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U.S.
SECURITIES AND EXCHANGE
COMMISSION
Washington,
D.C. 20549
FORM
10-Q
x QUARTERLY
REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
FOR
THE QUARTERLY PERIOD ENDED AUGUST 31, 2023
Commission
File Number 333-153168
Laredo Oil, Inc. |
(Exact
name of registrant as specified in its charter) |
|
Delaware |
(State
or other jurisdiction of incorporation or organization) |
|
2021 Guadalupe Street, Ste. 260 |
Austin,
Texas 78705 |
(Address
of principal executive offices) (Zip code) |
|
(512) 337-1199 |
(Registrants
telephone number, including area code) |
Check
whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or
for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements
for the last 90 days. Yes x No
o
Indicate
by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive
Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the
preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No o
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company or an emerging growth company. See the definitions of large accelerated filer, accelerated filer,
non-accelerated filer, smaller reporting company, and emerging growth company in Rule 12b-2
of the Exchange Act.
Large
accelerated filer |
o |
Accelerated
filer |
o |
Non-accelerated Filer |
x |
Smaller reporting company |
x |
|
|
Emerging growth company |
o |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 or the Exchange Act). Yes o No x
State
the number of shares outstanding of each of the issuers classes of common equity, as of the latest practicable date:
As
of October 16, 2023, the registrant had 67,619,066 shares of common stock issued and outstanding.
ITEM
1. FINANCIAL STATEMENTS
The
following unaudited condensed consolidated financial statements (financial statements) have been prepared by Laredo Oil,
Inc. (the Company), pursuant to the rules and regulations of the Securities and Exchange Commission (SEC).
Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted
accounting principles have been omitted pursuant to such SEC rules and regulations; nevertheless, the Company believes that the disclosures
are adequate to make the information presented not misleading. However, except as disclosed herein, there have been no material changes
in the information disclosed in the notes to the financial statements for the fiscal year ended May 31, 2023. These financial statements
and the notes attached hereto should be read in conjunction with the financial statements and notes included in the Companys Annual
Report on Form 10-K, which was filed with the SEC on September 13, 2023. In the opinion of management of the Company, all adjustments,
including normal recurring adjustments necessary to present fairly the financial position of the Company as of August 31, 2023, and the
results of its operations and cash flows for the three-month period then ended, have been included. The results of operations for the
three-month period ended August 31, 2023 are not necessarily indicative of the results for the full year ending May 31, 2024.
Laredo
Oil, Inc. |
Condensed
Consolidated Balance Sheets |
| |
August 31, | | |
May 31, | |
| |
2023 (unaudited) | | |
2023 | |
ASSETS | |
| | | |
| | |
Current Assets | |
| | | |
| | |
Cash and cash equivalents | |
$ | 2,951 | | |
$ | 13,754 | |
Other Receivable | |
| 175,000 | | |
| - | |
Receivables – related party | |
| - | | |
| 1,779 | |
Prepaid expenses and other current assets | |
| 35,359 | | |
| 36,549 | |
Total Current Assets | |
| 213,310 | | |
| 52,082 | |
| |
| | | |
| | |
Property and Equipment | |
| | | |
| | |
Oil and gas acquisition and drilling costs | |
| 4,434,055 | | |
| 4,547,740 | |
Property and equipment, net | |
| 204,700 | | |
| 209,182 | |
Total Property and Equipment, net | |
| 4,638,755 | | |
| 4,756,922 | |
| |
| | | |
| | |
Other assets | |
| 30,000 | | |
| 30,000 | |
Equity method investment – Olfert | |
| 37,630 | | |
| 37,630 | |
Equity method investment – Cat Creek | |
| 228,832 | | |
| 249,493 | |
| |
| | | |
| | |
TOTAL ASSETS | |
$ | 5,148,527 | | |
$ | 5,126,127 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS DEFICIT | |
| | | |
| | |
Current Liabilities | |
| | | |
| | |
Accounts payable | |
$ | 2,180,468 | | |
$ | 2,197,975 | |
Accrued payroll liabilities | |
| 2,491,328 | | |
| 2,262,450 | |
Accrued interest | |
| 278,576 | | |
| 210,414 | |
Deferred well development costs | |
| 1,799,260 | | |
| 1,799,260 | |
Convertible debt, net of debt discount and debt issuance costs | |
| 878,388 | | |
| 839,798 | |
Revolving note | |
| 1,035,061 | | |
| 933,000 | |
Note payable – related party | |
| 292,099 | | |
| 292,099 | |
Note payable – Alleghany, net of debt discount | |
| 617,934 | | |
| 617,934 | |
Note payable, current portion | |
| 528,568 | | |
| 449,624 | |
Total Current Liabilities | |
| 10,101,682 | | |
| 9,602,554 | |
| |
| | | |
| | |
Asset retirement obligation | |
| 69,482 | | |
| 67,938 | |
Long-term note, net of current portion | |
| 456,382 | | |
| 536,974 | |
Total Noncurrent Liabilities | |
| 525,864 | | |
| 604,912 | |
| |
| | | |
| | |
TOTAL LIABILITIES | |
| 10,627,546 | | |
| 10,207,466 | |
| |
| | | |
| | |
Commitments and Contingencies (Note 13) | |
| - | | |
| - | |
| |
| | | |
| | |
Stockholders Deficit | |
| | | |
| | |
Preferred stock: $0.0001 par value; 10,000,000 shares authorized; none issued and outstanding | |
| - | | |
| - | |
Common stock: $0.0001 par value; 120,000,000 shares authorized; 66,220,206 issued and outstanding as of August 31, 2023 and May 31, 2023 | |
| 6,622 | | |
| 6,622 | |
Additional paid in capital | |
| 10,711,488 | | |
| 9,990,378 | |
Accumulated deficit | |
| (16,197,129 | ) | |
| (15,078,339 | ) |
| |
| | | |
| | |
Total Stockholders Deficit | |
| (5,479,019 | ) | |
| (5,081,339 | ) |
| |
| | | |
| | |
TOTAL LIABILITIES AND STOCKHOLDERS DEFICIT | |
$ | 5,148,527 | | |
$ | 5,126,127 | |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
Laredo
Oil, Inc. |
Condensed
Consolidated Statements of Operations |
(Unaudited) |
| |
Three Months Ended | | |
Three Months Ended | |
| |
August 31, 2023 | | |
August 31, 2022 | |
Revenue | |
$ | - | | |
$ | - | |
| |
| | | |
| | |
Direct costs | |
| - | | |
| - | |
| |
| | | |
| | |
Gross profit (loss) | |
| - | | |
| - | |
| |
| | | |
| | |
General, selling and administrative expenses | |
| 1,177,124 | | |
| 592,380 | |
Consulting and professional services | |
| 174,618 | | |
| 335,353 | |
Total Operating expenses | |
| 1,351,742 | | |
| 927,733 | |
| |
| | | |
| | |
Operating loss | |
| (1,351,742 | ) | |
| (927,733 | ) |
| |
| | | |
| | |
Other income (expense) | |
| | | |
| | |
Other non-operating income | |
| 175,000 | | |
| 1,521 | |
Gain on sale of assets | |
| 175,000 | | |
| 22,364 | |
Income from employee retention credit | |
| - | | |
| 122,682 | |
Equity method loss | |
| (20,662 | ) | |
| (10,905 | ) |
Interest expense, net | |
| (96,386 | ) | |
| (82,554 | ) |
| |
| | | |
| | |
Net income/(loss) | |
$ | (1,118,790 | ) | |
$ | (874,625 | ) |
| |
| | | |
| | |
Net income/(loss) per share, basic and diluted | |
$ | (0.02 | ) | |
| (0.02 | ) |
| |
| | | |
| | |
Weighted average number of basic and common shares outstanding | |
| 66,220,306 | | |
| 55,200,901 | |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
Laredo
Oil, Inc. |
Condensed
Consolidated Statements of Changes in Stockholders Deficit (Unaudited) |
| |
| | |
| | |
| | |
| | |
Additional | | |
| | |
Total | |
| |
Common Stock | | |
Preferred Stock | | |
Paid | | |
Accumulated | | |
Stockholders | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
in
Capital | | |
Deficit | | |
Deficit | |
For the three months ended
August 31, 2023 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance as of May 31, 2023 | |
| 66,220,306 | | |
$ | 6,622 | | |
| - | | |
| - | | |
$ | 9,990,378 | | |
$ | (15,078,339 | ) | |
$ | (5,081,339 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock based compensation | |
| - | | |
| - | | |
| - | | |
| - | | |
| 721,110 | | |
| - | | |
| 721,110 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net Income | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (1,118,790 | ) | |
| (1,118,790 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance as of August
31, 2023 | |
| 66,220,306 | | |
$ | 6,622 | | |
| - | | |
| - | | |
$ | 10,711,488 | | |
$ | (16,197,129 | ) | |
$ | (5,479,019 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | |
| | |
| | |
| | |
Additional | | |
| | |
Total | |
| |
Common Stock | | |
Preferred Stock | | |
Paid | | |
Accumulated | | |
Stockholders | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
in
Capital | | |
Deficit | | |
Deficit | |
For the three months ended
August 31, 2022 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance as of May 31, 2022 | |
| 54,514,765 | | |
$ | 5,451 | | |
| - | | |
| - | | |
$ | 9,179,088 | | |
$ | (11,982,488 | ) | |
$ | (2,797,949 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Restricted stock issued to
consultants | |
| 1,272,574 | | |
| 127 | | |
| - | | |
| - | | |
| 187,130 | | |
| - | | |
| 187,130 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock based compensation | |
| - | | |
| - | | |
| - | | |
| - | | |
| 133,110 | | |
| - | | |
| 133,110 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Cumulative effect of accounting
change | |
| - | | |
| - | | |
| - | | |
| - | | |
| (55,918 | ) | |
| 16,200 | | |
| (39,718 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net Income | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (874,625 | ) | |
| (874,625 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance as of August
31, 2022 | |
| 55,787,339 | | |
$ | 5,578 | | |
| - | | |
| - | | |
$ | 9,443,410 | | |
$ | (12,840,913 | ) | |
$ | (3,391,925 | ) |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
Laredo
Oil, Inc. |
Condensed
Consolidated Statements of Cash Flows |
(Unaudited) |
| |
Three Months Ended | | |
Three Months Ended | |
| |
August 31, 2023 | | |
August 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |
| | | |
| | |
Net income (loss) | |
$ | (1,118,790 | ) | |
$ | (874,625 | ) |
Adjustments to Reconcile Net Income (Loss) to Net Cash used in Operating Activities | |
| | | |
| | |
Restricted stock expense | |
| - | | |
| 187,257 | |
Stock based compensation expense | |
| 721,110 | | |
| 133,110 | |
Depreciation expense | |
| 5,100 | | |
| 12,875 | |
Accretion expense | |
| 1,544 | | |
| 1,544 | |
Amortization of debt discount | |
| 13,578 | | |
| 21,708 | |
Equity method (loss)/income | |
| 20,662 | | |
| 10,905 | |
Gain on sale of assets | |
| (175,000 | ) | |
| (22,364 | ) |
Change in operating assets and liabilities | |
| | | |
| | |
Receivables -related party | |
| 1,779 | | |
| - | |
Prepaid expenses and other current assets | |
| 1,190 | | |
| (2,936 | ) |
Accounts payable and accrued liabilities | |
| 158,405 | | |
| (33,865 | ) |
Accrued payroll | |
| 228,878 | | |
| 143,526 | |
Accrued interest | |
| 68,162 | | |
| 20,710 | |
NET CASH USED IN OPERATING ACTIVITIES | |
| (73,382 | ) | |
| (402,155 | ) |
| |
| | | |
| | |
CASH FLOWS USED IN INVESTING ACTIVITIES | |
| | | |
| | |
Investment in equity method investment | |
| - | | |
| (18,438 | ) |
Investment in property, plant and equipment | |
| - | | |
| (303 | ) |
Acquisition of oil and gas assets | |
| (62,846 | ) | |
| (930,710 | ) |
| |
| | | |
| | |
NET CASH USED IN INVESTING ACTIVITIES | |
| (62,846 | ) | |
| (949,451 | ) |
| |
| | | |
| | |
Repayment of convertible debt | |
| (59,988 | ) | |
| (89,698 | ) |
Proceeds from notes payable and revolving note | |
| 187,061 | | |
| 798,000 | |
Proceeds from prefunded drilling costs | |
| - | | |
| 715,438 | |
PPP loan repayments | |
| (1,648 | ) | |
| (64,619 | ) |
| |
| | | |
| | |
CASH FLOWS PROVIDED BY FINANCING ACTIVITIES | |
| 125,425 | | |
| 1,359,121 | |
| |
| | | |
| | |
Net increase (decrease) in cash and cash equivalents | |
| (10,803 | ) | |
| 7,515 | |
| |
| | | |
| | |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | |
| 13,754 | | |
| 109,183 | |
| |
| | | |
| | |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | |
$ | 2,951 | | |
$ | 116,698 | |
| |
| | | |
| | |
NONCASH INVESTING ACTIVITIES | |
| | | |
| | |
Oil and gas acquisition costs in accounts payable | |
| 175,913 | | |
| 474,750 | |
Interest paid | |
| 14,642 | | |
| 29,584 | |
Sale of assets in exchange for note payable repayment | |
| - | | |
| 136,479 | |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS |
(UNAUDITED) |
NOTE
1 – ORGANIZATION AND DESCRIPTION OF BUSINESS
The
accompanying consolidated financial statements have been prepared by the management of Laredo Oil, Inc. (the Company).
The
Company was incorporated under the laws of the State of Delaware on March 31, 2008 under the name of Laredo Mining, Inc.
On October 21, 2009, the Company changed its name to Laredo Oil, Inc.
The
Company is an oil exploration and production company, primarily engaged in acquisition and exploration efforts to find mineral reserves
on various properties. From its inception in March 2008 through October 2009, the Company was primarily engaged in acquisition and exploration
efforts for mineral properties. Beginning in October 2009, the Company shifted its focus to locating mature oil fields, with the intention
of acquiring those oil fields and recovering stranded oil using enhanced recovery methods. From June 14, 2011 to December 31, 2020, the
Company was a management services company, managing the acquisition and operation of mature oil fields, focused on the recovery of stranded
oil from those mature fields using enhanced oil recovery methods for its then sole customer, Stranded Oil Resources Corporation, or SORC,
then a wholly owned subsidiary of Alleghany Corporation. The Company performed those services in exchange for a quarterly management
fee and the reimbursement from SORC of its employee related expenses, which fees and reimbursements were effectively all of the Companys
revenues prior to the closing of the Securities Purchase Agreement with Alleghany described below.
On
December 31, 2020, the Company entered into a Securities Purchase Agreement with Alleghany Corporation. Under that agreement, the Company
purchased all the issued and outstanding shares of SORC. Currently, there are no ongoing operations being conducted by SORC.
Under
the Securities Purchase Agreement with Alleghany, the Company also entered into a Consulting Agreement, under which Alleghany paid the
Company an aggregate of approximately $1.245 million during calendar year 2021 in exchange for providing Alleghany with one to three
years of consulting services from certain of the Companys employees, including Mark See, its Chief Executive Officer.
Alleghany
no longer pays the Company any management fees or reimbursement payments for the monthly expenses of its employees. Those fees and reimbursements
were effectively all of the Companys revenues prior to the closing of the Securities Purchase Agreement with Alleghany described
above.
While
the Company was providing services to Alleghany prior to December 31, 2020, it gained know-how and operational experience in evaluating,
acquiring, operating and developing oil and gas properties using enhanced oil recovery methods. The Company also gained experience in
designing, drilling and producing conventional oil wells using those methods.
During
the period from June 14, 2011 through December 31, 2020, when the 2011 SORC Agreements were in effect, Company management gained specialized
know-how and operational experience in evaluating, acquiring, operating and developing oil and gas properties while implementing UGD
projects, as well as gaining expertise designing, drilling and producing conventional oil wells. Based upon the knowledge gained, as
of August 31, 2023, the Company has identified and acquired 45,766 gross acres and 38,153 net acres of mineral property interests in
Montana. The Company drilled one exploratory well during May 2022, which has been shut-in pending gaining access to a saltwater disposal
well allowing economically feasible water disposal. The Company plans to continue to develop the field as funding allows.
In
connection with securing this acreage in Montana, Lustre Oil Company LLC, a wholly-owned subsidiary of the Company
(“Lustre”), entered into an Acquisition and Participation Agreement (the Erehwon APA) with Erehwon Oil &
Gas, LLC (Erehwon) to acquire oil and gas interests and drill, complete, re-enter, re-complete, sidetrack, and equip
wells in Valley County, Daniels County and Roosevelt County, Montana. The Erehwon APA specifies calculations for royalty interests
and working interests for the first ten well completions and first ten well recompletions and for all additional wells and
recompletions thereafter. Lustre will acquire initial mineral leases and pay 100% of the costs with a cap of $500,000. When the
$500,000 cap is exceeded, Erehwon will have the option to acquire a 10% working interest (WI) in a lease by paying 10%
of any lease acquisition cost, resulting in Lustre paying 90% of the lease costs, on a lease-by-lease basis. Until amounts paid to
complete the first ten new wells and first ten recompletions are repaid (Payback), the WI split is 10% for Erehwon and
90% for Lustre. Thereafter, the split between Erehwon and Lustre will be 20%/80%. Additional wells and recompletions will have a WI
split equal to their respective working interest in the leases. This will be 10% for Erehwon and 90% for Lustre, unless Erehwon
exercises its option to increase its WI by ten percentage points to 20%, as described above. Under the Erehwon APA, Lustre will fund
100% of the construction costs of the first ten wells and first ten completions. Any additional wells will be funded 80% by Lustre
and 20% by Erehwon; provided, however, that Erehwon has the option to pay 10% of the construction cost to increase its WI to 20%.
Royalty expense will consist of the sum of royalty interest to the landowner and an overriding royalty interest to two individuals
(Prospect Generators), not to exceed 6% nor be less than 3%. For the first ten new wells and first ten recompletions, Prospect Generators will receive an amount equal to 5% of the cost of each completed producing well.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS |
(UNAUDITED) |
NOTE
1 – ORGANIZATION AND DESCRIPTION OF BUSINESS - continued
In
January 2022, the Company and Lustre executed a Net Profits Interest Agreement (the NPI Agreement) with Erehwon and Olfert
No. 11-4 Holdings, LLC (Olfert Holdings) for the purpose of funding the first well, Olfert #11-4, (the Well)
under the Erehwon Acquisition and Participation Agreement (APA). In connection with the NPI Agreement, the Company was
credited with a contribution totaling $59,935 of well development costs, as determined by agreement with Olfert on behalf of Olfert Holding
representing a 5.5% interest in the entity as of May 31, 2022 based on the carrying value of assets contributed to Olfert. The total
investment recorded by Laredo was $19,435 as of May 31, 2022. The difference between the $59,935 contribution recorded at the Olfert
level and the investment recorded by the Company is due to the investment at the Company being recorded at the carrying value of the
assets contributed. As the Company also currently serves as the manager of Olfert, it exercises significant influence. Accordingly, the
amount paid by the Company is recorded as an equity method investment as of August 31, 2023. See further disclosures in Note 8.
On
June 30, 2020, the Company entered into the Limited Liability Company Agreement (the Cat Creek Agreement) of Cat Creek
Holdings, LLC (Cat Creek), a Montana limited liability company formed as a joint venture with Lipson Investments LLC (Lipson)
and Viper Oil & Gas, LLC (Viper) for the purchase of certain oil and gas properties in the Cat Creek Field, located
in Petroleum and Garfield Counties in the State of Montana (the Cat Creek Properties). In accordance with the Cat Creek
Agreement, the Company invested $448,900 of cash in Cat Creek for 50% of the ownership interests in Cat Creek. Lipson Investments LLC
and Viper Oil & Gas, LLC, the other two members of Cat Creek, each have 25% ownership interests in Cat Creek in consideration of
their respective investments of $224,450. Cat Creek is managed by a Board of Directors consisting of four directors, two of which are
designated by the Company.
Lustre
and Erehwon entered into an Exploration and Development Agreement, dated July 18, 2023 (the Development Agreement), with
Texakoma Exploration & Production Company (Texakoma), for the exploration and development of the Lustre Field
Prospect, as described in the Development Agreement. Lustre and Erehwon are parties to an existing Acquisition and Participation
Agreement, under which those parties agreed to acquire certain oil and gas interests, and drill, complete, re-enter, re-complete, sidetrack,
and equip wells, in certain counties in Montana.
Under
the terms of the Development Agreement, Texakoma agreed to pay Lustre and Erehwon (jointly, LOC), the following amounts:
(i) $175,000 on or before July 21, 2023; and (ii) another $175,000 upon the spudding of the initial test well, which is
scheduled to occur prior to November 1, 2023, subject to rig availability. Upon the spudding of that test well, LOC is required to deliver
to Texakoma a partial assignment of an 85% working interest in the oil and gas leases covering the first two initial drilling and spacing
units. The first payment under the Development Agreement was paid by Texakoma at the end of August 2023.
