10-K/A
Annual Report
Laredo Oil, Inc.
CIK: 1442492
File #: 333-153168
Balance Sheet
79 line items · 2 periods
XBRL
| Item | May 31, 2024 | May 31, 2023 |
|---|---|---|
ASSETS | ||
Current Assets | ||
Cash and cash equivalents and restricted cash | 1,990,189 | 13,754 |
Previously Reported | — | 13,754 |
Accounts Receivable | 8,346 | — |
Receivables – related party | — | 1,779 |
Previously Reported | — | 1,779 |
Other Non-Operating Current Assets | 19,941 | 36,549 |
Previously Reported | — | 36,549 |
Total Current Assets | 2,018,476 | 52,082 |
Previously Reported | — | 52,082 |
Property and Equipment | ||
Property, Plant and Equipment | 610,663 | 306,690 |
Previously Reported | — | 4,547,740 |
Revision of Prior Period, Adjustment | — | 4,241,050 |
Property, Plant and Equipment | 135,499 | 153,428 |
Previously Reported | — | 209,182 |
Revision of Prior Period, Adjustment | — | 55,754 |
Total Property and Equipment, net | 746,162 | 460,118 |
Previously Reported | — | 4,756,922 |
Revision of Prior Period, Adjustment | — | 4,296,804 |
Other Non-Operating Current Assets | 40,000 | 30,000 |
Previously Reported | — | 30,000 |
TOTAL ASSETS | 2,804,638 | 542,200 |
Previously Reported | — | 5,126,127 |
Revision of Prior Period, Adjustment | — | 4,583,927 |
LIABILITIES AND STOCKHOLDERS DEFICIT | ||
Current Liabilities | ||
Accounts Payable | 2,542,976 | 2,264,546 |
Previously Reported | — | 2,197,975 |
Revision of Prior Period, Adjustment | — | 66,571 |
Other Current Liabilities | 3,165,142 | 2,262,450 |
Previously Reported | — | 2,262,450 |
Other Non-Operating Current Liabilities | 360,848 | 210,414 |
Previously Reported | — | 210,414 |
Deferred well development costs | 4,551,577 | 1,799,260 |
Previously Reported | — | 1,799,260 |
Short-Term Debt | 288,622 | 839,798 |
Previously Reported | — | 839,798 |
Revolving note | 1,060,061 | 933,000 |
Previously Reported | — | 933,000 |
Note payable – related party | 292,099 | 292,099 |
Previously Reported | — | 292,099 |
Note payable – Alleghany, net of debt discount | 617,934 | 617,934 |
Previously Reported | — | 617,934 |
Short-Term Debt | 66,379 | 449,624 |
Previously Reported | — | 449,624 |
Total Current Liabilities | 12,945,638 | 9,669,125 |
Previously Reported | — | 9,602,554 |
Revision of Prior Period, Adjustment | — | 66,571 |
Asset Retirement Obligations | 157,394 | 121,072 |
Previously Reported | — | 67,938 |
Revision of Prior Period, Adjustment | — | 53,134 |
Long-Term Debt | 887,733 | 536,974 |
Previously Reported | — | 536,974 |
Other Non-Operating Non-Current Liabilities | 1,045,127 | 658,046 |
Previously Reported | — | 604,912 |
Revision of Prior Period, Adjustment | — | 53,134 |
TOTAL LIABILITIES | 13,990,765 | 10,327,171 |
Previously Reported | — | 10,207,466 |
Revision of Prior Period, Adjustment | — | 119,705 |
Stockholders Deficit | ||
Total Stockholders' Equity | 7,199 | 6,622 |
Previously Reported | — | 6,622 |
Total Stockholders' Equity | 11,530,169 | 10,064,603 |
Previously Reported | — | 9,990,378 |
Revision of Prior Period, Adjustment | — | 74,225 |
Total Stockholders' Equity | (22,723,495) | (19,856,196) |
Previously Reported | — | (15,078,339) |
Revision of Prior Period, Adjustment | — | (4,777,857) |
Total Stockholders Deficit | (11,186,127) | (9,784,971) |
Common Stock | 7,199 | 6,622 |
Additional Paid-in Capital | 11,530,169 | 10,064,603 |
Retained Earnings | (22,723,495) | (19,856,196) |
Previously Reported | — | (5,081,339) |
Revision of Prior Period, Adjustment | — | (4,703,632) |
TOTAL LIABILITIES AND STOCKHOLDERS DEFICIT | 2,804,638 | 542,200 |
Previously Reported | — | 5,126,127 |
Revision of Prior Period, Adjustment | — | 4,583,927 |