	the realization of any of the risk factors that we are subject to;
	●	the recruitment or departure of key personnel;
	●	commencement of, or involvement in, litigation;
	●	the prices of oil and natural gas;
	●	the success of our exploration and development operations, and the marketing of any oil and natural gas we produce;
	●	changes in market valuations of companies similar to the Company; and
	●	domestic and international economic, public health, legal and regulatory factors unrelated to our performance.

$0.05 Discount to Percentage Discounted VWAP						$0.10 Discount to Percentage Discounted VWAP
Percentage Discounted VWAP		Conversion Price*		Percentage of Discount ($0.05) Compared to Percentage Discounted VWAP		Percentage Discounted VWAP		Conversion Price*		Percentage of Discount ($0.10) Compared to Percentage Discounted VWAP
$	2.00	$	1.95	2.5	%	$	2.00	$	1.90		5.0	%
$	1.75	$	1.70	2.9	%	$	1.75	$	1.65		5.7	%
$	1.50	$	1.45	3.3	%	$	1.50	$	1.40		6.7	%
$	1.25	$	1.20	4.0	%	$	1.25	$	1.15		8.0	%
$	1.00	$	0.95	5.0	%	$	1.00	$	0.90		10.0	%
$	0.75	$	0.70	6.7	%	$	0.75	$	0.65		13.3	%
$	0.50	$	0.45	10.0	%	$	0.50	$	0.40		20.0	%
$	0.25	$	0.20	20.0	%	$	0.25	$	0.15		40.0	%
$	0.10	$	0.05	50.0	%	$	0.10	$	0.001		99.0	%
$	0.05	$	0.001	98.0	%	$	0.05	$	0.001		98.0	%

	2020		2019
Net Operating Revenues:
Crude Oil	$	296,036	$	526,365
Natural Gas		37,049		772,105
NGL		64,033		1,443,632
Total Revenues	$	397,118	$	2,742,102

Production sales:
Crude oil (Bbls)		5,399		8,846
Natural gas (Mcf)		18,892		321,423
NGL (Gallons)		190,503		2,153,280
Total (barrels oil equivalent or Boe)⁽¹⁾		13,084		113,685

Average Sales Price:
Crude Oil ($/Bbl)	$	54.83	$	59.51
Natural Gas ($/Mcf)		1.96		2.40
NGL ($/Gal)		0.34		0.67

Average Production Cost ($/Boe):	$	37.76	$	26.42

		Gross	Net
Hutchinson and Glasscock Counties, Texas:		25	1.16
	Total	25	1.16

	2020		2019
Additions to Oil and Gas Properties (Capitalized)
Acquisitions Using Cash	$	—	$	—
Other Capitalized Costs^(a)		—		2,095,991

Total Additions (Deductions) to Oil and Gas Properties		—		2,095,991
Lease Operating Expenditures (Expensed)		479,656		2,870,908
Severance and Property Taxes (Expensed)		14,440		132,993
	$	494,096	$	5,099,892

General and Administrative Expense (Cash-based)	$	4,709,181	$	4,809,135
Share-Based Compensation (Non-Cash)		200,690		343,631
Total General and Administrative Expense	$	4,909,871	$	5,152,766

								%
	2020		2019		Increase (Decrease)			Increase (Decrease)
Sale Volumes:
Crude Oil (Bbls)		5,399		8,846		(3,447	)		(39	%)
Natural Gas (Mcf)		18,892		321,423		(302,531	)		(94	%)
NGL (Gallons)		190,503		2,153,280		(1,962,777	)		(91	%)
Total (Boe)		13,084		113,685		(100,601	)		(88	%)

Crude Oil (Bbls per day)		15		24		(9	)		(38	%)
Natural Gas (Mcf per day)		52		881		(829	)		(94	%)
NGL (Gallons per day)		522		5,899		(5,377	)		(91	%)
Total (Boe per day)		36		311		(275	)		(88	%)

Average Sale Price:
Crude Oil ($/Bbl)	$	54.83	$	59.51	$	(4.68	)		(8	%)
Natural Gas($/Mcf)		1.96		2.40		(0.44	)		(18	%)
NGL ($/Gallon)		0.34		0.67		(0.33	)		(49	%)


