Pedevco Corp Liquidation Value
Cash & Equivalents
Key Metrics
Cash Liquidation Value
- Long-Term Debt: not reported in this period (annual-only)
Liquid Liquidation Value
- Long-Term Debt: not reported in this period (annual-only)
Operating Liquidation Value
- Long-Term Debt: not reported in this period (annual-only)
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Adjust asset discounts and liability assumptions to see how assumptions affect the numbers.
Liquidation Ladder
| Metric | Total | Per Share |
|---|---|---|
| Cash Liquidation Value | $-61.50M | $-12.82 |
| Liquid Liquidation Value | $-61.50M | $-12.82 |
| Operating Liquidation Value | $-61.44M | $-12.81 |
Key Components (as of 2025-12-31)
| Cash & Equivalents | $3.22M |
| Accounts Receivable | $0 |
| Inventory | $61,000 |
| Current Liabilities | $64.48M |
| Long-term Debt (?) | N/A |
| Op. Lease Liability (?) | $32,000 |
| Finance Lease (?) | N/A |
| Shares Outstanding | 4.8M |
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Historical
| Period | Cash | AR | Inventory | AP | Curr Liab | LT Debt | Op Lease | Fin Lease |
|---|---|---|---|---|---|---|---|---|
| 2025-12-31 | $3.22M | $0 | $61,000 | $32.44M | $64.48M | N/A | $32,000 | N/A |
| 2025-09-30 | $10.92M | $0 | N/A | $10.29M | $14.64M | N/A | $79,000 | N/A |
| 2025-06-30 | $8.47M | $0 | N/A | $5.78M | $10.56M | N/A | $125,000 | N/A |
| 2025-03-31 | $10.41M | $498,000 | N/A | $3.53M | $16.91M | N/A | $102,000 | N/A |
| 2024-12-31 | $4.01M | $4.09M | $0 | $2.62M | $6.91M | N/A | $129,000 | N/A |
| 2024-09-30 | $4.62M | $240,000 | N/A | $1.29M | $5.23M | N/A | $154,000 | N/A |
| 2024-06-30 | $6.13M | $172,000 | N/A | $1.73M | $5.13M | N/A | $179,000 | N/A |
| 2024-03-31 | $13.29M | $106,000 | N/A | $12.06M | $15.54M | N/A | $204,000 | N/A |
SEC Filings
| Period | Form | Filed | Link |
|---|---|---|---|
| 2025-12-31 | 10-K | 2026-03-31 | View |
| 2025-09-30 | 10-Q | 2025-11-14 | View |
| 2025-06-30 | 10-Q | 2025-08-14 | View |
| 2025-03-31 | 10-Q | 2025-05-15 | View |
| 2024-12-31 | 10-K | 2025-03-31 | View |
| 2024-12-31 | 10-K/A | 2025-05-12 | View |
| 2024-12-31 | 10-K/A | 2025-10-31 | View |
| 2024-12-31 | 10-K/A | 2025-10-29 | View |
AI Insights
PEDEVCO Corp. (PED) filed its 10-K for the fiscal year ended December 31, 2025, reflecting a significantly restructured balance sheet following the October 31, 2025 mergers with North Peak Oil & Gas, LLC and Century Oil and Gas Sub-Holdings, LLC (the "Mergers"), financed partly by a $35.0M PIPE preferred stock raise. Total reported assets are $375.9M against total liabilities of $168.5M, yielding book equity of $207.4M. Under a liquidation lens, the recovery picture is materially weaker than book suggests.
The dominant asset is MineralPropertiesNet of $322.3M (gross $303.4M developed plus $18.9M unproved, net of $98.0M accumulated DD&A and $45.5M accumulated impairment), representing 86% of total assets. At a 50-60% liquidation haircut typical for E&P proved reserves in a distressed sale, recoverable value approximates $161-$193M. Cash at $3.2M recovers at par; restricted cash of $3.1M is encumbered and may not be freely distributable. Accounts receivable of $25.7M recovers at ~90-95%, or ~$23-$24M. Derivative assets (hedges) of $18.0M gross ($8.4M current, $9.6M noncurrent) have real liquidation value but are contingent on counterparty novation and contract terms; recovery uncertain but potentially close to carrying value if unwound in orderly fashion. Net DTA of $7.3M (against $8.5M valuation allowance already applied) carries zero liquidation value.
On the liability side, current liabilities total $64.5M, including accounts payable of $32.4M, accrued liabilities of $8.2M, current ARO of $1.2M, and current derivative liabilities of $1.0M. The filing discloses a $87M draw from related party debt (ProceedsFromRelatedPartyDebt) used in connection with the Mergers, but the outstanding long-term debt balance is not separately broken out in the TAG_CONTEXT — the filing discusses a Citibank-administered Amended and Restated Credit Agreement in the exhibit list and MD&A, but no explicit LongTermDebtNoncurrent tag appears in TAG_CONTEXT. Total liabilities are $168.5M, implying noncurrent liabilities of approximately $104M (liabilities less $64.5M current), which includes ARO noncurrent of $7.6M, noncurrent derivative liabilities of $6.4M, other noncurrent of $2.2M, and by residual, estimated long-term debt of roughly $88M — consistent with the $87M related party draw. Asset retirement obligations total $8.8M and do not extinguish on liquidation. The loss contingency accrual of $7.7M (LossContingencyLossInPeriod) is noted but classification is unclear.
MFFAIS reports a cash liquidation value of negative $61.3M and an operating liquidation value of negative $61.2M, consistent with the above: applying standard E&P PP&E haircuts to $322M net mineral properties yields recoverable asset value insufficient to cover face-value liabilities. The company reported a net loss of $10.4M for FY2025 and a retained deficit of $121.9M. The 1-for-20 reverse stock split effective March 13, 2026 and issuance of 8.5M shares upon preferred conversion (post-period) materially alter the share count but do not affect the liquidation recovery calculus at December 31, 2025. Material weaknesses in internal controls were disclosed in the prior 10-K/A (December 31, 2024) and remained unremediated as of September 30, 2025 per the prior quarterly filing; the current 10-K does not separately flag their remediation status in the excerpted text.
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