PEDEVCO CORP (PED): auditor change — PEDEVCO restates FY2024 financials; net income overstated by $5.5M due to tax error

PEDEVCO CORP

Tax benefit and deferred income tax account overstated by ~$5.5M for FY2024.
Earnings per share corrected from $0.20 to $0.14 basic/diluted for FY2024.
Error had no impact on cash position, revenues, or liquidity.
Material weaknesses in internal controls identified; remediation plan underway.
Amended Form 10-K for FY2024 to be filed with restated financial statements.

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 former independent registered public accounting firm, Marcum LLP (“ Marcum ”), which audited the Company’s financial statements for the year ended December 31, 2024, concluded that the Company’s previously issued audited financial statements included in the Company’s audited consolidated financial statements as of and for the fiscal year ended December 31, 2024, originally included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (the “ Prior Financial Statements ”) filed with the Securities and Exchange Commission (the “ SEC ”) on March 31, 2025, should no longer be relied upon and should be restated due to an error in the accounting for the prior period net operating losses in the calculation of the tax provision for the impacted period (the “ Error ”). This

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Source: SEC EDGAR

accession 0001654954-25-012327

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