Net Operating Revenues:
Crude Oil	$	296,036	$	526,365	$	(230,329	)		(44	%)
Natural Gas		37,049		772,105		(735,056	)		(95	%)
NGL		64,033		1,443,632		(1,379,599	)		(96	%)
Total Revenues	$	397,118	$	2,742,102	$	(2,344,984	)		(86	%)

								%
	2020		2019		Increase (Decrease)			Increase (Decrease)
Direct lease operating expense	$	395,506	$	1,942,922	$	(1,547,416)			(80	%)
Workovers expense		—		224,827		(224,827)			(100	%)
Other		84,150		703,159		(619,099)			(83	%)
Total Lease Operating Expenses		479,656		2,870,908		(2,391,252)			(83	%)

Severance and Property Taxes		14,440		132,993		(118,553)			(89	%)
Depreciation, Depletion, Amortization and Accretion		20,420		478,770		(458,350	)		(96	%)
Impairment of Oil and Gas Properties		—		1,304,785		(1,304,785)			(100	%)
(Gain) Loss on Sale of Property and Equipment		—		(25,808,246)		25,808,246			100	%

General and Administrative (Cash-based)		4,709,181		4,809,135		(99,954)			(2	%)
Share-Based Compensation (Non-Cash)		200,690		343,631		(142,941)			(42	%)
Total General and Administrative Expense	$	4,909,871	$	5,152,766	$	(242,895)			(5	%)

Interest Expense	$	14,771	$	2,438,097	$	(2,423,326	)		(99	%)
Equity in Earnings of Unconsolidated Entity		(957,169)		—		(957,169)			(100	%)
Other (Income) Expense, Net	$	(228,572)	$	(474,124)	$	(245,552)			(52	%)

	Year Ended March 31,
	2020			2019
Cash flows used in operating activities	$	(3,588,464	)	$	(5,773,428	)
Cash flows used in investing activities		(9,641,019	)		(2,327,000	)
Cash flows provided by financing activities		6,107,375			15,000,000
Net (decrease) increase in cash	$	(7,122,108	)	$	6,989,572


		Page
Report of Independent Registered Public Accounting Firm		F-2
Consolidated Balance Sheets as of March 31, 2020 and 2019		F-3
Consolidated Statements of Operations for the Years Ended March 31, 2020 and 2019		F-4
Consolidated Statement of Changes in Stockholders’ Equity (Deficit) for the Years Ended March 31, 2020 and 2019		F-5
Consolidated Statements of Cash Flows for the Years Ended March 31, 2020 and 2019		F-6
Notes to Consolidated Financial Statements		F-7

