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UNITED
STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form
10-K
|
x |
ANNUAL
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For
the fiscal year ended May 31, 2023
or
|
o |
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For
the transition period from __________ to _________
Commission
file number: 333-153168
Laredo Oil, Inc. |
(Exact
name of Registrant as Specified in its Charter) |
Delaware |
|
26-2435874 |
(State
or other jurisdiction of |
|
(I.R.S.
Employer |
incorporation
or organization) |
|
Identification
No.) |
2021 Guadalupe Street, Ste. 260; Austin, TX 78705 |
(Address
of principal executive offices) (Zip Code) |
|
(512)
337-1199 |
(Registrants
telephone number, including area code) |
|
Securities
registered pursuant to Section 12(b) of the Act: |
None |
|
Securities
registered pursuant to Section 12(g) of the Act: |
None |
|
Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes o No x
Indicate
by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes o No x
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 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 past 90 days. Yes x No o
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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 12-b of the Act). Yes o No x
On
November 30, 2022, the last business day of the registrants most recently completed second fiscal quarter, the aggregate market
value of the registrants outstanding shares of common equity held by non-affiliates of the registrant was $2.67 million, based
upon the closing price of the common stock on that date on the OTC Bulletin Board.
As
of September 13, 2023, there were 66,220,306 shares of the registrants common stock outstanding.
Documents
Incorporated by Reference: None.
LAREDO
OIL, INC.
TABLE
OF CONTENTS
Except
as otherwise required by the context, references to Laredo Oil, Laredo Oil, Inc., the Company,
we, us and our are to Laredo Oil, Inc., a Delaware corporation, and its subsidiaries.
Forward-Looking
Statements
From
time to time, we may provide information, whether orally or in writing, including certain statements in this Annual Report on Form 10-K,
which are deemed to be forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995 (the
Litigation Reform Act). These forward- looking statements and other information are based on our beliefs as well as assumptions
made by us using information currently available.
The
words believe, plan, expect, intend, anticipate, estimate,
may, will, should and similar expressions are intended to identify forward-looking statements.
Such statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions.
Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may
vary materially from those described herein as anticipated, believed, estimated, expected or intended or using other similar expressions.
We do not intend to update these forward-looking statements, except as required by law.
In
accordance with the provisions of the Litigation Reform Act, we are making investors aware that such forward-looking statements, because
they relate to future events, are by their very nature subject to many important factors that could cause actual results to differ materially
from those contemplated by the forward-looking statements contained in this Annual Report on Form 10-K, any exhibits to this Annual Report
on Form 10-K and other public statements we make. Such factors are discussed in the Risk Factors section of this Annual
Report on Form 10-K.
PART
I
Item
1. Business
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% 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.
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.
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 May 31, 2022, we were
credited with a contribution of $59,935 in market value of well development costs, representing a 5.5% 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.
Competition
Our
operating results are largely impacted by competition from other exploration and production companies in all areas of operation, including
the acquisition of mature fields. Our competitors include large, well-established, companies with substantially more capital resources
than us.
Oil
and Gas Price Volatility
Market
prices for oil and gas declined significantly in the first six months of calendar year 2020, as the combination of the COVID-19 global
pandemic and geopolitical tensions among the worlds energy producers resulted in the simultaneous reduction of demand and increase
in supply of crude oil. Since then, oil and gas prices have recovered and have remained in the $70-80 per barrel range. However, oil
and gas prices still remain volatile.
Operating
Hazards and Uninsured Risks
Oil
and gas drilling activities are subject to many risks, including, but not limited to, the risk that those activities will not produce
commercially viable oil and gas reserves. The cost and timing of drilling, completing and operating wells is often uncertain and drilling
operations may be curtailed, delayed or canceled as a result of numerous factors, including low oil and gas prices, title problems, reservoir
characteristics, weather conditions, equipment failures, delays imposed by project participants, compliance with governmental requirements,
shortages or delays in the delivery of equipment and services and increases in the cost for such equipment and services. Our future oil
recovery activities may not be successful. If so, such failure may have a material adverse effect on our business, financial condition,
results of operations and cash flows.
Our
operations are subject to hazards and risks inherent in drilling for and producing and transporting petroleum products, including fires,
natural disasters, explosions, encountering formations with abnormal pressures, blowouts, craterings, and pipeline ruptures and spills.
Any of these events may result in the loss of hydrocarbons, environmental pollution, personal injury claims and other damage to our properties
and those of others. We maintain insurance against some, but not all, of the risks described above. In particular, the insurance we maintain
does not cover claims relating to failure of title to oil leases, loss of surface equipment at well locations, business interruption,
loss of revenue due to low commodity prices or loss of revenues due to well failure. The occurrence of any such event that is not covered,
or not fully covered, by insurance that we maintain or may acquire, could have a material adverse effect on our operations.
Governmental
Regulation
Oil
and natural gas exploration, production, transportation and marketing activities are subject to extensive laws, rules and regulations
promulgated by federal and state legislatures and agencies, including but not limited to the Mine Safety and Health Administration, or
MSHA, the Federal Energy Regulatory Commission, or FERC, the Environmental Protection Agency, or EPA, the Bureau of Land Management,
BLM, and various other federal or state regulatory agencies. Our failure to comply with any such laws, rules and regulations may result
in substantial penalties, including the delay or prohibition of our operations. The legislative and regulatory burden on the oil industry
described above increases our cost of doing business.
State
regulatory agencies, as well as the federal government when we operate on federal or Indian lands, require permits for drilling operations,
drilling bonds and reports, and impose other requirements relating to the exploration and production of oil and gas. There are also statutes
or regulations addressing conservation matters, including provisions for the unitization or pooling of oil and natural gas properties,
the establishment of maximum rates of production from wells and the regulation of spacing, plugging and abandonment of such wells. In
each jurisdiction, we may need exceptions to some applicable regulations requiring regulatory approval. All of these matters could affect
our operations.
Environmental
Matters
The
oil industry is subject to extensive and changing federal, state and local laws and regulations relating to environmental protection,
including the generation, storage, handling, emission, transportation and discharge of materials into the environment, as well as safety
and health. The recent trend in environmental legislation and regulation is generally toward stricter standards, and this trend is likely
to continue. These laws and regulations may require a permit or other authorization before construction or drilling commences, and for
certain other activities, limit or prohibit access, seismic acquisition, construction, drilling and other activities on certain lands
lying within wilderness and other protected areas, impose substantial liabilities for pollution resulting from its operations, and require
the reclamation of certain lands.
The
permits that are required for oil and gas operations are subject to revocation, modification and renewal by issuing authorities.
Federal
regulations require certain owners or operators of facilities that store or otherwise handle petroleum products to prepare and implement
spill prevention, control countermeasures and response plans relating to the possible discharge of oil into surface waters. The Oil Pollution
Act of 1990, or OPA, contains numerous requirements relating to the prevention of and response to oil spills into waters of the United
States. For onshore and offshore facilities that may affect waters of the United States, the OPA requires the operator to demonstrate
the financial ability to respond to discharges. Regulations are currently being developed under federal and state laws concerning oil
pollution prevention and other matters that may impose additional regulatory burdens on participants in the oil and gas industry. In
addition, the Clean Water Act and analogous state laws require permits to be obtained to authorize discharge into surface waters or to
construct facilities in wetland areas. The Clean Air Act of 1970 and its subsequent amendments impose permit requirements and necessitate
certain restrictions on point source emissions of volatile organic carbons (nitrogen oxides and sulfur dioxide) and particulates with
respect to certain of our operations. The EPA and designated state agencies have in place regulations concerning discharges of storm
water runoff and stationary sources of air emissions. These programs require covered facilities to obtain individual permits, participate
in a covered group or seek coverage under an EPA general permit. A number of agencies, including but not limited to MSHA, the EPA, the
BLM, and similar state commissions, have adopted regulatory guidance in consideration of the operational limitations on oil and gas facilities
and their potential to emit pollutants.
Facilities
Our
principal executive office is located at 2021 Guadalupe Street, Ste. 260, Austin, Texas 78705.
Personnel
As
of May 31, 2023, we had 10 full-time employees and no part time employees.
Website
Access
We
make available on our web site our annual reports on Form 10-K, our quarterly reports on Form 10-Q, our current reports on Form 8-K,
and all amendments to those reports, as soon as reasonably practicable after we file such reports electronically with the Securities
and Exchange Commission. Information on our website is not included as part of this report.
Item
1A. Risk Factors
Not
Applicable
Item
1B. Unresolved Staff Comments
Not
Applicable
Item
2. Properties
In
May 2022, Lustre began drilling an exploratory well, named Olfert #11-4, in the Lustre oil field located in northeastern Montana. As
of the filing of this report, the Olfert #11-4 well has not been completed and put into production. As a result of the uncertainty surrounding
successful well completion and the availability of future funding to develop our acquired mineral rights, we are not providing disclosures
of proved reserves until we have updated reserve reports.
Item
3. Legal Proceedings
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, we 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 $298,049.76 plus interest and collection costs for services provided by Capstar to drill the same well. Lustre intends
to bring that well into production as soon as possible, and reimburse unpaid vendors from proceeds from such production.
Except
as set forth above, we are not currently involved in any other legal proceedings and we are not aware of any other pending or potential
legal actions.
Item
4. Mine Safety Disclosures
Not
Applicable
PART
II
Item
5. Market for Registrants Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Our
common stock is currently traded under the symbol LRDC on the over-the-counter market and is quoted on the Pink Sheets, which is not
recognized by the Securities and Exchange Commission, or SEC, as a stock exchange for reporting purposes.
Since
our stock began trading on the Pink Sheets on November 5, 2009, there has been a limited trading market for our common stock. The following
table presents the range of high and low bid information for our common equity for each full quarterly period within the two most recent
fiscal years.
Laredo
Oil, Inc. High/Low Market Bid Prices ($)
|
|
Fiscal
Q1:
Jun 2022 — Aug 2022 |
|
Fiscal
Q2:
Sep 2022 — Nov 2022 |
|
Fiscal
Q3:
Dec 2022 — Feb 2023 |
|
Fiscal
Q4:
Mar 2023 — May 2023 |
High
Bid |
|
0.229 |
|
0.1711 |
|
0.19 |
|
0.162 |
Low
Bid |
|
0.1361 |
|
0.081 |
|
0.11 |
|
0.044 |
|
|
|
|
|
|
|
|
|
|
|
Fiscal
Q1:
Jun 2021 — Aug 2021 |
|
Fiscal
Q2:
Sep 2021 — Nov 2021 |
|
Fiscal
Q3:
Dec 2021 — Feb 2022 |
|
Fiscal
Q4:
Mar 2022 — May 2022 |
High
Bid |
|
0.08 |
|
0.105 |
|
0.09 |
|
0.181 |
Low
Bid |
|
0.04 |
|
0.043 |
|
0.045 |
|
0.07 |
|
|
|
|
|
|
|
|
|
Over-the-counter
market quotations reflect inter-dealer prices, without retail mark-up, mark-down or commission and may not necessarily represent actual
transactions.
The
SEC has adopted rules that regulate broker-dealer practices in connection with transactions in penny stocks. Penny stocks are generally
equity securities with a price of less than $5.00, other than securities registered on certain national securities exchanges or quoted
on the NASDAQ system, provided that current price and volume information with respect to transactions in such securities is provided
by the exchange or quotation system. The penny stock rules require a broker-dealer, prior to a transaction in a penny stock, to deliver
a standardized risk disclosure document prepared by the SEC, that: (a) contains a description of the nature and level of risk in the
market for penny stocks in both public offerings and secondary trading; (b) contains a description of the brokers or dealers
duties to the customer and of the rights and remedies available to the customer with respect to a violation to such duties or other requirements
of securities laws; (c) contains a brief, clear, narrative description of a dealer market, including bid and ask prices for penny stocks
and the significance of the spread between the bid and ask price; (d) contains a toll-free telephone number for inquiries on disciplinary
actions; (e) defines significant terms in the disclosure document or in the conduct of trading in penny stocks; and (f) contains such
other information and is in such form, including language, type, size and format, as the SEC shall require by rule or regulation. The
broker-dealer also must provide, prior to effecting any transaction in a penny stock, the customer with: (a) bid and offer quotations
for the penny stock; (b) the compensation of the broker-dealer and its salesperson in the transaction; (c) the number of shares to which
such bid and ask prices apply, or other comparable information relating to the depth and liquidity of the market for such stock; and
(d) monthly account statements showing the market value of each penny stock held in the customers account. In addition, the penny
stock rules require that prior to a transaction in a penny stock not otherwise exempt from those rules, the broker-dealer must make a
special written determination that the penny stock is a suitable investment for the purchaser and receive the purchasers written
acknowledgment of the receipt of a risk disclosure statement, a written agreement to transactions involving penny stocks, and a signed
and dated copy of a suitably written statement.
These
disclosure requirements may have the effect of reducing the trading activity in the secondary market for our stock if it becomes subject
to these penny stock rules. Therefore, if our common stock becomes subject to the penny stock rules, stockholders may have difficulty
selling those securities.
Holders
As
of September 13, 2023, we had 66,220,508 shares of common stock issued and outstanding, and there were 27 holders of record, and more
than 700 beneficial holders, of our common stock, including those who own their shares through their brokers in street name.
Dividends
Since
our inception, we have not paid any dividends on our common stock. Our board of directors does not anticipate that it will declare dividends
on our common stock in the foreseeable future.
Item
7. Managements Discussion and Analysis of Financial Condition and Results of Operations
Prior
to December 31, 2020, we managed several projects for Stranded Oil Resources Corporation, or SORC, a subsidiary of Alleghany Corporation,
or Alleghany. Also prior to December 31, 2020, SORC sold the assets of those projects and transferred the funds it received from those
sales to Alleghany. On December 31, 2020, we purchased 100% of the outstanding stock of SORC from Alleghany. At that time, SORC only
owned vehicles and oil field assets that were not included in the previous sale of assets to Alleghany.
During
the period from June 14, 2011 through December 31, 2020, we gained specialized know-how and operational experience implementing underground
gravity drainage, or UGD, projects, as well as experience developing conventional oil wells. As of August 15, 2023, based upon this knowledge
we gained, we acquired approximately 45,766 gross acres and 38,153 net acres of mineral properties in northeastern Montana. We are currently
drilling an exploratory well, Olfert #11-4, in that property. As of the date of this report, the Olfert 11-4 exploratory well has not
yet been completed and put into production. We have discovered what we believe are economic levels of oil in the well, but have encountered
saltwater intrusion into the well, which requires us to access a proximate saltwater injection well to economically dispose of the saltwater
in the well. We are currently making efforts to gain access to a disposal well to complete the well and begin economical production.
Effective
July 18, 2023, our subsidiary, Lustre Oil Company, LLC, or Lustre, and Erehwon Oil & Gas, LLC, or Erehwon, entered into an Exploration
and Development Agreement, or the Development Agreement, with Texakoma Exploration & Production Company, or Texakoma, for the exploration
and development of the Lustre Field Prospect, described in the Development Agreement. Lustre and Erehwon are parties to
an existing Acquisition and Participation Agreement, under which they 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, the following amounts: (i) $175,000 on or
before July 21, 2023, which amount was paid; and (ii) another $175,000 upon the beginning of the drilling of the initial test well under
the agreement, which is scheduled to occur prior to October 1, 2023, subject to rig availability. Upon the drilling of that test well,
Lustre and Erehwon are required to deliver to Texakoma a partial assignment of an 85% working interest in the applicable oil leases.
Texakoma
will pay 100% of the costs associated with the drilling and completion of two initial test wells. Lustre and Erehwon will have an undivided
15% working interest in the two initial wells. Texakoma will have the option, but not the obligation, to participate in the development
of the remainder of the Lustre Field Prospect, which option may be exercised by Texakoma by giving written notice of its intent to participate
within 90 days after the completion rig is removed from the second test well location.
If
Texakoma exercises its option described above, Texakoma will have the obligation to drill eight additional wells, with Lustre and Erehwon
having a combined 15% working interest in those wells, and Texakoma will pay Lustre and Erehwon $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 after the first ten wells will be shared by Texakoma, on one hand, and Lustre and Erehwon, on the other
hand, on a 50:50 basis.
Not
including our interest in the Texakoma transactions described above, we also 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.
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 $620,000 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.
Item
7. Managements Discussion and Analysis of Financial Condition and Results of Operations - continued
Our
cash and cash equivalents at May 31, 2023 was $13,754. Our total debt outstanding as of May 31, 2023 was $3,669,429, including (i)
$617,934 owed to Alleghany, which is classified as a current note payable, and (ii) $986,598 pursuant to notes under the Paycheck Protection
Program, or PPP, of which we have classified $536,974 as long-term debt, net of the current portion totaling $449,624, which is classified
as a current note payable, (iii) $839,798 short term convertible notes, net of deferred debt discount, (iv) a $183,000 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 fiscal year ending May 31, 2022, we recorded other revenue and direct costs totaling $667,608 and $1,286,244, respectively, for continued
consulting services we provided to Alleghany after the termination of the Management Services Agreement. We did not record any similar
revenues and direct costs during the fiscal year ending May 31, 2023, as the consulting services were completed effective December 31,
2021.
During
the fiscal years ended May 31, 2023 and May 31, 2022, we incurred operating expenses of $2,770,285 and $1,580,069, 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 on January 1, 2022, our payroll
related expenses are now included in our general operating expenses as we no longer provide any direct management services to Alleghany.
The increase in our expenses for fiscal 2023, as compared to the same period in fiscal 2022, is primarily attributable to these payroll
costs, increased accounting and other professional fees, including public relations, advisory services and stock-based compensation.
We also experienced increases in other general and administrative expenses, including insurance and SEC filing fees.
During
fiscal 2023, we recognized other income and expenses comprised of the $122,682 employee retention credit, $84,290 equity method loss
related to our July 2020 equity investment, and $74,225 of other income upon the settlement of debt.
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 purchase price allocation. 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.
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
7A. Quantitative and Qualitative Disclosures About Market Risk
We
are not required to provide the information required by this Item as we are a smaller reporting company, as defined in
Rule 229.10(f)(1)
Item
8. Consolidated Financial Statements and Supplementary Data
Our
consolidated financial statements required by this item are included on the pages immediately following the Index to Consolidated Financial
Statements appearing on page F-1.
Item
9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
None.
Item
9A. Controls and Procedures
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.
Managements
Report on Internal Control over Financial Reporting
Our
management is responsible for establishing and maintaining adequate internal controls over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)). Under the supervision and with the participation of our management, including our CEO and CFO, we
conducted an evaluation of the effectiveness of our internal controls over financial reporting based on the framework in Internal Controls
– Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on our evaluation
under the framework in Internal Control – Integrated Framework, our management concluded that our internal controls over financial
reporting were not effective as of May 31, 2023. As we grow, we are working on further improving our segregation of duties and level
of supervision.
This
annual report does not include an attestation report of our registered public accounting firm regarding internal control over financial
reporting. Managements report was not subject to attestation by our registered public accounting firm pursuant to SEC rules adopted
in conformity with the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.
Changes
in Internal Control over Financial Reporting
There
were no changes in our internal control over financial reporting (as defined in Exchange Rules 13a-15(f) and 15d-15(f)) that occurred
during the year ended May 31, 2023 that have materially affected, or are reasonably likely to materially affect, our internal control
over financial reporting.
Item
9B. Other Information
None.
PART
III
Item
10. Directors, Executive Officers and Corporate Governance
The
following table sets forth as of September 13, 2023, the name, age, and position of each of our executive officers and directors, and
the term of office of each of our executive officers and directors.
Name |
|
Age |
|
Position
Held |
|
Term
as Director or Officer
Since |
Donald
Beckham |
|
63 |
|
Independent
Director |
|
March
1, 2011 |
Michael
H. Price |
|
75 |
|
Independent
Director |
|
August
3, 2012 |
Mark
See |
|
62 |
|
Chief
Executive Officer and Chairman |
|
October
16, 2009 |
Bradley
E. Sparks |
|
76 |
|
Chief
Financial Officer, Treasurer and Director |
|
March
1, 2011 |
|
|
|
|
|
|
|
Each
of our directors serves for a term of three years, until his successor is elected at our annual stockholders meeting, and is qualified,
subject to removal by our stockholders. Each officer serves at the pleasure of the Board of Directors.
Set
forth below is certain biographical information regarding each of our executive officers and directors.
DONALD
BECKHAM has served as a director since March 1, 2011. Since July 2015, he has been a Partner with Copestone Energy Partners, LLC.
In 1993 he founded Beckham Resources, Inc. (BRI) which for the past 20 years has been a licensed, bonded and insured operator
in good standing with the Railroad Commission of Texas. Through BRI, Mr. Beckham has drilled and operated fields for his own account.
His expertise is in the acquisition, exploitation, exploration and production enhancement of mature oil and gas fields through which
he has been able to enhance production by compressor optimization, pump design, work-over programs, stimulation techniques and identifying
new pay zones. BRI has operated wells in the following fields: Hull, Liberty, Aransas Pass, McCampbell, Mission River, Garcitas Creek,
Sour Lake, Batson, Barton Ranch and Dayton. Prior to BRI, Mr. Beckham was the chief operations manager for Houston Oil Fields Corporation
(HOFCO) where he began his career. There he was responsible for drilling, production and field operations and managed approximately
100 people including engineers, geologists, land men, pumpers, and other contract personnel, as well as state and federal environmental
and regulatory functions. He managed an annual capital budget of approximately $30 million and operated approximately 100 wells. HOFCO
drilled about 20 wells per annum and performed approximately 30 recompletions and work over operations each year. HOFCO owned interests
in about 10 key fields principally in Texas, and company-managed production was approximately 1,000 bpd of crude oil and 10 mm cfd of
natural gas. Fields that he managed were as follows: Manvell, Cold Springs, Shepherd, Turtle Bay, Red Fish Bay, Dickinson, Refugio, Lost
Lake, Liberty and Abbeville. Mr. Beckham is a petroleum engineer and 1984 graduate of Mississippi State University.
