$LRDC

Laredo Oil, Inc.

CIK:0001442492|SEC Filings

Consolidated Statements of Operations - USD ($)	12 Months Ended
Consolidated Statements of Operations - USD ($)	May 31, 2026	May 31, 2025
Income Statement [Abstract]
Revenue	$ 3,141	$ 9,423
Gross profit (loss)	3,141	9,423
Lease Operating Expense	37,960	138,853
General, selling and administrative expenses	4,933,624	1,832,546
Consulting and professional services	1,729,594	603,682
Impairment expense	348,393	21,716
Total Operating Expense	7,049,571	2,596,797
Operating loss	(7,046,430)	(2,587,374)
Other income/(expense)
Other non-operating income	15,963	628,702
Gain on sale of assets
Interest expense, net	(888,864)	(489,918)
Net loss from continuing operations	(7,919,331)	(2,448,590)
Net loss from discontinued operations	52,340	733,284
Net loss	$ (7,971,671)	$ (3,181,874)
Net loss per share
Net loss per share from continuing operations, basic and diluted	$ (0.10)	$ (0.03)
Income (Loss) from Continuing Operations, Per Diluted Share	(0.10)	(0.03)
Net loss per share from discontinued operations, basic and diluted	(0.00)	(0.01)
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share	(0.00)	(0.01)
Net loss per share, basic and diluted	(0.10)	(0.04)
Earnings Per Share, Diluted	$ (0.10)	$ (0.04)
Weighted average number of basic and diluted common shares outstanding	77,113,818	73,605,387
Weighted Average Number of Shares Outstanding, Diluted	77,113,818	73,605,387

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	12 Months Ended
	May 31, 2026	May 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss from continuing operations	$ (7,919,331)	$ (2,448,590)
Net loss from discontinued operations	(52,340)	(733,284)
Net loss	(7,971,671)	(3,181,874)
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:
Stock based compensation expense	2,287,282
Issuance of stock in exchange for service	100,000
Amortization of debt discount	272,764	83,733
Impairment of equity investment	5,094
Impairment of long-term assets	343,299	21,716
Depreciation expense	40,811	27,213
Net loss on discontinued operations		733,284
Loss on disposal of assets	303
Loss on conversion	591,919
Changes in operating assets and liabilities:
Receivables		8,346
Receivables from related party
Prepaid expenses and other current assets	(12,707)	(3,815)
Bond	20,000
Accounts payable and accrued liabilities	1,017,601	88,347
Accrued payroll	(32,926)	587,385
Accrued interest	210,515	222,295
NET CASH USED IN OPERATING ACTIVITIES	(3,127,716)	(1,413,370)
CASH FLOWS FROM INVESTING ACTIVITIES
Investment in equity method investment	(20,000)
Cash paid for acquisition of oil and gas assets		(794,521)
NET CASH USED IN INVESTING ACTIVITIES	(20,000)	(794,521)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from sale of common stock	2,634,800
Proceeds from exercise of warrants	5,436
Repayment of convertible debt		(119,706)
Proceeds from promissory notes	1,275,000	200,000
Repayment of promissory notes	(99,750)
Proceeds from bridge notes	200,000	384,000
Repayment of bridge notes	(399,614)	(233,136)
PPP loan repayments	(61,729)	(66,682)
Proceeds from prefunded drilling costs		2,250,000
Repayment of prefunded drilling costs	(250,000)	(1,250,000)
CASH FLOWS PROVIDED BY FINANCING ACTIVITIES	3,304,143	2,379,676
Net increase/(decrease) in cash and cash equivalents from continuing operations	156,427	171,785
Cash and cash equivalents at beginning of period	249,409	127,624
Net cash provided by/(used in) discontinued operations
Cash provided by operating activities	14,840	1,598,143
Cash used for investing activities		(2,379,643)
Cash used in financing activities		731,500
Net cash provided by/(used in) discontinued operations	14,840	(50,000)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	420,676	249,409
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest expense	299,370	83,002
Cash paid for income taxes
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Oil and gas acquisition costs in accounts payable		73,598
Transfer of oil and gas assets to investment in entity – related party	643,225
Gain on sale of membership interest in HCC – related party	272,892
Relative fair value of warrants granted with debt	204,716	19,686
Gain on investment in oil and gas properties – related party		510,800
Initial asset retirement obligation and related liability		124,024
Reclassification of contingent liability to convertible debt		648,317
Exercise of warrant in exchange for debt and related interest repayment	628,814
Sale of stock in exchange for debt and related interest repayment	888,619
Issuance of common stock in exchange for note payable		$ 50,000

Condensed Balance Sheets - USD ($)	May 31, 2026	May 31, 2025
Current Assets
Cash and cash equivalents and restricted cash	$ 420,676	$ 249,409
Receivables - related party	37,500
Prepaid expenses and other current assets	33,863	21,156
Assets of discontinued operations		27,958
Total Current Assets	492,039	298,523
Property and Equipment
Oil and gas acquisition and drilling costs		1,001,209
Property and equipment, net	67,172	108,286
Total Property and Equipment, net	67,172	1,109,495
Investment in entity – related party	643,225
Other assets	10,000	30,000
Non-current assets of discontinued operations		10,000
TOTAL ASSETS	1,212,436	1,448,018
Current Liabilities
Accounts payable	2,813,598	2,027,487
Accounts payable and accrued liabilities – related party	604,243	402,344
Accrued payroll liabilities	3,719,601	3,752,527
Accrued interest	724,792	656,460
Deferred well development costs	2,549,260	2,799,260
Convertible debt contributed for net working interest	575,000	575,000
Bridge securities, net of debt discount	202,261	352,478
Promissory note, net of debt discount		181,349
Revolving note	1,060,061	1,060,061
Note payable – related party	292,099	292,099
Note payable – Alleghany, net of debt discount	617,934	617,934
Note payable, current portion	62,349	61,729
Liabilities of discontinued operations		130,812
Total Current Liabilities	13,221,198	12,909,540
Asset retirement obligation	157,394	157,394
Long-term note, net of current portion	763,352	825,701
Liabilities of discontinued operations		127,698
Total Noncurrent Liabilities	920,746	1,110,793
TOTAL LIABILITIES	14,141,944	14,020,333
Stockholders’ Deficit
Preferred stock: $0.0001 par value; 10,000,000 shares authorized; none issued and outstanding	(0)	(0)
Common stock: $0.0001 par value; 120,000,000 and 120,000,000 shares authorized; 84,244,558 and 74,771,476 issued and outstanding as of May 31, 2026 and 2025, respectively	8,424	7,477
Additional paid in capital	20,939,108	13,275,577
Subscription paid in advance		50,000
Accumulated deficit	(33,877,040)	(25,905,369)
Total Stockholders’ Deficit	(12,929,508)	(12,572,315)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT	$ 1,212,436	$ 1,448,018