Item 4.02 Non-Reliance on Previously Issued Financial Statements or Related Audit Report or Completed Interim Report.

On September 11, 2021, the audit committee of the board of directors (the "Audit Committee") of Camber Energy, Inc. (the "Company"), after discussion with Company management and its legal advisors, concluded that between August 2016 and April 2021 any sales of the Company's Series C Convertible Preferred Stock ("Preferred Stock") should have been classified in the Company's financial statements outside of "permanent equity". In April 2021 corrections and/or amendments to the Certificate of Designation ("COD") of the Preferred Stock were executed by the Company and the holders of the Preferred Stock to remove terms that supported classification outside of permanent equity and add terms to support a classification as permanent equity. The specifics of such corrections and/or amendments were set out in the Current Report on Form 8K filed by the Company with the Securities and Exchange Commission on or about April 21, 2021.

As result of the incorrect classification of any applicable sales of Preferred Stock for the period between August 2016 and April 2021, the financial statements for the periods between the fiscal year ending March 31, 2017 through the quarter ending September 30, 2020 (the "Impacted Filings") should no longer be relied on. Similarly, any previously furnished or filed reports, related earnings releases, investor presentations or similar communications of the Company describing the Company's financial results for the Impacted Filings should no longer be relied upon.

The Company intends to file restated financial statements for the years ended March 31, 2019 and March 31, 2020 on Form 10-K/A and to file restated financial statements for the quarterly periods ended June 30, 2020 and September 30, 2020 on Form 10-Q/A, in each case to reflect the classification of the Preferred Stock outside of permanent equity.

The Company's management and the Audit Committee have discussed the matters disclosed in this Item 4.02 with the Company's independent registered public accounting firm, Marcum LLP.






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