MICHAEL
H. PRICE, has served as a director since August 1, 2012 and has over 40 years of senior financial and petroleum experience in the
global oil and gas industry. He has been a principal in Octagon Energy Advisors, a Houston based energy investment advisory firm, from
2002 to the present. The firm advises financial institutions and institutional investors participating in energy investments. Since 2008,
he has been a Managing Director at ING Capital which provides debt financing to domestic exploration and production companies. From 1998
through 2002, Mr. Price was the Chief Financial Officer of Forman Petroleum Corporation. Before that, Mr. Price was Managing Director
at Chase Manhattan Bank for fifteen years where he was in charge of technical support for Chases worldwide energy merchant banking
activities. In his early career, he worked as a consulting principal on domestic petroleum engineering and landowner matters, and gained
extensive international experience working with major oil companies in a variety of operating positions. He holds a BS and MS from Illinois
Institute of Technology, an MBA from the University of Chicago, a M.Sc. from the London School of Economics, and a MS in Petroleum Engineering
from Tulane University.
Item
10. Directors, Executive Officers and Corporate Governance - continued
MARK
SEE has been our Chief Executive Officer and Chairman of the Board of Directors since October 16, 2009. He has over 25 years of experience
in tunneling, natural resources and the petroleum industries. He was the founder and founding CEO of Rock Well Petroleum, a private oil
& gas company from January 2005 until December 2008 and worked from then until October 2009 forming Laredo Oil. He was employed with
Albian Sands as the Manager for the Alberta Oil Sands Projects at Fort McMurray, Alberta, Canada, a joint venture between Shell Canada
and Chevron. Mr. See was also President of Oil Recovery Enhancement LLC in Bozeman, Montana, a private oil company. He was selected as
one of the top 25 Engineers in North America by the Engineering News Record for his innovations in the petroleum industry. He
is a member of the Society of Mining Engineers and the Society of Petroleum Engineers.
BRADLEY
E. SPARKS is our Chief Financial Officer and Treasurer and has been a director since March 1, 2011. Before joining us in October
2009, Mr. Sparks was the Chief Executive Officer, President and a Director of Visualant, Inc. Prior to joining Visualant, he was the
Chief Financial Officer of WatchGuard Technologies, Inc. from 2005 to 2006. Before joining WatchGuard, he was the founder and managing
director of Sunburst Growth Ventures, LLC, a private investment firm specializing in emerging-growth companies. Previously, he founded
Pointer Communications and served as Chief Financial Officer for several telecommunications and internet companies, including eSpire
Communications, Inc., Digex, Inc., Omnipoint Corporation, and WAM!NET. He also served as Vice President and Treasurer of MCI Communications
from 1988-1993 and as Vice President and Controller from 1993-1995. Before his tenure at MCI, Mr. Sparks held various financial management
positions at Ryder System, Inc. Mr. Sparks currently serves on the Board of Directors of Comrise. Mr. Sparks graduated from the United
States Military Academy at West Point in 1969 and is a former Army Captain in the Signal Corps. He received a Master of Science in Management
degree from the Sloan School of Management at the Massachusetts Institute of Technology in 1975 and is a licensed CPA in Florida.
To
the knowledge of our management, except as noted below, during the past ten years, no present or former director, executive officer or
person nominated to become a director or an executive officer of the Company has:
|
(1) |
filed
a petition under the federal bankruptcy laws or any state insolvency law, nor had a receiver, fiscal agent or similar officer appointed
by the court for the business or property of such person, or any partnership in which he was a general partner at or within two years
before the time of such filings; |
|
(2) |
was
convicted in a criminal proceeding or named subject of a pending criminal proceeding (excluding traffic violations and other minor
offenses); |
|
(3) |
was
the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction,
permanently or temporarily enjoining him from or otherwise limiting, the following activities: |
|
(i) |
acting
as a futures commission merchant, introducing broker, commodity trading advisor, commodity pool operator, floor broker, leverage
transaction merchant, any other person regulated by the Commodity Futures Trading Commission, or an associated person of any of the
foregoing, or as an investment adviser, underwriter, broker or dealer in securities, or as an affiliated person, director or employee
of any investment company, bank, savings and loan association or insurance company, or engaging in or continuing any conduct or practice
in connection with such activity; |
|
(ii) |
engaging
in any type of business practice; or |
|
(iii) |
engaging
in any activities in connection with the purchase or sale of any security or commodity or in connection with any violation of federal
or state securities laws or federal commodities laws; |
|
(4) |
was
the subject of any order, judgment, or decree, not subsequently reversed, suspended, or vacated, of any federal or state authority
barring, suspending or otherwise limiting for more than 60 days the right of such person to engage in any activity described above
under this Item, or to be associated with persons engaged in any such activities; |
|
(5) |
was
found by a court of competent jurisdiction in a civil action or by the Securities and Exchange Commission to have violated any federal
or state securities law, and the judgment in such civil action or finding by the Securities and Exchange Commission has not been
subsequently reversed, suspended, or vacated; |
Item
10. Directors, Executive Officers and Corporate Governance - continued
|
(6) |
was
found by a court of competent jurisdiction in a civil action or by the Commodity Futures Trading Commission to have violated any
federal commodities law, and the judgment in such civil action or finding by the Commodity Futures Trading Commission has not been
subsequently reversed, suspended or vacated; |
|
(7) |
was
the subject of, or a party to, any federal or state judicial or administrative order, judgment, decree, or finding, not subsequently
reversed, suspended or vacated, relating to an alleged violation of: |
|
(i) |
Any
federal or state securities or commodities law or regulation; or |
|
(ii) |
Any
law or regulation respecting financial institutions or insurance companies including, but not limited to, a temporary or permanent
injunction, order of disgorgement or restitution, civil money penalty or temporary or permanent cease-and-desist order, or removal
or prohibition order; or |
|
(iii) |
Any
law or regulation prohibiting mail or wire fraud or fraud in connection with any business entity; or |
|
(8) |
was
the subject of, or a party to, any sanction or order, not subsequently reversed, suspended or vacated, of any self-regulatory organization
(as defined in Section 3(a)(26) of the Exchange Act (15 U.S.C. 78c(a)(26))), any registered entity (as defined in Section 1(a)(29)
of the Commodity Exchange Act (7 U.S.C. 1(a)(29))), or any equivalent exchange, association, entity or organization that has disciplinary
authority over its members or persons associated with a member. |
In
calendar year 2014, Mr. Beckham served as an executive officer of Mining Oil, Inc., which filed for bankruptcy in January 2015. Four
months prior to that filing, Mr. Beckham resigned his position due to policy differences with members of that companys management
team.
Section
16(a) Beneficial Ownership Reporting Compliance
During
the fiscal year ended May 31, 2023, we had no class of equity securities registered pursuant to Section 12 of the Securities Exchange
Act of 1934. Accordingly, no reports were required to be filed pursuant to Section 16(a) with respect to our officers, directors, and
beneficial holders of more than ten percent of any class of equity securities.
Code
of Ethics
Our
Code of Ethics is included herein by reference to Exhibit 14.1 to this Annual Report on Form 10-K and can be found on our web site at
www.laredo-oil.com.
Item
11. Executive Compensation
Compensation
Summary for Executive Officers
The
following table sets forth compensation paid or accrued by us for the last two years ended May 31, 2023 and 2022 with regard to individuals
who served as the Principal Executive Officer, the Principal Financial Officer and for executive officers receiving compensation in excess
of $100,000 during these fiscal periods.
Name
and Principal Position |
|
Fiscal
Year |
|
Salary($) |
|
|
Bonus($) |
|
|
Option
Awards($) |
|
|
All
Other
Compensation($) |
|
|
Total($) |
|
Mark
See (1) |
|
2023 |
|
|
525,000 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
525,000 |
|
Chief
Executive Officer and Chairman of the Board |
|
2022 |
|
|
422,936 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
422,936 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bradley
E. Sparks (2) |
|
2023 |
|
|
415,000 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
415,000 |
|
Chief
Financial Officer, Treasurer and Director |
|
2022 |
|
|
415,000 |
|
|
|
- |
|
|
|
119,987 |
|
|
|
- |
|
|
|
534,987 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Christopher
E. Lindsey (3) |
|
2023 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
General
Counsel and Secretary |
|
2022 |
|
|
169,195 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
169,195 |
|
|
(1) |
In
fiscal year 2023, Mr. Sees salary included $212,888 in cash payments. Mr. See also received equipment valued at
$97,760 and $214,352 for deferred compensation. In fiscal year 2022, Mr. Sees salary includes $326,105 in cash
payments and $98,895 of deferred compensation. As of May 31, 2023, Mr. See has cumulative deferred compensation of $553,840. |
|
(2) |
In
fiscal 2023, Mr. Sparks salary includes $167,019 of cash payments and $247,981 of deferred compensation. The amounts
shown in 2022 include $295,288 of salary paid in cash and $119,712 in deferred compensation. As of May 31, 2023, Mr. Sparks has cumulative
deferred compensation of $1,550,183. |
|
(3) |
Mr.
Lindsey resigned effective December 31, 2021. |
Named
Executive Officers Compensation and Termination of Employment Provisions
Pursuant
to a letter agreement dated October 16, 2009, and subsequently amended, between us and Mr. See, we pay Mr. See an annual base salary
of $495,000 (which, together with previously approved allowances for Mr. See equaling $30,000, is an aggregate of $525,000 per year).
If Mr. See is terminated by us without Cause (as such term is defined in the letter agreement) or if Mr. See terminates
his employment with us for Good Reason (as such term is defined in his change in control agreement), we will pay severance
to Mr. See equal to 100% of his then-current annualized base salary, and any bonuses earned, paid out on a pro rata basis over our regular
payroll schedule over the two-year period following the effective date of such termination, provided that if such termination occurs
within 12 months after a Change of Control, such two-year period shall be increased to a three-year period. In addition, Mr. See will
continue to receive all applicable benefits under our standard benefits plans currently available to other senior executives, for a period
not to exceed 24 months following the termination of his employment.
Beginning
January 1, 2020, the annual cash salary compensation payable to Mr. See was increased from $485,000 to $498,580 per year (which, together
with previously approved allowances for Mr. See equaling $30,000, is an aggregate of $528,580 per year). Amounts received above Mr. Sees
$495,000 contract salary reduces his cumulative deferred compensation, and amounts received below the $495,000 contract salary increase
deferred compensation.
Item
11. Executive Compensation - continued
For
calendar year 2021, we paid Mr. See as follows: (a) $100,000 in cash on or before January 7, 2021, less applicable withholding taxes;
and (b) four (4) equal cash installments of $99,645, less applicable withholding taxes, with the first payment made on or before January
15, 2021, the second payment made on or before April 8, 2021, the third payment payable on or before July 8, 2021 and the fourth payment
on or before October 8, 2021. In consideration of the payments described above, Mr. See waived any obligations we had to pay for any
severance benefits included in the letter agreement dated October 16, 2009 referenced above, and such letter was terminated effective
December 31, 2021. Effective January 1, 2022, our Board of Directors reinstated the terms of the letter agreement with Mr. See that was
in place on December 30, 2020.
As
of May 31, 2023, Mr. See has $553,840 of deferred compensation owed to him under his contract, which is the cumulative difference between
his contract salary and the actual cash compensation he has received thereunder through May 31, 2023.
Pursuant
to a letter agreement dated October 20, 2009, as amended, we pay Mr. Sparks an annual base salary of $385,000 (which, together with previously
approved annual payments for Mr. Sparks equaling $30,000, is an aggregate of $415,000 per year). If Mr. Sparks is terminated by us without
Cause (as such term is defined in the letter agreement) or if Mr. Sparks terminates his employment with us for Good
Reason (as such term is defined in the change in letter agreement),, we will pay Mr. Sparks severance equal to 100% of his then-current
annualized base salary, and any bonuses earned, paid out on a pro rata basis over our regular payroll schedule over the two-year period
following the effective date of such termination; provided, however, that if such termination occurs within 12 months after a Change
of Control, such two-year period is increased to a three-year period. In addition, Mr. Sparks will continue to receive all applicable
benefits under our standard benefits plans currently available to other senior executives, for a period not to exceed 24 months following
the termination of employment.
For
calendar year 2021, we paid Mr. Sparks as follows: four (4) equal cash installments of $96,250, less applicable withholding taxes, with
the first payment made on or before January 15, 2021; the second payment made on or before April 8, 2021, the third payment made on or
before July 8, 2021 and the fourth payment made on or before October 8, 2021. In consideration of the payments above, Mr. Sparks waived
our obligations to pay for any severance benefits included in his letter agreement referenced above, and terminated the letter agreement
effective December 31, 2021. Effective January 1, 2022, our Board of Directors reinstated the terms of the letter agreement that was
in place on December 30, 2020.
On
May 28, 2022, our Board of Directors awarded Mr. Sparks fully vested options to purchase 1,500,000 shares of our common stock at $0.12
per share, which options replaced 1,500,000 options previously granted to Mr. Sparks, which expired in April 2022.
As
of May 31, 2023, we owe Mr. Sparks $1,550,183 of cumulative deferred compensation under his letter agreement with us with respect to
his compensation. The amount owed under the letter agreement is the cumulative difference between the amount of compensation we owe Mr.
Spark under the agreement and the actual cash compensation he has received under his agreement with us.
Item
11. Executive Compensation - continued
Outstanding
equity awards as of May 31, 2023:
(a)
Name and Principle Position |
|
(b)
Number of Securities
Underlying Unexercised
Options Exercisable |
|
|
(e)
Option Exercise Price ($) |
|
|
(f)
Option Expiration Date |
Bradley
E. Sparks
CFO, Treasurer & Director |
|
|
1,500,000 |
|
|
|
0.12 |
|
|
May
28, 2032 |
|
|
|
|
|
|
|
|
|
|
|
In
February 2011, we approved the Laredo Oil, Inc. 2011 Equity Incentive Plan. The Equity Incentive Plan was filed with the Securities and
Exchange Commission on Form S-8 on November 8, 2011, and was amended in December 2014 to increase the number of shares available for
issuance thereunder to an aggregate of 15,000,000 shares.
Director
Compensation
(a)
Name |
|
(b)
Fees Earned or Paid in
Cash ($) |
|
|
(c)
Stock Awards ($) |
|
|
(d)
Option Awards ($) |
|
|
(j)
Total ($) |
|
Donald
Beckham |
|
|
50,000 |
|
|
|
- |
|
|
|
- |
|
|
|
50,000 |
|
Michael
H. Price |
|
|
50,000 |
|
|
|
- |
|
|
|
- |
|
|
|
50,000 |
|
Historically,
the compensation for each non-employee member of our Board of Directors has been as follows: quarterly cash payment of $12,500 payable
mid-quarter in arrears, 500,000 shares of restricted common stock vesting in three equal installments over three years, and fully vested
in fiscal 2016. We also reimburse directors for all reasonable expenses associated with attendance at meetings of our Board of Directors.
During the last quarter of fiscal year 2022, we suspended cash payments to directors indefinitely. However, such payments were accrued
for future payment. During fiscal year 2023, no cash payments to directors were made, but were accrued for future payment. On May 28,
2022, we granted fully vested options to purchase 500,000 shares of our common stock to each of Mr. Beckham and Mr. Price. Since they
are executive officers, Messrs. See and Sparks receive no additional compensation for serving on the Board of Directors.
Item
12. Security Ownership of Certain Beneficial Owners and Management
The
following table sets forth as of the date of the filing of this Form 10-K, the name and address and the number of shares of the Companys
common stock, with a par value of $0.0001 per share, held of record or beneficially by each person who held of record, or was known by
the Company to own beneficially, more than 5% of the issued and outstanding shares of the Companys common stock, and the name
and shareholdings of each executive officer, director and of all officers and directors as a group.
Name
and Address
of Beneficial
Owner |
|
Nature
of
Ownership (1) |
|
Amount
of Beneficial
Ownership (1) |
|
|
Percent
of Class |
|
Bedford
Holdings, LLC
44 Polo Drive
Big Horn, WY 82833 |
|
Direct |
|
|
12,829,269 |
|
|
|
15.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
Darlington,
LLC (2)
P.O. Box 723
Big Horn, WY 82833 |
|
Direct |
|
|
5,423,138 |
|
|
|
6.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
Mark
See (3)
2021 Guadalupe Street, Suite 260
Austin, Texas 78705 |
|
Direct |
|
|
31,096,676 |
|
|
|
38.3
|
% |
|
|
|
|
|
|
|
|
|
|
|
Bradley
E. Sparks (4)
2021 Guadalupe Street, Suite 260
Austin, Texas 78705 |
|
Direct |
|
|
9,324,857 |
|
|
|
11.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
Robert
Adamo
2021 Guadalupe Street, Suite 260
Austin, Texas 78705 |
|
Direct |
|
|
6,662,886 |
|
|
|
8.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
Donald
Beckham (5)
2021 Guadalupe Street, Suite 260
Austin, Texas 78705 |
|
Direct |
|
|
3,150,000 |
|
|
|
3.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
Michael
H. Price (6)
2021 Guadalupe Street, Suite 260
Austin, Texas 78705 |
|
Direct |
|
|
2,050,000 |
|
|
|
2.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
All
Directors and Officers as a Group (4 persons) |
|
Direct |
|
|
45,621,533 |
|
|
|
56.2 |
% |
|
(1) |
All
shares owned directly are owned beneficially and of record, and such stockholder has sole voting, investment and dispositive power,
unless otherwise noted. Amounts of beneficial ownership include all options to purchase common stock expected to be vested within
60 days after the filing date of this Annual Report on Form 10-K. |
|
(2) |
These
shares are owned by the spouse of Mr. See, and Mr. See has a proxy from Mrs. See to vote the shares. |
|
(3) |
Includes
12,829,269 shares owned by Mr. See through Bedford Holdings, LLC and 5,423,138 shares owned by Mrs. See through Darlington, LLC. |
|
(4) |
Includes
fully vested options to purchase 6,500,000 shares of common stock at $0.06 per share. |
|
(5) |
Includes
fully vested options to purchase 1,100,000 shares of common stock at $0.38 per share and 1,500,000 shares of common stock at $0.06
per share. |
|
(6) |
Includes
fully vested options to purchase 1,500,000 shares of common stock at $0.06 per share. |
Item
12. Security Ownership of Certain Beneficial Owners and Management - continued
Securities
authorized for issuance under equity compensation plans
The
following table provides information as of May 31, 2023 concerning the issuance of equity securities with respect to compensation plans
under which our equity securities are authorized for issuance.
Equity
Compensation Plan Information
Plan
category |
|
Number
of securities to
be issued upon exercise
of outstanding options,
warrants and rights (a) |
|
|
Weighted
–average
exercise price of
outstanding options,
warrants and rights ($) (b) |
|
|
Number
of securities
remaining available for
future issuance under
equity compensation
plans (excluding
securities reflected in
column (a)) (c) |
|
Equity
compensation plans approved by security holders (1) |
|
|
5,925,000 |
|
|
|
0.16 |
|
|
|
7,499,000 |
(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
5,925,000 |
|
|
|
0.16 |
|
|
|
7,499,000 |
|
|
(1) |
Effective
November 6, 2011, the holders of a majority of the shares of our common stock took action by written consent to approve our 2011
Equity Incentive Plan, or the 2011 Plan. Stockholders then owning an aggregate of 31,096,676 shares, or 59.8% of the
then issued and outstanding shares of our Common Stock, approved the matter. The 2011 Plan and corresponding agreements are exhibits
to our Registration Statement on Form S-8 filed with the Securities and Exchange Commission on November 8, 2011. The 2011 Plan reserved
10,000,000 shares of our common stock for issuance to eligible recipients. In December 2014, the holders of a majority of the shares
of our Common Stock took action by written consent to amend the Plan by reserving an additional 5,000,000 shares of our common stock
for issuance to eligible recipients. We filed a Registration Statement on Form S-8 with the Securities and Exchange Commission on
December 19, 2014 registering the additional shares. |
|
(2) |
During
fiscal year 2012, we issued 500,000 shares of restricted stock to each of our two non-employee directors, for a total of one million
shares. During fiscal year 2013, we issued 500,000 restricted shares to our third non-employee director. In fiscal year 2014, we
issued to our non-employee directors 150,000 restricted shares of which 50,000 restricted shares were later forfeited. In total,
a net 1,550,000 restricted shares have been issued to our non-employee directors under the Plan. Since restricted shares were issued
to directors, they are not available for issuance under the Plan and thus reduce the number of securities remaining available in
this column. In addition, we granted options to purchase 6,010,000 shares of common stock to employees and contractors during fiscal
year 2012, none in fiscal year 2013, 2,990,000 in fiscal year 2014, 1,700,000 in fiscal year 2015, 925,000 in fiscal year 2016, none
in fiscal years 2017 through 2021, 4,175,000 in fiscal year 2022 including 1,000,000 options granted to directors, and 650,000 in
fiscal year 2023. Net of option forfeitures, expired grants, restricted stock grants and option exercises, there are 7,499,000 shares
of common stock reserved for issuance to eligible recipients. Since Plan inception, 26,000 common shares have been issued pursuant
to option exercises and are not available for issuance under the Plan. The aforementioned restricted stock and options were issued
under the 2011 Equity Incentive Plan, which authorized 15,000,000 shares of our common stock reserved for issuance for directors,
employees and contractors. |
Item
13. Certain Relationships and Related Transactions, and Director Independence
Transactions
with Management and Others
On
June 22, 2022, we assigned to our Chief Financial Officer, or CFO, the right to purchase up to 356,243 of the 500,000 membership interests
in Olfert #11-4 in exchange for our CFOs payment of $356,243 of our capital commitment to Olfert #11-4. On August 15, 2022, our
CFO purchased an additional 109,590 membership interests in Olfert #11-4 for a payment of $109,590.
