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U.S.
SECURITIES AND EXCHANGE
COMMISSION
Washington,
D.C. 20549
FORM
10-Q
x QUARTERLY
REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
FOR
THE QUARTERLY PERIOD ENDED NOVEMBER 30, 2023
Commission
File Number 333-153168
Laredo Oil, Inc. |
(Exact
name of registrant as specified in its charter) |
|
Delaware |
(State
or other jurisdiction of incorporation or organization) |
|
2021 Guadalupe Street, Ste. 260 |
Austin,
Texas 78705 |
(Address
of principal executive offices) (Zip code) |
|
(512)
337-1199 |
(Registrants
telephone number, including area code) |
Check
whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or
for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements
for the last 90 days. Yes x No
o
Indicate
by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive
Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the
preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
Yes x No o
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company or an emerging growth company. See the definitions of large accelerated filer, accelerated filer,
non-accelerated filer, smaller reporting company, and emerging growth company in Rule 12b-2
of the Exchange Act.
Large
accelerated filer |
o |
Accelerated
filer |
o |
Non-accelerated Filer |
x |
Smaller
reporting company |
x |
|
|
Emerging
growth company |
o |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 or the Exchange Act). Yes o No x
State
the number of shares outstanding of each of the issuers classes of common equity, as of the latest practicable date:
As of January 15, 2024, the registrant had 71,475,205 shares of common stock issued and outstanding.
ITEM
1. FINANCIAL STATEMENTS
The
following unaudited condensed consolidated financial statements (financial statements) have been prepared by Laredo Oil,
Inc. (the Company), pursuant to the rules and regulations of the Securities and Exchange Commission (SEC).
Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted
accounting principles have been omitted pursuant to such SEC rules and regulations; nevertheless, the Company believes that the disclosures
are adequate to make the information presented not misleading. However, except as disclosed herein, there have been no material changes
in the information disclosed in the notes to the financial statements for the fiscal year ended May 31, 2023. These financial statements
and the notes attached hereto should be read in conjunction with the financial statements and notes included in the Companys Annual
Report on Form 10-K, which was filed with the SEC on September 13, 2023. In the opinion of management of the Company, all adjustments,
including normal recurring adjustments necessary to present fairly the financial position of the Company as of November 30, 2023, and
the results of its operations and cash flows for the three and six-month periods then ended, have been included. The results of operations
for the three and six-month periods ended November 30, 2023 are not necessarily indicative of the results for the full year ending May
31, 2024.
Laredo
Oil, Inc. |
Condensed
Consolidated Balance Sheets |
| |
November 30, | | |
May 31, | |
| |
2023 (unaudited) | | |
2023 | |
ASSETS | |
| | | |
| | |
Current Assets | |
| | | |
| | |
Cash and cash equivalents | |
$ | 38,879 | | |
$ | 13,754 | |
Receivables – related party | |
| - | | |
| 1,779 | |
Prepaid expenses and other current assets | |
| 26,452 | | |
| 36,549 | |
Total Current Assets | |
| 65,331 | | |
| 52,082 | |
| |
| | | |
| | |
Property and Equipment | |
| | | |
| | |
Oil and gas acquisition and drilling costs | |
| 4,479,596 | | |
| 4,547,740 | |
Property and equipment, net | |
| 198,982 | | |
| 209,182 | |
Total Property and Equipment, net | |
| 4,678,578 | | |
| 4,756,922 | |
| |
| | | |
| | |
Other assets | |
| 30,000 | | |
| 30,000 | |
Equity method investment – Olfert | |
| 37,630 | | |
| 37,630 | |
Equity method investment – Cat Creek | |
| 238,359 | | |
| 249,493 | |
| |
| | | |
| | |
TOTAL ASSETS | |
$ | 5,049,898 | | |
$ | 5,126,127 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS DEFICIT | |
| | | |
| | |
Current Liabilities | |
| | | |
| | |
Accounts payable | |
$ | 2,054,309 | | |
$ | 2,197,975 | |
Accrued payroll liabilities | |
| 2,743,004 | | |
| 2,262,450 | |
Accrued interest | |
| 326,905 | | |
| 210,414 | |
Deferred well development costs | |
| 1,799,260 | | |
| 1,799,260 | |
Convertible debt, net of debt discount and debt issuance costs | |
| 858,193 | | |
| 839,798 | |
Revolving note | |
| 1,060,061 | | |
| 933,000 | |
Note payable – related party | |
| 292,099 | | |
| 292,099 | |
Note payable – Alleghany, net of debt discount | |
| 617,934 | | |
| 617,934 | |
Note payable, current portion | |
| 66,905 | | |
| 449,624 | |
Total Current Liabilities | |
| 9,818,670 | | |
| 9,602,554 | |
| |
| | | |
| | |
Asset retirement obligation | |
| 71,026 | | |
| 67,938 | |
Long-term note, net of current portion | |
| 920,853 | | |
| 536,974 | |
Total Noncurrent Liabilities | |
| 991,879 | | |
| 604,912 | |
| |
| | | |
| | |
TOTAL LIABILITIES | |
| 10,810,549 | | |
| 10,207,466 | |
| |
| | | |
| | |
Commitments and Contingencies (Note 13) | |
| - | | |
| - | |
| |
| | | |
| | |
Stockholders Deficit | |
| | | |
| | |
Preferred stock: $0.0001 par value; 10,000,000 shares authorized; none issued and outstanding | |
| - | | |
| - | |
Common stock: $0.0001 par value; 120,000,000 shares authorized; 70,124,809 and 66,220,206 issued and outstanding as of November 30, 2023 and May 31, 2023 | |
| 7,012 | | |
| 6,622 | |
Additional paid in capital | |
| 11,115,231 | | |
| 9,990,378 | |
Accumulated deficit | |
| (16,882,894 | ) | |
| (15,078,339 | ) |
| |
| | | |
| | |
Total Stockholders Deficit | |
| (5,760,651 | ) | |
| (5,081,339 | ) |
| |
| | | |
| | |
TOTAL LIABILITIES AND STOCKHOLDERS DEFICIT | |
$ | 5,049,898 | | |
$ | 5,126,127 | |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
Laredo
Oil, Inc. |
Condensed
Consolidated Statements of Operations |
(Unaudited) |
| |
Three Months Ended | | |
Three Months Ended | | |
Six Months Ended | | |
Six Months Ended | |
| |
November
30, 2023 | | |
November
30, 2022 | | |
November
30, 2023 | | |
November
30, 2022 | |
Revenue | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
| |
| | | |
| | | |
| | | |
| | |
Direct costs | |
| - | | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | |
Gross profit (loss) | |
| - | | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | |
General, selling
and administrative expenses | |
| 685,319 | | |
| 469,387 | | |
| 1,862,443 | | |
| 1,061,767 | |
Consulting
and professional services | |
| 86,897 | | |
| 155,533 | | |
| 261,515 | | |
| 490,886 | |
Total
Operating Expense | |
| 772,216 | | |
| 624,920 | | |
| 2,123,958 | | |
| 1,552,653 | |
| |
| | | |
| | | |
| | | |
| | |
Operating income (loss) | |
| (772,216 | ) | |
| (624,920 | ) | |
| (2,123,958 | ) | |
| (1,552,653 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other income/(expense) | |
| | | |
| | | |
| | | |
| | |
Other non-operating income | |
| 175,000 | | |
| - | | |
| 350,000 | | |
| 1,521 | |
Gain on sale of assets | |
| - | | |
| - | | |
| 175,000 | | |
| 22,364 | |
Income from employee retention
credit | |
| - | | |
| - | | |
| - | | |
| 122,682 | |
Equity method income (loss) | |
| 9,528 | | |
| (26,346 | ) | |
| (11,134 | ) | |
| (37,251 | ) |
Interest
expense | |
| (98,077 | ) | |
| (98,502 | ) | |
| (194,463 | ) | |
| (181,056 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net
income (loss) | |
$ | (685,765 | ) | |
$ | (749,768 | ) | |
$ | (1,804,555 | ) | |
$ | (1,624,393 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net income (loss) per share,
basic and diluted | |
$ | (0.01 | ) | |
$ | (0.01 | ) | |
$ | (0.03 | ) | |
$ | (0.02 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted average number of common shares outstanding | |
| 67,732,397 | | |
| 56,195,327 | | |
| 66,922,493 | | |
| 55,695,397 | |
The
accompanying notes are an integral part of these financial statements.
Laredo
Oil, Inc. |
Condensed
Consolidated Statements of Changes in Stockholders Deficit (Unaudited)
For
the three and six months ended November 30, 2023 |
| |
| | |
| | |
| | |
| | |
Additional | | |
| | |
Total | |
| |
Common Stock | | |
Preferred Stock | | |
Paid | | |
Accumulated | | |
Stockholders | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
in Capital | | |
Deficit | | |
Deficit | |
Balance as of May 31, 2023 | |
| 66,220,306 | | |
$ | 6,622 | | |
| - | | |
| - | | |
$ | 9,990,378 | | |
$ | (15,078,339 | ) | |
$ | (5,081,339 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock based compensation | |
| - | | |
| - | | |
| - | | |
| - | | |
| 721,110 | | |
| - | | |
| 721,110 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net Loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (1,118,790 | ) | |
| (1,118,790 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance as of August 31, 2023 | |
| 66,220,306 | | |
$ | 6,622 | | |
| - | | |
| - | | |
$ | 10,711,488 | | |
$ | (16,197,129 | ) | |
$ | (5,479,019 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock based compensation | |
| - | | |
| - | | |
| - | | |
| - | | |
| 235,142 | | |
| - | | |
| 235,142 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Issuance of shares upon debt conversion | |
| 3,904,503 | | |
| 390 | | |
| - | | |
| - | | |
| 168,601 | | |
| - | | |
| 168,991 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net Loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (685,765 | ) | |
| (685,765 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance as of November 30, 2023 | |
| 70,124,809 | | |
$ | 7,012 | | |
| - | | |
| - | | |
$ | 11,115,231 | | |
$ | (16,882,894 | ) | |
$ | (5,760,651 | ) |
|
For
the three and six months ended November 30, 2022 |
|
Balance as of May 31, 2022 | |
| 54,514,765 | | |
$ | 5,451 | | |
| - | | |
| - | | |
$ | 9,179,088 | | |
$ | (11,982,488 | ) | |
$ | (2,797,949 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Restricted stock issued to consultants | |
| 1,272,574 | | |
| 127 | | |
| - | | |
| - | | |
| 187,130 | | |
| - | | |
| 187,257 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock based compensation | |
| - | | |
| - | | |
| - | | |
| - | | |
| 133,110 | | |
| - | | |
| 133,110 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Cumulative effect of accounting changes (See Note 5) | |
| - | | |
| - | | |
| - | | |
| - | | |
| (55,918 | ) | |
| 16,200 | | |
| (39,718 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net Loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (874,625 | ) | |
| (874,625 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance as of August 31, 2022 | |
| 55,787,339 | | |
$ | 5,578 | | |
| - | | |
| - | | |
$ | 9,443,410 | | |
$ | (12,840,913 | ) | |
$ | (3,391,925 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock based compensation | |
| - | | |
| - | | |
| - | | |
| - | | |
| 9,625 | | |
| - | | |
| 9,625 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Issuance of shares upon debt conversion | |
| 1,468,042 | | |
| 147 | | |
| - | | |
| - | | |
| 118,129 | | |
| - | | |
| 118,276 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net Loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (749,768 | ) | |
| (749,768 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance as of November 30, 2022 | |
| 57,255,381 | | |
$ | 5,725 | | |
| - | | |
| - | | |
$ | 9,571,164 | | |
$ | (13,590,681 | ) | |
$ | (4,013,792 | ) |
Laredo
Oil, Inc. |
Condensed
Consolidated Statements of Cash Flows |
(Unaudited) |
| |
Six Months Ended | | |
Six Months Ended | |
| |
November 30, 2023 | | |
November 30, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |
| | | |
| | |
| |
| | | |
| | |
Net income (loss) | |
$ | (1,804,555 | ) | |
$ | (1,624,393 | ) |
Adjustments to Reconcile Net Income (Loss) to Net Cash used in Operating Activities | |
| - | | |
| - | |
| |
| | | |
| | |
Stock based compensation expense | |
| 956,252 | | |
| 142,735 | |
Restricted stock expense | |
| - | | |
| 187,257 | |
Depreciation expense | |
| 10,200 | | |
| 22,187 | |
Accretion expense | |
| 3,088 | | |
| 3,088 | |
Amortization of debt discount | |
| 35,579 | | |
| 47,863 | |
Equity method loss (income) | |
| 11,134 | | |
| 37,251 | |
Gain on sale of assets | |
| (175,000 | ) | |
| (22,364 | ) |
| |
| | | |
| | |
Change in operating assets and liabilities | |
| - | | |
| - | |
Receivables from related party | |
| 1,779 | | |
| (10,202 | ) |
Prepaid expenses and other current assets | |
| 10,097 | | |
| 5,534 | |
Accounts payable and accrued liabilities | |
| 50,335 | | |
| (366 | ) |
Accrued payroll | |
| 480,554 | | |
| 260,603 | |
Accrued interest | |
| 126,143 | | |
| 71,500 | |
NET CASH USED IN OPERATING ACTIVITIES | |
| (294,394 | ) | |
| (879,307 | ) |
| |
| | | |
| | |
CASH FLOWS USED IN INVESTING ACTIVITIES | |
| | | |
| | |
Investment in equity method investment | |
| - | | |
| (18,438 | ) |
Investment in property, plant and equipment | |
| - | | |
| (303 | ) |
Proceeds from sale of assets | |
| 175,000 | | |
| - | |
Investment in oil and gas acquisition and drilling costs | |
| (125,857 | ) | |
| (968,051 | ) |
NET CASH USED IN INVESTING ACTIVITIES | |
| 49,143 | | |
| (986,792 | ) |
| |
| | | |
| | |
CASH FLOWS FROM FINANCING ACTIVITIES | |
| | | |
| | |
Issuance of convertible debt | |
| 280,000 | | |
| 540,000 | |
Repayment of convertible debt | |
| (133,384 | ) | |
| (202,556 | ) |
Proceeds from related party note payable | |
| - | | |
| 150,000 | |
Proceeds from notes payable and revolving note | |
| 127,061 | | |
| 798,000 | |
Proceeds from prefunded drilling costs | |
| - | | |
| 715,438 | |
PPP loan repayments | |
| (3,301 | ) | |
| (144,297 | ) |
CASH FLOWS PROVIDED BY FINANCING ACTIVITIES | |
| 270,376 | | |
| 1,856,585 | |
| |
| | | |
| | |
Net increase (decrease) in cash and cash equivalents | |
| 25,125 | | |
| (9,514 | ) |
| |
| | | |
| | |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | |
| 13,754 | | |
| 109,183 | |
| |
| | | |
| | |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | |
$ | 38,879 | | |
$ | 99,669 | |
| |
| | | |
| | |
NONCASH ACTIVITIES | |
| | | |
| | |
| |
| | | |
| | |
Oil and gas acquisition and drilling costs in accounts payable | |
| 194,001 | | |
| 536,157 | |
Interest paid | |
| 32,733 | | |
| 42,577 | |
Conversion of convertible debt | |
| 161,991 | | |
| 118,276 | |
Sale of assets in exchange for note payable repayment | |
| - | | |
| 136,479 | |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS |
(UNAUDITED) |
NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS
The accompanying consolidated financial statements
have been prepared by the management of Laredo Oil, Inc. (the Company).
