In Form 10-K filed on July 14, 2017, Camber Energy, Inc.’s auditor, GBH CPAs, PC, raised substantial doubt about the Company’s ability to continue as a going concern. According to GBH CPAs, the Company has incurred significant losses from operations and had a working capital deficit at March 31, 2017. At March 31, 2017, the Company’s total current liabilities of $48.2 million exceeded its total current assets of $3.9 million, resulting in a working capital deficit of $44.3 million, while at March 31, 2016, the Company’s total current liabilities of $11.1 million exceeded its total current assets of $0.5 million, resulting in a working capital deficit of $10.6 million. The $33.7 million increase in the working capital deficit is primarily related to the borrowing of $40 million which was used to repay and finance approximately $30.6 million of indebtedness. Read more on distressed companies.
About Kerry Mastroianni
Kerry Mastroianni, the editor of The Distressed Company Alert, has been researching distressed and bankrupt companies for over 18 years. As a 10-year employee of New Generation Research, she is also a data editor for Bankruptcy Week and the editor for our annual Bankruptcy Yearbook & Almanac. Prior to Kerry’s employment at NGR, she worked for eight years as a research analyst for KPMG’s corporate recovery practice.