What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2026-08-13 compared with 2026-05-11 · 167 added, 108 removed, 392 unchanged (41% of the section changed)

5 unchanged sentences

Inventory, net

Insurance proceeds receivable

Prepaids and other current assets

7 unchanged sentences

Accrued interest

Accrued litigation settlement

Undistributed revenues and royalties

8 unchanged sentences

STOCKHOLDERS’ DEFICIT

Preferred stock Series A, $ 0.001 par value, 50,000 shares authorized, 28,092 shares issued and outstanding as of March 31, 2026 and December 31, 2025

Preferred stock Series G, $ 0.001 par value, 25,000 authorized, 5,272 shares issued and outstanding as of March 31, 2026 and December 31, 2025.

Preferred stock Series A, $ 0.001 par value, 50,000 shares authorized, 28,092 shares issued and outstanding as of June 30, 2026 and December 31, 2025

Preferred stock Series G, $ 0.001 par value, 25,000 authorized, 5,272 shares issued and outstanding as of June 30, 2026 and December 31, 2025.

Liquidation preference of nil

Common stock, $ 0.001 par value, 500,000,000 shares authorized, 281,686,525 shares issued and outstanding as of March 31, 2026 and December 31, 2025

Common stock, $ 0.001 par value, 500,000,000 shares authorized, 281,786,525 and 281,686,525 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively

Additional paid-in capital

14 unchanged sentences

Three months ended

Six months ended

Power generation units and parts

Service and repairs

Total revenue

Operating expenses

1 unchanged sentence

General and administrative

Depreciation, depletion & amortization

Depreciation and amortization

Total operating expenses

1 unchanged sentence

( 1,300,837 )

( 1,315,463 )

( 3,081,609 )

Other income (expense)

Interest expense

Interest expense, net

Amortization of debt discount

Change in fair value of investment in unconsolidated entity

Change in fair value of derivatives

Other income (expense)

Total other expense, net

( 1,595,577 )

Net loss before income taxes

Change in fair value of investment

Change in fair value of derivative liability

Equity in earnings of unconsolidated entity

Gain on partial disposal of interest in subsidiary

Total other income (expense), net

( 1,058,598 )

( 2,153,118 )

Net income (loss) before income taxes

( 1,751,209 )

( 3,468,581 )

Income tax benefit (expense)

Net income (loss)

( 1,751,209 )

1 unchanged sentence

Net loss attributable to non-controlling interest

Net loss attributable to Camber Energy, Inc.

Net income (loss) attributable to Camber Energy, Inc.

$ ( 1,682,360 )

$ ( 3,359,276 )

Loss per common share, basic and diluted

Weighted average number of common shares outstanding, basic and diluted

Income (loss) per share of common stock

Basic and Diluted

Weighted average number of shares of common stock outstanding

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

2 unchanged sentences

Three months ended

Six months ended

Net income (loss)

$ ( 1,751,209 )

1 unchanged sentence

Foreign currency translation adjustment

Total comprehensive loss

Total comprehensive income (loss)

( 1,751,209 )

4 unchanged sentences

Comprehensive loss attributable to non-controlling interest

Comprehensive loss attributable to Camber Energy, Inc.

Comprehensive income (loss) attributable to Camber Energy, Inc.

$ ( 1,682,360 )

3 unchanged sentences

Condensed Consolidated Statements of Cash Flows (Unaudited)

Three Months Ended

Six Months Ended

Cash flows from operating activities:

$ ( 3,468,581 )

$ ( 3,191,653 )

Adjustments to reconcile net loss to cash provided by (used) in operating activities:

1 unchanged sentence

Change in fair value of derivative liability

Depreciation, depletion and amortization

Stock-based compensation

Depreciation and amortization

Amortization of right-of-use assets

Equity in earnings of unconsolidated entity

Amortization of debt discount

Gain on partial disposal of interest in subsidiary

( 6,169,824 )

Foreign currency translation adjustment

1 unchanged sentence

Accounts receivable, net

Insurance proceeds receivable

( 10,286,000 )

Prepaids and other current assets

Accounts payable and other accrued expenses

( 1,443,462 )