The Company was incorporated under the laws of
the State of Delaware on March 31, 2008 under the name of Laredo Mining, Inc. On October 21, 2009, the Company changed its
name to Laredo Oil, Inc.
The Company is an oil exploration and production
company, primarily engaged in acquisition and exploration efforts to find mineral reserves on various properties. From its inception in
March 2008 through October 2009, the Company was primarily engaged in acquisition and exploration efforts for mineral properties. Beginning
in October 2009, the Company shifted its focus to locating mature oil fields with the intention of acquiring those oil fields and recovering
stranded oil using enhanced recovery methods. From June 14, 2011 to December 31, 2020, the Company was a management services company,
managing the acquisition and operation of mature oil fields, focused on the recovery of stranded oil from those mature fields
using enhanced oil recovery methods for its then sole customer, Stranded Oil Resources Corporation, or SORC, then a wholly owned subsidiary
of Alleghany Corporation. The Company performed those services in exchange for a quarterly management fee and the reimbursement of its
employee related expenses from SORC, which fees and reimbursements were effectively all of the Companys revenues prior to the closing
of the Securities Purchase Agreement with Alleghany described below.
On December 31, 2020, the Company entered into
a Securities Purchase Agreement with Alleghany Corporation. Under that agreement, the Company purchased all the issued and outstanding
shares of SORC. Currently, there are no ongoing operations being conducted by SORC.
Under the Securities Purchase Agreement with Alleghany,
the Company also entered into a Consulting Agreement, under which Alleghany paid the Company an aggregate of approximately $1.245 million
during calendar year 2021 in exchange for providing Alleghany with one to three years of consulting services from certain of the Companys
employees, including Mark See, its Chief Executive Officer.
Alleghany no longer pays the Company any management
fees or reimbursement payments for the monthly expenses of its employees. Those fees and reimbursements were effectively all of the Companys
revenues prior to the termination of the Securities Purchase Agreement with Alleghany described above.
While the Company was providing services to Alleghany,
it gained know-how and operational experience in evaluating, acquiring, operating and developing oil and gas properties using enhanced
oil recovery methods. The Company also gained experience in designing, drilling and producing conventional oil wells using those methods.
During the period from June 14, 2011 through December
31, 2020, when the 2011 SORC Agreements were in effect, the Companys management gained specialized know-how and operational experience
in evaluating, acquiring, operating and developing oil and gas properties while implementing underground gravity drainage, or UGD, projects,
as well as gaining expertise designing, drilling and producing conventional oil wells. Based upon that gained knowledge, as of November
30, 2023, the Company has identified and acquired 45,766 gross acres and 38,153 net acres of mineral property interests in Montana. The
Company drilled one exploratory well during May 2022, which has been shut-in pending gaining access to a saltwater disposal well allowing
economically feasible water disposal. The Company plans to continue to develop the field, depending on funding.
In connection with securing this acreage in Montana,
Lustre Oil Company LLC, a wholly owned subsidiary of the Company (Lustre), entered into an Acquisition and Participation
Agreement (the Erehwon APA) with Erehwon Oil & Gas, LLC (Erehwon) to acquire oil and gas interests and
drill, complete, re-enter, re-complete, sidetrack, and equip wells in Valley County, Daniels County and Roosevelt County, Montana. The
Erehwon APA specifies calculations for royalty interests and working interests for the first ten well completions and first ten well recompletions
and for all additional wells and recompletions thereafter. Lustre will acquire initial mineral leases and pay 100% of the costs with a
cap of $500,000. When the $500,000 cap is exceeded, Erehwon will have the option to acquire a 10% working interest (WI)
in a lease by paying 10% of any lease acquisition cost, resulting in Lustre paying 90% of the lease costs, on a lease-by-lease basis.
Until amounts paid to complete the first ten new wells and first ten recompletions are repaid (Payback), the WI split is
10% for Erehwon and 90% for Lustre. Thereafter, the split between Erehwon and Lustre will be 20%/80%. Additional wells and recompletions
will have a WI split equal to their respective working interest in the leases. This will be 10% for Erehwon and 90% for Lustre, unless
Erehwon exercises its option to increase its WI by ten percentage points to 20%, as described above. Under the Erehwon APA, Lustre will
fund 100% of the construction costs of the first ten wells and first ten completions. Any additional wells will be funded 80% by Lustre
and 20% by Erehwon; provided, however, that Erehwon has the option to pay 10% of the construction cost to increase its WI to 20%. Royalty
expense will consist of the sum of royalty interest to the landowner and an overriding royalty interest to two individuals (Prospect
Generators), not to exceed 6% nor be less than 3%. For the first ten new wells and first ten recompletions, Prospect Generators
will receive an amount equal to 5% of the cost of each completed and producing well.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS |
(UNAUDITED) |
NOTE 1 – ORGANIZATION AND DESCRIPTION OF
BUSINESS - continued
In January 2022, the Company and Lustre executed
a Net Profits Interest Agreement (the NPI Agreement) with Erehwon and Olfert No. 11-4 Holdings, LLC (Olfert)
for the purpose of funding the first well, Olfert #11-4, (the Well) under the Erehwon APA. In connection with the NPI Agreement,
the Company was credited with a contribution totaling $59,935 of well development costs 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 the Company as of May 31,
2022 was $19,435. The difference between the $59,935 contribution recorded at the Olfert level and the investment recorded by the Company
is due to the Companys investment being recorded at the carrying value of the assets contributed. As the Company also currently
serves as the manager of Olfert, it exercises significant influence. Accordingly, the amount paid by the Company was recorded as an equity
method investment as of November 30, 2023. See further disclosures in Note 8.
On June 30, 2020, the Company entered into the
Limited Liability Company Agreement (the Cat Creek Agreement) of Cat Creek Holdings, LLC (Cat Creek), a Montana
limited liability company formed as a joint venture with Lipson Investments LLC (Lipson) and Viper Oil & Gas, LLC (Viper)
for the purchase of certain oil and gas properties in the Cat Creek Field, located in Petroleum and Garfield Counties in the State of
Montana (the Cat Creek Properties). In accordance with the Cat Creek Agreement, the Company invested $448,900 of cash in
Cat Creek in exchange for 50% of the ownership interests in Cat Creek. Lipson and Viper each have a 25% ownership interests in Cat Creek
in consideration of their respective investments of $224,450. Cat Creek is managed by a board of directors consisting of four directors,
two of whom are designated by the Company.
Lustre and Erehwon entered
into an Exploration and Development Agreement, dated July 18, 2023 (the Development Agreement), with Texakoma Exploration
& Production Company (Texakoma), for the exploration and development of the Lustre Field Prospect, as
described in the Development Agreement. Lustre and Erehwon are parties to an existing Acquisition and Participation Agreement, under which
those parties agreed to acquire certain oil and gas interests, and drill, complete, re-enter, re-complete, sidetrack, and equip wells,
in certain counties in Montana.
Under the terms of the Development Agreement,
Texakoma agreed to pay Lustre and Erehwon (jointly, LOC), the following amounts: (i) $175,000 on or before July 21, 2023;
and (ii) another $175,000 upon the spudding of the initial test well subject to rig availability. Upon the spudding of that
test well, LOC is required to deliver to Texakoma a partial assignment of an 85% working interest in the oil and gas leases covering the
first two initial drilling and spacing units. The first payment under the Development Agreement was paid by Texakoma at the end of August
2023. On September 21, 2023, the Development Agreement was amended (i) to delay the anticipated spud date for the initial
well from October 1, 2023 to November 1, 2023 and (ii) to change payment date of the second $175,000 tranche to be on or before October
1, 2023. The Company received the $175,000 payment on September 29, 2023.
Texakoma will pay 100%
of the costs associated with the drilling and completion of two initial test wells. LOC will jointly have an undivided 15% working interest,
carried through the tanks, in the initial two wells. Texakoma will have the option, but not the obligation, to participate in the development
of the remainder of the Lustre Field Prospect, which may be exercised by Texakoma by giving Lustre and Erehwon written notice of its intent
to participate within 90 days after the completion rig moves off the second test well location.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS |
(UNAUDITED) |
NOTE 1 – ORGANIZATION AND DESCRIPTION OF
BUSINESS - continued
If Texakoma duly exercises
its option, Texakoma agrees to drill eight additional wells, with LOC having a 15% working interest carried through the tanks, and pay
LOC $706,603 for an 85% leasehold interest in the next eight drill sites and a 50% leasehold interest in the balance of the Lustre Field
Prospect acreage. The working and net revenue interest in any wells drilled subsequent to the first ten wells will be shared by Texakoma
and LOC on a 50:50 basis. Assuming the closing of the Texakoma transaction, the Company will retain a 100% leasehold interest and full
control of an additional 30,556 net mineral acres in northeastern Montana at the western edge of the Williston Basin.
Basic
and Diluted Loss per Share
Basic and
diluted earnings/(loss) per share is computed by dividing net income/(loss) available to common stockholders by the weighted average number
of common shares outstanding during the period. Diluted earnings/(loss) per share gives effect to all dilutive potential common shares
outstanding during the period. Dilutive earnings/(loss) per share excludes all potential common shares if their effect is anti-dilutive.
As the Company realized a net loss for the three- and six-month periods ended November 30, 2023 and 2022, it did not include potentially
dilutive securities in the calculation of diluted loss per share as their impact would have been anti-dilutive. Diluted earnings/(loss)
per share is computed by dividing the net income (loss) by the weighted-average number of common and dilutive common equivalent shares
outstanding during the period.
NOTE 2 – GOING CONCERN
These consolidated financial statements have been
prepared on a going concern basis. The Company has routinely incurred losses since inception, resulting in an accumulated deficit, and
historically was dependent on one customer for its revenue. There is no assurance that in the future any financing will be available to
meet the Companys needs. This situation raises substantial doubt about the Companys ability to continue as a going concern
within one year of the issuance date of these consolidated financial statements.
The Companys management has undertaken
steps as part of a plan to improve operations with the goal of sustaining operations for the next twelve months and beyond. These steps
include an ongoing effort to (a) controlling overhead and expenses; (b) raising funds connected with specific well development; and (b)
raising funds through notes payable and convertible debt to expand and fund property acquisitions exploration and development as well
as maintaining operations. The Company has worked to attract and retain key personnel with significant experience in the industry. At
the same time, to control costs, the Company has required several of its personnel to multi-task and cover a wider range of responsibilities
to manage the Companys headcount. There can be no assurance that the Company can successfully accomplish these steps and it is
uncertain that the Company will achieve a profitable level of operations and obtain additional financing. There can be no assurance that
any additional financing will be available to the Company on satisfactory terms and conditions, if at all.
The accompanying consolidated financial statements
do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts
and classifications of liabilities that may result from the possible inability of the Company to continue as a going concern.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS |
(UNAUDITED) |
|
NOTE 3 – SIGNIFICANT ACCOUNTING POLICIES
Use of Estimates – Management
uses estimates and assumptions in preparing these consolidated financial statements in accordance with generally accepted accounting principles.
Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities,
and the reported revenues and expenses. Actual results could differ from those estimates.
Principles of Consolidation – The
accompanying consolidated financial statements include the accounts of Laredo Oil and its subsidiaries after elimination of intercompany
balances and transactions.
Equity Method Investment – Investments
classified as equity method consist of investments in companies in which the Company can exercise significant influence but not control.
Under the equity method of accounting, the investment is initially recorded at cost, then the Companys proportional
share of investees underlying net income or loss is recorded as a component of other income with a corresponding
increase or decrease to the carrying value of the investment. Distributions received from the investee reduce the Companys
carrying value of the investment. These investments are evaluated for impairment if events or circumstances arise that indicate that
the carrying amount of such assets may not be recoverable. The Company has elected to record its portion of the equity method income (loss)
with a two-month lag. Accordingly, the financial results for the equity investment are reported through September 30, 2023. No impairments
were recognized for the Companys equity method investment during the quarter ended November 30, 2023. See Note 11.
