Laredo Oil Files Q1 2025 10-Q
Ticker: LRDC · Form: 10-Q · Filed: Oct 21, 2024 · CIK: 1442492
| Field | Detail |
|---|---|
| Company | Laredo Oil, INC. (LRDC) |
| Form Type | 10-Q |
| Filed Date | Oct 21, 2024 |
| Risk Level | low |
| Pages | 15 |
| Reading Time | 18 min |
| Key Dollar Amounts | $0.0001, $1.245 million, $175,000, $706,603, $328,681 |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-Q, oil and gas, financials
TL;DR
Laredo Oil's Q1 2025 10-Q is in. Check financials.
AI Summary
Laredo Oil, Inc. filed its 10-Q for the period ending August 31, 2024. The company, formerly Laredo Mining, Inc., is involved in crude petroleum and natural gas extraction. The filing covers financial information for the fiscal quarter and year-to-date periods.
Why It Matters
This filing provides investors with an update on Laredo Oil's financial performance and position for the first quarter of its 2025 fiscal year.
Risk Assessment
Risk Level: low — This is a standard quarterly filing with no immediate red flags or significant new information presented.
Key Players & Entities
- Laredo Oil, Inc. (company) — Filer
- Laredo Mining, Inc. (company) — Former company name
- August 31, 2024 (date) — Reporting period end date
- May 31, 2025 (date) — Fiscal year end
FAQ
What is the primary business of Laredo Oil, Inc.?
Laredo Oil, Inc. is engaged in the extraction of crude petroleum and natural gas, as indicated by its Standard Industrial Classification code [1311].
When is Laredo Oil, Inc.'s fiscal year end?
Laredo Oil, Inc.'s fiscal year ends on May 31st.
What was the previous name of Laredo Oil, Inc.?
The company was formerly known as Laredo Mining, Inc., with a name change date of August 8, 2008.
What period does this 10-Q filing cover?
This 10-Q filing covers the period ending August 31, 2024.
Where is Laredo Oil, Inc. headquartered?
Laredo Oil, Inc. is headquartered in Austin, Texas, with its business address at 2021 Guadalupe Street, Suite 260, Austin, TX 78705.
Filing Stats: 4,531 words · 18 min read · ~15 pages · Grade level 19.7 · Accepted 2024-10-21 17:30:34
Key Financial Figures
- $0.0001 — ed common stock of 90,000,000 shares at $0.0001 par value and authorized preferred stoc
- $1.245 million — e Company an aggregate of approximately $1.245 million during calendar year 2021 in exchange f
- $175,000 — intly, LOC), 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
- $328,681 — y 31, 2024, Texakoma paid an additional $328,681 in accordance with the contract. The re
- $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) — 688KB
- 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
- 0001199835-24-000457.txt ( ) — 3930KB
- lrdc-20240831.xsd (EX-101.SCH) — 26KB
- lrdc-20240831_cal.xml (EX-101.CAL) — 43KB
- lrdc-20240831_def.xml (EX-101.DEF) — 71KB
- lrdc-20240831_lab.xml (EX-101.LAB) — 179KB
- lrdc-20240831_pre.xml (EX-101.PRE) — 169KB
- lrdc-10q_htm.xml (XML) — 659KB
Managements Discussion and Analysis of Financial Condition and Results of Operations
Managements Discussion and Analysis of Financial Condition and Results of Operations 25 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 29 Item 4.
Controls and Procedures
Controls and Procedures 29
OTHER INFORMATION
PART II OTHER INFORMATION Item 6. Exhibits 31
Signatures
Signatures 32 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 year ended May 31, 2024. These financial statements and the notes attached hereto should be read in conjunction with the financial statements and notes included in the Companys Form 10-K, which was filed with the SEC on September 30, 2024. In the opinion of management of the Company, all adjustments, including normal recurring adjustments necessary to present fairly the financial position of Laredo Oil, Inc. as of August 31, 2024 and the results of its operations and cash flows for the three-month period then ended, have been included. The results of operations for the three-month period ended August 31, 2024 are not necessarily indicative of the results for the full year ending May 31, 2025. 3 Laredo Oil, Inc. Condensed Consolidated Balance Sheets August 31, May 31, 2024 (unaudited) 2024 ASSETS Current Assets Cash and cash equivalents and restricted cash $ 1,935,310 $ 1,990,189 Receivables 4,114 8,346 Prepaid expenses and other current assets 89,841 19,941 Total Current Assets 2,029,265 2,018,476 Property and Equipment Oil and gas acquisition and drilling costs 2,475,603 610,663 Property and equipment, net 128,697 135,499 Total Property and Equipment, net 2,604,300