Company: PED
Filing Date: 2025-10-29
Form Type: 10-K/A
Source: 0001654954-25-012328
Chunk: 151

Company: PEDEVCO CORP
Filing Date: 2025-10-29
Form: 10-K/A
Chunk 151
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 calculated the income tax benefit upon release of its existing valuation against net deferred assets as of December 31, 2024. The error resulted in an overstatement of its tax benefit and deferred income taxes asset account of approximately $ as of December 31, 2024. The error was primarily the result of the Company not appropriately applying an excess amount of prior period net operating losses (“NOLs”) in the tax benefit calculation. The error did not impact total revenue, cash flow from operations and cash balances for the fiscal year ended December 31, 2024.

The misstatements were material to the previously issued financial statements of the Company and as a result, the Company has restated its Consolidated Balance Sheets, Consolidated Statements of Operations, Consolidated Statements of Cash Flows, Consolidated Statements of Changes in Shareholder's Equity and for Note 7 – Oil and Gas Properties, Note 13 – Earnings Per Common Share and Note 14 – Income Taxes, and as of and for the fiscal years ended December 31, 2024, 2023 and 2022, respectively, presented herein. The restatement includes adjustments to oil and gas properties, subject to amortization, net; deferred income taxes; depreciation, depletion, amortization and accretion; accumulated deficit; income tax benefit; net income; and earnings per share.

The impact of the correction of the misstatements is summarized below:

| 98 |

|                                                      |     | As of December 31, 2023 |          |   |     |                      |       |     |             |          |   |
|:-----------------------------------------------------|:----|:------------------------|---------:|:--|:----|:---------------------|------:|:----|:------------|---------:|:--|
| CORRECTED CONSOLIDATED BALANCE SHEETS                |     | As previously reported  |          |   |     | Impact of Adjustment |       |     | As Restated |          |   |
| Oil and gas properties, subject to amortization, net |     | $                       |   79,186 |   |     | $                    | 2,686 |     | $           |   81,872 |   |
| Total oil and gas properties, net                    |     |                         |   91,593 |   |     |                      | 2,686 |     |             |   94,279 |   |
| Total assets                                         |     |                         |  120,