Texakoma
will pay 100% of the costs associated with the drilling and completion of two initial test wells. LOC will jointly have an undivided
15% working interest, carried through the tanks, in the initial two wells. Texakoma will have the option, but not the obligation, to
participate in the development of the remainder of the Lustre Field Prospect, which may be exercised by Texakoma by giving Lustre and
Erehwon written notice of its intent to participate within 90 days after the completion rig moves off the second test well location.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS |
(UNAUDITED) |
NOTE
1 – ORGANIZATION AND DESCRIPTION OF BUSINESS - continued
If
Texakoma duly exercises its option, Texakoma agrees to drill eight additional wells, with LOC having a 15% working interest carried through
the tanks, and pay LOC $706,603 for an 85% leasehold interest in the next eight drill sites and a 50% leasehold interest in the balance
of the Lustre Field Prospect acreage. The working and net revenue interest in any wells drilled subsequent to the first ten wells shall
be shared by Texakoma and LOC on a 50:50 basis. Following the Texakoma transaction, the Company will retain a 100% leasehold interest
and full control of an additional 30,556 net mineral acres in northeastern Montana at the western edge of the Williston Basin.
Basic
and Diluted Loss per Share
Basic
and diluted earnings/(loss) per share is computed by dividing net income/(loss) available to common shareholders by the weighted average
number of common shares outstanding during the period. Diluted earnings/(loss) per share gives effect to all dilutive potential common
shares outstanding during the period. Dilutive earnings/(loss) per share excludes all potential common shares if their effect is anti-dilutive.
As the Company realized a net loss for the three-month periods ended August 31, 2023 and 2022, no potentially dilutive securities were
included in the calculation of diluted loss per share as their impact would have been anti-dilutive. Diluted earnings/(loss) per share
is computed by dividing the net income (loss) by the weighted-average number of common and dilutive common equivalent shares outstanding
during the period.
NOTE
2 – GOING CONCERN
These
consolidated financial statements have been prepared on a going concern basis. The Company has routinely incurred losses since inception,
resulting in an accumulated deficit, and historically has been dependent on one customer for its revenue. There is no assurance that
in the future any financing will be available to meet the Companys needs. This situation raises substantial doubt about the Companys
ability to continue as a going concern within one year of the issuance date of the consolidated financial statements.
Management
has undertaken steps as part of a plan to improve operations with the goal of sustaining operations for the next twelve months and beyond.
These steps include an ongoing effort to (a) controlling overhead and expenses; (b) raising funds connected with specific well development;
and (b) raising funds through notes payable and convertible debt to expand and fund property acquisitions exploration and development
as well as maintaining operations. The Company has worked to attract and retain key personnel with significant experience in the industry.
At the same time, to control costs, the Company has required several of its personnel to multi-task and cover a wider range of responsibilities to restrict the growth of the Companys headcount. There can be no assurance that the Company can successfully accomplish
these steps and it is uncertain that the Company will achieve a profitable level of operations and obtain additional financing. There
can be no assurance that any additional financing will be available to the Company on satisfactory terms and conditions, if at all.
The
accompanying consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability
and classification of assets or the amounts and classifications of liabilities that may result from the possible inability of the Company
to continue as a going concern.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS |
(UNAUDITED) |
|
NOTE
3 – SIGNIFICANT ACCOUNTING POLICIES
Use
of Estimates – Management uses estimates and assumptions in preparing these consolidated financial
statements in accordance with generally accepted accounting principles. Those estimates and assumptions affect the reported amounts of
assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Actual results could
differ from those estimates.
Principles
of Consolidation – The accompanying consolidated financial statements include the accounts of Laredo Oil and its subsidiaries
after elimination of intercompany balances and transactions.
Equity
Method Investment – Investments classified as equity method consist of investments in companies in which the Company can exercise significant influence but not control. Under the equity method of accounting, the investment is
initially recorded at cost, then the Companys proportional share of investees underlying net income or loss is recorded
as a component of other income with a corresponding increase or decrease to the carrying value of the investment.
Distributions received from the investee reduce the Companys carrying value of the investment. These investments are evaluated
for impairment if events or circumstances arise that indicate that the carrying amount of such assets may not be recoverable. The Company
has elected to record its portion of the equity method income (loss) with a two-month lag. Accordingly, the financial results for the
equity investment are reported through June 30, 2023. No impairments were recognized for the Companys equity method investment during
the quarter ended August 31, 2023. See Note 11.
Property
and Equipment – The carrying value of the Companys property and equipment represents the cost incurred to acquire the
property and equipment, net of any impairments. For business combinations, property and equipment cost is based on the fair values at
the acquisition date.
Oil
and Gas Acquisition Costs – Oil and gas acquisition and drilling costs include expenditures representing investments
in unproved and unevaluated properties and include non-producing leasehold, leasehold or drilling interest costs, and costs to drill
one exploratory well. Exploratory drilling costs are deferred until the outcome of the well is known. If an exploratory well finds proved
reserves, the deferred costs are transferred to the companys Wells and Related Equipment and Facilities accounts. Absent proved
reserves, the deferred costs of the well, net of salvage, are charged to expense. All costs of wells drilled to develop proved reserves,
along with all costs of equipment necessary to produce and handle the hydrocarbons, are capitalized even if a development well proves
dry. Costs are reviewed to determine if impairment has occurred. The Company has incurred oil and gas acquisition and drilling costs
totaling $4,431,438 and $4,547,740 as of August 31, 2023 and May 31, 2023, respectively.
Schedule
of Oil and Gas Acquisition and Drilling Cost
| |
August 31, | | |
May 31, | |
| |
2023 | | |
2023 | |
Intangible and tangible drilling costs | |
$ | 3,266,737 | | |
$ | 3,410,832 | |
Acquisition costs | |
| 1,164,701 | | |
| 1,136,908 | |
| |
| | | |
| | |
Oil and gas acquisition and drilling costs | |
$ | 4,431,438 | | |
$ | 4,547,740 | |
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS |
(UNAUDITED) |
NOTE
4 – RECENT AND ADOPTED ACCOUNTING STANDARDS
The
Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on
the consolidated financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting
pronouncements that have been issued that might have a material impact on its financial position or results of operations.
NOTE
5 – ACCOUNTING FOR ASSET RETIREMENT AND ENVIRONMENTAL OBLIGATIONS
The
Company accounts for its asset retirement obligations in accordance with Accounting for Asset Retirement and Environmental
Obligations. This requires that legal obligations associated with the retirement of long-lived assets be recognized at fair
value when incurred and capitalized as part of the related long-lived asset. Over time, the liability is accreted to its present
value each period, and the capitalized asset is depreciated over the useful life of the long-lived asset.
In
the absence of quoted market prices, the Company estimates the fair value of its asset retirement obligations using present value
techniques, in which estimates of future cash flows associated with retirement activities are discounted using a credit-adjusted
risk-free rate. The Companys estimated liability could change significantly if actual costs vary from assumptions or if governmental
regulations change significantly.
The
Companys asset retirement obligation was established in May 2022 when it commenced drilling the Olfert#11-4 well in
the Lustre oil field. On August 31, 2023 and May 31, 2023 the asset retirement obligation totaled $69,482 and $67,938, respectively.
The
cash flow estimate for the asset retirement obligation is based upon the assumption of a 25-year expected life of the well, discounted
using a credit-adjusted risk-free interest rate of 10%.
The
Company has recorded accretion expense totaling $1,544 in each of the three-month periods ending August 31, 2023 and 2022.
NOTE
6 – FAIR VALUE MEASUREMENTS
Fair
Value of Financial Instruments
The
carrying values of cash and cash equivalents, accounts and other receivables, accounts payable and accrued current liabilities approximate
their fair values due to the short-term nature of the instruments.
Assets
and Liabilities Measured at Fair Value on a Nonrecurring Basis
The
estimated fair value of oil and gas properties and the asset retirement obligation incurred in the drilling of oil and gas wells or assumed
in the acquisitions of additional oil and gas working interests are based on an estimated discount cash flow model and market assumptions.
The significant Level 3 assumptions used in the calculation of estimated discounted cash flow model include future commodity prices,
projections of estimated quantities of oil and gas reserves, expectations for timing and amount of future development, operating and
asset retirement costs, projections of future rates of production, expected recovery rates and risk adjusted discount rates. See Note
3 for additional information regarding oil and gas property acquisitions.
The
Company estimates the fair value of asset retirement obligations based on the projected discounted future cash outflows required to settle
abandonment and restoration liabilities. Such an estimate requires assumptions and judgments regarding the existence of liabilities,
the amount and timing of cash outflows required to settle the liability, what constitutes adequate restoration, inflation factors, credit
adjusted discount rates, and consideration of changes in legal, regulatory, environmental and political environments. Abandonment and
restoration cost estimates are determined in conjunction with the Companys reserve engineers based on historical information regarding
costs incurred to abandon and restore similar well sites, information regarding current market conditions and costs, and knowledge of
subject well sites and properties. Asset retirement obligation fair value measurements in the current period were Level 3 fair value
measurements. As further described in Note 5, the Company recognizes the fair value of a liability for an asset retirement obligation
in the period in which it is incurred if a reasonable estimate of fair value can be made. Asset retirement obligations are not measured
at fair value subsequent to initial recognition.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS |
(UNAUDITED) |
|
NOTE
7 – RELATED PARTY TRANSACTIONS
Transactions
between related parties are considered to be related party transactions even though they may not be given accounting recognition. FASB
ASC 850, Related Party Disclosures (FASB ASC 850) requires that transactions with related parties that would make
a difference in decision making shall be disclosed so that users of the consolidated financial statements can evaluate their significance.
Related party transactions typically occur within the context of the following relationships:
|
● |
Affiliates
of the entity; |
|
● |
Entities
for which investments in their equity securities is typically accounted for under the equity method by the investing entity; |
|
● |
Trusts
for the benefit of employees; |
|
● |
Principal
owners of the entity and members of their immediate families; |
|
● |
Management
of the entity and members of their immediate families. |
|
● |
Other
parties that can significantly influence the management or operating policies of the transacting parties and can significantly influence
the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests. |
On
April 4, 2022, Cat Creek, in which the Company has an equity investment, loaned the Company $136,479 at a market rate of interest. In
August 2022, the Company repaid the principal amount of the note, and accrued interest, in an exchange for property, plant and equipment.
In
accordance with the NPI Agreement, between October 2021 and August 2022, Olfert #11-4 Holdings transferred funds totaling $1,859,195
to Lustre, the Companys wholly owned subsidiary, to provide funds for drilling expenses incurred by Lustre with respect to the
development of one well.
On
June 22, 2022, the Company assigned the right to purchase up to 356,243 of the 500,000 membership interests in Olfert #11-4 to the Companys
Chief Financial Officer in exchange for his payment of $356,243 of the Companys capital commitment to Olfert #11-4.
On
October 26, 2022, the Company borrowed $150,000 from the Companys Chief Financial Officer pursuant to a demand note bearing an
annual interest rate of 10%. The demand note is secured by all of the Companys interests in Lustre, pursuant to the terms of a
Membership Interest Pledge Agreement. In February through May 2023, the Companys Chief Financial Officer made several advances
to the Company, totaling $142,099. The advances were not made pursuant to a promissory note, and the advances are not secured. Advances
by the Companys Chief Financial Officer currently total $292,099.
NOTE
8 – NET PROFITS INTEREST AGREEMENT
The
Company and Lustre executed the NPI Agreement with Erehwon and Olfert Holdings in January 2022, to be effective as of October 2021.
The NPI Agreement was executed for the purpose of funding the Olfert Well under the Erehwon APA. The NPI Agreement grants Olfert
Holdings an Applicable Percentage of available funds from the Olfert Well in exchange for Olfert Holdings funding
development of the Olfert Well. The Applicable Percentage is defined in the NPI Agreement as 90% prior to Payout and 50%
after Payout, with Payout being defined as the point in time when the aggregate of all Net Profits Interest payments
made to Olfert Holdings under the NPI Agreement equals 105% of the well development costs. In January 2022, the Company entered into
an Amended and Restated Limited Liability Company Operating Agreement of Olfert Holdings, dated to be effective as of November 2021
(the Olfert Holdings Operating Agreement). Pursuant to the Olfert Holdings Operating Agreement, the Company agreed to
make a $500,000 capital contribution, out of a total of $1,500,000 to be raised by Olfert Holdings. During October and November of
2021, the Company received advance payments totaling $1.0 million from four investors, through Lustre, pursuant to the NPI
Agreement. The Company was credited with $59,935 of well development costs as part of its capital contribution under the Olfert
Holding Operating Agreement. In May 2022, a vendor made an in-kind capital contribution of $83,822 to Olfert Holdings in the form of
services rendered. In June 2022, the Companys Chief Financial Officer invested $356,243 in Olfert Holdings pursuant to the NPI
Agreement. These three contributions fulfilled the Companys initial capital contribution commitment under the Olfert Holdings
Operating Agreement. On August 3, 2022, the Company, as Manager of Olfert Holdings, issued a capital call to the investors in Olfert
Holdings for payment of an additional $461,440 to cover expenses that Lustre is obligated to pay pursuant to the NPI Agreement. As
of August 31, 2023, the investors had paid $358,747 of that capital call. As of August 31, 2023, Lustre had incurred approximately
$3,300,000 in expenses related to the development of the Olfert Well. The Olfert Well has exceeded its original budget, and
there are certain construction costs that have not been satisfied. To pay the amounts owed, the Company issued another capital call
to the investors in Olfert Holdings to pay an additional $1.7 million. The investors do not have an obligation to make further
investments, and Olfert Holdings did not raise the requested additional amount from that capital call. Subsequently, several unpaid
contractors have attached mechanic liens on the Olfert Well. Three creditors have filed a lawsuit for payment against Lustre, the
operator of the Olfert Well in Montana. The Company believes that the Olfert Well is still economically viable, and it intends to
attempt to raise sufficient additional capital for Olfert Holdings, complete the Olfert Well, and pay all amounts owed to
contractors.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS |
(UNAUDITED) |
|
NOTE
8 – NET PROFITS INTEREST AGREEMENT - continued
In
connection with the NPI Agreement, the Company was credited with a contribution totaling $59,935 of well development costs under an agreement
with Olfert Holdings. The initial investment in Olfert Holdings recorded by the Company was $19,435. The difference between the $59,935
contribution recorded by Olfert Holdings and the $19,435 investment recorded by the Company is due to the Companys investment
being recorded at the carrying value of the assets contributed by the Company. In connection with the August 2022 capital call, the Company
contributed an additional $18,438 to Olfert Holdings resulting in a 4.2% interest in Olfert Holdings as of August 31, 2023. As the Company
currently serves as the manager of Olfert Holdings, the Company exercises significant influence over Olfert Holdings. Accordingly, the
amount the Company paid to Olfert Holdings is recorded as an equity method investment as of August 31, 2023.
NOTE
9 – STOCKHOLDERS DEFICIT
Share
Based Compensation
The
Company made grants of options for the purchase of 15,075,000 shares of the Companys common stock, at a price of $0.06 per share,
during the first quarter of fiscal year 2024. The grants were issued under the Laredo Oil, Inc. 2023 Equity Incentive Plan, which
became effective with the filing of a Registration Statement on Form S-8 on June 14, 2023. Except for an option to purchase 1,100,000
shares of common stock, at a price of $0.38 per share, all options previously granted under the Laredo Oil, Inc. 2011 Equity Incentive
Plan, totaling 4,825,000 shares, were terminated and replaced by grants under the new incentive plan.
Options
to purchase 650,000 shares of common stock at a price of $0.19 per share were granted during the first quarter of fiscal year 2023. The
options vested immediately and expire on June 2, 2032. Option grants for the purchase of 1,600,000 shares of common stock at a price
of $0.074 per share were made during the first quarter of fiscal year 2022. The options vest monthly over three years beginning August
1, 2021 and expire on August 1, 2031. These options were canceled on June 29, 2023.
The
Black-Scholes option pricing model is used to estimate the fair value of options granted under our stock incentive plan.
The
grant date fair value of the stock option grants during the three months ending August 31, 2023 and 2022 totaled $721,110 and $123,487,
respectively. The weighted average assumptions used in calculating these values were based on the following:
Schedule
of Fair Value Assumptions
| |
2023 | |
2022 |
Risk-free interest rate | |
3.99% | |
1.85% |
Expected dividend yield | |
0% | |
0% |
Expected volatility | |
281.3% | |
314.9% |
Expected life of options | |
5.0 years | |
6.0 years |
The
risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for a bond with a similar term. The
Company does not anticipate declaring dividends in the foreseeable future. Volatility is estimated based on the historical share prices
over the same period as the expected life of the option. The Company uses the simplified method for determining the expected term of
its stock options.
Share
based compensation for stock option grants totaling $721,110 and 123,487 was recorded in general, selling and administrative expense
during the three months ended August 31, 2023 and 2022, respectively.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS |
(UNAUDITED) |
|
NOTE
9 – STOCKHOLDERS’ DEFICIT - continued
Restricted
Stock
In
May 2023 the Company received funds pursuant to a Stock Purchase Agreement with an accredited investor to purchase 6,062,886 restricted
shares of the Companys common stock at a purchase price of $0.0441 per share, totaling $267,319. The shares have not been registered
under the Securities Act of 1933, as amended, or the securities laws of any state, and were issued to the investor in reliance upon exemptions
from such registration. The investor is aware of the provisions of Rule 144 promulgated under the Securities Act.
The
Company entered into a financial advisory agreement, dated July 21, 2022 (the Advisory Agreement), pursuant to which the
Company engaged Dawson James Securities, Inc. (Dawson) to render services as a corporate finance consultant. The term of
the Advisory Agreement is twelve months from the date of the Advisory Agreement, unless terminated by either party with 30 days prior
written notice to the other party, beginning 60 days following the date of the Advisory Agreement. Under the terms of the Advisory Agreement,
Dawson will provide advice to the Company concerning business and financial planning, corporate organization and structure, private and
public equity and debt financing, and such other matters as the parties may mutually agree.
As
compensation to Dawson for the services provided under the Advisory Agreement, the Company is obligated to pay Dawson $30,000 per calendar
quarter, with the first such payment being paid one day after the date of the execution of the Advisory Agreement, and each subsequent
payment being due three months after the previous payment. The Company made the first $30,000 payment in July 2022. The Company also
agreed to issue to Dawson 2,600,000 shares of the Companys common stock, payable in four installments of (i) 1,000,000 shares
issued within three business days after the date of the Advisory Agreement, (ii) 550,000 shares for the subsequent quarter, and (iii)
525,000 shares for each of the remaining two quarters of the term of the Advisory Agreement. The first 1,000,000 restricted shares were
issued in July 2022. During the twelve months ending May 31, 2023, the Company recorded advisory service fees totaling $160,000 with
respect to the 1,000,000 shares of the Companys common stock issued pursuant to the Advisory Agreement. After the first $30,000
payment and issuance of 1,000,000 shares of common stock, the Advisory Agreement has been suspended indefinitely.
In
April 2022, the Company entered into a consulting agreement with an individual for corporate structuring and strategic planning and compliance
services. Pursuant to this agreement, the Company agreed to compensate the consultant with cash and restricted shares of the Companys
common stock, which shares vest equally over the 12-month term of the consulting agreement. During the twelve months ending May 31, 2023,
the Company recorded $27,257 in professional fees with respect to the issuance of the first two tranches of 272,474 restricted shares.
The consulting agreement was terminated in July 2022.
The
Company granted no shares of restricted stock as compensation during the first quarter of fiscal year 2024.
Warrants
No
warrants were issued during the first quarters of fiscal years 2024 or 2023.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS |
(UNAUDITED) |
|
NOTE
10 – NOTES PAYABLE
Convertible
Debt
In
March, April and May of 2023, the Company entered into Securities Purchase Agreements with an accredited investor, pursuant to which
the Company issued three convertible promissory notes in the aggregate principal amount of $212,025 (the Convertible Notes),
receiving $180,000 in net cash proceeds. The Convertible Notes had an original issue discount of $19,275. The Company deducted $12,750
in additional debt issue costs from the gross proceeds it received from the Convertible Notes. The Company is amortizing a total
of $32,025 recorded as debt discount using the effective interest method through the maturity dates of the Convertible Notes. The
Convertible Notes are due in one year from the date of issuance, accrue interest at 8% per annum (22% upon the occurrence of an event
of default) and are convertible 180 days after issuance into shares of the Companys common stock at a discount of 25% of the average
of the three lowest trading prices during the 15 trading days immediately preceding the conversion.
In
November of 2022, the Company entered into Securities Purchase Agreements with two accredited investors, pursuant to which the Company
issued two convertible promissory notes in the aggregate principal amount of $140,250 (the Convertible Notes), receiving
$120,000 in net cash proceeds. The Convertible Notes had an original issue discount of $12,750. The Company deducted $7,500 in additional debt
issue costs from the gross proceeds it received from the Convertible Notes. The Company is amortizing a total of $20,250 recorded
as debt discount using the effective interest method through the maturity dates of the Convertible Notes. The Convertible Notes are due
one year from the date of issuance, accrue interest at 8% per annum (22% upon the occurrence of an event of default) and are convertible
180 days after issuance into shares of the Companys common stock at a discount of 25% of the average of the three lowest trading
prices during the 15 trading days immediately preceding the conversion. In May 2023, the Company repaid $140,250 in principal and
$27,410 in related accrued interest and prepayment penalty interest pursuant to the two separate Convertible Notes.
In
October 2022, the Company entered into a Securities Purchase Agreement with an accredited investor, pursuant to which the Company issued
a convertible promissory note in the principal amount of $55,000, receiving $45,000 in net cash proceeds. The note had an original
issue discount of $5,000. An additional $5,000 in debt issue costs were deducted from the gross proceeds from the note. The total
of $10,000 recorded as debt discount is being amortized using the effective interest method through the maturity dates of the note.