CAMBER ENERGY, INC.
CONSOLIDATED BALANCE SHEETS
As of March 31,	2020			2019
ASSETS
Current Assets
Cash	$	656,615		$	7,778,723
Accounts Receivable, Net of Allowance		255,363			129,037
Other Current Assets		220,682			263,205
Total Current Assets		1,132,660			8,170,965
Property and Equipment
Oil and Gas Properties - Subject to Amortization		50,443,883			50,528,953
Oil and Gas Properties - Not Subject to Amortization		28,016,989			28,016,989
Other Property and Equipment		1,570			1,570
Total Property and Equipment		78,462,442			78,547,512
Accumulated Depletion, Depreciation, Amortization and Impairment		(78,351,825	)		(78,334,324	)
Total Property and Equipment, Net		110,617			213,188
Equity Method Investment – Elysium Energy, LLC		957,169			—
Notes Receivable		7,339,719			—
Other Assets		155,053			198,519
Total Assets	$	9,695,218		$	8,582,672
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Accounts Payable	$	1,474,221		$	1,521,329
Common Stock Payable		173,000			303,340
Accrued Expenses		348,460			276,133
Current Asset Retirement Obligations		30,227			—
Current Income Taxes Payable		3,000			3,000
Total Current Liabilities		2,028,908			2,103,802
Long-term Notes Payable, Net of Discount		—			—
Asset Retirement Obligations		41,523			303,809
Derivative Liability		—			5
Total Liabilities		2,070,431			2,407,616
Commitments and Contingencies (see Note 10)
Temporary Equity
Preferred Stock Series C, 525 and 0 Shares Issued and Outstanding, Respectively, Liquidation Preference of $5,250,000		5,000,000			—
Stockholders’ Equity (Deficit)
Preferred Stock Series A, 2,000 Shares Authorized of $0.001 Par Value, -0- Shares issued and Outstanding		—			—
Preferred Stock Series B, 600,000 Shares Authorized of $0.001 Par Value, -0- and 44,000 Shares issued and Outstanding, respectively		—			44
Preferred Stock Series C, 5,000 Shares Authorized of $0.001 Par Value, 2,294 and 2,305 Shares issued and Outstanding, respectively, Liquidation Preference of $63,004,710		2			2
Preferred Stock Series D, 50,000 Shares Authorized of $0.001 Par Value, -0- Shares issued and outstanding		—			—
Preferred Stock Series E, 1,000,000 Shares Authorized of $0.001 Par Value, -0- Shares issued and Outstanding		—			—
Preferred Stock Series F, 16,750 Shares Authorized of $0.001 Par Value, -0- Shares issued and Outstanding		—			—
Common Stock, 25,000,000 Shares Authorized of $0.001 Par Value, 5,000,000 and 13,441 Shares Issued and Outstanding, respectively		5,000			13
Additional Paid-in Capital		144,815,627			152,251,623
Stock Dividends Distributable		15,878,926			8,141,843
Accumulated Deficit		(158,074,768	)		(154,218,469	)
Total Stockholders’ Equity		2,624,787			6,175,056
Total Liabilities and Stockholders’ Equity	$	9,695,218		$	8,582,672

For the Year Ended March 31,	2020			2019
Operating Revenues
Crude Oil	$	296,036		$	526,365
Natural Gas		37,049			772,105
Natural Gas Liquids		64,033			1,443,632
Total		397,118			2,742,102

Operating Expenses
Lease Operating Expenses		479,656			2,870,908
Severance and Property Taxes		14,440			132,993
Depreciation, Depletion, Amortization and Accretion		20,420			478,770
Impairment of Oil and Gas Properties		—			1,304,785
Gain on Sale of Property and Equipment		—			(25,808,246	)
General and Administrative		4,909,871			5,152,766
Total		5,424,387			(15,868,024	)

Operating Income (Loss)		(5,027,269	)		18,610,126

Other Expense (Income)
Interest Expense		14,771			2,438,097
Equity in Earnings of Unconsolidated Entity		(957,169	)		—
Other (Income) Expense, Net		(228,572	)		(474,124	)
Total Other Expense (Income)		(1,170,970	)		1,963,973

Income (Loss) Before Income Taxes		(3,856,299	)		16,646,153
Income Tax Benefit (Expense)		—			3,000
Net Income (Loss)	$	(3,856,299	)	$	16,643,153

Income (Loss) Per Common Share
Basic	$	(5.50	)	$	2,775.61
Diluted	$	(5.50	)	$	262.32

Weighted Average Number of Common Shares Outstanding
Basic		2,109,622			3,951
Diluted		2,109,622			41,805

