PEDEVCO CORP (PED): auditor change — 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.

item 2.02 item 4.02

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

PEDEVCO CORP reported that prior financial statements should not be relied upon.

Action: non reliance
Auditor: Marcum LLP

Exact text from the filing

(the “ Company ”), after discussion with the Company’s senior management and the Company’s independent registered public accounting firm, Marcum LLP (“ Marcum ”), concluded that the Company’s previously issued audited financial statements included in the Company’s (i) audited consolidated financial statements as of and for the fiscal year ended December 31, 2023, originally included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (the “ 2023 10-K ”), and (ii) audited consolidated financial statements as of and for the fiscal year ended December 31, 2022, originally included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 (the “ 2022 10-K ”)(collectively, the “ Form 10-Ks ” and the “ Prior Financial Statements ”) filed with the Securities and Exchange Commission (the “ SEC ”) on March 18, 2024 and March 29, 20

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PEDEVCO CORP filing history →

Source: SEC EDGAR

accession 0001654954-25-003701

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