The note is due one year after the date of issuance, accrues interest at 12% per annum (22% upon the occurrence of an event of default)
and is convertible after 180 days into shares of the Companys common stock at a discount of 30% to the average of the three lowest
trading prices during the 15 trading days immediately preceding the conversion. During April and May of 2023, the Company repaid
the $55,000 in principal and $10,372 in related accrued interest and prepayment penalty interest. To satisfy the obligation, in addition
to the interest payments, the Company repaid $23,360 principal in cash and issued to the note holder 1,000,000 shares of the Companys
common stock at an average price of $0.03164 per share.
On
September 6, 2022, the Company entered into a Securities Purchase Agreement with an accredited investor, pursuant to which the Company
issued a convertible promissory note in the principal amount of $97,625, receiving $85,000 in net cash proceeds. The convertible
promissory note had an original issue discount of $8,875, and $3,750 in debt issue costs were deducted from the gross proceeds. The total
of $12,625 recorded as debt discount is being amortized using the effective interest method through the maturity dates of the convertible
promissory note. The convertible promissory note is due in one year from the date of issuance, accrues interest at 8% per annum (22%
upon the occurrence of an event of default) and is convertible after 180 days into shares of the Companys common stock at a discount
of 25% from the average of the three lowest trading prices during the 15 trading days immediately preceding the conversion. During
March and April of 2023, the Company repaid the $97,625 in principal and $4,279 in accrued interest pursuant to a Convertible Note entered
into on September 6, 2022. To satisfy the obligation, the Company issued to the noteholder 1,902,039 shares of the Companys common
stock, at an average price of $0.05358 per share.
In
October, November, December of 2021, and March, April and May of 2022, the Company entered into Securities Purchase Agreements with three
accredited investors, pursuant to which the Company issued six convertible promissory notes in the aggregate principal amount of $608,575,
receiving $527,500 in net cash proceeds (the Convertible Notes). Convertible Notes had an original issue discount
of $58,575. Additional debt issue costs of $22,500 were deducted from the gross proceeds from the Convertible Notes. The Company
is amortizing a total of $81,075 recorded as debt discount using the effective interest method through the maturity dates of the
Convertible Notes. The Convertible Notes are due in one year from the date of issuance, accrue interest at 8% per annum (22% upon the
occurrence of an event of default) and are convertible 180 days after issuance into shares of the Companys common stock at a discount
of 25% of the average of the three lowest trading prices during the 15 trading days immediately preceding the conversion. As of May 31,
2022, the Company determined the value associated with the beneficial conversion feature in connection with the issuance of the Convertible
Notes resulted in a further increase in the debt discount of $55,918, which will be amortized using the effective interest method through
the dates the notes are initially convertible. The additional debt discount was subsequently reversed during the first quarter of fiscal
2023 pursuant to the adoption of ASU 2020-06 as follows. During October and November 2022, the Company exchanged $114,125 of principal
and $4,150 of accrued interest of the single Convertible Note entered into on April 14, 2022 for 1,468,042 shares of the Companys
common stock, at an average price of $0.0806 per share.
On
September 2, 2022 the Company repaid the single Convertible Note entered into on March 1, 2022. The repayment totaled $64,088, comprised
of $53,625 principal and $10,463 in related accrued interest and prepayment penalty interest. The Company recorded the related deferred
debt discount and debt issue costs, totaling $4,371, as interest expense.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS |
(UNAUDITED) |
|
NOTE
10 – NOTES PAYABLE - continued
On
June 27, 2022, the Company repaid the single Convertible Note entered into in December 2021. The repayment totaled $65,745, comprised
of $55,000 in principal and $10,745 in related accrued interest and prepayment penalty interest. The Company recorded the related deferred
debt discount and debt issue costs, totaling $4,435, as interest expense.
During
April and May 2022, the Company repaid the Convertible Notes entered into in October and November 2021. The repayment for the remaining
Convertible Notes totaled $136,479, comprised of $114,125 in principal and $22,354 in related accrued interest and prepayment penalty
interest. The Company borrowed $136,479 from Cat Creek to repay these Convertible Notes.
The
Convertible Note issued in November 2021 was repaid in an amount that totaled $85,469, comprised of $71,500 in principal and $13,969
in related accrued interest and prepayment penalty interest.
Upon
the repayment of the October 2021 and November 2021 Convertible Notes, the Company recorded the related remaining outstanding debt discount
and debt issue costs, totaling $12,388, as interest expense.
In
August 2020, the FASB issued ASU 2020-06, which simplifies the accounting for certain financial instruments with characteristics of liabilities
and equity. Entities should adopt the guidance as of the beginning of the fiscal year of adoption and cannot adopt the guidance in an
interim reporting period. This accounting standard update, which was adopted by the Company effective June 1, 2022, impacts the ongoing
accounting of the convertible notes.
The
Company adopted this standard using the modified retrospective method of transition and applied the guidance to transactions outstanding
as of the beginning of the current fiscal year on June 1, 2022. Transactions that were settled (or expired) during prior reporting periods
are unaffected. The cumulative effect of the change is recognized as an adjustment to the opening balance of retained earnings at the
date of adoption. Due to the adoption of this accounting standard update under the modified retrospective method, prior periods were
not restated. Upon adoption, the Company recorded a $16,200 cumulative-effect adjustment that increased the opening balance of retained
earnings on the consolidated balance sheet due to the reduction in non-cash interest expense associated with the historical separation
of debt and equity components for the Companys Convertible Notes. The Company also recorded a $39,718 increase to convertible
debt and a decrease to additional paid-in capital of $55,918 due to no longer separating the embedded conversion feature of the Convertible
Notes. This adoption did not have a material impact on the Companys consolidated statement of cash flows.
The
Company has the right to prepay the Convertible Notes at any time during the first six months the Convertible Notes are outstanding at
the rate of (a) 110% of the unpaid principal amount of such note plus interest, during the first 120 days the note is outstanding, and
(b) 115% of the unpaid principal amount of such note plus interest between days 121 and 180 after the issuance date of the note. The
Convertible Notes may not be prepaid after the 180th day following the issuance date unless the applicable note holders
agree to such repayment and such terms.
The
Company agreed to reserve the number of shares of its common stock that may be issuable upon conversion of the Convertible Notes while
the Convertible Notes are outstanding.
The
Convertible Notes provide for standard and customary events of default, such as failing to timely make payments under the Convertible
Notes when due, the failure of the Company to timely comply with the Securities Exchange Act of 1934 reporting requirements and the failure
to maintain a listing on the OTC Markets. The Convertible Notes also contain customary positive and negative covenants. The Convertible
Notes include penalties and damages payable to the noteholders in the event the Company does not comply with the terms of the Convertible
Notes, including in the event the Company does not issue shares of common stock to the noteholders upon conversion of the Convertible
Notes within the time periods set forth therein. Additionally, upon the occurrence of certain defaults, as described in the Convertible
Notes, the Company is required to pay the noteholders liquidated damages in addition to the amount owed under the Convertible Notes (including
in some cases up to 300% of the amount of the applicable Convertible Note).
At
no time may the Convertible Notes be converted into shares of the Companys common stock if such conversion would result in the
noteholders and their affiliates owning shares representing in excess of 4.99% of the then outstanding shares of the Companys
common stock.
The
proceeds from the Convertible Notes could be used by the Company for general corporate purposes.
12%
Secured Promissory Note
On
March 23, 2023, an individual accredited investor paid the Company the aggregate amount of $100,000 for a Secured Promissory Note, (the
Note). The Note will accrue interest on the outstanding principal sum at the rate of 12.0% per annum and has a maturity
date of March 23, 2024. Interest will be due and payable monthly in arrears. The Note is secured by certain equipment owned by the Company
pursuant to a Security Agreement with the Lender. On May 23, 2023, the Note was increased by $83,000 to an aggregate principal amount
of $183,000. During June and July, 2023, the investor contributed an additional $102,061 under the Note, bringing the aggregate principal
amount to $285,061.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS |
(UNAUDITED) |
|
NOTE
10 – NOTES PAYABLE - continued
12%
One Year Promissory Notes
On
May 20, 2022, the Company entered into a Securities Purchase Agreement with an accredited investor, pursuant to which the Company issued
a promissory note in the principal amount of $200,200 and received $175,000 in net cash proceeds. On January 5, 2023, the
note was satisfied in full with a final payment of $67,266. The promissory note had an original issue discount of $21,450 and $3,750
in debt issue costs were deducted from the gross proceeds. The Company was amortizing the total of $25,200 recorded as debt discount
using the effective interest method through the maturity dates of the convertible promissory note. The note was due one year following
the date of issuance, and accrued interest at 12% per annum (22% upon the occurrence of an event of default). Accrued, unpaid interest
and outstanding principal was due in ten equal monthly payments of $22,422.40, starting on July 15, 2022. In the event of default (including
a missed payment), the note was convertible at the option of the investor into shares of the Companys common stock at a discount
of 25% from the lowest closing bid price during the ten trading days immediately preceding the conversion date.
On
January 5, 2023, the Company entered into a Securities Purchase Agreement with an accredited investor, pursuant to which the Company
issued a promissory note in the principal amount of $197,313, receiving $150,000 in net cash proceeds. The convertible promissory
note had an original issue discount of $21,450, and an additional $3,750 in debt issue costs were deducted from the gross proceeds. The
total of $25,200 recorded as debt discount is being amortized using the effective interest method through the maturity date of the
convertible promissory note. The note is due one year following the date of issuance and accrues interest at 12% per annum (22% upon
the occurrence of an event of default). Accrued, unpaid interest and outstanding principal is due in ten equal monthly payments of $22,099.10,
starting on February 15, 2023. In the event of default (including a missed payment), the note is convertible at the option of the investor
into shares of the Companys common stock at a discount of 25% from the lowest closing bid price during the ten trading days immediately
preceding the conversion date.
Promissory
Note
The
Company entered into a Secured Promissory Note, dated June 28, 2022 (the Secured Note), with the initial principal amount
of $750,000. The Secured Note is payable to Cali Fields LLC (the Lender). The Secured Note accrues interest on the outstanding
principal sum at the rate of 15.0% per annum. The Company may prepay the Secured Note in whole or in part, without penalty, with any
such payment being applied first to any accrued and unpaid interest, and then to the principal amount. The Secured Note has a maturity
date of December 31, 2023.
As
partial consideration for the Lenders advance of the principal amount of the Secured Note, the Company agreed to pay the Lender
a quarterly revenue royalty equal to 0.5% of the consolidated revenue of the Company and its consolidated subsidiaries from the production
of oil, gas, gas liquids and all other hydrocarbons, recognized by the Company during the most recent calendar quarter during the Royalty
Period, from June 1, 2022 through May 31, 2027.
The
Secured Note is secured by the Companys fifty percent (50%) interest in Cat Creek Holdings, LLC.
Secured
Convertible Debt
The
Company entered into a Note Purchase Agreement dated September 23, 2022 (the Note Purchase Agreement), for the issuance
of secured convertible promissory notes in the aggregate principal amount of up to $7,500,000. Pursuant to this Note Purchase Agreement,
during September, October and November 2022, the Company issued four promissory notes in the aggregate principal amount of $290,000 and
accrued interest at 10% per annum, later increased to 12% per annum. In December 2022, January 2023 and February 2023, the Company issued
three additional promissory notes totaling $250,000. During June 2023 and August 2023, the Company entered into an additional $85,000
of secured convertible promissory notes increasing the aggregate principal issued to $625,000. Under the Note Purchase Agreement, the
Company may issue additional promissory notes, up to the $7,500,000 total principal amount. The promissory notes accrue interest on the
outstanding principal sum at the rate of 12.0% per annum, payable quarterly starting September 30, 2023, and are convertible into the
Companys common stock at a conversion price of $1.00 per share. The notes issued under the Note Purchase Agreement have a maturity
date of September 30, 2025.
Revolving
Note
On
May 25, 2022, the Company entered into a Revolving Credit Note (the Revolving Note) with AEI Management, Inc. (AEI),
with a maximum draw amount of $1,500,000.00. In May 2022 and June 2022, the Company borrowed $62,858 and $48,000, respectively, under
the Revolving Note. The Revolving Note had a maturity date of May 1, 2023, or such later date as requested by the Company and agreed
in writing by AEI in its sole discretion. On May 22, 2023, the Revolving Note principal of $110,858 and accrued interest of $19,510 was
paid and the Revolving Note canceled.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS |
(UNAUDITED) |
|
NOTE
10 – NOTES PAYABLE - continued
Alleghany
Notes
Schedule
of Notes Payable – Related Party
| |
August 31, | | |
May 31, | |
| |
2023 | | |
2023 | |
Total note payable – Alleghany | |
$ | 617,934 | | |
$ | 617,934 | |
| |
| | | |
| | |
Less amounts classified as current | |
| 617,934 | | |
| 617,934 | |
| |
| | | |
| | |
Note payable – Alleghany, net of current portion | |
$ | - | | |
$ | - | |
During
the fiscal year ended May 31, 2011, the Company entered into two Loan Agreements with Alleghany Capital for a combined available borrowing
limit of $350,000. The notes accrued interest on the outstanding principal of $350,000 at the rate of 6% per annum, with an amended due
date of December 31, 2020.
In
connection with the SORC Purchase Transaction, the notes were amended, restated and consolidated into one note including all accrued
interest through December 31, 2020, for a total of $631,434 (the Senior Consolidated Note) with a maturity date of June
30, 2022. The Senior Consolidated Note requires any stock issuances for cash be utilized to pay down the outstanding loan balance unless
written consent is obtained from Alleghany. As part of the SORC Purchase Agreement, the Company agreed to secure repayment of the Senior
Consolidated Note with certain equipment and to reduce the note balance with any proceeds received from any sales of such equipment.
During the five months ending May 31, 2021, the Company repaid $13,500 of the Senior Consolidated Note upon the sale of certain equipment.
The note bears no interest until January 1, 2022 whereupon the interest rate increases to 5% per annum through maturity. Principal with
all accrued and unpaid interest is due at maturity. In connection with the SORC acquisition purchase price allocation, the Company recorded
a debt discount totaling $30,068 in recognition of imputed interest on the Senior Consolidated Note, to be amortized over the first year
of the note term. The debt discount has been fully amortized as of December 31, 2021. In August 2022, the Company entered an amendment
to the Senior Consolidated Note whereby the maturity date of the loan was extended to December 31, 2023 in exchange for an interest rate
to 8% per annum commencing July 1, 2022. Further, the revenue royalty as defined in the Purchase Agreement increased from 5% to 6% as
the loan was not paid prior to December 31, 2022. As of August 31 and May 31, 2023, the Senior Consolidated Note is recorded as current.
Paycheck
Protection Program Loan
Schedule
of Paycheck Protection Program
| |
August 31, | | |
May 31, | |
| |
2023 | | |
2023 | |
Total PPP Loan | |
$ | 984,950 | | |
$ | 986,598 | |
Less amounts classified as current | |
| 528,568 | | |
| 449,624 | |
| |
| | | |
| | |
PPP loan, excluding current portion | |
$ | 456,382 | | |
$ | 536,974 | |
On
April 28, 2020, the Company entered into a Note (the Note) with IBERIABANK for $1,233,656 pursuant to the terms of the
Paycheck Protection Program (PPP) authorized by the Coronavirus Aid, Relief, and Economic Security (CARES) Act (CARES
Act) In June 2020, the Flexibility Act which amended the CARES Act was signed into law. Pursuant to the Flexibility Act, the Note
continues to accrue interest on the outstanding principal sum at the rate of 1% per annum. In addition, the initial two-year Note term
has been extended to five years through mutual agreement with IBERIABANK as allowed under Flexibility Act provisions.
In
February 2021, the Company drew an additional $1,233,655 under the PPP Second Draw Loans, bringing the total principal borrowed to $2,467,311.
The additional draw is under the same terms and conditions as the first PPP loan.
The
Flexibility Act also provides that if a borrower does not apply for forgiveness of a loan within 10 months after the last day of
the measurement period (covered period), the PPP loan is no longer deferred and the borrower must begin paying
principal and interest. In addition, the Flexibility Act extended the length of the covered period from eight weeks to 24 weeks from
receipt of proceeds, while allowing borrowers that received PPP loans before June 5, 2020 to determine, at their sole discretion, a covered
period of either 8 weeks or 24 weeks.
No
interest or principal will be due during the deferral period, although interest will continue to accrue over this period. As of May 31,
2022, interest totaling $15,353 is recorded in accrued interest on the accompanying consolidated balance sheets. After the deferral period
and after considering any loan forgiveness applicable to the Note, any remaining principal and accrued interest will be payable
in substantially equal monthly installments over the remaining term of the Note.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS |
(UNAUDITED) |
|
NOTE
10 – NOTES PAYABLE - continued
The
Company did not provide any collateral or guarantees for the loan, nor did the Company pay any facility charge to obtain the loan. The
Note provides for customary events of default, including, among others, those relating to failure to make payment, bankruptcy, breaches
of representations and material adverse effects. The Company may prepay the Note at any time without payment of any penalty or premium.
The
Company applied for forgiveness of the first PPP note and in July 2021 received notice that $1,209,809 of the $1,233,656 note payable
balance has been forgiven. The portion of the loan forgiven has been recorded as income from the extinguishment of its loan obligation
as of the date when the Company is legally released from being the primary obligor in accordance with ASC 405-20-40-1. Monthly payments
commenced on September 1, 2021 and as of August 31, 2023, the Company owes $10,234 with respect to the remaining balance on the first
Note.
In
April 2022, the Company applied for partial forgiveness of the PPP Second Draw Loan and received notice that $67,487 of the principal
and related interest balance has been forgiven and is recorded as income from the extinguishment of the loan obligation. Monthly payments
of $26,752 commence on June 3, 2022 and as of August 31, 2023, the Company owes $974,716 with respect to the remaining balance on the
second PPP Note. The Company is currently in arrears on payments on the second PPP Note.
NOTE
11 – EQUITY METHOD INVESTMENT
Cat
Creek Holdings
On
June 30, 2020, Laredo Oil, Inc. entered into a Limited Liability Company Agreement (the LLC Agreement) of Cat Creek Holdings
LLC (Cat Creek), a Montana limited liability company formed as a joint venture for the purchase of certain oil and gas
properties in the Cat Creek Field in Petroleum and Garfield Counties in the State of Montana (the Cat Creek Properties).
In accordance with the LLC Agreement, Laredo invested $448,900 in Cat Creek for 50% of the ownership interests in Cat Creek using cash
on hand. Each of Lipson Investments LLC and Viper Oil & Gas, LLC, the other two members of Cat Creek, have ownership interests in
Cat Creek of 25% in consideration of their respective investments of $224,450. Cat Creek will be managed by a Board of Directors consisting
of four directors, two of which shall be designated by Laredo.
Cat
Creek entered into an Asset Purchase and Sale Agreement (the Purchase Agreement) with Carrell Oil Company (Seller)
on July 1, 2020 for the purchase of the Cat Creek Properties from Seller. On September 21, 2020, upon resolving the purchase contingency
under the Purchase Agreement, the Seller received consideration of $400,000, taking into effect certain adjustments resulting from pre-
and post-effective date revenue, expense, and allocations.
Summarized
Financial Information
The
following table provides summarized financial information for the Companys ownership interest in Cat Creek accounted for under
the equity method for the August 31, 2023 and August 31, 2022 periods presented and has been compiled from respective company financial
statements, reflects certain historical adjustments, and is reported on a two-month lag.
Summarized
Financial Information
Balance Sheet: | |
As of August 31, 2023 | | |
As of May 31, 2023 | |
Current Assets | |
$ | 103,543 | | |
$ | 82,890 | |
Non-current Assets | |
| 923,210 | | |
| 941,340 | |
Total Assets | |
$ | 1,026,753 | | |
$ | 1,024,230 | |
| |
| | | |
| | |
Current Liabilities | |
$ | 123,179 | | |
$ | 83,342 | |
Non-current Liabilities | |
| 445,911 | | |
| 441,901 | |
Shareholders equity | |
| 457,663 | | |
| 498,988 | |
Total Liabilities and Shareholders Equity | |
$ | 1,026,753 | | |
$ | 1,024,230 | |
Results
of Operations: |
|
Three
Months
Ended
August 31, 2023 |
|
|
Three
Months
Ended
August 31, 2022 |
|
Revenue |
|
$ |
161,236 |
|
|
$ |
259,416 |
|
Gross
Profit |
|
|
21,901 |
|
|
|
220,188 |
|
Net
Loss |
|
$ |
(41,324) |
|
|
$ |
(21,810) |
|
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS |
(UNAUDITED) |
|
NOTE
11 – EQUITY METHOD INVESTMENT - continued
Olfert
11-4 Holdings
The
following table provides summarized financial information for the Companys ownership interest in Olfert #11-4 Holding accounted
for under the equity method for the August 31, 2023 period presented and has been compiled from respective company financial statements
and reflects certain historical adjustments. Results of operations are excluded for periods prior to acquisition. See Note 8 for further
information.
