PEDEVCO restates FY2022 & FY2023 financials; depletion error overstated expense by ~$2.65M

PEDEVCO CORP

Audit Committee concluded prior audited FY2022 and FY2023 financials should no longer be relied upon due to depletion-expense accounting errors.
Depletion expense overstated by ~$1.4M for 2023 and ~$1.25M for 2022; net income will increase by those amounts.
No impact on cash, revenues, or liquidity; material weakness in internal control over financial reporting identified as of Dec 31, 2024.
Company plans to file 2024 10-K with restated financials and has initiated a remediation plan for the material weakness.

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