You should read the following discussion and analysis in conjunction with the
consolidated financial statements and notes thereto appearing elsewhere in

this
annual report on Form 10-K.


In preparing the management's discussion and analysis, the registrant presumes that you have read or have access to the discussion and analysis for the preceding fiscal year.

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS





This document includes "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995, as amended or the Reform Act.
All statements other than statements of historical fact are "forward-looking
statements" for purposes of federal and state securities laws, including, but
not limited to, any projections of earning, revenue or other financial items;
any statements of the plans, strategies and objectives of management for future
operations; any statements concerning proposed new services or developments; any
statements regarding future economic conditions of performance; and statements
of belief; and any statements of assumptions underlying any of the foregoing.
Such forward-looking statements involve known and unknown risks, uncertainties
and other factors which may cause the actual results, performance or
achievements of the Company to be materially different from any future results,
performance or achievements expressed or implied by such forward-looking
statements. Such factors include, among others, the following:



The Company's ability to raise capital and the terms thereof; and other factors referenced in this Form 10-KT.





The use in this Form 10-KT of such words as "believes", "plans", "anticipates",
"expects", "intends", and similar expressions are intended to identify
forward-looking statements, but are not the exclusive means of identifying such
statements. These forward-looking statements present the Company's estimates and
assumptions only as of the date of this report. Except for the Company's ongoing
obligation to disclose material information as required by the federal
securities laws, the Company does not intend, and undertakes no obligation, to
update any forward-looking statements.



Although the Company believes that the expectations reflected in any of the
forward-looking statements are reasonable, actual results could differ
materially from those projected or assumed or any of the Company's
forward-looking statements. The Company's future financial condition and results
of operations, as well as any forward-looking statements, are subject to change
and inherent risks and uncertainties.




         49

  Table of Contents




PLAN OF OPERATIONS



Overview



The Company's business plan is to engage in the acquisition, exploration,
development and production of oil and natural gas properties, both individually
and through collaborative partnerships with other companies in this field of
endeavor. The Company's majority-owned investee, Viking Energy Group, Inc., has
relationships with industry experts and formulated an acquisition strategy, with
emphasis on acquiring under-valued, producing properties from distressed vendors
or those deemed as non-core assets by larger sector participants. The Company
does not focus on speculative exploration programs, but rather targets
properties with current production and untapped reserves. The Company's growth
strategy includes the following key initiatives:



  · Acquisition of under-valued producing oil and gas assets

  · Employ enhanced recovery techniques to maximize production

  · Implement responsible, lower-risk drilling programs on existing assets

  · Aggressively pursue cost-efficiencies

  · Opportunistically explore strategic mergers and/or acquisitions

  · Actively hedge mitigating commodity risk




The following overview provides a background, mostly occurring through Viking
prior to the acquisition, for the current strategy being implemented by
management during the nine months ended December 31, 2020 and the year ended
March 31, 2020

Acquisitions Of Viking - Texas, Louisiana and Mississippi

On December 22, 2017, Viking completed an acquisition of 100% of the membership interests of Petrodome Energy, LLC, a privately-owned company, with working interests in multiple oil and gas fields across Texas, Louisiana and Mississippi, comprising approximately 11,700 acres.





As a part of this acquisition, Viking retained an operational office in Houston,
Texas that includes several senior level professionals with over 100 years of
combined oil and gas experience which provides Viking the capability of
operating many of its own wells internally. This expertise has since been
utilized to evaluate additional oil and gas acquisitions, evaluate the
profitable management of all of Viking's oil and gas assets, and evaluate and
develop new drilling prospects.



Acquisitions - Texas and Louisiana





On December 28, 2018, Viking, through its newly formed Ichor Energy subsidiaries
completed an acquisition (the "Ichor Energy Acquisition") of working interests
in certain oil and gas leases in Texas (primarily in Orange and Jefferson
Counties) and Louisiana (primarily in Calcasiue Parish), which include 58
producing wells and 31 salt water disposal wells. The properties produce
hydrocarbons from known reservoirs/sands in the on-shore Gulf Coast region, with
an average well depth in excess of 10,600 feet, and daily production volumes
averaging in excess of 2,300 BOE. This acquisition of these assets is consistent
with the location of our Petrodome assets and are effectively managed from

our
Houston office.