On
October 26, 2022, we borrowed $150,000 from our CFO pursuant to a demand note bearing an annual interest rate of 10%. The note is secured
by a pledge of all of the interests in our wholly-owned subsidiary Lustre Oil Company LLC.
In
February 2023, our Chief Financial Officer made several advances to us, totaling $50,000. The advances were not made pursuant to a promissory
note, and are not secured. On March 15, 2023, we received a loan of $30,000 from our Chief Financial Officer. During April and May of
2023, our Chief Financial Officer advanced another $62,099. The total amount of these advances aggregate to $292,099. We expect that
these amounts will be incorporated into the October 26, 2022 demand note described above.
Director
Independence.
Both
Mr. Price and Mr. Beckham serve as independent directors based on the definition of independence in the listing standards
of NASDAQ Marketplace Rule 4200(a)(15).
Item
14. Principal Accounting Fees and Services
(1)
Audit Fees
The
aggregate fees billed by the independent accountants for each of the last two fiscal years for professional services for the audit of
the Companys annual consolidated financial statements and the review of consolidated financial statements included in the Companys
Form 10-Q and services that are normally provided by the accountants in connection with statutory and regulatory filings or engagements
for those fiscal years were $134,970 for the fiscal year ended May 31, 2023 and $110,270 for the fiscal year ended May 31, 2022. Weaver
and Tidwell, L.L.P. provided our audit for the year ended 2022 and BF Borgers CPA PC provided our audit for the year ended 2023. The
firms engaged during 2023 and 2022, respectively, provided no other services, other than those listed above for their respective years.
(2)
Audit-Related Fees
The
aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountants that are reasonably
related to the performance of the audit or review of the Companys consolidated financial statements and are not reported under
paragraph (1) above was $0.
(3)
Tax Fees
The
aggregate fees billed in each of the last two fiscal years ending May 31, 2023 and 2022 for professional services rendered by the principal
accountants for tax compliance, tax advice, and tax planning was $9,476 and $19,418, respectively.
(4)
All Other Fees
During
the last two fiscal years ending May 31, 2023 and 2022, respectively there were $0 fees charged by the principal accountants other than
those disclosed in (1), (2) and (3) above.
(5)
Audit Committees Pre-approval Policies and Procedures
The
Audit Committee pre-approves the engagement with the independent auditor. It meets four times annually and reviews consolidated financial
statements with the independent auditor. Additionally, the Audit Committee meets in executive session with the independent auditor at
the conclusion of those meetings.
PART
IV
Item
15. Exhibits, Financial Statement Schedules
(a)
(1) Consolidated Financial Statements. See Index to Consolidated Financial Statements on page F-1.
(a)
(2) Financial Statement Schedules
The
following financial statement schedules are included as part of this report:
None.
(a)
(3) 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:
3.1 |
Certificate
of Incorporation, included as Exhibit 3.1 in our Form S-1 filed August 25, 2008, File No. 333-153168 and incorporated herein by reference. |
|
|
3.2 |
Certificate
of Amendment of Certificate of Incorporation, included as Exhibit 10.1 to our Form 8-K filed October 22, 2009 and incorporated herein
by reference. |
|
|
3.3 |
Bylaws,
included as Exhibit 3.2 in our S-1 filed August 25, 2008, File No. 333-153168 and incorporated herein by reference. |
|
|
10.1 |
Letter
Agreement dated October 16, 2009 between the Company and Mark See, CEO, regarding CEO compensation package, included as Exhibit 10.1
to our Form 10-K filed September 14, 2010 and incorporated herein by reference. |
|
|
10.2 |
Letter
Agreement dated October 20, 2009 between the Company and Bradley E. Sparks regarding CFO compensation package, included as Exhibit
10.2 to our Form 10-K filed September 14, 2010 and incorporated herein by reference. |
|
|
10.3 |
Letter
Agreement dated October 16, 2013 between the Company and Christopher E. Lindsey, General Counsel and Secretary, regarding compensation,
included as Exhibit 10.3 to our Form 10-K filed August 29, 2014 and incorporated herein by reference. |
|
|
10.4 |
Purchase
Agreement, included as Exhibit 10.1 to our Form 8-K filed June 9, 2010 and incorporated herein by reference. |
|
|
10.5 |
Amended
and Restated Form of Warrant to Purchase Stock of Laredo Oil, Inc. (amending Form of Warrant to Purchase Stock of Laredo Oil, Inc.
included as Exhibit 10.2 in our Current Report on Form 8-K filed June 9, 2010)., included as Exhibit 10.1 to our Form 10-Q filed
October 17, 2011 and incorporated herein by reference. |
|
|
10.6 |
Form
of Subordinated Convertible Promissory Note, included as Exhibit 10.3 to our Form 8-K filed June 9, 2010 and incorporated herein
by reference. |
|
|
10.7 |
Securities
Purchase Agreement, dated as of July 26, 2010, among the Company and each Purchaser identified on the signature pages thereto, included
as Exhibit 10.1 to our Form 8-K filed July 28, 2010 and incorporated herein by reference. |
|
|
10.8 |
Amended
and Restated Form of Common Stock Purchase Warrant (amending Form of Common Stock Purchase Warrant included as Exhibit 10.7 in our
Current Report on Form 8-K filed June 20, 2011), included as Exhibit 10.2 to our Form 10-Q dated October 17, 2011 and incorporated
herein by reference. |
|
|
10.9 |
Loan
Agreement dated November 22, 2010 between Laredo Oil, Inc. and Alleghany Capital Corporation, included as Exhibit 10.1 to our Form
8-K filed November 24, 2010 and incorporated herein by reference. |
Item
15. Exhibits, Financial Statement Schedules - continued
10.10 |
Form
of Amended and Restated Senior Promissory Note accompanying Loan Agreement dated November 22, 2010 between Laredo Oil, Inc. and Alleghany
Capital Corporation (amending the Form of Senior Promissory Note included as Exhibit 10.2 in our Current Report on Form 8-K filed
November 24, 2010), included as Exhibit 10.1 to our Form 8-K filed November 18, 2011 and incorporated herein by reference. |
|
|
10.11 |
Loan
Agreement dated April 6, 2011 between Laredo Oil, Inc. and Alleghany Capital Corporation, included as Exhibit 10.1 to our Form 8-K
filed April 8, 2011 and incorporated herein by reference. |
|
|
10.12 |
Form
of Amended and Restated Senior Promissory Note accompanying Loan Agreement dated April 6, 2011 between Laredo Oil, Inc. and Alleghany
Capital Corporation (amending the Form of Senior Promissory Note included as Exhibit 10.2 in our Current Report on Form 8-K filed
April 12, 2011), included as Exhibit 10.2 to our Form 8-K filed November 18, 2011 and incorporated herein by reference. |
|
|
10.13 |
Laredo
Oil, Inc. 2011 Equity Incentive Plan, included as Exhibit 4.1 to our Form S-8 filed on November 8, 2011 and incorporated by reference
herein. |
|
|
10.14 |
Form
of Laredo Oil, Inc. 2011 Equity Incentive Plan Stock Option Award Certificate, included as Exhibit 4.2 to our Form S-8 filed on November
8, 2011 and incorporated by reference herein. |
|
|
10.15 |
Form
of Laredo Oil, Inc. 2011 Equity Incentive Plan Restricted Stock Award Certificate, included as Exhibit 4.3 to our Form S-8 filed
on November 8, 2011 and incorporated by reference herein. |
|
|
10.16 |
Amended
and Restated Laredo Management Retention Plan dated as of October 11, 2012, included as Exhibit 10.1 to our Form 10-Q filed on October
15, 2012 and incorporated by reference herein. |
|
|
10.17 |
Certificate
of Formation of Laredo/SORC Incentive Plan Royalty, LLC., included as Exhibit 10.16 to our Form 10-K filed on August 29, 2012 and
incorporated by reference herein. |
|
|
10.18 |
Amendment
to Certificate of Formation of Laredo/SORC Incentive Plan Royalty, LLC, included as Exhibit 10.2 to our Form 10-Q filed on October
15, 2012 and incorporated by reference herein. |
|
|
10.19 |
Limited
Liability Company Agreement of Laredo Royalty Incentive Plan, LLC, dated as of October 11, 2012, included as Exhibit 10.3 to our
Form 10-Q filed on October 15, 2012 and incorporated by reference herein. |
|
|
10.20 |
Form
of Restricted Common Unit Agreement for Laredo Royalty Incentive Plan, LLC., included as Exhibit 10.4 to our Form 10-Q filed on October
15, 2012 and incorporated by reference herein. |
|
|
10.21 |
Note
dated April 28, 2020 executed by Laredo Oil, Inc. in favor of IBERIABANK, included as Exhibit 10.1 to our Form 8-K filed May 1, 2020
and incorporated herein by reference. |
|
|
10.22 |
Limited
Liability Company Agreement of Cat Creek Holdings LLC, a Montana limited liability company, dated effective as of June 30, 2020,
executed by the Company, Lipson Investments LLC and Viper Oil & Gas, LLC, included as Exhibit 10.22 to our Form 10-K filed on
August 31, 2020, and incorporated herein by reference. |
|
|
10.23 |
Asset
Purchase and Sale Agreement dated as of July 1, 2020, by and between Carrell Oil Company and Cat Creek Holdings LLC, included as
Exhibit 10.23 to our Form 10-K filed on August 31, 2020, and incorporated herein by reference. |
|
|
10.24 |
Securities
Purchase Agreement dated as of December 31, 2020, by and among the Company, Alleghany Corporation, Stranded Oil Resources Corporation
and SORC Holdings LLC, included as Exhibit 10.1 to our Form 10-Q filed on January 19, 2021, and incorporated herein by reference. |
|
|
10.25 |
Consulting
Agreement dated as of December 31, 2021, by and between the Company and Alleghany Corporation, included as Exhibit 10.2 to our Form
10-Q filed on January 19, 2021, and incorporated herein by reference. |
|
|
10.26 |
Consolidated
Amended and Restated Senior Promissory Note dated as of December 31, 2020, executed by the Company for the benefit of Alleghany Corporation,
included as Exhibit 10.3 to our Form 10-Q filed on January 19, 2021, and incorporated herein by reference. |
Item
15. Exhibits, Financial Statement Schedules - continued
10.27 |
Security
Agreement dated as of December 31, 2020, executed by the Company for the benefit of Alleghany Corporation, included as Exhibit 10.4
to our Form 10-Q filed on January 19, 2021, and incorporated herein by reference |
|
|
10.28 |
Note
dated effective as of February 3, 2021, executed by the Company in favor of First Horizon Bank, included as Exhibit 10.5 to our Form
10-Q filed on April 19, 2021, and incorporated herein by reference. |
|
|
14.1 |
Code
of Ethics for Employees and Directors, included as Exhibit 14.1 to our Form 10-K filed September 14, 2010 and incorporated herein
by reference |
|
|
23.1 |
Consent of Independent Registered Public Accounting Firm – BF Borgers CPA PC |
|
|
23.2 |
Consent of Independent Registered Public Accounting Firm – Weaver and Tidwell, L.L.P. |
|
|
31.1 |
Certification by Chief Executive Officer pursuant to Rule 13a-14(a). |
|
|
31.2 |
Certification by Chief Financial Officer pursuant to Rule 13a-14(a). |
|
|
32.1 |
Certification by Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
|
|
32.2 |
Certification by Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
101.INS |
Inline
XBRL Instance Document (the instance document does not appear in the Interactive Data File because XBRL tags are embedded within
the Inline XBRL document) |
|
|
101.SCH |
Inline
XBRL Taxonomy Extension Schema Document |
|
|
101.CAL |
Inline
XBRL Taxonomy Extension Calculation Linkbase Document |
|
|
101.DEF |
Inline
XBRL Taxonomy Extension Definition Linkbase Document |
|
|
101.LAB |
Inline
XBRL Taxonomy Extension Label Linkbase Document |
|
|
101.PRE |
Inline
XBRL Taxonomy Extension Presentation Linkbase Document |
|
|
104 |
Cover
Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
In
accordance with Section 13 or 15(d) of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
|
|
LAREDO
OIL, INC. |
|
|
|
(the
Registrant) |
|
|
|
|
|
|
Date:
September 13, 2023 |
|
By: |
/s/
Mark See |
|
|
|
|
Mark
See |
|
|
|
|
Chief
Executive Officer and Chairman of the Board |
|
|
|
|
|
|
In
accordance with the Exchange Act, this report has been signed below by the following persons on behalf of the registrant and in the capacities
and on the dates indicated.
Date:
September 13, 2023 |
By: |
/s/
Mark See |
|
|
|
Mark
See |
|
|
|
Chief
Executive Officer and Chairman of the Board |
|
|
|
(Principal
Executive Officer) |
|
|
|
|
|
Date:
September 13, 2023 |
By: |
/s/
Bradley E. Sparks |
|
|
|
Bradley
E. Sparks |
|
|
|
Chief
Financial Officer, Treasurer and Director
(Principal Financial and Accounting Officer) |
|
|
|
|
|
Date:
September 13, 2023 |
By: |
/s/
Donald Beckham |
|
|
|
Donald
Beckham |
|
|
|
Director |
|
|
|
|
|
Date:
September 13, 2023 |
By: |
/s/
Michael H. Price |
|
|
|
Michael
H. Price |
|
|
|
Director |
|
LAREDO
OIL, INC.
INDEX
TO CONSOLIDATED FINANCIAL STATEMENTS
Report
of Independent Registered Public Accounting Firm
To the shareholders and the board of directors
of Laredo Oil, Inc.
Opinion on the Financial Statements
We have audited the accompanying consolidated
balance sheet of Laredo Oil, Inc. (the "Company") as of May 31, 2023, the related statement of operations, stockholders' equity
(deficit), and cash flows for the year then ended, and the related notes (collectively referred to as the "financial statements").
In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of May 31,
2023, and the results of its operations and its cash flows for the year then ended, in conformity with accounting principles generally
accepted in the United States.
Substantial Doubt about the Company’s
Ability to Continue as a Going Concern
The accompanying financial statements have been
prepared assuming that the Company will continue as a going concern. As discussed in Note 2 to the financial statements, the Company’s
significant operating losses raise substantial doubt about its ability to continue as a going concern. The financial statements do not
include any adjustments that might result from the outcome of this uncertainty.
Basis for Opinion
These financial statements are the responsibility
of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audit. We
are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are
required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and
regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged
to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding
of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s
internal control over financial reporting. Accordingly, we express no such opinion.
Our audit included performing procedures to
assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that
respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial
statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as
evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.
Critical Audit Matters
Critical audit matters are matters arising from the
current period audit of the financial statements that were communicated or are required to be communicated to the audit committee and
that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved especially challenging, subjective,
or complex judgments.
We determined that there are no critical audit matters.
/s/ BF Borgers CPA PC
BF
Borgers CPA PC.
(PCAOB 5041)
We have served as the Company's auditor since 2022
Lakewood, Colorado
September
13, 2023
Report
of Independent Registered Public Accounting Firm
To
the Board of Directors and Stockholders of
Laredo
Oil, Inc.
Opinion
on the Financial Statements
We
have audited the accompanying consolidated balance sheets of Laredo Oil, Inc. and its subsidiary (the Company) as of May 31, 2022
and 2021, and the related consolidated statements of operations, stockholders deficit, and cash flows for each of the two years
in the period ended May 31, 2022, and the related notes (collectively referred to as the financial statements). In our opinion, the financial
statements present fairly, in all material respects, the consolidated financial position of the Company as of May 31, 2022 and 2021,
and the consolidated results of its operations and cash flows for each of the two years in the period ended May 31, 2022, in conformity
with accounting principles generally accepted in the United States of America.
Going
Concern
The
accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note
2 to the financial statements, the entity has routinely incurred losses since inception, resulting in an accumulated deficit, and is
dependent upon one customer for its revenue. These factors raise substantial doubt that the Company will be able to continue as a going
concern. Managements plans in regard to these matters are also described in Note 2 to the financial statements. The financial statements
do not include any adjustments that might result from the outcome of this uncertainty.
Basis
for Opinion
These
financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on the Companys
financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board
(United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities
laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company
is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits
we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion
of the effectiveness of the Companys internal control over financial reporting. Accordingly, we express no such opinion.
Our
audits include performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or
fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding
the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits
provide a reasonable basis for our opinion.
Critical
Audit Matters
Critical
audit matters are matters arising from the current period audit of the consolidated financial statements that were communicated or required
to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements
and (2) involved our especially challenging, subjective, or complex judgements. We determined that there are no critical audit matters.
WEAVER
AND TIDWELL, L.L.P.
We
have served as the Laredo Oil, Inc.s auditor since 2011.
Dallas,
Texas
September
13, 2022
Laredo
Oil, Inc. |
Consolidated
Balance Sheets |
|
|
May
31, |
|
|
May
31, |
|
|
|
2023 |
|
|
2022 |
|
ASSETS |
|
|
|
|
|
|
|
|
Current
Assets |
|
|
|
|
|
|
|
|
Cash
and cash equivalents |
|
$ |
13,754 |
|
|
$ |
109,183 |
|
Receivables |
|
|
- |
|
|
|
- |
|
Receivables
– related party |
|
|
1,779 |
|
|
|
1,779 |
|
Prepaid
expenses and other current assets |
|
|
36,549 |
|
|
|
22,235 |
|
Total
Current Assets |
|
|
52,082 |
|
|
|
133,197 |
|
|
|
|
|
|
|
|
|
|
Property
and Equipment |
|
|
|
|
|
|
|
|
Oil
and gas acquisition and drilling costs |
|
|
4,547,740 |
|
|
|
2,764,477 |
|
Property
and equipment, net |
|
|
209,182 |
|
|
|
410,136 |
|
Total
Property and Equipment, net |
|
|
4,756,922 |
|
|
|
3,174,613 |
|
|
|
|
|
|
|
|
|
|
Other
assets |
|
|
30,000 |
|
|
|
30,000 |
|
Equity
method investment – Olfert |
|
|
37,630 |
|
|
|
19,435 |
|
Equity
method investment – Cat Creek |
|
|
249,493 |
|
|
|
344,704 |
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS |
|
$ |
5,126,127 |
|
|
$ |
3,701,949 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES
AND STOCKHOLDERS DEFICIT |
|
|
|
|
|
|
|
|
Current
Liabilities |
|
|
|
|
|
|
|
|
Accounts
payable |
|
$ |
2,197,975 |
|
|
$ |
1,242,905 |
|
Accrued
payroll liabilities |
|
|
2,262,450 |
|
|
|
1,739,819 |
|
Accrued
interest |
|
|
210,414 |
|
|
|
33,329 |
|
Deferred
well development costs |
|
|
1,799,260 |
|
|
|
1,083,822 |
|
Convertible
debt, net of debt discount and debt issuance costs |
|
|
839,798 |
|
|
|
335,038 |
|
Revolving
note |
|
|
933,000 |
|
|
|
62,858 |
|
Note
payable – related party |
|
|
292,099 |
|
|
|
136,479 |
|
Note
payable – Alleghany, net of debt discount |
|
|
617,934 |
|
|
|
617,934 |
|
Note
payable, current portion |
|
|
449,624 |
|
|
|
328,613 |
|
Total
Current Liabilities |
|
|
9,602,554 |
|
|
|
5,580,797 |
|
|
|
|
|
|
|
|
|
|
Asset
retirement obligation |
|
|
67,938 |
|
|
|
61,762 |
|
Long-term
note, net of current portion |
|
|
536,974 |
|
|
|
857,339 |
|
Total
Noncurrent Liabilities |
|
|
604,912 |
|
|
|
919,101 |
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES |
|
|
10,207,466 |
|
|
|
6,499,898 |
|
|
|
|
|
|
|
|
|
|
Commitments
and Contingencies (Note 15) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 and 90,000,000 shares authorized; 66,220,206 and 54,514,765 issued and outstanding as of May 31, 2023 and 2022 |
|
|
6,622 |
|
|
|
5,451 |
|
Additional
paid in capital |
|
|
9,990,378 |
|
|
|
9,179,088 |
|
Accumulated
deficit |
|
|
(15,078,339 |
) |
|
|
(11,982,488 |
) |
|
|
|
|
|
|
|
|
|
Total
Stockholders Deficit |
|
|
(5,081,339 |
) |
|
|
(2,797,949 |
) |
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES AND STOCKHOLDERS DEFICIT |
|
$ |
5,126,127 |
|
|
$ |
3,701,949 |
|
The
accompanying notes are an integral part of these consolidated financial statements.