Summarized
Financial Information
Balance
Sheet: |
|
As
of August 31, 2023 |
|
Current
Assets |
|
$ |
508 |
|
Non-current
Assets |
|
|
1,859,195 |
|
Total
Assets |
|
$ |
1,859,703 |
|
|
|
|
|
|
Accounts
payable |
|
|
5,750 |
|
Shareholders
equity |
|
|
1,853,593 |
|
Total
Liabilities and Shareholders Equity |
|
$ |
1,859,703 |
|
Results
of Operations: |
|
Three
Months Ended
August 31, 2023 |
|
Revenue |
|
$ |
0 |
|
Gross
Profit |
|
|
0 |
|
Net
Loss |
|
$ |
(0 |
) |
NOTE
12 – COMMITMENTS AND CONTINGENCIES
On
February 4, 2021, Lustre filed a case captioned Lustre Oil Company LLC and Erehwon Oil & Gas, LLC v. Anadarko Minerals, Inc.
and A&S Mineral Development Co., LLC in the Montana Seventeenth Judicial District Court for Valley County to initiate a quiet title action
confirming Lustres rights under certain mineral leases in Valley County, Montana. Lustre is also seeking damages with respect
to actions taken by A&S Mineral Development Co., LLC to improperly produce oil on the property subject to Lustres mineral
leases. On January 14, 2022, the District Court granted the defendants Motion to Dismiss without addressing the merits of Lustres
quiet title action. Lustre appealed the decision to the Montana Supreme Court. On April 6, 2023, in a unanimous decision, the Montana
Supreme Court reversed the District Courts decision related to Lustres quiet title action and remanded the case to the
District Court for further proceedings. On June 1, 2023, Lustre filed a First Amended Complaint with the District Court reopening the
original suit with a different judge.
On
March 20, 2023, Capex Oilfield Services, Inc. filed a lawsuit against Lustre in the Montana Tenth Judicial District Court, Petroleum
County, demanding payment of $377,189.55 plus interest and collection costs for services provided by Capex to drill the Olfert 11-4 well.
On May 18, 2023, Capstar Drilling, Inc. filed a lawsuit against Lustre in the Montana Seventeenth Judicial District Court, Valley County,
demanding payment of $298,049.76 plus interest and collection costs for services provided by Capstar to drill the same well. On August
29, 2023, Warren Well Service, Inc. filed a lawsuit against Lustre in the Montana Seventeenth Judicial District Court, Valley County,
demanding payment of $164,235 plus interest and collection costs for services provided by Warren Well to drill the same well. Lustre
intends to bring that well into production as soon as possible and reimburse unpaid vendors from proceeds from such production.
Except
as set forth above, the Company is not currently involved in any other legal proceedings, and it is not aware of any other pending or
potential legal actions.
Revenue
Royalty - In accordance with the Securities Purchase Agreement, the Company agreed to pay to Alleghany a revenue royalty of 5.0%
of the Companys future revenues and net profits relating to oil, gas, gas liquids and all other hydrocarbons, subject to certain
adjustments, for a period of seven years ending December 31, 2027. Further, due to the loan nonpayment prior to December 31, 2022, the
revenue royalty, as defined in the Purchase Agreement, increased from 5% to 6%.
In
accordance with the Secured Note, the Company agreed to pay a revenue royalty of 0.5% on consolidated revenue of the Company arising
from the direct production of oil and gas. The royalty period extends from June 1, 2022 through May 31, 2027.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS |
(UNAUDITED) |
|
NOTE
13 – SUBSEQUENT EVENTS
On
September 21, 2023, the Exploration & Development Agreement, dated July 18, 2023. by and between Texakoma and LOC was amended (i)
to delay the anticipated spud date for the initial well from October 1, 2023 to November 1, 2023 and (ii) to change payment
date of the second $175,000 tranche to be on or before October 1, 2023. The Company received the $175,000 payment on September 29, 2023.
On
September 14, 2023, the Company entered into a Securities Purchase Agreement with an accredited investor, pursuant to which the Company
issued a convertible promissory note in the principal amount of $71,225, receiving $60,000 in net cash proceeds. The convertible
promissory note had an original issue discount of $6,475. Further $4,750 debt issue costs were deducted from the gross proceeds.
The total of $11,225 recorded as debt discount is being amortized using the effective interest method through the maturity dates
of the convertible promissory note. The convertible note is due in one year from the date of issuance, accrues interest at 8% per annum
(22% upon the occurrence of an event of default) and is convertible after 180 days into shares of the Companys common stock at
a discount of 25% of the average of the three lowest trading prices during the 15 trading days immediately preceding the conversion.
On September 8, 2023, the Company received $175,000
related to the August 31, 2023 sale of underground drilling equipment that formerly had been used in drilling operations in the Fredonia
underground gravity drainage project. The Company recorded the sale in other receivables on the balance sheet and a gain on sale of assets
in the statement of operations as of August 31, 2023.
During
September 2023, the Company repaid the $70,125 in principal and $2,805 in accrued interest pursuant to a Convertible Note dated March
1, 2023. To satisfy the obligation, the Company issued to the noteholder 1,398,760 shares of the Companys common stock, at an
average price of $0.05214 per share.
ITEM
2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
This
report contains forward-looking statements that involve risk and uncertainties. We use words such as anticipate, believe,
plan, expect, future, intend, and similar expressions to identify such forward-looking
statements. Investors should be aware that all forward-looking statements contained within this filing are good faith estimates of management
as of the date of this filing. Our actual results could differ materially from those anticipated in these forward-looking statements.
Impact
of COVID-19 to our Business
The
long-term impacts of the global emergence of novel coronavirus 2019 (COVID-19) on our business are currently unknown. In
an effort to protect the health and safety of our employees, we took proactive, aggressive action from the earliest signs of the outbreak
in China to adopt social distancing policies at our locations, including working from home, limiting the number of employees attending
meetings, reducing the number of people in our sites at any one time, and suspending employee travel. We anticipate that the global health
crisis caused by COVID-19 will continue to negatively impact business activity. We have observed declining demand and price reductions
in the oil and gas sector as business and consumer activity decelerates across the globe. When COVID-19 is demonstrably contained, we
anticipate a rebound in economic activity, depending on the rate, pace, and effectiveness of the containment efforts deployed by various
national, state, and local governments.
We
will continue to actively monitor the situation and may take further actions altering our business operations that we determine are in
the best interests of our employees, customers, partners, suppliers, and stakeholders, or as required by federal, state, or local authorities.
It is not clear what the potential effects any such alterations or modifications may have on our business, including the effects on our
customers, employees, and prospects, or on our financial results for the remainder of fiscal year 2024.
Company
Description and Operations
Prior
Operations
We
are an oil exploration and production company, primarily engaged in acquisition and exploration efforts to find mineral reserves on various
properties. From our inception in March 2008 through October 2009, we were primarily engaged in acquisition and exploration efforts for
mineral properties. Beginning in October 2009, we shifted our focus to locating mature oil fields with the intention of acquiring those
oil fields and recovering stranded oil reserves using enhanced recovery methods. From June 14, 2011 to December 31, 2020, we were a management
services company, managing the acquisition and operation of mature oil fields, focused on the recovery of stranded oil
from those mature fields using enhanced oil recovery methods for our then sole customer, Stranded Oil Resources Corporation, or SORC,
a wholly owned subsidiary of Alleghany Corporation, or Alleghany. We performed those services in exchange for a quarterly management
fee and reimbursement from SORC of our employee related expenses. Such fees and reimbursements were effectively all of our revenues prior
to the closing of the Securities Purchase Agreement with Alleghany described below.
On
December 31, 2020, we entered into a Securities Purchase Agreement with Alleghany. Under that agreement, we purchased all of the issued
and outstanding shares of SORC. As consideration for the SORC shares, we paid Alleghany $72,678 in cash and agreed to pay Alleghany a
seven-year royalty of 5.0%, subsequently adjusted to 6.0% of our future revenues and net profits from our oil, gas, gas liquids and all
other hydrocarbon operations, subject to certain adjustments. Currently, SORC is not conducting any ongoing operations.
Under
the Securities Purchase Agreement with Alleghany, we also entered into a Consulting Agreement under which Alleghany paid us an aggregate
of approximately $1.245 million during calendar year 2021 in exchange for our providing Alleghany with one to three years of consulting
services from certain of our employees, including Mark See, our Chief Executive Officer. We no longer receive any management fees or
reimbursement payments from Alleghany for the monthly expenses of any of our employees.
Current
Operations
Prior
to December 31, 2020, while implementing underground gravity drainage, or UGD, projects for Allegheny, we gained specialized know-how
and operational experience in evaluating, acquiring, operating and developing oil and gas properties, as well as gaining expertise designing,
drilling and producing conventional oil wells. Based upon that know-how, we identified and acquired 45,246 gross acres and 37,932 net
acres of mineral property interests in the State of Montana. We began drilling an exploratory well in Montana during May 2022. That well
has not yet been completed or put into production. We are continuing our efforts to complete the drilling of the well and begin commercial
production. Simultaneously, we are attempting to raise additional funds to continue development of the other mineral property interests
we purchased. We plan to have each additional well have an 80-acre footprint, so that the first ten wells would cover approximately 800
acres, or less than two percent of our leased acreage. Our ability to secure further funding will determine the extent of future production
for the acreage, and the pace of field development.
ITEM
2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS – continued
In
connection with our securing the acreage in Montana described above, our wholly owned subsidiary, Lustre Oil Company LLC, or Lustre,
entered into an Acquisition and Participation Agreement with Erehwon Oil & Gas, LLC, or Erehwon. Our agreement with Erehwon allows
us to acquire oil and gas interests, and drill, complete and equip wells in Valley County, Daniels County and Roosevelt County, Montana.
Our agreement with Erehwon also specifies calculations for royalty interests and working interests that we will receive for the first
ten well completions, and first ten well recompletions, which is defined as the completion of a well for production from an existing
well bore in another formation. Under our agreement with Erehwon, we will acquire the initial mineral leases, and pay 100% of the initial
acquisition costs, up to $500,000. When the total costs exceed $500,000, Erehwon has the option to acquire a 10% working interest in
any lease we acquired by paying us 10% of our acquisition cost of that lease, resulting in our paying 90% of the applicable leases
acquisition costs. Until we are repaid the full amount of the acquisition costs we paid to complete the first ten wells and first ten
recompletions of older wells, the working interest split will remain 10% to Erehwon and 90% to us. After we have recovered our acquisition
costs, Erehwons working interest will increase to a 20% working interest. Additional wells and recompletions will have a working
interest split of 10% to Erehwon and 90% to us, unless Erehwon exercises its option to increase its working interest by 10%, as described
above.
Under
our agreement with Erehwon, we will fund 100% of the construction costs of the first ten wells and first ten recompletions. The lease
acquisition costs of any additional wells will be funded 80% by us and 20% by Erehwon; provided, however, that Erehwon will have the
option to increase its working interest to 20% only by reimbursing us for 10% of our acquisition costs. Royalty expenses for these wells
will consist of a royalty interest to the landowner and an overriding royalty interest of between 3% and 6% for two individuals who generated
the prospects, who will also receive an amount equal to 5% of the cost of the first ten new wells we complete and the first ten completed
recompletions.
In
January 2022, we executed a Net Profits Interest Agreement with Erehwon and Olfert No. 11-4 Holdings, LLC, or Olfert Holdings, for the
purpose of funding the first well under the Acquisition and Participation Agreement described above, named Olfert #11-4. In exchange
for Olfert Holdings funding of the development of the first well, Olfert Holdings receives 90% of amounts resulting from Olfert
#11-4 prior to Payout and 50% after Payout. The Net Profits Interest Agreement defines Payout
as the point in time when the aggregate of all Net Profits Interest payments made to Olfert Holdings under the agreement
equals 105% of the total well development costs.
Lustre
and Erehwon entered into an Exploration and Development Agreement, dated July 18, 2023 (the Development Agreement), with
Texakoma Exploration & Production Company (Texakoma), for the exploration and development of the Lustre Field
Prospect, as described in the Development Agreement (excluding schedules). Lustre and Erehwon are parties to an existing Acquisition
and Participation Agreement, under which those parties agreed to acquire certain oil and gas interests, and drill, complete, re-enter,
re-complete, sidetrack, and equip wells, in certain counties in Montana.
Under
the terms of the Development Agreement, Texakoma agreed to pay Lustre and Erehwon (jointly, LOC), the following amounts:
(i) $175,000 on or before July 21, 2023; and (ii) another $175,000 upon the spudding of the initial test well, which is
scheduled to occur prior to November 1, 2023, subject to rig availability. Upon the spudding of that test well, LOC is required to deliver
to Texakoma a partial assignment of an 85% working interest in the oil and gas leases covering the first two initial drilling and spacing
units. The first payment was received at the end of August 2023.
Texakoma
will pay 100% of the costs associated with the drilling and completion of two initial test wells. LOC will have an undivided 15% working
interest, carried through the tanks, in the initial two wells. Texakoma will have the option, but not the obligation, to participate
in the development of the remainder of the Lustre Field Prospect, which may be exercised by giving LOC written notice of its intent to
participate within 90 days after the completion rig moves off the second test well location.
If
Texakoma duly exercises its option, Texakoma agrees to drill eight additional wells, with LOC having a 15% working interest carried through
the tanks, and pay LOC $706,603 for an 85% leasehold interest in the next eight drill sites and a 50% leasehold interest in the balance
of the Lustre Field Prospect acreage. The working and net revenue interest in any wells drilled subsequent to the first ten wells shall
be shared by Texakoma and LOC on a 50:50 basis. Following the Texakoma transaction, Laredo will retain a 100% leasehold interest and
full control of an additional 30,556 net mineral acres in northeastern Montana at the western edge of the Williston Basin.
In
January 2022, we also entered into the Olfert Holdings operating agreement, under which we agreed to make a capital contribution to Olfert
Holdings in the amount of $500,000, out of a total of $1,500,000 of capital to be raised by Olfert Holdings. As of August 31, 2023, we
were credited with a contribution of $78,373 in market value of well development costs, representing a 4.4% interest in Olfert Holdings.
Since then, other investors, including our chief financial officer, assumed and funded our remaining capital commitment under the Olfert
Holdings operating agreement.
On
June 30, 2020, we entered into the Limited Liability Company Agreement of Cat Creek Holdings LLC, a Montana limited liability company,
with Lipson Investments LLC and Viper Oil & Gas, LLC. The limited liability company was formed to purchase certain oil and gas properties
in the Cat Creek Field in Petroleum County and Garfield County in the State of Montana. On July 1, 2020, Cat Creek Holdings entered into
an Asset Purchase and Sale Agreement with Carrell Oil Company. Under that agreement, Cat Creek Holdings agreed to pay Carrell Oil $400,000
in cash, subject to certain revenue adjustments and expense and tax allocations, in exchange for the Cat Creek Field properties. We invested
$448,900 in Cat Creek Holdings in exchange for a 50% ownership interest. Lipson Investments LLC and Viper Oil & Gas, LLC, the other
two members of Cat Creek Holdings, have ownership interests of 25% each, which they received for their respective investments of $224,450
in cash. We designate two of the four managers of Cat Creek Holdings.
ITEM
2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS – continued
Liquidity
and Capital Resources
Currently,
we have no producing oil wells on our Montana leases. The agreement with Texakoma described above is expected to produce revenue sufficient
to cover our ongoing operating expenses beginning later in calendar year 2024. Until we receive adequate funding from the Texakoma agreement
described above, any cash needed for operations and oil field expansion and development will most likely come from the sale of our debt
and equity securities.
An
independent petroleum engineering firm has provided us with a reserve report estimating that interests of proved undeveloped, probable
undeveloped and contingent reserves, and forecasts of economics attributable to certain properties in the Western Williston Basin of
Montana for oil interests acquired by Lustre. The report estimates that the Lustre reserves may generate $67 million in cash flow, discounted
at a rate of 10%. We are currently attempting to raise sufficient funds to drill and produce the properties identified in that reserve
report. We are in the process of raising up to $7.5 million from the sale of our secured convertible promissory notes. We will use the
proceeds from the sale of these notes for operating capital, and to fund the drilling of up to three production wells and a saltwater
disposal well, on the selected acreage described above. The secured convertible notes are secured by interests in our wholly owned subsidiary,
Hell Creek Crude, LLC. The notes are also convertible into shares of our common stock at a conversion rate of $1.00 per share. As of
the filing date, we have issued $625,000 in principal amount of the notes.
We
have also recently received $267,319 in proceeds from the sale of 6,062,886 shares of our common stock to an individual investor who
previously purchased one of our secured convertible promissory notes described above.
Lustre
and Erehwon have filed an action for quiet title in the State of Montana against Anadarko Minerals, Inc. and A&S Mineral Development
Co, LLC. We are asking for damages in excess of $2 million in that action. However, we cannot assure you that we will prevail in that
action and, if we do prevail, the timing of the resolution of the action, or the amount of any damages that we may receive.
Our
cash and cash equivalents at August 31, 2023 was $2,951. Our total debt outstanding as of August 31, 2023 was $3,808,432, including
(i) $617,934 owed to Alleghany, which is classified as a current note payable, and (ii) $984,950 pursuant to notes under the Paycheck
Protection Program, or PPP, of which we have classified $456,382 as long-term debt, net of the current portion totaling $528,568, which
is classified as a current note payable, (iii) $878,388 short term convertible notes, net of deferred debt discount, (iv) a $285,061
revolving note classified as short-term, (v) a $750,000 note payable due to Cali Fields LLC, classified as short-term, and (vi) a $292,099
note payable due to our Chief Financial Officer, classified as short-term.
Results
of Operations
During
the three months ended August 31, 2023 and 2022, we incurred operating expenses of $1,351,742 and $927,733, respectively. These expenses
consisted of general operating expenses incurred in connection with the day-to-day operation of our business, the preparation and filing
of our required public reports and stock option compensation expense. In addition, commencing January 1, 2022, payroll related expenses
are also included in the general operating expenses as we are no longer providing any direct management or consulting services. The increase
in expenses for the three months ended August 31, 2023, as compared to the same period in 2022, is primarily attributable to these payroll
costs and stock-based compensation, offset by a decrease in other professional fees including public relations and advisory services.
During the quarter ended
August 31, 2023, we recognized other income and expenses comprised of $175,000 related to the sale of underground drilling equipment that
formerly had been used in drilling operations in the Fredonia underground gravity drainage project, $175,000 related to the first payment
as required under the Texakoma Development Agreement, and a $20,662 equity method loss related to our Cat Creek equity investment. During
the quarter ended August 31, 2022, we recognized other income and expenses comprised of the $122,682 Employee Retention Credit established
by the CARES Act, $10,905 equity method loss related to our Cat Creek equity investment, and $23,885 other income primarily related to
a sale of assets.
Recently
Issued Accounting Pronouncements
Refer
to Note 3 of the Notes to Consolidated financial statements for a discussion of recently issued accounting pronouncements.
Critical
Accounting Policies and Estimates
The
process of preparing consolidated financial statements requires that we make estimates and assumptions that affect the reported amounts
of liabilities and stockholders equity/(deficit) at the date of the consolidated financial statements, and the reported amounts
of revenues and expenses during the reporting period. Significant estimates in these consolidated financial statements include estimates
related to the valuation of stock-based compensation and asset retirement obligation. Changes in the status of certain facts or circumstances
could result in a material change to the estimates used in the preparation of the consolidated financial statements and actual results
could differ from the estimates and assumptions.
Going
Concern
These
consolidated financial statements have been prepared on a going concern basis. We have routinely incurred losses since inception, resulting
in an accumulated deficit. We have recently received loans from accredited investors to fund our operations. There is no assurance that
such financing will be available in the future to meet our operating needs. This situation raises substantial doubt about our ability
to continue as a going concern within the one-year period after the issuance date of the consolidated financial statements included in
this report.
ITEM
2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS – continued
Our
management has undertaken steps to improve operations, with the goal of sustaining operations for the next twelve months and beyond.
These steps include an ongoing effort to raise funds through the issuance of debt to fund our well development program and maintain operations.
We have attracted and retained key personnel with significant experience in the industry. At the same time, in an effort to control costs,
we have required a number of our personnel to multi-task and cover a wider range of responsibilities in an effort to restrict the growth
of our headcount. There can be no assurance that we can successfully accomplish these steps and it is uncertain that we will achieve
a profitable level of operations and obtain additional financing. We cannot assure you that any additional financing will be available
to us on satisfactory terms and conditions, if at all.
The
accompanying consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability
and classification of assets or the amounts and classifications of liabilities that may result from the possible inability of us to continue
as a going concern.
OFF-BALANCE
SHEET ARRANGEMENTS
We
do not currently have any off-balance sheet arrangements or other such unrecorded obligations, and we have not guaranteed the debt of
any other party.
ITEM
3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Our
exposure to market risk is confined to our cash equivalents. We invest in high-quality financial instruments and believe we are subject
to limited credit risk. Due to the short-term nature of our cash, we do not believe that we have any material exposure to interest rate
risk arising from our investments.
ITEM
4. CONTROLS AND PROCEDURES
(a)
Evaluation of Disclosure Controls and Procedures
We
maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports filed
or submitted under the Securities Exchange Act of 1934, as amended, or the Exchange Act, is recorded, processed, summarized and reported
within the time periods specified in the rules and forms of the Securities and Exchange Commission, or the SEC. Our disclosure controls
and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in our
reports filed under the Exchange Act is accumulated and communicated to management as appropriate to allow timely decisions regarding
required disclosures. There are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including
the possibility of human error and the circumvention or overriding of the controls and procedures. Accordingly, even effective disclosure
controls and procedures can only provide reasonable assurance of achieving their control objectives, and management necessarily is required
to use its judgment in evaluating the cost-benefit relationship of possible controls and procedures.
An
evaluation was carried out under the supervision and with the participation of our management, including our Chief Executive Officer,
or CEO, and Chief Financial Officer, or CFO, of the effectiveness of our disclosure controls and procedures as of the end of the period
covered by this report as defined in Exchange Act Rule 13a-15(e) and Rule 15d-15(e). Based on that evaluation, our CEO and CFO have concluded
that, as of the end of the period covered by this report, our disclosure controls and procedures are not effective in ensuring that information
required to be disclosed in our Exchange Act reports is (1) recorded, processed, summarized and reported in a timely manner, and (2)
accumulated and communicated to our management, including our CEO and CFO, as appropriate, to allow for timely decisions regarding required
disclosure.