Accrued interest

Accrued litigation settlement

Due to related parties

Customer deposits

Operating lease liabilities

Net cash provided by (used in) operating activities

Net cash used in operating activities

( 1,989,306 )

Cash flows from investing activities:

1 unchanged sentence

Payment received on note receivable from related party

Net cash used in investing activities

Deconsolidation of Simson-Maxwell cash balance

Net cash provided by investing activities

Cash flows from financing activities:

Repayment of long-term debt

Issuance (repayment) of long-term debt, net

Advances from (repayment of) bank credit facility

Advance from (repayment to) related party

Proceeds from exercise of warrants

Repayment of promissory notes, related parties

Net cash provided by (used in) financing activities

Net increase in cash

Net cash provided by financing activities

Net increase (decrease) in cash and cash equivalents

Cash and cash equivalents, beginning of period

3 unchanged sentences

Supplemental Disclosure of Non-Cash Investing and Financing Activities:

Issuance of shares on true-up of Series C Preferred Stock

Acquisition of right of use assets through operating lease

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

CAMBER ENERGY, INC.

Condensed Consolidated Statements of Changes in Stockholders ’ Equity (Deficit) (Unaudited)

For the three months ended March 31, 2026

Condensed Consolidated Statements of Changes in Stockholders ’ Deficit (Unaudited)

For the six months ended June 30, 2026

Preferred Stock

12 unchanged sentences

$ ( 45,086,094 )

For the three months ended March 31, 2025

Issuance of shares on exercise of warrants

Issuance of warrants for services

( 1,682,360 )

( 1,751,209 )

Balances at June 30, 2026

$ 162,860,229

$ ( 216,260,657 )

$ ( 46,822,397 )

For the six months ended June 30, 2025

Preferred Stock

2 unchanged sentences

Preferred Stock

Accumulated Other

Common Stock to be

Comprehensive

Noncontrolling

Stockholders'

14 unchanged sentences

$ ( 40,927,038 )

Disposition of majority interest in Simson-Maxwell

Common shares issued on conversion of Series C preferred stock

Cancellation of Series C preferred stock

Cancellation of true-up shares to be issued

( 14,929,273 )

( 2,388,684 )

Issuance of warrants for services

Foreign currency translation adjustment

Balances at June 30, 2025

$ 162,845,424

$ ( 206,498,426 )

$ ( 36,859,363 )

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

7 unchanged sentences

(i) a majority interest in an entity with intellectual property rights to a fully developed, patented, proprietary medical and bio-hazard waste treatment system using ozone technology, (ii) a majority interest in entities with the intellectual property rights to fully developed, patented and patent pending, proprietary electric transmission and distribution broken conductor protection systems, and (iii) a license to a patented clean energy and carbon-capture system with exclusivity in Canada and for multiple locations in the United States.

Camber also has an interest in Simson-Maxwell Ltd.

(“Simson-Maxwell”), a Canadian corporation, that provides custom energy and power solutions to commercial and industrial clients in North America (see Note 4).

Camber also has an interest in T&T Power Group Inc.

(“T&T”), a Canadian corporation, that provides custom energy and power solutions to commercial and industrial clients in North America (see Note 4).

Medical Waste Disposal System Using Ozone Technology:

6 unchanged sentences

Clean Energy and Carbon-Capture System:

Viking holds an exclusive intellectual property license from ESG Clean Energy, LLC (“ESG”) and Scuderi Group, Inc., to utilize ESG’s patent rights and know-how related to stationary electric power generation and heat and carbon dioxide capture.

Viking holds an exclusive intellectual property license from ESG Clean Energy, LLC and Scuderi Group, Inc.

(“SGI”), to utilize SGI’s intellectual property, including patent rights and know-how, related to stationary electric power generation and heat and carbon dioxide capture (collectively the “Clean Energy System”).

The intellectual property license includes the patents and/or patent applications related to this technology and provides Viking with the right to use the technology at up to 25 sites in the U.S.

1 unchanged sentence

During 2025, the value of the license was determined to be impaired and was written down to zero in the consolidated financial statements.