	Series C Preferred Stock			Series E Preferred Stock					Series F Preferred Stock					Series B Preferred Stock					Series C Preferred Stock				Common Stock
	Number of Shares	Amount		Number of Shares					Number of Shares		Amount			Number of Shares		Amount			Number of Shares		Amount		Number of Shares	Amount		Additional Paid-In Capital			Stock Divided Distributable			Accumulated Deficit			Total Stockholders’ (Deficit) Equity
Balances, March 31, 2018	—	$	—	—		$	—		—		$	—		408,508		$	409		1,132		$	1	184	$	—	$	141,429,941		$	2,467,910		$	(170,861,622	)	$	(26,963,361	)
Common Shares issued for:	—		—	—			—		—			—		—			—		—			—	—		—		—			—			—			—
Conversion of Series B to Common	—		—	—			—		—			—		(364,508	)		(365	)	—			—	3		—		365			—			—			—
Conversion of Series C Preferred Stock	—		—	—			—		—			—		—			—		(404	)		—	3,794		4		(4	)		—			—			—
Rounding Adjustment for Split	—		—	—			—		—			—		—			—		—			—	22		—		—			—			—			—
Payment of Series B Dividend	—		—	—			—		—			—		—			—		—			—	—		—		2,782			(2,782	)		—			—
Share-Based Compensation	—		—	—			—		—			—		—			—		—			—	—		—		343,730			—			—			343,730
Conversion of Debenture	—		—	—			—		—			—		—			—		—			—	9,414		9		917,095			—			—			917,104
Issuance of Common Shares for Consulting Fees	—		—	—			—		—			—		—			—		—			—	14		—		234,430			—			—			234,430
Warrants - Abeyance	—		—	—			—		—			—		—			—		—			—	10		—		—			—			—			—
Issuance of Series C Preferred Shares for Cash Proceeds	—		—	—			—		—			—		—			—		1,577			1	—		—		14,999,999			—			—			15,000,000
Stock Dividends to be Issued	—		—	—			—		—			—		—			—		—			—	—		—		(5,676,715	)		5,676,715			—			—
Net Income	—		—	—			—		—			—		—			—		—			—	—		—		—			—			16,643,153			16,643,153
Balances, March 31, 2019	—		—	—			—		—			—		44,000			44		2,305			2	13,441		13		151,251,623			8,141,843			(154,218,469	)		6,175,056
Cash Paid for Settlement of Preferred B Stock Warrants	—		—	—			—		—			—		—			—		—			—	—		—		(25,000	)		—			—			(25,000	)
Common Shares issued for:	—		—	—			—		—			—		—			—		—			—	—		—		—			—			—			—
Conversion of Series B to Common	—		—	—			—		—			—		(44,000	)		(44	)	—			—	—		—		44			—			—			—
Conversion of Series C Preferred Stock	—		—	—			—		—			—		—			—		(11	)		—	4,899,442		4,899		(4,899	)		—			—			—
Payment of Series B Dividend	—		—	—			—		—			—		—			—		—			—	—		—		3			(3	)		—			—
Conversion of Debenture -Abeyance	—		—	—			—		—			—		—			—		—			—	29,073		29		(29	)		—			—			—
Rounding Adjustment for Split	—		—	—			—		—			—		—			—		—			—	57,363		58		(58	)		—			—			—
Payment of Consulting Fees	—		—	—			—		—			—		—			—		—			—	680		1		331,029			—			—			331,030
Issuance of Series E and F Preferred Stock	—		—	1,000,000			18,701,000		16,750			1,417,000		—			—		—			—	—		—		—			—			—			—
Change in valuation of Series E and F Preferred Stock	—		—	—			(4,035,000	)	—			1,017,000		—			—		—			—	—		—		—			—			—			—
Redemption of Series E and F Preferred Stock	—		—	(1,000,000	)		(14,666,000	)	(16,750	)		(2,434,000	)	—			—		—			—	—		—		—			—			—			—
Issuance of Series C Preferred Shares for Cash Proceeds	525		5,000,000	—			—		—			—		—			—		—			—	—		—		—			—			—			—
Stock Dividends to be Issued	—		—	—			—		—			—		—			—		—			—	—		—		(7,737,086	)		7,737,086			—			—
Net Loss	—		—	—			—		—			—		—			—		—			—	—		—		—			—			(3,856,299	)		(3,856,299	)
Balances, March 31, 2020	525	$	5,000,000	—		$	—		—		$	—		—		$	—		2,294		$	2	5,000,000	$	5,000	$	144,815,627		$	15,878,926		$	(158,074,768	)	$	2,624,787

Name	Position	Date First Elected/Appointed as Director	Age
Louis G. Schott	Interim Chief Executive Officer	—	54
Robert Schleizer	Chief Financial Officer, Treasurer and Director	October 6, 2017	66
Fred Zeidman	Director	January 11, 2018	73
James G. Miller	Director	July 10, 2018	71

	Audit Committee	Compensation Committee	Nominating and Governance Committee
Robert Schleizer
Fred Zeidman	M	C	C
James G. Miller	C	M	M

Name and Principal Position	Fiscal Year	Consulting Fees/Salary			Bonus		Stock Awards		All Other Compensation*			Total
Louis G. Schott	2020	$	300,000	(4)	$	—	$	—	$	34,453	(5)	$	334,453
Interim Chief Executive Officer (1)	2019	$	300,000	(4)	$	25,000	$	—	$	33,120	(5)	$	358,120