Our
small size and limited resources have prevented us from being able to employ sufficient resources to enable us to have an adequate level
of supervision and segregation of duties. Further we have limited specific oil and gas accounting personnel in our accounting department
due to our small size, lack of resources and limited technical accountants on staff. Therefore, it is difficult for us to effectively
segregate accounting duties and have proper financial reporting, which creates a material weakness in internal controls. This lack of
segregation of duties and limited personnel leads management to conclude that our financial reporting disclosure controls and procedures
are not effective to give reasonable assurance that the information required to be disclosed in reports that we file under the Exchange
Act is recorded, processed, summarized and reported as and when required.
(b)
Changes in Internal Control Over Financial Reporting
None.
PART
II - OTHER INFORMATION
ITEM
5. OTHER INFORMATION
None.
ITEM
6. EXHIBITS
The
exhibits required to be filed herewith by Item 601 of Regulation S-K, as described in the following index of exhibits, are attached hereto
unless otherwise indicated as being incorporated herein by reference, as follows:
101.INS |
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SIGNATURES
In
accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
LAREDO
OIL, INC.
(Registrant)
Date:
October 23, 2023 |
By: |
/s/
Mark See |
|
|
|
Mark
See |
|
|
|
Chief
Executive Officer and Chairman of the Board |
|
|
|
|
|
Date:
October 23, 2023 |
By: |
/s/
Bradley E. Sparks |
|
|
|
Bradley
E. Sparks |
|
|
|
Chief
Financial Officer, Treasurer and Director |
|
EXHIBIT 31.1
CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT
TO SECURITIES EXCHANGE ACT OF 1934
RULE 13a-14(a) OR 15d-14(a)
I, Mark See, Chief Executive Officer of Laredo Oil, Inc., certify that:
| 1. | I have reviewed this quarterly report
on Form 10-Q for the period ended August 31, 2023 of Laredo Oil, Inc., the registrant; |
| 2. | Based on my knowledge, this report
does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light
of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
| 3. | Based on my knowledge, the financial
statements, and other financial information included in this report, fairly present in all material respects the financial condition,
results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
| 4. | The registrants other certifying
officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules
13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for
the registrant and have: |
| a. | Designed such disclosure controls
and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information
relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly
during the period in which this report is being prepared; |
| b. | Designed such internal control
over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance
with generally accepted accounting principles; |
| c. | Evaluated the effectiveness of
the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the
disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
| d. | Disclosed in this report any
change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal
quarter (the registrants fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably
likely to materially affect, the registrants internal control over financial reporting; and |
| 5. | The registrants other certifying
officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants
auditors and the audit committee of registrants board of directors (or persons performing the equivalent functions): |
| a. | All significant deficiencies
and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely
affect the registrants ability to record, process, summarize and report financial information; and |
| b. | Any fraud, whether or not material,
that involves management or other employees who have a significant role in the registrants internal control over financial reporting. |
Date: October 23, 2023 |
|
|
|
/s/ Mark See |
|
Mark See |
|
Chief Executive Officer |
|
EXHIBIT 31.2
CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT
TO SECURITIES EXCHANGE ACT OF 1934
RULE 13a-14(a) OR 15d-14(a)
I, Bradley E. Sparks, Chief Financial Officer and Treasurer of Laredo
Oil, Inc., certify that:
| 1. | I have reviewed this quarterly report
on Form 10-Q for the period ended August 31, 2023 of Laredo Oil, Inc., the registrant; |
| 2. | Based on my knowledge, this report
does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light
of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
| 3. | Based on my knowledge, the financial
statements, and other financial information included in this report, fairly present in all material respects the financial condition,
results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
| 4. | The registrants other certifying
officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules
13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for
the registrant and have: |
| a. | Designed such disclosure controls
and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information
relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly
during the period in which this report is being prepared; |
| b. | Designed such internal control
over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance
with generally accepted accounting principles; |
| c. | Evaluated the effectiveness of
the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the
disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
| d. | Disclosed in this report any
change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal
quarter (the registrants fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably
likely to materially affect, the registrants internal control over financial reporting; and |
| 5. | The registrants other certifying
officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants
auditors and the audit committee of registrants board of directors (or persons performing the equivalent functions): |
| a. | All significant deficiencies
and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely
affect the registrants ability to record, process, summarize and report financial information; and |
| b. | Any fraud, whether or not material,
that involves management or other employees who have a significant role in the registrants internal control over financial reporting. |
Date: October 23, 2023 |
|
/s/ Bradley E. Sparks |
|
Bradley E. Sparks |
Chief Financial Officer and Treasurer |
EXHIBIT 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Laredo
Oil, Inc. on Form 10-Q for the period ended August 31, 2023, as filed with the Securities and Exchange Commission on the date hereof
(the Report), I, Mark See, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge and belief:
| (1) | the Report fully complies with
the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
| (2) | the information contained in
the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ Mark See |
|
Mark See |
Chief Executive Officer |
|
Date: October 23, 2023 |
EXHIBIT 32.2
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Laredo
Oil, Inc. on Form 10-Q for the period ended August 31, 2023, as filed with the Securities and Exchange Commission on the date hereof
(the Report), I, Bradley E. Sparks, Chief Financial Officer and Treasurer of the Company, certify, pursuant to 18 U.S.C.
Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge and belief:
| (1) | the Report fully complies with
the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
| (2) | the information contained in
the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ Bradley E. Sparks |
|
Bradley E. Sparks |
Chief Financial Officer and Treasurer |
|
Date: October 23, 2023 |
v3.23.3
Cover - shares
|
3 Months Ended |
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Aug. 31, 2023 |
Oct. 16, 2023 |
Cover [Abstract] |
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--05-31
|
|
Entity File Number |
333-153168
|
|
Entity Registrant Name |
Laredo Oil, Inc.
|
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Entity Central Index Key |
0001442492
|
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Entity Tax Identification Number |
26-2435874
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DE
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Austin
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v3.23.3
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
|
Aug. 31, 2023 |
May 31, 2023 |
Current Assets |
|
|
Cash and cash equivalents |
$ 2,951
|
$ 13,754
|
Other Receivable |
175,000
|
|
Receivables – related party |
|
1,779
|
Prepaid expenses and other current assets |
35,359
|
36,549
|
Total Current Assets |
213,310
|
52,082
|
Property and Equipment |
|
|
Oil and gas acquisition and drilling costs |
4,434,055
|
4,547,740
|
Property and equipment, net |
204,700
|
209,182
|
Total Property and Equipment, net |
4,638,755
|
4,756,922
|
Other assets |
30,000
|
30,000
|
TOTAL ASSETS |
5,148,527
|
5,126,127
|
Current Liabilities |
|
|
Accounts payable |
2,180,468
|
2,197,975
|
Accrued payroll liabilities |
2,491,328
|
2,262,450
|
Accrued interest |
278,576
|
210,414
|
Deferred well development costs |
1,799,260
|
1,799,260
|
Convertible debt, net of debt discount and debt issuance costs |
878,388
|
839,798
|
Revolving note |
1,035,061
|
933,000
|
Note payable – related party |
292,099
|
292,099
|
Note payable – Alleghany, net of debt discount |
617,934
|
617,934
|
Note payable, current portion |
528,568
|
449,624
|
Total Current Liabilities |
10,101,682
|
9,602,554
|
Asset retirement obligation |
69,482
|
67,938
|
Long-term note, net of current portion |
456,382
|
536,974
|
Total Noncurrent Liabilities |
525,864
|
604,912
|
TOTAL LIABILITIES |
10,627,546
|
10,207,466
|
Commitments and Contingencies (Note 13) |
|
|
Stockholders Deficit |
|
|
Preferred stock: $0.0001 par value; 10,000,000 shares authorized; none issued and outstanding |
|
|
Common stock: $0.0001 par value; 120,000,000 shares authorized; 66,220,206 issued and outstanding as of August 31, 2023 and May 31, 2023 |
6,622
|
6,622
|
Additional paid in capital |
10,711,488
|
9,990,378
|
Accumulated deficit |
(16,197,129)
|
(15,078,339)
|
Total Stockholders Deficit |
(5,479,019)
|
(5,081,339)
|
TOTAL LIABILITIES AND STOCKHOLDERS DEFICIT |
5,148,527
|
5,126,127
|
Olfert [Member] |
|
|
Property and Equipment |
|
|
Equity method investment – Cat Creek |
37,630
|
37,630
|
Cat Creek [Member] |
|
|
Property and Equipment |
|
|
Equity method investment – Cat Creek |
$ 228,832
|
$ 249,493
|
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v3.23.3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares
|
Aug. 31, 2023 |
May 31, 2023 |
Statement of Financial Position [Abstract] |
|
|
Preferred Stock, Par or Stated Value Per Share |
$ 0.0001
|
$ 0.0001
|
Preferred Stock, Shares Authorized |
10,000,000
|
10,000,000
|
Preferred Stock, Shares Issued |
0
|
0
|
Preferred Stock, Shares Outstanding |
0
|
0
|
Common Stock, Par or Stated Value Per Share |
$ 0.0001
|
$ 0.0001
|
Common Stock, Shares Authorized |
120,000,000
|
120,000,000
|
Common Stock, Shares, Issued |
66,220,206
|
66,220,206
|
Common Stock, Shares, Outstanding |
66,220,206
|
66,220,206
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.23.3
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
Aug. 31, 2023 |
Aug. 31, 2022 |
Income Statement [Abstract] |
|
|
Revenue |
$ (0)
|
$ (0)
|
Direct costs |
|
|
Gross profit (loss) |
|
|
General, selling and administrative expenses |
1,177,124
|
592,380
|
Consulting and professional services |
174,618
|
335,353
|
Total Operating expenses |
1,351,742
|
927,733
|
Operating loss |
(1,351,742)
|
(927,733)
|
Other income (expense) |
|
|
Other non-operating income |
175,000
|
1,521
|
Gain on sale of assets |
175,000
|
22,364
|
Income from employee retention credit |
|
122,682
|
Equity method loss |
(20,662)
|
(10,905)
|
Interest expense, net |
(96,386)
|
(82,554)
|
Net income/(loss) |
$ (1,118,790)
|
$ (874,625)
|
Net income/(loss) per share, basic and diluted |
$ (0.02)
|
$ (0.02)
|
Weighted average number of basic and common shares outstanding |
66,220,306
|
55,200,901
|
X |
- DefinitionThe amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements. Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period. Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.
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v3.23.3
Condensed Consolidated Statements of Changes in Stockholders' Deficit (Equity) (Unaudited) - USD ($)
|
Common Stock [Member] |
Preferred Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Beginning balance, value at May. 31, 2022 |
$ 5,451
|
|
$ 9,179,088
|
$ (11,982,488)
|
$ (2,797,949)
|
Ending Balance, Shares at May. 31, 2022 |
54,514,765
|
|
|
|
|
Stock based compensation |
|
|
133,110
|
|
133,110
|
Net Income |
|
|
|
(874,625)
|
(874,625)
|
Restricted stock issued to consultants |
$ 127
|
|
187,130
|
|
187,130
|
Restricted stock issued to consultants, Shares |
1,272,574
|
|
|
|
|
Cumulative effect of accounting change |
|
|
(55,918)
|
16,200
|
(39,718)
|
Ending balance, value at Aug. 31, 2022 |
$ 5,578
|
|
9,443,410
|
(12,840,913)
|
(3,391,925)
|
Ending Balance, Shares at Aug. 31, 2022 |
55,787,339
|
|
|
|
|
Beginning balance, value at May. 31, 2023 |
$ 6,622
|
|
9,990,378
|
(15,078,339)
|
(5,081,339)
|
Ending Balance, Shares at May. 31, 2023 |
66,220,306
|
|
|
|
|
Stock based compensation |
|
|
721,110
|
|
721,110
|
Net Income |
|
|
|
(1,118,790)
|
(1,118,790)
|
Ending balance, value at Aug. 31, 2023 |
$ 6,622
|
|
$ 10,711,488
|
$ (16,197,129)
|
$ (5,479,019)
|
Ending Balance, Shares at Aug. 31, 2023 |
66,220,306
|
|
|
|
|
X |
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v3.23.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
3 Months Ended |
Aug. 31, 2023 |
Aug. 31, 2022 |
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
Net income (loss) |
$ (1,118,790)
|
$ (874,625)
|
Adjustments to Reconcile Net Income (Loss) to Net Cash used in Operating Activities |
|
|
Restricted stock expense |
|
187,257
|
Stock based compensation expense |
721,110
|
133,110
|
Depreciation expense |
5,100
|
12,875
|
Accretion expense |
1,544
|
1,544
|
Amortization of debt discount |
13,578
|
21,708
|
Equity method (loss)/income |
20,662
|
10,905
|
Gain on sale of assets |
(175,000)
|
(22,364)
|
Change in operating assets and liabilities |
|
|
Receivables -related party |
1,779
|
|
Prepaid expenses and other current assets |
1,190
|
(2,936)
|
Accounts payable and accrued liabilities |
158,405
|
(33,865)
|
Accrued payroll |
228,878
|
143,526
|
Accrued interest |
68,162
|
20,710
|
NET CASH USED IN OPERATING ACTIVITIES |
(73,382)
|
(402,155)
|
CASH FLOWS USED IN INVESTING ACTIVITIES |
|
|
Investment in equity method investment |
|
(18,438)
|
Investment in property, plant and equipment |
|
(303)
|
Acquisition of oil and gas assets |
(62,846)
|
(930,710)
|
NET CASH USED IN INVESTING ACTIVITIES |
(62,846)
|
(949,451)
|
Repayment of convertible debt |
(59,988)
|
(89,698)
|
Proceeds from notes payable and revolving note |
187,061
|
798,000
|
Proceeds from prefunded drilling costs |
|
715,438
|
PPP loan repayments |
(1,648)
|
(64,619)
|
CASH FLOWS PROVIDED BY FINANCING ACTIVITIES |
125,425
|
1,359,121
|
Net increase (decrease) in cash and cash equivalents |
(10,803)
|
7,515
|
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD |
13,754
|
109,183
|
CASH AND CASH EQUIVALENTS AT END OF PERIOD |
2,951
|
116,698
|
NONCASH INVESTING ACTIVITIES |
|
|
Oil and gas acquisition costs in accounts payable |
175,913
|
474,750
|
Interest paid |
14,642
|
29,584
|
Sale of assets in exchange for note payable repayment |
|
$ 136,479
|
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v3.23.3
ORGANIZATION AND DESCRIPTION OF BUSINESS
|
3 Months Ended |
Aug. 31, 2023 |
Accounting Policies [Abstract] |
|
ORGANIZATION AND DESCRIPTION OF BUSINESS |
NOTE
1 – ORGANIZATION AND DESCRIPTION OF BUSINESS
The
accompanying consolidated financial statements have been prepared by the management of Laredo Oil, Inc. (the Company).
The
Company was incorporated under the laws of the State of Delaware on March 31, 2008 under the name of Laredo Mining, Inc.
On October 21, 2009, the Company changed its name to Laredo Oil, Inc.
The
Company is an oil exploration and production company, primarily engaged in acquisition and exploration efforts to find mineral reserves
on various properties. From its inception in March 2008 through October 2009, the Company was primarily engaged in acquisition and exploration
efforts for mineral properties. Beginning in October 2009, the Company shifted its focus to locating mature oil fields, with the intention
of acquiring those oil fields and recovering stranded oil using enhanced recovery methods. From June 14, 2011 to December 31, 2020, the
Company was a management services company, managing the acquisition and operation of mature oil fields, focused on the recovery of stranded
oil from those mature fields using enhanced oil recovery methods for its then sole customer, Stranded Oil Resources Corporation, or SORC,
then a wholly owned subsidiary of Alleghany Corporation. The Company performed those services in exchange for a quarterly management
fee and the reimbursement from SORC of its employee related expenses, which fees and reimbursements were effectively all of the Companys
revenues prior to the closing of the Securities Purchase Agreement with Alleghany described below.
On
December 31, 2020, the Company entered into a Securities Purchase Agreement with Alleghany Corporation. Under that agreement, the Company
purchased all the issued and outstanding shares of SORC. Currently, there are no ongoing operations being conducted by SORC.
Under
the Securities Purchase Agreement with Alleghany, the Company also entered into a Consulting Agreement, under which Alleghany paid the
Company an aggregate of approximately $1.245 million during calendar year 2021 in exchange for providing Alleghany with one to three
years of consulting services from certain of the Companys employees, including Mark See, its Chief Executive Officer.
Alleghany
no longer pays the Company any management fees or reimbursement payments for the monthly expenses of its employees. Those fees and reimbursements
were effectively all of the Companys revenues prior to the closing of the Securities Purchase Agreement with Alleghany described
above.
While
the Company was providing services to Alleghany prior to December 31, 2020, it gained know-how and operational experience in evaluating,
acquiring, operating and developing oil and gas properties using enhanced oil recovery methods. The Company also gained experience in
designing, drilling and producing conventional oil wells using those methods.
During
the period from June 14, 2011 through December 31, 2020, when the 2011 SORC Agreements were in effect, Company management gained specialized
know-how and operational experience in evaluating, acquiring, operating and developing oil and gas properties while implementing UGD
projects, as well as gaining expertise designing, drilling and producing conventional oil wells. Based upon the knowledge gained, as
of August 31, 2023, the Company has identified and acquired 45,766 gross acres and 38,153 net acres of mineral property interests in
Montana. The Company drilled one exploratory well during May 2022, which has been shut-in pending gaining access to a saltwater disposal
well allowing economically feasible water disposal. The Company plans to continue to develop the field as funding allows.
In
connection with securing this acreage in Montana, Lustre Oil Company LLC, a wholly-owned subsidiary of the Company
(“Lustre”), entered into an Acquisition and Participation Agreement (the Erehwon APA) with Erehwon Oil &
Gas, LLC (Erehwon) to acquire oil and gas interests and drill, complete, re-enter, re-complete, sidetrack, and equip
wells in Valley County, Daniels County and Roosevelt County, Montana. The Erehwon APA specifies calculations for royalty interests
and working interests for the first ten well completions and first ten well recompletions and for all additional wells and
recompletions thereafter. Lustre will acquire initial mineral leases and pay 100% of the costs with a cap of $500,000. When the
$500,000 cap is exceeded, Erehwon will have the option to acquire a 10% working interest (WI) in a lease by paying 10%
of any lease acquisition cost, resulting in Lustre paying 90% of the lease costs, on a lease-by-lease basis. Until amounts paid to
complete the first ten new wells and first ten recompletions are repaid (Payback), the WI split is 10% for Erehwon and
90% for Lustre. Thereafter, the split between Erehwon and Lustre will be 20%/80%. Additional wells and recompletions will have a WI
split equal to their respective working interest in the leases. This will be 10% for Erehwon and 90% for Lustre, unless Erehwon
exercises its option to increase its WI by ten percentage points to 20%, as described above. Under the Erehwon APA, Lustre will fund
100% of the construction costs of the first ten wells and first ten completions. Any additional wells will be funded 80% by Lustre
and 20% by Erehwon; provided, however, that Erehwon has the option to pay 10% of the construction cost to increase its WI to 20%.
Royalty expense will consist of the sum of royalty interest to the landowner and an overriding royalty interest to two individuals
(Prospect Generators), not to exceed 6% nor be less than 3%. For the first ten new wells and first ten recompletions, Prospect Generators will receive an amount equal to 5% of the cost of each completed producing well.
In
January 2022, the Company and Lustre executed a Net Profits Interest Agreement (the NPI Agreement) with Erehwon and Olfert
No. 11-4 Holdings, LLC (Olfert Holdings) for the purpose of funding the first well, Olfert #11-4, (the Well)
under the Erehwon Acquisition and Participation Agreement (APA). In connection with the NPI Agreement, the Company was
credited with a contribution totaling $59,935 of well development costs, as determined by agreement with Olfert on behalf of Olfert Holding
representing a 5.5% interest in the entity as of May 31, 2022 based on the carrying value of assets contributed to Olfert. The total
investment recorded by Laredo was $19,435 as of May 31, 2022. The difference between the $59,935 contribution recorded at the Olfert
level and the investment recorded by the Company is due to the investment at the Company being recorded at the carrying value of the
assets contributed. As the Company also currently serves as the manager of Olfert, it exercises significant influence. Accordingly, the
amount paid by the Company is recorded as an equity method investment as of August 31, 2023. See further disclosures in Note 8.
On
June 30, 2020, the Company entered into the Limited Liability Company Agreement (the Cat Creek Agreement) of Cat Creek
Holdings, LLC (Cat Creek), a Montana limited liability company formed as a joint venture with Lipson Investments LLC (Lipson)
and Viper Oil & Gas, LLC (Viper) for the purchase of certain oil and gas properties in the Cat Creek Field, located
in Petroleum and Garfield Counties in the State of Montana (the Cat Creek Properties). In accordance with the Cat Creek
Agreement, the Company invested $448,900 of cash in Cat Creek for 50% of the ownership interests in Cat Creek. Lipson Investments LLC
and Viper Oil & Gas, LLC, the other two members of Cat Creek, each have 25% ownership interests in Cat Creek in consideration of
their respective investments of $224,450. Cat Creek is managed by a Board of Directors consisting of four directors, two of which are
designated by the Company.
