10-Q
Quarterly Report
Laredo Oil, Inc.
CIK: 1442492
File #: 333-153168
Balance Sheet
51 line items · 2 periods
XBRL
| Item | Feb 29, 2024 | May 31, 2023 |
|---|---|---|
ASSETS | ||
Current Assets | ||
Cash and cash equivalents ($1.9 million and $0 restricted from use at February 29, 2024 and May 31, 2023) | 1,894,962 | 13,754 |
Accounts Receivable | 412,701 | — |
Receivables – related party | — | 1,779 |
Other Non-Operating Current Assets | 17,692 | 36,549 |
Total Current Assets | 2,325,355 | 52,082 |
Cat Creek | 88,796 | 82,890 |
Olfert | 508 | — |
Property and Equipment | ||
Property, Plant and Equipment | 4,518,896 | 4,547,740 |
Property, Plant and Equipment | 193,883 | 209,182 |
Total Property and Equipment, net | 4,712,779 | 4,756,922 |
Other Non-Operating Current Assets | 30,000 | 30,000 |
Olfert | 37,630 | 37,630 |
Cat Creek | 157,185 | 249,493 |
TOTAL ASSETS | 7,262,949 | 5,126,127 |
Cat Creek | 974,515 | 1,024,230 |
Olfert | 1,859,703 | — |
LIABILITIES AND STOCKHOLDERS DEFICIT | ||
Current Liabilities | ||
Accounts Payable | 2,042,301 | 2,197,975 |
Other Current Liabilities | 2,940,061 | 2,262,450 |
Other Non-Operating Current Liabilities | 380,466 | 210,414 |
Accounts Payable | 50,505 | — |
Deferred well development costs | 3,785,710 | 1,799,260 |
Short-Term Debt | 949,159 | 839,798 |
Revolving note | 1,060,061 | 933,000 |
Note payable – related party | 292,099 | 292,099 |
Note payable – Alleghany, net of debt discount | 617,934 | 617,934 |
Short-Term Debt | 67,073 | 449,624 |
Total Current Liabilities | 12,185,369 | 9,602,554 |
Cat Creek | 206,214 | 83,342 |
Asset Retirement Obligations | 72,570 | 67,938 |
Long-Term Debt | 903,883 | 536,974 |
Other Non-Operating Non-Current Liabilities | 976,453 | 604,912 |
Cat Creek | 453,931 | 441,901 |
TOTAL LIABILITIES | 13,161,822 | 10,207,466 |
Stockholders Deficit | ||
Total Stockholders' Equity | 7,148 | 6,622 |
Total Stockholders' Equity | 11,313,282 | 9,990,378 |
Total Stockholders' Equity | (17,219,303) | (15,078,339) |
Total Stockholders Deficit | (5,898,873) | (5,081,339) |
Common Stock | 7,148 | 6,622 |
Additional Paid-in Capital | 11,313,282 | 9,990,378 |
Retained Earnings | (17,219,303) | (15,078,339) |
Cat Creek | 314,370 | 498,988 |
Olfert | 1,853,593 | — |
TOTAL LIABILITIES AND STOCKHOLDERS DEFICIT | 7,262,949 | 5,126,127 |
Cat Creek | 974,515 | 1,024,230 |
Olfert | 1,859,703 | — |