Laredo
Oil, Inc. |
Consolidated
Statements of Operations |
|
|
Year
Ended |
|
|
Year
Ended |
|
|
|
May
31, 2023 |
|
|
May
31, 2022 |
|
Revenue
– related party and other |
|
$ |
- |
|
|
$ |
667,608 |
|
|
|
|
|
|
|
|
|
|
Direct
costs |
|
|
- |
|
|
|
1,286,244 |
|
|
|
|
|
|
|
|
|
|
Gross
profit (loss) |
|
|
- |
|
|
|
(618,636 |
) |
|
|
|
|
|
|
|
|
|
General,
selling and administrative expenses |
|
|
1,996,695 |
|
|
|
1,175,674 |
|
Consulting
and professional services |
|
|
773,590 |
|
|
|
404,395 |
|
Total
Operating Expense |
|
|
2,770,285 |
|
|
|
1,580,069 |
|
|
|
|
|
|
|
|
|
|
Operating
loss |
|
|
(2,770,285 |
) |
|
|
(2,198,705 |
) |
|
|
|
|
|
|
|
|
|
Other
income/(expense) |
|
|
|
|
|
|
|
|
Other
non-operating income |
|
|
74,225 |
|
|
|
131,153 |
|
Income
from PPP loan forgiveness and employee retention |
|
|
122,682 |
|
|
|
1,292,396 |
|
Equity
method gain (loss) |
|
|
(95,454 |
) |
|
|
15,421 |
|
Interest
expense |
|
|
(443,219 |
) |
|
|
(136,112 |
) |
|
|
|
|
|
|
|
|
|
Net
loss |
|
$ |
(3,112,051 |
) |
|
$ |
(895,847 |
) |
|
|
|
|
|
|
|
|
|
Net
loss per share, basic and diluted |
|
$ |
(0.05 |
) |
|
$ |
(0.02 |
) |
|
|
|
|
|
|
|
|
|
Weighted
average number of basic and diluted common shares outstanding |
|
|
57,073,239 |
|
|
|
54,514,765 |
|
The
accompanying notes are an integral part of these consolidated financial statements.
Laredo
Oil, Inc. |
Consolidated
Statement of Stockholders Deficit |
For
the Years Ended May 31, 2023 and 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
Stock |
|
|
Preferred
Stock |
|
|
Additional
Paid |
|
|
Accumulated |
|
|
Total
Stockholders |
|
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
In
Capital |
|
|
Deficit |
|
|
Deficit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
at May 31, 2021 |
|
|
54,514,765 |
|
|
$ |
5,451 |
|
|
|
- |
|
|
$ |
- |
|
|
$ |
8,844,592 |
|
|
$ |
(11,086,641 |
) |
|
$ |
(2,236,598 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
based compensation |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
278,578 |
|
|
|
- |
|
|
|
278,578 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beneficial
conversion feature of convertible debt |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
55,918 |
|
|
|
- |
|
|
|
55,918 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(895,847 |
) |
|
|
(895,847 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
at May 31, 2022 |
|
|
54,514,765 |
|
|
$ |
5,451 |
|
|
|
- |
|
|
$ |
- |
|
|
$ |
9,179,088 |
|
|
$ |
(11,982,488 |
) |
|
$ |
(2,797,949 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
Stock |
|
|
Preferred
Stock |
|
|
Additional
Paid |
|
|
Accumulated |
|
|
Total
Stockholders |
|
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
In
Capital |
|
|
Deficit |
|
|
Deficit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
at May 31, 2022 |
|
|
54,514,765 |
|
|
$ |
5,451 |
|
|
|
- |
|
|
$ |
- |
|
|
$ |
9,179,088 |
|
|
$ |
(11,982,488 |
) |
|
$ |
(2,797,949 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cumulative
effect of accounting changes |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(55,918 |
) |
|
|
16,200 |
|
|
|
(39,718 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
based compensation |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
161,984 |
|
|
|
- |
|
|
|
161,984 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted
stock issued to consultants |
|
|
1,272,574 |
|
|
|
127 |
|
|
|
- |
|
|
|
- |
|
|
|
187,130 |
|
|
|
- |
|
|
|
187,257 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance
of shares upon debt conversion |
|
|
4,370,081 |
|
|
|
437 |
|
|
|
- |
|
|
|
- |
|
|
|
251,381 |
|
|
|
- |
|
|
|
251,818 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds
from issuance of shares |
|
|
6,062,886 |
|
|
|
607 |
|
|
|
- |
|
|
|
- |
|
|
|
266,713 |
|
|
|
- |
|
|
|
267,320 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(3,112,051 |
) |
|
|
(3,112,051 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
at May 31, 2023 |
|
|
66,220,306 |
|
|
$ |
6,622 |
|
|
|
- |
|
|
$ |
- |
|
|
$ |
9,990,378 |
|
|
$ |
(15,078,339 |
) |
|
$ |
(5,081,339 |
) |
The
accompanying notes are an integral part of these consolidated financial statements.
Laredo
Oil, Inc. |
Consolidated
Statements of Cash Flows |
|
|
Year
Ended |
|
|
Year
Ended |
|
|
|
May
31, 2023 |
|
|
May
31, 2022 |
|
CASH
FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
Net
loss |
|
$ |
(3,112,051 |
) |
|
$ |
(895,847 |
) |
Adjustments
to Reconcile Net Loss to Net Cash Used in Operating Activities: |
|
|
|
|
|
|
|
|
Stock
based compensation expense |
|
|
161,984 |
|
|
|
278,578 |
|
Restricted
stock expense |
|
|
187,257 |
|
|
|
- |
|
Income
from PPP loan forgiveness |
|
|
- |
|
|
|
(1,292,396 |
) |
Amortization
of debt discount |
|
|
112,066 |
|
|
|
66,710 |
|
Equity
method (income)/loss |
|
|
95,454 |
|
|
|
(15,421 |
) |
Depreciation |
|
|
39,722 |
|
|
|
55,811 |
|
Accretion
expense |
|
|
6,176 |
|
|
|
- |
|
Gain
on sale of assets |
|
|
(72,704 |
) |
|
|
- |
|
Changes
in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Receivables |
|
|
- |
|
|
|
168,522 |
|
Receivables
from related party |
|
|
- |
|
|
|
(1,779 |
) |
Prepaid
expenses and other current assets |
|
|
(14,314 |
) |
|
|
214,915 |
|
Accounts
payable and accrued liabilities |
|
|
150,132 |
|
|
|
104,041 |
|
Accrued
payroll liabilities |
|
|
620,391 |
|
|
|
180,536 |
|
Accrued
interest |
|
|
185,515 |
|
|
|
31,743 |
|
Deferred
revenue |
|
|
- |
|
|
|
(95,373 |
) |
|
|
|
|
|
|
|
|
|
NET
CASH USED IN OPERATING ACTIVITIES |
|
|
(1,640,372 |
) |
|
|
(1,199,960 |
) |
|
|
|
|
|
|
|
|
|
CASH
FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
Investment
in property, plant and equipment |
|
|
(303 |
) |
|
|
(58,224 |
) |
Investment
in oil and gas field acquisition and drilling costs |
|
|
(978,325 |
) |
|
|
(1,365,627 |
) |
Investment
in equity method investment |
|
|
(18,438 |
) |
|
|
- |
|
NET
CASH USED IN INVESTING ACTIVITIES |
|
|
(997,066 |
) |
|
|
(1,423,851 |
) |
|
|
|
|
|
|
|
|
|
CASH
FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
Proceeds
from convertible debt |
|
|
1,142,423 |
|
|
|
527,500 |
|
Repayment
of convertible debt |
|
|
(546,059 |
) |
|
|
(185,625 |
) |
Proceeds
from note payable – related party |
|
|
292,099 |
|
|
|
136,479 |
|
Proceeds
from revolving note |
|
|
998,000 |
|
|
|
62,858 |
|
Repayment
of revolving note |
|
|
(127,858 |
) |
|
|
- |
|
Proceeds
from prefunded billing costs |
|
|
715,438 |
|
|
|
1,000,000 |
|
PPP
loan repayments |
|
|
(199,354 |
) |
|
|
(4,868 |
) |
Proceeds
from sale of common stock |
|
|
267,320 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
NET
CASH PROVIDED BY FINANCING ACTIVITIES |
|
|
2,542,009 |
|
|
|
1,536,344 |
|
|
|
|
|
|
|
|
|
|
Net
change in cash and cash equivalents |
|
|
(95,429 |
) |
|
|
(1,087,467 |
) |
|
|
|
|
|
|
|
|
|
Cash
and cash equivalents at beginning of period |
|
|
109,183 |
|
|
|
1,196,650 |
|
|
|
|
|
|
|
|
|
|
CASH
AND CASH EQUIVALENTS AT END OF PERIOD |
|
$ |
13,754 |
|
|
$ |
109,183 |
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL
DISCLOSURE OF CASH FLOW INFORMATION |
|
|
|
|
|
|
|
|
Cash
paid for interest expense |
|
$ |
95,897 |
|
|
$ |
37,666 |
|
Cash
paid for income taxes |
|
$ |
- |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL
DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
Oil
and gas acquisition costs in accounts payable |
|
$ |
804,938 |
|
|
$ |
955,043 |
|
Long-lived
assets in exchange for reduction in deferred compensation |
|
$ |
97,760 |
|
|
|
- |
|
Sale
of assets in exchange for note payable repayment |
|
$ |
136,479 |
|
|
|
- |
|
Conversion
of convertible debt to common stock |
|
$ |
251,818 |
|
|
|
- |
|
Asset
retirement obligation |
|
$ |
- |
|
|
$ |
61,762 |
|
The
accompanying notes are an integral part of these consolidated financial statements.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE
1 – ORGANIZATION AND DESCRIPTION OF BUSINESS
The
accompanying consolidated financial statements have been prepared by 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.
with authorized common stock of 90,000,000 shares at $0.0001 par value and authorized preferred stock of 10,000,000 shares at $0.0001
par value. On October 21, 2009 the name was changed to Laredo Oil, Inc. During May 2023, the Company board of directors
voted to increase the authorized common stock to 120,000,000 shares at $0.0001 which was confirmed by a majority of the shares then outstanding.
Laredo
Oil, Inc. (the Company) is an oil exploration and production (E&P) company primarily engaged in acquisition
and exploration efforts for mineral properties. From its inception through October 2009, the Company was primarily engaged in acquisition
and exploration efforts for mineral properties. After a change in control 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 oil recovery (EOR)
methods. However, the Company was unable to raise the capital required to purchase any suitable oil fields. On June 14, 2011, the Company
entered into several agreements with Stranded Oil Resources Corporation (SORC), a wholly owned subsidiary of Alleghany
Corporation (Alleghany), (collectively, the 2011 SORC Agreements), to seek recovery of stranded crude oil
from mature, declining oil fields by using the EOR method known as Underground Gravity Drainage, or UGD. Operating under the 2011 SORC
Agreements until December 31, 2020, the Company was a management services company managing the acquisition and conventional operation
of mature oil fields and the further recovery of stranded oil from those fields using EOR methods for its sole customer, SORC.
Pursuant
to a Securities Purchase Agreement, by and among the Company, Alleghany, SORC, and SORC Holdings LLC, a wholly-owned subsidiary of the
Company (SORC Holdings), SORC Holdings purchased all of the issued and outstanding shares of SORC stock (the SORC
Shares) in a transaction that closed on December 31, 2020 (the SORC Purchase Transaction). In connection with the
SORC Purchase Transaction, the 2011 SORC Agreements were terminated effective as of December 31, 2020.
Further,
pursuant to the SORC Purchase Agreement, the Company and Alleghany entered into a Consulting Agreement dated as of December 31, 2020
(the Alleghany Consulting Agreement), pursuant to which Alleghany agreed to pay an aggregate of approximately $1.245 million
during calendar year 2021 in consideration of the Company causing certain individuals, including Mark See, the Companys Chief
Executive Officer and Chairman, and Chris Lindsey, the Companys General Counsel and Secretary, to provide consulting services
to Alleghany (for a period of three years for Mr. See and one year for Mr. Lindsey).
The
Company believes that the SORC Purchase Transaction was advantageous as it simplified in a timely manner the unwinding of the 2011 SORC
Agreements and allowed the Company to acquire vehicles and oil field assets that can be utilized in future oil recovery projects.
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 May 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 salt water 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 (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 10 well
completions and first 10 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 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 10 new wells and first 10 recompletions are repaid (Payback),
the WI split between Erehwon and Lustre is 10%/90%. Thereafter, the split between Erehwon and Lustre is 20%/80%. Additional wells and
recompletions will have a WI split equal to their respective working interest in the leases. This will be 10% Erehwon and 90% Lustre
unless Erehwon exercises its option to increase its WI by 10 percent points to 20%/80%, as described above. Under the Erehwon APA, Lustre
will fund 100% of the construction costs of the first ten wells and first ten completions. Additional wells will be funded 80% by Lustre
and 20% by Erehwon; provided, that Erehwon has the option to pay 10% of the cost to increase its WI to 20%. Royalty expense will consist
of the sum of royalty interest to the land owner and an overriding royalty interest to two individuals (Prospect Generators)
not to exceed 6% nor be less than 3%. For the first 10 new wells and first 10 recompletions, the Prospect Generators will receive an
amount equal to 5% of the cost of each completed producing well.
On
June 30, 2020, the Company entered into the Limited Liability Company Agreement (the LLC 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 in Petroleum
and Garfield Counties in the State of Montana (the Cat Creek Properties). In accordance with the LLC Agreement, the Company
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 is managed by a Board of Directors consisting of four directors, two of which shall be
designated by the Company.
NOTE
1 – ORGANIZATION AND DESCRIPTION OF BUSINESS - continued
In
January 2022, the Company and Lustre executed a Net Profits Interest Agreement effective as of October 2021 (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 a contribution totaling $59,935 of well development costs as determined per 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 Laredo is due to the investment at Laredo being recorded at the carrying value of
the assets contributed. As Laredo also currently serves as the manager of Olfert, the Company exercises significant influence. Accordingly,
the amount paid is recorded as an equity method investment as of May 31, 2023. See further disclosures in Note 9.
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. The Company entered into the
Agreements with SORC to fund operations and to provide working capital. However, as a result of the SORC Purchase Transaction, except
for payments to be made in calendar year 2021 to Laredo under the Consulting Agreement, Alleghany will no longer fund operations or provide
working capital to the Company or SORC. There is no assurance that in the future such 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, in an effort to control costs, the Company has required a number of its personnel to multi-task and cover a wider range
of responsibilities in an effort 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.
NOTE
3 – SUMMARY OF 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
consolidated financial statements have been prepared in conformity with United States generally accepted accounting principles. The accompanying
financial statements have been prepared on a consolidated basis and reflect the accounts of Laredo Oil and its subsidiaries after elimination
of intercompany balances and transactions.
BASIC
AND DILUTED LOSS PER SHARE
The
Companys basic earnings per share (EPS) amounts have been computed based on the weighted-average number of shares
of common stock outstanding for the period. For the years ended May 31, 2023 and 2022, all options and warrants potentially convertible
into common equivalent shares are considered antidilutive and have been excluded in the calculation of diluted earnings per share.
EQUITY
METHOD INVESTMENT
Investments
classified as equity method consist of investments in companies in which the Company is able to 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 with a two-month lag. Accordingly, the financial results for the equity investment are reported through March 31, 2023.
No impairments were recognized for the Companys equity method investment during the year ended May 31, 2023. See Note
16.
NOTE
3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued
REVENUE
RECOGNITION
Related
Party Revenue
The
Company and Alleghany entered into a Consulting agreement (see Note 1), where Alleghany is obligated to pay the Company a total of $1,144,471,
in quarterly payments beginning January 1, 2021, in consideration for making certain individuals available for their advice, assistance
and support in connection with the oil and gas industry and any questions, issues or matters arising from Alleghanys previous
ownership of SORC. Two individuals are committed for a one-year period ending December 31, 2021, and one individual is committed for
a three-year period ending December 31, 2023. The Companys management believes that any work necessary under this obligation was
completed by December 31, 2021, and is recognizing revenue on a monthly basis over the year ended December 31, 2021. The Company does
not have any revenue sources and has not earned and recorded revenue during the fiscal year ending May 31, 2023. Other revenue fees of
$0 and $667,608, respectively, were recognized for the years ended May 31, 2023 and 2022.
CASH
AND CASH EQUIVALENTS
All
highly liquid investments with a maturity of three months or less are considered to be cash equivalents. There were no cash equivalents
as of May 31, 2023 and 2022. At times, the Company maintains cash balances deposited at its financial institution that exceed FDIC insured
limits.
RECEIVABLES
Receivables
as of May 31, 2022 and 2023 represent balances arising from employee expense reports.
PREPAID
EXPENSES AND OTHER CURRENT ASSETS
Prepaid
expenses and other current assets are primarily comprised of prepaid audit fees which are recorded on a quarterly basis and amortized
to expense upon work performance each quarter and prepaid directors and officers insurance which is recorded and amortized
to expense over the 12-month contract life.
OIL
AND GAS ACQUISITION AND DRILLING 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 $4,547,740 and 2,764,477 during the years
ended May 31, 2023 and 2022, respectively.
Schedule
of Oil and Gas Acquisition and Drilling Cost
| |
May 31, | | |
May 31, | |
| |
2023 | | |
2022 | |
Intangible and tangible drilling costs | |
$ | 3,410,832 | | |
$ | 1,919,729 | |
Acquisition costs | |
| 1,136,908 | | |
| 844,748 | |
| |
| | | |
| | |
Oil and gas acquisition and drilling costs | |
$ | 4,547,740 | | |
$ | 2,764,477 | |
NOTE
3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued
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. Property
and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization is computed using the
straight-line method over the estimated useful lives of the assets. Estimated useful lives of five to seven years are used
for vehicles and machinery. Realization of the carrying value of property and equipment is reviewed for possible impairment whenever
events or changes in circumstances indicate that the carrying amount may not be recoverable. Assets are determined to be impaired if
a forecast of undiscounted estimated future net operating cash flows directly related to the asset, including disposal value, if any,
is less than the carrying amount of the asset. If any asset is determined to be impaired, the loss is measured as the amount by which
the carrying amount of the asset exceeds its fair value. Repairs and maintenance costs are expensed in the period incurred.
Schedule
of Property and Equipment
| |
May 31, | | |
May 31, | |
| |
2023 | | |
2022 | |
Vehicles and equipment | |
$ | 251,990 | | |
$ | 479,900 | |
Less: Accumulated depreciation | |
| 42,808 | | |
| 69,764 | |
| |
| | | |
| | |
Property and equipment, net | |
$ | 209,182 | | |
$ | 410,136 | |
CONVERTIBLE
NOTES
The
Company accounts for convertible instruments (when it has determined that the embedded conversion options should not be bifurcated from
their host instruments) in accordance ASC Topic 470, Accounting for Convertible Securities with Beneficial Conversion
Features, as those professional standards pertain to Certain Convertible Instruments. Accordingly, the Company
records, when necessary, discounts to convertible notes for the intrinsic value of conversion options embedded in debt instruments based
upon the differences between the fair value of the underlying common stock at the commitment date of the note transaction and the effective
conversion price embedded in the note. Debt discounts under these arrangements are amortized over the term of the related debt to their
earliest date of redemption. The Company also records when necessary deemed dividends for the intrinsic value of conversion options embedded
in preferred shares based upon the differences between the fair value of the underlying common stock at the commitment date of the note
transaction and the effective conversion price embedded in the note. ASC Topic 815 provides that generally, if an event that is not within
the entitys control could or require net cash settlement, then the contract shall be classified as an asset or a liability.
FAIR
VALUE OF FINANCIAL INSTRUMENTS
Fair
value is defined as the amount that would be received from the sale of an asset or paid for the transfer of a liability in an orderly
transaction between market participants at the measurement date. Fair value measurements are classified and disclosed in one of the following
categories:
| ● | Level
1 – Unadjusted quoted prices in active markets for identical assets and liabilities in active markets and have the highest priority. |
|
● |
Level
2 – Inputs other than quoted prices included within Level I that are observable for the asset or liability, either directly
or indirectly. |
| ● | Level
3 – Unobservable inputs for the financial asset or liability and have the lowest priority. |
SHARE
BASED COMPENSATION
FASB
ASC 718, Compensation - Stock Compensation prescribes accounting and reporting standards for all stock-based payment awards to
employees, including employee stock options, restricted stock, employee stock purchase plans and stock appreciation rights. Stock-based
payment awards may be classified as either equity or liabilities. The Company should determine if a present obligation to settle the
share-based payment transaction in cash or other assets exists. A present obligation to settle in cash or other assets exists if: (a)
the option to settle by issuing equity instruments lacks commercial substance or (b) the present obligation is implied because
of an entitys past practices or stated policies. If a present obligation exists, the transaction should be recognized as a liability;
otherwise, the transaction should be recognized as equity.
The
Company accounts for stock-based compensation issued to non-employees and consultants in accordance with the provisions of FASB ASC 505-50,
Equity - Based Payments to Non-Employees. Measurement of share-based payment transactions with non-employees shall be based on
the fair value of whichever is more reliably measurable: (a) the goods or services received; or (b) the equity instruments
issued. The fair value of the share-based payment transaction should be determined at the earlier of performance commitment date or performance
completion date.
NOTE
3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued
INCOME
TAXES
The
Company accounts for income taxes by the asset and liability method in accordance with FASB ASC 740, Income Taxes. Under this
method, current income taxes are recognized for the estimated income taxes payable for the current year. Deferred income tax assets and
liabilities are recognized in the current year for temporary differences between the tax and accounting bases of assets and liabilities
as well as for the benefit of losses available to be carried forward to future years for tax purposes that are likely to be realized.
In addition, a valuation allowance is established to reduce any deferred tax asset for which it is determined that it is more likely
than not that some portion of the deferred tax asset will not be realized.