Property and Equipment – The carrying
value of the Companys property and equipment represents the cost incurred to acquire the property and equipment, net of any impairments.
For business combinations, property and equipment cost is based on the fair values at the acquisition date.
Oil and Gas Acquisition Costs – Oil
and gas acquisition and drilling costs include expenditures representing investments in unproved and unevaluated properties and include
non-producing leasehold, leasehold or drilling interest costs, and costs to drill one exploratory well. Exploratory drilling costs are
deferred until the outcome of the well is known. If an exploratory well finds proved reserves, the deferred costs are transferred to
the companys Wells and Related Equipment and Facilities accounts. Absent proved reserves, the deferred costs of the well, net of
salvage, are charged to expense. All costs of wells drilled to develop proved reserves, along with all costs of equipment necessary to
produce and handle the hydrocarbons, are capitalized even if a development well proves dry. Costs are reviewed to determine if impairment
has occurred. The Company has incurred oil and gas acquisition and drilling costs totaling $4,479,596 and $4,547,740 as of November 30,
2023 and May 31, 2023, respectively.
Schedule
of Oil and Gas Acquisition and Drilling Cost
| |
November 30, | | |
May 31, | |
| |
2023 | | |
2023 | |
Intangible and tangible drilling costs | |
$ | 3,313,774 | | |
$ | 3,410,832 | |
Acquisition costs | |
| 1,165,822 | | |
| 1,136,908 | |
| |
| | | |
| | |
Oil and gas acquisition and drilling costs | |
$ | 4,479,596 | | |
$ | 4,547,740 | |
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS |
(UNAUDITED) |
NOTE 4 – RECENT AND ADOPTED ACCOUNTING STANDARDS
The Company has implemented all new accounting
pronouncements that are in effect. These pronouncements did not have any material impact on the consolidated financial statements unless
otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that
might have a material impact on its financial position or results of operations.
NOTE 5 – ACCOUNTING FOR ASSET RETIREMENT AND ENVIRONMENTAL OBLIGATIONS
The Company accounts for its asset retirement obligations
in accordance with Accounting for Asset Retirement and Environmental Obligations. This requires that legal obligations associated
with the retirement of long-lived assets be recognized at fair value when incurred and capitalized as part of the related long-lived asset.
Over time, the liability is accreted to its present value each period, and the capitalized asset is depreciated over the useful
life of the long-lived asset.
In the absence of quoted market prices, the Company
estimates the fair value of its asset retirement obligations using present value techniques, in which estimates of future cash flows
associated with retirement activities are discounted using a credit-adjusted risk-free rate. The Companys estimated liability
could change significantly if actual costs vary from assumptions or if governmental regulations change significantly.
The Companys asset retirement obligation
was established in May 2022 when it commenced drilling the Olfert#11-4 well in the Lustre oil field. On November 30, 2023 and May 31,
2023 the asset retirement obligation totaled $71,026 and $67,938, respectively.
The cash flow estimate for the asset retirement
obligation is based upon the assumption of a 25-year expected life of the well, discounted using a credit-adjusted risk-free interest
rate of 10%.
The Company has recorded accretion expense totaling
$1,544 and $3,088 in each of the three-and nine-month periods ending November 30, 2023 and 2022.
NOTE 6 – FAIR VALUE MEASUREMENTS
Fair Value of Financial Instruments
The carrying values of cash and cash equivalents,
accounts and other receivables, accounts payable and accrued current liabilities approximate their fair values due to the short-term nature
of the instruments.
Assets and Liabilities Measured at Fair Value
on a Nonrecurring Basis
The estimated fair value of oil and gas properties
and the asset retirement obligation incurred in the drilling of oil and gas wells or assumed in the acquisitions of additional oil and
gas working interests are based on an estimated discount cash flow model and market assumptions. The significant Level 3 assumptions used
in the calculation of estimated discounted cash flow model include future commodity prices, projections of estimated quantities of oil
and gas reserves, expectations for timing and amount of future development, operating and asset retirement costs, projections of future
rates of production, expected recovery rates and risk adjusted discount rates. See Note 3 for additional information regarding oil and
gas property acquisitions.
The Company estimates the fair value of asset
retirement obligations based on the projected discounted future cash outflows required to settle abandonment and restoration liabilities.
Such an estimate requires assumptions and judgments regarding the existence of liabilities, the amount and timing of cash outflows required
to settle the liability, what constitutes adequate restoration, inflation factors, credit adjusted discount rates, and consideration of
changes in legal, regulatory, environmental and political environments. Abandonment and restoration cost estimates are determined in conjunction
with the Companys reserve engineers based on historical information regarding costs incurred to abandon and restore similar well
sites, information regarding current market conditions and costs, and knowledge of subject well sites and properties. Asset retirement
obligation fair value measurements in the current period were Level 3 fair value measurements. As further described in Note 5, the Company
recognizes the fair value of a liability for an asset retirement obligation in the period in which it is incurred if a reasonable estimate
of fair value can be made. Asset retirement obligations are not measured at fair value subsequent to initial recognition.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS |
(UNAUDITED) |
|
NOTE 7 – RELATED PARTY TRANSACTIONS
Transactions between related parties are considered
to be related party transactions even though they may not be given accounting recognition. FASB ASC 850, Related Party Disclosures
(FASB ASC 850) requires that transactions with related parties that would make a difference in decision making shall be
disclosed so that users of the consolidated financial statements can evaluate their significance. Related party transactions typically
occur within the context of the following relationships:
|
● |
Affiliates of the entity; |
|
● |
Entities for which investments in their equity securities is typically accounted for under the equity method by the investing entity; |
|
● |
Trusts for the benefit of employees; |
|
● |
Principal owners of the entity and members of their immediate families; |
|
● |
Management of the entity and members of their immediate families. |
|
● |
Other parties that can significantly influence the management or operating policies of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests. |
On April 4, 2022, Cat Creek, in which the Company
has an equity investment, loaned the Company $136,479 at a market rate of interest. In August 2022, the Company repaid the principal amount
of the note, and accrued interest, in an exchange for property, plant and equipment.
In accordance with the NPI Agreement, between
October 2021 and August 2022, Olfert #11-4 Holdings transferred funds totaling $1,859,195 to Lustre, the Companys wholly owned
subsidiary, to provide funds for drilling expenses incurred by Lustre with respect to the development of one well.
On June 22, 2022, the Company assigned the right
to purchase up to 356,243 of the 500,000 membership interests in Olfert #11-4 to the Companys Chief Financial Officer in exchange
for his payment of $356,243 of the Companys capital commitment to Olfert #11-4.
On November 27, 2023, the Company entered into
an Amended and Restated Demand Promissory Note, (the Demand Note), and an Amended and Restated Membership Interest Pledge
Agreement, (the Lustre Pledge Agreement) with the Companys Chief Financial Officer. Under the Demand Note, the Company
promises to pay on demand the principal sum of all disbursements made to the Company up to $400,000 plus interest accrued at an annual
rate of 10%. As of November 30, 2023, the aggregate amount of advances, excluding accrued interest, was $292,099. The Demand Note is secured
by all of the Companys interests in Lustre, pursuant to the terms of the Lustre Pledge Agreement.
NOTE 8 – NET PROFITS INTEREST AGREEMENT
The Company and Lustre executed the NPI Agreement
with Erehwon and Olfert Holdings in January 2022, to be effective as of October 2021. The NPI Agreement was executed for the purpose of
funding the Olfert Well under the Erehwon APA. The NPI Agreement grants Olfert Holdings an Applicable Percentage of available
funds from the Olfert Well in exchange for Olfert Holdings funding development of the Olfert Well. The Applicable Percentage
is defined in the NPI Agreement as 90% prior to Payout and 50% after Payout, with Payout being defined as the point in time
when the aggregate of all Net Profits Interest payments made to Olfert Holdings under the NPI Agreement equals 105% of the well development
costs. In January 2022, the Company entered into an Amended and Restated Limited Liability Company Operating Agreement of Olfert Holdings,
dated to be effective as of November 2021 (the Olfert Holdings Operating Agreement). Pursuant to the Olfert Holdings Operating
Agreement, the Company agreed to make a $500,000 capital contribution, out of a total of $1,500,000 to be raised by Olfert Holdings. During
October and November of 2021, the Company received advance payments totaling $1.0 million from four investors, through Lustre, pursuant
to the NPI Agreement. The Company was credited with $59,935 of well development costs as part of its capital contribution under the Olfert
Holding Operating Agreement. In May 2022, a vendor made an in-kind capital contribution of $83,822 to Olfert Holdings in the form of services
rendered. In June 2022, the Companys Chief Financial Officer invested $356,243 in Olfert Holdings pursuant to the NPI Agreement.
These three contributions fulfilled the Companys initial capital contribution commitment under the Olfert Holdings Operating Agreement.
On August 3, 2022, the Company, as Manager of Olfert Holdings, issued a capital call to the investors in Olfert Holdings for payment of
an additional $461,440 to cover expenses that Lustre is obligated to pay pursuant to the NPI Agreement. As of November 30, 2023, the investors
had paid $358,747 of that capital call. As of November 30, 2023, Lustre had incurred approximately $3,300,000 related to the development
of the Olfert Well. The Olfert Well has exceeded its original budget, and there are certain construction costs that have not been satisfied.
To pay the amounts owed, the Company issued another capital call to the investors in Olfert Holdings to pay an additional $1.7 million.
The investors do not have an obligation to make further investments, and Olfert Holdings did not raise the requested additional amount
from that capital call. Subsequently, several unpaid contractors have attached mechanic liens on the Olfert Well. Three creditors have
filed a lawsuit for payment against Lustre, the operator of the Olfert Well in Montana. The Company believes that the Olfert Well is still
economically viable, and it intends to attempt to raise sufficient additional capital for Olfert Holdings, complete the Olfert Well, and
pay all amounts owed to contractors.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS |
(UNAUDITED) |
|
NOTE 8 – NET PROFITS INTEREST AGREEMENT - continued
In connection with the NPI Agreement, the Company
was credited with a contribution totaling $59,935 of well development costs under an agreement with Olfert Holdings. The initial investment
in Olfert Holdings recorded by the Company was $19,435. The difference between the $59,935 contribution recorded by Olfert Holdings and
the $19,435 investment recorded by the Company is due to the Companys investment being recorded at the carrying value of the assets
contributed by the Company. In connection with the August 2022 capital call, the Company contributed an additional $18,438 to Olfert Holdings
resulting in a 4.2% interest in Olfert Holdings as of November 30, 2023. As the Company currently serves as the manager of Olfert Holdings,
the Company exercises significant influence over Olfert Holdings. Accordingly, the amount the Company paid to Olfert Holdings is recorded
as an equity method investment as of November 30, 2023.
NOTE 9 – STOCKHOLDERS DEFICIT
Share Based Compensation
On November 27, 2023,
the Company made an option grant for the purchase of 3,925,000 shares of Companys common stock at a price of $0.06 per share to
the Company Chief Executive Officer. The options vested completely at time of grant.
The Company made grants
of options for the purchase of 15,075,000 shares of the Companys common stock, at a price of $0.06 per share, during the first
quarter of fiscal year 2024. The grants were issued under the Laredo Oil, Inc. 2023 Equity Incentive Plan, which became effective with
the filing of a Registration Statement on Form S-8 on June 14, 2023. Except for an option to purchase 1,100,000 shares of common stock,
at a price of $0.38 per share, all options previously granted under the Laredo Oil, Inc. 2011 Equity Incentive Plan, totaling 4,825,000
shares, were terminated and replaced by grants under the new incentive plan.
Options to purchase 650,000
shares of common stock at a price of $0.19 per share were granted during the first quarter of fiscal year 2023. The options vested immediately
and expire on June 2, 2032. Option grants for the purchase of 1,600,000 shares of common stock at a price of $0.074 per share were made
during the first quarter of fiscal year 2022. The options vest monthly over three years beginning August 1, 2021 and expire on August
1, 2031. These options were canceled on June 29, 2023.
The Black-Scholes option
pricing model is used to estimate the fair value of options granted under our stock incentive plan.
The grant date fair value
of the stock option grants during the six months ending November 30, 2023 and 2022 totaled $956,252 and $123,487, respectively. The weighted
average assumptions used in calculating these values were based on the following:
Schedule
of Fair Value Assumptions
| |
2023 | |
2022 |
Risk-free interest rate | |
4.07% | |
1.85% |
Expected dividend yield | |
0% | |
0% |
Expected volatility | |
281.5% | |
314.9% |
Expected life of options | |
5.0 years | |
6.0 years |
The risk-free interest rate is based on the U.S.
Treasury yield curve in effect at the time of grant for a bond with a similar term. The Company does not anticipate declaring dividends
in the foreseeable future. Volatility is estimated based on the historical share prices over the same period as the expected life of the
option. The Company uses the simplified method for determining the expected term of its stock options.
Share based compensation
for stock option grants totaling $235,142 and $9,624 was recorded in general, selling and administrative expense during the three-months
ended November 30, 2023 and 2022 and $956,252 and $142,735 was recorded during the three- and six-months ended November 30, 2022, respectively.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS |
(UNAUDITED) |
|
NOTE 9 – STOCKHOLDERS DEFICIT - continued
Restricted Stock
In May 2023 the Company received funds pursuant
to a Stock Purchase Agreement with an accredited investor to purchase 6,062,886 restricted shares of the Companys common stock
at a purchase price of $0.0441 per share, totaling $267,319. The shares have not been registered under the Securities Act of 1933, as
amended, or the securities laws of any state, and were issued to the investor in reliance upon exemptions from such registration. The
investor is aware of the provisions of Rule 144 promulgated under the Securities Act.
