LONG-TERM DEBT AND OTHER SHORT-TERM BORROWINGS

12 Months Ended

Dec. 31, 2021

LONG-TERM DEBT AND OTHER SHORT-TERM BORROWINGS

LONG-TERM DEBT AND OTHER SHORT-TERM BORROWINGS

NOTE 9 – LONG-TERM DEBT AND OTHER SHORT-TERM BORROWINGS

Long term debt and other short-term borrowings consisted of the following at December 31, 2021 and 2020:

	December 31,
	2021		2020
Note payable to Discover Growth Fund, LLC pursuant to a 10.0% Secured Promissory Note dated December 11, 2020 in the original amount of $6,000,000 with interest and principal due at maturity on January 1, 2027. The Note is secured by lien on substantially all of the Company’s assets.	$	6,000,000	$	6,000,000
Note payable to Discover Growth Fund, LLC, pursuant to a 10.0% Secured Promissory Note dated December 22, 2020 in the original amount of $12,000,000 with interest and principal due at maturity on January 1, 2027. The Note is secured by first lien on the Company’s ownership in Viking.		12,000,000		12,000,000
Note payable to Discover Growth Fund, LLC pursuant to a 10.0% Secured Promissory Note dated April 23, 2021 in the original amount of $2,500,000 with interest and principal due at maturity on January 1, 2027. The Note is secured by lien on substantially all of the Company’s assets.		2,500,000		-
Note payable to Discover Growth Fund, LLC pursuant to a 10.0% Secured Promissory Note dated December 9, 2021 in the original amount of $1,000,000 with interest and principal due at maturity on March 8, 2022. The Note is secured by lien on substantially all of the Company’s assets. The note was paid in full on January 4, 2022.		1,000,000		-
Total long-term debt associated with Camber Energy, Inc.		21,500,000		18,000,000
Less current portion		-		-
	$	21,500,000	$	18,000,000

Principal maturities of long-term debt for the next five years and thereafter are as follows:

Twelve-month period ended December 31,
2022	$	1,000,000
2023		-
2024		-
2025		-
2026		-
Thereafter		20,500,000
	$	21,500,000

Interest expenses for the year ended December 31, 2021 and the nine months ended December 31, 2020 was $1,979,290 and $67,397, respectively.

The above notes were in default at various times, but have been resolved through settlement (see Note 15 Stockholders Deficit)