PEDEVCO CORP Files 2023 Annual Report on Form 10-K

TL;DR

<b>PEDEVCO CORP filed its 2023 10-K report, detailing financial performance and operational data for the fiscal year ending December 31, 2023.</b>

AI Summary

PEDEVCO CORP (PED) filed a Annual Report (10-K) with the SEC on March 18, 2024. PEDEVCO CORP reported total assets of $87,250,267 as of December 31, 2023. The company's net income for the fiscal year ending December 31, 2023, was $85,790,267. PEDEVCO CORP's previous fiscal year end was December 31, 2022. The company's business address is located at 575 N. Dairy Ashford, Suite 210, Houston, TX 77079. PEDEVCO CORP is involved in Crude Petroleum & Natural Gas extraction, SIC code 1311.

Why It Matters

For investors and stakeholders tracking PEDEVCO CORP, this filing contains several important signals. The filing provides a comprehensive overview of PEDEVCO CORP's financial health and strategic positioning in the oil and gas sector for the fiscal year 2023. Investors and stakeholders can use this report to assess the company's asset base, profitability, and operational activities, including sales of oil, natural gas, and natural gas liquids.

Risk Assessment

Risk Level: medium — PEDEVCO CORP shows moderate risk based on this filing. The company operates in the volatile crude petroleum and natural gas industry, which is subject to significant price fluctuations and regulatory changes, as indicated by its SIC code 1311 and the nature of its sales segments.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand PEDEVCO CORP's exposure to commodity price volatility and operational risks.

Financial Highlights

total Assets

87250267

net Income

85790267

Key Numbers

• 87,250,267 — Total Assets (As of December 31, 2023.)
• 85,790,267 — Net Income (For the fiscal year ending December 31, 2023.)
• 85,790,267 — Net Income (For the fiscal year ending December 31, 2023.)
• 174,000 — Net Income (For the fiscal year ending December 31, 2023.)

Key Players & Entities

• PEDEVCO CORP (company) — Filer of the 10-K report.
• 575 N. Dairy Ashford, Suite 210, Houston, TX 77079 (location) — Business and mailing address of PEDEVCO CORP.
• 1311 (industry_code) — Standard Industrial Classification code for Crude Petroleum & Natural Gas.
• 2023-12-31 (date) — Fiscal year end date for the reported period.
• 2024-03-18 (date) — Filing date of the 10-K report.

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — Reporting period for the 10-K filing.
• 2024-03-18: Filing Date — Date the 10-K was officially submitted to the SEC.

Key Financial Figures

• $0.001 — ge on which register ed Common Stock, $0.001 Par Value Per Share PED NYSE Americ

Filing Documents

• ped_10k.htm (10-K) — 1936KB
• ped_ex211.htm (EX-21.1) — 2KB
• ped_ex231.htm (EX-23.1) — 2KB
• ped_ex232.htm (EX-23.2) — 4KB
• ped_ex311.htm (EX-31.1) — 9KB
• ped_ex312.htm (EX-31.2) — 9KB
• ped_ex321.htm (EX-32.1) — 3KB
• ped_ex322.htm (EX-32.2) — 3KB
• ped_ex991.htm (EX-99.1) — 4KB
• ped_ex991img4.jpg (GRAPHIC) — 306KB
• ped_ex991img2.jpg (GRAPHIC) — 77KB
• ped_ex991img1.jpg (GRAPHIC) — 72KB
• ped_ex232img2.jpg (GRAPHIC) — 3KB
• ped_ex991img5.jpg (GRAPHIC) — 285KB
• ped_ex991img6.jpg (GRAPHIC) — 58KB
• ped_10kimg1.jpg (GRAPHIC) — 6KB
• ped_10kimg6.jpg (GRAPHIC) — 54KB
• ped_10kimg7.jpg (GRAPHIC) — 29KB
• ped_10kimg8.jpg (GRAPHIC) — 81KB
• ped_10kimg9.jpg (GRAPHIC) — 75KB
• ped_ex991img3.jpg (GRAPHIC) — 194KB
• 0001654954-24-003240.txt (&nbsp;) — 7472KB
• ped-20231231.xsd (EX-101.SCH) — 45KB
• ped-20231231_lab.xml (EX-101.LAB) — 275KB
• ped-20231231_cal.xml (EX-101.CAL) — 42KB
• ped-20231231_pre.xml (EX-101.PRE) — 212KB
• ped-20231231_def.xml (EX-101.DEF) — 77KB
• ped_10k_htm.xml (XML) — 537KB

Business

Business 9 Item 1A.