The Company entered into a financial advisory
agreement, dated July 21, 2022 (the Advisory Agreement), pursuant to which the Company engaged Dawson James Securities,
Inc. (Dawson) to render services as a corporate finance consultant. The term of the Advisory Agreement is twelve months
from the date of the Advisory Agreement, unless terminated by either party with 30 days prior written notice to the other party, beginning
60 days following the date of the Advisory Agreement. Under the terms of the Advisory Agreement, Dawson will provide advice to the Company
concerning business and financial planning, corporate organization and structure, private and public equity and debt financing, and such
other matters as the parties may mutually agree.
As compensation to Dawson for the services provided
under the Advisory Agreement, the Company is obligated to pay Dawson $30,000 per calendar quarter, with the first such payment being paid
one day after the date of the execution of the Advisory Agreement, and each subsequent payment being due three months after the previous
payment. The Company made the first $30,000 payment in July 2022. The Company also agreed to issue to Dawson 2,600,000 shares of the Companys
common stock, payable in four installments of (i) 1,000,000 shares issued within three business days after the date of the Advisory Agreement,
(ii) 550,000 shares for the subsequent quarter, and (iii) 525,000 shares for each of the remaining two quarters of the term of the Advisory
Agreement. The first 1,000,000 restricted shares were issued in July 2022. During the twelve months ending May 31, 2023, the Company recorded
advisory service fees totaling $160,000 with respect to the 1,000,000 shares of the Companys common stock issued pursuant to the
Advisory Agreement. After the first $30,000 payment and issuance of 1,000,000 shares of common stock, the Advisory Agreement has been
suspended indefinitely.
In April 2022, the Company entered into a consulting
agreement with an individual for corporate structuring and strategic planning and compliance services. Pursuant to this agreement, the
Company agreed to compensate the consultant with cash and restricted shares of the Companys common stock, which shares vest equally
over the 12-month term of the consulting agreement. During the twelve months ending May 31, 2022, the Company recorded $27,257 in professional
fees with respect to the issuance of the first two tranches of 272,474 restricted shares. The consulting agreement was terminated in July
2022.
The Company granted no shares of restricted stock
as compensation during the first half of fiscal year 2024.
Warrants
No warrants were issued during the first and second
quarters of fiscal years 2024 or 2023.
NOTE 10 – NOTES PAYABLE
Convertible Debt
On November 27, 2023, the Company entered into
a Securities Purchase Agreement with an accredited investor, pursuant to which the Company issued a convertible promissory note in the
principal amount of $66,000, receiving $55,000 in net cash proceeds. The convertible promissory note had an original issue discount
of $6,000. Further $5,000 debt issue costs were deducted from the gross proceeds. The total of $11,000 recorded as debt discount
is being amortized using the effective interest method through the maturity dates of the convertible promissory note. The convertible
note is due in one year from the date of issuance, accrues interest at 8% per annum (22% upon the occurrence of an event of default) and
is convertible after 180 days into shares of the Companys common stock at a discount of 25% of the average of the three lowest
trading prices during the 15 trading days immediately preceding the conversion.
On September 14, 2023, the Company entered into
a Securities Purchase Agreement with an accredited investor, pursuant to which the Company issued a convertible promissory note in the
principal amount of $71,225, receiving $60,000 in net cash proceeds. The convertible promissory note had an original issue discount
of $6,475. Further $4,750 debt issue costs were deducted from the gross proceeds. The total of $11,225 recorded as debt discount
is being amortized using the effective interest method through the maturity dates of the convertible promissory note. The convertible
note is due in one year from the date of issuance, accrues interest at 8% per annum (22% upon the occurrence of an event of default) and
is convertible after 180 days into shares of the Companys common stock at a discount of 25% of the average of the three lowest
trading prices during the 15 trading days immediately preceding the conversion.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS |
(UNAUDITED) |
|
NOTE 10 – NOTES PAYABLE - continued
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. During September 2023, the Company repaid the $70,125 in principal and
$2,805 in accrued interest pursuant to a Convertible Note dated March 1, 2023. To satisfy the obligation, the Company issued to the noteholder
1,398,760 shares of the Companys common stock, at an average price of $0.05214 per share. In November 2023, the Company repaid
$93,675 in principal and $2,387 in accrued interest for payment of the note issued in April and partial payment of the note issued in
May of 2023. As payment of the notes, the Company issued to the noteholder 2,505,743 shares of the Companys common stock at an
average price of $0.03833 per share.
In November of 2022, the Company entered into
Securities Purchase Agreements with two accredited investors, pursuant to which the Company issued two convertible promissory notes in
the aggregate principal amount of $140,250 (the Convertible Notes), receiving $120,000 in net cash proceeds. The Convertible
Notes had an original issue discount of $12,750. The Company deducted $7,500 in additional debt issue costs from the gross proceeds
it received from the Convertible Notes. The Company is amortizing a total of $20,250 recorded as debt discount using the effective
interest method through the maturity dates of the Convertible Notes. The Convertible Notes are due one year from the date of issuance,
accrue interest at 8% per annum (22% upon the occurrence of an event of default) and are convertible 180 days after issuance into shares
of the Companys common stock at a discount of 25% of the average of the three lowest trading prices during the 15 trading days
immediately preceding the conversion. In May 2023, the Company repaid $140,250 in principal and $27,410 in related accrued interest
and prepayment penalty interest pursuant to the two separate Convertible Notes.
In October 2022, the Company entered into a Securities
Purchase Agreement with an accredited investor, pursuant to which the Company issued a convertible promissory note in the principal amount
of $55,000, receiving $45,000 in net cash proceeds. The note had an original issue discount of $5,000. An additional $5,000 in debt
issue costs were deducted from the gross proceeds from the note. The total of $10,000 recorded as debt discount is being amortized
using the effective interest method through the maturity dates of the note. The note is due one year after the date of issuance, accrues
interest at 12% per annum (22% upon the occurrence of an event of default) and is convertible after 180 days into shares of the Companys
common stock at a discount of 30% to the average of the three lowest trading prices during the 15 trading days immediately preceding the
conversion. During April and May of 2023, the Company repaid the $55,000 in principal and $10,372 in related accrued interest and
prepayment penalty interest. To satisfy the obligation, in addition to the interest payments, the Company repaid $23,360 principal in
cash and issued to the note holder 1,000,000 shares of the Companys common stock at an average price of $0.03164 per share.
On September 6, 2022, the Company entered into
a Securities Purchase Agreement with an accredited investor, pursuant to which the Company issued a convertible promissory note in the
principal amount of $97,625, receiving $85,000 in net cash proceeds. The convertible promissory note had an original issue discount
of $8,875, and $3,750 in debt issue costs were deducted from the gross proceeds. The total of $12,625 recorded as debt discount is
being amortized using the effective interest method through the maturity dates of the convertible promissory note. The convertible promissory
note is due in one year from the date of issuance, accrues interest at 8% per annum (22% upon the occurrence of an event of default) and
is convertible after 180 days into shares of the Companys common stock at a discount of 25% from the average of the three lowest
trading prices during the 15 trading days immediately preceding the conversion.
During March and April of 2023, the Company repaid
the $97,625 in principal and $4,279 in accrued interest pursuant to a Convertible Note entered into on September 6, 2022. To satisfy the
obligation, the Company issued to the noteholder 1,902,039 shares of the Companys common stock, at an average price of $0.05358
per share.
In October, November, December of 2021, and March,
April and May of 2022, the Company entered into Securities Purchase Agreements with three accredited investors, pursuant to which the
Company issued six convertible promissory notes in the aggregate principal amount of $608,575, receiving $527,500 in net cash proceeds
(the Convertible Notes). Convertible Notes had an original issue discount of $58,575. Additional debt issue costs of
$22,500 were deducted from the gross proceeds from the Convertible Notes. The Company is amortizing a total of $81,075 recorded as
debt discount using the effective interest method through the maturity dates of the Convertible Notes. The Convertible Notes are due in
one year from the date of issuance, accrue interest at 8% per annum (22% upon the occurrence of an event of default) and are convertible
180 days after issuance into shares of the Companys common stock at a discount of 25% of the average of the three lowest trading
prices during the 15 trading days immediately preceding the conversion. As of May 31, 2022, the Company determined the value associated
with the beneficial conversion feature in connection with the issuance of the Convertible Notes resulted in a further increase in the
debt discount of $55,918, which will be amortized using the effective interest method through the dates the notes are initially convertible.
The additional debt discount was subsequently reversed during the first quarter of fiscal 2023 pursuant to the adoption of ASU 2020-06
as follows. During October and November 2022, the Company exchanged $114,125 of principal and $4,150 of accrued interest of the single
Convertible Note entered into on April 14, 2022 for 1,468,042 shares of the Companys common stock, at an average price of $0.0806
per share.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS |
(UNAUDITED) |
|
NOTE 10 – NOTES PAYABLE - continued
On September 2, 2022 the Company repaid the single
Convertible Note entered into on March 1, 2022. The repayment totaled $64,088, comprised of $53,625 principal and $10,463 in related
accrued interest and prepayment penalty interest. The Company recorded the related deferred debt discount and debt issue costs, totaling
$4,371, as interest expense.
On June 27, 2022, the Company repaid the single
Convertible Note entered into in December 2021. The repayment totaled $65,745, comprised of $55,000 in principal and $10,745 in related
accrued interest and prepayment penalty interest. The Company recorded the related deferred debt discount and debt issue costs, totaling
$4,435, as interest expense.
During April and May 2022, the Company repaid
the Convertible Notes entered into in October and November 2021. The repayment for the remaining Convertible Notes totaled $136,479, comprised
of $114,125 in principal and $22,354 in related accrued interest and prepayment penalty interest. The Company borrowed $136,479 from Cat
Creek to repay these Convertible Notes.
The Convertible Note issued in November 2021 was
repaid in an amount that totaled $85,469, comprised of $71,500 in principal and $13,969 in related accrued interest and prepayment penalty
interest.
Upon the repayment of the October 2021 and November
2021 Convertible Notes, the Company recorded the related remaining outstanding debt discount and debt issue costs, totaling $12,388, as
interest expense.
In August 2020, the FASB issued ASU 2020-06, which
simplifies the accounting for certain financial instruments with characteristics of liabilities and equity. Entities should adopt the
guidance as of the beginning of the fiscal year of adoption and cannot adopt the guidance in an interim reporting period. This accounting
standard update, which was adopted by the Company effective June 1, 2022, impacts the ongoing accounting of the convertible notes.
The Company adopted this standard using the modified
retrospective method of transition and applied the guidance to transactions outstanding as of the beginning of the current fiscal year
on June 1, 2022. Transactions that were settled (or expired) during prior reporting periods are unaffected. The cumulative effect of the
change is recognized as an adjustment to the opening balance of retained earnings at the date of adoption. Due to the adoption of this
accounting standard update under the modified retrospective method, prior periods were not restated. Upon adoption, the Company recorded
a $16,200 cumulative-effect adjustment that increased the opening balance of retained earnings on the consolidated balance sheet due to
the reduction in non-cash interest expense associated with the historical separation of debt and equity components for the Companys
Convertible Notes. The Company also recorded a $39,718 increase to convertible debt and a decrease to additional paid-in capital of $55,918
due to no longer separating the embedded conversion feature of the Convertible Notes. This adoption did not have a material impact on
the Companys consolidated statement of cash flows.
The Company has the right to prepay the Convertible
Notes at any time during the first six months the Convertible Notes are outstanding at the rate of (a) 110% of the unpaid principal amount
of such note plus interest, during the first 120 days the note is outstanding, and (b) 115% of the unpaid principal amount of such note
plus interest between days 121 and 180 after the issuance date of the note. The Convertible Notes may not be prepaid after the 180th day
following the issuance date unless the applicable note holders agree to such repayment and such terms.
The Company agreed to reserve the number of shares
of its common stock that may be issuable upon conversion of the Convertible Notes while the Convertible Notes are outstanding.
The Convertible Notes provide for standard and
customary events of default, such as failing to timely make payments under the Convertible Notes when due, the failure of the Company
to timely comply with the Securities Exchange Act of 1934 reporting requirements and the failure to maintain a listing on the OTC Markets.
The Convertible Notes also contain customary positive and negative covenants. The Convertible Notes include penalties and damages payable
to the noteholders in the event the Company does not comply with the terms of the Convertible Notes, including in the event the Company
does not issue shares of common stock to the noteholders upon conversion of the Convertible Notes within the time periods set forth therein.
Additionally, upon the occurrence of certain defaults, as described in the Convertible Notes, the Company is required to pay the noteholders
liquidated damages in addition to the amount owed under the Convertible Notes (including in some cases up to 300% of the amount of the
applicable Convertible Note).
At no time may the Convertible Notes be converted
into shares of the Companys common stock if such conversion would result in the noteholders and their affiliates owning shares
representing in excess of 4.99% of the then outstanding shares of the Companys common stock.
The proceeds from the Convertible Notes could
be used by the Company for general corporate purposes.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS |
(UNAUDITED) |
|
NOTE 10 – NOTES PAYABLE - continued
12% Secured Promissory Note
On March 23, 2023, an individual accredited investor
paid the Company the aggregate amount of $100,000 for a Secured Promissory Note, (the Note). The Note will accrue interest
on the outstanding principal sum at the rate of 12.0% per annum and has a maturity date of March 23, 2024. Interest will be due and payable
monthly in arrears. The Note is secured by certain equipment owned by the Company pursuant to a Security Agreement with the Lender. On
May 23, 2023, the Note was increased by $83,000 to an aggregate principal amount of $183,000. During June, July and August, 2023, the
investor contributed an additional $102,061 under the Note, bringing the aggregate principal amount to $285,061. On November 24, 2023,
the investor added another $25,000 to the Note bringing the total principal outstanding to $310,061.
