Laredo Oil, Inc. Files 2024 10-K
Ticker: LRDC · Form: 10-K · Filed: Sep 30, 2024 · CIK: 1442492
| Field | Detail |
|---|---|
| Company | Laredo Oil, INC. (LRDC) |
| Form Type | 10-K |
| Filed Date | Sep 30, 2024 |
| Risk Level | low |
| Pages | 15 |
| Reading Time | 18 min |
| Key Dollar Amounts | $72,678, $2,034,000, $575,000, $73,317, $2,682,317 |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-K, oil-and-gas, annual-report
TL;DR
Laredo Oil filed its 2024 10-K. Formerly Laredo Mining. Based in Austin, TX.
AI Summary
Laredo Oil, Inc. filed its annual report on Form 10-K for the fiscal year ended May 31, 2024. The company, formerly known as Laredo Mining, Inc. until August 8, 2008, is incorporated in Delaware and headquartered in Austin, Texas. Laredo Oil, Inc. operates in the Crude Petroleum & Natural Gas industry.
Why It Matters
This filing provides a comprehensive overview of Laredo Oil, Inc.'s financial performance and operational status for the fiscal year ending May 31, 2024, offering insights for investors and stakeholders.
Risk Assessment
Risk Level: low — The filing is a standard annual report and does not contain immediate red flags or significant negative disclosures.
Key Numbers
- 0531 — Fiscal Year End (Indicates the end of the reporting period for the annual financial statements.)
- 2024 — Fiscal Year (The year for which the annual report is filed.)
Key Players & Entities
- Laredo Oil, Inc. (company) — Registrant
- Laredo Mining, Inc. (company) — Former company name
- 20240531 (date) — Fiscal year end
- 20240930 (date) — Filing date
- Austin, TX (location) — Principal executive offices
- Delaware (location) — State of incorporation
- 26-2435874 (identifier) — IRS Number
- 333-153168 (identifier) — Commission file number
FAQ
What is the primary business of Laredo Oil, Inc.?
Laredo Oil, Inc. operates in the Crude Petroleum & Natural Gas industry, as indicated by its Standard Industrial Classification code [1311].
When did Laredo Oil, Inc. change its name from Laredo Mining, Inc.?
The company's name was changed from Laredo Mining, Inc. on August 8, 2008.
Where are Laredo Oil, Inc.'s principal executive offices located?
The principal executive offices of Laredo Oil, Inc. are located at 2021 Guadalupe Street, Ste. 260, Austin, TX 78705.
What is the SEC file number for Laredo Oil, Inc.?
The SEC file number for Laredo Oil, Inc. is 333-153168.
What is the fiscal year end for Laredo Oil, Inc.?
The fiscal year end for Laredo Oil, Inc. is May 31.
Filing Stats: 4,581 words · 18 min read · ~15 pages · Grade level 14.9 · Accepted 2024-09-30 17:29:18
Key Financial Figures
- $72,678 — for the SORC shares, we paid Alleghany $72,678 in cash and agreed to pay Alleghany a s
- $2,034,000 — l property acreage. We also have raised $2,034,000 from accredited investors pursuant to a
- $575,000 — ana. Several of the investors also hold $575,000 of our convertible debt, plus accrued i
- $73,317 — vertible debt, plus accrued interest of $73,317, which indebtedness is included as inve
- $2,682,317 — ion Agreement. Until the total of the $2,682,317 in cash, notes and accrued interest is
- $500,000 — ion to Olfert Holdings in the amount of $500,000, out of a total of $1,500,000 of capita
- $1,500,000 — e amount of $500,000, out of a total of $1,500,000 of capital to be raised by Olfert Holdi
- $59,935 — we were credited with a contribution of $59,935 in market value of well development cos
- $175,000 — on, jointly, the following amounts: (i) $175,000 on or before July 21, 2023; and (ii) an
- $706,603 — ed through the tanks, and to pay Lustre $706,603 spread over four months, for an 85% lea
- $377,901 — d Prospect acreage. As of May 31, 2024, $377,901 of the contractual amount was settled.
