$PED
PEDEVCO CORP

2023 Q3 Form 10-Q Financial Statement

#000165495423010774 Filed on August 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $7.330M $10.91M
YoY Change -1.9% 14.28%
Cost Of Revenue $2.250M $2.809M
YoY Change -22.89% 0.25%
Gross Profit $5.090M $8.101M
YoY Change 11.77% 20.1%
Gross Profit Margin 69.44% 74.25%
Selling, General & Admin $1.297M $1.332M
YoY Change 6.31% 2.78%
% of Gross Profit 25.48% 16.44%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.930M $3.235M
YoY Change 26.68% 45.2%
% of Gross Profit 57.56% 39.93%
Operating Expenses $6.474M $7.376M
YoY Change 0.36% 16.6%
Operating Profit $856.0K $3.534M
YoY Change -16.16% 9.72%
Interest Expense $90.00K $86.00K
YoY Change
% of Operating Profit 10.51% 2.43%
Other Income/Expense, Net $93.00K $86.00K
YoY Change 60.34% -881.82%
Pretax Income $950.0K $3.620M
YoY Change -11.96% 12.77%
Income Tax
% Of Pretax Income
Net Earnings $949.0K $3.620M
YoY Change -12.05% 12.77%
Net Earnings / Revenue 12.95% 33.18%
Basic Earnings Per Share $0.01 $0.04
Diluted Earnings Per Share $0.01 $0.04
COMMON SHARES
Basic Shares Outstanding 87.04M shares 87.04M shares
Diluted Shares Outstanding 87.11M shares 87.04M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $13.20M $12.46M
YoY Change -51.76% -45.96%
Cash & Equivalents $13.20M $12.46M
Short-Term Investments
Other Short-Term Assets $300.0K $50.00K
YoY Change -5.06% 35.14%
Inventory
Prepaid Expenses
Receivables $5.600M $6.441M
Other Receivables $0.00 $0.00
Total Short-Term Assets $19.16M $18.96M
YoY Change -36.9% -32.02%
LONG-TERM ASSETS
Property, Plant & Equipment $87.90M $87.00M
YoY Change 24.88% 22.12%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.803M $3.819M
YoY Change 2.18% 8.34%
Total Long-Term Assets $91.73M $90.82M
YoY Change 23.77% 21.47%
TOTAL ASSETS
Total Short-Term Assets $19.16M $18.96M
Total Long-Term Assets $91.73M $90.82M
Total Assets $110.9M $109.8M
YoY Change 6.14% 6.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.054M $1.019M
YoY Change 46.59% 3.77%
Accrued Expenses $2.354M $1.322M
YoY Change 29.34% -13.43%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.347M $4.072M
YoY Change 46.25% 10.92%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.200M $2.826M
YoY Change 53.85% 57.17%
Total Long-Term Liabilities $3.200M $2.826M
YoY Change 53.85% 57.17%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.347M $4.072M
Total Long-Term Liabilities $3.200M $2.826M
Total Liabilities $8.593M $6.898M
YoY Change 49.81% 26.13%
SHAREHOLDERS EQUITY
Retained Earnings -$122.5M -$121.4M
YoY Change -1.21% -2.94%
Common Stock $87.00K $87.00K
YoY Change 1.16% 2.35%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $102.3M $102.9M
YoY Change
Total Liabilities & Shareholders Equity $110.9M $109.8M
YoY Change 6.14% 6.94%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $949.0K $3.620M
YoY Change -12.05% 12.77%
Depreciation, Depletion And Amortization $2.930M $3.235M
YoY Change 26.68% 45.2%
Cash From Operating Activities $3.060M $6.592M
YoY Change -47.81% 15.33%
INVESTING ACTIVITIES
Capital Expenditures $2.690M $8.267M
YoY Change -296.93% -282.13%
Acquisitions
YoY Change
Other Investing Activities $380.0K
YoY Change
Cash From Investing Activities -$2.320M -$8.267M
YoY Change 69.84% 82.13%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities 3.060M 6.592M
Cash From Investing Activities -2.320M -8.267M
Cash From Financing Activities 0.000 0.000
Net Change In Cash 740.0K -1.675M
YoY Change -83.54% -236.51%
FREE CASH FLOW
Cash From Operating Activities $3.060M $6.592M
Capital Expenditures $2.690M $8.267M
Free Cash Flow $370.0K -$1.675M
YoY Change -94.88% -116.33%