15% Nine Month Promissory Note
On October 26, 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 $97,750 and received $80,000 in net cash proceeds. The promissory note had an original issue discount of $12,750 and $5,000
in debt issue costs were deducted from the gross proceeds. The Company is amortizing the total of $17,750 recorded as debt discount
using the effective interest method through the maturity dates of the convertible promissory note. The note is due nine months following
the date of issuance and accrues interest at 15% per annum (22% upon the occurrence of an event of default). Accrued, unpaid interest
and outstanding principal is due in nine equal monthly payments of $12,490.23, starting on November 30, 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.
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. The
note and accrued interest were repaid in full and the note canceled with the last and final payment made November 2023.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS |
(UNAUDITED) |
|
NOTE 10 – NOTES PAYABLE - continued
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.
Secured Convertible Debt
The Company entered into a Note Purchase Agreement
dated September 23, 2022 (the Note Purchase Agreement), for the issuance of secured convertible promissory notes in the
aggregate principal amount of up to $7,500,000. Pursuant to this Note Purchase Agreement, during September, October and November 2022,
the Company issued four promissory notes in the aggregate principal amount of $290,000 and accrued interest at 10% per annum, later increased
to 12% per annum. In December 2022, January 2023 and February 2023, the Company issued three additional promissory notes totaling $250,000.
During June 2023 and August 2023, the Company entered into an additional $85,000 of secured convertible promissory notes increasing the
aggregate principal issued to $625,000. Under the Note Purchase Agreement, the Company may issue additional promissory notes, up to the
$7,500,000 total principal amount. The promissory notes accrue interest on the outstanding principal sum at the rate of 12.0% per annum,
payable quarterly starting September 30, 2023, and are convertible into the Companys common stock at a conversion price of $1.00
per share. The notes issued under the Note Purchase Agreement have a maturity date of September 30, 2025.
Revolving Note
On May 25, 2022, the
Company entered into a Revolving Credit Note (the Revolving Note) with AEI Management, Inc. (AEI), with a
maximum draw amount of $1,500,000.00. In May 2022 and June 2022, the Company borrowed $62,858 and $48,000, respectively, under the Revolving
Note. The Revolving Note had a maturity date of May 1, 2023, or such later date as requested by the Company and agreed in writing by AEI
in its sole discretion. On May 22, 2023, the Revolving Note principal of $110,858 and accrued interest of $19,510 was paid and the Revolving
Note canceled.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS |
(UNAUDITED) |
|
NOTE 10 – NOTES PAYABLE - continued
Alleghany Notes
Schedule of Notes Payable – Related Party
| |
August 31, | | |
May 31, | |
| |
2023 | | |
2023 | |
Total note payable – Alleghany | |
$ | 617,934 | | |
$ | 617,934 | |
| |
| | | |
| | |
Less amounts classified as current | |
| 617,934 | | |
| 617,934 | |
| |
| | | |
| | |
Note payable – Alleghany, net of current portion | |
$ | - | | |
$ | - | |
During the fiscal year ended May 31, 2011, the
Company entered into two Loan Agreements with Alleghany Capital for a combined available borrowing limit of $350,000. The notes accrued
interest on the outstanding principal of $350,000 at the rate of 6% per annum, with an amended due date of December 31, 2020.
In connection with the SORC Purchase Transaction,
the notes were amended, restated and consolidated into one note including all accrued interest through December 31, 2020, for a total
of $631,434 (the Senior Consolidated Note) with a maturity date of June 30, 2022. The Senior Consolidated Note requires
any stock issuances for cash be utilized to pay down the outstanding loan balance unless written consent is obtained from Alleghany. As
part of the SORC Purchase Agreement, the Company agreed to secure repayment of the Senior Consolidated Note with certain equipment and
to reduce the note balance with any proceeds received from any sales of such equipment. During the five months ending May 31, 2021, the
Company repaid $13,500 of the Senior Consolidated Note upon the sale of certain equipment. The note bore no interest until January 1,
2022 whereupon the interest rate increased to 5% per annum through maturity. Principal with all accrued and unpaid interest is due at
maturity. In connection with the SORC acquisition purchase price allocation, the Company recorded a debt discount totaling $30,068 in
recognition of imputed interest on the Senior Consolidated Note, to be amortized over the first year of the note term. The debt discount
has been fully amortized as of December 31, 2021. In August 2022, the Company entered an amendment to the Senior Consolidated Note whereby
the maturity date of the loan was extended to December 31, 2023 in exchange for an interest rate to 8% per annum commencing July 1, 2022.
Further, the revenue royalty as defined in the Purchase Agreement increased from 5% to 6% as the loan was not paid prior to December 31,
2022. As of November 30 and May 31, 2023, the Senior Consolidated Note is recorded as current.
Paycheck Protection Program Loan
Schedule
of Paycheck Protection Program
| |
November 30, | | |
May 31, | |
| |
2023 | | |
2023 | |
Total PPP Loan | |
$ | 987,758 | | |
$ | 986,598 | |
Less amounts classified as current | |
| 66,905 | | |
| 449,624 | |
| |
| | | |
| | |
PPP loan, excluding current portion | |
$ | 920,853 | | |
$ | 536,974 | |
On April 28, 2020, the Company entered into a
Note (the Note) with IBERIABANK for $1,233,656 pursuant to the terms of the Paycheck Protection Program (PPP)
authorized by the Coronavirus Aid, Relief, and Economic Security (CARES) Act (CARES Act) In June 2020, the Flexibility Act
which amended the CARES Act was signed into law. Pursuant to the Flexibility Act, the Note continues to accrue interest on the outstanding
principal sum at the rate of 1% per annum. In addition, the initial two-year Note term has been extended to five years through mutual
agreement with IBERIABANK as allowed under Flexibility Act provisions.
In February 2021, the Company drew an additional
$1,233,655 under the PPP Second Draw Loans, bringing the total principal borrowed to $2,467,311. The additional draw is under the same
terms and conditions as the first PPP loan.
The Flexibility Act also provides that if
a borrower does not apply for forgiveness of a loan within 10 months after the last day of the measurement period (covered period),
the PPP loan is no longer deferred and the borrower must begin paying principal and interest. In addition, the Flexibility
Act extended the length of the covered period from eight weeks to 24 weeks from receipt of proceeds, while allowing borrowers that received
PPP loans before June 5, 2020 to determine, at their sole discretion, a covered period of either 8 weeks or 24 weeks.
No interest or principal will be due during the
deferral period, although interest will continue to accrue over this period. As of May 31, 2022, interest totaling $15,353 is recorded
in accrued interest on the accompanying consolidated balance sheets. After the deferral period and after considering any loan forgiveness
applicable to the Note, any remaining principal and accrued interest will be payable in substantially equal monthly installments over
the remaining term of the Note.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS |
(UNAUDITED) |
|
NOTE 10 – NOTES PAYABLE - continued
The Company did not provide any collateral or
guarantees for the loan, nor did the Company pay any facility charge to obtain the loan. The Note provides for customary events of default,
including, among others, those relating to failure to make payment, bankruptcy, breaches of representations and material adverse effects.
The Company may prepay the Note at any time without payment of any penalty or premium.
The Company applied for forgiveness of the first
PPP note and in July 2021 received notice that $1,209,809 of the $1,233,656 note payable balance has been forgiven. The portion of the
loan forgiven has been recorded as income from the extinguishment of its loan obligation as of the date when the Company is legally released
from being the primary obligor in accordance with ASC 405-20-40-1. Monthly payments commenced on September 1, 2021 and as of November
30, 2023, the Company owes $8,581 with respect to the remaining balance on the first Note.
In April 2022, the Company applied for partial
forgiveness of the PPP Second Draw Loan and received notice that $67,487 of the principal and related interest balance has been forgiven
and is recorded as income from the extinguishment of the loan obligation. Monthly payments of $26,752 commenced on June 3, 2022. The Company
was in arrears on payments on the second PPP Note and on December 5, 2023 entered into a Payment Plan arrangement for the PPP
Second Draw Loan. Under the Payment Plan arrangement the Company owes $979,178, and monthly payments of $5,860.32 commence on or before
December 22, 2023.
NOTE 11 – EQUITY METHOD INVESTMENT
Cat Creek Holdings
On June 30, 2020, Laredo Oil, Inc. entered into
a Limited Liability Company Agreement (the LLC Agreement) of Cat Creek, a Montana limited liability company formed as a
joint venture for the purchase of the Cat Creek Properties. In accordance with the LLC Agreement, the Company invested $448,900 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 each.
Cat Creek is managed by a Board of Directors consisting of four directors, two of which shall be designated by the Company.
On July 1, 2020, Cat Creek entered into an Asset
Purchase and Sale Agreement (the Purchase Agreement) with Carrell Oil Company (Seller) for the purchase of
the Cat Creek Properties. On September 21, 2020, upon resolving a purchase contingency under the Cat Creek Purchase Agreement, 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 November 30, 2023
and November 30, 2022 periods presented and has been compiled from respective company financial statements, reflects certain historical
adjustments, and is reported on a two-month lag.
Summarized
Financial Information
Balance Sheet: | |
As of November 30, 2023 | | |
As of May 31, 2023 | |
Current Assets | |
$ | 135,735 | | |
$ | 82,890 | |
Non-current Assets | |
| 904,465 | | |
| 941,340 | |
Total Assets | |
$ | 1,040,200 | | |
$ | 1,024,230 | |
| |
| | | |
| | |
Current Liabilities | |
$ | 113,562 | | |
$ | 83,342 | |
Non-current Liabilities | |
| 449,921 | | |
| 441,901 | |
Shareholders equity | |
| 476,718 | | |
| 498,988 | |
Total Liabilities and Shareholders Equity | |
$ | 1,040,200 | | |
$ | 1,024,230 | |
| |
| | | |
| | |
Results of Operations: | |
Six Months Ended November 30, 2023 | | |
Six Months Ended November 30, 2022 | |
Revenue | |
$ | 359,681 | | |
$ | 457,409 | |
Gross Profit | |
| 121,301 | | |
| 401,299 | |
Net Loss | |
$ | (22,268 | ) | |
$ | (74,502 | ) |
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS |
(UNAUDITED) |
|
NOTE 11 – EQUITY METHOD INVESTMENT - continued
Olfert 11-4 Holdings
The following table provides summarized financial
information for the Companys ownership interest in Olfert #11-4 Holding, which is accounted for under the equity method for
the November 30, 2023 period presented and has been compiled from respective financial statements and reflects certain historical adjustments.
Results of operations are excluded for periods prior to the acquisition. See Note 8 for further information.
Summarized
Financial Information
Balance Sheet: | |
As of November 30, 2023 | |
Current Assets | |
$ | 508 | |
Non-current Assets | |
| 1,859,195 | |
Total Assets | |
$ | 1,859,703 | |
| |
| | |
Accounts payable | |
| 5,750 | |
Shareholders equity | |
| 1,853,593 | |
Total Liabilities and Shareholders Equity | |
$ | 1,859,703 | |
| |
| | |
Results of Operations: | |
Six Months Ended November 30, 2023 | |
Revenue | |
$ | 0 | |
Gross Profit | |
| 0 | |
Net Loss | |
$ | (0 | ) |
NOTE 12 – COMMITMENTS AND CONTINGENCIES
On
February 4, 2021, Lustre filed a lawsuit captioned Lustre Oil Company LLC and Erehwon Oil & Gas, LLC v. Anadarko Minerals,
Inc. and A&S Mineral Development Co., LLC in the Montana Seventeenth Judicial District Court for Valley County to initiate
a quiet title action confirming Lustres rights under certain mineral leases in Valley County, Montana. Lustre is
also seeking damages with respect to actions taken by A&S Mineral Development Co., LLC to improperly produce oil on the property subject
to Lustres mineral leases. On January 14, 2022, the District Court granted the defendants Motion to Dismiss without addressing
the merits of Lustres quiet title action. Lustre appealed the decision to the Montana Supreme Court. On April 6, 2023, in a unanimous
decision, the Montana Supreme Court reversed the District Courts decision related to Lustres quiet title action and remanded
the case to the District Court for further proceedings. On June 1, 2023, Lustre filed a First Amended Complaint with the District Court
reopening the original suit with a different judge.
On
March 20, 2023, Capex Oilfield Services, Inc. (Capex) filed a lawsuit against Lustre in the Montana Tenth Judicial District
Court, Petroleum County, demanding payment of $377,190 plus interest and collection costs for services provided by Capex to drill the
Olfert 11-4 well. On May 18, 2023, Capstar Drilling, Inc.(Capstar) filed a lawsuit against Lustre in the Montana Seventeenth
Judicial District Court, Valley County, demanding payment of $298,050 plus interest and collection costs for services provided by Capstar
to drill the same well. On August 29, 2023, Warren Well Service, Inc. (Warren Well) filed a lawsuit against Lustre in the
Montana Seventeenth Judicial District Court, Valley County, demanding payment of $164,235 plus interest and collection costs for services
provided by Warren Well to drill the same well. Lustre intends to bring the Olfert 11 well into production as soon as possible and reimburse
all unpaid vendors from proceeds from such production.
Except
as set forth above, the Company is not currently involved in any other legal proceedings, and it is not aware of any other pending or
potential legal actions.
Revenue Royalty - In accordance
with the Securities Purchase Agreement with Alleghany described above, the Company agreed to pay to Alleghany a revenue royalty of 5.0%
of the Companys future revenues and net profits relating to oil, gas, gas liquids and all other hydrocarbons, subject to certain
adjustments, for a period of seven years ending December 31, 2027. Further, due to the Companys loan nonpayment prior to December
31, 2022, the revenue royalty, as defined in the Securities Purchase Agreement, increased from 5% to 6%.
