10-Q
Quarterly Report
Laredo Oil, Inc.
CIK: 1442492
File #: 333-153168
Balance Sheet
80 line items · 3 periods
XBRL
| Item | Nov 30, 2024 | May 31, 2024 | Nov 30, 2023 |
|---|---|---|---|
ASSETS | |||
Current Assets | |||
Cash and cash equivalents and restricted cash | 1,883,935 | 1,990,189 | 38,879 |
Previously Reported | — | — | 38,879 |
Accounts Receivable | — | 8,346 | — |
Other Non-Operating Current Assets | 50,156 | 19,941 | 26,452 |
Previously Reported | — | — | 26,452 |
Total Current Assets | 1,934,091 | 2,018,476 | 65,331 |
Previously Reported | — | — | 65,331 |
Property and Equipment | |||
Property, Plant and Equipment | 2,843,477 | 610,663 | 402,186 |
Previously Reported | — | — | 4,479,596 |
Revision of Prior Period, Adjustment | — | — | (4,077,410) |
Property, Plant and Equipment | 121,893 | 135,499 | 144,464 |
Previously Reported | — | — | 198,982 |
Revision of Prior Period, Adjustment | — | — | (54,518) |
Total Property and Equipment, net | 2,965,370 | 746,162 | 546,650 |
Previously Reported | — | — | 4,678,578 |
Revision of Prior Period, Adjustment | — | — | (4,131,928) |
Other Non-Operating Current Assets | 40,000 | 40,000 | 30,000 |
Previously Reported | — | — | 30,000 |
TOTAL ASSETS | 4,939,461 | 2,804,638 | 641,981 |
Previously Reported | — | — | 5,049,898 |
Revision of Prior Period, Adjustment | — | — | (4,407,917) |
LIABILITIES AND STOCKHOLDERS DEFICIT | |||
Current Liabilities | |||
Accounts Payable | 2,592,484 | 2,542,976 | 2,332,333 |
Previously Reported | — | — | 2,054,309 |
Revision of Prior Period, Adjustment | — | — | 278,024 |
Other Current Liabilities | 3,503,421 | 3,165,142 | 2,743,004 |
Previously Reported | — | — | 2,743,004 |
Other Non-Operating Current Liabilities | 460,683 | 360,848 | 326,905 |
Previously Reported | — | — | 326,905 |
Deposit for well development | 1,875,000 | — | — |
Deferred well development costs | 4,833,077 | 4,551,577 | 1,799,260 |
Previously Reported | — | — | 1,799,260 |
Short-Term Debt | 47,386 | 288,622 | 858,193 |
Previously Reported | — | — | 858,193 |
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 | 63,350 | 66,379 | 66,905 |
Previously Reported | — | — | 66,905 |
Total Current Liabilities | 15,345,495 | 12,945,638 | 10,096,694 |
Previously Reported | — | — | 9,818,670 |
Revision of Prior Period, Adjustment | — | — | 278,024 |
Asset Retirement Obligations | 247,919 | 157,394 | 157,394 |
Previously Reported | — | — | 71,026 |
Revision of Prior Period, Adjustment | — | — | 86,368 |
Long-Term Debt | 856,946 | 887,733 | 920,853 |
Previously Reported | — | — | 920,853 |
Other Non-Operating Non-Current Liabilities | 1,104,865 | 1,045,127 | 1,078,247 |
Previously Reported | — | — | 991,879 |
Revision of Prior Period, Adjustment | — | — | 86,368 |
TOTAL LIABILITIES | 16,450,360 | 13,990,765 | 11,174,941 |
Previously Reported | — | — | 10,810,549 |
Revision of Prior Period, Adjustment | — | — | 364,392 |
Stockholders Deficit | |||
Total Stockholders' Equity | 7,392 | 7,199 | 7,012 |
Previously Reported | — | — | 7,012 |
Total Stockholders' Equity | 12,379,976 | 11,530,169 | 11,189,456 |
Previously Reported | — | — | 11,115,231 |
Revision of Prior Period, Adjustment | — | — | 74,225 |
Subscription paid in advance | 110,200 | — | — |
Total Stockholders' Equity | (24,008,467) | (22,723,495) | (21,729,428) |
Previously Reported | — | — | (16,882,894) |
Revision of Prior Period, Adjustment | — | — | (4,846,534) |
Total Stockholders Deficit | (11,510,899) | (11,186,127) | (10,532,960) |
Common Stock | 7,392 | 7,199 | 7,012 |
Additional Paid-in Capital | 12,379,976 | 11,530,169 | 11,189,456 |
Subscription Paid In Advance | 110,200 | — | — |
Retained Earnings | (24,008,467) | (22,723,495) | (21,729,428) |
Previously Reported | — | — | (5,760,651) |
Revision of Prior Period, Adjustment | — | — | (4,772,309) |
TOTAL LIABILITIES AND STOCKHOLDERS DEFICIT | 4,939,461 | 2,804,638 | 641,981 |
Previously Reported | — | — | 5,049,898 |
Revision of Prior Period, Adjustment | — | — | (4,407,917) |