Company: PED
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001654954-25-009652
Chunk: 57

Company: PEDEVCO CORP
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 2
Chunk 57
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-based compensation). The $0.3 million increase was primarily the result of additional payroll, audit fees and software licensing fees.

Share-Based Compensation. Share-based compensation, which is included in general and administrative expenses in the Statements of Operations, increased nominally due to the award of certain employee restricted stock and stock-based options. Share-based compensation is utilized for the purpose of conserving cash resources for use in field development activities and operations.

Gain on Sale of Oil and Gas Properties. The gain on the sale of oi land gas properties related to the Company’s sale of all of its legacy 17 gross (15.4 net) operated wells in its D-J Basin Asset. 

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Note Receivable - Credit Loss. Represents the full write-off our note receivable and accrued interest as well as a post-closing adjustments receivable related to the sale of our then wholly-owned subsidiary EOR Operating Company in November 2023.

Interest Income and Other Income (Expense). Includes interest earned from our interest-bearing cash accounts, which nominally decreased due to additional cash usage for our operations and no interest on the note receivable, which has been fully written-off in the current period. Other income in the current period is related to sales tax refunds and other expense in the prior period primarily relates to the subsequent disposition of a cash escrow bank balance related to the sale of our then wholly-owned subsidiary EOR Operating Company.

Six Months Ended June 30, 2025 vs. Six Months Ended June 30, 2024

We reported a net loss for the six-month period ended June 30, 2024 of $1.5 million, or ($0.02) per share, compared to net income for the six-month period ended June 30, 2024 of $3.5 million or $0.04 per share. The decrease in net income of $5.0 million, when comparing the current period to the prior year’s period, was primarily due to the recognition of $1.4 million from a note receivable - credit loss related to the full write-off of the Tilloo Note receivable, corresponding accrued interest and posting closing adjustments owed to the Company related to the sale of our EOR subsidiary and other reductions to operating income of 4.0 million (a $4.2 million reduction in revenue, and a $0.7 million impairment to oil and gas properties and a $0.1 million of other operating expenses), offset by a $1.0 million