The Company intends to sell, lease and/or sub-license the ESG Clean Energy System to third parties.

The Company intends to sell, lease and/or sub-license the Clean Energy System to third parties.

Going Concern

The Company’s condensed consolidated financial statements included herein have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.

The Company generated a net loss of $( 1,717,372 ) for the three months ended March 31, 2026, as compared to a net loss of $( 3,191,653 ) for the three months ended March 31, 2025.

The loss for the three months ended March 31, 2026, was comprised of, among other things, certain non-cash items, including:

The Company generated a net loss of $( 3,468,581 ) for the six months ended June 30, 2026, as compared to a net income of $ 1,182,837 for the six months ended June 30, 2025.

The loss for the six months ended June 30, 2026, was comprised of, among other things, certain non-cash items, including:

(i) amortization of debt discount of ($ 1,595,577 ), and;

(ii) a gain on change in fair value of investment of $ 254,480 .

At March 31, 2026, the Company had stockholders’ deficit of $ 45,086,094 , long-term debt, net of current, of $ 152,715 and a working capital deficiency of $ 61,216,158 .

At June 30, 2026, the Company had stockholders’ deficit of $ 46,822,397 , long-term debt, net of current, of $ 151,952 and a working capital deficiency of $ 63,100,470 .

The largest components of current liabilities creating this working capital deficiency was current portion of long-term debt of $ 46,943,524 , accrued interest of $ 9,001,802 , amounts due to related parties of $ 1,238,330 , and related party accounts payable of $ 2,260,500 .

9 unchanged sentences

Early adoption is permitted.

The Company does not expect adoption of this Update to have a significant impact on its financial statements.

The Company does not expect adoption of this Update to have a significant impact on its consolidated financial statements.

a) Basis of Presentation

12 unchanged sentences

c) Foreign Currency

Foreign currency denominated assets and liabilities are translated into U.S.

Foreign currency denominated assets and liabilities were translated into U.S.

dollars using the exchange rates in effect at the balance sheet date.

Results of operations and cash flows of businesses conducted in foreign currency are translated using the average exchange rates throughout the period.

The effect of exchange rate fluctuations on translation of assets and liabilities is included as a component of stockholders’ equity in accumulated other comprehensive income (loss).

Results of operations and cash flows of businesses conducted in foreign currency were translated using the average exchange rates throughout the period.

The effect of exchange rate fluctuations on translation of assets and liabilities was included as a component of stockholders’ equity in accumulated other comprehensive income (loss).

Gains and losses from foreign currency transactions have been insignificant.

11 unchanged sentences

inputs to the valuation methodology are 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.

At March 31, 2026, the significant inputs to the Company’s investment in Simson-Maxwell was a Level 3 input.

Assets measured at fair value as of and for the three months ended March 31, 2026 are classified below based on the fair value hierarchy described above:

At June 30, 2026, the significant inputs to the Company’s investment in its unconsolidated entity was a Level 3 input.

Assets measured at fair value as of and for the six months ended June 30, 2026 are classified below based on the fair value hierarchy described above:

Significant Unobservable

(quarter ended

(six months ended

Financial assets:

Investment in Simson-Maxwell

See Note 4 for the assumptions used in determining the fair value of the investment in Simson-Maxwell.

Investment in unconsolidated entity

See Note 4 for the assumptions used in determining the fair value of the investment in unconsolidated entity.

f) Cash and Cash Equivalents

5 unchanged sentences

At the closing of each reporting period, the Company evaluates its inventory in order to adjust the inventory balance for obsolete and slow-moving items.

Inventory consisted of the following at March 31, 2026 and December 31, 2025:

Inventory consisted of the following at June 30, 2026 and December 31, 2025:

Units and work-in-process

6 unchanged sentences

i) Investment in Unconsolidated Entity

Since the beginning of the fourth quarter of 2025, the Company accounts for its non-controlling interest in Simson-Maxwell at fair value as the Company is not able to exercise significant influence over this investment.

The Company accounts for its investment in preferred shares of T&T at fair value.