In accordance with the Secured Note, the Company
agreed to pay the Lender a revenue royalty of 0.5% on consolidated revenue of the Company arising from the direct production of oil and
gas. The royalty period extends from June 1, 2022 through May 31, 2027.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS |
(UNAUDITED) |
|
NOTE 13 – SUBSEQUENT EVENTS
On December 6, 2023, the Company entered into
a payment plan arrangement agreement (the Plan) with the U.S. Small Business Administration (the SBA) related
to the Companys Paycheck Protection Plan (PPP) loan from the SBA. Under the terms of the Plan, the Company agreed
to pay the SBA a minimum of 180 monthly payments of $5,860.32. The Company made the first payment under the Plan prior to December 22,
2023. If the Company does not make the payments described in the Plan pursuant to the terms of the Plan, the entire remaining amount will
be subject to collection activities by the Department of Treasury. The Company may also be subject to additional accrued interest and
collection fees of 30% or more if it does not make the payments pursuant to the Plan.
In December 2023, the Company repaid $48,225 in
principal and $3,289 in accrued interest satisfying payment of a promissory note issued by the Company in May of 2023. As payment of the
notes, the Company issued 1,350,396 shares of the Companys common stock to the noteholder at an average price of $0.038147 per
share.
On December 11, 2023, the Company entered into
a Securities Purchase Agreement with an accredited investor pursuant to which the Company issued a 13% promissory note in the principal
amount of $74,750 receiving $60,000 in net cash proceeds. The promissory note had an original issue discount of $9,750. In addition, $5,000
of debt issue costs were deducted from the gross proceeds to the Company. The promissory note is due September 15, 2024 and is repaid
in nine equal installments of $9,385.23 with the first payment due January 15, 2024.
On December 29, 2023, the Company entered into
a Securities Purchase Agreements with an accredited investor, pursuant to which the Company issued a convertible promissory note in the
principal amount of $60,000, receiving $50,000 in net cash proceeds. The convertible promissory notes had an original issue discount
of $5,500. An additional $5,000 of debt issue costs were deducted from the gross proceeds to the Company. The total of $10,500 recorded
by the Company as debt discount is being amortized using the effective interest method through the maturity dates of the convertible promissory
note. The convertible note is due 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% to the average
of the three lowest bid prices during the 15 trading days immediately preceding the conversion.
ITEM
2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
This
report contains forward-looking statements that involve risk and uncertainties. We use words such as anticipate, believe,
plan, expect, future, intend, and similar expressions to identify such forward-looking
statements. Investors should be aware that all forward-looking statements contained within this filing are good faith estimates of our
management as of the date of this filing. Our actual results could differ materially from those anticipated in these forward-looking
statements.
Impact
of COVID-19 to our Business
The
long-term impacts of the global emergence of novel coronavirus 2019 (COVID-19) on our business are currently unknown. In
an effort to protect the health and safety of our employees, we took proactive, aggressive action from the earliest signs of the outbreak
in China to adopt social distancing policies at our locations, including working from home, limiting the number of employees attending
meetings, reducing the number of people in our sites at any one time, and suspending employee travel. We anticipate that the global health
crisis caused by COVID-19 will continue to negatively impact business activity. We have observed declining demand and price reductions
in the oil and gas sector as business and consumer activity decelerates across the globe. When COVID-19 is demonstrably contained, we
anticipate a rebound in economic activity, depending on the rate, pace, and effectiveness of the containment efforts deployed by various
national, state, and local governments.
We
will continue to actively monitor the situation and may take further actions altering our business operations that we determine are in
the best interests of our employees, customers, partners, suppliers, and stakeholders, or as required by federal, state, or local authorities.
It is not clear what potential effects any such alterations or modifications may have on our business, including the effects on our customers,
employees, and prospects, or on our financial results for the remainder of fiscal year 2024.
Company
Description and Operations
Prior
Operations
We
are an oil exploration and production company, primarily engaged in acquisition and exploration efforts to find mineral reserves on various
properties. From our inception in March 2008 through October 2009, we were primarily engaged in acquisition and exploration efforts for
mineral properties. Beginning in October 2009, we shifted our focus to locating mature oil fields with the intention of acquiring those
oil fields and recovering stranded oil reserves using enhanced recovery methods. From June 14, 2011 to December 31, 2020, we were a management
services company, managing the acquisition and operation of mature oil fields, focused on the recovery of stranded oil
from those mature fields using enhanced oil recovery methods for our then sole customer, Stranded Oil Resources Corporation, or SORC,
a wholly owned subsidiary of Alleghany Corporation, or Alleghany. We performed those services in exchange for a quarterly management
fee and reimbursement of our employee related expenses from SORC. Such fees and reimbursements were effectively all of our revenues prior
to the closing of the Securities Purchase Agreement with Alleghany described below.
On
December 31, 2020, we entered into a Securities Purchase Agreement with Alleghany. Under that agreement, we purchased all of the issued
and outstanding shares of SORC. As consideration for the SORC shares, we paid Alleghany $72,678 in cash and agreed to pay Alleghany a
seven-year royalty of 5.0%, subsequently adjusted to 6.0% of our future revenues and net profits from our oil, gas, gas liquids and all
other hydrocarbon operations, subject to certain adjustments. Currently, SORC is not conducting any ongoing operations.
Under
the Securities Purchase Agreement with Alleghany, we also entered into a Consulting Agreement under which Alleghany paid us an aggregate
amount 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 compensation of any of our employees.
Current
Operations
Prior
to December 31, 2020, while implementing underground gravity drainage, or UGD, projects for Allegheny, we gained specialized know-how
and operational experience in evaluating, acquiring, operating and developing oil and gas properties, as well as gaining expertise designing,
drilling and producing conventional oil wells. Based upon that know-how, we identified and acquired 45,246 gross acres and 37,932 net
acres of mineral property interests in the State of Montana. We began drilling an exploratory well in Montana during May 2022. That well
has not yet been completed or put into production. We are continuing our efforts to complete the drilling of the well and begin commercial
production. Simultaneously, we are attempting to raise additional funds to continue development of the other mineral property interests
we purchased. We plan to have each additional well have an 80-acre footprint, so that the first ten wells would cover approximately 800
acres, or less than two percent of our leased acreage. Our ability to secure further funding will determine the extent of future production
for the acreage, and the pace of field development.
ITEM
2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS – continued
In
connection with our securing the acreage in Montana described above, our wholly owned subsidiary, Lustre Oil Company LLC, or Lustre,
entered into an Acquisition and Participation Agreement with Erehwon Oil & Gas, LLC, or Erehwon. Our agreement with Erehwon allows
us to acquire oil and gas interests, and drill, complete and equip wells in Valley County, Daniels County and Roosevelt County, Montana.
Our agreement with Erehwon also specifies calculations for royalty interests and working interests that we will receive for the first
ten well completions, and first ten well recompletions, which is defined as the completion of a well for production from an existing
well bore in another formation. Under our agreement with Erehwon, we will acquire the initial mineral leases, and pay 100% of the initial
acquisition costs, up to $500,000. When the total costs exceed $500,000, Erehwon has the option to acquire a 10% working interest in
any lease we acquired by paying us 10% of our acquisition cost of that lease, resulting in our paying 90% of the applicable leases
acquisition costs. Until we are repaid the full amount of the acquisition costs we paid to complete the first ten wells and first ten
recompletions of older wells, the working interest split will remain 10% to Erehwon and 90% to us. After we have recovered our acquisition
costs, Erehwons working interest will increase to a 20% working interest. Additional wells and recompletions will have a working
interest split of 10% to Erehwon and 90% to us, unless Erehwon exercises its option to increase its working interest by 10%, as described
above.
Under
our agreement with Erehwon, we will fund 100% of the construction costs of the first ten wells and first ten recompletions. The lease
acquisition costs of any additional wells will be funded 80% by us and 20% by Erehwon; provided, however, that Erehwon will have the
option to increase its working interest to 20% only by reimbursing us for 10% of our acquisition costs. Royalty expenses for these wells
will consist of a royalty interest to the landowner and an overriding royalty interest of between 3% and 6% for two individuals who generated
the prospects, who will also receive an amount equal to 5% of the cost of the first ten new wells we complete and the first ten completed
recompletions.
In
January 2022, we executed a Net Profits Interest Agreement with Erehwon and Olfert No. 11-4 Holdings, LLC, or Olfert Holdings, for the
purpose of funding the first well under the Acquisition and Participation Agreement described above, named Olfert #11-4. In exchange
for Olfert Holdings funding of the development of the first well, Olfert Holdings receives 90% of amounts resulting from Olfert
#11-4 prior to Payout and 50% after Payout. The Net Profits Interest Agreement defines Payout
as the point in time when the aggregate of all Net Profits Interest payments made to Olfert Holdings under the agreement
equals 105% of the total well development costs.
Lustre
and Erehwon entered into an Exploration and Development Agreement, dated July 18, 2023 (the Development Agreement), with
Texakoma Exploration & Production Company (Texakoma), for the exploration and development of the Lustre Field
Prospect, as described in the Development Agreement. Lustre and Erehwon are parties to an existing Acquisition and Participation
Agreement, under which those parties agreed to acquire certain oil and gas interests, and drill, complete, re-enter, re-complete, sidetrack,
and equip wells, in certain counties in Montana.
Under
the terms of the Development Agreement, Texakoma agreed to pay Lustre and Erehwon (jointly, LOC), the following amounts:
(i) $175,000 on or before July 21, 2023; and (ii) another $175,000 upon the spudding of the initial test well subject to
rig availability. Upon the spudding of that test well, LOC is required to deliver to Texakoma a partial assignment of an 85% working
interest in the oil and gas leases covering the first two initial drilling and spacing units. Both payments were received prior to November
2023.
Texakoma
will pay 100% of the costs associated with the drilling and completion of two initial test wells. LOC will have an undivided 15% working
interest, carried through the tanks, in the initial two wells. Texakoma will have the option, but not the obligation, to participate
in the development of the remainder of the Lustre Field Prospect, which may be exercised by giving LOC written notice of its intent to
participate within 90 days after the completion rig moves off the second test well location.
If
Texakoma duly exercises its option, Texakoma agrees to drill eight additional wells, with LOC having a 15% working interest carried through
the tanks and pay LOC $706,603 for an 85% leasehold interest in the next eight drill sites and a 50% leasehold interest in the balance
of the Lustre Field Prospect acreage. The working and net revenue interest in any wells drilled subsequent to the first ten wells will
be shared by Texakoma and LOC on a 50:50 basis. Following the Texakoma transaction, we will retain a 100% leasehold interest and full
control of an additional 30,556 net mineral acres in northeastern Montana at the western edge of the Williston Basin.
In
January 2022, we also entered into the operating agreement of 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 November 30, 2023, we were credited with a contribution of $78,373 in market value of well development costs, representing a 4.4%
interest in Olfert Holdings. Since then, other investors, including our chief financial officer, assumed and funded our remaining capital
commitment under the Olfert Holdings operating agreement.
On
June 30, 2020, we entered into the Limited Liability Company Agreement of Cat Creek Holdings LLC, a Montana limited liability company,
with Lipson Investments LLC and Viper Oil & Gas, LLC. The limited liability company was formed to purchase certain oil and gas properties
in the Cat Creek Field in Petroleum County and Garfield County in the State of Montana. On July 1, 2020, Cat Creek Holdings entered into
an Asset Purchase and Sale Agreement with Carrell Oil Company, under which Cat Creek Holdings agreed to pay Carrell Oil $400,000 in cash,
subject to certain revenue adjustments and expense and tax allocations, in exchange for the Cat Creek Field properties. We invested $448,900
in Cat Creek Holdings in exchange for a 50% ownership interest. Lipson Investments LLC and Viper Oil & Gas, LLC, the other two members
of Cat Creek Holdings, have ownership interests of 25% each, which they received for their respective investments of $224,450 in cash.
We designate two of the four managers of Cat Creek Holdings.
ITEM
2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS – continued
Liquidity
and Capital Resources
We
expect that the agreement with Texakoma described above will produce revenue sufficient to cover our ongoing operating expenses beginning
later in calendar year 2024. In late November and early December of 2023, the two exploratory wells drilled by Texakoma encountered promising
levels of oil. These two wells continue to be evaluated and tested, and we hope they will be put into production in the first calendar
quarter of 2024. Any sales of oil from those wells will be distributed in accordance with the Texakoma agreement. 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 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 as much as $67 million in present value 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 acreage described above. The secured convertible notes are secured by interests in our wholly owned
subsidiary, Hell Creek Crude, LLC. There is no financial activity at Hell Creek Crude prior to November 30, 2023. The notes
are convertible into shares of our common stock at a conversion rate of $1.00 per share. As of the filing date, we have issued $625,000
in principal amount of the notes.
We
have also recently received $267,319 in proceeds from the sale of 6,062,886 shares of our common stock to an individual investor who
previously purchased one of our secured convertible promissory notes described above.
Lustre
and Erehwon have filed an action for quiet title in the State of Montana against Anadarko Minerals, Inc. and A&S Mineral Development
Co, LLC. They are asking for damages in excess of $2 million in that action. However, we cannot assure you that they will prevail in
that action and, if they do prevail, the timing of the resolution of the action, or the amount of any damages that they may receive.
We hope to negotiate a settlement of the case prior to a court date set for August 2024.
Our
cash and cash equivalents as of November 30, 2023 was $38,879. Our total debt outstanding as of November 30, 2023 was $3,816,045,
including (i) $617,934 owed to Alleghany, which is classified as a current note payable, and (ii) $987,758 pursuant to notes under the
Paycheck Protection Program, or PPP, of which we have classified $920,853 as long-term debt, net of the current portion totaling $66,905,
which is classified as a current note payable, (iii) $858,193 short term convertible notes, net of deferred debt discount, (iv) a $310,061
revolving note classified as short-term, (v) a $750,000 note payable due to Cali Fields LLC, classified as short-term, and (vi) a $292,099
note payable due to our Chief Financial Officer, classified as short-term.