- $70 — have recovered and have remained in the $70-80 per barrel range. However, oil and g
Filing Documents
- lrdc-10k.htm (10-K) — 963KB
- lrdc-ex31_1.htm (EX-31.1) — 11KB
- lrdc-ex31_2.htm (EX-31.2) — 11KB
- lrdc-ex32_1.htm (EX-32.1) — 4KB
- lrdc-ex32_2.htm (EX-32.2) — 4KB
- lrdc-ex99_1.htm (EX-99.1) — 1KB
- lo001_v1.jpg (GRAPHIC) — 5KB
- lo002_v1.jpg (GRAPHIC) — 11KB
- 0001199835-24-000423.txt ( ) — 1019KB
Risk Factors
Item 1A. Risk Factors 7
Unresolved Staff Comments
Item 1B. Unresolved Staff Comments 7
Cybersecurity
Item 1C. Cybersecurity 7
Properties
Item 2. Properties 8
Legal Proceedings
Item 3. Legal Proceedings 8
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 8 Part II
Market for Registrants Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Item 5. Market for Registrants Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 9
Managements Discussion and Analysis of Financial Condition and Results of Operations
Item 7. Managements Discussion and Analysis of Financial Condition and Results of Operations 10
Quantitative and Qualitative Disclosures About Market Risk
Item 7A. Quantitative and Qualitative Disclosures About Market Risk 11
Consolidated Financial Statements and Supplementary Data
Item 8. Consolidated Financial Statements and Supplementary Data 11
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 11
Controls and Procedures
Item 9A. Controls and Procedures 12
Other Information
Item 9B. Other Information 12 Part III
Directors, Executive Officers and Corporate Governance
Item 10. Directors, Executive Officers and Corporate Governance 13
Executive Compensation
Item 11. Executive Compensation 16
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 19
Certain Relationships and Related Transactions, and Director Independence
Item 13. Certain Relationships and Related Transactions, and Director Independence 21
Principal Accounting Fees and Services
Item 14. Principal Accounting Fees and Services 21 Part IV
Exhibits, Financial Statement Schedules
Item 15. Exhibits, Financial Statement Schedules 22
Signatures
Signatures 25 2 EXPLANATORY NOTE This Annual Report on Form 10-K (this “Form 10-K”) of Laredo Oil, Inc., a Delaware corporation, (the “Company,” “we,” “our,” or “us”) for the year ended May 31, 2024, includes consolidated comparative financial statements and disclosures for the year ended May 31, 2023 which have been restated from the Form 10-K previously filed for the year ended May 31, 2023 with the Securities and Exchange Commission (the “SEC”) on September 23, 2023 (the “2023 Original Filing”). Reference Note 2 in the accompanying Notes to Financial Restatement of the Financial Statement for Fiscal Year Ended May 31, 2023 This Form 10-K restates the 2023 Original Filing and related disclosures arising from an impairment analysis during the 2024 audit and the related reaudit of the Company’s fiscal year 2023 financial statements. The reaudit requirement was authorized by the Company during the audit engagement for the year ended May 31, 2024. For the year ended May 31, 2024, a new auditing firm was engaged to replace the previous auditing firm, BF Borgers CPA PC (“Borgers”), who performed the audit in connection with the financial statements for the fiscal year ended May 31, 2023 included in the 2023 Original Filing. During the 2024 audit that was in progress, on May 3, 2024 the SEC entered, and the Company became aware of, an order instituting settled administrative and cease-and-desist proceedings against Borgers, which order includes denying Borgers the privilege of appearing or practicing before the SEC as an accountant. The Company and its new auditing firm determined that the 2023 audit performed by Borgers should not be included in the 2024 filing, and the Company expanded its engagement with the new auditing firm to include a reaudit of the 2023 financial statements.