Company: PED
Filing Date: 2025-10-31
Form Type: 10-K/A
Source: 0001654954-25-012381
Chunk: 4

Company: PEDEVCO CORP
Filing Date: 2025-10-31
Form: 10-K/A
Chunk 4
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ited financial statements for the fiscal year ended December 31, 2024, as well as restatements of the following previously filed periods: (i) audited consolidated financial statements as of and for the fiscal year ended December 31, 2023, originally included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (the “2023 10-K”), and (ii) audited consolidated financial statements as of and for the fiscal year ended December 31, 2022, originally included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 (the “2022 10-K”)(collectively, the “Form 10-Ks” and the “Comprehensive Financial Statements”).

Amendment No. 2 and this Amendment No. 3 also includes the Comprehensive Financial Statements, restated to address the Error as discussed above.

Restatement of Previously Issued Consolidated Financial Statements

As previously disclosed in the Current Report on Form 8-K filed by the Company with the SEC on March 25, 2025, in connection with the preparation of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, the Company concluded that in prior years it had not appropriately accounted for the depletion expense related to its oil and gas properties. These errors led to an overstatement of depletion expense during the impacted periods.

On March 28, 2025, the Audit Committee of the Company’s Board of Directors, after discussion with senior management and the Company’s independent registered public accountants, concluded that the errors were material to the Company's Comprehensive Financial Statements and the Comprehensive Financial Statements as of and for the fiscal years ended December 31, 2023 and December 31, 2022, included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, should no longer be relied upon due to the impact of the unintentional error noted above.

The Original Form 10-K included restated Consolidated Financial Statements as of and for the years ended December 31, 2023 and 2022, which are also included in this Amendment No. 3 and Amendment No. 2.

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Updates of Disclosure by Registrants Engaged in Oil and Gas Producing Activities

In addition to the matters discussed above, this Amendment No. 3 and Amendment No. 2 includes the