Results
of Operations
During
the six months ended November 30, 2023 and 2022, we incurred operating expenses of $2,123,958 and $1,552,653, 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 also included in the general operating expenses as we are no longer providing any direct management or consulting services.
The increase in expenses for the six months ended November 30, 2023, as compared to the same period in 2022, is primarily attributable
to these payroll costs and stock-based compensation, offset by a decrease in other professional fees including public relations and advisory
services.
ITEM
2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS – continued
During
the six months ended November 30, 2023, we recognized other income and expenses comprised of $175,000 related to the sale of underground
drilling equipment that formerly had been used in drilling operations in the Fredonia underground gravity drainage project, $350,000
related to the first two payments as required under the Texakoma Development Agreement, and a $11,134 equity method loss related to our
Cat Creek equity investment. During the six months ended November 30, 2022, we recognized other income and expenses comprised of (i)
the $122,682 we received from the Employee Retention Credit established by the CARES Act, (ii) $37,251 in equity method loss related
to our Cat Creek equity investment, and (iii) $23,885 in other income.
Recently
Issued Accounting Pronouncements
Refer
to Note 3 of the Notes to Consolidated financial statements for a discussion of recently issued accounting pronouncements.
Critical
Accounting Policies and Estimates
The
process of preparing consolidated financial statements requires that we make estimates and assumptions that affect the reported amounts
of liabilities and stockholders equity/(deficit) at the date of the consolidated financial statements, and the reported amounts
of revenues and expenses during the reporting period. Significant estimates in these consolidated financial statements include estimates
related to the valuation of stock-based compensation and asset retirement obligation. Changes in the status of certain facts or circumstances
could result in a material change to the estimates used in the preparation of the consolidated financial statements and actual results
could differ from the estimates and assumptions.
Going
Concern
These
consolidated financial statements have been prepared on a going concern basis. We have routinely incurred losses since inception, resulting
in an accumulated deficit. We have recently received loans from accredited investors to fund our operations. There is no assurance that
such financing will be available in the future to meet our operating needs. This situation raises substantial doubt about our ability
to continue as a going concern within the one-year period after the issuance date of the consolidated financial statements included in
this report.
Our
management has undertaken steps to improve operations, with the goal of sustaining operations for the next twelve months and beyond.
These steps include an ongoing effort to raise funds through the issuance of debt to fund our well development program and maintain operations.
We have attracted and retained key personnel with significant experience in the industry. At the same time, in an effort to control costs,
we have required a number of our personnel to multi-task and cover a wider range of responsibilities in an effort to restrict the growth
of our headcount. There can be no assurance that we can successfully accomplish these steps and it is uncertain that we will achieve
a profitable level of operations and obtain additional financing. We cannot assure you that any additional financing will be available
to us on satisfactory terms and conditions, if at all.
The
accompanying consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability
and classification of assets or the amounts and classifications of liabilities that may result from the possible inability of us to continue
as a going concern.
OFF-BALANCE
SHEET ARRANGEMENTS
We
do not currently have any off-balance sheet arrangements or other such unrecorded obligations, and we have not guaranteed the debt of
any other party.
ITEM
3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Our
exposure to market risk is confined to our cash equivalents. We invest in high-quality financial instruments and believe we are subject
to limited credit risk. Due to the short-term nature of our cash, we do not believe that we have any material exposure to interest rate
risk arising from our investments.
ITEM
4. CONTROLS AND PROCEDURES
(a)
Evaluation of Disclosure Controls and Procedures
We
maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports filed
or submitted under the Securities Exchange Act of 1934, as amended, or the Exchange Act, is recorded, processed, summarized and reported
within the time periods specified in the rules and forms of the Securities and Exchange Commission, or the SEC. Our disclosure controls
and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in our
reports filed under the Exchange Act is accumulated and communicated to management as appropriate to allow timely decisions regarding
required disclosures. There are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including
the possibility of human error and the circumvention or overriding of the controls and procedures. Accordingly, even effective disclosure
controls and procedures can only provide reasonable assurance of achieving their control objectives, and management necessarily is required
to use its judgment in evaluating the cost-benefit relationship of possible controls and procedures.
An
evaluation was carried out under the supervision and with the participation of our management, including our Chief Executive Officer,
or CEO, and Chief Financial Officer, or CFO, of the effectiveness of our disclosure controls and procedures as of the end of the period
covered by this report as defined in Exchange Act Rule 13a-15(e) and Rule 15d-15(e). Based on that evaluation, our CEO and CFO have concluded
that, as of the end of the period covered by this report, our disclosure controls and procedures are not effective in ensuring that information
required to be disclosed in our Exchange Act reports is (1) recorded, processed, summarized and reported in a timely manner, and (2)
accumulated and communicated to our management, including our CEO and CFO, as appropriate, to allow for timely decisions regarding required
disclosure.
Our
small size and limited resources have prevented us from being able to employ sufficient resources to enable us to have an adequate level
of supervision and segregation of duties. Further we have limited specific oil and gas accounting personnel in our accounting department
due to our small size, lack of resources and limited technical accountants on staff. Therefore, it is difficult for us to effectively
segregate accounting duties and have proper financial reporting, which creates a material weakness in internal controls. This lack of
segregation of duties and limited personnel leads management to conclude that our financial reporting disclosure controls and procedures
are not effective to give reasonable assurance that the information required to be disclosed in reports that we file under the Exchange
Act is recorded, processed, summarized and reported as and when required.
(b)
Changes in Internal Control Over Financial Reporting
None.
PART
II - OTHER INFORMATION
ITEM
5. OTHER INFORMATION
None.
ITEM
6. EXHIBITS
The
exhibits required to be filed herewith by Item 601 of Regulation S-K, as described in the following index of exhibits, are attached hereto
unless otherwise indicated as being incorporated herein by reference, as follows:
101.INS |
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 |
|
|
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Cover
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SIGNATURES
In
accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
LAREDO
OIL, INC.
(Registrant)
Date:
January 22, 2024 |
By: |
/s/
Mark See |
|
|
|
Mark
See |
|
|
|
Chief
Executive Officer and Chairman of the Board |
|
|
|
|
|
Date:
January 22, 2024 |
By: |
/s/
Bradley E. Sparks |
|
|
|
Bradley
E. Sparks |
|
|
|
Chief
Financial Officer, Treasurer and Director |
|
EXHIBIT 31.1
CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT
TO SECURITIES EXCHANGE ACT OF 1934
RULE 13a-14(a) OR 15d-14(a)
I, Mark See, Chief Executive Officer of Laredo Oil, Inc., certify that:
| 1. | I have reviewed this quarterly report
on Form 10-Q for the period ended November 30, 2023 of Laredo Oil, Inc., the registrant; |
| 2. | Based on my knowledge, this report
does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light
of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
| 3. | Based on my knowledge, the financial
statements, and other financial information included in this report, fairly present in all material respects the financial condition,
results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
| 4. | The 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 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: January 22, 2024 |
|
|
|
/s/ Mark See |
|
Mark See |
|
Chief Executive Officer |
|
EXHIBIT 31.2
CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT
TO SECURITIES EXCHANGE ACT OF 1934
RULE 13a-14(a) OR 15d-14(a)
I, Bradley E. Sparks, Chief Financial Officer and Treasurer of Laredo
Oil, Inc., certify that:
| 1. | I have reviewed this quarterly report
on Form 10-Q for the period ended November 30, 2023 of Laredo Oil, Inc., the registrant; |
| 2. | Based on my knowledge, this report
does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light
of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
| 3. | Based on my knowledge, the financial
statements, and other financial information included in this report, fairly present in all material respects the financial condition,
results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
| 4. | The 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 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: January 22, 2024 |
|
/s/ Bradley E. Sparks |
|
Bradley E. Sparks |
Chief Financial Officer and Treasurer |
EXHIBIT 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Laredo
Oil, Inc. on Form 10-Q for the period ended November 30, 2023, as filed with the Securities and Exchange Commission on the date hereof
(the “Report”), I, Mark See, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge and belief:
| (1) | the Report fully complies with
the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
| (2) | the information contained in
the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ Mark See |
|
Mark See |
Chief Executive Officer |
|
Date: January 22, 2024 |
EXHIBIT 32.2
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Laredo
Oil, Inc. on Form 10-Q for the period ended November 30, 2023, as filed with the Securities and Exchange Commission on the date hereof
(the “Report”), I, Bradley E. Sparks, Chief Financial Officer and Treasurer of the Company, certify, pursuant to 18 U.S.C.
Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge and belief:
| (1) | the Report fully complies with
the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
| (2) | the information contained in
the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ Bradley E. Sparks |
|
Bradley E. Sparks |
Chief Financial Officer and Treasurer |
|
Date: January 22, 2024 |
v3.23.4
Cover - shares
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Nov. 30, 2023 |
Jan. 15, 2024 |
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v3.23.4
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
|
Nov. 30, 2023 |
May 31, 2023 |
Current Assets |
|
|
Cash and cash equivalents |
$ 38,879
|
$ 13,754
|
Receivables – related party |
|
1,779
|
Prepaid expenses and other current assets |
26,452
|
36,549
|
Total Current Assets |
65,331
|
52,082
|
Property and Equipment |
|
|
Oil and gas acquisition and drilling costs |
4,479,596
|
4,547,740
|
Property and equipment, net |
198,982
|
209,182
|
Total Property and Equipment, net |
4,678,578
|
4,756,922
|
Other assets |
30,000
|
30,000
|
TOTAL ASSETS |
5,049,898
|
5,126,127
|
Current Liabilities |
|
|
Accounts payable |
2,054,309
|
2,197,975
|
Accrued payroll liabilities |
2,743,004
|
2,262,450
|
Accrued interest |
326,905
|
210,414
|
Deferred well development costs |
1,799,260
|
1,799,260
|
Convertible debt, net of debt discount and debt issuance costs |
858,193
|
839,798
|
Revolving note |
1,060,061
|
933,000
|
Note payable – related party |
292,099
|
292,099
|
Note payable – Alleghany, net of debt discount |
617,934
|
617,934
|
Note payable, current portion |
66,905
|
449,624
|
Total Current Liabilities |
9,818,670
|
9,602,554
|
Asset retirement obligation |
71,026
|
67,938
|
Long-term note, net of current portion |
920,853
|
536,974
|
Total Noncurrent Liabilities |
991,879
|
604,912
|
TOTAL LIABILITIES |
10,810,549
|
10,207,466
|
Commitments and Contingencies (Note 13) |
|
|
Stockholders Deficit |
|
|
Preferred stock: $0.0001 par value; 10,000,000 shares authorized; none issued and outstanding |
|
|
Common stock: $0.0001 par value; 120,000,000 shares authorized; 70,124,809 and 66,220,206 issued and outstanding as of November 30, 2023 and May 31, 2023 |
7,012
|
6,622
|
Additional paid in capital |
11,115,231
|
9,990,378
|
Accumulated deficit |
(16,882,894)
|
(15,078,339)
|
Total Stockholders Deficit |
(5,760,651)
|
(5,081,339)
|
TOTAL LIABILITIES AND STOCKHOLDERS DEFICIT |
5,049,898
|
5,126,127
|
Olfert [Member] |
|
|
Property and Equipment |
|
|
Equity method investment – Cat Creek |
37,630
|
37,630
|
Cat Creek [Member] |
|
|
Property and Equipment |
|
|
Equity method investment – Cat Creek |
$ 238,359
|
$ 249,493
|
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v3.23.4
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares
|
Nov. 30, 2023 |
May 31, 2023 |
Statement of Financial Position [Abstract] |
|
|
Preferred Stock, Par or Stated Value Per Share |
$ 0.0001
|
$ 0.0001
|
Preferred Stock, Shares Authorized |
10,000,000
|
10,000,000
|
Preferred Stock, Shares Issued |
0
|
0
|
Preferred Stock, Shares Outstanding |
0
|
0
|
Common Stock, Par or Stated Value Per Share |
$ 0.0001
|
$ 0.0001
|
Common Stock, Shares Authorized |
120,000,000
|
120,000,000
|
Common Stock, Shares, Issued |
70,124,809