On May 10, 2019, Petrodome Louisiana Pipeline LLC ("Petrodome LA"), a subsidiary
of Viking's subsidiary, Petrodome Energy, LLC, acquired a majority working
interest in 6 gas wells (including 2 producing gas wells), 1 producing oil well
and 1 salt water disposal well located in the East Mud Lake Field in Cameron
Parish, Louisiana, with leases to mineral rights (oil and gas) concerning
approximately 765 acres.



On October 10, 2019, Viking, through a newly formed subsidiary, Elysium Energy,
LLC ("Elysium"), entered into a Purchase and Sale Agreement to purchase working
interests and over-riding royalty interests in oil and gas properties in Texas
(approximately 71 wells in 11 counties) and Louisiana (approximately 52 wells in
6 parishes), along with associated wells and equipment (the "Elysium Energy
Acquisition"). As of December 31, 2019, Viking paid deposits of $2,750,000 into
escrow in connection with this acquisition, which deposits were applied toward
the purchase price at closing of the Elysium Energy Acquisition on or about
February 3, 2020.




         50

  Table of Contents




On February 3, 2020, Elysium, a wholly owned subsidiary of Elysium Energy
Holdings, LLC ("Elysium Holdings"), which at the time was a partially owned
subsidiary of Viking, acquired interests in oil and gas properties located in
Texas and Louisiana, which included leases, working interests, and over-riding
royalty interests in oil and gas properties in Texas (approximately 72 wells in
11 counties) and Louisiana (approximately 55 wells in 6 parishes), along with
associated equipment. On February 4, 2020, Elysium hedged 75% of the estimated
oil and gas production associated with the newly acquired assets for 2020, 60%
of the estimated production for 2021 and 50% of the estimated production for the
period between January 2022 and July 2022. Theses hedges have a floor of $45 and
a ceiling ranging from $52.70 to $56.00 for oil, and a floor of $2.00 and a
ceiling of $2.425 for natural gas. On December 23, 2020, the remaining
membership interests in Elysium Holdings were assigned by the Company to Viking,
and Elysium Holdings became a wholly owned subsidiary of Viking.



Going Concern Qualification





The Company's consolidated financial statements 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 $52.0 million for the nine months ended
December 31, 2020 (the "2020 Loss") as compared to a net loss of $26.0 million
for the year ended March 31, 2020. The 2020 Loss was comprised of certain
non-cash items with a net impact of $49.7 million including: (i) a loss on
changes in fair value of the derivative liability relating to the Series C
Preferred Stock of $41.9 million; (ii) equity in loss of unconsolidated entity
of $5.4 million (iii) a bad debt charge-off of $2.3 million; and (iv) other
items of $0.1 million.



As of December 31, 2020, the Company had stockholders' deficit of $102.2 million and total long-term debt of $18.0 million.

As of December 31, 2020, the Company has a working capital deficiency of approximately $94.1 million. The largest components of current liabilities creating this working capital deficiency was a derivative liability associated with our Series C Preferred Stock of $94.0 million.





Management believes it will be able to continue to leverage the expertise and
relationships of its operational and technical teams to enhance existing assets
and identify new development, drilling and acquisition opportunities in order to
improve the Company's financial position. The Company may have the ability, if
it can raise additional capital, to acquire new assets in a separate division
from existing subsidiaries.



Nonetheless, recent oil and gas price volatility as a result of geopolitical
conditions and the global COVID-19 pandemic have already had and may continue to
have a negative impact on the Company's financial position and results of
operations. Negative impacts could include but are not limited to: The Company's
ability to sell [its] oil and gas production, reduction in the selling price of
the Company's oil and gas, failure of a counterparty to make required hedge
payments, possible disruption of production as a result of worker illness or
mandated production shutdowns, the Company's ability to maintain compliance with
loan covenants and/or refinance existing indebtedness, and access to new capital
and financing.



