Laredo Oil, Inc. (LRDC) SEC Filings

Laredo Oil, Inc. (LRDC) reports minimal operating revenue and significant losses for the year ended May 31, 2026, while auditors highlight substantial doubt about its ability to continue as a going concern. Revenue from oil and gas interests was $3,141, essentially flat and immaterial relative to costs.

Total operating expenses rose to $7.05 million, driven by higher legal, public relations, travel, stock-based compensation of $2.29 million, a $591,919 loss on conversion of debt to equity, and $348,393 of impairment mainly on expired leases and unused oil and gas assets. Net loss widened sharply to $7.97 million from $3.18 million the prior year, increasing accumulated deficit to $33.9 million.

Cash and restricted cash were $420,676 against total debt of $3.57 million, including defaulted notes owed to Alleghany and Cali Fields LLC, bridge and revolving notes, PPP loans and a related-party note. The balance sheet shows a stockholders’ deficit of $12.9 million. Several Montana service providers have obtained court judgments related to drilling the Olfert 11-4 well, with structured payment plans in place. Management and auditors both report a material weakness in internal control over financial reporting due to limited staffing and segregation of duties.

Laredo Oil, Inc. (LRDC) notified the SEC that it will file its Annual Report on Form 10-K for the period ended May 31, 2026 late. The company states that compiling, disseminating and reviewing the required information imposed time constraints that made a timely filing impracticable without undue hardship and expense.

Laredo Oil indicates it is relying on Rule 12b-25 and expects to file the Form 10-K within fifteen calendar days after the prescribed due date. The company also reports that all other required periodic reports over the past 12 months have been filed and that it does not anticipate any significant change in results of operations versus the prior fiscal year in the upcoming 10-K.

Laredo Oil, Inc. reports results for the three and nine months ended February 28, 2026, showing continuing losses, limited cash and a large stockholders’ deficit. Revenue from continuing operations was minimal while operating expenses, interest on high-cost debt and stock-based compensation drove a nine‑month net loss of $5.48 million.

Total assets were about $1.42 million against liabilities of $15.65 million, leaving a stockholders’ deficit of $14.24 million. Management states there is “substantial doubt” about the company’s ability to continue as a going concern and describes dependence on new equity and debt financing to sustain operations.

Laredo Oil, Inc. reports Q2 fiscal 2026 results showing very limited revenue and mounting losses alongside heavy leverage. Revenue was only $1,598 for the quarter and $3,141 for the six months ended November 30, 2025, down from $7,688 in the prior-year period. The company posted a quarterly net loss of $3,311,114 and a six‑month net loss of $4,263,188, with loss per share of $0.04 and $0.06, respectively.

At November 30, 2025, Laredo Oil held $568,831 in cash and restricted cash and total assets of $1.7 million, against total liabilities of $15.0 million, resulting in a stockholders’ deficit of $13.3 million. Management discloses substantial doubt about the company’s ability to continue as a going concern, citing recurring losses, a large accumulated deficit and dependence on future financing.

To fund operations, the company issued 2,580,929 shares of common stock during the six months for proceeds of about $1.1 million and raised short‑term debt, including $1.275 million of promissory notes with 12% interest and attached warrants. Operating cash outflows were $1.5 million for the six months, while share‑based compensation expense totaled $2.0 million, significantly increasing reported operating expenses.

Laredo Oil, Inc. filed a Form 12b-25 to notify that its Quarterly Report on Form 10-Q for the period ended November 30, 2025 will be filed late. The company states that compiling, distributing, and reviewing the information needed for the report created time constraints that made a timely filing impracticable without undue hardship and expense.

Laredo Oil indicates it expects to file the Form 10-Q within five calendar days after the original due date. The company also confirms that all other required periodic reports over the past 12 months have been filed and that it does not anticipate any significant change in results of operations compared with the same period in the prior fiscal year.

Laredo Oil, Inc. reported Q1 FY2026 results for the three months ended August 31, 2025. Revenue was $1,543 (vs. $6,048 a year ago). Operating loss was $691,718, and net loss was $952,074 or $0.01 per share, including $276,319 in net interest expense.

Liquidity remains tight. Cash and restricted cash were $416,900 with total assets of $1,598,620. Current liabilities were $13,842,300 and total liabilities $14,937,564, resulting in a stockholders’ deficit of $(13,338,944). Shares outstanding were 74,887,755 as of August 31, 2025, and 76,736,592 as of October 15, 2025. The company states that these conditions raise substantial doubt about its ability to continue as a going concern.

Operating cash use was $(861,667), offset by financing inflows of $1,001,200 from new short-term notes. During the quarter, the company issued $1,189,300 in subordinated promissory notes with 1,189,300 warrants at a $0.43 strike. Deferred well development liabilities totaled $2,807,698. Field activity included the Reddig 11-21 well being shut in and Texakoma wells paused pending evaluation. Subsequent to quarter-end, the company sold $42,850 of notes with matching warrants and issued 1,848,837 shares for $795,000 at an average price of $0.43.

Laredo Oil, Inc. (LRDC) filed a Form 12b-25 to notify a late filing of its Quarterly Report on Form 10-Q for the period ended August 31, 2025. The company cites time constraints in compiling, disseminating, and reviewing required information. It undertakes to file the 10-Q within five calendar days after the prescribed due date under Rule 12b-25(b).

The company indicated that all other required periodic reports have been filed and does not anticipate significant changes in results of operations versus the prior-year period.

Laredo Oil, Inc. is reporting an annual filing that shows a small public company capital structure and ongoing financing activity. The company has approximately 74.9 million common shares outstanding and an authorized common share cap increased to 120 million. Independent auditors are M&K CPAS, PLLC. The filing discloses multiple short-term convertible promissory notes issued and subsequently converted or repaid, with total convertible note principal discussed aggregating in the low hundreds of thousands and net cash proceeds shown for individual notes (examples: $50,000, $55,000, $60,000, and combined convertible notes net proceeds of $180,000). Terms on these notes include an 8% annual interest rate (rising to 22% on default), conversion after 180 days at discounts (commonly 25%) to recent bid prices, and amortized original issue discounts and debt issue costs. The company records an impairment loss of $1,112,333 and shows significant stock-based and deferred compensation expense components. The filing references a going concern matter and ongoing commitments and contingencies. Subsequent activity includes issuance of 116,279 shares to an investor in settlement of a $50,000 deposit and a $100,000 reduction of accrued interest on a secured note.