Under the fair value method, the Company adjusts the carrying value of its investment for changes in fair value and records the amount of the change in fair value in the condensed consolidated statement of operations.

Beginning in the fourth quarter of 2025 and up to the date of amalgamation of T&T and Simson-Maxwell on June 1, 2026, the Company accounted for its 49% non-controlling interest in Simson-Maxwell at fair value as the Company was not able to exercise significant influence over this investment.

During the second and third quarters of 2025, the Company accounted for this investment under the equity method.

22 unchanged sentences

The Company has no oil and gas assets.

The asset retirement obligation balance at March 31, 2026 and December 31, 2025 is in respect of Petrodome’s prior working interest in an abandoned offshore well which was the subject of a decommissioning order (the “Order”) issued by the Bureau of Safety and Environmental Enforcement (“BSEE”) in April 2019 to which Petrodome was a named party.

The asset retirement obligation balance at June 30, 2026 and December 31, 2025 is in respect of Petrodome’s prior working interest in an abandoned offshore well which was the subject of a decommissioning order (the “Order”) issued by the Bureau of Safety and Environmental Enforcement (“BSEE”) in April 2019 to which Petrodome was a named party.

Petrodome filed an appeal with the Interior Board of Land Appeals (“IBLA”) in 2019.

Petrodome and the BSEE subsequently jointly requested, and received, a stay of the Order from the IBLA that remained in effect at March 31, 2026.

Petrodome and the BSEE subsequently jointly requested, and received, a stay of the Order from the IBLA that remained in effect at June 30, 2026.

The Company understands that decommissioning activity has begun and will retain this obligation pending resolution of the Order.

2 unchanged sentences

The amounts were distributed in accordance with the working interests of the respective owners.

The balance at March 31, 2026 and December 31, 2025 represents the value of payments issued to working interest and royalty owners with respect to the Company’s previously owned oil & gas assets that have not been cashed.

The balance at June 30, 2026 and December 31, 2025 represents the value of payments issued to working interest and royalty owners with respect to the Company’s previously owned oil & gas assets that have not been cashed.

n) Subsequent events

The Company has evaluated all subsequent events from March 31, 2026 through the issuance date of these financial statements (Note 13).

Investment in Simson-Maxwell

The Company has evaluated all subsequent events from June 30, 2026 through the issuance date of these financial statements.

None were identified.

Investment in T&T Power (formerly Simson-Maxwell)

Viking acquired a controlling interest in Simson Maxwell in 2021 and consolidated Simson Maxwell’s financial statements in the Company’s consolidated financial statements.

On April 1, 2025, Viking entered into a Share Subscription Agreement (“SSA”) with T&T Power Group Inc.

(“T&T”), Remora EQ LP, Simmax Corp., and Simson-Maxwell.

On April 1, 2025, Viking entered into a Share Subscription Agreement (“SSA”) with T&T, Remora EQ LP, Simmax Corp., and Simson-Maxwell.

The SSA related to a restructuring of the ownership of Simson-Maxwell that resulted in Camber ceasing to have a controlling interest in Simson-Maxwell.

Following the closing of the transaction in the SSA, T&T and Viking are the shareholders of Simson-Maxwell.

T&T owns 51 % of Simson-Maxwell’s outstanding common shares and Viking owns the remaining 49 %.

Following the closing of the transaction in the SSA, T&T and Viking were the shareholders of Simson-Maxwell.

T&T owned 51 % of Simson-Maxwell’s outstanding common shares and Viking owned the remaining 49 %.

Viking did not sell or purchase any shares in connection with the transaction.

2 unchanged sentences

During the quarter ended December 31, 2025, the Company determined that it was not able to exercise significant influence over this investment and, as a result, began accounting for this investment at fair value.

On April 1, 2025, Viking also entered into a shareholders agreement with T&T and Simson-Maxwell which governs the ownership and management of Simson-Maxwell.

This agreement contains a call and a put option.

Consequently, the fair value of the Company’s investment in Simson Maxwell is calculated to be the present value at the reporting date (using a discount rate of 15%) of the call option included in the shareholder agreement under which T&T has the option to purchase the Company’s remaining shares in Simson-Maxwell at any time within the 36 months following the transaction date for CAD $5.75 million ($4.2 million).