These conditions raise substantial doubt regarding the Company's ability to
continue as a going concern for the twelve months following the issuance of its
financial statements for the nine-month period ended December 31, 2020. The
Company's ability to continue as a going concern is dependent upon its ability
to utilize the resources in place to generate future profitable operations, to
develop additional acquisition opportunities, and to obtain the necessary
financing to meet its debt obligations and repay its liabilities arising from
business operations when they come due. Management believes the Company will be
able to continue to develop new opportunities and will be able to obtain
additional funds through debt and / or equity financings to facilitate its
development strategy; however, there is no assurance of additional funding being
available. These consolidated financial statements do not include any
adjustments to the recorded assets or liabilities that might be necessary should
the Company have to curtail operations or be unable to continue in existence.



During the nine months ended December 31, 2020, and year ended March 31, 2020,
the Company sold 630 and 525 shares, respectively, of Series C Preferred Stock
pursuant to the terms of various Stock Purchase Agreements, for total proceeds
of $6.0 and $5.0 million, respectively, and through the issuance of new debt
instruments received total proceeds of $18.0 and $0 million, respectively.



In April 2021 the Company borrowed $2.5 million from an institutional investor,
and in July 2021 the Company sold 1,575 Series C Shares for total proceeds

of
$15.0 million.



Although the Company has been successful in obtaining the financial resources in
the past, these conditions continue to raise substantial doubt regarding the
Company's ability to continue as a going concern. Therefore, the Company
believes it appropriate to continue to include a going concern qualification in
its financial statements.



RESULTS OF OPERATIONS



The accompanying consolidated financial statements have been prepared in
accordance with accounting principles generally accepted in the United States of
America on a going concern basis, which contemplates the realization of assets
and the satisfaction of liabilities in the normal course of business.
Accordingly, the consolidated financial statements do not include any
adjustments relating to the recoverability of assets and classification of
liabilities that might be necessary should the Company be unable to continue as
a going concern.



Additionally, recent oil and gas price volatility as a result of geopolitical
conditions and the global COVID-19 pandemic have already had and are expected to
continue to have a negative impact on the Company's financial position and
results of operations. Negative impacts could include but are not limited to the
Company's ability to sell its oil and gas production, reduction in the selling
price of the Company's oil and gas, failure of a counterparty to make required
payments, possible disruption of production as a result of worker illness or
mandated production shutdowns or 'stay-at-home' orders, and access to new
capital and financing.




         51

  Table of Contents




Our primary sources of cash for the 9-month period ended December 31, 2020 were
from funds generated from the sale of preferred stock and/or loans from the
Company's then Series C Preferred shareholder. The primary uses of cash were
funds used in operations and funds invested in connection with the Viking
Acquisition.



Pursuant to the December 31, 2019 Redemption Agreement, we entered into a new
unsecured promissory note in the amount of $1,539,719 with Lineal, evidencing
the repayment of the prior July 2019 Lineal Note, together with additional
amounts loaned by Camber to Lineal through December 31, 2019; and loaned Lineal
an additional $800,000, which was evidenced by an unsecured promissory note in
the amount of $800,000, entered into by Lineal in favor of the Company on
December 31, 2019. The December 2019 Lineal Note and Lineal Note No. 2, accrue
interest, payable quarterly in arrears, beginning on March 31, 2020 and
continuing until December 31, 2021, when all interest and principal is due, at
8% and 10% per annum (18% upon the occurrence of an event of default),
respectively. The December 2019 Lineal Note and Lineal Note No. 2 are unsecured.
Such loans are described in greater detail above under "Item 1. Business -
General - Lineal Acquisition and Divestiture", and Lineal has advised it does
not have resources to repay the loans. The loans have been fully reserved as of
December 31, 2020.



On June 22, 2020, the Company and the Investor (as defined above) entered into a
Stock Purchase Agreement pursuant to which the Investor purchased 630 shares of
Series C Preferred Stock for $6 million (of which $4.2 million of such funds
were subsequently loaned to Viking as discussed herein).



The following discussion of the consolidated financial condition and results of
operation of the Company should be read in conjunction with the consolidated
financial statements and the related Notes included elsewhere in this Report.



