Company: PED
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001654954-25-005762
Chunk: 45

Company: PEDEVCO CORP
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 45
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 commencement date, 33.3% vesting on the 22-month anniversary date of the vesting commencement and 33.4% vesting on the 34-month anniversary date of the vesting, contingent upon the recipient’s continued service with the Company. These shares have a total fair value of $1,568,000 based on the market price on the grant date.   Stock-based compensation expense recorded related to the vesting of restricted stock for the three months ended March 31, 2025, was $419,000. The remaining unamortized stock-based compensation expense at March 31, 2025 related to restricted stock was $1,956,000. Options On January 23, 2025, the Company granted options to purchase an aggregate of 464,000 shares of common stock to various Company employees at an exercise price of $0.85 per share under the Company’s 2021 Plan. The options have a term of five years and fully vest in November 2027, with 33.3% vesting on the 10-month anniversary of the vesting commencement date, 33.3% vesting on the 22-month anniversary date of the vesting commencement and 33.4% vesting on the 34-month anniversary date of the vesting, contingent upon the recipient’s continued service with the Company. The aggregate fair value of the options on the date of grant, using the Black-Scholes model, was $195,000. Variables used in the Black-Scholes option-pricing model for the options issued include: (1) a discount rate of 4.45% based on the applicable US Treasury bill rate, (2) expected term of 3.5 years, (3) expected volatility of 64.5% based on the trading history of the Company, and (4) zero expected dividends. During the three months ended March 31, 2025, the Company recognized stock option expense of $56,000. The remaining amount of unamortized stock options expense at March 31, 2025 was $266,000.

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The intrinsic value of outstanding and exercisable options at March 31, 2025 was $3,500. Option activity during the three months ended March 31, 2025, was:     Number of Stock Options  Weighted Average Exercise Price   Weighted Average Remaining Contract Term (Years)