Company: PED
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001654954-25-005762
Chunk: 47

Company: PEDEVCO CORP
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 47
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 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 13 – INCOME TAXES The Company’s effective tax rate was approximately 34.9% and 0.0% for the three months ended March 31, 2025 and 2024, respectively. The increase in the effective tax rate was primarily due to state income taxes and other tax adjustments recorded in the current period as compared to the impact of the full valuation allowance recorded in the previous period. As a result, the Company recognized income tax expense of $76,000 for the period ended March 31, 2025. 

NOTE 14 — SEGMENT INFORMATION Operating segments are defined as components of an enterprise for which separate financial information is available and regularly evaluated by the Chief Operating Decision Maker (“CODM”) for the purpose of making key operating decisions, allocating resources, and assessing operating performance. The Company operates in one reportable operating segment, oil and natural gas development, exploration and production. The Company’s oil and gas properties are managed as a whole rather than through discrete operating segments. Financial and operational information is tracked by geographic area; however, financial performance is assessed as a single enterprise and not on a geographic basis. Allocation of resources is made on a project basis across the Company’s entire portfolio without regard to geographic area, and considers among other things, return on investment, current market conditions, including commodity prices and market supply, availability of services and human resources, and contractual commitments. The Company’s President and Chief Executive Officer is its CODM. The Company’s profitability measure is consolidated net income which is used to assess budgeted versus actual results and drives the Company’s operating cash flow. The CODM reviews significant consolidated forecasts and results of operations, including return on capital, operating expenses, and cash flow when making decisions such as the allocation of capital. The financial position, results of operations and cash flows of the Company’s reportable operating segment are consistent with the Company’s consolidated financial statements included herein.

NOTE 15 – SUBSEQUENT EVENTS On April 3, 2025, the Company sold all of its operated production in Weld County, Colorado to a private buyer for an adjusted price of $606,000.  The sale included wellbore and surface equipment only for the Company’s 17 operated wells in its D-J Basin Asset, with the Company retaining ownership in all its existing leasehold. The effective date of the sale