Laredo Oil, Inc. Files 10-Q for Period Ending November 30, 2023

TL;DR

<b>Laredo Oil, Inc. has filed its quarterly report (10-Q) for the period ending November 30, 2023.</b>

AI Summary

Laredo Oil, Inc. (LRDC) filed a Quarterly Report (10-Q) with the SEC on January 22, 2024. Laredo Oil, Inc. filed a 10-Q report for the period ending November 30, 2023. The company's fiscal year ends on May 31. The filing covers the second quarter of the fiscal year. The company was formerly known as Laredo Mining, Inc. and changed its name on August 8, 2008. The Standard Industrial Classification code is 1311 (Crude Petroleum & Natural Gas).

Why It Matters

For investors and stakeholders tracking Laredo Oil, Inc., this filing contains several important signals. This filing provides investors with an update on the company's financial performance and operational status during the second quarter of its fiscal year. Understanding the details within this 10-Q is crucial for assessing Laredo Oil's current financial health and future prospects in the oil and gas sector.

Risk Assessment

Risk Level: low — Laredo Oil, Inc. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags or significant new disclosures that would indicate high risk.

Analyst Insight

Review the financial statements and management's discussion and analysis within the 10-Q to understand Laredo Oil's performance and outlook.

Key Numbers

• 2023-11-30 — Reporting Period End Date (Conformed period of report)
• 2024-01-22 — Filing Date (Filed as of date)
• 0531 — Fiscal Year End (Fiscal year end)

Key Players & Entities

• Laredo Oil, Inc. (company) — Filer name
• 2023-11-30 (date) — Conformed period of report
• 2024-01-22 (date) — Filed as of date
• 1311 (industry_code) — Standard Industrial Classification
• Laredo Mining, Inc. (company) — Former company name
• 2008-08-08 (date) — Date of name change

Forward-Looking Statements

• Laredo Oil will continue to reduce its net losses in the next fiscal quarter. (Laredo Oil, Inc.) — medium confidence, target: 2024-02-29

FAQ

Industry Context

Laredo Oil, Inc. operates in the Crude Petroleum & Natural Gas industry.

Regulatory Implications

The filing is a standard 10-Q, adhering to SEC regulations for quarterly financial reporting.

What Investors Should Do

1. Analyze the financial statements for revenue, expenses, and profitability.
2. Review the Management's Discussion and Analysis for insights into operational performance and future outlook.
3. Check for any significant changes in debt, equity, or cash position compared to previous filings.

Year-Over-Year Comparison

This is the 10-Q filing for the period ending November 30, 2023. Comparative financial data from prior periods would be found within the document itself.

Key Financial Figures

• $1.245 million — e Company an aggregate of approximately $1.245 million during calendar year 2021 in exchange f
• $500,000 — and pay 100% of the costs with a cap of $500,000. When the $500,000 cap is exceeded, Ere
• $59,935 — s credited with a contribution totaling $59,935 of well development costs representing
• $19,435 — d by the Company as of May 31, 2022 was $19,435. The difference between the $59,935 con
• $448,900 — t Creek Agreement, the Company invested $448,900 of cash in Cat Creek in exchange for 50
• $224,450 — tion of their respective investments of $224,450. Cat Creek is managed by a board of dir
• $175,000 — intly, LOC), the following amounts: (i) $175,000 on or before July 21, 2023; and (ii) an
• $706,603 — carried through the tanks, and pay LOC $706,603 for an 85% leasehold interest in the ne
• $4,479,596 — acquisition and drilling costs totaling $4,479,596 and $4,547,740 as of November 30, 2023
• $4,547,740 — drilling costs totaling $4,479,596 and $4,547,740 as of November 30, 2023 and May 31, 202

Filing Documents

• lrdc-10q.htm (10-Q) — 553KB
• 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
• 0001199835-24-000042.txt (&nbsp;) — 2922KB
• lrdc-20231130.xsd (EX-101.SCH) — 23KB
• lrdc-20231130_cal.xml (EX-101.CAL) — 38KB
• lrdc-20231130_def.xml (EX-101.DEF) — 72KB
• lrdc-20231130_lab.xml (EX-101.LAB) — 171KB
• lrdc-20231130_pre.xml (EX-101.PRE) — 144KB
• lrdc-10q_htm.xml (XML) — 314KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION Item 1. Condensed Consolidated Financial Statements 3 Balance Sheets as of November 30, 2023 (unaudited) and May 31, 2023 4 5 6 7 Notes to Condensed Consolidated Financial Statements (unaudited) 8 Item 2.

Managements Discussion and Analysis of Financial Condition and Results of Operations

Managements Discussion and Analysis of Financial Condition and Results of Operations 24 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 28 Item 4.

Controls and Procedures

Controls and Procedures 28

OTHER INFORMATION

PART II OTHER INFORMATION Item 6. Exhibits 29

Signatures

Signatures 30 2 ITEM 1. FINANCIAL STATEMENTS The following unaudited condensed consolidated financial statements (financial statements) have been prepared by Laredo Oil, Inc. (the Company), pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been omitted pursuant to such SEC rules and regulations; nevertheless, the Company believes that the disclosures are adequate to make the information presented not misleading. However, except as disclosed herein, there have been no material changes in the information disclosed in the notes to the financial statements for the fiscal year ended May 31, 2023. These financial statements and the notes attached hereto should be read in conjunction with the financial statements and notes included in the Companys Annual Report on Form 10-K, which was filed with the SEC on September 13, 2023. In the opinion of management of the Company, all adjustments, including normal recurring adjustments necessary to present fairly the financial position of the Company as of November 30, 2023, and the results of its operations and cash flows for the three and six-month periods then ended, have been included. The results of operations for the three and six-month periods ended November 30, 2023 are not necessarily indicative of the results for the full year ending May 31, 2024. 3 Laredo Oil, Inc. Condensed Consolidated Balance Sheets November 30, May 31, 2023 (unaudited) 2023 ASSETS Current Assets Cash and cash equivalents $ 38,879 $ 13,754 Receivables – related party - 1,779 Prepaid expenses and other current assets 26,452 36,549 Total Current Assets 65,331 52,082 Property and Equipment Oil and gas acquisition and drilling costs 4,479,596 4,547,740 Property and equipment, net 198,982 209,182 Total Property and

View Full Filing

View this 10-Q filing on SEC EDGAR