Company: PED
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001654954-25-003703
Chunk: 961

Company: PEDEVCO CORP
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1A
Chunk 961
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 had a lease for its corporate offices in Houston, Texas on approximately 5,200 square feet of office space that expired on August 31, 2023 and had a base monthly rent of approximately $10,000. In December 2022, the Company entered into a new lease agreement for its existing office space that commenced on September 1, 2023, which expires on February 28, 2027. The base monthly rent is approximately $9,200 for the first 18 months and increases to approximately $9,500 thereafter. The Company paid both a security deposit and prepaid rent for $14,700, respectively.

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Supplemental cash flow information related to the Company’s operating lease is included in the table below (in thousands):   Year Ended    December 31, 2024 Cash paid for amounts included in the measurement of lease liabilities $110  Supplemental balance sheet information related to operating leases is included in the table below (in thousands):   December 31, 2024 Operating lease – right-of-use asset $224      Operating lease liabilities – current $99 Operating lease liabilities – long-term  129 Total lease liability $228  The weighted-average remaining lease term for the Company’s operating lease is 2.2 years as of December 31, 2024, with a weighted-average discount rate of 7.90%. Lease liability with enforceable contract terms that have greater than one-year terms are as follows (in thousands): 2025 $112 2026  115 2027  20 Thereafter  - Total lease payments  247 Less imputed interest  (19)Total lease liability $228  Leasehold Drilling Commitments The Company’s oil and gas leasehold acreage is subject to expiration of leases if the Company does not drill and hold such acreage by production or otherwise exercises options to extend such leases, if available, in exchange for payment of additional cash consideration. In the D-J Basin Asset, 808.91 net acres are set to expire during 2025 (net to our direct ownership interest only), with 3,662 and 1,657 net acres set to expire for the years ending December 31, 2026 and 2027 respectively, and 508.53 net acres thereafter, if we fail to meet drilling commitments or obtain term