In
addition, the Company utilizes the two-step approach to recognizing and measuring uncertain tax positions taken or expected to be taken
in a tax return. The first step is to determine if the weight of available evidence indicates that it is more likely than not that the
tax position will be sustained in an audit, including resolution of any related appeals or litigation processes. The second step is to
measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. The Company recognizes
interest and penalties accrued on unrecognized tax benefits within general and administrative expense. To the extent that accrued interest
and penalties do not ultimately become payable, amounts accrued will be reduced and reflected as a reduction in general and administrative
expenses in the period that such determination is made.
RECENTLY
ISSUED ACCOUNTING PRONOUNCEMENTS
In
August 2020, the FASB issued ASU 2020-06–Debt - Debt with Conversion and Other Options (Subtopic 470- 20) and Derivatives
and Hedging - Contracts in Entitys Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entitys
Own Equity (ASU 2020-06), which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity.
Reporting companies 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 the Company adopted effective June 1, 2022, impacts the ongoing accounting
of the Convertible Notes.
Reporting
companies are allowed to adopt this standard by either a modified retrospective method of transition or a fully retrospective method
of transition. Under the modified retrospective method, entities should apply the guidance to transactions outstanding as of the beginning
of the fiscal year in which the standard was adopted. Transactions that were settled (or expired) during prior reporting periods are
unaffected. The cumulative effect of the change should be 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 for
the Company 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 described in Note 11. 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 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
4 – ACQUISITION OF SORC
Effective
December 31, 2020, the Company acquired a 100% equity interest in SORC (see Note 1). We have accounted for the acquisition of SORC as
a business combination using the acquisition method.
In
accordance with the Securities Purchase Agreement, Laredo 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 after the closing. The Company has not attributed a value to this potential liability in the preliminary purchase price
allocation as eligible revenues or net profits do not currently exist and are not estimable. The contingent consideration continues
to have no estimated value as of May 31, 2023. If circumstances change within the seven-year period ending December 31, 2027, the amount
will be adjusted with gains and losses recorded as other income/expense.
For
the years ended May 31, 2023 and 2022, respectively, SORC recognized no revenues and $0 and $12,439 interest expense recorded related
to the debt discount amortization and $41,766 and $12,782 interest expense on the note payable, included in the Consolidated Statement
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 our 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. At May 31, 2023 and May 31, 2022, the asset retirement obligation totaled $67,938 and $61,762, respectively.
The
Companys 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
Companys accretion expense totaling $6,176 was recorded in the year ending May 31, 2023. Since drilling of the Olfert#11-4 well
commenced in May 2022, the Company recorded no accretion expense as of May 31, 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.
Laredo
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 Laredos 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.
NOTE
7 – EARNINGS/(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.
For the years ended May 31, 2023 and 2022, respectively, options to purchase 5,925,000 and 5,275,000 shares of common stock, and 9,052,453
and 928,333 shares underlying convertible debt outstanding, were not included in the computation of diluted earnings/(loss) per share
because they were anti-dilutive.
Schedule
of Earnings/(Loss) Per Share
| |
| | |
| |
| |
For the Year Ended | |
| |
May 31, | |
| |
2023 | | |
2022 | |
Numerator - net loss attributable to common stockholders | |
$ | (3,112,051 | ) | |
$ | (895,847 | ) |
| |
| | | |
| | |
Denominator - weighted average number of common shares outstanding | |
| 57,073,239 | | |
| 54,514,765 | |
| |
| | | |
| | |
Basic and diluted earnings/(loss) per common share | |
$ | (0.05 | ) | |
$ | (0.02 | ) |
NOTE
8 – 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 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 to the Companys Chief Financial Officer the right to purchase up to 356,243 of the 500,000
membership interests in Olfert #11-4 in exchange for the Companys Chief Financial Officers 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 2023, the Companys Chief Financial Officer made several advances to the Company, totaling $50,000. The advances were
not made pursuant to a promissory note, and the advances are not secured. On March 15, 2023, the Company received a loan of $30,000 from
the Companys Chief Financial Officer. During April and May 2023, the Companys Chief Financial Officer advanced another
$62,099.10. Total advances aggregate to $292,099.10.
NOTE
9 – STOCKHOLDERS DEFICIT
Share
Based Compensation
The
Company made grants of options for the purchase of 650,000 shares of its common stock, at a strike price of $0.19 per share, during the
first quarter of fiscal year 2023. These options vested immediately and expire on June 2, 2032. The Company made grants for the purchase
of 1,600,000 shares of its common stock at a strike price of $0.074 per share, during the first quarter of fiscal year 2022. These options
vest monthly over three years, beginning on August 1, 2021, and expire on August 1, 2031. The Company used the Black-Scholes option pricing
model to estimate the fair value of options granted under its stock incentive plan.
The
fair value of the stock option grants, as of the respective grant date, during the years ending May 31, 2023 and 2022 amounted to approximately
$123,487 and $278,578, 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 | |
| 2.94 | % | |
| 1.85 | % |
Expected dividend yield | |
| 0 | % | |
| 0 | % |
Expected volatility | |
| 315.1 | % | |
| 314.9 | % |
Expected life of options | |
| 6.0 years | | |
| 6.0 years | |
The
risk-free interest rate is based upon the U.S. Treasury interest rate 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 stock options. The Company uses the simplified method for determining the expected
term of its stock options.
The
Company recorded share-based compensation for stock option grants totaling $161,984 and $278,578 in general, selling and administrative
expense during the year ended May 31, 2023 and 2022, respectively.
Stock
Options
As
of May 31, 2023 and 2022, there were 618,776 and 1,143,761 unvested and unrecognized shares. As of May 31, 2023, unrecognized compensation
cost related to nonvested stock options amounted to $45,287 which is expected to be recognized over the next two years.
The
following table summarizes information about options granted during the years ended May 31, 2023 and 2022:
Schedule of Stock Option Outstanding
| |
Number of Shares | | |
Weighted Average Exercise Price | |
Balance, May 31, 2021 | |
| 4,300,000 | | |
$ | 0.94 | |
Options granted and assumed | |
| 4,175,000 | | |
| 0.10 | |
Options expired | |
| (1,500,000 | ) | |
| 2.00 | |
Options cancelled, forfeited | |
| (1,700,000 | ) | |
| 0.36 | |
Options exercised | |
| - | | |
| - | |
| |
| | | |
| | |
Balance, May 31, 2022 | |
| 5,275,000 | | |
$ | 0.16 | |
Options granted and assumed | |
| 650,000 | | |
| 0.19 | |
Options expired | |
| - | | |
| - | |
Options cancelled, forfeited | |
| - | | |
| - | |
Options exercised | |
| - | | |
| - | |
| |
| | | |
| | |
Balance, May 31, 2023 | |
| 5,925,000 | | |
$ | 0.16 | |
All
stock options are exercisable upon vesting. As of May 31, 2023, there were 5,306,224 vested options outstanding.
As
of May 31, 2023 and 2022, 5,925,000 and 5,275,000 options are outstanding at a weighted average exercise price of $0.16 and $0.16, respectively.
NOTE
9 – STOCKHOLDERS DEFICIT - continued
Restricted
Stock
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 execution, 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.
If
during the term of the Advisory Agreement, the Company decides to (i) finance or refinance any indebtedness using a manager or an agent,
or (ii) raise funds by means of a public offering or private placement of equity or debt securities, Dawson will have the right to act
as lead manager, placement agent or agent (or have any affiliate act in such role) for such financing, provided that Dawson has then
secured at least $5,000,000 in equity financing for the Company. As of the date of this filing, Dawson has not secured any equity financing
for the Company.
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 during fiscal year 2023.
NOTE
10 – 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 has 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 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 the NPI Agreement. As of May 31, 2023, the investors had paid $358,747 of that capital call. As of May 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 did 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. One creditor has 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, complete the Olfert Well, and pay all amounts owed to contractors.
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 total investment in Olfert Holdings recorded by the Company was $19,435 as of May 31, 2022. 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 May 31,
2023. As the Company currently serves as the initial 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 May 31, 2023.
NOTE
11 – 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
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
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 in one year from 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.
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.
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). The 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.
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.
NOTE
11 – NOTES PAYABLE - continued
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.
In
May 2023, the Company repaid $140,250 in principal and $27,410 in related accrued interest and prepayment penalty interest pursuant to
two separate Convertible Notes entered into on November 7, and November 22, 2022.
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
pursuant to a Convertible Note entered into on October 13, 2022. 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.
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 note holder 1,902,039 shares of the Companys common
stock, at an average price of $0.05358 per share.
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 the $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.
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, dated
March 23, 2023, in the aggregate principal amount of $100,000 (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.
NOTE
11 – 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 three 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. 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.
NOTE
11 – NOTES PAYABLE - continued
Alleghany
Notes
Schedule
of Notes Payable - Related Party
| |
May 31, | | |
May 31, | |
| |
2023 | | |
2022 | |
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, if the loan is not paid prior to December 31, 2022, the revenue royalty as defined
in the Purchase Agreement will be increased from 5% to 6%. As of May 31, 2023 and 2022, the Senior Consolidated Note is recorded as current.
Paycheck
Protection Program Loan
Schedule
of Notes Payable
| |
May 31, | | |
May 31, | |
| |
2023 | | |
2022 | |
Total PPP Loan | |
$ | 986,598 | | |
$ | 1,185,952 | |
Less amounts classified as current | |
| 449,624 | | |
| 328,613 | |
| |
| | | |
| | |
PPP loan, excluding current portion | |
$ | 536,974 | | |
$ | 857,339 | |
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 taking into account 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.
NOTE
11 – 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
commence on September 1, 2021 with respect to the remaining $23,847 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 with respect to the remaining $1,166,973 balance on the second PPP Note.
NOTE
12 – PROVISION FOR INCOME TAXES
We
did not provide any current or deferred U.S. federal income tax provision or benefit for any of the periods presented because we have
experienced operating losses since inception. Per the authoritative literature when it is more likely than not that a tax asset cannot
be realized through future income the Company must allow for this future tax benefit. We provided a full valuation allowance on the net
deferred tax asset, consisting of net operating loss carryforwards, because management has determined that it is more likely than not
that we will not earn income sufficient to realize the deferred tax assets during the carryforward period.
The
Company has not taken any tax positions that, if challenged, would have a material effect on the consolidated financial statements for
the twelve-months ended May 31, 2023 and 2022. The Companys tax returns for the fiscal years ended May 31, 2015 through 2022 remain
subject to examination by the tax authorities.
The
components of the Companys deferred tax asset as of May 31, 2023 and 2022 are as follows:
Schedule
of Company Deferred Tax Assets
| |
2023 | | |
2022 | |
Net operating loss | |
$ | 1,162,438 | | |
$ | 658,225 | |
Stock compensation | |
| 387,402 | | |
| 348,104 | |
Deferred compensation | |
| 456,576 | | |
| 356,648 | |
Other | |
| (13,565 | ) | |
| (27,123 | ) |
Valuation allowance | |
| (1,992,851 | ) | |
| (1,335,854 | ) |
Net deferred tax asset | |
$ | - | | |
$ | - | |
A
reconciliation of income taxes computed at the statutory rate to the income tax amount recorded is as follows:
Schedule
of Income Tax Reconciliation
| |
2023 | | |
2022 | |
Tax at statutory rate (21%) | |
$ | (653,530 | ) | |
$ | (188,128 | ) |
Effect of non-taxable and non-deductible permanent differences | |
| 8,253 | | |
| (263,296 | ) |
Effect of change in statutory tax rate | |
| - | | |
| - | |
Other | |
| (11,720 | ) | |
| 99,192 | |
Increase/(decrease) in valuation allowance | |
| 656,997 | | |
| 352,232 | |
Net deferred tax asset | |
$ | - | | |
$ | - | |
The
net federal operating loss carry forward will expire between 2030 and 2043. This carry forward may be limited upon the consummation of
a business combination under IRC Section 381.
NOTE
13 – COMMITMENTS AND CONTINGENCIES
Leases
No
office leases currently extend beyond one year. Rent expense amounted to $645 and $633 for each of the years ending May 31, 2023 and
2022.
Revenue
Royalty
In
accordance with the Securities Purchase Agreement, Laredo 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 after the closing, December 31, 2020.
NOTE
14 – EQUITY METHOD INVESTMENTS
Cat
Creek Holdings
On
June 30, 2020, Laredo Oil, Inc. (Laredo) 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.
NOTE
14 – EQUITY METHOD INVESTMENT - continued
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 May 31, 2023 period presented and has been compiled from respective company financial statements, reflects
certain historical adjustments, and is reported on a two-month lag. Results of operations are excluded for periods prior to acquisition.
Summarized Financial Information
Balance Sheet: | |
As of May 31, 2023 | | |
As of May 31, 2022 | |
Current Assets | |
$ | 82,890 | | |
$ | 343,188 | |
Non-current Assets | |
| 941,340 | | |
| 926,464 | |
Total Assets | |
$ | 1,024,230 | | |
$ | 1,269,652 | |
| |
| | | |
| | |
Current Liabilities | |
$ | 83,342 | | |
$ | 154,384 | |
Non-current Liabilities | |
| 441,901 | | |
| 425,860 | |
Shareholders equity | |
| 498,988 | | |
| 689,408 | |
Total Liabilities and Shareholders Equity | |
$ | 1,024,230 | | |
$ | 1,269,652 | |
Results of Operations: | |
Year Ended May 31, 2023 | | |
Year Ended May 31, 2022 | |
Revenue | |
$ | 748,424 | | |
$ | 856,935 | |
Gross Profit | |
| 76,359 | | |
| 180,769 | |
Net Loss/Income | |
$ | (190,421 | ) | |
$ | 30,842 | |
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 May 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 9 for further
information.
Summarized Financial Information
Balance Sheet: | |
As of May 31, 2023 | |
As of May 31, 2022 |
Current Assets | |
$ | 508 | |
$ |
996 |
Non-current Assets | |
| 1,859,793 | |
|
1,143,757 |
Total Assets | |
$ | 1,859,793 | |
$ |
1,144,753 |
| |
| | |
|
|
Accounts Payable | |
| 5,750 | |
|
- |
Shareholders equity | |
| 1,853,593 | |
|
1,144,753 |
Total Liabilities and Shareholders Equity | |
$ | 1,859,703 | |
$ |
1,144,753 |
Results of Operations: | |
Year Ended May 31, 2023 | |
|
Year Ended May 31, 2022 |
|
Revenue | |
$ | - | |
|
$ |
- |
|
Gross Profit | |
| - | |
|
|
- |
|
Net Loss | |
$ | (5,790 | ) |
|
$ |
(4 |
) |
NOTE
15 – SUBSEQUENT EVENTS
During
June and July, 2023, the individual accredited investor holding the Secured Promissory Note, dated March 23, 2023 described in NOTE 11—NOTES
PAYABLE, contributed an additional $87,061 under the Note, bringing the aggregate principal amount to $270,061.
During
June 2023, the Company entered into an additional $80,000 of secured convertible promissory notes increasing the aggregate principal
issued to $620,000 under the $7.5 million Note Purchase Agreement dated September 23, 2022.
On
June 1, 2023, The Company filed a First Amended Complaint in the Montana Seventeenth Judicial District Court. See NOTE 13 – COMMITMENTS
AND CONTINGENCIES.
EXHIBIT 23.1
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We hereby consent to the incorporation in this Registration Statement on Form
S-8 of our report dated September 13, 2023, relating to the financial statements of Laredo Oil, Inc. as of May 31, 2023 and to all references
to our firm included in this Annual report.
/s/ BF Borgers CPA PC
Certified Public Accountants
Lakewood, CO
September 13, 2023
EXHIBIT 23.2
Consent
of Independent Registered Public Accounting Firm
We
hereby consent to the incorporation by reference in the Registration Statement on Form S-8 (No. 333-153168) of Laredo Oil, Inc. (the
Company), of our report dated September 13, 2022, relating to the consolidated financial statements of the Company as of
May 31, 2022 and May 31, 2021 and for the years then ended, appearing in this Annual Report on Form 10-K of the Company for the year
ended May 31, 2023.
/S/
WEAVER AND TIDWELL, L.L.P.
Dallas,
Texas
September
13, 2023
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 annual report on Form 10-K for the 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 consolidated 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 registrant’s 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 consolidated financial statements for external purposes in accordance
with generally accepted accounting principles; |
| c. | Evaluated the effectiveness of
the registrant’s 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 registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal
quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably
likely to materially affect, the registrant’s internal control over financial reporting; and |
| 5. | The registrant’s other certifying
officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s
auditors and the audit committee of registrant’s 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 registrant’s 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 registrant’s internal control over financial reporting. |
Date: September 13, 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 annual report on Form 10-K for the 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 consolidated 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 registrant’s 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 consolidated financial statements for external purposes in accordance
with generally accepted accounting principles; |
| c. | Evaluated the effectiveness of
the registrant’s 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 registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal
quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably
likely to materially affect, the registrant’s internal control over financial reporting; and |
| 5. | The registrant’s other certifying
officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s
auditors and the audit committee of registrant’s 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 registrant’s 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 registrant’s internal control over financial reporting. |
Date: September 13, 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 Annual Report of Laredo
Oil, Inc. on Form 10-K for the, 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: September 13, 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 Annual Report of Laredo
Oil, Inc. on Form 10-K for the year ended May 31, 2022, 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: September 13, 2023 |
v3.23.2
Cover - USD ($)
|
12 Months Ended |
|
|
May 31, 2023 |
Sep. 13, 2023 |
Nov. 30, 2022 |
Cover [Abstract] |
|
|
|
Document Type |
10-K
|
|
|
Amendment Flag |
false
|
|
|
Document Annual Report |
true
|
|
|
Document Transition Report |
false
|
|
|
Document Period End Date |
May 31, 2023
|
|
|
Document Fiscal Period Focus |
FY
|
|
|
Document Fiscal Year Focus |
2023
|
|
|
Current Fiscal Year End Date |
--05-31
|
|
|
Entity File Number |
333-153168
|
|
|
Entity Registrant Name |
Laredo Oil, Inc.
