Attached files
| file | filename |
|---|---|
| EX-99.2 - PRESS RELEASE DATED JUNE 26, 2018 - PEDEVCO CORP | ped_ex992.htm |
| EX-10.5 - FORM OF WARRANT - PEDEVCO CORP | ped_ex105.htm |
| EX-10.4 - BRIDGE NOTE REPAYMENT AGREEMENT - PEDEVCO CORP | ped_ex104.htm |
| EX-10.3 - JUNIOR NOTE REPAYMENT AGREEMENT - PEDEVCO CORP | ped_ex103.htm |
| EX-10.2 - TRANCHE A NOTE REPAYMENT AGREEMENT - PEDEVCO CORP | ped_ex102.htm |
| EX-10.1 - PROMISSORY NOTE - PEDEVCO CORP | ped_ex101.htm |
| EX-3.1 - AMENDMENT TO AMENDED AND RESTATED CERTIFICATE OF DESIGNATIONS - PEDEVCO CORP | ped_ex31.htm |
| 8-K - CURRENT REPORT - PEDEVCO CORP | ped_8k.htm |
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
|