secwatch.observer — SEC 8-K summary
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Issuer:     PEDEVCO CORP (PED)
CIK:        0001141197
Form:       8-K
Filed at:   2025-03-31T23:59:59+00:00
Accession:  0001654954-25-003701
Event type: other_material
Sentiment:  negative
Materiality: 0.80
Item codes: 2.02, 4.02
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1141197/000165495425003701/0001654954-25-003701-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1141197/000165495425003701/ped_8k.htm
  HTML page:      https://secwatch.observer/filing/0001654954-25-003701

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