secwatch.observer — SEC 8-K summary
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Issuer:     PEDEVCO CORP (PED)
CIK:        0001141197
Form:       8-K
Filed at:   2023-10-16T23:59:59+00:00
Accession:  0001654954-23-012930
Event type: other_material
Sentiment:  negative
Materiality: 0.72
Item codes: 4.02
LLM model:  deepseek-v4-flash:cloud@v2

PEDEVCO restates Q2 2023 financials due to revenue overstatement from third-party operator errors
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- Audit Committee determined Q2 2023 10-Q should no longer be relied upon due to accounting errors.
- Errors in revenue accrual estimates for 14 third-party operated wells caused overstatement of net revenue.
- Misstatements also affect oil, NGL, gas production, sales costs, severance taxes, and depletion for Q2 and H1 2023.
- No misconduct involved; restatement will include disclosure of material weakness in internal controls.
- Company intends to file amended Q2 2023 10-Q as soon as practicable.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1141197/000165495423012930/0001654954-23-012930-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1141197/000165495423012930/ped_8k.htm
  HTML page:      https://secwatch.observer/filing/0001654954-23-012930

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