Company: PED
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001654954-25-003703
Chunk: 968

Company: PEDEVCO CORP
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1A
Chunk 968
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236,237   87,031,692          Earnings per share – basic $0.20  $0.02 Earnings per share – diluted $0.20  $0.02  For the years ended December 31, 2024 and 2023, share equivalents related to options to purchase 1,375,667 and 1,632,334 shares of common stock, respectively, were excluded from the computation of diluted net income per share as the inclusion of such shares would be anti-dilutive.

NOTE 14 – INCOME TAXES  In conjunction with the restatement for DD&A, we also restated certain balances in the net deferred tax asset / deferred tax liability schedule to correct an additional error. The components of the income tax expense (benefit) for the years ended December 31, 2024, and 2023, respectively, are as follows:   2024  2023      (As Restated) Current:      Federal  -   - State  -   - Total current expense/(benefit)  -   -          Deferred:        Federal  (12,831)  - State  (80)  - Total deferred tax expense/(benefit)  (12,751)  -          Income tax expense (benefit)   (12,751)  - 

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The income tax expense (benefit) reported in our consolidated statement of operations is different from the federal income tax expense (benefit) computed using the federal statutory rate. The following table reconciles the U.S. federal statutory income tax rate in effect for the years ended December 31, 2024, and December 31, 2023 (in thousands):   2024  2023      (As Restated) Statutory expense/(benefit)  1,058   357 State tax, net  3,233   291 Permanent differences  86   49 Other adjustments  9,254   346 Change in valuation allowance  (26,381)  (1,043)Income tax expense (benefit)   (12,751)  -  In 2024, the Company recorded a $12.8 million