Lustre
and Erehwon entered into an Exploration and Development Agreement, dated July 18, 2023 (the Development Agreement), with
Texakoma Exploration & Production Company (Texakoma), for the exploration and development of the Lustre Field
Prospect, as described in the Development Agreement. Lustre and Erehwon are parties to an existing Acquisition and Participation
Agreement, under which those parties agreed to acquire certain oil and gas interests, and drill, complete, re-enter, re-complete, sidetrack,
and equip wells, in certain counties in Montana.
Under
the terms of the Development Agreement, Texakoma agreed to pay Lustre and Erehwon (jointly, LOC), the following amounts:
(i) $175,000 on or before July 21, 2023; and (ii) another $175,000 upon the spudding of the initial test well, which is
scheduled to occur prior to November 1, 2023, subject to rig availability. Upon the spudding of that test well, LOC is required to deliver
to Texakoma a partial assignment of an 85% working interest in the oil and gas leases covering the first two initial drilling and spacing
units. The first payment under the Development Agreement was paid by Texakoma at the end of August 2023.
Texakoma
will pay 100% of the costs associated with the drilling and completion of two initial test wells. LOC will jointly have an undivided
15% working interest, carried through the tanks, in the initial two wells. Texakoma will have the option, but not the obligation, to
participate in the development of the remainder of the Lustre Field Prospect, which may be exercised by Texakoma by giving Lustre and
Erehwon written notice of its intent to participate within 90 days after the completion rig moves off the second test well location.
If
Texakoma duly exercises its option, Texakoma agrees to drill eight additional wells, with LOC having a 15% working interest carried through
the tanks, and pay LOC $706,603 for an 85% leasehold interest in the next eight drill sites and a 50% leasehold interest in the balance
of the Lustre Field Prospect acreage. The working and net revenue interest in any wells drilled subsequent to the first ten wells shall
be shared by Texakoma and LOC on a 50:50 basis. Following the Texakoma transaction, the Company will retain a 100% leasehold interest
and full control of an additional 30,556 net mineral acres in northeastern Montana at the western edge of the Williston Basin.
Basic
and Diluted Loss per Share
Basic
and diluted earnings/(loss) per share is computed by dividing net income/(loss) available to common shareholders by the weighted average
number of common shares outstanding during the period. Diluted earnings/(loss) per share gives effect to all dilutive potential common
shares outstanding during the period. Dilutive earnings/(loss) per share excludes all potential common shares if their effect is anti-dilutive.
As the Company realized a net loss for the three-month periods ended August 31, 2023 and 2022, no potentially dilutive securities were
included in the calculation of diluted loss per share as their impact would have been anti-dilutive. Diluted earnings/(loss) per share
is computed by dividing the net income (loss) by the weighted-average number of common and dilutive common equivalent shares outstanding
during the period.
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- DefinitionThe entire disclosure for the business description and basis of presentation concepts. Business description describes the nature and type of organization including but not limited to organizational structure as may be applicable to holding companies, parent and subsidiary relationships, business divisions, business units, business segments, affiliates and information about significant ownership of the reporting entity. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).
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v3.23.3
GOING CONCERN
|
3 Months Ended |
Aug. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
GOING CONCERN |
NOTE
2 – GOING CONCERN
These
consolidated financial statements have been prepared on a going concern basis. The Company has routinely incurred losses since inception,
resulting in an accumulated deficit, and historically has been dependent on one customer for its revenue. There is no assurance that
in the future any financing will be available to meet the Companys needs. This situation raises substantial doubt about the Companys
ability to continue as a going concern within one year of the issuance date of the consolidated financial statements.
Management
has undertaken steps as part of a plan to improve operations with the goal of sustaining operations for the next twelve months and beyond.
These steps include an ongoing effort to (a) controlling overhead and expenses; (b) raising funds connected with specific well development;
and (b) raising funds through notes payable and convertible debt to expand and fund property acquisitions exploration and development
as well as maintaining operations. The Company has worked to attract and retain key personnel with significant experience in the industry.
At the same time, to control costs, the Company has required several of its personnel to multi-task and cover a wider range of responsibilities to restrict the growth of the Companys headcount. There can be no assurance that the Company can successfully accomplish
these steps and it is uncertain that the Company will achieve a profitable level of operations and obtain additional financing. There
can be no assurance that any additional financing will be available to the Company on satisfactory terms and conditions, if at all.
The
accompanying consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability
and classification of assets or the amounts and classifications of liabilities that may result from the possible inability of the Company
to continue as a going concern.
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- DefinitionThe entire disclosure when substantial doubt is raised about the ability to continue as a going concern. Includes, but is not limited to, principal conditions or events that raised substantial doubt about the ability to continue as a going concern, management's evaluation of the significance of those conditions or events in relation to the ability to meet its obligations, and management's plans that alleviated or are intended to mitigate the conditions or events that raise substantial doubt about the ability to continue as a going concern.
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v3.23.3
SIGNIFICANT ACCOUNTING POLICIES
|
3 Months Ended |
Aug. 31, 2023 |
Accounting Policies [Abstract] |
|
SIGNIFICANT ACCOUNTING POLICIES |
NOTE
3 – SIGNIFICANT ACCOUNTING POLICIES
Use
of Estimates – Management uses estimates and assumptions in preparing these consolidated financial
statements in accordance with generally accepted accounting principles. Those estimates and assumptions affect the reported amounts of
assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Actual results could
differ from those estimates.
Principles
of Consolidation – The accompanying consolidated financial statements include the accounts of Laredo Oil and its subsidiaries
after elimination of intercompany balances and transactions.
Equity
Method Investment – Investments classified as equity method consist of investments in companies in which the Company can exercise significant influence but not control. Under the equity method of accounting, the investment is
initially recorded at cost, then the Companys proportional share of investees underlying net income or loss is recorded
as a component of other income with a corresponding increase or decrease to the carrying value of the investment.
Distributions received from the investee reduce the Companys carrying value of the investment. These investments are evaluated
for impairment if events or circumstances arise that indicate that the carrying amount of such assets may not be recoverable. The Company
has elected to record its portion of the equity method income (loss) with a two-month lag. Accordingly, the financial results for the
equity investment are reported through June 30, 2023. No impairments were recognized for the Companys equity method investment during
the quarter ended August 31, 2023. See Note 11.
Property
and Equipment – The carrying value of the Companys property and equipment represents the cost incurred to acquire the
property and equipment, net of any impairments. For business combinations, property and equipment cost is based on the fair values at
the acquisition date.
Oil
and Gas Acquisition Costs – Oil and gas acquisition and drilling costs include expenditures representing investments
in unproved and unevaluated properties and include non-producing leasehold, leasehold or drilling interest costs, and costs to drill
one exploratory well. Exploratory drilling costs are deferred until the outcome of the well is known. If an exploratory well finds proved
reserves, the deferred costs are transferred to the companys Wells and Related Equipment and Facilities accounts. Absent proved
reserves, the deferred costs of the well, net of salvage, are charged to expense. All costs of wells drilled to develop proved reserves,
along with all costs of equipment necessary to produce and handle the hydrocarbons, are capitalized even if a development well proves
dry. Costs are reviewed to determine if impairment has occurred. The Company has incurred oil and gas acquisition and drilling costs
totaling $4,431,438 and $4,547,740 as of August 31, 2023 and May 31, 2023, respectively.
Schedule
of Oil and Gas Acquisition and Drilling Cost
| |
August 31, | | |
May 31, | |
| |
2023 | | |
2023 | |
Intangible and tangible drilling costs | |
$ | 3,266,737 | | |
$ | 3,410,832 | |
Acquisition costs | |
| 1,164,701 | | |
| 1,136,908 | |
| |
| | | |
| | |
Oil and gas acquisition and drilling costs | |
$ | 4,431,438 | | |
$ | 4,547,740 | |
|
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v3.23.3
RECENT AND ADOPTED ACCOUNTING STANDARDS
|
3 Months Ended |
Aug. 31, 2023 |
Accounting Changes and Error Corrections [Abstract] |
|
RECENT AND ADOPTED ACCOUNTING STANDARDS |
NOTE
4 – RECENT AND ADOPTED ACCOUNTING STANDARDS
The
Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on
the consolidated financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting
pronouncements that have been issued that might have a material impact on its financial position or results of operations.
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- DefinitionThe entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.
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v3.23.3
ACCOUNTING FOR ASSET RETIREMENT AND ENVIRONMENTAL OBLIGATIONS
|
3 Months Ended |
Aug. 31, 2023 |
Asset Retirement Obligation Disclosure [Abstract] |
|
ACCOUNTING FOR ASSET RETIREMENT AND ENVIRONMENTAL OBLIGATIONS |
NOTE
5 – ACCOUNTING FOR ASSET RETIREMENT AND ENVIRONMENTAL OBLIGATIONS
The
Company accounts for its asset retirement obligations in accordance with Accounting for Asset Retirement and Environmental
Obligations. This requires that legal obligations associated with the retirement of long-lived assets be recognized at fair
value when incurred and capitalized as part of the related long-lived asset. Over time, the liability is accreted to its present
value each period, and the capitalized asset is depreciated over the useful life of the long-lived asset.
In
the absence of quoted market prices, the Company estimates the fair value of its asset retirement obligations using present value
techniques, in which estimates of future cash flows associated with retirement activities are discounted using a credit-adjusted
risk-free rate. The Companys estimated liability could change significantly if actual costs vary from assumptions or if governmental
regulations change significantly.
The
Companys asset retirement obligation was established in May 2022 when it commenced drilling the Olfert#11-4 well in
the Lustre oil field. On August 31, 2023 and May 31, 2023 the asset retirement obligation totaled $69,482 and $67,938, respectively.
The
cash flow estimate for the asset retirement obligation is based upon the assumption of a 25-year expected life of the well, discounted
using a credit-adjusted risk-free interest rate of 10%.
The
Company has recorded accretion expense totaling $1,544 in each of the three-month periods ending August 31, 2023 and 2022.
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v3.23.3
FAIR VALUE MEASUREMENTS
|
3 Months Ended |
Aug. 31, 2023 |
Fair Value Disclosures [Abstract] |
|
FAIR VALUE MEASUREMENTS |
NOTE
6 – FAIR VALUE MEASUREMENTS
Fair
Value of Financial Instruments
The
carrying values of cash and cash equivalents, accounts and other receivables, accounts payable and accrued current liabilities approximate
their fair values due to the short-term nature of the instruments.
Assets
and Liabilities Measured at Fair Value on a Nonrecurring Basis
The
estimated fair value of oil and gas properties and the asset retirement obligation incurred in the drilling of oil and gas wells or assumed
in the acquisitions of additional oil and gas working interests are based on an estimated discount cash flow model and market assumptions.
The significant Level 3 assumptions used in the calculation of estimated discounted cash flow model include future commodity prices,
projections of estimated quantities of oil and gas reserves, expectations for timing and amount of future development, operating and
asset retirement costs, projections of future rates of production, expected recovery rates and risk adjusted discount rates. See Note
3 for additional information regarding oil and gas property acquisitions.
The
Company estimates the fair value of asset retirement obligations based on the projected discounted future cash outflows required to settle
abandonment and restoration liabilities. Such an estimate requires assumptions and judgments regarding the existence of liabilities,
the amount and timing of cash outflows required to settle the liability, what constitutes adequate restoration, inflation factors, credit
adjusted discount rates, and consideration of changes in legal, regulatory, environmental and political environments. Abandonment and
restoration cost estimates are determined in conjunction with the Companys reserve engineers based on historical information regarding
costs incurred to abandon and restore similar well sites, information regarding current market conditions and costs, and knowledge of
subject well sites and properties. Asset retirement obligation fair value measurements in the current period were Level 3 fair value
measurements. As further described in Note 5, the Company recognizes the fair value of a liability for an asset retirement obligation
in the period in which it is incurred if a reasonable estimate of fair value can be made. Asset retirement obligations are not measured
at fair value subsequent to initial recognition.
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v3.23.3
RELATED PARTY TRANSACTIONS
|
3 Months Ended |
Aug. 31, 2023 |
Related Party Transactions [Abstract] |
|
RELATED PARTY TRANSACTIONS |
NOTE
7 – RELATED PARTY TRANSACTIONS
Transactions
between related parties are considered to be related party transactions even though they may not be given accounting recognition. FASB
ASC 850, Related Party Disclosures (FASB ASC 850) requires that transactions with related parties that would make
a difference in decision making shall be disclosed so that users of the consolidated financial statements can evaluate their significance.
Related party transactions typically occur within the context of the following relationships:
|
● |
Affiliates
of the entity; |
|
● |
Entities
for which investments in their equity securities is typically accounted for under the equity method by the investing entity; |
|
● |
Trusts
for the benefit of employees; |
|
● |
Principal
owners of the entity and members of their immediate families; |
|
● |
Management
of the entity and members of their immediate families. |
|
● |
Other
parties that can significantly influence the management or operating policies of the transacting parties and can significantly influence
the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests. |
On
April 4, 2022, Cat Creek, in which the Company has an equity investment, loaned the Company $136,479 at a market rate of interest. In
August 2022, the Company repaid the principal amount of the note, and accrued interest, in an exchange for property, plant and equipment.
In
accordance with the NPI Agreement, between October 2021 and August 2022, Olfert #11-4 Holdings transferred funds totaling $1,859,195
to Lustre, the Companys wholly owned subsidiary, to provide funds for drilling expenses incurred by Lustre with respect to the
development of one well.
On
June 22, 2022, the Company assigned the right to purchase up to 356,243 of the 500,000 membership interests in Olfert #11-4 to the Companys
Chief Financial Officer in exchange for his payment of $356,243 of the Companys capital commitment to Olfert #11-4.
On
October 26, 2022, the Company borrowed $150,000 from the Companys Chief Financial Officer pursuant to a demand note bearing an
annual interest rate of 10%. The demand note is secured by all of the Companys interests in Lustre, pursuant to the terms of a
Membership Interest Pledge Agreement. In February through May 2023, the Companys Chief Financial Officer made several advances
to the Company, totaling $142,099. The advances were not made pursuant to a promissory note, and the advances are not secured. Advances
by the Companys Chief Financial Officer currently total $292,099.
|
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.23.3
NET PROFITS INTEREST AGREEMENT
|
3 Months Ended |
Aug. 31, 2023 |
Net Profits Interest Agreement |
|
NET PROFITS INTEREST AGREEMENT |
NOTE
8 – NET PROFITS INTEREST AGREEMENT
The
Company and Lustre executed the NPI Agreement with Erehwon and Olfert Holdings in January 2022, to be effective as of October 2021.
The NPI Agreement was executed for the purpose of funding the Olfert Well under the Erehwon APA. The NPI Agreement grants Olfert
Holdings an Applicable Percentage of available funds from the Olfert Well in exchange for Olfert Holdings funding
development of the Olfert Well. The Applicable Percentage is defined in the NPI Agreement as 90% prior to Payout and 50%
after Payout, with Payout being defined as the point in time when the aggregate of all Net Profits Interest payments
made to Olfert Holdings under the NPI Agreement equals 105% of the well development costs. In January 2022, the Company entered into
an Amended and Restated Limited Liability Company Operating Agreement of Olfert Holdings, dated to be effective as of November 2021
(the Olfert Holdings Operating Agreement). Pursuant to the Olfert Holdings Operating Agreement, the Company agreed to
make a $500,000 capital contribution, out of a total of $1,500,000 to be raised by Olfert Holdings. During October and November of
2021, the Company received advance payments totaling $1.0 million from four investors, through Lustre, pursuant to the NPI
Agreement. The Company was credited with $59,935 of well development costs as part of its capital contribution under the Olfert
Holding Operating Agreement. In May 2022, a vendor made an in-kind capital contribution of $83,822 to Olfert Holdings in the form of
services rendered. In June 2022, the Companys Chief Financial Officer invested $356,243 in Olfert Holdings pursuant to the NPI
Agreement. These three contributions fulfilled the Companys initial capital contribution commitment under the Olfert Holdings
Operating Agreement. On August 3, 2022, the Company, as Manager of Olfert Holdings, issued a capital call to the investors in Olfert
Holdings for payment of an additional $461,440 to cover expenses that Lustre is obligated to pay pursuant to the NPI Agreement. As
of August 31, 2023, the investors had paid $358,747 of that capital call. As of August 31, 2023, Lustre had incurred approximately
$3,300,000 in expenses related to the development of the Olfert Well. The Olfert Well has exceeded its original budget, and
there are certain construction costs that have not been satisfied. To pay the amounts owed, the Company issued another capital call
to the investors in Olfert Holdings to pay an additional $1.7 million. The investors do not have an obligation to make further
investments, and Olfert Holdings did not raise the requested additional amount from that capital call. Subsequently, several unpaid
contractors have attached mechanic liens on the Olfert Well. Three creditors have filed a lawsuit for payment against Lustre, the
operator of the Olfert Well in Montana. The Company believes that the Olfert Well is still economically viable, and it intends to
attempt to raise sufficient additional capital for Olfert Holdings, complete the Olfert Well, and pay all amounts owed to
contractors.
NOTE
8 – NET PROFITS INTEREST AGREEMENT - continued
In
connection with the NPI Agreement, the Company was credited with a contribution totaling $59,935 of well development costs under an agreement
with Olfert Holdings. The initial investment in Olfert Holdings recorded by the Company was $19,435. The difference between the $59,935
contribution recorded by Olfert Holdings and the $19,435 investment recorded by the Company is due to the Companys investment
being recorded at the carrying value of the assets contributed by the Company. In connection with the August 2022 capital call, the Company
contributed an additional $18,438 to Olfert Holdings resulting in a 4.2% interest in Olfert Holdings as of August 31, 2023. As the Company
currently serves as the manager of Olfert Holdings, the Company exercises significant influence over Olfert Holdings. Accordingly, the
amount the Company paid to Olfert Holdings is recorded as an equity method investment as of August 31, 2023.
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v3.23.3
STOCKHOLDERS’ DEFICIT
|
3 Months Ended |
Aug. 31, 2023 |
Equity [Abstract] |
|
STOCKHOLDERS’ DEFICIT |
NOTE
9 – STOCKHOLDERS DEFICIT
Share
Based Compensation
The
Company made grants of options for the purchase of 15,075,000 shares of the Companys common stock, at a price of $0.06 per share,
during the first quarter of fiscal year 2024. The grants were issued under the Laredo Oil, Inc. 2023 Equity Incentive Plan, which
became effective with the filing of a Registration Statement on Form S-8 on June 14, 2023. Except for an option to purchase 1,100,000
shares of common stock, at a price of $0.38 per share, all options previously granted under the Laredo Oil, Inc. 2011 Equity Incentive
Plan, totaling 4,825,000 shares, were terminated and replaced by grants under the new incentive plan.
Options
to purchase 650,000 shares of common stock at a price of $0.19 per share were granted during the first quarter of fiscal year 2023. The
options vested immediately and expire on June 2, 2032. Option grants for the purchase of 1,600,000 shares of common stock at a price
of $0.074 per share were made during the first quarter of fiscal year 2022. The options vest monthly over three years beginning August
1, 2021 and expire on August 1, 2031. These options were canceled on June 29, 2023.
The
Black-Scholes option pricing model is used to estimate the fair value of options granted under our stock incentive plan.
The
grant date fair value of the stock option grants during the three months ending August 31, 2023 and 2022 totaled $721,110 and $123,487,
respectively. The weighted average assumptions used in calculating these values were based on the following:
Schedule
of Fair Value Assumptions
| |
2023 | |
2022 |
Risk-free interest rate | |
3.99% | |
1.85% |
Expected dividend yield | |
0% | |
0% |
Expected volatility | |
281.3% | |
314.9% |
Expected life of options | |
5.0 years | |
6.0 years |
The
risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for a bond with a similar term. The
Company does not anticipate declaring dividends in the foreseeable future. Volatility is estimated based on the historical share prices
over the same period as the expected life of the option. The Company uses the simplified method for determining the expected term of
its stock options.
Share
based compensation for stock option grants totaling $721,110 and 123,487 was recorded in general, selling and administrative expense
during the three months ended August 31, 2023 and 2022, respectively.
Restricted
Stock
In
May 2023 the Company received funds pursuant to a Stock Purchase Agreement with an accredited investor to purchase 6,062,886 restricted
shares of the Companys common stock at a purchase price of $0.0441 per share, totaling $267,319. The shares have not been registered
under the Securities Act of 1933, as amended, or the securities laws of any state, and were issued to the investor in reliance upon exemptions
from such registration. The investor is aware of the provisions of Rule 144 promulgated under the Securities Act.
The
Company entered into a financial advisory agreement, dated July 21, 2022 (the Advisory Agreement), pursuant to which the
Company engaged Dawson James Securities, Inc. (Dawson) to render services as a corporate finance consultant. The term of
the Advisory Agreement is twelve months from the date of the Advisory Agreement, unless terminated by either party with 30 days prior
written notice to the other party, beginning 60 days following the date of the Advisory Agreement. Under the terms of the Advisory Agreement,
Dawson will provide advice to the Company concerning business and financial planning, corporate organization and structure, private and
public equity and debt financing, and such other matters as the parties may mutually agree.
As
compensation to Dawson for the services provided under the Advisory Agreement, the Company is obligated to pay Dawson $30,000 per calendar
quarter, with the first such payment being paid one day after the date of the execution of the Advisory Agreement, and each subsequent
payment being due three months after the previous payment. The Company made the first $30,000 payment in July 2022. The Company also
agreed to issue to Dawson 2,600,000 shares of the Companys common stock, payable in four installments of (i) 1,000,000 shares
issued within three business days after the date of the Advisory Agreement, (ii) 550,000 shares for the subsequent quarter, and (iii)
525,000 shares for each of the remaining two quarters of the term of the Advisory Agreement. The first 1,000,000 restricted shares were
issued in July 2022. During the twelve months ending May 31, 2023, the Company recorded advisory service fees totaling $160,000 with
respect to the 1,000,000 shares of the Companys common stock issued pursuant to the Advisory Agreement. After the first $30,000
payment and issuance of 1,000,000 shares of common stock, the Advisory Agreement has been suspended indefinitely.
