Restatement of Previously Issued Financial Statements (Tables)

9 Months Ended

Sep. 30, 2023

Restatement of Previously Issued Financial Statements

Schedule of consolidated balance sheet

	As Previously Reported			Adjustments			As Restated
ASSETS
Total current assets		17,944,854			-			17,944,854
Total oil and gas properties, net		2,595,847			-			2,595,847
Fixed assets, net		1,604,257			-			1,604,257
Right of use assets, net		3,411,385			-			3,411,385
ESG Clean Energy license, net		4,346,245			-			4,346,245
Other intangibles - Simson Maxwell, net		3,129,136			-			3,129,136
Other intangibles - Variable Interest Entities		15,433,340			-			15,433,340
Goodwill		52,970,485			(18,110,074	)		34,860,411	(1)(2)
Due from related parties		326,053			-			326,053
Deposits and other assets		10,300			-			10,300
TOTAL ASSETS		101,771,902			(18,110,074	)		83,661,828
LIABILITIES AND STOCKHOLDERS’ EQUITY
TOTAL LIABILITIES		72,582,710			-			72,582,710
STOCKHOLDERS’ EQUITY
Preferred stock Series A		28			-			28
Preferred stock Series C		1			-			1
Preferred stock Series G		5			-			5
Preferred stock Series H		3			-			3
Common stock		107,531			-			107,531
Additional paid-in capital		166,669,397			(32,596,819	)		134,072,578	(1)
Accumulated other comprehensive loss		(304,182	)		-			(304,182	)
Accumulated deficit		(147,393,746	)		14,486,745			(132,907,001	)(2)
Parent’s stockholders’ equity in Camber		19,079,037			(18,110,074	)		968,963
Non-controlling interest		10,110,155			-			10,110,155
TOTAL STOCKHOLDERS’ EQUITY		29,189,192			(18,110,074	)		11,079,118
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY		101,771,902			(18,110,074	)		83,661,828

Schedule of consolidated statement stockholders' Equity

	Additional Paid In Capital									Accumulated Deficit
	As Previously Reported			Adjustments			As Restated			As Previously Reported			Adjustments		As Restated
Balances at December 31, 2022		127,757,269			-			127,757,269			(122,187,673	)		-		(122,187,673	)
Common shares issued on exercise of warrants		(3,849	)		-			(3,849	)		-			-		-
Reverse merger adjustment		28,167,903			(32,596,819	)		(4,428,916	)(1)		-			-		-
Common shares issued on conversion of debt		6,506,430			-			6,506,430			-			-		-
Common shares issued on conversion of Series H preferred stock		(3,331	)		-			(3,331	)		-			-		-
Common shares issued on conversion of Series C preferred stock		(1,094	)		-			(1,094	)		-			-		-
Common shares issued on true-up of Series C preferred stock		4,246,069			-			4,246,069			-			-		-
Foreign currency translation adjustment		-			-			-			-			-		-
Net loss		-			-			-			(25,206,073	)		14,486,745		(10,719,328	)(2)
Balances at September 30, 2023		166,669,397			(32,596,819	)		134,072,578			(147,393,746	)		14,486,745		(132,907,001	)

Schedule of consolidated statement of cash flows

	As Previously Reported			Adjustments			As Restated
Cash flows from operating activities:
Net loss		(25,272,428	)		14,486,745			(10,785,683	) (2)
Adjustments to reconcile net loss to cash used in operating activities:
Change in fair value of derivative liability		5,803,791			-			5,803,791
Depreciation, depletion and amortization		698,061			-			698,061
Amortization of operational right-of-use assets		12,326			-			12,326
Accretion – asset retirement obligation		67,599			-			67,599
Amortization of debt discount		873,776			-			873,776
Loss on extinguishment of debt		605,507			-			605,507
Goodwill impairment		14,486,745			(14,486,745	)		-	(2)
Changes in operating assets and liabilities
Accounts receivable		(1,219,447	)		-			(1,219,447	)
Prepaids and other current assets		(76,879	)		-			(76,879	)
Inventory		743,378			-			743,378
Accounts payable		(245,418	)		-			(245,418	)
Accrued expenses and other current liabilities		936,099			-			936,099
Due to related parties		(993	)		-			(993	)
Customer deposits		(2,290,511	)		-			(2,290,511	)
Undistributed revenues and royalties		(83,480	)		-			(83,480	)
Net cash used in operating activities		(4,961,874	)		-			(4,961,874	)
Net cash provided by investing activities		21,582			-			21,582
Net cash provided by (used in) financing activities		3,012,047			-			3,012,047
Effect of exchange rates on cash		121,495			-			121,495
Net increase (decrease) in cash		(1,806,750	)		-			(1,806,750	)
Cash, beginning of period		3,239,349						3,239,349
Cash, end of period		1,432,599			-			1,432,599

Schedule of consolidated statement of operations

	Three months ended September 30, 2023								Nine months ended September 30, 2023
	As Previously Reported			Adjustments		As Restated			As Previously Reported			Adjustments		As Restated
Revenue	$	10,131,070		$	-	$	10,131,070		$	24,407,583		$	-	$	24,407,583
Operating expenses		10,674,454			-		10,674,454			27,621,176			-		27,621,176
Loss from operations		(543,384	)		-		(543,384	)		(3,213,593	)		-		(3,213,593	)
Other income (expense)
Interest expense, net		(421,348	)		-		(421,348	)		(757,503	)		-		(757,503	)
Amortization of debt discount		(608,002	)		-		(608,002	)		(873,776	)		-		(873,776	)
Change in fair value of derivative liability		(5,986,536	)		-		(5,986,536	)		(5,803,791	)		-		(5,803,791	)
Loss on extinguishment of debt		(442,203	)		-		(442,203	)		(605,507	)		-		(605,507	)
Goodwill impairment		(14,486,745	)		14,486,745		-			(14,486,745	)		14,486,745		-	(2)
Other income		124,130			-		124,130			468,487			-		468,487
Total other expense, net		(21,820,704	)		14,486,745		(7,333,959	)		(22,058,835	)		14,486,745		(7,572,090	)
Net loss before income taxes		(22,364,088	)		14,486,745		(7,877,343	)		(25,272,428	)		14,486,745		(10,785,683	)
Income tax benefit (expense)		-			-		-			-			-		-
Net loss		(22,364,088	)		14,486,745		(7,877,343	)		(25,272,428	)		14,486,745		(10,785,683	)
Net income (loss) attributable to non-controlling interest		298,220			-		298,220			(66,355	)		-		(66,355	)
Net loss attributable to Camber Energy, Inc.	$	(22,662,308	)	$	14,486,745	$	(8,175,563	)	$	(25,206,073	)	$	14,486,745	$	(10,719,328	)
Loss per share of common stock
Basic and Diluted	$	(0.28	)	$	0.18	$	(0.10	)	$	(0.43	)	$	0.25	$	(0.18	)
Weighted average number of shares of common stock outstanding
Basic and Diluted		81,321,320			-		81,321,320			58,140,435			-		58,140,435