Robert Schleizer	2020	$	200,000	(6)	$	—	$	—	$	53,333	(6)	$	253,333
Chief Financial Officer (2)	2019	$	200,000	(6)	$	—	$	—	$	26,666	(6)	$	226,666

Richard N. Azar II	2019	$	90,000	(7)	$	—	$	—	$	214,000		$	304,000
Former Chief Executive Officer (3)

	●	each director,
	●	each Named Executive Officer, and
	●	all directors and executive officers as a group.

Stockholder	Number of Shares of Common Stock		Percent of Common Stock(#)
Executive Officers and Directors
Louis G. Schott		—		—	%
Robert Schleizer		—		—	%
Fred S. Zeidman		—		—	%
James G. Miller		—		—	%
Richard N. Azar II (+)(1)		7		*	%
All Executive Officers and Directors as a Group (Four Persons)		—		—	%

Greater than 5% Stockholders

Discover Growth Fund (2)		1,244,347		9.99	%

Plan Category	Number of securities to be issued upon exercise of outstanding options, warrants and rights (a)		Weighted-average exercise price of outstanding options, warrants and rights (b)		Number of securities available for future issuance under equity compensation plans (excluding those in column (a))
Equity compensation plans approved by the security holders		2	$	40,429,700		2,000
Equity compensation plans not approved by the security holders		—		—		—
Total		2	$	40,429,700		2,000

	2020		2019
Marcum	$	323,100	$	56,500
GBH CPAs, PC	$	—	$	93,500


Index to Financial Statements			Page
Report of Independent Registered Public Accounting Firm			F-2
Consolidated Balance Sheets as of March 31, 2020 and 2019			F-3
Consolidated Statements of Operations for the Years Ended March 31, 2020 and 2019			F-4
Consolidated Statement of Changes in Stockholders’ Equity (Deficit) for the Years Ended March 31, 2020 and 2019			F-5
Consolidated Statements of Cash Flows for the Years Ended March 31, 2020 and 2019			F-6
Notes to Consolidated Financial Statements			F-7

BY:	/s/ Louis G. Schott
Louis G. Schott
Interim Chief Executive Officer
(Principal Executive Officer)

Signature	Title	Date

/s/ Louis G. Schott Louis G. Schott	Interim Chief Executive Officer (Principal Executive Officer)	June 29, 2020

/s/ Robert Schleizer Robert Schleizer	Chief Financial Officer (Principal Financial and Accounting Officer) and Director	June 29, 2020

