Quarterly report pursuant to Section 13 or 15(d)

PLAN OF MERGER AND INVESTMENT IN UNCONSOLIDATED ENTITY (Tables)

v3.20.2
PLAN OF MERGER AND INVESTMENT IN UNCONSOLIDATED ENTITY (Tables)
3 Months Ended
Jun. 30, 2020
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of return of interests upon termination of merger agreement

In the event of termination of the Merger Agreement, Camber is required, under certain circumstances described below, to return a portion of the Elysium interests to Viking:

 

Reason for Termination   Percentage of Elysium
Retained by Camber
 
Termination of the Merger Agreement by mutual agreement of the parties because the conditions to closing the Merger relating to receipt of exchange listing and regulatory approvals and the Registration Statement on Form S-4, being declared effective, have a reasonable likelihood of not being satisfied through no fault of Camber or Viking     20 %*
Termination of the Merger Agreement due to either (i) Camber’s determination not to proceed with the Merger even though Viking has substantially performed its obligations pursuant to the Merger Agreement, or (ii) a matter raised in Camber’s Merger Agreement disclosure schedule which was (A) not disclosed by Camber in its Securities and Exchange Commission (SEC) reports, (B) could reasonably result in a material adverse effect on Camber in excess of $500,000, and (c) which Viking objected to within 5 business days of disclosure by Camber to Viking     25 %*
Termination of the Merger Agreement due to a material breach of the Merger Agreement by Camber or its disclosure schedules     0 %*
In the event the Secured Notes (defined below) are not repaid within 90 days of the date of termination and the Additional Payment (defined below) is not made     30 %

 

*Assumes the payment of Secured Notes within 90 days of the date of termination of the Merger Agreement and the Additional Payment (defined below) is made.

Schedule of investment in unconsolidated entity

Table below shows the changes in the investment in unconsolidated entity for the three-month periods ended June 30, 2020 and 2019, respectively.

 

    2020     2019  
Carrying amount at beginning of period   $ 957,169     $  
Investment in Elysium            
Equity change in net loss of unconsolidated entity applied to Long-Term Notes Receivable     126,186        
Proportionate Share of Elysium Loss     (1,083,355 )      
Carrying amount at end of period   $     $