Company: PED
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001654954-25-003703
Chunk: 2742

Company: PEDEVCO CORP
Filing Date: 2025-03-31
Form: 10-K
Item: Item 2
Chunk 2742
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 additional error. 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, 2023 and 2022, respectively, presented herein. The restatement includes adjustments to oil and gas properties, subject to amortization, net; depreciation, depletion, amortization and accretion; accumulated deficit; net income; and earnings per share. The impact of the correction of the misstatements is summarized below:   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  120,058   2,686   122,744 Accumulated deficit  (126,477)  2,686   (123,791)Total shareholders’ equity  98,766   2,686   101,452 Total liabilities and shareholders’ equity  120,058   2,686   122,744    As of December 31, 2023 CORRECTED CONSOLIDATED STATEMENTS OF OPERATIONS As previously reported  Impact of Adjustment  As Restated Depreciation, depletion, amortization and accretion $10,875  $(1,435) $9,440 Total operating expenses  26,714   (1,435)  25,279 Operating (loss) income  (198)  1,435   1,237 Net Income  264   1,435   1,699 Earnings per common share:            Basic  0.00   0.02   0.02 Diluted  0.00   0.02   0.02 

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