In
April 2022, the Company entered into a consulting agreement with an individual for corporate structuring and strategic planning and compliance
services. Pursuant to this agreement, the Company agreed to compensate the consultant with cash and restricted shares of the Companys
common stock, which shares vest equally over the 12-month term of the consulting agreement. During the twelve months ending May 31, 2023,
the Company recorded $27,257 in professional fees with respect to the issuance of the first two tranches of 272,474 restricted shares.
The consulting agreement was terminated in July 2022.
The
Company granted no shares of restricted stock as compensation during the first quarter of fiscal year 2024.
Warrants
No
warrants were issued during the first quarters of fiscal years 2024 or 2023.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS |
(UNAUDITED) |
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v3.23.3
NOTES PAYABLE
|
3 Months Ended |
Aug. 31, 2023 |
Debt Disclosure [Abstract] |
|
NOTES PAYABLE |
NOTE
10 – NOTES PAYABLE
Convertible
Debt
In
March, April and May of 2023, the Company entered into Securities Purchase Agreements with an accredited investor, pursuant to which
the Company issued three convertible promissory notes in the aggregate principal amount of $212,025 (the Convertible Notes),
receiving $180,000 in net cash proceeds. The Convertible Notes had an original issue discount of $19,275. The Company deducted $12,750
in additional debt issue costs from the gross proceeds it received from the Convertible Notes. The Company is amortizing a total
of $32,025 recorded as debt discount using the effective interest method through the maturity dates of the Convertible Notes. The
Convertible Notes are due in one year from the date of issuance, accrue interest at 8% per annum (22% upon the occurrence of an event
of default) and are convertible 180 days after issuance into shares of the Companys common stock at a discount of 25% of the average
of the three lowest trading prices during the 15 trading days immediately preceding the conversion.
In
November of 2022, the Company entered into Securities Purchase Agreements with two accredited investors, pursuant to which the Company
issued two convertible promissory notes in the aggregate principal amount of $140,250 (the Convertible Notes), receiving
$120,000 in net cash proceeds. The Convertible Notes had an original issue discount of $12,750. The Company deducted $7,500 in additional debt
issue costs from the gross proceeds it received from the Convertible Notes. The Company is amortizing a total of $20,250 recorded
as debt discount using the effective interest method through the maturity dates of the Convertible Notes. The Convertible Notes are due
one year from the date of issuance, accrue interest at 8% per annum (22% upon the occurrence of an event of default) and are convertible
180 days after issuance into shares of the Companys common stock at a discount of 25% of the average of the three lowest trading
prices during the 15 trading days immediately preceding the conversion. In May 2023, the Company repaid $140,250 in principal and
$27,410 in related accrued interest and prepayment penalty interest pursuant to the two separate Convertible Notes.
In
October 2022, the Company entered into a Securities Purchase Agreement with an accredited investor, pursuant to which the Company issued
a convertible promissory note in the principal amount of $55,000, receiving $45,000 in net cash proceeds. The note had an original
issue discount of $5,000. An additional $5,000 in debt issue costs were deducted from the gross proceeds from the note. The total
of $10,000 recorded as debt discount is being amortized using the effective interest method through the maturity dates of the note.
The note is due one year after the date of issuance, accrues interest at 12% per annum (22% upon the occurrence of an event of default)
and is convertible after 180 days into shares of the Companys common stock at a discount of 30% to the average of the three lowest
trading prices during the 15 trading days immediately preceding the conversion. During April and May of 2023, the Company repaid
the $55,000 in principal and $10,372 in related accrued interest and prepayment penalty interest. To satisfy the obligation, in addition
to the interest payments, the Company repaid $23,360 principal in cash and issued to the note holder 1,000,000 shares of the Companys
common stock at an average price of $0.03164 per share.
On
September 6, 2022, the Company entered into a Securities Purchase Agreement with an accredited investor, pursuant to which the Company
issued a convertible promissory note in the principal amount of $97,625, receiving $85,000 in net cash proceeds. The convertible
promissory note had an original issue discount of $8,875, and $3,750 in debt issue costs were deducted from the gross proceeds. The total
of $12,625 recorded as debt discount is being amortized using the effective interest method through the maturity dates of the convertible
promissory note. The convertible promissory note is due in one year from the date of issuance, accrues interest at 8% per annum (22%
upon the occurrence of an event of default) and is convertible after 180 days into shares of the Companys common stock at a discount
of 25% from the average of the three lowest trading prices during the 15 trading days immediately preceding the conversion. During
March and April of 2023, the Company repaid the $97,625 in principal and $4,279 in accrued interest pursuant to a Convertible Note entered
into on September 6, 2022. To satisfy the obligation, the Company issued to the noteholder 1,902,039 shares of the Companys common
stock, at an average price of $0.05358 per share.
In
October, November, December of 2021, and March, April and May of 2022, the Company entered into Securities Purchase Agreements with three
accredited investors, pursuant to which the Company issued six convertible promissory notes in the aggregate principal amount of $608,575,
receiving $527,500 in net cash proceeds (the Convertible Notes). Convertible Notes had an original issue discount
of $58,575. Additional debt issue costs of $22,500 were deducted from the gross proceeds from the Convertible Notes. The Company
is amortizing a total of $81,075 recorded as debt discount using the effective interest method through the maturity dates of the
Convertible Notes. The Convertible Notes are due in one year from the date of issuance, accrue interest at 8% per annum (22% upon the
occurrence of an event of default) and are convertible 180 days after issuance into shares of the Companys common stock at a discount
of 25% of the average of the three lowest trading prices during the 15 trading days immediately preceding the conversion. As of May 31,
2022, the Company determined the value associated with the beneficial conversion feature in connection with the issuance of the Convertible
Notes resulted in a further increase in the debt discount of $55,918, which will be amortized using the effective interest method through
the dates the notes are initially convertible. The additional debt discount was subsequently reversed during the first quarter of fiscal
2023 pursuant to the adoption of ASU 2020-06 as follows. During October and November 2022, the Company exchanged $114,125 of principal
and $4,150 of accrued interest of the single Convertible Note entered into on April 14, 2022 for 1,468,042 shares of the Companys
common stock, at an average price of $0.0806 per share.
On
September 2, 2022 the Company repaid the single Convertible Note entered into on March 1, 2022. The repayment totaled $64,088, comprised
of $53,625 principal and $10,463 in related accrued interest and prepayment penalty interest. The Company recorded the related deferred
debt discount and debt issue costs, totaling $4,371, as interest expense.
On
June 27, 2022, the Company repaid the single Convertible Note entered into in December 2021. The repayment totaled $65,745, comprised
of $55,000 in principal and $10,745 in related accrued interest and prepayment penalty interest. The Company recorded the related deferred
debt discount and debt issue costs, totaling $4,435, as interest expense.
During
April and May 2022, the Company repaid the Convertible Notes entered into in October and November 2021. The repayment for the remaining
Convertible Notes totaled $136,479, comprised of $114,125 in principal and $22,354 in related accrued interest and prepayment penalty
interest. The Company borrowed $136,479 from Cat Creek to repay these Convertible Notes.
The
Convertible Note issued in November 2021 was repaid in an amount that totaled $85,469, comprised of $71,500 in principal and $13,969
in related accrued interest and prepayment penalty interest.
Upon
the repayment of the October 2021 and November 2021 Convertible Notes, the Company recorded the related remaining outstanding debt discount
and debt issue costs, totaling $12,388, as interest expense.
In
August 2020, the FASB issued ASU 2020-06, which simplifies the accounting for certain financial instruments with characteristics of liabilities
and equity. Entities should adopt the guidance as of the beginning of the fiscal year of adoption and cannot adopt the guidance in an
interim reporting period. This accounting standard update, which was adopted by the Company effective June 1, 2022, impacts the ongoing
accounting of the convertible notes.
The
Company adopted this standard using the modified retrospective method of transition and applied the guidance to transactions outstanding
as of the beginning of the current fiscal year on June 1, 2022. Transactions that were settled (or expired) during prior reporting periods
are unaffected. The cumulative effect of the change is recognized as an adjustment to the opening balance of retained earnings at the
date of adoption. Due to the adoption of this accounting standard update under the modified retrospective method, prior periods were
not restated. Upon adoption, the Company recorded a $16,200 cumulative-effect adjustment that increased the opening balance of retained
earnings on the consolidated balance sheet due to the reduction in non-cash interest expense associated with the historical separation
of debt and equity components for the Companys Convertible Notes. The Company also recorded a $39,718 increase to convertible
debt and a decrease to additional paid-in capital of $55,918 due to no longer separating the embedded conversion feature of the Convertible
Notes. This adoption did not have a material impact on the Companys consolidated statement of cash flows.
The
Company has the right to prepay the Convertible Notes at any time during the first six months the Convertible Notes are outstanding at
the rate of (a) 110% of the unpaid principal amount of such note plus interest, during the first 120 days the note is outstanding, and
(b) 115% of the unpaid principal amount of such note plus interest between days 121 and 180 after the issuance date of the note. The
Convertible Notes may not be prepaid after the 180th day following the issuance date unless the applicable note holders
agree to such repayment and such terms.
The
Company agreed to reserve the number of shares of its common stock that may be issuable upon conversion of the Convertible Notes while
the Convertible Notes are outstanding.
The
Convertible Notes provide for standard and customary events of default, such as failing to timely make payments under the Convertible
Notes when due, the failure of the Company to timely comply with the Securities Exchange Act of 1934 reporting requirements and the failure
to maintain a listing on the OTC Markets. The Convertible Notes also contain customary positive and negative covenants. The Convertible
Notes include penalties and damages payable to the noteholders in the event the Company does not comply with the terms of the Convertible
Notes, including in the event the Company does not issue shares of common stock to the noteholders upon conversion of the Convertible
Notes within the time periods set forth therein. Additionally, upon the occurrence of certain defaults, as described in the Convertible
Notes, the Company is required to pay the noteholders liquidated damages in addition to the amount owed under the Convertible Notes (including
in some cases up to 300% of the amount of the applicable Convertible Note).
At
no time may the Convertible Notes be converted into shares of the Companys common stock if such conversion would result in the
noteholders and their affiliates owning shares representing in excess of 4.99% of the then outstanding shares of the Companys
common stock.
The
proceeds from the Convertible Notes could be used by the Company for general corporate purposes.
12%
Secured Promissory Note
On
March 23, 2023, an individual accredited investor paid the Company the aggregate amount of $100,000 for a Secured Promissory Note, (the
Note). The Note will accrue interest on the outstanding principal sum at the rate of 12.0% per annum and has a maturity
date of March 23, 2024. Interest will be due and payable monthly in arrears. The Note is secured by certain equipment owned by the Company
pursuant to a Security Agreement with the Lender. On May 23, 2023, the Note was increased by $83,000 to an aggregate principal amount
of $183,000. During June and July, 2023, the investor contributed an additional $102,061 under the Note, bringing the aggregate principal
amount to $285,061.
12%
One Year Promissory Notes
On
May 20, 2022, the Company entered into a Securities Purchase Agreement with an accredited investor, pursuant to which the Company issued
a promissory note in the principal amount of $200,200 and received $175,000 in net cash proceeds. On January 5, 2023, the
note was satisfied in full with a final payment of $67,266. The promissory note had an original issue discount of $21,450 and $3,750
in debt issue costs were deducted from the gross proceeds. The Company was amortizing the total of $25,200 recorded as debt discount
using the effective interest method through the maturity dates of the convertible promissory note. The note was due one year following
the date of issuance, and accrued interest at 12% per annum (22% upon the occurrence of an event of default). Accrued, unpaid interest
and outstanding principal was due in ten equal monthly payments of $22,422.40, starting on July 15, 2022. In the event of default (including
a missed payment), the note was convertible at the option of the investor into shares of the Companys common stock at a discount
of 25% from the lowest closing bid price during the ten trading days immediately preceding the conversion date.
On
January 5, 2023, the Company entered into a Securities Purchase Agreement with an accredited investor, pursuant to which the Company
issued a promissory note in the principal amount of $197,313, receiving $150,000 in net cash proceeds. The convertible promissory
note had an original issue discount of $21,450, and an additional $3,750 in debt issue costs were deducted from the gross proceeds. The
total of $25,200 recorded as debt discount is being amortized using the effective interest method through the maturity date of the
convertible promissory note. The note is due one year following the date of issuance and accrues interest at 12% per annum (22% upon
the occurrence of an event of default). Accrued, unpaid interest and outstanding principal is due in ten equal monthly payments of $22,099.10,
starting on February 15, 2023. In the event of default (including a missed payment), the note is convertible at the option of the investor
into shares of the Companys common stock at a discount of 25% from the lowest closing bid price during the ten trading days immediately
preceding the conversion date.
Promissory
Note
The
Company entered into a Secured Promissory Note, dated June 28, 2022 (the Secured Note), with the initial principal amount
of $750,000. The Secured Note is payable to Cali Fields LLC (the Lender). The Secured Note accrues interest on the outstanding
principal sum at the rate of 15.0% per annum. The Company may prepay the Secured Note in whole or in part, without penalty, with any
such payment being applied first to any accrued and unpaid interest, and then to the principal amount. The Secured Note has a maturity
date of December 31, 2023.
As
partial consideration for the Lenders advance of the principal amount of the Secured Note, the Company agreed to pay the Lender
a quarterly revenue royalty equal to 0.5% of the consolidated revenue of the Company and its consolidated subsidiaries from the production
of oil, gas, gas liquids and all other hydrocarbons, recognized by the Company during the most recent calendar quarter during the Royalty
Period, from June 1, 2022 through May 31, 2027.
The
Secured Note is secured by the Companys fifty percent (50%) interest in Cat Creek Holdings, LLC.
Secured
Convertible Debt
The
Company entered into a Note Purchase Agreement dated September 23, 2022 (the Note Purchase Agreement), for the issuance
of secured convertible promissory notes in the aggregate principal amount of up to $7,500,000. Pursuant to this Note Purchase Agreement,
during September, October and November 2022, the Company issued four promissory notes in the aggregate principal amount of $290,000 and
accrued interest at 10% per annum, later increased to 12% per annum. In December 2022, January 2023 and February 2023, the Company issued
three additional promissory notes totaling $250,000. During June 2023 and August 2023, the Company entered into an additional $85,000
of secured convertible promissory notes increasing the aggregate principal issued to $625,000. Under the Note Purchase Agreement, the
Company may issue additional promissory notes, up to the $7,500,000 total principal amount. The promissory notes accrue interest on the
outstanding principal sum at the rate of 12.0% per annum, payable quarterly starting September 30, 2023, and are convertible into the
Companys common stock at a conversion price of $1.00 per share. The notes issued under the Note Purchase Agreement have a maturity
date of September 30, 2025.
Revolving
Note
On
May 25, 2022, the Company entered into a Revolving Credit Note (the Revolving Note) with AEI Management, Inc. (AEI),
with a maximum draw amount of $1,500,000.00. In May 2022 and June 2022, the Company borrowed $62,858 and $48,000, respectively, under
the Revolving Note. The Revolving Note had a maturity date of May 1, 2023, or such later date as requested by the Company and agreed
in writing by AEI in its sole discretion. On May 22, 2023, the Revolving Note principal of $110,858 and accrued interest of $19,510 was
paid and the Revolving Note canceled.
Alleghany
Notes
Schedule
of Notes Payable – Related Party
| |
August 31, | | |
May 31, | |
| |
2023 | | |
2023 | |
Total note payable – Alleghany | |
$ | 617,934 | | |
$ | 617,934 | |
| |
| | | |
| | |
Less amounts classified as current | |
| 617,934 | | |
| 617,934 | |
| |
| | | |
| | |
Note payable – Alleghany, net of current portion | |
$ | - | | |
$ | - | |
During
the fiscal year ended May 31, 2011, the Company entered into two Loan Agreements with Alleghany Capital for a combined available borrowing
limit of $350,000. The notes accrued interest on the outstanding principal of $350,000 at the rate of 6% per annum, with an amended due
date of December 31, 2020.
In
connection with the SORC Purchase Transaction, the notes were amended, restated and consolidated into one note including all accrued
interest through December 31, 2020, for a total of $631,434 (the Senior Consolidated Note) with a maturity date of June
30, 2022. The Senior Consolidated Note requires any stock issuances for cash be utilized to pay down the outstanding loan balance unless
written consent is obtained from Alleghany. As part of the SORC Purchase Agreement, the Company agreed to secure repayment of the Senior
Consolidated Note with certain equipment and to reduce the note balance with any proceeds received from any sales of such equipment.
During the five months ending May 31, 2021, the Company repaid $13,500 of the Senior Consolidated Note upon the sale of certain equipment.
The note bears no interest until January 1, 2022 whereupon the interest rate increases to 5% per annum through maturity. Principal with
all accrued and unpaid interest is due at maturity. In connection with the SORC acquisition purchase price allocation, the Company recorded
a debt discount totaling $30,068 in recognition of imputed interest on the Senior Consolidated Note, to be amortized over the first year
of the note term. The debt discount has been fully amortized as of December 31, 2021. In August 2022, the Company entered an amendment
to the Senior Consolidated Note whereby the maturity date of the loan was extended to December 31, 2023 in exchange for an interest rate
to 8% per annum commencing July 1, 2022. Further, the revenue royalty as defined in the Purchase Agreement increased from 5% to 6% as
the loan was not paid prior to December 31, 2022. As of August 31 and May 31, 2023, the Senior Consolidated Note is recorded as current.
Paycheck
Protection Program Loan
Schedule
of Paycheck Protection Program
| |
August 31, | | |
May 31, | |
| |
2023 | | |
2023 | |
Total PPP Loan | |
$ | 984,950 | | |
$ | 986,598 | |
Less amounts classified as current | |
| 528,568 | | |
| 449,624 | |
| |
| | | |
| | |
PPP loan, excluding current portion | |
$ | 456,382 | | |
$ | 536,974 | |
On
April 28, 2020, the Company entered into a Note (the Note) with IBERIABANK for $1,233,656 pursuant to the terms of the
Paycheck Protection Program (PPP) authorized by the Coronavirus Aid, Relief, and Economic Security (CARES) Act (CARES
Act) In June 2020, the Flexibility Act which amended the CARES Act was signed into law. Pursuant to the Flexibility Act, the Note
continues to accrue interest on the outstanding principal sum at the rate of 1% per annum. In addition, the initial two-year Note term
has been extended to five years through mutual agreement with IBERIABANK as allowed under Flexibility Act provisions.
In
February 2021, the Company drew an additional $1,233,655 under the PPP Second Draw Loans, bringing the total principal borrowed to $2,467,311.
The additional draw is under the same terms and conditions as the first PPP loan.
The
Flexibility Act also provides that if a borrower does not apply for forgiveness of a loan within 10 months after the last day of
the measurement period (covered period), the PPP loan is no longer deferred and the borrower must begin paying
principal and interest. In addition, the Flexibility Act extended the length of the covered period from eight weeks to 24 weeks from
receipt of proceeds, while allowing borrowers that received PPP loans before June 5, 2020 to determine, at their sole discretion, a covered
period of either 8 weeks or 24 weeks.
No
interest or principal will be due during the deferral period, although interest will continue to accrue over this period. As of May 31,
2022, interest totaling $15,353 is recorded in accrued interest on the accompanying consolidated balance sheets. After the deferral period
and after considering any loan forgiveness applicable to the Note, any remaining principal and accrued interest will be payable
in substantially equal monthly installments over the remaining term of the Note.
The
Company did not provide any collateral or guarantees for the loan, nor did the Company pay any facility charge to obtain the loan. The
Note provides for customary events of default, including, among others, those relating to failure to make payment, bankruptcy, breaches
of representations and material adverse effects. The Company may prepay the Note at any time without payment of any penalty or premium.
The
Company applied for forgiveness of the first PPP note and in July 2021 received notice that $1,209,809 of the $1,233,656 note payable
balance has been forgiven. The portion of the loan forgiven has been recorded as income from the extinguishment of its loan obligation
as of the date when the Company is legally released from being the primary obligor in accordance with ASC 405-20-40-1. Monthly payments
commenced on September 1, 2021 and as of August 31, 2023, the Company owes $10,234 with respect to the remaining balance on the first
Note.
In
April 2022, the Company applied for partial forgiveness of the PPP Second Draw Loan and received notice that $67,487 of the principal
and related interest balance has been forgiven and is recorded as income from the extinguishment of the loan obligation. Monthly payments
of $26,752 commence on June 3, 2022 and as of August 31, 2023, the Company owes $974,716 with respect to the remaining balance on the
second PPP Note. The Company is currently in arrears on payments on the second PPP Note.
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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v3.23.3
EQUITY METHOD INVESTMENT
|
3 Months Ended |
Aug. 31, 2023 |
Equity Method Investments and Joint Ventures [Abstract] |
|
EQUITY METHOD INVESTMENT |
NOTE
11 – EQUITY METHOD INVESTMENT
Cat
Creek Holdings
On
June 30, 2020, Laredo Oil, Inc. entered into a Limited Liability Company Agreement (the LLC Agreement) of Cat Creek Holdings
LLC (Cat Creek), a Montana limited liability company formed as a joint venture for the purchase of certain oil and gas
properties in the Cat Creek Field in Petroleum and Garfield Counties in the State of Montana (the Cat Creek Properties).