Liquidity and Capital Resources





                            December 31,        March 31,
Working Capital:                2020              2020

Current assets              $     909,836     $   1,132,660

Current liabilities $ 95,048,013 $ 79,665,574 Working capital (deficit) $ (94,138,177 ) $ (78,532,574 )






                                                         Nine Months
                                                            Ended          Year Ended
                                                        December 31,       March 31,
Cash Flows:                                                 2020              2020

Net Cash Used in Operating Activities                   $  (2,688,067 )   $ (3,588,464 )
Net Cash Provided by (Used in) Investing Activities     $  15,100,000     $ (9,641,019 )
Net Cash Provided by Financing Activities               $  18,000,000     $

6,107,375


Increase (Decrease) in Cash during the Period           $     211,933     $

(7,122,108 )
Cash, end of Period                                     $     868,548     $    656,615




The Company had current assets of $909,836 as of December 31, 2020, as compared
to $1,132,660 as of March 31, 2020. The Company had current liabilities of
$95,048,013 as of December 31, 2020, as compared to $79,665,574 as of March 31,
2020. The Company had a working capital deficit of $94,138,177 of December 31,
2020, as compared to a working capital deficit of $78,532,574 as of March 31,
2020.




         52

  Table of Contents




Net cash used by operating activities decreased to $2,773,275 during the nine
months ended December 31, 2020, as compared to cash used by operating activities
of $3,588,464 for the year ended March 31, 2020, as the operating period was for
nine months as compared to twelve.



Net cash provided by investing activities of $1,079,481 during the nine months
ended December 31, 2020 is a result of cash acquired in the Viking Acquisition
of $5,279,481, as compared to cash used by investing activities of $9,641,019
during the year ended March 31, 2020, representing investments in notes
receivable in excess of $9 mil-lion dollars.



Net cash provided by financing activities increased to $9,745,266 during the nine months ended December 31, 2020, as compared to $6,107,375 for the year ended March 31, 2020. This increase is mainly due to new borrowings to facilitate the acquisition of 51% of Viking on December 23, 2020, offset by repayments of long-term debt.





Revenue



The Company had gross revenues of $150,814 for the nine months ended December
31, 2020 as compared to $397,118 for the year ended March 31, 2020 primarily due
to nine months of revenues compared to twelve months for the prior period.




Expenses



The Company's operating expenses were $5,351,187 for the nine months ended
December 31, 2020, as compared to $5,424,387 for the year ended March 31, 2020.
General and administrative expenses decreased due to the shorter nine month
period as compared to the twelve month period in the prior period which was
partially offset by a $2.2 million charge to bad debt for the Lineal loan during
the nine months ended December 31, 2020.



Income (Loss) from Operations





The Company generated a loss from operations of $5,200,373 for the nine months
ended December 31, 2020, as compared to a loss from operations of $5,027,269
from operations for the year ended March 31, 2020, due primarily to those items
listed above.



Other income (expense)



The Company had other income (expense) of ($46,811,015) for the nine months
ended December 31, 2020, as compared to ($22,930,900) for the year ended March
31, 2020. The largest components of this change is the recognition of a change
in the fair value of derivative liabilities of $41,878,821 during the nine
months ended December 31, 2020 as compared to $24,101,870 for the year ended
March 31, 2020 and equity in losses of unconsolidated affiliates of ($5,401,540)
during the nine months ended December 31, 2020, which was primarily the loss
associated the equity investment in Viking.



Off Balance Sheet Arrangements





The Company does not have any off-balance sheet arrangements that have or are
reasonably likely to have a current or future effect on its financial condition,
changes in financial condition, revenues or expenses, results of operations,
liquidity or capital expenditures or capital resources that is material to an
investor in the Company's securities.



Seasonality


The Company's operating results are not affected by seasonality.





Inflation


The Company's business and operating results are not currently affected in any material way by inflation although they could be adversely affected in the future were inflation to increase, resulting in cost increases.





