INVESTMENT IN UNCONSOLIDATED ENTITYS

12 Months Ended

Dec. 31, 2021

INVESTMENT IN UNCONSOLIDATED ENTITYS

INVESTMENT IN UNCONSOLIDATED ENTITY'S

NOTE 7– INVESTMENT IN UNCONSOLIDATED ENTITY’S

The Company accounts for its investments in Viking and Elysium (until the Company’s Elysium interest was assigned to Viking on December 23, 2020) under the equity method.  The Company owns 0% of Elysium as of December 31, 2021 and 2020, respectively (25% from February 3, 2020 to June 25, 2020, 30% from June 26, 2020 to December 23, 2020, and 0% upon the completion of the Company’s acquisition of 51% of Viking as explained in Note 1 – Relationship with and Ownership of Viking Energy Group, Inc.

Table below shows the changes in the investment in unconsolidated entities for the year ended December 31, 2020 and the nine months ended December 31, 2020, respectively:

	December 31, 2021			December 31, 2020
Carrying amount at beginning of year	$	15,830,538		$	957,169
Investment in Elysium		—			—
Proportionate share of Elysium earnings (loss)		-			(2,953,680	)
Investment in Viking		29,900,000			20,274,909
Proportionate share of Viking earnings (loss)		(9,430,946	)		(2,447,860	)
Carrying amount at end of year	$	36,299,592		$	15,830,538