In accordance with the LLC Agreement, Laredo invested $448,900 in Cat Creek for 50% of the ownership interests in Cat Creek using cash
on hand. Each of Lipson Investments LLC and Viper Oil & Gas, LLC, the other two members of Cat Creek, have ownership interests in
Cat Creek of 25% in consideration of their respective investments of $224,450. Cat Creek will be managed by a Board of Directors consisting
of four directors, two of which shall be designated by Laredo.
Cat
Creek entered into an Asset Purchase and Sale Agreement (the Purchase Agreement) with Carrell Oil Company (Seller)
on July 1, 2020 for the purchase of the Cat Creek Properties from Seller. On September 21, 2020, upon resolving the purchase contingency
under the Purchase Agreement, the Seller received consideration of $400,000, taking into effect certain adjustments resulting from pre-
and post-effective date revenue, expense, and allocations.
Summarized
Financial Information
The
following table provides summarized financial information for the Companys ownership interest in Cat Creek accounted for under
the equity method for the August 31, 2023 and August 31, 2022 periods presented and has been compiled from respective company financial
statements, reflects certain historical adjustments, and is reported on a two-month lag.
Summarized
Financial Information
Balance Sheet: | |
As of August 31, 2023 | | |
As of May 31, 2023 | |
Current Assets | |
$ | 103,543 | | |
$ | 82,890 | |
Non-current Assets | |
| 923,210 | | |
| 941,340 | |
Total Assets | |
$ | 1,026,753 | | |
$ | 1,024,230 | |
| |
| | | |
| | |
Current Liabilities | |
$ | 123,179 | | |
$ | 83,342 | |
Non-current Liabilities | |
| 445,911 | | |
| 441,901 | |
Shareholders equity | |
| 457,663 | | |
| 498,988 | |
Total Liabilities and Shareholders Equity | |
$ | 1,026,753 | | |
$ | 1,024,230 | |
Results
of Operations: |
|
Three
Months
Ended
August 31, 2023 |
|
|
Three
Months
Ended
August 31, 2022 |
|
Revenue |
|
$ |
161,236 |
|
|
$ |
259,416 |
|
Gross
Profit |
|
|
21,901 |
|
|
|
220,188 |
|
Net
Loss |
|
$ |
(41,324) |
|
|
$ |
(21,810) |
|
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS |
(UNAUDITED) |
|
Olfert
11-4 Holdings
The
following table provides summarized financial information for the Companys ownership interest in Olfert #11-4 Holding accounted
for under the equity method for the August 31, 2023 period presented and has been compiled from respective company financial statements
and reflects certain historical adjustments. Results of operations are excluded for periods prior to acquisition. See Note 8 for further
information.
Summarized
Financial Information
Balance
Sheet: |
|
As
of August 31, 2023 |
|
Current
Assets |
|
$ |
508 |
|
Non-current
Assets |
|
|
1,859,195 |
|
Total
Assets |
|
$ |
1,859,703 |
|
|
|
|
|
|
Accounts
payable |
|
|
5,750 |
|
Shareholders
equity |
|
|
1,853,593 |
|
Total
Liabilities and Shareholders Equity |
|
$ |
1,859,703 |
|
Results
of Operations: |
|
Three
Months Ended
August 31, 2023 |
|
Revenue |
|
$ |
0 |
|
Gross
Profit |
|
|
0 |
|
Net
Loss |
|
$ |
(0 |
) |
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- DefinitionThe entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group.
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v3.23.3
COMMITMENTS AND CONTINGENCIES
|
3 Months Ended |
Aug. 31, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
NOTE
12 – COMMITMENTS AND CONTINGENCIES
On
February 4, 2021, Lustre filed a case captioned Lustre Oil Company LLC and Erehwon Oil & Gas, LLC v. Anadarko Minerals, Inc.
and A&S Mineral Development Co., LLC in the Montana Seventeenth Judicial District Court for Valley County to initiate a quiet title action
confirming Lustres rights under certain mineral leases in Valley County, Montana. Lustre is also seeking damages with respect
to actions taken by A&S Mineral Development Co., LLC to improperly produce oil on the property subject to Lustres mineral
leases. On January 14, 2022, the District Court granted the defendants Motion to Dismiss without addressing the merits of Lustres
quiet title action. Lustre appealed the decision to the Montana Supreme Court. On April 6, 2023, in a unanimous decision, the Montana
Supreme Court reversed the District Courts decision related to Lustres quiet title action and remanded the case to the
District Court for further proceedings. On June 1, 2023, Lustre filed a First Amended Complaint with the District Court reopening the
original suit with a different judge.
On
March 20, 2023, Capex Oilfield Services, Inc. filed a lawsuit against Lustre in the Montana Tenth Judicial District Court, Petroleum
County, demanding payment of $377,189.55 plus interest and collection costs for services provided by Capex to drill the Olfert 11-4 well.
On May 18, 2023, Capstar Drilling, Inc. filed a lawsuit against Lustre in the Montana Seventeenth Judicial District Court, Valley County,
demanding payment of $298,049.76 plus interest and collection costs for services provided by Capstar to drill the same well. On August
29, 2023, Warren Well Service, Inc. filed a lawsuit against Lustre in the Montana Seventeenth Judicial District Court, Valley County,
demanding payment of $164,235 plus interest and collection costs for services provided by Warren Well to drill the same well. Lustre
intends to bring that well into production as soon as possible and reimburse unpaid vendors from proceeds from such production.
Except
as set forth above, the Company is not currently involved in any other legal proceedings, and it is not aware of any other pending or
potential legal actions.
Revenue
Royalty - In accordance with the Securities Purchase Agreement, the Company agreed to pay to Alleghany a revenue royalty of 5.0%
of the Companys future revenues and net profits relating to oil, gas, gas liquids and all other hydrocarbons, subject to certain
adjustments, for a period of seven years ending December 31, 2027. Further, due to the loan nonpayment prior to December 31, 2022, the
revenue royalty, as defined in the Purchase Agreement, increased from 5% to 6%.
In
accordance with the Secured Note, the Company agreed to pay a revenue royalty of 0.5% on consolidated revenue of the Company arising
from the direct production of oil and gas. The royalty period extends from June 1, 2022 through May 31, 2027.
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v3.23.3
SUBSEQUENT EVENTS
|
3 Months Ended |
Aug. 31, 2023 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
NOTE
13 – SUBSEQUENT EVENTS
On
September 21, 2023, the Exploration & Development Agreement, dated July 18, 2023. by and between Texakoma and LOC was amended (i)
to delay the anticipated spud date for the initial well from October 1, 2023 to November 1, 2023 and (ii) to change payment
date of the second $175,000 tranche to be on or before October 1, 2023. The Company received the $175,000 payment on September 29, 2023.
On
September 14, 2023, the Company entered into a Securities Purchase Agreement with an accredited investor, pursuant to which the Company
issued a convertible promissory note in the principal amount of $71,225, receiving $60,000 in net cash proceeds. The convertible
promissory note had an original issue discount of $6,475. Further $4,750 debt issue costs were deducted from the gross proceeds.
The total of $11,225 recorded as debt discount is being amortized using the effective interest method through the maturity dates
of the convertible promissory note. The convertible note is due in one year from the date of issuance, accrues interest at 8% per annum
(22% upon the occurrence of an event of default) and is convertible after 180 days into shares of the Companys common stock at
a discount of 25% of the average of the three lowest trading prices during the 15 trading days immediately preceding the conversion.
On September 8, 2023, the Company received $175,000
related to the August 31, 2023 sale of underground drilling equipment that formerly had been used in drilling operations in the Fredonia
underground gravity drainage project. The Company recorded the sale in other receivables on the balance sheet and a gain on sale of assets
in the statement of operations as of August 31, 2023.
During
September 2023, the Company repaid the $70,125 in principal and $2,805 in accrued interest pursuant to a Convertible Note dated March
1, 2023. To satisfy the obligation, the Company issued to the noteholder 1,398,760 shares of the Companys common stock, at an
average price of $0.05214 per share.
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.23.3
SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
3 Months Ended |
Aug. 31, 2023 |
Accounting Policies [Abstract] |
|
Use of Estimates |
Use
of Estimates – Management uses estimates and assumptions in preparing these consolidated financial
statements in accordance with generally accepted accounting principles. Those estimates and assumptions affect the reported amounts of
assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Actual results could
differ from those estimates.
|
Principles of Consolidation |
Principles
of Consolidation – The accompanying consolidated financial statements include the accounts of Laredo Oil and its subsidiaries
after elimination of intercompany balances and transactions.
|
Equity Method Investment |
Equity
Method Investment – Investments classified as equity method consist of investments in companies in which the Company can exercise significant influence but not control. Under the equity method of accounting, the investment is
initially recorded at cost, then the Companys proportional share of investees underlying net income or loss is recorded
as a component of other income with a corresponding increase or decrease to the carrying value of the investment.
Distributions received from the investee reduce the Companys carrying value of the investment. These investments are evaluated
for impairment if events or circumstances arise that indicate that the carrying amount of such assets may not be recoverable. The Company
has elected to record its portion of the equity method income (loss) with a two-month lag. Accordingly, the financial results for the
equity investment are reported through June 30, 2023. No impairments were recognized for the Companys equity method investment during
the quarter ended August 31, 2023. See Note 11.
|
Property and Equipment |
Property
and Equipment – The carrying value of the Companys property and equipment represents the cost incurred to acquire the
property and equipment, net of any impairments. For business combinations, property and equipment cost is based on the fair values at
the acquisition date.
|
Oil and Gas Acquisition Costs |
Oil
and Gas Acquisition Costs – Oil and gas acquisition and drilling costs include expenditures representing investments
in unproved and unevaluated properties and include non-producing leasehold, leasehold or drilling interest costs, and costs to drill
one exploratory well. Exploratory drilling costs are deferred until the outcome of the well is known. If an exploratory well finds proved
reserves, the deferred costs are transferred to the companys Wells and Related Equipment and Facilities accounts. Absent proved
reserves, the deferred costs of the well, net of salvage, are charged to expense. All costs of wells drilled to develop proved reserves,
along with all costs of equipment necessary to produce and handle the hydrocarbons, are capitalized even if a development well proves
dry. Costs are reviewed to determine if impairment has occurred. The Company has incurred oil and gas acquisition and drilling costs
totaling $4,431,438 and $4,547,740 as of August 31, 2023 and May 31, 2023, respectively.
Schedule
of Oil and Gas Acquisition and Drilling Cost
| |
August 31, | | |
May 31, | |
| |
2023 | | |
2023 | |
Intangible and tangible drilling costs | |
$ | 3,266,737 | | |
$ | 3,410,832 | |
Acquisition costs | |
| 1,164,701 | | |
| 1,136,908 | |
| |
| | | |
| | |
Oil and gas acquisition and drilling costs | |
$ | 4,431,438 | | |
$ | 4,547,740 | |
|
X |
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v3.23.3
SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
3 Months Ended |
Aug. 31, 2023 |
Accounting Policies [Abstract] |
|
Schedule of Oil and Gas Acquisition and Drilling Cost |
Schedule
of Oil and Gas Acquisition and Drilling Cost
| |
August 31, | | |
May 31, | |
| |
2023 | | |
2023 | |
Intangible and tangible drilling costs | |
$ | 3,266,737 | | |
$ | 3,410,832 | |
Acquisition costs | |
| 1,164,701 | | |
| 1,136,908 | |
| |
| | | |
| | |
Oil and gas acquisition and drilling costs | |
$ | 4,431,438 | | |
$ | 4,547,740 | |
|
X |
- DefinitionTabular disclosure of oil and gas present activities. Includes, but is not limited to, number of wells in process of drilling, waterfloods in process of installation, and pressure maintenance operation.
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v3.23.3
STOCKHOLDERS’ DEFICIT (Tables)
|
3 Months Ended |
Aug. 31, 2023 |
Equity [Abstract] |
|
Schedule of Fair Value Assumptions |
The
grant date fair value of the stock option grants during the three months ending August 31, 2023 and 2022 totaled $721,110 and $123,487,
respectively. The weighted average assumptions used in calculating these values were based on the following:
Schedule
of Fair Value Assumptions
| |
2023 | |
2022 |
Risk-free interest rate | |
3.99% | |
1.85% |
Expected dividend yield | |
0% | |
0% |
Expected volatility | |
281.3% | |
314.9% |
Expected life of options | |
5.0 years | |
6.0 years |
|
X |
- DefinitionTabular disclosure of share-based payment arrangement.
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v3.23.3
NOTES PAYABLE (Tables)
|
3 Months Ended |
Aug. 31, 2023 |
Debt Disclosure [Abstract] |
|
Schedule of Notes Payable – Related Party |
Alleghany
Notes
Schedule
of Notes Payable – Related Party
| |
August 31, | | |
May 31, | |
| |
2023 | | |
2023 | |
Total note payable – Alleghany | |
$ | 617,934 | | |
$ | 617,934 | |
| |
| | | |
| | |
Less amounts classified as current | |
| 617,934 | | |
| 617,934 | |
| |
| | | |
| | |
Note payable – Alleghany, net of current portion | |
$ | - | | |
$ | - | |
|
Schedule of Paycheck Protection Program |
Paycheck
Protection Program Loan
Schedule
of Paycheck Protection Program
| |
August 31, | | |
May 31, | |
| |
2023 | | |
2023 | |
Total PPP Loan | |
$ | 984,950 | | |
$ | 986,598 | |
Less amounts classified as current | |
| 528,568 | | |
| 449,624 | |
| |
| | | |
| | |
PPP loan, excluding current portion | |
$ | 456,382 | | |
$ | 536,974 | |
|
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v3.23.3
EQUITY METHOD INVESTMENT (Tables)
|
3 Months Ended |
Aug. 31, 2023 |
Cat Creek [Member] |
|
Schedule of Equity Method Investments [Line Items] |
|
Summarized Financial Information |
Summarized
Financial Information
Balance Sheet: | |
As of August 31, 2023 | | |
As of May 31, 2023 | |
Current Assets | |
$ | 103,543 | | |
$ | 82,890 | |
Non-current Assets | |
| 923,210 | | |
| 941,340 | |
Total Assets | |
$ | 1,026,753 | | |
$ | 1,024,230 | |
| |
| | | |
| | |
Current Liabilities | |
$ | 123,179 | | |
$ | 83,342 | |
Non-current Liabilities | |
| 445,911 | | |
| 441,901 | |
Shareholders equity | |
| 457,663 | | |
| 498,988 | |
Total Liabilities and Shareholders Equity | |
$ | 1,026,753 | | |
$ | 1,024,230 | |
Results
of Operations: |
|
Three
Months
Ended
August 31, 2023 |
|
|
Three
Months
Ended
August 31, 2022 |
|
Revenue |
|
$ |
161,236 |
|
|
$ |
259,416 |
|
Gross
Profit |
|
|
21,901 |
|
|
|
220,188 |
|
Net
Loss |
|
$ |
(41,324) |
|
|
$ |
(21,810) |
|
|
Olfert [Member] |
|
Schedule of Equity Method Investments [Line Items] |
|
Summarized Financial Information |
Summarized
Financial Information
Balance
Sheet: |
|
As
of August 31, 2023 |
|
Current
Assets |
|
$ |
508 |
|
Non-current
Assets |
|
|
1,859,195 |
|
Total
Assets |
|
$ |
1,859,703 |
|
|
|
|
|
|
Accounts
payable |
|
|
5,750 |
|
Shareholders
equity |
|
|
1,853,593 |
|
Total
Liabilities and Shareholders Equity |
|
$ |
1,859,703 |
|
Results
of Operations: |
|
Three
Months Ended
August 31, 2023 |
|
Revenue |
|
$ |
0 |
|
Gross
Profit |
|
|
0 |
|
Net
Loss |
|
$ |
(0 |
) |
|
X |
- DefinitionTabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information.
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v3.23.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)
|
3 Months Ended |
12 Months Ended |
Aug. 31, 2023 |
May 31, 2023 |
Accounting Policies [Abstract] |
|
|
Intangible and tangible drilling costs |
$ 3,266,737
|
$ 3,410,832
|
Acquisition costs |
1,164,701
|
1,136,908
|
Oil and gas acquisition and drilling costs |
$ 4,431,438
|
$ 4,547,740
|
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v3.23.3
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NOTES PAYABLE (Details Narrative) - USD ($)
|
|
1 Months Ended |
3 Months Ended |
8 Months Ended |
Sep. 06, 2022 |
Aug. 31, 2023 |
Nov. 30, 2022 |
Oct. 31, 2022 |
Aug. 31, 2023 |
Aug. 31, 2022 |
Aug. 31, 2022 |
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
Amortization of Debt Discount (Premium) |
|
|
|
|
$ 13,578
|
$ 21,708
|
|
Convertible Debt 1 [Member] |
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
Debt Instrument, Face Amount |
|
$ 212,025
|
|
|
212,025
|
|
|
Proceeds from Convertible Debt |
|
180,000
|
|
|
|
|
|
Debt Issuance Costs, Net |
|
12,750
|
|
|
12,750
|
|
|
Convertible Debt 2 [Member] |
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
Debt Instrument, Face Amount |
|
|
$ 140,250
|
$ 55,000
|
|
|
|
Proceeds from Convertible Debt |
|
|
120,000
|
45,000
|
|
|
|
Debt Issuance Costs, Net |
|
|
$ 7,500
|
$ 5,000
|
|
|
|
Convertible Debt 3 [Member] |
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
Debt Instrument, Face Amount |
$ 97,625
|
|
|
|
|
|
|
Proceeds from Convertible Debt |
85,000
|
|
|
|
|
|
|
Debt Issuance Costs, Net |
3,750
|
|
|
|
|
|
|
Amortization of Debt Discount (Premium) |
$ 12,625
|
|
|
|
|
|
|
Convertible Debt 4 [Member] |
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
Debt Instrument, Face Amount |
|
608,575
|
|
|
608,575
|
|
|
Proceeds from Convertible Debt |
|
|
|
|
|
|
$ 527,500
|
Debt Issuance Costs, Net |
|
$ 22,500
|
|
|
$ 22,500
|
|
|
Amortization of Debt Discount (Premium) |
|
|
|
|
|
|
$ 81,075
|
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- DefinitionAmount of noncash expense included in interest expense to amortize debt discount and premium associated with the related debt instruments. Excludes amortization of financing costs. Alternate captions include noncash interest expense.
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v3.23.3
EQUITY METHOD INVESTMENT (Details) - USD ($)
|
3 Months Ended |
|
|
Aug. 31, 2023 |
Aug. 31, 2022 |
May 31, 2023 |
May 31, 2022 |
Schedule of Equity Method Investments [Line Items] |
|
|
|
|
Current Assets |
$ 213,310
|
|
$ 52,082
|
|
Total Assets |
5,148,527
|
|
5,126,127
|
|
Current Liabilities |
10,101,682
|
|
9,602,554
|
|
Non-current Liabilities |
525,864
|
|
604,912
|
|
Shareholders equity |
(5,479,019)
|
$ (3,391,925)
|
(5,081,339)
|
$ (2,797,949)
|
Total Liabilities and Shareholders Equity |
5,148,527
|
|
5,126,127
|
|
Revenue |
(0)
|
(0)
|
|
|
Gross Profit |
|
|
|
|
Net Loss |
(1,118,790)
|
(874,625)
|
|
|
Cat Creek [Member] |
|
|
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
|
|
Current Assets |
103,543
|
|
82,890
|
|
Non-current Assets |
923,210
|
|
941,340
|
|
Total Assets |
1,026,753
|
|
1,024,230
|
|
Current Liabilities |
123,179
|
|
83,342
|
|
Non-current Liabilities |
445,911
|
|
441,901
|
|
Shareholders equity |
457,663
|
|
498,988
|
|
Total Liabilities and Shareholders Equity |
1,026,753
|
|
$ 1,024,230
|
|
Revenue |
161,236
|
259,416
|
|
|
Gross Profit |
21,901
|
220,188
|
|
|
Net Loss |
$ (41,324)
|
$ (21,810)
|
|
|
X |
- DefinitionSum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.
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v3.23.3
EQUITY METHOD INVESTMENT (Details 2) - USD ($)
|
3 Months Ended |
|
|
Aug. 31, 2023 |
Aug. 31, 2022 |
May 31, 2023 |
May 31, 2022 |
Schedule of Equity Method Investments [Line Items] |
|
|
|
|
Current Assets |
$ 213,310
|
|
$ 52,082
|
|
Total Assets |
5,148,527
|
|
5,126,127
|
|
Shareholders equity |
(5,479,019)
|
$ (3,391,925)
|
(5,081,339)
|
$ (2,797,949)
|
Total Liabilities and Shareholders Equity |
5,148,527
|
|
$ 5,126,127
|
|
Revenue |
(0)
|
(0)
|
|
|
Gross Profit |
|
|
|
|
Net Loss |
(1,118,790)
|
$ (874,625)
|
|
|
Olfert [Member] |
|
|
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
|
|
Current Assets |
508
|
|
|
|
Non-current Assets |
1,859,195
|
|
|
|
Total Assets |
1,859,703
|
|
|
|
Accounts payable |
5,750
|
|
|
|
Shareholders equity |
1,853,593
|
|
|
|
Total Liabilities and Shareholders Equity |
1,859,703
|
|
|
|
Revenue |
0
|
|
|
|
Gross Profit |
0
|
|
|
|
Net Loss |
$ (0)
|
|
|
|
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