Company: PED
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001654954-25-009652
Chunk: 13

Company: PEDEVCO CORP
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 13
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illoo’s acquisition of the Milnesand and Sawyer fields in New Mexico from the Company for aggregate consideration of $1,122,436 effective August 1, 2023 (the “Milnesand Sale”), which consideration was paid to the Company by Tilloo via a five-year secured promissory note with 10% annual interest and no payments due until January 8, 2025 (the “Tilloo Note”). The Company does not believe any misrepresentations were made by the Company or its principals in the Milnesand Sale and that the claims will fail as a matter of law. The Company has not received any correspondence from Tilloo regarding the allegations made in November 4, 2024 correspondence subsequent to receipt of the same from Tilloo, and Tilloo failed to make the initial installment payment due under the Tilloo Note on January 8, 2025. The Company issued a notice of default under the Tilloo Note to Tilloo in mid-January 2025, and the Company continues to consider avenues and remedies available to collect on all amounts due and owing to the Company from Tilloo.

NOTE 10 – SHAREHOLDERS’ EQUITY Common Stock During the six months ended June 30 2025, the Company granted an aggregate of 2,105,000 restricted stock awards to various employees of the Company.  During the month of June 2025, the Company sold an aggregate of 489,967 shares of common stock in five separate sales at sales prices ranging between $0.716 to $0.801 per share via an ongoing “at the market offering” (the “ATM Offering”) for net proceeds of $354,000, which includes $11,000 in commission fees. The Company also incurred $214,000 in initial and subsequent legal and audit-related fees and expenses incurred in connection with the registration and placement of the ATM Offering.  The ATM Offering was made pursuant to the terms of that certain December 20, 2024, Sales Agreement (the “Sales Agreement”) entered into with Roth Capital Partners, LLC (the “Lead Agent”) and A.G.P./Alliance Global Partners (“AGP”, and collectively with the Lead Agent, the “Agents”), pursuant to which the Company may sell securities from time to time in an “at the market offering” (the “ATM Offering”). The Company will pay the Lead Agent a commission of 3.0% of the