Laredo Oil, Inc. Files 10-Q for Period Ending February 29, 2024

TL;DR

<b>Laredo Oil, Inc. has filed its quarterly report (10-Q) for the period ending February 29, 2024, detailing its financial performance and operational status.</b>

AI Summary

Laredo Oil, Inc. (LRDC) filed a Quarterly Report (10-Q) with the SEC on April 19, 2024. Laredo Oil, Inc. filed a 10-Q report for the period ending February 29, 2024. The company's fiscal year ends on May 31. The filing covers the third quarter of the fiscal year. The company was formerly known as Laredo Mining, Inc. and changed its name on August 8, 2008. Laredo Oil, Inc. is in the Crude Petroleum & Natural Gas industry (SIC code 1311).

Why It Matters

For investors and stakeholders tracking Laredo Oil, Inc., this filing contains several important signals. This 10-Q filing provides investors with an update on Laredo Oil's financial health and operational progress during the third quarter of its fiscal year. Understanding the details within this report is crucial for stakeholders to assess the company's performance in the volatile crude petroleum and natural gas market.

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

Monitor future filings for revenue trends and operational updates within the crude petroleum and natural gas sector.

Key Numbers

• 2024-02-29 — Reporting Period End Date (10-Q filing)
• 2024-04-19 — Filing Date (10-Q filing)
• 0531 — Fiscal Year End (Company data)
• 1311 — SIC Code (Crude Petroleum & Natural Gas industry)

Key Players & Entities

• Laredo Oil, Inc. (company) — Filer of the 10-Q report.
• Laredo Mining, Inc. (company) — Former name of Laredo Oil, Inc.
• 2024-02-29 (date) — End of the reporting period for the 10-Q.
• 2024-04-19 (date) — Filing date of the 10-Q.
• 2024-05-31 (date) — Fiscal year end for Laredo Oil, Inc.

FAQ

Industry Context

Laredo Oil, Inc. operates within the Crude Petroleum & Natural Gas industry, a sector subject to global commodity prices and regulatory oversight.

Regulatory Implications

Companies in the oil and gas sector are subject to various environmental, safety, and operational regulations from federal and state agencies.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and management discussion.
2. Analyze any segment reporting to understand revenue drivers within the oil and gas operations.
3. Compare the reported period's performance against prior periods and industry benchmarks.

Key Dates

• 2024-02-29: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-04-19: Filing Date — Date the 10-Q was officially filed with the SEC.
• 2008-08-08: Name Change — Date Laredo Oil, Inc. changed its name from Laredo Mining, Inc.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides an update on the company's financial performance and operational status for the quarter.)

SIC Code

Standard Industrial Classification code used to categorize businesses. (Identifies Laredo Oil, Inc. as operating in the Crude Petroleum & Natural Gas sector.)

Year-Over-Year Comparison

This filing is a standard 10-Q for the period ending February 29, 2024. Specific comparative financial data from the previous filing (likely a 10-Q for the period ending November 30, 2023, or an annual 10-K) is not detailed in the provided header information.

Key Financial Figures

• $1.9 million — ent Assets Cash and cash equivalents ($1.9 million and $0 restricted from use at February
• $0 — and cash equivalents ($1.9 million and $0 restricted from use at February 29, 202
• $1.245 million — e Company an aggregate of approximately $1.245 million during calendar year 2021 in exchange f
• $59,935 — s credited with a contribution totaling $59,935 of well development costs, representing
• $19,435 — investment recorded by the Company 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 — t carried through the tanks and pay LOC $706,603 for an 85% leasehold interest in the ne
• $2,034,000 — articipation Agreement provided us with $2,034,000 to acquire certain leases and to drill
• $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

Filing Documents

• lrdc-10q.htm (10-Q) — 636KB
• 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
• 0001199835-24-000169.txt (&nbsp;) — 3213KB
• lrdc-20240229.xsd (EX-101.SCH) — 24KB
• lrdc-20240229_cal.xml (EX-101.CAL) — 41KB
• lrdc-20240229_def.xml (EX-101.DEF) — 74KB
• lrdc-20240229_lab.xml (EX-101.LAB) — 179KB
• lrdc-20240229_pre.xml (EX-101.PRE) — 152KB
• lrdc-10q_htm.xml (XML) — 389KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION Item 1. Condensed Consolidated Financial Statements 3 Balance Sheets as of February 29, 2024 (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 28

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 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 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 February 29, 2024, and the results of its operations and cash flows for the three and nine-month periods then ended, have been included. The results of operations for the three and nine-month periods ended February 29, 2024 are not necessarily indicative of the results for the full year ending May 31, 2024. 3 Laredo Oil, Inc. Condensed Consolidated Balance Sheets February 29, May 31, 2024 (unaudited) 2023 ASSETS Current Assets Cash and cash equivalents ($1.9 million and $0 restricted from use at February 29, 2024 and May 31, 2023) $ 1,894,962 $ 13,754 Receivables – other 412,701 - Receivables – related party - 1,779 Prepaid expenses and other current assets 17,692 36,549 Total Current Assets 2,325,355 52,082 Property and Equipment Oil and gas

View Full Filing

View this 10-Q filing on SEC EDGAR