/s/ Fred S. Zeidman Fred S. Zeidman	Director	June 29, 2020

/s/ James Miller James Miller	Director	June 29, 2020

Exhibit No.	Description
2.1	Asset Purchase Agreement by and between Lucas Energy, Inc., as purchaser, Segundo Resources, LLC, as seller representative to the various sellers named therein, and the sellers named therein dated December 30, 2015+ (incorporated by reference to Exhibit 2.1 of the Form 8-K filed by the Company with the SEC on December 31, 2015)
2.2	First Amendment to Asset Purchase Agreement by and between Lucas Energy, Inc., as purchaser, Segundo Resources, LLC, as seller representative to the various sellers named therein, and the sellers named therein dated April 20, 2016 and effective April 1, 2016 (Filed as Exhibit 2.2 to the Company’s Report on Form 8-K, filed with the Commission on April 25, 2016, and incorporated herein by reference)(File No. 001-32508)
2.3	Second Amendment to Asset Purchase Agreement by and between Lucas Energy, Inc., as purchaser, Segundo Resources, LLC, as seller representative to the various sellers named therein, and the sellers named therein dated August 25, 2016 (Filed as Exhibit 2.1 to the Company’s Current Report on Form 8-K, filed with the Commission on August 31, 2016, and incorporated herein by reference)(File No. 001-32508)
2.4	Third Amendment to Asset Purchase Agreement by and among the Company, as purchaser, Segundo Resources, LLC, as seller representative to the various sellers named therein, and the sellers named therein dated August 25, 2016 (Filed as Exhibit 2.4 to the Company’s Current Report on Form 8-K, filed with the Commission on January 27, 2017, and incorporated herein by reference)(File No. 001-32508)
2.5	Asset Purchase Agreement by and Between N&B Energy, LLC, as Purchaser and Camber Energy, Inc., as Seller, dated July 12, 2018 (Filed as Exhibit 2.1 to the Company’s Report on Form 8-K, filed with the Commission on July 13, 2018 and incorporated herein by reference) (File No. 001-32508)
2.6	First Amendment to Asset Purchase Agreement by and Between N&B Energy, LLC, as Purchaser and Camber Energy, Inc., as Seller, dated August 2, 2018 (Filed as Exhibit 2.2 to the Company’s Report on Form 8-K, filed with the Commission on August 7, 2018 and incorporated herein by reference) (File No. 001-32508)
2.7	Second Amendment to Asset Purchase Agreement by and Between N&B Energy, LLC, as Purchaser, Camber Energy, Inc., as Seller and CE Operating, LLC, dated September 24, 2018 (Filed as Exhibit 2.3 to the Company’s Report on Form 8-K, filed with the Commission on September 25, 2018 and incorporated herein by reference) (File No. 001-32508)
2.8#	Agreement and Plan of Merger by and between Camber Energy, Inc., Camber Energy Merger Sub 2, Inc., Lineal Star Holdings, LLC, and the Members party thereto dated as of July 8, 2019 (Filed as Exhibit 2.1 to the Company’s Report on Form 8-K, filed with the Commission on July 9, 2019 and incorporated herein by reference) (File No. 001-32508)
2.9#	Preferred Stock Redemption Agreement dated December 31, 2019, by and among Camber Energy, Inc., Lineal Star Holdings LLC, Lineal Industries Inc., Lineal Star, Incorporated and each of the holders of the Series E Redeemable Convertible Preferred Stock and Series F Redeemable Preferred Stock of Camber (Filed as Exhibit 2.1 to the Company’s Report on Form 8-K, filed with the Commission on January 3, 2019 and incorporated herein by reference) (File No. 001-32508)
2.10#	Agreement and Plan of Merger by and Between Viking Energy Group, Inc., and Camber Energy, Inc. dated as of February 3, 2020 (Filed as Exhibit 2.1 to the Company’s Report on Form 8-K, filed with the Commission on February 5, 2020 and incorporated herein by reference) (File No. 001-32508)
2.11	First Amendment to Agreement and Plan of Merger, dated as of May 27, 2020, by and between Viking Energy, Inc. and Camber Energy, Inc. (Filed as Exhibit 2.2 to the Company’s Report on Form 8-K, filed with the Commission on June 1, 2020 and incorporated herein by reference) (File No. 001-32508)
2.12	Second Amendment to Agreement and Plan of Merger, dated as of June 16, 2020, by and between Viking Energy, Inc. and Camber Energy, Inc. (Filed as Exhibit 2.3 to the Company’s Report on Form 8-K, filed with the Commission on June 16, 2020 and incorporated herein by reference) (File No. 001-32508)
2.13	Third Amendment to Agreement and Plan of Merger, dated as of June 25, 2020, by and between Viking Energy, Inc. and Camber Energy, Inc. (Filed as Exhibit 2.4 to the Company’s Report on Form 8-K, filed with the Commission on June 26, 2020 and incorporated herein by reference) (File No. 001-32508)