|
|
|
Entity Central Index Key |
0001442492
|
|
|
Entity Tax Identification Number |
26-2435874
|
|
|
Entity Incorporation, State or Country Code |
DE
|
|
|
Entity Address, Address Line One |
2021 Guadalupe Street
|
|
|
Entity Address, Address Line Two |
Ste. 260;
|
|
|
Entity Address, City or Town |
Austin
|
|
|
Entity Address, State or Province |
TX
|
|
|
Entity Address, Postal Zip Code |
78705
|
|
|
City Area Code |
(512)
|
|
|
Local Phone Number |
337-1199
|
|
|
Entity Well-known Seasoned Issuer |
No
|
|
|
Entity Voluntary Filers |
No
|
|
|
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|
|
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Yes
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true
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$ 2,670,000
|
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66,220,306
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5041
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BF
Borgers CPA PC
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Lakewood, Colorado
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v3.23.2
Consolidated Balance Sheets - USD ($)
|
May 31, 2023 |
May 31, 2022 |
Current Assets |
|
|
Cash and cash equivalents |
$ 13,754
|
$ 109,183
|
Receivables |
|
|
Receivables – related party |
1,779
|
1,779
|
Prepaid expenses and other current assets |
36,549
|
22,235
|
Total Current Assets |
52,082
|
133,197
|
Property and Equipment |
|
|
Oil and gas acquisition and drilling costs |
4,547,740
|
2,764,477
|
Property and equipment, net |
209,182
|
410,136
|
Total Property and Equipment, net |
4,756,922
|
3,174,613
|
Other assets |
30,000
|
30,000
|
TOTAL ASSETS |
5,126,127
|
3,701,949
|
Current Liabilities |
|
|
Accounts payable |
2,197,975
|
1,242,905
|
Accrued payroll liabilities |
2,262,450
|
1,739,819
|
Accrued interest |
210,414
|
33,329
|
Deferred well development costs |
1,799,260
|
1,083,822
|
Convertible debt, net of debt discount and debt issuance costs |
839,798
|
335,038
|
Revolving note |
933,000
|
62,858
|
Note payable – related party |
292,099
|
136,479
|
Note payable – Alleghany, net of debt discount |
617,934
|
617,934
|
Note payable, current portion |
449,624
|
328,613
|
Total Current Liabilities |
9,602,554
|
5,580,797
|
Asset retirement obligation |
67,938
|
61,762
|
Long-term note, net of current portion |
536,974
|
857,339
|
Total Noncurrent Liabilities |
604,912
|
919,101
|
TOTAL LIABILITIES |
10,207,466
|
6,499,898
|
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 and 90,000,000 shares authorized; 66,220,206 and 54,514,765 issued and outstanding as of May 31, 2023 and 2022 |
6,622
|
5,451
|
Additional paid in capital |
9,990,378
|
9,179,088
|
Accumulated deficit |
(15,078,339)
|
(11,982,488)
|
Total Stockholders Deficit |
(5,081,339)
|
(2,797,949)
|
TOTAL LIABILITIES AND STOCKHOLDERS DEFICIT |
5,126,127
|
3,701,949
|
Olfert [Member] |
|
|
Property and Equipment |
|
|
Equity method investment – Cat Creek |
37,630
|
19,435
|
Cat Creek [Member] |
|
|
Property and Equipment |
|
|
Equity method investment – Cat Creek |
$ 249,493
|
$ 344,704
|
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v3.23.2
Consolidated Balance Sheets (Parenthetical) - $ / shares
|
May 31, 2023 |
May 31, 2022 |
Statement of Financial Position [Abstract] |
|
|
Preferred stock, par value |
$ 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 value |
$ 0.0001
|
$ 0.0001
|
Common Stock, Shares Authorized |
120,000,000
|
90,000,000
|
Common Stock, Shares, Issued |
66,220,206
|
54,514,765
|
Common Stock, Shares, Outstanding |
66,220,206
|
54,514,765
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.23.2
Consolidated Statements of Operations - USD ($)
|
12 Months Ended |
May 31, 2023 |
May 31, 2022 |
Income Statement [Abstract] |
|
|
Revenue – related party and other |
$ (0)
|
$ 667,608
|
Direct costs |
|
1,286,244
|
Gross profit (loss) |
|
(618,636)
|
General, selling and administrative expenses |
1,996,695
|
1,175,674
|
Consulting and professional services |
773,590
|
404,395
|
Total Operating Expense |
2,770,285
|
1,580,069
|
Operating loss |
(2,770,285)
|
(2,198,705)
|
Other income/(expense) |
|
|
Other non-operating income |
74,225
|
131,153
|
Income from PPP loan forgiveness and employee retention |
122,682
|
1,292,396
|
Equity method gain (loss) |
(95,454)
|
15,421
|
Interest expense |
(443,219)
|
(136,112)
|
Net loss |
$ (3,112,051)
|
$ (895,847)
|
Net loss per share, basic and diluted |
$ (0.05)
|
$ (0.02)
|
Weighted average number of basic and diluted common shares outstanding |
57,073,239
|
54,514,765
|
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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v3.23.2
Consolidated Statement of Stockholders' Deficit (Equity) - USD ($)
|
Common Stock [Member] |
Preferred Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Beginning balance, value at May. 31, 2021 |
$ 5,451
|
|
$ 8,844,592
|
$ (11,086,641)
|
$ (2,236,598)
|
Beginning Balance, Shares at May. 31, 2021 |
54,514,765
|
|
|
|
|
Share based compensation |
|
|
278,578
|
|
278,578
|
Beneficial conversion feature of convertible debt |
|
|
55,918
|
|
55,918
|
Net Loss |
|
|
|
(895,847)
|
(895,847)
|
Issuance of shares upon debt conversion |
|
|
|
|
|
Ending 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
|
|
|
|
|
Share based compensation |
|
|
161,984
|
|
161,984
|
Net Loss |
|
|
|
(3,112,051)
|
(3,112,051)
|
Cumulative effect of accounting changes |
|
|
(55,918)
|
16,200
|
(39,718)
|
Restricted stock issued to consultants |
$ 127
|
|
187,130
|
|
187,257
|
Restricted stock issued to consultants, Shares |
1,272,574
|
|
|
|
|
Issuance of shares upon debt conversion |
$ 437
|
|
251,381
|
|
251,818
|
Debt Conversion, Converted Instrument, Shares Issued |
4,370,081
|
|
|
|
|
Proceeds from issuance of shares |
$ 607
|
|
266,713
|
|
267,320
|
Proceeds from issuance of shares, Shares |
6,062,886
|
|
|
|
|
Ending 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
|
|
|
|
|
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v3.23.2
Consolidated Statements of Cash Flows - USD ($)
|
12 Months Ended |
May 31, 2023 |
May 31, 2022 |
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
Net loss |
$ (3,112,051)
|
$ (895,847)
|
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities: |
|
|
Stock based compensation expense |
161,984
|
278,578
|
Restricted stock expense |
187,257
|
|
Income from PPP loan forgiveness |
|
(1,292,396)
|
Amortization of debt discount |
112,066
|
66,710
|
Equity method (income)/loss |
95,454
|
(15,421)
|
Depreciation |
39,722
|
55,811
|
Accretion expense |
6,176
|
|
Gain on sale of assets |
(72,704)
|
|
Changes in operating assets and liabilities: |
|
|
Receivables |
|
168,522
|
Receivables from related party |
|
(1,779)
|
Prepaid expenses and other current assets |
(14,314)
|
214,915
|
Accounts payable and accrued liabilities |
150,132
|
104,041
|
Accrued payroll liabilities |
620,391
|
180,536
|
Accrued interest |
185,515
|
31,743
|
Deferred revenue |
|
(95,373)
|
NET CASH USED IN OPERATING ACTIVITIES |
(1,640,372)
|
(1,199,960)
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
Investment in property, plant and equipment |
(303)
|
(58,224)
|
Investment in oil and gas field acquisition and drilling costs |
(978,325)
|
(1,365,627)
|
Investment in equity method investment |
(18,438)
|
|
NET CASH USED IN INVESTING ACTIVITIES |
(997,066)
|
(1,423,851)
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
Proceeds from convertible debt |
1,142,423
|
527,500
|
Repayment of convertible debt |
(546,059)
|
(185,625)
|
Proceeds from note payable – related party |
292,099
|
136,479
|
Proceeds from revolving note |
998,000
|
62,858
|
Repayment of revolving note |
(127,858)
|
|
Proceeds from prefunded billing costs |
715,438
|
1,000,000
|
PPP loan repayments |
(199,354)
|
(4,868)
|
Proceeds from sale of common stock |
267,320
|
|
NET CASH PROVIDED BY FINANCING ACTIVITIES |
2,542,009
|
1,536,344
|
Net change in cash and cash equivalents |
(95,429)
|
(1,087,467)
|
Cash and cash equivalents at beginning of period |
109,183
|
1,196,650
|
CASH AND CASH EQUIVALENTS AT END OF PERIOD |
13,754
|
109,183
|
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION |
|
|
Cash paid for interest expense |
95,897
|
37,666
|
Cash paid for income taxes |
|
|
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES |
|
|
Oil and gas acquisition costs in accounts payable |
804,938
|
955,043
|
Long-lived assets in exchange for reduction in deferred compensation |
97,760
|
|
Sale of assets in exchange for note payable repayment |
136,479
|
|
Conversion of convertible debt to common stock |
251,818
|
|
Asset retirement obligation |
|
$ 61,762
|
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v3.23.2
ORGANIZATION AND DESCRIPTION OF BUSINESS
|
12 Months Ended |
May 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 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.
with authorized common stock of 90,000,000 shares at $0.0001 par value and authorized preferred stock of 10,000,000 shares at $0.0001
par value. On October 21, 2009 the name was changed to Laredo Oil, Inc. During May 2023, the Company board of directors
voted to increase the authorized common stock to 120,000,000 shares at $0.0001 which was confirmed by a majority of the shares then outstanding.
Laredo
Oil, Inc. (the Company) is an oil exploration and production (E&P) company primarily engaged in acquisition
and exploration efforts for mineral properties. From its inception through October 2009, the Company was primarily engaged in acquisition
and exploration efforts for mineral properties. After a change in control 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 oil recovery (EOR)
methods. However, the Company was unable to raise the capital required to purchase any suitable oil fields. On June 14, 2011, the Company
entered into several agreements with Stranded Oil Resources Corporation (SORC), a wholly owned subsidiary of Alleghany
Corporation (Alleghany), (collectively, the 2011 SORC Agreements), to seek recovery of stranded crude oil
from mature, declining oil fields by using the EOR method known as Underground Gravity Drainage, or UGD. Operating under the 2011 SORC
Agreements until December 31, 2020, the Company was a management services company managing the acquisition and conventional operation
of mature oil fields and the further recovery of stranded oil from those fields using EOR methods for its sole customer, SORC.
Pursuant
to a Securities Purchase Agreement, by and among the Company, Alleghany, SORC, and SORC Holdings LLC, a wholly-owned subsidiary of the
Company (SORC Holdings), SORC Holdings purchased all of the issued and outstanding shares of SORC stock (the SORC
Shares) in a transaction that closed on December 31, 2020 (the SORC Purchase Transaction). In connection with the
SORC Purchase Transaction, the 2011 SORC Agreements were terminated effective as of December 31, 2020.
Further,
pursuant to the SORC Purchase Agreement, the Company and Alleghany entered into a Consulting Agreement dated as of December 31, 2020
(the Alleghany Consulting Agreement), pursuant to which Alleghany agreed to pay an aggregate of approximately $1.245 million
during calendar year 2021 in consideration of the Company causing certain individuals, including Mark See, the Companys Chief
Executive Officer and Chairman, and Chris Lindsey, the Companys General Counsel and Secretary, to provide consulting services
to Alleghany (for a period of three years for Mr. See and one year for Mr. Lindsey).
The
Company believes that the SORC Purchase Transaction was advantageous as it simplified in a timely manner the unwinding of the 2011 SORC
Agreements and allowed the Company to acquire vehicles and oil field assets that can be utilized in future oil recovery projects.
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 May 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 salt water 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 (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 10 well
completions and first 10 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 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 10 new wells and first 10 recompletions are repaid (Payback),
the WI split between Erehwon and Lustre is 10%/90%. Thereafter, the split between Erehwon and Lustre is 20%/80%. Additional wells and
recompletions will have a WI split equal to their respective working interest in the leases. This will be 10% Erehwon and 90% Lustre
unless Erehwon exercises its option to increase its WI by 10 percent points to 20%/80%, as described above. Under the Erehwon APA, Lustre
will fund 100% of the construction costs of the first ten wells and first ten completions. Additional wells will be funded 80% by Lustre
and 20% by Erehwon; provided, that Erehwon has the option to pay 10% of the cost to increase its WI to 20%. Royalty expense will consist
of the sum of royalty interest to the land owner and an overriding royalty interest to two individuals (Prospect Generators)
not to exceed 6% nor be less than 3%. For the first 10 new wells and first 10 recompletions, the Prospect Generators will receive an
amount equal to 5% of the cost of each completed producing well.
On
June 30, 2020, the Company entered into the Limited Liability Company Agreement (the LLC 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 in Petroleum
and Garfield Counties in the State of Montana (the Cat Creek Properties). In accordance with the LLC Agreement, the Company
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 is managed by a Board of Directors consisting of four directors, two of which shall be
designated by the Company.
In
January 2022, the Company and Lustre executed a Net Profits Interest Agreement effective as of October 2021 (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 a contribution totaling $59,935 of well development costs as determined per 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 Laredo is due to the investment at Laredo being recorded at the carrying value of
the assets contributed. As Laredo also currently serves as the manager of Olfert, the Company exercises significant influence. Accordingly,
the amount paid is recorded as an equity method investment as of May 31, 2023. See further disclosures in Note 9.
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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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v3.23.2
GOING CONCERN
|
12 Months Ended |
May 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. The Company entered into the
Agreements with SORC to fund operations and to provide working capital. However, as a result of the SORC Purchase Transaction, except
for payments to be made in calendar year 2021 to Laredo under the Consulting Agreement, Alleghany will no longer fund operations or provide
working capital to the Company or SORC. There is no assurance that in the future such 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, in an effort to control costs, the Company has required a number of its personnel to multi-task and cover a wider range
of responsibilities in an effort 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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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
12 Months Ended |
May 31, 2023 |
Accounting Policies [Abstract] |
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
NOTE
3 – SUMMARY OF 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
consolidated financial statements have been prepared in conformity with United States generally accepted accounting principles. The accompanying
financial statements have been prepared on a consolidated basis and reflect the accounts of Laredo Oil and its subsidiaries after elimination
of intercompany balances and transactions.
BASIC
AND DILUTED LOSS PER SHARE
The
Companys basic earnings per share (EPS) amounts have been computed based on the weighted-average number of shares
of common stock outstanding for the period. For the years ended May 31, 2023 and 2022, all options and warrants potentially convertible
into common equivalent shares are considered antidilutive and have been excluded in the calculation of diluted earnings per share.
EQUITY
METHOD INVESTMENT
Investments
classified as equity method consist of investments in companies in which the Company is able to 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 with a two-month lag. Accordingly, the financial results for the equity investment are reported through March 31, 2023.
No impairments were recognized for the Companys equity method investment during the year ended May 31, 2023. See Note
16.
REVENUE
RECOGNITION
Related
Party Revenue
The
Company and Alleghany entered into a Consulting agreement (see Note 1), where Alleghany is obligated to pay the Company a total of $1,144,471,
in quarterly payments beginning January 1, 2021, in consideration for making certain individuals available for their advice, assistance
and support in connection with the oil and gas industry and any questions, issues or matters arising from Alleghanys previous
ownership of SORC. Two individuals are committed for a one-year period ending December 31, 2021, and one individual is committed for
a three-year period ending December 31, 2023. The Companys management believes that any work necessary under this obligation was
completed by December 31, 2021, and is recognizing revenue on a monthly basis over the year ended December 31, 2021. The Company does
not have any revenue sources and has not earned and recorded revenue during the fiscal year ending May 31, 2023. Other revenue fees of
$0 and $667,608, respectively, were recognized for the years ended May 31, 2023 and 2022.
CASH
AND CASH EQUIVALENTS
All
highly liquid investments with a maturity of three months or less are considered to be cash equivalents. There were no cash equivalents
as of May 31, 2023 and 2022. At times, the Company maintains cash balances deposited at its financial institution that exceed FDIC insured
limits.
RECEIVABLES
Receivables
as of May 31, 2022 and 2023 represent balances arising from employee expense reports.
PREPAID
EXPENSES AND OTHER CURRENT ASSETS
Prepaid
expenses and other current assets are primarily comprised of prepaid audit fees which are recorded on a quarterly basis and amortized
to expense upon work performance each quarter and prepaid directors and officers insurance which is recorded and amortized
to expense over the 12-month contract life.
OIL
AND GAS ACQUISITION AND DRILLING 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 $4,547,740 and 2,764,477 during the years
ended May 31, 2023 and 2022, respectively.
Schedule
of Oil and Gas Acquisition and Drilling Cost
| |
May 31, | | |
May 31, | |
| |
2023 | | |
2022 | |
Intangible and tangible drilling costs | |
$ | 3,410,832 | | |
$ | 1,919,729 | |
Acquisition costs | |
| 1,136,908 | | |
| 844,748 | |
| |
| | | |
| | |
Oil and gas acquisition and drilling costs | |
$ | 4,547,740 | | |
$ | 2,764,477 | |
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. Property
and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization is computed using the
straight-line method over the estimated useful lives of the assets. Estimated useful lives of five to seven years are used
for vehicles and machinery. Realization of the carrying value of property and equipment is reviewed for possible impairment whenever
events or changes in circumstances indicate that the carrying amount may not be recoverable. Assets are determined to be impaired if
a forecast of undiscounted estimated future net operating cash flows directly related to the asset, including disposal value, if any,
is less than the carrying amount of the asset. If any asset is determined to be impaired, the loss is measured as the amount by which
the carrying amount of the asset exceeds its fair value. Repairs and maintenance costs are expensed in the period incurred.
Schedule
of Property and Equipment
| |
May 31, | | |
May 31, | |
| |
2023 | | |
2022 | |
Vehicles and equipment | |
$ | 251,990 | | |
$ | 479,900 | |
Less: Accumulated depreciation | |
| 42,808 | | |
| 69,764 | |
| |
| | | |
| | |
Property and equipment, net | |
$ | 209,182 | | |
$ | 410,136 | |
CONVERTIBLE
NOTES
The
Company accounts for convertible instruments (when it has determined that the embedded conversion options should not be bifurcated from
their host instruments) in accordance ASC Topic 470, Accounting for Convertible Securities with Beneficial Conversion
Features, as those professional standards pertain to Certain Convertible Instruments. Accordingly, the Company
records, when necessary, discounts to convertible notes for the intrinsic value of conversion options embedded in debt instruments based
upon the differences between the fair value of the underlying common stock at the commitment date of the note transaction and the effective
conversion price embedded in the note. Debt discounts under these arrangements are amortized over the term of the related debt to their
earliest date of redemption. The Company also records when necessary deemed dividends for the intrinsic value of conversion options embedded
in preferred shares based upon the differences between the fair value of the underlying common stock at the commitment date of the note
transaction and the effective conversion price embedded in the note. ASC Topic 815 provides that generally, if an event that is not within
the entitys control could or require net cash settlement, then the contract shall be classified as an asset or a liability.
FAIR
VALUE OF FINANCIAL INSTRUMENTS
Fair
value is defined as the amount that would be received from the sale of an asset or paid for the transfer of a liability in an orderly
transaction between market participants at the measurement date. Fair value measurements are classified and disclosed in one of the following
categories:
| ● | Level
1 – Unadjusted quoted prices in active markets for identical assets and liabilities in active markets and have the highest priority. |
|
● |
Level
2 – Inputs other than quoted prices included within Level I that are observable for the asset or liability, either directly
or indirectly. |
| ● | Level
3 – Unobservable inputs for the financial asset or liability and have the lowest priority. |
SHARE
BASED COMPENSATION
FASB
ASC 718, Compensation - Stock Compensation prescribes accounting and reporting standards for all stock-based payment awards to
employees, including employee stock options, restricted stock, employee stock purchase plans and stock appreciation rights. Stock-based
payment awards may be classified as either equity or liabilities. The Company should determine if a present obligation to settle the
share-based payment transaction in cash or other assets exists. A present obligation to settle in cash or other assets exists if: (a)
the option to settle by issuing equity instruments lacks commercial substance or (b) the present obligation is implied because
of an entitys past practices or stated policies. If a present obligation exists, the transaction should be recognized as a liability;
otherwise, the transaction should be recognized as equity.
The
Company accounts for stock-based compensation issued to non-employees and consultants in accordance with the provisions of FASB ASC 505-50,
Equity - Based Payments to Non-Employees. Measurement of share-based payment transactions with non-employees shall be based on
the fair value of whichever is more reliably measurable: (a) the goods or services received; or (b) the equity instruments
issued. The fair value of the share-based payment transaction should be determined at the earlier of performance commitment date or performance
completion date.
INCOME
TAXES
The
Company accounts for income taxes by the asset and liability method in accordance with FASB ASC 740, Income Taxes. Under this
method, current income taxes are recognized for the estimated income taxes payable for the current year. Deferred income tax assets and
liabilities are recognized in the current year for temporary differences between the tax and accounting bases of assets and liabilities
as well as for the benefit of losses available to be carried forward to future years for tax purposes that are likely to be realized.
In addition, a valuation allowance is established to reduce any deferred tax asset for which it is determined that it is more likely
than not that some portion of the deferred tax asset will not be realized.
In
addition, the Company utilizes the two-step approach to recognizing and measuring uncertain tax positions taken or expected to be taken
in a tax return. The first step is to determine if the weight of available evidence indicates that it is more likely than not that the
tax position will be sustained in an audit, including resolution of any related appeals or litigation processes. The second step is to
measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. The Company recognizes
interest and penalties accrued on unrecognized tax benefits within general and administrative expense. To the extent that accrued interest
and penalties do not ultimately become payable, amounts accrued will be reduced and reflected as a reduction in general and administrative
expenses in the period that such determination is made.
RECENTLY
ISSUED ACCOUNTING PRONOUNCEMENTS
In
August 2020, the FASB issued ASU 2020-06–Debt - Debt with Conversion and Other Options (Subtopic 470- 20) and Derivatives
and Hedging - Contracts in Entitys Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entitys
Own Equity (ASU 2020-06), which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity.
Reporting companies 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 the Company adopted effective June 1, 2022, impacts the ongoing accounting
of the Convertible Notes.
Reporting
companies are allowed to adopt this standard by either a modified retrospective method of transition or a fully retrospective method
of transition. Under the modified retrospective method, entities should apply the guidance to transactions outstanding as of the beginning
of the fiscal year in which the standard was adopted. Transactions that were settled (or expired) during prior reporting periods are
unaffected. The cumulative effect of the change should be 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 for
the Company 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 described in Note 11. 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 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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v3.23.2
ACQUISITION OF SORC
|
12 Months Ended |
May 31, 2023 |
Business Combination and Asset Acquisition [Abstract] |
|
ACQUISITION OF SORC |
NOTE
4 – ACQUISITION OF SORC
Effective
December 31, 2020, the Company acquired a 100% equity interest in SORC (see Note 1). We have accounted for the acquisition of SORC as
a business combination using the acquisition method.
In
accordance with the Securities Purchase Agreement, Laredo 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 after the closing. The Company has not attributed a value to this potential liability in the preliminary purchase price
allocation as eligible revenues or net profits do not currently exist and are not estimable. The contingent consideration continues
to have no estimated value as of May 31, 2023. If circumstances change within the seven-year period ending December 31, 2027, the amount
will be adjusted with gains and losses recorded as other income/expense.
For
the years ended May 31, 2023 and 2022, respectively, SORC recognized no revenues and $0 and $12,439 interest expense recorded related
to the debt discount amortization and $41,766 and $12,782 interest expense on the note payable, included in the Consolidated Statement
of Operations.
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v3.23.2
ACCOUNTING FOR ASSET RETIREMENT AND ENVIRONMENTAL OBLIGATIONS
|
12 Months Ended |
May 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 our 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. At May 31, 2023 and May 31, 2022, the asset retirement obligation totaled $67,938 and $61,762, respectively.
The
Companys 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
Companys accretion expense totaling $6,176 was recorded in the year ending May 31, 2023. Since drilling of the Olfert#11-4 well
commenced in May 2022, the Company recorded no accretion expense as of May 31, 2022.
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- DefinitionThe entire disclosure for an asset retirement obligation and the associated long-lived asset. An asset retirement obligation is a legal obligation associated with the disposal or retirement from service of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees.
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v3.23.2
FAIR VALUE MEASUREMENTS
|
12 Months Ended |
May 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.
Laredo
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 Laredos 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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- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.
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v3.23.2
EARNINGS/(LOSS) PER SHARE
|
12 Months Ended |
May 31, 2023 |
Earnings Per Share [Abstract] |
|
EARNINGS/(LOSS) PER SHARE |
NOTE
7 – EARNINGS/(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.