If T&T does not exercise its option above, Viking has the option, exercisable at any time after 36 months, to require T&T to purchase Viking’s 49% ownership interest for CAD $7.75 million (approximately $5.7 million) .

The adjustment to the fair value of the investment in Simson-Maxwell at March 31, 2026 was as follows:

On April 1, 2025, Viking also entered into a shareholders agreement with T&T and Simson-Maxwell which governed the ownership and management of Simson-Maxwell.

This agreement contained a call and a put option.

Consequently, the fair value of the Company’s investment in Simson Maxwell was calculated to be the present value at the reporting date (using a discount rate of 15%) of the call option included in the shareholder agreement under which T&T had the option to purchase the Company’s remaining shares in Simson-Maxwell at any time within the 36 months following the transaction date for CAD $5.75 million ($4.2 million).

If T&T did not exercise its option above, Viking had the option, exercisable at any time after 36 months, to require T&T to purchase Viking’s 49% ownership interest for CAD $7.75 million ($5.7 million) .

On June 1, 2026, T&T and Simson-Maxwell completed an amalgamation, with the amalgamated company continuing under the name T&T Power Group Inc.

(hereinafter referred to as “Amalco”).

Under the terms of the amalgamation agreement, Viking’s 2,436 common shares of Simson-Maxwell were exchanged for 5,750,000 non-voting Class A preferred shares of Amalco.

On June 1, 2026, Viking, Amalco and the controlling shareholder of Amalco entered into a unanimous shareholder agreement.

The terms of the shareholder agreement include redemption and retraction rights related to Viking’s preferred shares which are structured as a continuation of the terms of the call and put option associated with Viking’s previously held common shares in Simson-Maxwell as follows:

Amalco may redeem all of Viking’s outstanding preferred shares in Amalco at any time on or before March 31, 2028 for CAD $5.75 million ($4.2 million) or after March 31, 2028 for CAD $7.75 million ($5.7 million) :

After March 31, 2028, Viking may require redemption of its preferred shares for CAD $7.75 million ($5.7 million), at which time Amalco shall either pay CAD $7.75 million ($5.7 million) within 120 days or CAD $8.52 million ($6.2 million) within 12 months .

The fair value of the Company’s investment in Amalco has been calculated as the present value (using a discount rate of 15 %) of the March 31, 2028 redemption price included in the Amalco shareholder agreement.

This value is the same as the value that would be determined for Viking’s common share investment in Simson-Maxwell under the previous shareholder agreement and, therefore, no gain or loss has been recorded on the exchange of common shares in Simson-Maxwell for preferred shares in Amalco.

The adjustment to the fair value of the investment for the six months ended June 30, 2026 was as follows:

Value of investment at December 31, 2025

Change in the fair value of the investment

Fair value of investment at March 31, 2026

Fair value of investment at June 30, 2026

Note Receivable from Related Party

On April 1, 2025, Simson-Maxwell issued two unsecured promissory notes totaling CAD $939,403 ($ 656,101 ) to Viking to restructure amounts owed to Viking at the closing date of the Share Subscription Agreement described in Note 4.

The promissory notes earn interest at the rate of 20 % per annum and matured on December 1, 2025 and May 31, 2026 , respectively.

The promissory notes earned interest at the rate of 20 % per annum and matured on December 1, 2025 and May 31, 2026 , respectively.

If the principal of each promissory note was paid in full on or before the respective maturity date, all interest otherwise owing under each promissory note would be waived.

24 unchanged sentences

100,000 units

At March 31, 2026 no additional shares were required to or have been issued.

At June 30, 2026 no additional shares were required to or have been issued.

Related Party Transactions

The Company’s CEO and Director, James Doris, renders professional services to the Company through AGD Advisory Group, Inc., an affiliate of Mr.

For the three month period ended March 31, 2026 and 2025, the Company paid or accrued $ 150,000 in fees to AGD Advisory Group, Inc.