Risk Factors

Risk Factors 35 Item 1B. Unresolved Staff Comments 68 Item 1C. Cybersecurity 68 Item 2.

Properties

Properties 69 Item 3.

Legal Proceedings

Legal Proceedings 69 Item 4. Mine Safety Disclosures 69 PART II Item 5. Market For Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 70 Item 6. [Reserved] 70 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 71 Item 7A. Quantitative and Qualitative Disclosure About Market Risk 78 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 78 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 104 Item 9A.

Controls and Procedures

Controls and Procedures 104 Item 9B. Other Information 105 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 105 PART III Item 10. Directors, Executive Officers and Corporate Governance 106 Item 11.

Executive Compensation

Executive Compensation 116 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 126 Item 13. Certain Relationships and Related Transactions, and Director Independence 128 Item 14. Principal Accounting Fees and Services 130 PART IV Item 15. Exhibits and Financial Statement Schedules 131 Item 16. Form 10-K Summary 135 2 Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K (this " Report " or " Annual Report ") includes forward-looking statements within the meaning of the federal securities laws, including The Private Securities Litigation Reform Act of 1995. Statements preceded by, followed by or that otherwise include the words " believes, " " expects, " " anticipates, " " intends, " " projects, " " estimates, " " plans, " " may, " and similar expressions or future or conditional verbs such as " should ", " would ", and " could " are generally forward-looking in nature and not historical facts. Forward-looking statements which are subject to a number of risks and uncertainties, many of which are beyond our control. All statements, other than statements of historical fact included in this Report, regarding our strategy, future operations, financial position, estimated revenues and losses, projected costs and cash flows, prospects, plans and objectives of management are forward-looking statements. These forward-looking statements were based on various factors and were derived utilizing numerous important assumptions and other important factors that could cause actual results to differ materially from those in the forward-looking statements. Forward-looking statements include the information concerning our future financial performance, business strategy, projected plans and objectives. These factors include, among others, the factors set forth below under the heading "Risk Factors . " Although we believe that the expectations reflected in the forward-looking statements are re

Forward-looking statements may include statements about our

Forward-looking statements may include statements about our: our business strategy; our reserves; our technology; our cash flows and liquidity; our financial strategy, budget, projections and operating results; oil and natural gas realized prices; timing and amount of future production of oil and natural gas; the availability of oil field labor; the amount, nature and timing of capital expenditures, including future exploration and development costs; drilling of wells; government regulation and taxation of the oil and natural gas industry; changes in, and interpretations and enforcement of, environmental and other laws and other political and regulatory developments, including in particular additional permit scrutiny in Colorado; exploitation projects or property acquisitions; costs of exploiting and developing our properties and conducting other operations; general economic conditions in the United States and around the world, including the effect of regional or global health pandemics (such as, for example, the 2019 coronavirus (" COVID-19 ")), recent increases in inflation and interest rates, and risks of recessions, including as a result thereof; competition in the oil and natural gas industry; effectiveness of our risk management activities; environmental liabilities; counterparty credit risk; developments in oil-producing and natural gas-producing countries; political conditions in or affecting oil, NGLs and natural gas producing regions and/or pipelines, including in Eastern Europe, the Middle East and South America, for example, as experienced with the Russian invasion of the Ukraine in February 2022 and the conflict in Israel and the Gaza Strip, which conflicts are ongoing; our future operating results; future acquisition transactions; our estimated future reserves and the present value of such reserves; and our plans, objectives, expectations and intentions contained in this Quarterly Report that are not historical. 3 Table of

BUSINESS

ITEM 1. BUSINESS. History We were originally incorporated in September 2000 as Rocker & Spike Entertainment, Inc. In January 2001 we changed our name to Reconstruction Data Group, Inc., and in April 2003 we changed our name to Verdisys, Inc. and were engaged in the business of providing satellite services to agribusiness. In June 2005, we changed our name to Blast Energy Services, Inc. (" Blast ") to reflect our new focus on the energy services business, and in 2010 we changed the direction of the Company to focus on the acquisition of oil and gas producing properties. On July 27, 2012, we acquired, through a reverse acquisition, Pacific Energy Development Corp., a privately held Nevada corporation, which we refer to as Pacific Energy Development. As described below,

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View this 10-K filing on SEC EDGAR