Company: PED
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001654954-25-003703
Chunk: 762

Company: PEDEVCO CORP
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1A
Chunk 762
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 with forming our overall opinion on the consolidated financial statements. The work of management’s specialists was used in performing the procedures to evaluate the reasonableness of the proved developed oil reserves. As a basis for using this work, the specialists’ qualifications were understood and the Company’s relationship with the specialists was assessed. The procedures performed also included evaluating the methods and assumptions used by the specialists, testing the completeness and accuracy of the data used by the specialists, and evaluating the specialists’ findings.

/s/ Marcum llp

Marcum llp

We have served as the Company’s auditor since 2008.

Houston, Texas

March 31, 2025

 86Table of Contents

PEDEVCO CORP.

CONSOLIDATED BALANCE SHEETS

(amounts in thousands, except share and per share data)

  December 31,   2024  2023 Assets    As Restated Current assets:      Cash and cash equivalents $4,010  $18,515 Accounts receivable – oil and gas  7,995   5,790 Note receivable, current  293   42 Prepaid expenses and other current assets  917   260 Total current assets  13,215   24,607          Oil and gas properties:        Oil and gas properties, subject to amortization, net  95,070   81,872 Oil and gas properties, not subject to amortization, net  8,442   12,407 Total oil and gas properties, net  103,512   94,279          Note receivable  933   1,099 Operating lease – right-of-use asset  224   316 Deferred income taxes  12,751   - Other assets  3,210   2,443 Total assets $133,845  $122,744          Liabilities and Shareholders’ Equity        Current liabilities:        Accounts payable $2,625  $6,580 Accrued expenses  2,255   8,712 Revenue payable  1,266   3,371 Operating lease liabilities – current  99   89 Asset retirement obligations – current  663   147 Total current liabilities  6,908   18,899          Long-term liabilities:        Operating lease