For the years ended May 31, 2023 and 2022, respectively, options to purchase 5,925,000 and 5,275,000 shares of common stock, and 9,052,453
and 928,333 shares underlying convertible debt outstanding, were not included in the computation of diluted earnings/(loss) per share
because they were anti-dilutive.
Schedule
of Earnings/(Loss) Per Share
| |
| | |
| |
| |
For the Year Ended | |
| |
May 31, | |
| |
2023 | | |
2022 | |
Numerator - net loss attributable to common stockholders | |
$ | (3,112,051 | ) | |
$ | (895,847 | ) |
| |
| | | |
| | |
Denominator - weighted average number of common shares outstanding | |
| 57,073,239 | | |
| 54,514,765 | |
| |
| | | |
| | |
Basic and diluted earnings/(loss) per common share | |
$ | (0.05 | ) | |
$ | (0.02 | ) |
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v3.23.2
RELATED PARTY TRANSACTIONS
|
12 Months Ended |
May 31, 2023 |
Related Party Transactions [Abstract] |
|
RELATED PARTY TRANSACTIONS |
NOTE
8 – 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 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 to the Companys Chief Financial Officer the right to purchase up to 356,243 of the 500,000
membership interests in Olfert #11-4 in exchange for the Companys Chief Financial Officers 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 2023, the Companys Chief Financial Officer made several advances to the Company, totaling $50,000. The advances were
not made pursuant to a promissory note, and the advances are not secured. On March 15, 2023, the Company received a loan of $30,000 from
the Companys Chief Financial Officer. During April and May 2023, the Companys Chief Financial Officer advanced another
$62,099.10. Total advances aggregate to $292,099.10.
|
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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v3.23.2
STOCKHOLDERS’ DEFICIT
|
12 Months Ended |
May 31, 2023 |
Equity [Abstract] |
|
STOCKHOLDERS’ DEFICIT |
NOTE
9 – STOCKHOLDERS DEFICIT
Share
Based Compensation
The
Company made grants of options for the purchase of 650,000 shares of its common stock, at a strike price of $0.19 per share, during the
first quarter of fiscal year 2023. These options vested immediately and expire on June 2, 2032. The Company made grants for the purchase
of 1,600,000 shares of its common stock at a strike price of $0.074 per share, during the first quarter of fiscal year 2022. These options
vest monthly over three years, beginning on August 1, 2021, and expire on August 1, 2031. The Company used the Black-Scholes option pricing
model to estimate the fair value of options granted under its stock incentive plan.
The
fair value of the stock option grants, as of the respective grant date, during the years ending May 31, 2023 and 2022 amounted to approximately
$123,487 and $278,578, 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 | |
| 2.94 | % | |
| 1.85 | % |
Expected dividend yield | |
| 0 | % | |
| 0 | % |
Expected volatility | |
| 315.1 | % | |
| 314.9 | % |
Expected life of options | |
| 6.0 years | | |
| 6.0 years | |
The
risk-free interest rate is based upon the U.S. Treasury interest rate 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 stock options. The Company uses the simplified method for determining the expected
term of its stock options.
The
Company recorded share-based compensation for stock option grants totaling $161,984 and $278,578 in general, selling and administrative
expense during the year ended May 31, 2023 and 2022, respectively.
Stock
Options
As
of May 31, 2023 and 2022, there were 618,776 and 1,143,761 unvested and unrecognized shares. As of May 31, 2023, unrecognized compensation
cost related to nonvested stock options amounted to $45,287 which is expected to be recognized over the next two years.
The
following table summarizes information about options granted during the years ended May 31, 2023 and 2022:
Schedule of Stock Option Outstanding
| |
Number of Shares | | |
Weighted Average Exercise Price | |
Balance, May 31, 2021 | |
| 4,300,000 | | |
$ | 0.94 | |
Options granted and assumed | |
| 4,175,000 | | |
| 0.10 | |
Options expired | |
| (1,500,000 | ) | |
| 2.00 | |
Options cancelled, forfeited | |
| (1,700,000 | ) | |
| 0.36 | |
Options exercised | |
| - | | |
| - | |
| |
| | | |
| | |
Balance, May 31, 2022 | |
| 5,275,000 | | |
$ | 0.16 | |
Options granted and assumed | |
| 650,000 | | |
| 0.19 | |
Options expired | |
| - | | |
| - | |
Options cancelled, forfeited | |
| - | | |
| - | |
Options exercised | |
| - | | |
| - | |
| |
| | | |
| | |
Balance, May 31, 2023 | |
| 5,925,000 | | |
$ | 0.16 | |
All
stock options are exercisable upon vesting. As of May 31, 2023, there were 5,306,224 vested options outstanding.
As
of May 31, 2023 and 2022, 5,925,000 and 5,275,000 options are outstanding at a weighted average exercise price of $0.16 and $0.16, respectively.
Restricted
Stock
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 execution, 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.
If
during the term of the Advisory Agreement, the Company decides to (i) finance or refinance any indebtedness using a manager or an agent,
or (ii) raise funds by means of a public offering or private placement of equity or debt securities, Dawson will have the right to act
as lead manager, placement agent or agent (or have any affiliate act in such role) for such financing, provided that Dawson has then
secured at least $5,000,000 in equity financing for the Company. As of the date of this filing, Dawson has not secured any equity financing
for the Company.
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 during fiscal year 2023.
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v3.23.2
NET PROFITS INTEREST AGREEMENT
|
12 Months Ended |
May 31, 2023 |
Net Profits Interest Agreement |
|
NET PROFITS INTEREST AGREEMENT |
NOTE
10 – 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 has 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 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 the NPI Agreement. As of May 31, 2023, the investors had paid $358,747 of that capital call. As of May 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 did 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. One creditor has 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, complete the Olfert Well, and pay all amounts owed to contractors.
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 total investment in Olfert Holdings recorded by the Company was $19,435 as of May 31, 2022. 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 May 31,
2023. As the Company currently serves as the initial 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 May 31, 2023.
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v3.23.2
NOTES PAYABLE
|
12 Months Ended |
May 31, 2023 |
Debt Disclosure [Abstract] |
|
NOTES PAYABLE |
NOTE
11 – 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
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
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 in one year from 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.
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.
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). The 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.
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.
In
May 2023, the Company repaid $140,250 in principal and $27,410 in related accrued interest and prepayment penalty interest pursuant to
two separate Convertible Notes entered into on November 7, and November 22, 2022.
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
pursuant to a Convertible Note entered into on October 13, 2022. 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.
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 note holder 1,902,039 shares of the Companys common
stock, at an average price of $0.05358 per share.
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 the $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.
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, dated
March 23, 2023, in the aggregate principal amount of $100,000 (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.
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 three 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. 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
| |
May 31, | | |
May 31, | |
| |
2023 | | |
2022 | |
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, if the loan is not paid prior to December 31, 2022, the revenue royalty as defined
in the Purchase Agreement will be increased from 5% to 6%. As of May 31, 2023 and 2022, the Senior Consolidated Note is recorded as current.
Paycheck
Protection Program Loan
Schedule
of Notes Payable
| |
May 31, | | |
May 31, | |
| |
2023 | | |
2022 | |
Total PPP Loan | |
$ | 986,598 | | |
$ | 1,185,952 | |
Less amounts classified as current | |
| 449,624 | | |
| 328,613 | |
| |
| | | |
| | |
PPP loan, excluding current portion | |
$ | 536,974 | | |
$ | 857,339 | |
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 taking into account 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
commence on September 1, 2021 with respect to the remaining $23,847 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 with respect to the remaining $1,166,973 balance 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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v3.23.2
PROVISION FOR INCOME TAXES
|
12 Months Ended |
May 31, 2023 |
Income Tax Disclosure [Abstract] |
|
PROVISION FOR INCOME TAXES |
NOTE
12 – PROVISION FOR INCOME TAXES
We
did not provide any current or deferred U.S. federal income tax provision or benefit for any of the periods presented because we have
experienced operating losses since inception. Per the authoritative literature when it is more likely than not that a tax asset cannot
be realized through future income the Company must allow for this future tax benefit. We provided a full valuation allowance on the net
deferred tax asset, consisting of net operating loss carryforwards, because management has determined that it is more likely than not
that we will not earn income sufficient to realize the deferred tax assets during the carryforward period.
The
Company has not taken any tax positions that, if challenged, would have a material effect on the consolidated financial statements for
the twelve-months ended May 31, 2023 and 2022. The Companys tax returns for the fiscal years ended May 31, 2015 through 2022 remain
subject to examination by the tax authorities.
The
components of the Companys deferred tax asset as of May 31, 2023 and 2022 are as follows:
Schedule
of Company Deferred Tax Assets
| |
2023 | | |
2022 | |
Net operating loss | |
$ | 1,162,438 | | |
$ | 658,225 | |
Stock compensation | |
| 387,402 | | |
| 348,104 | |
Deferred compensation | |
| 456,576 | | |
| 356,648 | |
Other | |
| (13,565 | ) | |
| (27,123 | ) |
Valuation allowance | |
| (1,992,851 | ) | |
| (1,335,854 | ) |
Net deferred tax asset | |
$ | - | | |
$ | - | |
A
reconciliation of income taxes computed at the statutory rate to the income tax amount recorded is as follows:
Schedule
of Income Tax Reconciliation
| |
2023 | | |
2022 | |
Tax at statutory rate (21%) | |
$ | (653,530 | ) | |
$ | (188,128 | ) |
Effect of non-taxable and non-deductible permanent differences | |
| 8,253 | | |
| (263,296 | ) |
Effect of change in statutory tax rate | |
| - | | |
| - | |
Other | |
| (11,720 | ) | |
| 99,192 | |
Increase/(decrease) in valuation allowance | |
| 656,997 | | |
| 352,232 | |
Net deferred tax asset | |
$ | - | | |
$ | - | |
The
net federal operating loss carry forward will expire between 2030 and 2043. This carry forward may be limited upon the consummation of
a business combination under IRC Section 381.
|
X |
- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
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v3.23.2
COMMITMENTS AND CONTINGENCIES
|
12 Months Ended |
May 31, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
NOTE
13 – COMMITMENTS AND CONTINGENCIES
Leases
No
office leases currently extend beyond one year. Rent expense amounted to $645 and $633 for each of the years ending May 31, 2023 and
2022.
Revenue
Royalty
In
accordance with the Securities Purchase Agreement, Laredo 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 after the closing, December 31, 2020.
|
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- DefinitionThe entire disclosure for commitments and contingencies.
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v3.23.2
EQUITY METHOD INVESTMENTS
|
12 Months Ended |
May 31, 2023 |
Equity Method Investments and Joint Ventures [Abstract] |
|
EQUITY METHOD INVESTMENTS |
NOTE
14 – EQUITY METHOD INVESTMENTS
Cat
Creek Holdings
On
June 30, 2020, Laredo Oil, Inc. (Laredo) 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 May 31, 2023 period presented and has been compiled from respective company financial statements, reflects
certain historical adjustments, and is reported on a two-month lag. Results of operations are excluded for periods prior to acquisition.
Summarized Financial Information
Balance Sheet: | |
As of May 31, 2023 | | |
As of May 31, 2022 | |
Current Assets | |
$ | 82,890 | | |
$ | 343,188 | |
Non-current Assets | |
| 941,340 | | |
| 926,464 | |
Total Assets | |
$ | 1,024,230 | | |
$ | 1,269,652 | |
| |
| | | |
| | |
Current Liabilities | |
$ | 83,342 | | |
$ | 154,384 | |
Non-current Liabilities | |
| 441,901 | | |
| 425,860 | |
Shareholders equity | |
| 498,988 | | |
| 689,408 | |
Total Liabilities and Shareholders Equity | |
$ | 1,024,230 | | |
$ | 1,269,652 | |
Results of Operations: | |
Year Ended May 31, 2023 | | |
Year Ended May 31, 2022 | |
Revenue | |
$ | 748,424 | | |
$ | 856,935 | |
Gross Profit | |
| 76,359 | | |
| 180,769 | |
Net Loss/Income | |
$ | (190,421 | ) | |
$ | 30,842 | |
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 May 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 9 for further
information.
Summarized Financial Information
Balance Sheet: | |
As of May 31, 2023 | |
As of May 31, 2022 |
Current Assets | |
$ | 508 | |
$ |
996 |
Non-current Assets | |
| 1,859,793 | |
|
1,143,757 |
Total Assets | |
$ | 1,859,793 | |
$ |
1,144,753 |
| |
| | |
|
|
Accounts Payable | |
| 5,750 | |
|
- |
Shareholders equity | |
| 1,853,593 | |
|
1,144,753 |
Total Liabilities and Shareholders Equity | |
$ | 1,859,703 | |
$ |
1,144,753 |
Results of Operations: | |
Year Ended May 31, 2023 | |
|
Year Ended May 31, 2022 |
|
Revenue | |
$ | - | |
|
$ |
- |
|
Gross Profit | |
| - | |
|
|
- |
|
Net Loss | |
$ | (5,790 | ) |
|
$ |
(4 |
) |
|
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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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v3.23.2
SUBSEQUENT EVENTS
|
12 Months Ended |
May 31, 2023 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
NOTE
15 – SUBSEQUENT EVENTS
During
June and July, 2023, the individual accredited investor holding the Secured Promissory Note, dated March 23, 2023 described in NOTE 11—NOTES
PAYABLE, contributed an additional $87,061 under the Note, bringing the aggregate principal amount to $270,061.
During
June 2023, the Company entered into an additional $80,000 of secured convertible promissory notes increasing the aggregate principal
issued to $620,000 under the $7.5 million Note Purchase Agreement dated September 23, 2022.
On
June 1, 2023, The Company filed a First Amended Complaint in the Montana Seventeenth Judicial District Court. See NOTE 13 – COMMITMENTS
AND CONTINGENCIES.
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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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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
12 Months Ended |
May 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
consolidated financial statements have been prepared in conformity with United States generally accepted accounting principles. The accompanying
financial statements have been prepared on a consolidated basis and reflect the accounts of Laredo Oil and its subsidiaries after elimination
of intercompany balances and transactions.
|
BASIC AND DILUTED LOSS PER SHARE |
BASIC
AND DILUTED LOSS PER SHARE
The
Companys basic earnings per share (EPS) amounts have been computed based on the weighted-average number of shares
of common stock outstanding for the period. For the years ended May 31, 2023 and 2022, all options and warrants potentially convertible
into common equivalent shares are considered antidilutive and have been excluded in the calculation of diluted earnings per share.
|
EQUITY METHOD INVESTMENT |
EQUITY
METHOD INVESTMENT
Investments
classified as equity method consist of investments in companies in which the Company is able to 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 with a two-month lag. Accordingly, the financial results for the equity investment are reported through March 31, 2023.
No impairments were recognized for the Companys equity method investment during the year ended May 31, 2023. See Note
16.
|
REVENUE RECOGNITION |
REVENUE
RECOGNITION
Related
Party Revenue
The
Company and Alleghany entered into a Consulting agreement (see Note 1), where Alleghany is obligated to pay the Company a total of $1,144,471,
in quarterly payments beginning January 1, 2021, in consideration for making certain individuals available for their advice, assistance
and support in connection with the oil and gas industry and any questions, issues or matters arising from Alleghanys previous
ownership of SORC. Two individuals are committed for a one-year period ending December 31, 2021, and one individual is committed for
a three-year period ending December 31, 2023. The Companys management believes that any work necessary under this obligation was
completed by December 31, 2021, and is recognizing revenue on a monthly basis over the year ended December 31, 2021. The Company does
not have any revenue sources and has not earned and recorded revenue during the fiscal year ending May 31, 2023. Other revenue fees of
$0 and $667,608, respectively, were recognized for the years ended May 31, 2023 and 2022.
|
CASH AND CASH EQUIVALENTS |
CASH
AND CASH EQUIVALENTS
All
highly liquid investments with a maturity of three months or less are considered to be cash equivalents. There were no cash equivalents
as of May 31, 2023 and 2022. At times, the Company maintains cash balances deposited at its financial institution that exceed FDIC insured
limits.
|
RECEIVABLES |
RECEIVABLES
Receivables
as of May 31, 2022 and 2023 represent balances arising from employee expense reports.
|
PREPAID EXPENSES AND OTHER CURRENT ASSETS |
PREPAID
EXPENSES AND OTHER CURRENT ASSETS
Prepaid
expenses and other current assets are primarily comprised of prepaid audit fees which are recorded on a quarterly basis and amortized
to expense upon work performance each quarter and prepaid directors and officers insurance which is recorded and amortized
to expense over the 12-month contract life.
|
OIL AND GAS ACQUISITION AND DRILLING COSTS |
OIL
AND GAS ACQUISITION AND DRILLING 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 $4,547,740 and 2,764,477 during the years
ended May 31, 2023 and 2022, respectively.
Schedule
of Oil and Gas Acquisition and Drilling Cost
| |
May 31, | | |
May 31, | |
| |
2023 | | |
2022 | |
Intangible and tangible drilling costs | |
$ | 3,410,832 | | |
$ | 1,919,729 | |
Acquisition costs | |
| 1,136,908 | | |
| 844,748 | |
| |
| | | |
| | |
Oil and gas acquisition and drilling costs | |
$ | 4,547,740 | | |
$ | 2,764,477 | |
|
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. Property
and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization is computed using the
straight-line method over the estimated useful lives of the assets. Estimated useful lives of five to seven years are used
for vehicles and machinery. Realization of the carrying value of property and equipment is reviewed for possible impairment whenever
events or changes in circumstances indicate that the carrying amount may not be recoverable. Assets are determined to be impaired if
a forecast of undiscounted estimated future net operating cash flows directly related to the asset, including disposal value, if any,
is less than the carrying amount of the asset. If any asset is determined to be impaired, the loss is measured as the amount by which
the carrying amount of the asset exceeds its fair value. Repairs and maintenance costs are expensed in the period incurred.
Schedule
of Property and Equipment
| |
May 31, | | |
May 31, | |
| |
2023 | | |
2022 | |
Vehicles and equipment | |
$ | 251,990 | | |
$ | 479,900 | |
Less: Accumulated depreciation | |
| 42,808 | | |
| 69,764 | |
| |
| | | |
| | |
Property and equipment, net | |
$ | 209,182 | | |
$ | 410,136 | |
|
CONVERTIBLE NOTES |
CONVERTIBLE
NOTES
The
Company accounts for convertible instruments (when it has determined that the embedded conversion options should not be bifurcated from
their host instruments) in accordance ASC Topic 470, Accounting for Convertible Securities with Beneficial Conversion
Features, as those professional standards pertain to Certain Convertible Instruments. Accordingly, the Company
records, when necessary, discounts to convertible notes for the intrinsic value of conversion options embedded in debt instruments based
upon the differences between the fair value of the underlying common stock at the commitment date of the note transaction and the effective
conversion price embedded in the note. Debt discounts under these arrangements are amortized over the term of the related debt to their
earliest date of redemption. The Company also records when necessary deemed dividends for the intrinsic value of conversion options embedded
in preferred shares based upon the differences between the fair value of the underlying common stock at the commitment date of the note
transaction and the effective conversion price embedded in the note. ASC Topic 815 provides that generally, if an event that is not within
the entitys control could or require net cash settlement, then the contract shall be classified as an asset or a liability.
|
FAIR VALUE OF FINANCIAL INSTRUMENTS |
FAIR
VALUE OF FINANCIAL INSTRUMENTS
Fair
value is defined as the amount that would be received from the sale of an asset or paid for the transfer of a liability in an orderly
transaction between market participants at the measurement date. Fair value measurements are classified and disclosed in one of the following
categories:
| ● | Level
1 – Unadjusted quoted prices in active markets for identical assets and liabilities in active markets and have the highest priority. |
|
● |
Level
2 – Inputs other than quoted prices included within Level I that are observable for the asset or liability, either directly
or indirectly. |
| ● | Level
3 – Unobservable inputs for the financial asset or liability and have the lowest priority. |
|
SHARE BASED COMPENSATION |
SHARE
BASED COMPENSATION
FASB
ASC 718, Compensation - Stock Compensation prescribes accounting and reporting standards for all stock-based payment awards to
employees, including employee stock options, restricted stock, employee stock purchase plans and stock appreciation rights. Stock-based
payment awards may be classified as either equity or liabilities. The Company should determine if a present obligation to settle the
share-based payment transaction in cash or other assets exists. A present obligation to settle in cash or other assets exists if: (a)
the option to settle by issuing equity instruments lacks commercial substance or (b) the present obligation is implied because
of an entitys past practices or stated policies. If a present obligation exists, the transaction should be recognized as a liability;
otherwise, the transaction should be recognized as equity.
The
Company accounts for stock-based compensation issued to non-employees and consultants in accordance with the provisions of FASB ASC 505-50,
Equity - Based Payments to Non-Employees. Measurement of share-based payment transactions with non-employees shall be based on
the fair value of whichever is more reliably measurable: (a) the goods or services received; or (b) the equity instruments
issued. The fair value of the share-based payment transaction should be determined at the earlier of performance commitment date or performance
completion date.
|
INCOME TAXES |
INCOME
TAXES
The
Company accounts for income taxes by the asset and liability method in accordance with FASB ASC 740, Income Taxes. Under this
method, current income taxes are recognized for the estimated income taxes payable for the current year. Deferred income tax assets and
liabilities are recognized in the current year for temporary differences between the tax and accounting bases of assets and liabilities
as well as for the benefit of losses available to be carried forward to future years for tax purposes that are likely to be realized.