Critical Accounting Policies



We prepare our financial statements in conformity with GAAP, which requires
management to make certain estimates and assumptions and apply judgments. We
base our estimates and judgments on historical experience, current trends and
other factors that management believes to be important at the time the financial
statements are prepared and actual results could differ from our estimates and
such differences could be material. Due to the need to make estimates about the
effect of matters that are inherently uncertain, materially different amounts
could be reported under different conditions or using different assumptions. On
a regular basis, we review our critical accounting policies and how they are
applied in the preparation of our financial statements, as well as the
sufficiency of the disclosures pertaining to our accounting policies in the
footnotes accompanying our financial statements. Described below are the most
significant policies we apply in preparing our consolidated financial
statements, some of which are subject to alternative treatments under GAAP. We
also describe the most significant estimates and assumptions we make in applying
these policies. See "Note 2 - Summary of Significant Accounting Policies" to our
consolidated financial statements.




         53

  Table of Contents



Oil and Gas Property Accounting





The Company uses the full cost method of accounting for its investment in oil
and natural gas properties. Under this method of accounting, all costs of
acquisition, exploration and development of oil and natural gas properties
(including such costs as leasehold acquisition costs, geological expenditures,
dry hole costs, tangible and intangible development costs and direct internal
costs) are capitalized as the cost of oil and natural gas properties when
incurred.



The full cost method requires the Company to calculate quarterly, by cost
center, a "ceiling," or limitation on the amount of properties that can be
capitalized on the balance sheet. To the extent capitalized costs of oil and
natural gas properties, less accumulated depletion and related deferred taxes
exceed the sum of the discounted future net revenues of proved oil and natural
gas reserves, the lower of cost or estimated fair value of unproved properties
subject to amortization, the cost of properties not being amortized, and the
related tax amounts, such excess capitalized costs are charged to expense.

No impairment expense was recorded for the year ended December 31.





Proved Reserves


Estimates of our proved reserves included in this report are prepared in accordance with U.S. SEC guidelines for reporting corporate reserves and future net revenue. The accuracy of a reserve estimate is a function of:





  i. the quality and quantity of available data;




  ii. the interpretation of that data;




  iii. the accuracy of various mandated economic assumptions; and




  iv. the judgment of the persons preparing the estimate.




Our proved reserve information included in this report was predominately based
on estimates. Because these estimates depend on many assumptions, all of which
may substantially differ from future actual results, reserve estimates will be
different from the quantities of oil and gas that are ultimately recovered. In
addition, results of drilling, testing and production after the date of an
estimate may justify material revisions to the estimate.



In accordance with SEC requirements, we based the estimated discounted future
net cash flows from proved reserves on the unweighted arithmetic average of the
prior 12-month commodity prices as of the first day of each of the months
constituting the period and costs on the date of the estimate.



The estimates of proved reserves materially impact depreciation, depletion,
amortization and accretion ("DD&A") expense. If the estimates of proved reserves
decline, the rate at which we record DD&A expense will increase, reducing future
net income. Such a decline may result from lower market prices, which may make
it uneconomic to drill for and produce from higher-cost fields.




         54

  Table of Contents



Asset Retirement Obligation





Asset retirement obligations ("ARO") primarily represent the estimated present
value of the amount we will incur to plug, abandon and remediate our producing
properties at the projected end of their productive lives, in accordance with
applicable federal, state and local laws. We determined our ARO by calculating
the present value of estimated cash flows related to the obligation. The
retirement obligation is recorded as a liability at its estimated present value
as of the obligation's inception, with an offsetting increase to proved
properties. Periodic accretion of discount of the estimated liability is
recorded as accretion expense in the accompanying consolidated statements of
operations and comprehensive income.



ARO liability is determined using significant assumptions, including current
estimates of plugging and abandonment costs, annual inflation of these costs,
the productive lives of wells and a risk-adjusted interest rate. Changes in any
of these assumptions can result in significant revisions to the estimated ARO.



Derivative Liabilities



The Company has determined that certain obligations to issue shares relating to
conversions of the Series C Preferred Stock contain provisions that could result
in modification of the the Series C Preferred Stock conversion price that is
based on a variable that is not an input to the fair value of a
"fixed-for-fixed" option as defined under FASB ASC Topic No. 815 - 40.



