Laredo Oil Files 10-Q for Nov 30, 2024

TL;DR

Laredo Oil's Q2 10-Q is in. Check financials for crude oil & gas ops.

AI Summary

Laredo Oil, Inc. filed its 10-Q for the period ending November 30, 2024. The company, formerly Laredo Mining, Inc., is incorporated in Delaware and operates in the crude petroleum & natural gas sector. Its principal business address is in Austin, Texas.

Why It Matters

This filing provides investors with an update on Laredo Oil's financial performance and operational status for the second quarter of fiscal year 2025.

Risk Assessment

Risk Level: medium — As a company in the volatile oil and gas sector, Laredo Oil faces inherent market and operational risks.

Key Numbers

• 20241130 — Reporting Period End Date (Indicates the end of the fiscal quarter for which the report is filed.)
• 20250117 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• Laredo Oil, Inc. (company) — Filer of the 10-Q
• November 30, 2024 (date) — End of reporting period
• Laredo Mining, Inc. (company) — Former company name
• Austin, Texas (location) — Business address
• CRUDE PETROLEUM & NATURAL GAS (industry) — Company's Standard Industrial Classification

FAQ

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 over a four month period, for an 85% le
• $328,681 — y 31, 2024, Texakoma paid an additional $328,681 in accordance with the contract. The re
• $2,034,000 — ion Agreement provided the Company with $2,034,000 to acquire certain leases and to drill
• $575,000 — ana. Several of the investors also hold $575,000 of the Companys convertible debt, plus
• $73,317 — vertible debt, plus accrued interest of $73,317, which total indebtedness is included a
• $2,682,317 — tion Agreement. Until the total debt of $2,682,317, plus any additional capital calls is r
• $1,875,000 — he field. The Company has also raised $1,875,000 of investments from accredited investor
• $7.5 million — he Company is in the process of raising $7.5 million to drill three exploratory wells by sel

Filing Documents

• lrdc-10q.htm (10-Q) — 751KB
• 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
• 0001199835-25-000025.txt ( ) — 4174KB
• lrdc-20241130.xsd (EX-101.SCH) — 26KB
• lrdc-20241130_cal.xml (EX-101.CAL) — 44KB
• lrdc-20241130_def.xml (EX-101.DEF) — 71KB
• lrdc-20241130_lab.xml (EX-101.LAB) — 184KB
• lrdc-20241130_pre.xml (EX-101.PRE) — 171KB
• lrdc-10q_htm.xml (XML) — 709KB

Managements Discussion and Analysis of Financial Condition and Results of Operations

Managements Discussion and Analysis of Financial Condition and Results of Operations 26 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 30 Item 4.

Controls and Procedures

Controls and Procedures 30

OTHER INFORMATION

PART II OTHER INFORMATION Item 6. Exhibits 32

Signatures

Signatures 33 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 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 November 30, 2024 and the results of its operations and cash flows for the three-month and six-month periods then ended, have been included. The results of operations for the three-month and six-month periods ended November 30, 2024 are not necessarily indicative of the results for the full year ending May 31, 2025. 3 Laredo Oil, Inc. Condensed Consolidated Balance Sheets November 30, May 31, 2024 (unaudited) 2024 ASSETS Current Assets Cash and cash equivalents and restricted cash $ 1,883,935 $ 1,990,189 Receivables - 8,346 Prepaid expenses and other current assets 50,156 19,941 Total Current Assets 1,934,091 2,018,476 Property and Equipment Oil and gas acquisition and drilling costs 2,843,477 610,663 Property and equipment, net 121,893 135,499 Total Proper

View Full Filing

View this 10-Q filing on SEC EDGAR