Every 10-K that LAREDO OIL INC (LRDC) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow LRDC and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full LRDC filings page.
Laredo Oil, Inc. (LRDC) says Amendment No. 1 to its annual report for the year ended May 31, 2026, solely furnishes Inline XBRL data; no other changes were made. Fiscal 2026 revenue was $3,141, compared with $9,423 in 2025, and net loss was $7,971,671, versus $3,181,874. Net cash used in operating activities was $3,127,716; cash and restricted cash totaled $420,676 at May 31, 2026. Total debt outstanding was $3,573,056 on that date.
Laredo is pursuing underground gravity drainage (UGD) opportunities internationally and raising funds for possible Texas projects, but said no UGD agreements had been consummated. Its auditor said negative operating cash flows and dependence on future equity or other financing raise substantial doubt about the company's ability to continue as a going concern. Management reported a material weakness in financial reporting controls as of May 31, 2026, citing limited finance and accounting expertise and inadequate segregation of duties. The Olfert 11-4 well is shut in and not producing.
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. 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.