Company: PED
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001654954-25-003703
Chunk: 1565

Company: PEDEVCO CORP
Filing Date: 2025-03-31
Form: 10-K
Item: Item 3
Chunk 1565
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 future, including to fund our 2025 development program, discussed above, which cash we anticipate being available from (i) projected cash flow from our operations, (ii) existing cash on hand, (iii) borrowing under our reserve-based lending facility (“RBL”) with Citibank, N.A., as administrative agent, which provides for an initial borrowing base of $20 million and an aggregate maximum revolving credit amount of $250 million (of which none has been drawn down by the Company to date), (iv) equity infusions or loans (which may be convertible) made available from Dr. Simon G. Kukes, our former CEO and newly appointed Executive Chairman of the Company's Board of Directors, which funding Dr. Kukes is under no obligation to provide, (v) public or private debt or equity financings, including up to $8.0 million in securities which we may sell in the future in “at the market offerings”, pursuant to a Sales Agreement entered into on December 20, 2024, with Roth Capital Partners, LLC (the “Lead Agent”), and A.G.P./Alliance Global Partners (“AGP” and, together with the Lead Agent, the “Agents”)(discussed in greater detail below under “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Financing” (under which we have sold no shares to date), and (vi) funding through other credit or loan facilities. In addition, we may seek additional funding through asset sales, farm-out arrangements, and partnerships to fund potential acquisitions during the remainder of 2025.

Cash Flows (in thousands)

  Year Ended December 31,   2024  2023 Cash flows provided by operating activities $12,766  $23,481 Cash flows used in investing activities  (26,874)  (35,743)Cash flows provided by financing activities  -   - Net decrease in cash and restricted cash $(14,108) $(12,262)

Cash provided by operating activities. Net cash provided by operating activities decreased by $10.7 million for the current year’s period, when compared to the prior year’s period, primarily due to our net income for the current period increasing by $5.6 million and from a $4.2 million increase in depreciation, depletion, amortization and accretion (primarily due to increased sales production, noted