At March 31, 2026 and December 31, 2025, the total amount due to AGD Advisory Group, Inc.

For the six month period ended June 30, 2026 and 2025, the Company paid or accrued $ 300,000 in fees to AGD Advisory Group, Inc.

At June 30, 2026 and December 31, 2025, the total amount due to AGD Advisory Group, Inc.

was $ 1,845,000 and $ 1,545,000 , respectively, and is included in accounts payable.

At March 31, 2026 and December 31, 2025, the Company’s CEO and Director, James Doris, has provided advances to the Company in the amount of $ 1,338,330 .

At June 30, 2026 and December 31, 2025, the Company’s CEO and Director, James Doris, has provided advances to the Company in the amount of $ 1,238,330 and $ 1,338,330 , respectively.

The advances are non-interest bearing with no fixed repayment terms and are included in “Due to related parties”.

The Company’s CFO, John McVicar, renders professional services to the Company through 1508586 Alberta Ltd., an affiliate of Mr.

For the three month period ended March 31, 2026 and 2025, the Company paid or accrued $ 90,000 in fees to 1508586 Alberta Ltd.

At March 31, 2026 and December 31, 2025, the total amount due to 1508586 Alberta Ltd.

For the six month period ended June 30, 2026 and 2025, the Company paid or accrued $ 180,000 in fees to 1508586 Alberta Ltd.

At June 30, 2026 and December 31, 2025, the total amount due to 1508586 Alberta Ltd.

was $ 195,000 and $ 105,000 , respectively, and is included in accounts payable.

The Company paid or accrued $ 40,000 in Directors Fees for the three month periods ended March 31, 2026 and 2025.

At March 31, 2026 and December 31, 2025, the total amount due to the Directors was $ 187,000 and $ 160,000 , respectively, and is included in accounts payable.

The Company paid or accrued $ 80,000 in Directors Fees for the six month periods ended June 30, 2026 and 2025.

At June 30, 2026 and December 31, 2025, the total amount due to the Directors was $ 220,500 and $ 160,000 , respectively, and is included in accounts payable.

Non-controlling Interests

The following discloses the effects of the Company’s ownership interest in Viking Ozone, Viking Sentinel, Viking Protection, Viking Distribution and Simson-Maxwell, in the aggregate, and on the Company’s equity at March 31, 2026 and December 31, 2025:

Non-controlling interest – beginning

3 unchanged sentences

Non-controlling interest – ending

Long-Term Debt and Other Short-Term Borrowings

Long-term debt and other short-term borrowings consisted of the following at March 31, 2026 and December 31, 2025:

Long-Term Debt

Long-term debt consisted of the following at June 30, 2026 and December 31, 2025:

Long-term debt:

Note payable to Discover, pursuant to a Secured Promissory Note dated December 24, 2021 and funded on January 3, 2022 in the original amount of $26,315,789 with interest and principal due at maturity on January 1, 2027.

19 unchanged sentences

At any time prior to the Maturity Date, the investor may elect to convert the outstanding principal and any accrued but unpaid interest into shares of the Company’s common stock at a fixed conversion price of $0.15 per share.

Promissory note dated April 17, 2026 in favor of an individual investor.

The maturity date of the Note is the earlier of:

(i) April 15, 2027;

or (ii) the receipt by the Company of proceeds from the unconditional sale of the Company’s VKIN-300 waste treatment unit identified in the Note.

The Note bears interest at a fixed rate of 10% payable in advance within two days of receiving the Note proceeds.

The Company may prepay at any time any portion of the principal and all other amounts due under the Note.

Promissory note dated May 29, 2026 in favor of an individual investor.

The maturity date of the Note is the earlier of:

(i) April 15, 2027;

or (ii) the receipt by the Company of proceeds from the unconditional sale of the Company’s VKIN-300 waste treatment unit identified in the Note.

The Note bears interest at a fixed rate of 10% payable in advance within two days of receiving the Note proceeds.

The Company may prepay at any time any portion of the principal and all other amounts due under the Note.

