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.

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