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Going Concern Issued for Camber Energy

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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.