Facts In Submission

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us-gaap Revenue From Contract With Customer Including Assessed Tax
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19074000 usd
CY2023Q2 us-gaap Restricted Cash Equivalents
RestrictedCashEquivalents
3547000 usd
CY2022Q4 us-gaap Restricted Cash Equivalents
RestrictedCashEquivalents
3547000 usd
CY2023Q2 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
16011000 usd
CY2022Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
32977000 usd
CY2023Q2 us-gaap Oil And Gas Property Successful Effort Method Accumulated Depreciation Depletion And Amortization
OilAndGasPropertySuccessfulEffortMethodAccumulatedDepreciationDepletionAndAmortization
184336000 usd
CY2022Q4 ped Oil And Gas Property Successful Effort Method Not Accumulated Depreciation Depletion And Amortization
OilAndGasPropertySuccessfulEffortMethodNotAccumulatedDepreciationDepletionAndAmortization
775000 usd
CY2023Q2 ped Oil And Gas Property Successful Effort Method Not Accumulated Depreciation Depletion And Amortization
OilAndGasPropertySuccessfulEffortMethodNotAccumulatedDepreciationDepletionAndAmortization
4970000 usd
CY2022Q4 ped Asset Retirement Costs
AssetRetirementCosts
1407000 usd
CY2023Q2 ped Asset Retirement Costs
AssetRetirementCosts
1438000 usd
CY2022Q4 us-gaap Oil And Gas Property Successful Effort Method Accumulated Depreciation Depletion Amortization And Impairment
OilAndGasPropertySuccessfulEffortMethodAccumulatedDepreciationDepletionAmortizationAndImpairment
98288000 usd
CY2023Q2 us-gaap Oil And Gas Property Successful Effort Method Accumulated Depreciation Depletion Amortization And Impairment
OilAndGasPropertySuccessfulEffortMethodAccumulatedDepreciationDepletionAmortizationAndImpairment
103762000 usd
CY2022Q4 us-gaap Oil And Gas Property Full Cost Method Net
OilAndGasPropertyFullCostMethodNet
80147000 usd
CY2023Q2 us-gaap Oil And Gas Property Full Cost Method Net
OilAndGasPropertyFullCostMethodNet
86982000 usd
ped Capital Cost Of Drilling And Completion
CapitalCostOfDrillingAndCompletion
7846000 usd
ped Description Of Additional Acquired
DescriptionOfAdditionalAcquired
The Company also acquired approximately 267 net mineral acres, and 5,592 net lease
CY2023Q2 ped Cost Of Due Deligence
CostOfDueDeligence
483000 usd
CY2022Q4 ped Cost Of Due Deligence
CostOfDueDeligence
3949000 usd
us-gaap Depletion
Depletion
5474000 usd
us-gaap Depletion
Depletion
3872000 usd
ped Asset Retirement Obligations
AssetRetirementObligations
3161000 usd
us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
333000 usd
ped Changes In Estimates Net
ChangesInEstimatesNet
31000 usd
ped Asset Retirement Obligations Ending
AssetRetirementObligationsEnding
3525000 usd
CY2022Q4 ped Cureent Asset Retirement
CureentAssetRetirement
472000000 usd
CY2023Q2 ped Cureent Asset Retirement
CureentAssetRetirement
699000000 usd
ped Office Space
OfficeSpace
5200 sqft
ped Office Spaceleaseexpirationdate
OfficeSpaceleaseexpirationdate
2023-08-31
us-gaap Other Expenses
OtherExpenses
10000 usd
us-gaap Lease Expiration Date1
LeaseExpirationDate1
2027-02-28
ped Lease Payments Description
LeasePaymentsDescription
The base monthly rent will be approximately $9,200 for the first 18 months and increase to approximately $9,500 thereafter. The Company paid both a security deposit and prepaid rent for $14,700, respectively
ped Supplemental Information Related To Operating Leasetabletextblock
SupplementalInformationRelatedToOperatingLeasetabletextblock
<table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>Six Months Ended </strong></p></td><td style="white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr><tr style="height:15px"><td><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>June 30, 2023</strong></p></td><td style="white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="font-size:10pt;font-family:times new roman;margin:0px">Cash paid for amounts included in the measurement of lease liabilities</p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">62</td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr></tbody></table>
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
62000 usd
CY2023Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
18000 usd
CY2023Q2 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
21000 usd
CY2023Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
0 usd
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
21000 usd
ped Weighted Average Remaining Lease Term
WeightedAverageRemainingLeaseTerm
P0Y2M12D
CY2023Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0535 pure
us-gaap Other Commitments Description
OtherCommitmentsDescription
In the Permian Basin Asset, 61 acres are due to expire during the remainder of 2023 and 40 net acres expire thereafter (net to our direct ownership interest only)
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
1250000 shares
us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
824000 usd
CY2023Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions
1417000 usd
CY2023Q2 ped Intrinsic Value Of Outstanding And Exercisable
IntrinsicValueOfOutstandingAndExercisable
0 usd
ped Share Based Compensation Arrangement By Share Based Payment Award Option Outstanding Numbers
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionOutstandingNumbers
1407667 shares
ped Share Based Compensation Arrangement By Share Based Payment Award Option Outstanding Weighted Average Exercise Price Ending
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionOutstandingWeightedAverageExercisePriceEnding
1.51
us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2
P2Y8M12D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
540000 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.09
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
21666 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
1.68
ped Share Based Compensation Arrangement By Share Based Payment Award Option Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionOutstandingNumber
1926001 shares
ped Share Based Compensation Arrangement By Share Based Payment Award Option Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionOutstandingWeightedAverageExercisePrice
1.39
ped Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2a
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2a
P2Y10M24D
ped Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Numbers
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumbers
959334 shares
us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageRemainingContractualTerm2
P1Y9M18D
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
3620000 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
3210000 usd
us-gaap Net Income Loss
NetIncomeLoss
5382000 usd
us-gaap Net Income Loss
NetIncomeLoss
4549000 usd
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
87040267 shares
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
85479421 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
86881427 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
85305583 shares
CY2023Q2 us-gaap Dilutive Securities
DilutiveSecurities
0 usd
us-gaap Dilutive Securities
DilutiveSecurities
0 usd
us-gaap Dilutive Securities
DilutiveSecurities
0 usd
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
87040267 shares
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
85479421 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
86881427 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
85305583 shares
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.04
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.04
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.06
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.05
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.04
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.04
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.06
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.05
CY2023Q2 ped Share Equivalents Related To Options To Purchase Of Commmon Stock
ShareEquivalentsRelatedToOptionsToPurchaseOfCommmonStock
1926001000 shares
ped Share Equivalents Related To Options To Purchase Of Commmon Stock
ShareEquivalentsRelatedToOptionsToPurchaseOfCommmonStock
1926001000 shares
ped Share Equivalents Related To Options To Purchase Of Commmon Stock
ShareEquivalentsRelatedToOptionsToPurchaseOfCommmonStock
1597667000 shares

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