PEDEVCO Corp. has announced that its Audit Committee, after discussions with management and its former and current independent auditors, has determined that the company's previously issued audited financial statements for the year ended December 31, 2024, should no longer be relied upon due to an error. The error resulted in an overstatement of the company's tax benefit and deferred income tax account by approximately $5.5 million. As a result, PEDEVCO will restate its financial statements, which will reduce net income, total assets, and earnings per share for 2024. The company also identified additional material weaknesses in its internal controls and is developing a remediation plan. The error did not affect the company's cash position, cash flow, revenues, or liquidity.