PEDEVCO Corp. Files Q2 2024 10-Q

TL;DR

PEDEVCO Q2 10-Q is in. Check financials and equity plan details.

AI Summary

PEDEVCO Corp. filed its 10-Q for the period ending June 30, 2024. The company, formerly known as BLAST ENERGY SERVICES, INC. and VERDISYS INC, is involved in crude petroleum and natural gas extraction. Key financial data for the period includes revenue figures and details related to its 2012 Equity Incentive Plan.

Why It Matters

This filing provides investors with an update on PEDEVCO Corp.'s financial performance and operational status for the second quarter of 2024, crucial for understanding the company's trajectory in the energy sector.

Risk Assessment

Risk Level: medium — As a company in the volatile oil and gas sector, PEDEVCO faces inherent market and operational risks.

Key Numbers

• 200000000 — Authorized Shares (Part of the company's capital structure details.)
• 87250267 — Outstanding Shares (Indicates the current number of shares held by investors.)
• 89285267 — Treasury Shares (Shares held by the company itself, not available to the public.)

Key Players & Entities

• PEDEVCO CORP (company) — Filer
• BLAST ENERGY SERVICES, INC. (company) — Former Company Name
• VERDISYS INC (company) — Former Company Name
• 20240630 (date) — Period of Report
• 20240814 (date) — Filing Date
• 0001141197 (company) — Central Index Key
• 77079 (location) — Business Address Zip Code
• 855-733-3826 (phone_number) — Business Phone
• 2012 Equity Incentive Plan (plan) — Equity Incentive Plan

FAQ

Key Financial Figures

• $0.001 — e on which registered Common Stock, $0.001 par value per share PED NYSE Americ
• $240,000 — acquisition and due diligence costs of $240,000 . The depletion recorded for productio
• $9,500 — nths and will increase to approximately $9,500 thereafter. The Company paid both a sec

Filing Documents

• ped_10q.htm (10-Q) — 769KB
• ped_ex311.htm (EX-31.1) — 12KB
• ped_ex312.htm (EX-31.2) — 12KB
• ped_ex321.htm (EX-32.1) — 4KB
• ped_ex322.htm (EX-32.2) — 4KB
• ped_10qimg1.jpg (GRAPHIC) — 6KB
• 0001654954-24-010652.txt ( ) — 3155KB
• ped-20240630.xsd (EX-101.SCH) — 34KB
• ped-20240630_lab.xml (EX-101.LAB) — 191KB
• ped-20240630_cal.xml (EX-101.CAL) — 37KB
• ped-20240630_pre.xml (EX-101.PRE) — 144KB
• ped-20240630_def.xml (EX-101.DEF) — 41KB
• ped_10q_htm.xml (XML) — 347KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 4 Consolidated Balance Sheets as of June 30, 2024 (Unaudited) and December 31, 2023 4 Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2024 and 2023 (Unaudited) 5 Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023 (Unaudited) 6 Consolidated Statements of Shareholders' Equity for the Three and Six Months Ended June 30, 2024 and 2023 (Unaudited) 7 Notes to Unaudited Consolidated Financial Statements 8 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 15 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 26 Item 4.

Controls and Procedures

Controls and Procedures 26

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 27 Item 1A.

Risk Factors

Risk Factors 27 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 27 Item 3. Defaults Upon Senior Securities 27 Item 4. Mine Safety Disclosures 27 Item 5. Other Information 27 Item 6. Exhibits 28

Signatures

Signatures 29 2 Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS Some of the statements contained in this Quarterly Report on Form 10-Q (this "Report") include forward-looking statements within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended and 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 reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Most of these factors are difficult to predict accurately and are generally beyond our control. Readers are cautioned not to place un

Forward-looking statements may include statements about

Forward-looking statements may include statements about: 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 current war in Israel, 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. All forward-looking statements s

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS P EDEVCO CORP. CONSOLIDATED BALANCE SHEETS (amounts in thousands, except share and per share data) June 30, 2024 December 31, (Unaudited) 2023 Assets Current assets: Cash and cash equivalents $ 6,132 $ 18,515 Accounts receivable – oil and gas 8,627 5,790 Note receivable, current 172 42 Prepaid expenses and other current assets 135 260 Total current assets 15,066 24,607 Oil and gas properties: Oil and gas properties, subject to amortization, net 85,211 79,186 Oil and gas properties, not subject to amortization, net 6,543 12,407 Total oil and gas properties, net 91,754 91,593 Other assets: Note receivable 1,022 1,099 Operating lease – right-of-use asset 271 316 Other assets 2,874 2,443 Total assets $ 110,987 $ 120,058 Liabilities and Shareholders' Equity Current liabilities: Accounts payable $ 1,727 $ 6,580 Accrued expenses 1,581 8,712 Revenue payable 1,292 3,371 Operating lease liabilities – current 94 89 Asset retirement obligations – current 433 147 Total current liabilities 5,127 18,899 Long-term liabilities: Operating lease liabilities, net of current portion 179 227 Asset retirement obligations, net of current portion 2,524 2,166 Total liabilities 7,830 21,292 Commitments and contingencies Shareholders' equity: Common stock, $ 0.001 par value, 200,000,000 shares authorized; 89,285,267 and 87,250,267 shares issued and outstanding, respectively 89 87 Additional paid-in capital 226,091 225,156 Accumulated deficit ( 123,023 ) ( 126,477 ) Total shareholders' equity 103,157 98,766 Total liabilities and shareholders' equity $ 110,987 $ 120,058 See accompanying notes to unaudited consolidated financial statements. 4 Table of Contents P EDEVCO CORP. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (amounts in thousands, except share and per share data) Three Months Ended Six

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE 1 – BASIS OF PRESENTATION The accompanying interim unaudited consolidated financial statements of PEDEVCO Corp. ("PEDEVCO" or the "Company"), have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") and the rules of the Securities and Exchange Commission ("SEC") and should be read in conjunction with the audited financial statements and notes thereto contained in PEDEVCO's latest Annual Report filed with the SEC on Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements that would substantially duplicate disclosures contained in the audited financial statements for the most recent fiscal year, as reported in the Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 18, 2024 (the "2023 Annual Report"), have been omitted. The Company's consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and subsidiaries in which the Company has a controlling financial interest. All significant inter-company accounts and transactions have been eliminated in consolidation. The Company's future financial condition and liquidity will be impacted by, among other factors, the success of our drilling program, the number of commercially viable oil and natural gas discoveries made and the quantities of oil and natural gas discovered, the speed with which we can bring such discoveries to production, the actual cost of exploration, appraisal and development of our prospects, the prevailing prices for, and demand for, oil and natur

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View this 10-Q filing on SEC EDGAR