In addition, a valuation allowance is established to reduce any deferred tax asset for which it is determined that it is more likely
than not that some portion of the deferred tax asset will not be realized.
In
addition, the Company utilizes the two-step approach to recognizing and measuring uncertain tax positions taken or expected to be taken
in a tax return. The first step is to determine if the weight of available evidence indicates that it is more likely than not that the
tax position will be sustained in an audit, including resolution of any related appeals or litigation processes. The second step is to
measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. The Company recognizes
interest and penalties accrued on unrecognized tax benefits within general and administrative expense. To the extent that accrued interest
and penalties do not ultimately become payable, amounts accrued will be reduced and reflected as a reduction in general and administrative
expenses in the period that such determination is made.
|
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS |
RECENTLY
ISSUED ACCOUNTING PRONOUNCEMENTS
In
August 2020, the FASB issued ASU 2020-06–Debt - Debt with Conversion and Other Options (Subtopic 470- 20) and Derivatives
and Hedging - Contracts in Entitys Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entitys
Own Equity (ASU 2020-06), which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity.
Reporting companies 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 the Company adopted effective June 1, 2022, impacts the ongoing accounting
of the Convertible Notes.
Reporting
companies are allowed to adopt this standard by either a modified retrospective method of transition or a fully retrospective method
of transition. Under the modified retrospective method, entities should apply the guidance to transactions outstanding as of the beginning
of the fiscal year in which the standard was adopted. Transactions that were settled (or expired) during prior reporting periods are
unaffected. The cumulative effect of the change should be 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 for
the Company 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 described in Note 11. 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 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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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
12 Months Ended |
May 31, 2023 |
Accounting Policies [Abstract] |
|
Schedule of Oil and Gas Acquisition and Drilling Cost |
Schedule
of Oil and Gas Acquisition and Drilling Cost
| |
May 31, | | |
May 31, | |
| |
2023 | | |
2022 | |
Intangible and tangible drilling costs | |
$ | 3,410,832 | | |
$ | 1,919,729 | |
Acquisition costs | |
| 1,136,908 | | |
| 844,748 | |
| |
| | | |
| | |
Oil and gas acquisition and drilling costs | |
$ | 4,547,740 | | |
$ | 2,764,477 | |
|
Schedule of Property and Equipment |
Schedule
of Property and Equipment
| |
May 31, | | |
May 31, | |
| |
2023 | | |
2022 | |
Vehicles and equipment | |
$ | 251,990 | | |
$ | 479,900 | |
Less: Accumulated depreciation | |
| 42,808 | | |
| 69,764 | |
| |
| | | |
| | |
Property and equipment, net | |
$ | 209,182 | | |
$ | 410,136 | |
|
X |
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v3.23.2
EARNINGS/(LOSS) PER SHARE (Tables)
|
12 Months Ended |
May 31, 2023 |
Earnings Per Share [Abstract] |
|
Schedule of Earnings/(Loss) Per Share |
Schedule
of Earnings/(Loss) Per Share
| |
| | |
| |
| |
For the Year Ended | |
| |
May 31, | |
| |
2023 | | |
2022 | |
Numerator - net loss attributable to common stockholders | |
$ | (3,112,051 | ) | |
$ | (895,847 | ) |
| |
| | | |
| | |
Denominator - weighted average number of common shares outstanding | |
| 57,073,239 | | |
| 54,514,765 | |
| |
| | | |
| | |
Basic and diluted earnings/(loss) per common share | |
$ | (0.05 | ) | |
$ | (0.02 | ) |
|
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v3.23.2
STOCKHOLDERS’ DEFICIT (Tables)
|
12 Months Ended |
May 31, 2023 |
Equity [Abstract] |
|
Schedule of Fair Value Assumptions |
The
fair value of the stock option grants, as of the respective grant date, during the years ending May 31, 2023 and 2022 amounted to approximately
$123,487 and $278,578, 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 | |
| 2.94 | % | |
| 1.85 | % |
Expected dividend yield | |
| 0 | % | |
| 0 | % |
Expected volatility | |
| 315.1 | % | |
| 314.9 | % |
Expected life of options | |
| 6.0 years | | |
| 6.0 years | |
|
Schedule of Stock Option Outstanding |
The
following table summarizes information about options granted during the years ended May 31, 2023 and 2022:
Schedule of Stock Option Outstanding
| |
Number of Shares | | |
Weighted Average Exercise Price | |
Balance, May 31, 2021 | |
| 4,300,000 | | |
$ | 0.94 | |
Options granted and assumed | |
| 4,175,000 | | |
| 0.10 | |
Options expired | |
| (1,500,000 | ) | |
| 2.00 | |
Options cancelled, forfeited | |
| (1,700,000 | ) | |
| 0.36 | |
Options exercised | |
| - | | |
| - | |
| |
| | | |
| | |
Balance, May 31, 2022 | |
| 5,275,000 | | |
$ | 0.16 | |
Options granted and assumed | |
| 650,000 | | |
| 0.19 | |
Options expired | |
| - | | |
| - | |
Options cancelled, forfeited | |
| - | | |
| - | |
Options exercised | |
| - | | |
| - | |
| |
| | | |
| | |
Balance, May 31, 2023 | |
| 5,925,000 | | |
$ | 0.16 | |
|
X |
- DefinitionTabular disclosure of share-based payment arrangement.
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v3.23.2
NOTES PAYABLE (Tables)
|
12 Months Ended |
May 31, 2023 |
Debt Disclosure [Abstract] |
|
Schedule of Notes Payable - Related Party |
Alleghany
Notes
Schedule
of Notes Payable - Related Party
| |
May 31, | | |
May 31, | |
| |
2023 | | |
2022 | |
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 Notes Payable |
Paycheck
Protection Program Loan
Schedule
of Notes Payable
| |
May 31, | | |
May 31, | |
| |
2023 | | |
2022 | |
Total PPP Loan | |
$ | 986,598 | | |
$ | 1,185,952 | |
Less amounts classified as current | |
| 449,624 | | |
| 328,613 | |
| |
| | | |
| | |
PPP loan, excluding current portion | |
$ | 536,974 | | |
$ | 857,339 | |
|
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v3.23.2
PROVISION FOR INCOME TAXES (Tables)
|
12 Months Ended |
May 31, 2023 |
Income Tax Disclosure [Abstract] |
|
Schedule of Company Deferred Tax Assets |
The
components of the Companys deferred tax asset as of May 31, 2023 and 2022 are as follows:
Schedule
of Company Deferred Tax Assets
| |
2023 | | |
2022 | |
Net operating loss | |
$ | 1,162,438 | | |
$ | 658,225 | |
Stock compensation | |
| 387,402 | | |
| 348,104 | |
Deferred compensation | |
| 456,576 | | |
| 356,648 | |
Other | |
| (13,565 | ) | |
| (27,123 | ) |
Valuation allowance | |
| (1,992,851 | ) | |
| (1,335,854 | ) |
Net deferred tax asset | |
$ | - | | |
$ | - | |
|
Schedule of Income Tax Reconciliation |
A
reconciliation of income taxes computed at the statutory rate to the income tax amount recorded is as follows:
Schedule
of Income Tax Reconciliation
| |
2023 | | |
2022 | |
Tax at statutory rate (21%) | |
$ | (653,530 | ) | |
$ | (188,128 | ) |
Effect of non-taxable and non-deductible permanent differences | |
| 8,253 | | |
| (263,296 | ) |
Effect of change in statutory tax rate | |
| - | | |
| - | |
Other | |
| (11,720 | ) | |
| 99,192 | |
Increase/(decrease) in valuation allowance | |
| 656,997 | | |
| 352,232 | |
Net deferred tax asset | |
$ | - | | |
$ | - | |
|
X |
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v3.23.2
EQUITY METHOD INVESTMENTS (Tables)
|
12 Months Ended |
May 31, 2023 |
Cat Creek [Member] |
|
Schedule of Equity Method Investments [Line Items] |
|
Summarized Financial Information |
Summarized Financial Information
Balance Sheet: | |
As of May 31, 2023 | | |
As of May 31, 2022 | |
Current Assets | |
$ | 82,890 | | |
$ | 343,188 | |
Non-current Assets | |
| 941,340 | | |
| 926,464 | |
Total Assets | |
$ | 1,024,230 | | |
$ | 1,269,652 | |
| |
| | | |
| | |
Current Liabilities | |
$ | 83,342 | | |
$ | 154,384 | |
Non-current Liabilities | |
| 441,901 | | |
| 425,860 | |
Shareholders equity | |
| 498,988 | | |
| 689,408 | |
Total Liabilities and Shareholders Equity | |
$ | 1,024,230 | | |
$ | 1,269,652 | |
Results of Operations: | |
Year Ended May 31, 2023 | | |
Year Ended May 31, 2022 | |
Revenue | |
$ | 748,424 | | |
$ | 856,935 | |
Gross Profit | |
| 76,359 | | |
| 180,769 | |
Net Loss/Income | |
$ | (190,421 | ) | |
$ | 30,842 | |
|
Olfert 114 Holdings [Member] |
|
Schedule of Equity Method Investments [Line Items] |
|
Summarized Financial Information |
Summarized Financial Information
Balance Sheet: | |
As of May 31, 2023 | |
As of May 31, 2022 |
Current Assets | |
$ | 508 | |
$ |
996 |
Non-current Assets | |
| 1,859,793 | |
|
1,143,757 |
Total Assets | |
$ | 1,859,793 | |
$ |
1,144,753 |
| |
| | |
|
|
Accounts Payable | |
| 5,750 | |
|
- |
Shareholders equity | |
| 1,853,593 | |
|
1,144,753 |
Total Liabilities and Shareholders Equity | |
$ | 1,859,703 | |
$ |
1,144,753 |
Results of Operations: | |
Year Ended May 31, 2023 | |
|
Year Ended May 31, 2022 |
|
Revenue | |
$ | - | |
|
$ |
- |
|
Gross Profit | |
| - | |
|
|
- |
|
Net Loss | |
$ | (5,790 | ) |
|
$ |
(4 |
) |
|
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v3.23.2
ORGANIZATION AND DESCRIPTION OF BUSINESS (Details Narrative) - $ / shares
|
May 31, 2023 |
May 31, 2022 |
Mar. 31, 2008 |
Accounting Policies [Abstract] |
|
|
|
Common Stock, Shares Authorized |
120,000,000
|
90,000,000
|
90,000,000
|
Common Stock, Par or Stated Value Per Share |
$ 0.0001
|
$ 0.0001
|
$ 0.0001
|
Preferred Stock, Shares Authorized |
10,000,000
|
10,000,000
|
10,000,000
|
Preferred Stock, Par or Stated Value Per Share |
$ 0.0001
|
$ 0.0001
|
$ 0.0001
|
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)
|
12 Months Ended |
May 31, 2023 |
May 31, 2022 |
Accounting Policies [Abstract] |
|
|
Intangible and tangible drilling costs |
$ 3,410,832
|
$ 1,919,729
|
Acquisition costs |
1,136,908
|
844,748
|
Oil and gas acquisition and drilling costs |
$ 4,547,740
|
$ 2,764,477
|
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)
|
12 Months Ended |
May 31, 2023 |
May 31, 2022 |
Accounting Policies [Abstract] |
|
|
Revenue from Contract with Customer, Including Assessed Tax |
$ 0
|
$ 667,608
|
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities |
$ 4,547,740
|
$ 2,764,477
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v3.23.2
EARNINGS/(LOSS) PER SHARE (Details Narrative) - shares
|
12 Months Ended |
May 31, 2023 |
May 31, 2022 |
Common Stock [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount |
5,925,000
|
5,275,000
|
Convertible Debt Outstanding [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount |
9,052,453
|
928,333
|
X |
- DefinitionSecurities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.
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v3.23.2
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)
|
May 31, 2023 |
May 31, 2022 |
Apr. 04, 2022 |
Related Party Transaction [Line Items] |
|
|
|
Notes Payable, Related Parties, Current |
$ 292,099
|
$ 136,479
|
|
Cat Creek Holdings [Member] |
|
|
|
Related Party Transaction [Line Items] |
|
|
|
Notes Payable, Related Parties, Current |
|
|
$ 136,479
|
v3.23.2
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v3.23.2
STOCKHOLDERS' DEFICIT (Details 2) - Equity Option [Member] - $ / shares
|
12 Months Ended |
May 31, 2023 |
May 31, 2022 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number, Beginning Balance |
5,275,000
|
4,300,000
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Beginning Balance |
$ 0.16
|
$ 0.94
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Net of Forfeitures |
650,000
|
4,175,000
|
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price |
$ 0.19
|
$ 0.10
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Expirations in Period |
|
(1,500,000)
|
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price |
|
$ 2.00
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Forfeitures in Period |
|
(1,700,000)
|
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price |
|
$ 0.36
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period |
|
|
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number, Ending Balance |
5,925,000
|
5,275,000
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance |
$ 0.16
|
$ 0.16
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Expirations in Period |
|
1,500,000
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Forfeitures in Period |
|
1,700,000
|
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v3.23.2
STOCKHOLDERS’ DEFICIT (Details Narrative) - USD ($)
|
12 Months Ended |
|
May 31, 2023 |
May 31, 2022 |
May 31, 2021 |
Offsetting Assets [Line Items] |
|
|
|
Share-Based Payment Arrangement, Noncash Expense |
$ 161,984
|
$ 278,578
|
|
Equity Option [Member] |
|
|
|
Offsetting Assets [Line Items] |
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number |
5,306,224
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number |
5,925,000
|
5,275,000
|
4,300,000
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price |
$ 0.16
|
$ 0.16
|
$ 0.94
|
Equity Option [Member] |
|
|
|
Offsetting Assets [Line Items] |
|
|
|
Share-Based Payment Arrangement, Noncash Expense |
$ 161,984
|
$ 278,578
|
|
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v3.23.2
NOTES PAYABLE (Details 2) - USD ($)
|
May 31, 2023 |
May 31, 2022 |
Debt Disclosure [Abstract] |
|
|
Total PPP Loan |
$ 986,598
|
$ 1,185,952
|
Less amounts classified as current |
449,624
|
328,613
|
PPP loan, excluding current portion |
$ 536,974
|
$ 857,339
|
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v3.23.2
NOTES PAYABLE (Details Narrative) - USD ($)
|
|
1 Months Ended |
3 Months Ended |
8 Months Ended |
12 Months Ended |
|
|
|
Sep. 06, 2022 |
Nov. 30, 2022 |
Oct. 31, 2022 |
Apr. 30, 2022 |
Jul. 31, 2021 |
May 31, 2023 |
May 31, 2022 |
May 31, 2023 |
May 31, 2022 |
Feb. 28, 2021 |
Apr. 28, 2020 |
May 31, 2011 |
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from Convertible Debt |
|
|
|
|
|
|
|
$ 1,142,423
|
$ 527,500
|
|
|
|
Amortization of Debt Discount (Premium) |
|
|
|
|
|
|
|
112,066
|
66,710
|
|
|
|
Notes Payable |
|
|
|
|
|
$ 986,598
|
$ 1,185,952
|
986,598
|
1,185,952
|
|
|
|
Paycheck Protection Program [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Notes Payable |
|
|
|
|
|
|
|
|
|
|
$ 1,233,656
|
|
Debt Instrument, Decrease, Forgiveness |
|
|
|
|
$ 1,209,809
|
|
|
|
|
|
|
|
Second Paycheck Protection Program [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Notes Payable |
|
|
|
|
|
|
|
|
|
$ 1,233,655
|
|
|
Debt Instrument, Decrease, Forgiveness |
|
|
|
$ 67,487
|
|
|
|
|
|
|
|
|
Alleghany Capital [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Line of Credit Facility, Maximum Borrowing Capacity |
|
|
|
|
|
|
|
|
|
|
|
$ 350,000
|
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
|
|
|
|
|
|
|
|
|
|
|
Proceeds from Convertible Debt |
|
120,000
|
|
|
|
|
|
|
|
|
|
|
Debt Issuance Costs, Net |
|
$ 7,500
|
|
|
|
|
|
|
|
|
|
|
Convertible Debt 3 [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument, Face Amount |
|
|
$ 55,000
|
|
|
|
|
|
|
|
|
|
Proceeds from Convertible Debt |
|
|
45,000
|
|
|
|
|
|
|
|
|
|
Debt Issuance Costs, Net |
|
|
$ 5,000
|
|
|
|
|
|
|
|
|
|
Convertible Debt 4 [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument, Face Amount |
$ 97,625
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from Convertible Debt |
85,000
|
|
|
|
|
|
|
|
|
|
|
|
Debt Issuance Costs, Net |
$ 3,750
|
|
|
|
|
|
22,500
|
|
22,500
|
|
|
|
Convertible Debt 5 [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument, Face Amount |
|
|
|
|
|
|
608,575
|
|
$ 608,575
|
|
|
|
Proceeds from Convertible Debt |
|
|
|
|
|
|
527,500
|
|
|
|
|
|
Amortization of Debt Discount (Premium) |
|
|
|
|
|
|
$ 81,075
|
|
|
|
|
|
Revolving Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
Line of Credit Facility, Maximum Borrowing Capacity |
|
|
|
|
|
$ 1,500,000.00
|
|
$ 1,500,000.00
|
|
|
|
|
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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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v3.23.2
PROVISION FOR INCOME TAXES (Details) - USD ($)
|
May 31, 2023 |
May 31, 2022 |
Income Tax Disclosure [Abstract] |
|
|
Net operating loss |
$ 1,162,438
|
$ 658,225
|
Stock compensation |
387,402
|
348,104
|
Deferred compensation |
456,576
|
356,648
|
Other |
(13,565)
|
(27,123)
|
Valuation allowance |
(1,992,851)
|
(1,335,854)
|
Net deferred tax asset |
|
|
X |
- DefinitionAmount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting.
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v3.23.2
PROVISION FOR INCOME TAXES (Details 2) - USD ($)
|
12 Months Ended |
May 31, 2023 |
May 31, 2022 |
Income Tax Disclosure [Abstract] |
|
|
Tax at statutory rate (21%) |
$ (653,530)
|
$ (188,128)
|
Effect of non-taxable and non-deductible permanent differences |
8,253
|
(263,296)
|
Effect of change in statutory tax rate |
|
|
Other |
(11,720)
|
99,192
|
Increase/(decrease) in valuation allowance |
656,997
|
352,232
|
Net deferred tax asset |
|
|
v3.23.2
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v3.23.2
EQUITY METHOD INVESTMENT (Details) - USD ($)
|
12 Months Ended |
|
May 31, 2023 |
May 31, 2022 |
May 31, 2021 |
Schedule of Equity Method Investments [Line Items] |
|
|
|
Current Assets |
$ 52,082
|
$ 133,197
|
|
Total Assets |
5,126,127
|
3,701,949
|
|
Current Liabilities |
9,602,554
|
5,580,797
|
|
Non-current Liabilities |
604,912
|
919,101
|
|
Shareholders equity |
(5,081,339)
|
(2,797,949)
|
$ (2,236,598)
|
Total Liabilities and Shareholders Equity |
5,126,127
|
3,701,949
|
|
Revenue |
(0)
|
667,608
|
|
Gross Profit |
|
(618,636)
|
|
Net Loss |
(3,112,051)
|
(895,847)
|
|
Cat Creek [Member] |
|
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
|
Current Assets |
82,890
|
343,188
|
|
Non-current Assets |
941,340
|
926,464
|
|
Total Assets |
1,024,230
|
1,269,652
|
|
Current Liabilities |
83,342
|
154,384
|
|
Non-current Liabilities |
441,901
|
425,860
|
|
Shareholders equity |
498,988
|
689,408
|
|
Total Liabilities and Shareholders Equity |
1,024,230
|
1,269,652
|
|
Revenue |
748,424
|
856,935
|
|
Gross Profit |
76,359
|
180,769
|
|
Net Loss |
$ (190,421)
|
$ 30,842
|
|
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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v3.23.2
EQUITY METHOD INVESTMENT (Details 2) - USD ($)
|
12 Months Ended |
|
May 31, 2023 |
May 31, 2022 |
May 31, 2021 |
Schedule of Equity Method Investments [Line Items] |
|
|
|
Current Assets |
$ 52,082
|
$ 133,197
|
|
Total Assets |
5,126,127
|
3,701,949
|
|
Accounts Payable |
2,197,975
|
1,242,905
|
|
Shareholders equity |
(5,081,339)
|
(2,797,949)
|
$ (2,236,598)
|
Total Liabilities and Shareholders Equity |
5,126,127
|
3,701,949
|
|
Revenue |
(0)
|
667,608
|
|
Gross Profit |
|
(618,636)
|
|
Net Loss |
(3,112,051)
|
(895,847)
|
|
Olfert 114 Holdings [Member] |
|
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
|
Current Assets |
508
|
996
|
|
Non-current Assets |
1,859,793
|
1,143,757
|
|
Total Assets |
1,859,793
|
1,144,753
|
|
Accounts Payable |
5,750
|
|
|
Shareholders equity |
1,853,593
|
1,144,753
|
|
Total Liabilities and Shareholders Equity |
1,859,703
|
1,144,753
|
|
Revenue |
|
|
|
Gross Profit |
|
|
|
Net Loss |
$ (5,790)
|
$ (4)
|
|
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v3.23.2
EQUITY METHOD INVESTMENTS (Details Narrative) - Cat Creek [Member]
|
Jun. 30, 2021
USD ($)
|
Restructuring Cost and Reserve [Line Items] |
|
Business Combination, Control Obtained Description |
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 $224,450.
|
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$ 448,900
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