3.1	Articles of Incorporation (Filed as Exhibit 3.1 to the Company’s Annual Report on Form 10-KSB for the fiscal year ended November 30, 2005 filed with the SEC on February 14, 2006, and incorporated herein by reference)(File No. 000-51414)
3.2	Certificate of Amendment to Articles of Incorporation (Incorporated by reference herein to Exhibit B to the Company’s Information Statement on Schedule 14C filed with the SEC on June 1, 2006) (File No. 000-51414)
3.3	Certificate of Amendment to Articles of Incorporation (Incorporated by reference herein to Exhibit B to the Company’s Information Statement on Schedule 14C filed with the SEC on February 20, 2007)(File No. 000-51414)
3.4	Certificate of Amendment to Articles of Incorporation (Incorporated by reference herein to Exhibit B to the Company’s Proxy Statement on Schedule 14A filed with the SEC on March 11, 2010) (File No. 001-32508)
3.5	Certificate of Amendment to Articles of Incorporation (Filed as Exhibit 3.1 to the Company’s Report on Form 8-K, filed with the Commission on January 11, 2011, and incorporated herein by reference)(File No. 001-32508)
3.6	Certificate of Amendment to Articles of Incorporation (1-for-25 Reverse Stock Split of Common Stock) (Filed as Exhibit 3.1 to the Company’s Report on Form 8-K, filed with the Commission on July 2, 2015, and incorporated herein by reference)(File No. 001-32508)
3.7	Certificate of Amendment to the Articles of Incorporation, amending the Company’s name to “Camber Energy, Inc.”, filed with the Secretary of State of Nevada on January 3, 2017 (Filed as Exhibit 3.1 to the Company’s Quarterly Report on Form 10-Q, filed with the Commission on February 14, 2017, and incorporated herein by reference)(File No. 001-32508)
3.8	Certificate of Amendment to the Company’s Articles of Incorporation to increase the number of our authorized shares of common stock from 200,000,000 to 500,000,000, as filed with the Secretary of State of Nevada on January 10, 2018 (Filed as Exhibit 3.1 to the Company’s Report on Form 8-K, filed with the Commission on January 12, 2018 and incorporated herein by reference) (File No. 001-32508)
3.9	Certificate of Amendment to Articles of Incorporation (1-for-25 Reverse Stock Split of Common Stock) filed with the Nevada Secretary of State on March 1, 2018, and effective March 5, 2018 (Filed as Exhibit 3.1 to the Company’s Report on Form 8-K, filed with the Commission on March 2, 2018 and incorporated herein by reference) (File No. 001-32508)
3.10	Certificate of Change Pursuant to Nevada Revised Statutes Section 78.209, as filed by Camber Energy, Inc. with the Secretary of State of the State of Nevada on December 20, 2018 (Filed as Exhibit 3.1 to the Company’s Report on Form 8-K, filed with the Commission on December 26, 2018 and incorporated herein by reference)(File No. 001-32508)
3.11	Certificate of Amendment to the Company’s Articles of Incorporation to increase the number of our authorized shares of common stock from 20,000,000 to 250,000,000, as filed with the Secretary of State of Nevada on April 10, 2019 (Filed as Exhibit 3.1 to the Company’s Report on Form 8-K, filed with the Commission on April 11, 2019, and incorporated herein by reference)(File No. 001-32508)
3.12	Certificate of Amendment to Articles of Incorporation (1-for-25 Reverse Stock Split of Common Stock) filed with the Nevada Secretary of State on July 3, 2019, and effective July 8, 2019 (Filed as Exhibit 3.1 to the Company’s Report on Form 8-K, filed with the Commission on July 8, 2019 and incorporated herein by reference) (File No. 001-32508)
3.13	Camber Energy, Inc. Amended and Restated Certificate of Designations of Preferences, Powers, Rights and Limitations of Series C Redeemable Convertible Preferred Stock as filed with the Secretary of State of Nevada on July 8, 2019 (Filed as Exhibit 3.1 to the Company’s Report on Form 8-K, filed with the Commission on July 9, 2019 and incorporated herein by reference) (File No. 001-32508)
3.14	State of Delaware Certificate of Merger of Domestic Corporation Into Domestic Limited Liability Company, filed with the Secretary of State of Delaware on July 10, 2019, and effective July 9, 2019, merging Camber Energy Merger Sub 2, Inc. into Lineal Star Holdings LLC (Filed as Exhibit 3.8 to the Company’s Quarterly Report on Form 10-Q, filed with the Commission on August 14, 2019 and incorporated herein by reference) (File No. 001-32508)
3.15	Certificate of Change Pursuant to Nevada Revised Statutes Section 78.209, filed by Camber Energy, Inc. with the Secretary of State of Nevada on October 25, 2019 and effective on October 29, 2019 (Filed as Exhibit 3.1 to the Company’s Current Report on Form 8-K, filed with the Commission on October 29, 2019 and incorporated herein by reference) (File No. 001-32508)