Total long-term debt

Less current portion

( 48,018,773 )

( 1,202,956 )

Current portion

Debt discount on current portion of note payable to Discover

Current portion, net of debt discount

( 1,675,277 )

( 1,202,956 )

Current portion, net of debt discount

Long-term debt, net of current portion

24 unchanged sentences

The fair value of the Conversion Premium was determined to be the fair value of the shares required to satisfy the Conversion Premium.

At March 31, 2025 there were 30 shares of Series C Preferred Stock outstanding, which were convertible into 1,846 common shares.

The Conversion Premium associated with the outstanding shares at that date was estimated to be 26,689,091 common shares.

For the three months ended March 31, 2025, the Company recorded an expense of $ 266,891 related to the change in the fair value of the Conversion Premium.

During the second quarter of 2025, the holder converted a total of 19 shares of Series C Preferred Stock in exchange for 16,904,261 shares of common stock and agreed to cancel the remaining 11 outstanding shares of Series C Preferred Stock.

Additionally, the holder agreed to waive its entitlement to any further additional shares due from prior conversions.

2026 and December 31, 2025, no shares of Series C Preferred Stock were outstanding and the balance of common stock to be issued on true-up of prior Series C Preferred stock conversions was nil.

For the six months ended June 30, 2025, the Company recorded a gain of $ 266,891 on the extinguishment of the derivative liability associated with the Conversion Premium.

At June 30, 2026 and December 31, 2025, no shares of Series C Preferred Stock were outstanding and the balance of common stock to be issued on true-up of prior Series C Preferred stock conversions was nil.

(iii) Series G Redeemable Convertible Preferred Stock

14 unchanged sentences

In 2022, the Company paid $ 2,750,000 and redeemed 5,272 shares of Series G Preferred Stock associated with the Notes due March 31, 2022 and June 30, 2022.

At March 31, 2026, none of the outstanding notes had been paid in full and the 5,272 shares which remained outstanding were not convertible.

The following table represents stock warrant activity at and for the three months ended March 31, 2026 and 2025:

At June 30, 2026, none of the outstanding notes had been paid in full and the 5,272 shares of Series G Preferred Stock which remain outstanding were not convertible.

The following table represents stock warrant activity at and for the six months ended June 30, 2026 and 2025:

Contractual Life

1 unchanged sentence

Forfeited/expired/cancelled

Warrants Outstanding – March 31, 2026

Outstanding Exercisable – March 31, 2026

Warrants Outstanding – June 30, 2026

Outstanding Exercisable – June 30, 2026

* opening balance increased by 100,000 for warrants previously considered cancelled

On April 2, 2026, 100,000 warrants with an intrinsic value of $ 2,900 were exercised.

On May 8, 2026, the Company issued 500,000 warrants to the Company’s Chief Financial Officer.

The warrants have an exercise price of $ 0.001 per share and expire five years from the date of issuance.

The value of the warrants, calculated using the Black-Scholes option pricing model, was determined to be $ 14,806 and is included in stock-based compensation expense for the quarter ended June 30, 2026.

Contractual Life

1 unchanged sentence

Forfeited/expired/cancelled

Warrants Outstanding – March 31, 2025

Outstanding Exercisable – March 31, 2025

Warrants Outstanding – June 30, 2025

Outstanding Exercisable – June 30, 2025

During the three months ended June 30, 2025, the Company issued a total of 200,000 warrants with an exercise price of $ 0.15 to a noteholder and to a consultant in connection with the issuance of $ 700,000 of promissory notes.

The warrants expire two years from the date of issuance.

The value of the warrants, determined using the Black-Scholes option pricing model, was included in stock-based compensation expense.

Commitments and Contingencies

2 unchanged sentences

Camber records reserves for contingencies when information available indicates that a loss is probable, and the amount of the loss can be reasonably estimated.

Gastal Litigation

On June 15, 2022, a Petition for Damages ( Danny Paul Gastal and Ignatius Hoffpauir v.

Petrodome Operating, LLC, et.

) was filed in The 15th Judicial District Court for the Parish of Acadia in the State of Louisiana against a wholly-owned subsidiary of Petrodome Energy, LLC (“Petrodome”) and two other parties (collectively, the “Defendants”) related to a flowline leak on a salt-water disposal well owned by a third party and operated by Petrodome.

