10-Q
Quarterly Report
Laredo Oil, Inc.
CIK: 1442492
File #: 333-153168
Balance Sheet
84 line items · 3 periods
XBRL
| Item | Feb 28, 2025 | May 31, 2024 | Feb 29, 2024 |
|---|---|---|---|
ASSETS | |||
Current Assets | |||
Cash and cash equivalents and restricted cash | 1,543,101 | 1,990,189 | 1,894,962 |
Previously Reported | — | — | 1,894,962 |
Accounts Receivable | 86,970 | 8,346 | — |
Other Non-Operating Current Assets | 45,353 | 19,941 | 17,692 |
Previously Reported | — | — | 17,692 |
Total Current Assets | 1,675,424 | 2,018,476 | 2,325,355 |
Previously Reported | — | — | 2,325,355 |
Property and Equipment | |||
Property, Plant and Equipment | 3,644,302 | 610,663 | 432,063 |
Previously Reported | — | — | 4,518,896 |
Revision of Prior Period, Adjustment | — | — | (4,086,833) |
Property, Plant and Equipment | 115,090 | 135,499 | 139,982 |
Previously Reported | — | — | 193,883 |
Revision of Prior Period, Adjustment | — | — | (53,901) |
Total Property and Equipment, net | 3,759,392 | 746,162 | 572,045 |
Previously Reported | — | — | 4,712,779 |
Revision of Prior Period, Adjustment | — | — | (4,140,734) |
Other Non-Operating Current Assets | 40,000 | 40,000 | 30,000 |
Previously Reported | — | — | 30,000 |
TOTAL ASSETS | 5,474,816 | 2,804,638 | 2,927,400 |
Previously Reported | — | — | 7,262,949 |
Revision of Prior Period, Adjustment | — | — | 4,335,549 |
LIABILITIES AND STOCKHOLDERS DEFICIT | |||
Current Liabilities | |||
Accounts Payable | 2,446,637 | 2,542,976 | 2,375,194 |
Previously Reported | — | — | 2,092,806 |
Revision of Prior Period, Adjustment | — | — | 282,388 |
Other Current Liabilities | 3,607,777 | 3,165,142 | 2,940,061 |
Previously Reported | — | — | 2,940,061 |
Other Non-Operating Current Liabilities | 518,085 | 360,848 | 306,771 |
Previously Reported | — | — | 380,466 |
Revision of Prior Period, Adjustment | — | — | (73,695) |
Deposit for well development | 1,500,000 | — | — |
Deferred well development costs | 5,883,077 | 4,551,577 | 4,434,405 |
Previously Reported | — | — | 3,785,710 |
Revision of Prior Period, Adjustment | — | — | 648,695 |
Bridge and promissory note, net of debt discount and debt issue costs | 273,553 | — | — |
Short-Term Debt | — | 288,622 | 374,159 |
Previously Reported | — | — | 949,159 |
Revision of Prior Period, Adjustment | — | — | (575,000) |
Revolving note | 1,060,061 | 1,060,061 | 1,060,061 |
Previously Reported | — | — | 1,060,061 |
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 | 61,831 | 66,379 | 67,073 |
Previously Reported | — | — | 67,073 |
Total Current Liabilities | 16,261,054 | 12,945,638 | 12,467,757 |
Previously Reported | — | — | 12,185,369 |
Revision of Prior Period, Adjustment | — | — | 282,388 |
Asset Retirement Obligations | 248,918 | 157,394 | 157,394 |
Previously Reported | — | — | 72,570 |
Revision of Prior Period, Adjustment | — | — | 84,824 |
Long-Term Debt | 841,494 | 887,733 | 903,883 |
Previously Reported | — | — | 903,883 |
Other Non-Operating Non-Current Liabilities | 1,090,412 | 1,045,127 | 1,061,277 |
Previously Reported | — | — | 976,453 |
Revision of Prior Period, Adjustment | — | — | 84,824 |
TOTAL LIABILITIES | 17,351,466 | 13,990,765 | 13,529,034 |
Previously Reported | — | — | 13,161,822 |
Revision of Prior Period, Adjustment | — | — | 367,212 |
Stockholders Deficit | |||
Total Stockholders' Equity | 7,417 | 7,199 | 7,148 |
Previously Reported | — | — | 7,148 |
Total Stockholders' Equity | 12,490,151 | 11,530,169 | 11,387,507 |
Previously Reported | — | — | 11,313,282 |
Revision of Prior Period, Adjustment | — | — | 74,225 |
Subscription paid in advance | 50,000 | — | — |
Total Stockholders' Equity | (24,424,218) | (22,723,495) | (21,996,289) |
Previously Reported | — | — | (17,219,303) |
Revision of Prior Period, Adjustment | — | — | (4,776,986) |
Total Stockholders Deficit | (11,876,650) | (11,186,127) | (10,601,634) |
Common Stock | 7,417 | 7,199 | 7,148 |
Additional Paid-in Capital | 12,490,151 | 11,530,169 | 11,387,507 |
Subscription Paid In Advance | 50,000 | — | — |
Retained Earnings | (24,424,218) | (22,723,495) | (21,996,289) |
Previously Reported | — | — | (5,898,873) |
Revision of Prior Period, Adjustment | — | — | (4,702,761) |
TOTAL LIABILITIES AND STOCKHOLDERS DEFICIT | 5,474,816 | 2,804,638 | 2,927,400 |
Previously Reported | — | — | 7,262,949 |
Revision of Prior Period, Adjustment | — | — | (4,335,549) |