Company: PED
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001654954-25-003703
Chunk: 963

Company: PEDEVCO CORP
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1A
Chunk 963
---
 has not received any correspondence from Tilloo subsequent to receipt of the November 4, 2024 correspondence 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 intends to pursue all available avenues and remedies, including potential foreclosure under the security agreement and mortgages securing the secured obligation, to resolve these matters.

NOTE 11 – SHAREHOLDERS’ EQUITY Common Stock During the year ended December 31, 2024, the Company granted an aggregate of 2,315,000 restricted stock awards to various employees and board members of the Company (see Note 12 below). During the year ended December 31, 2023, the Company granted an aggregate of 1,460,000 restricted stock awards to various employees and board members of the Company (see Note 12 below).

NOTE 12 – SHARE-BASED COMPENSATION 2021 Incentive Plan On September 1, 2021, the shareholders of the Company approved the 2021 Equity Incentive Plan (the “2021 Plan”), which was previously approved by the Board of Directors on July 11, 2021 and authorizes the issuance of various forms of stock-based awards, including incentive or non-qualified options, restricted stock awards, performance shares and other securities as described in greater detail in the 2021 Incentive Plan, to the Company’s employees, officers, directors and consultants. The 2021 Incentive Plan was amended on August 29, 2024 to increase the number of shares reserved for issuance under the 2021 Incentive Plan by 5,000,000 to 13,000,000 shares of common stock. As of December 31, 2024, 5,145,000 shares have been issued as restricted stock, and 1,310,000 shares are subject to issuance upon exercise of issued and outstanding options. 2012 Incentive Plan On July 27, 2012, the shareholders of the Company approved the 2012 Equity Incentive Plan (the “2012 Incentive Plan”), which was previously approved by the Board of Directors on June 27, 2012 and authorizes the issuance of various forms of stock-based awards, including incentive or non