EX-99.1 8 ped_ex991.htm UNAUDITED PROFORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AND NOTES THERETO AS OF MARCH 31, 2018
Exhibit 99.1
PEDEVCO CORP.
PROFORMA FINANCIAL STATEMENTS
The following unaudited pro forma consolidated balance sheet gives effect to the debt restructuring on the balance sheet of PEDEVCO CORP. as of March 31, 2018, giving effect to the transaction as if the transaction had occurred as of March 31, 2018. The transaction was completed on June 26, 2018. The adjustments include only the debt related transactions with a material effect on the shareholder’s equity, including the new 3-year promissory note of $7.7 million in principal with an 8% annual interest rate (the $9.5 million of new debt shown below as Note Payable – Promissory Note is based on accounting guidance for troubled debt restructuring, which requires that all of the interest to be paid, estimated at $1.8 million, be included in the new debt amount being recorded on the balance sheet); the extinguishment of the existing Tranche B debt with accrued interest; the extinguishment of the subordinated debt with accrued interest; and the extinguishment of the existing Tranche A debt with accrued interest.
PEDEVCO CORP.
UNAUDITED PROFORMA CONSOLIDATED BALANCE SHEETS
(amounts in thousands, except share and per share data)

| March 31, 2018 | Pro forma Adjustments | Adjusted March 31, 2018
Assets |  |  |
Current assets: |  |  |
Cash | $876 |  | $876
Accounts receivable – oil and gas | 351 |  | 351
Prepaid expenses and other current assets | 160 |  | 160
Total current assets | 1,387 |  | 1,387
Oil and gas properties: |  |  |
Oil and gas properties, subject to amortization, net | 34,359 |  | 34,359
Oil and gas properties, not subject to amortization, net | - |  | -
Total oil and gas properties, net | 34,359 |  | 34,359
Other assets | 85 |  | 85
Total assets | $35,831 |  | $35,831
Liabilities and Shareholders’ Equity (Deficit) |  |  |
Current liabilities: |  |  |
Accounts payable | $350 |  | $350
Accrued expenses | 2,219 | $(1,600) | 619
Revenue payable | 578 |  | 578
Convertible notes payable – Bridge Notes, net of premiums of $113,000 and $113,000, respectively | 588 |  | 588
Total current liabilities | 3,375 | (1,600) | 1,775
Long-term liabilities: |  |  |
Accrued expenses | 1,677 | (1,677) | -
Accrued expenses – related party | 1,994 | (1,994) | -
Notes payable – Secured Promissory Notes, net of debt discount of $2,120,000 and $2,603,000, respectively | 35,821 | (35,821) | -
Notes payable – Secured Promissory Notes – related party, net of debt discount of $919,000 and $1,148,000 respectively | 16,543 | (16,543) | -
Notes payable – Subordinated – related party | 11,831 | (11,831) | -
Notes payable – other | 4,925 | (4,925) | -
Notes payable – Promissory Notes | - | 9,500 | 9,500
Asset retirement obligations | 496 |  | 496
Total liabilities | 77,022 | (64,891) | 12,131
Commitments and contingencies |  |  |
Shareholders’ deficit: |  |  |
Series A convertible preferred stock, $0.001 par value, 100,000,000 shares authorized, 66,625 and 66,625 shares issued and outstanding, respectively | - |  | -
Common stock, $0.001 par value, 200,000,000 shares authorized; 7,278,754 and 7,278,754 shares issued and outstanding, respectively | 7 |  | 7
Additional paid-in capital | 101,137 |  | 101,137
Accumulated deficit | (142,335) | 64,891 | (77,444)
Total shareholders’ equity (deficit) | (41,191) | 64,891 | 23,700
Total liabilities and shareholders’ equity (deficit) | $35,831 | $- | $35,831