The Series C Preferred Stock are convertible into shares of common stock at a
fixed $3.25 conversion rate. Upon conversion, the holder is entitled to
dividends as if the shares had been held to maturity, which is referred to as
the Conversion Premium. The Conversion Premium may be paid in shares or cash, at
the option of the Company. If the Conversion Premium is paid in cash, the amount
is fixed and generally not subject to adjustment. If the Conversion Premium is
paid in shares, the conversion ratio is based on a VWAP calculation based on the
lowest stock price over the Measurement Period. The Measurement Period is 30
days (or 60 days if there is a Triggering Event) prior to the conversion date
and 30 days (or 60 days if there is a Triggering Event) after the conversion
date. The VWAP calculation is subject to adjustment if there is a Triggering
Event and the Measurement Period is subject to adjustment in the event that the
Company is in default of one or more Equity Conditions provided in the
Certificate of Designation. For example, the Measurement period may be extended
one day for every day the Company is not in compliance with one or more of the
Equity Conditions. Trigger Events are described in the designation of the Series
C Preferred Stock, but include items which would typically be events of default
under a debt security, including filing of reports late with the SEC.



 At the conversion date, the number of shares due for the Conversion Premium is
estimated based on the previous 30-day (or 60 day) VWAP. If the Company does not
elect to pay the Conversion Premium in cash, the Company will issue all shares
due for the conversion and the estimated shares due for the conversion premium.
If the VWAP calculation for the portion of the Measurement Period following the
date of conversion is lower than the VWAP for the portion of the Measurement
Period prior to the date of conversion, the holder will be issued additional
common shares, referred to as "true-up" shares. If the VWAP calculation is
higher, no true-up shares are issued.



 The derivative liability at the end of each period includes a derivative
liability for the outstanding Series C shares and a derivative liability for the
potential obligation to issue True-Up Shares relating to Series C shares that
have been converted and the Measurement Period has not expired, if applicable



The fair value of the derivative liability relating to the Conversion Premium
for any outstanding Series C Shares is equal to the cash required to settle the
Conversion Premium. The fair value of the potential true-up share obligation has
been estimated using a binomial pricing mode and the lesser of the conversion
price or the low closing price of the Company's stock subsequent to the
conversion date. and the historical volatility of the Company's common stock.



 The Company is a smaller reporting company and is traded on the NYSE American
exchange. Historically, our stock price has been extremely volatile and subject
to large and sometimes unexplained price variations on a daily or weekly basis.
In addition, the Company declared four reverse stock splits in 2018 and 2019 and
the Company's common stock generally trades at less than $1.00 per share. These
factors have exacerbated daily volatility of our stock price. Consequently, we
believe that the closing price of our stock on the reporting date may not, in
all cases, represent the fair value of the common share required to satisfy the
redemption of the Series C preferred Stock. Recognizing that the closing share
price of our publicly traded stock is an observable input to fair value, we used
such price for determining fair value in most cases and only considered an
alternative measure of fair value when the closing price of the Company's common
stock varied by more than 20% from the five-day moving average immediately prior
to the measurement date. In such cases, we used an average closing price of the
previous 30 day period as an estimate of fair value, adjusted for stock splits
if applicable.



 In addition, conversion of the Series C shares require a significant number of
common shares to be issued in relation to the total number of shares
outstanding. We do not believe that the market price of the Company's common
stock appropriately reflects the potential for significant dilution caused by a
large conversion and may not be representative of market value. In cases where
the number of common shares required to satisfy a conversion of the Series C
shares into common stock was significant in relation to the total number of
shares outstanding (approximately 30% or greater) we determined the fair value
of the embedded features based on the historical market capitalization of the
Company.




55





The following tables present a range of estimates of the number of shares potentially issuable to settle future conversions of the Series C Preferred Stock outstanding at December 31, 2020, including the conversion premiums, reflecting consideration of all provisions that pertain to the computation of settlements as follows:

Estimate of Common Shares Due to Series C Pref. Shareholders (assuming Dividends/Conversion Premium are paid in stock as opposed to cash)


Series C Pref. Shares Outstanding - December 31, 2020                        2,093
Assume Triggering Event                                                        Yes




  Low VWAP During Measurement          Low VWAP During Measurement            Low VWAP During Measurement
        Period - $0.3475                      Period - $0.50                        Period - $1.00

