Company: PED
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001654954-25-003703
Chunk: 1260

Company: PEDEVCO CORP
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1B
Chunk 1260
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amounts in thousands, except share and per share data):   2024  2023 Numerator:   (As Restated) Net income $17,789  $1,699          Denominator:        Weighted average common shares – basic  89,234,611   87,031,692          Dilutive effect of common stock equivalents:        Options   1,626   -          Denominator:        Weighted average common shares – diluted  89,236,237   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):