10-Q
Quarterly Report
Laredo Oil, Inc.
CIK: 1442492
File #: 333-153168
Balance Sheet
78 line items · 3 periods
XBRL
| Item | Aug 31, 2024 | May 31, 2024 | Aug 31, 2023 |
|---|---|---|---|
ASSETS | |||
Current Assets | |||
Cash and cash equivalents and restricted cash | 1,935,310 | 1,990,189 | 2,951 |
Previously Reported | — | — | 2,951 |
Accounts Receivable | 4,114 | 8,346 | — |
Other Non-Operating Current Assets | 89,841 | 19,941 | 35,359 |
Previously Reported | — | — | 35,359 |
Total Current Assets | 2,029,265 | 2,018,476 | 213,310 |
Previously Reported | — | — | 213,310 |
Property and Equipment | |||
Property, Plant and Equipment | 2,475,603 | 610,663 | 344,854 |
Previously Reported | — | — | 4,434,055 |
Revision of Prior Period, Adjustment | — | — | (4,089,201) |
Property, Plant and Equipment | 128,697 | 135,499 | 148,946 |
Previously Reported | — | — | 204,700 |
Revision of Prior Period, Adjustment | — | — | (55,754) |
Total Property and Equipment, net | 2,604,300 | 746,162 | 493,800 |
Previously Reported | — | — | 4,638,755 |
Revision of Prior Period, Adjustment | — | — | (4,144,955) |
Other Non-Operating Current Assets | 40,000 | 40,000 | 30,000 |
Previously Reported | — | — | 30,000 |
TOTAL ASSETS | 4,673,565 | 2,804,638 | 737,110 |
Previously Reported | — | — | 5,148,527 |
Revision of Prior Period, Adjustment | — | — | 4,411,417 |
LIABILITIES AND STOCKHOLDERS DEFICIT | |||
Current Liabilities | |||
Accounts Payable | 2,560,511 | 2,542,976 | 2,422,013 |
Previously Reported | — | — | 2,180,468 |
Revision of Prior Period, Adjustment | — | — | 241,545 |
Other Current Liabilities | 3,364,070 | 3,165,142 | 2,491,328 |
Previously Reported | — | — | 2,491,328 |
Other Non-Operating Current Liabilities | 412,547 | 360,848 | 278,576 |
Previously Reported | — | — | 278,576 |
Deposit for well development | 1,500,000 | — | — |
Deferred well development costs | 4,789,327 | 4,551,577 | 1,799,260 |
Previously Reported | — | — | 1,799,260 |
Short-Term Debt | 123,894 | 288,622 | 878,388 |
Previously Reported | — | — | 878,388 |
Revolving note | 1,060,061 | 1,060,061 | 1,035,061 |
Previously Reported | — | — | 1,035,061 |
Note payable – related party | 292,099 | 292,099 | 292,099 |
Previously Reported | — | — | 292,099 |
Note payable – Alleghany, net of debt discount | 617,934 | 617,934 | 617,934 |
Previously Reported | — | — | 617,934 |
Short-Term Debt | 64,866 | 66,379 | 528,568 |
Previously Reported | — | — | 528,568 |
Total Current Liabilities | 14,785,309 | 12,945,638 | 10,343,227 |
Previously Reported | — | — | 10,101,682 |
Revision of Prior Period, Adjustment | — | — | 241,545 |
Asset Retirement Obligations | 246,277 | 157,394 | 121,072 |
Previously Reported | — | — | 69,482 |
Revision of Prior Period, Adjustment | — | — | 51,590 |
Long-Term Debt | 872,358 | 887,733 | 456,382 |
Previously Reported | — | — | 456,382 |
Other Non-Operating Non-Current Liabilities | 1,118,635 | 1,045,127 | 577,454 |
Previously Reported | — | — | 525,864 |
Revision of Prior Period, Adjustment | — | — | 51,590 |
TOTAL LIABILITIES | 15,903,944 | 13,990,765 | 10,920,681 |
Previously Reported | — | — | 10,627,546 |
Revision of Prior Period, Adjustment | — | — | 293,135 |
Stockholders Deficit | |||
Total Stockholders' Equity | 7,293 | 7,199 | 6,622 |
Previously Reported | — | — | 6,622 |
Total Stockholders' Equity | 11,955,075 | 11,530,169 | 10,785,713 |
Previously Reported | — | — | 10,711,488 |
Revision of Prior Period, Adjustment | — | — | 74,225 |
Total Stockholders' Equity | (23,192,747) | (22,723,495) | (20,975,906) |
Previously Reported | — | — | (16,197,129) |
Revision of Prior Period, Adjustment | — | — | (4,778,777) |
Total Stockholders Deficit | (11,230,379) | (11,186,127) | (10,183,571) |
Common Stock | 7,293 | 7,199 | 6,622 |
Additional Paid-in Capital | 11,955,075 | 11,530,169 | 10,785,713 |
Retained Earnings | (23,192,747) | (22,723,495) | (20,975,906) |
Previously Reported | — | — | (5,479,019) |
Revision of Prior Period, Adjustment | — | — | (4,704,552) |
TOTAL LIABILITIES AND STOCKHOLDERS DEFICIT | 4,673,565 | 2,804,638 | 737,110 |
Previously Reported | — | — | 5,148,527 |
Revision of Prior Period, Adjustment | — | — | (4,411,417) |