Conversion Price                     Conversion Price                     Conversion Price
for Preferred                        for Preferred                        for Preferred
Stock              $        3.25     Stock              $        3.25     Stock               $          3.25
VWAP during                          VWAP during                          VWAP during
Measurement                          Measurement                          Measurement
Period             $      0.3475     Period             $      0.5000     Period              $        1.0000
Price for                            Price for                            Price for
Calculating                          Calculating                          Calculating
Conversion                           Conversion                           Conversion
Premium (i.e.                        Premium (i.e.                        Premium (i.e. 85%
85% of VWAP less                     85% of VWAP less                     of VWAP less
$0.10)             $      0.1954     $0.10)             $      0.3250     $0.10)              $        0.7500
Series C Pref                        Series C Pref                        Series C Pref
Shares             $       2,093     Shares             $       2,093     Shares                        2,093
Face value per                       Face value per                       Face value per
share              $      10,000     share              $      10,000     share               $        10,000
Total value        $  20,930,000     Total value        $  20,930,000     Total value         $    20,930,000
Annual                               Annual                               Annual Conversion
Conversion                           Conversion                           Premium

Premium            $   7,315,035     Premium            $   7,315,035                         $     7,315,035
Total conversion                     Total conversion                     Total conversion
Premium (7 years                     Premium (7 years                     Premium (7 years
worth of                             worth of                             worth of
dividends)         $  51,205,245     dividends)         $  51,205,245     dividends)          $ 51,205,245.00
Underlying                           Underlying                           Underlying common
common shares                        common Shares                        shares for Face
for Face Value                       for Face Value                       Value Portion
Portion                6,440,000     Portion                6,440,000                               6,440,000
Underlying                           Underlying                           Underlying common
common shares                        common shares                        shares for
for Conversion                       for Conversion                       Conversion
Premium              262,053,454     Premium              157,554,600     Premium                  68,273,660
Total Potential                      Total Potential                      Total Potential
Shares               268,493,454     Shares               163,994,600     Shares                   74,713,660




Series C Pref. Shares Outstanding - March 31, 2020     3,886
Assume Triggering Event                                   No




  Low VWAP During Measurement          Low VWAP During Measurement          Low VWAP During Measurement
        Period - $0.3475                      Period - $0.50                       Period - $1.00

Conversion Price                     Conversion Price                     Conversion Price
for Preferred                        for Preferred                        for Preferred
Stock              $        3.25     Stock              $        3.25     Stock               $       3.25
VWAP during                          VWAP during                          VWAP during
Measurement                          Measurement                          Measurement
Period             $      0.3475     Period             $      0.5000     Period              $     1.0000
Price for                            Price for                            Price for
Calculating                          Calculating                          Calculating
Conversion                           Conversion                           Conversion
Premium (i.e.                        Premium (i.e.                        Premium (i.e. 95%
95% of VWAP less                     95% of VWAP less                     of VWAP less
$0.05)             $      0.2801     $0.05)             $      0.4250     $0.05)              $     0.9000
Series C Pref                        Series C Pref                        Series C Pref
Shares                     2,093     Shares                     2,093     Shares                     2,093
Face value per                       Face value per                       Face value per
share              $      10,000     share              $      10,000     share               $     10,000
Total value        $  20,930,000     Total value        $  20,930,000     Total value         $ 20,930,000
Annual                               Annual                               Annual Conversion
Conversion                           Conversion                           

Premium


Premium            $   7,315,035     Premium            $   7,315,035                         $  7,315,035
Total conversion                     Total conversion                     Total conversion
Premium (7 years                     Premium (7 years                     Premium (7 years
worth of                             worth of                             worth of
dividends)         $  51,205,245     dividends)         $  51,205,245     dividends)          $ 51,205,245
Underlying                           Underlying                           Underlying common
common shares                        common Shares                        shares for Face
for Face Value                       for Face Value                       Value Portion
Portion                6,440,000     Portion                6,440,000                            6,440,000
Underlying                           Underlying                           Underlying common
common shares                        common shares                        shares for
for Conversion                       for Conversion                       Conversion
Premium              182,810,586     Premium              120,482,929     Premium               56,894,717
Total Potential                      Total Potential                      Total Potential
Shares               189,250,586     Shares               126,922,929     Shares                63,334,717

© Edgar Online, source Glimpses