) was filed in The 15th Judicial District Court for the Parish of Acadia in the State of Louisiana against Petrodome Operating, LLC (“Petrodome”) and two other parties (collectively, the “Defendants”) related to a flowline leak on a salt-water disposal well owned by a third party and operated by Petrodome.

The owner of the property where the leak occurred and his tenant farmer (collectively, the “Plaintiffs”) alleged environmental damage as a result of the leak and sought damages for the cost of remediation, loss of use and loss of income.

2 unchanged sentences

30:29 and presented a “most feasible plan” to remediate the property to the Louisiana Department of Conservation & Energy (“LDCE”) at a January 6, 2026 public hearing.

The LDCE approved the plan which is expected to cost approximately $ 286,000 to implement.

The LDCE approved the plan which was expected to cost approximately $ 286,000 to implement.

On or about April 24, 2026, the parties reached a settlement agreement pursuant to which the Defendants agreed to pay the Plaintiffs approximately $ 10.3 million for damages and to fund and implement the LDCE-approved remediation plan and to diligently perform whatever remediation, restoration, clean-ups, investigation(s), evaluation(s), testing, and/or other work, if any, that the LDCE deems necessary in order to obtain the required no further action letter for the limited admission area.

The Company believes that the settlement amount will be fully funded by applicable insurance policies maintained by Petrodome and the well owner.

The settlement liability and the insurance proceeds receivable have been recorded in the Company’s condensed consolidated financial statements at and for the three months ended March 31, 2026.

The settlement of this claim did not have any impact on the Company’s consolidated results of operations or net cash flows.

The settlement amount for damages and the LDCE-approved remediation plan was fully paid by the Company’s insurers in June 2026.

Drew Estate Litigation

Petrodome is one of several defendants in litigation filed on December 16, 2025 in the 14th Judicial District Court for the Parish of Calcasieu, State of Louisiana, styled H.C.

Drew Estate v.

Mayne & Mertz, Inc., et al.

The plaintiff alleges, among other things, that historical oil and gas operations on certain property resulted in environmental damage and seeks various forms of relief, including alleged remediation costs and other damages.

The Company believes the claims asserted against Petrodome are without merit and intends to defend the action vigorously.

The Company’s insurers have agreed to provide a defense to Petrodome, subject to a reservation of rights under the applicable insurance policies, and have approved the appointment of defense counsel to represent Petrodome in the litigation.

The Company presently expects that substantially all of Petrodome’s defense costs will continue to be funded by the applicable insurers, subject to the insurers’ reservation of rights.

As is customary in insurance coverage matters, the insurers have reserved the right to deny or limit coverage based on the terms and conditions of the applicable insurance policies.

At this stage of the proceedings, the Company is unable to reasonably estimate the ultimate outcome of the litigation or the amount of any potential loss, if any.

Accordingly, no liability has been recorded with respect to this matter.

The Company will continue to evaluate the matter as additional information becomes available.

Segmented Information

2 unchanged sentences

Performance is evaluated and resources allocated based upon the progress and projected financial requirements to advance each technology towards commercialization.

Subsequent Events

On April 17, 2026, Viking Ozone Technology, LLC (“VOT”), a majority-owned subsidiary of Viking, entered into a loan arrangement with an Investor whereby VOT issued the Investor a promissory note in the principal amount of $ 500,000 (the “Note”).

The Note bears interest at a fixed rate equal to 10 % of the principal amount and matures on the earlier of (i) April 15, 2027;

or (ii) the receipt by the Company of proceeds from the unconditional sale of the Company’s VKIN-300 waste treatment unit identified in the Note.

On May 8, 2026, pursuant to the Unanimous Consent of its Board of Directors, the Company issued a Common Stock Warrant to 1508586 Alberta Ltd.

(the “Holder”), an affiliate of the Company’s CFO, entitling the Holder to purchase up to 500,000 shares of common stock of the Company at an exercise price of $0.001 per share at any time between May 8, 2026 and May 8, 2031.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements