CAMBER ENERGY, INC. (CEIN): auditor change — Camber Energy restates Q1-Q3 2024 financials; revenue recognition errors at subsidiary

CAMBER ENERGY, INC.

Board concludes unaudited financials for March, June, Sept 2024 quarters are no longer reliable.
Subsidiary Simson-Maxwell (60.5% owned) incorrectly recognized revenue on contract payment milestones under ASC 606.
Revenue, net loss, and balance sheet items materially misstated; cash flows not impacted.
Company will file amended 10-Qs with restated financials as soon as practicable.
Material weakness in internal controls over revenue recognition identified; previously disclosed weakness exists.

item 4.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

CAMBER ENERGY, INC. reported that prior financial statements should not be relied upon.

Action: non reliance
Auditor: Turner, Stone & Company, L.L.P.

Exact text from the filing

On April 5, 2025, the Board of Directors (the “Board”) of Camber Energy, Inc. (the “Company”), after discussion with management and in consultation with the Company’s independent registered public accounting firm, concluded that the unaudited interim consolidated financial statements for the quarterly periods ended March 31, 2024, June 30, 2024, and September 30, 2024 (collectively, the “Restated Periods”), as included in the Company’s Quarterly Reports on Form 10-Q for the respective periods (collectively, the “Prior Filings”), should no longer be relied upon due to errors in those financial statements.

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Source: SEC EDGAR

accession 0001477932-25-002599

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