|
66,220,206
|
Common Stock, Shares, Outstanding |
70,124,809
|
66,220,206
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.23.4
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
Nov. 30, 2023 |
Nov. 30, 2022 |
Nov. 30, 2023 |
Nov. 30, 2022 |
Income Statement [Abstract] |
|
|
|
|
Revenue |
$ (0)
|
$ (0)
|
$ (0)
|
$ (0)
|
Direct costs |
|
|
|
|
Gross profit (loss) |
|
|
|
|
General, selling and administrative expenses |
685,319
|
469,387
|
1,862,443
|
1,061,767
|
Consulting and professional services |
86,897
|
155,533
|
261,515
|
490,886
|
Total Operating Expense |
772,216
|
624,920
|
2,123,958
|
1,552,653
|
Operating income (loss) |
(772,216)
|
(624,920)
|
(2,123,958)
|
(1,552,653)
|
Other income/(expense) |
|
|
|
|
Other non-operating income |
175,000
|
|
350,000
|
1,521
|
Gain on sale of assets |
|
|
175,000
|
22,364
|
Income from employee retention credit |
|
|
|
122,682
|
Equity method income (loss) |
9,528
|
(26,346)
|
(11,134)
|
(37,251)
|
Interest expense |
(98,077)
|
(98,502)
|
(194,463)
|
(181,056)
|
Net income (loss) |
$ (685,765)
|
$ (749,768)
|
$ (1,804,555)
|
$ (1,624,393)
|
Net income (loss) per share, basic and diluted |
$ (0.01)
|
$ (0.01)
|
$ (0.03)
|
$ (0.02)
|
Weighted average number of common shares outstanding |
67,732,397
|
56,195,327
|
66,922,493
|
55,695,397
|
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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v3.23.4
Condensed Consolidated Statements of Changes in Stockholders' Deficit (Unaudited) - USD ($)
|
Common Stock [Member] |
Preferred Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Beginning balance, value at May. 31, 2022 |
$ 5,451
|
|
$ 9,179,088
|
$ (11,982,488)
|
$ (2,797,949)
|
Ending Balance, Shares at May. 31, 2022 |
54,514,765
|
|
|
|
|
Stock based compensation |
|
|
133,110
|
|
133,110
|
Net Loss |
|
|
|
(874,625)
|
(874,625)
|
Restricted stock issued to consultants |
$ 127
|
|
187,130
|
|
187,257
|
Restricted stock issued to consultants, Shares |
1,272,574
|
|
|
|
|
Cumulative effect of accounting changes (See Note 5) |
|
|
(55,918)
|
16,200
|
(39,718)
|
Ending balance, value at Aug. 31, 2022 |
$ 5,578
|
|
9,443,410
|
(12,840,913)
|
(3,391,925)
|
Ending Balance, Shares at Aug. 31, 2022 |
55,787,339
|
|
|
|
|
Beginning balance, value at May. 31, 2022 |
$ 5,451
|
|
9,179,088
|
(11,982,488)
|
(2,797,949)
|
Ending Balance, Shares at May. 31, 2022 |
54,514,765
|
|
|
|
|
Stock based compensation |
|
|
|
|
142,735
|
Net Loss |
|
|
|
|
(1,624,393)
|
Ending balance, value at Nov. 30, 2022 |
$ 5,725
|
|
9,571,164
|
(13,590,681)
|
(4,013,792)
|
Ending Balance, Shares at Nov. 30, 2022 |
57,255,381
|
|
|
|
|
Beginning balance, value at Aug. 31, 2022 |
$ 5,578
|
|
9,443,410
|
(12,840,913)
|
(3,391,925)
|
Ending Balance, Shares at Aug. 31, 2022 |
55,787,339
|
|
|
|
|
Stock based compensation |
|
|
9,625
|
|
9,625
|
Net Loss |
|
|
|
(749,768)
|
(749,768)
|
Issuance of shares upon debt conversion |
$ 147
|
|
118,129
|
|
118,276
|
Issuance of shares upon debt conversion, Shares |
1,468,042
|
|
|
|
|
Ending balance, value at Nov. 30, 2022 |
$ 5,725
|
|
9,571,164
|
(13,590,681)
|
(4,013,792)
|
Ending Balance, Shares at Nov. 30, 2022 |
57,255,381
|
|
|
|
|
Beginning balance, value at May. 31, 2023 |
$ 6,622
|
|
9,990,378
|
(15,078,339)
|
(5,081,339)
|
Ending Balance, Shares at May. 31, 2023 |
66,220,306
|
|
|
|
|
Stock based compensation |
|
|
721,110
|
|
721,110
|
Net Loss |
|
|
|
(1,118,790)
|
(1,118,790)
|
Ending balance, value at Aug. 31, 2023 |
$ 6,622
|
|
10,711,488
|
(16,197,129)
|
(5,479,019)
|
Ending Balance, Shares at Aug. 31, 2023 |
66,220,306
|
|
|
|
|
Beginning balance, value at May. 31, 2023 |
$ 6,622
|
|
9,990,378
|
(15,078,339)
|
(5,081,339)
|
Ending Balance, Shares at May. 31, 2023 |
66,220,306
|
|
|
|
|
Stock based compensation |
|
|
|
|
956,252
|
Net Loss |
|
|
|
|
(1,804,555)
|
Ending balance, value at Nov. 30, 2023 |
$ 7,012
|
|
11,115,231
|
(16,882,894)
|
(5,760,651)
|
Ending Balance, Shares at Nov. 30, 2023 |
70,124,809
|
|
|
|
|
Beginning balance, value at Aug. 31, 2023 |
$ 6,622
|
|
10,711,488
|
(16,197,129)
|
(5,479,019)
|
Ending Balance, Shares at Aug. 31, 2023 |
66,220,306
|
|
|
|
|
Stock based compensation |
|
|
235,142
|
|
235,142
|
Net Loss |
|
|
|
(685,765)
|
(685,765)
|
Issuance of shares upon debt conversion |
$ 390
|
|
168,601
|
|
168,991
|
Issuance of shares upon debt conversion, Shares |
3,904,503
|
|
|
|
|
Ending balance, value at Nov. 30, 2023 |
$ 7,012
|
|
$ 11,115,231
|
$ (16,882,894)
|
$ (5,760,651)
|
Ending Balance, Shares at Nov. 30, 2023 |
70,124,809
|
|
|
|
|
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v3.23.4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
6 Months Ended |
Nov. 30, 2023 |
Nov. 30, 2022 |
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
Net income (loss) |
$ (1,804,555)
|
$ (1,624,393)
|
Adjustments to Reconcile Net Income (Loss) to Net Cash used in Operating Activities |
|
|
Stock based compensation expense |
956,252
|
142,735
|
Restricted stock expense |
|
187,257
|
Depreciation expense |
10,200
|
22,187
|
Accretion expense |
3,088
|
3,088
|
Amortization of debt discount |
35,579
|
47,863
|
Equity method loss (income) |
11,134
|
37,251
|
Gain on sale of assets |
(175,000)
|
(22,364)
|
Change in operating assets and liabilities |
|
|
Receivables from related party |
1,779
|
(10,202)
|
Prepaid expenses and other current assets |
10,097
|
5,534
|
Accounts payable and accrued liabilities |
50,335
|
(366)
|
Accrued payroll |
480,554
|
260,603
|
Accrued interest |
126,143
|
71,500
|
NET CASH USED IN OPERATING ACTIVITIES |
(294,394)
|
(879,307)
|
CASH FLOWS USED IN INVESTING ACTIVITIES |
|
|
Investment in equity method investment |
|
(18,438)
|
Investment in property, plant and equipment |
|
(303)
|
Proceeds from sale of assets |
175,000
|
|
Investment in oil and gas acquisition and drilling costs |
(125,857)
|
(968,051)
|
NET CASH USED IN INVESTING ACTIVITIES |
49,143
|
(986,792)
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
Issuance of convertible debt |
280,000
|
540,000
|
Repayment of convertible debt |
(133,384)
|
(202,556)
|
Proceeds from related party note payable |
|
150,000
|
Proceeds from notes payable and revolving note |
127,061
|
798,000
|
Proceeds from prefunded drilling costs |
|
715,438
|
PPP loan repayments |
(3,301)
|
(144,297)
|
CASH FLOWS PROVIDED BY FINANCING ACTIVITIES |
270,376
|
1,856,585
|
Net increase (decrease) in cash and cash equivalents |
25,125
|
(9,514)
|
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD |
13,754
|
109,183
|
CASH AND CASH EQUIVALENTS AT END OF PERIOD |
38,879
|
99,669
|
NONCASH ACTIVITIES |
|
|
Oil and gas acquisition and drilling costs in accounts payable |
194,001
|
536,157
|
Interest paid |
32,733
|
42,577
|
Conversion of convertible debt |
161,991
|
118,276
|
Sale of assets in exchange for note payable repayment |
|
$ 136,479
|
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v3.23.4
ORGANIZATION AND DESCRIPTION OF BUSINESS
|
6 Months Ended |
Nov. 30, 2023 |
Accounting Policies [Abstract] |
|
ORGANIZATION AND DESCRIPTION OF BUSINESS |
NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS
The accompanying consolidated financial statements
have been prepared by the management of Laredo Oil, Inc. (the Company).
The Company was incorporated under the laws of
the State of Delaware on March 31, 2008 under the name of Laredo Mining, Inc. On October 21, 2009, the Company changed its
name to Laredo Oil, Inc.
The Company is an oil exploration and production
company, primarily engaged in acquisition and exploration efforts to find mineral reserves on various properties. From its inception in
March 2008 through October 2009, the Company was primarily engaged in acquisition and exploration efforts for mineral properties. Beginning
in October 2009, the Company shifted its focus to locating mature oil fields with the intention of acquiring those oil fields and recovering
stranded oil using enhanced recovery methods. From June 14, 2011 to December 31, 2020, the Company was a management services company,
managing the acquisition and operation of mature oil fields, focused on the recovery of stranded oil from those mature fields
using enhanced oil recovery methods for its then sole customer, Stranded Oil Resources Corporation, or SORC, then a wholly owned subsidiary
of Alleghany Corporation. The Company performed those services in exchange for a quarterly management fee and the reimbursement of its
employee related expenses from SORC, which fees and reimbursements were effectively all of the Companys revenues prior to the closing
of the Securities Purchase Agreement with Alleghany described below.
On December 31, 2020, the Company entered into
a Securities Purchase Agreement with Alleghany Corporation. Under that agreement, the Company purchased all the issued and outstanding
shares of SORC. Currently, there are no ongoing operations being conducted by SORC.
Under the Securities Purchase Agreement with Alleghany,
the Company also entered into a Consulting Agreement, under which Alleghany paid the Company an aggregate of approximately $1.245 million
during calendar year 2021 in exchange for providing Alleghany with one to three years of consulting services from certain of the Companys
employees, including Mark See, its Chief Executive Officer.
Alleghany no longer pays the Company any management
fees or reimbursement payments for the monthly expenses of its employees. Those fees and reimbursements were effectively all of the Companys
revenues prior to the termination of the Securities Purchase Agreement with Alleghany described above.
While the Company was providing services to Alleghany,
it gained know-how and operational experience in evaluating, acquiring, operating and developing oil and gas properties using enhanced
oil recovery methods. The Company also gained experience in designing, drilling and producing conventional oil wells using those methods.
During the period from June 14, 2011 through December
31, 2020, when the 2011 SORC Agreements were in effect, the Companys management gained specialized know-how and operational experience
in evaluating, acquiring, operating and developing oil and gas properties while implementing underground gravity drainage, or UGD, projects,
as well as gaining expertise designing, drilling and producing conventional oil wells. Based upon that gained knowledge, as of November
30, 2023, the Company has identified and acquired 45,766 gross acres and 38,153 net acres of mineral property interests in Montana. The
Company drilled one exploratory well during May 2022, which has been shut-in pending gaining access to a saltwater disposal well allowing
economically feasible water disposal. The Company plans to continue to develop the field, depending on funding.
In connection with securing this acreage in Montana,
Lustre Oil Company LLC, a wholly owned subsidiary of the Company (Lustre), entered into an Acquisition and Participation
Agreement (the Erehwon APA) with Erehwon Oil & Gas, LLC (Erehwon) to acquire oil and gas interests and
drill, complete, re-enter, re-complete, sidetrack, and equip wells in Valley County, Daniels County and Roosevelt County, Montana. The
Erehwon APA specifies calculations for royalty interests and working interests for the first ten well completions and first ten well recompletions
and for all additional wells and recompletions thereafter. Lustre will acquire initial mineral leases and pay 100% of the costs with a
cap of $500,000. When the $500,000 cap is exceeded, Erehwon will have the option to acquire a 10% working interest (WI)
in a lease by paying 10% of any lease acquisition cost, resulting in Lustre paying 90% of the lease costs, on a lease-by-lease basis.
Until amounts paid to complete the first ten new wells and first ten recompletions are repaid (Payback), the WI split is
10% for Erehwon and 90% for Lustre. Thereafter, the split between Erehwon and Lustre will be 20%/80%. Additional wells and recompletions
will have a WI split equal to their respective working interest in the leases. This will be 10% for Erehwon and 90% for Lustre, unless
Erehwon exercises its option to increase its WI by ten percentage points to 20%, as described above. Under the Erehwon APA, Lustre will
fund 100% of the construction costs of the first ten wells and first ten completions. Any additional wells will be funded 80% by Lustre
and 20% by Erehwon; provided, however, that Erehwon has the option to pay 10% of the construction cost to increase its WI to 20%. Royalty
expense will consist of the sum of royalty interest to the landowner and an overriding royalty interest to two individuals (Prospect
Generators), not to exceed 6% nor be less than 3%. For the first ten new wells and first ten recompletions, Prospect Generators
will receive an amount equal to 5% of the cost of each completed and producing well.
In January 2022, the Company and Lustre executed
a Net Profits Interest Agreement (the NPI Agreement) with Erehwon and Olfert No. 11-4 Holdings, LLC (Olfert)
for the purpose of funding the first well, Olfert #11-4, (the Well) under the Erehwon APA. In connection with the NPI Agreement,
the Company was credited with a contribution totaling $59,935 of well development costs 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 the Company as of May 31,
2022 was $19,435. The difference between the $59,935 contribution recorded at the Olfert level and the investment recorded by the Company
is due to the Companys investment being recorded at the carrying value of the assets contributed. As the Company also currently
serves as the manager of Olfert, it exercises significant influence. Accordingly, the amount paid by the Company was recorded as an equity
method investment as of November 30, 2023. See further disclosures in Note 8.
On June 30, 2020, the Company entered into the
Limited Liability Company Agreement (the Cat Creek Agreement) of Cat Creek Holdings, LLC (Cat Creek), a Montana
limited liability company formed as a joint venture with Lipson Investments LLC (Lipson) and Viper Oil & Gas, LLC (Viper)
for the purchase of certain oil and gas properties in the Cat Creek Field, located in Petroleum and Garfield Counties in the State of
Montana (the Cat Creek Properties). In accordance with the Cat Creek Agreement, the Company invested $448,900 of cash in
Cat Creek in exchange for 50% of the ownership interests in Cat Creek. Lipson and Viper each have a 25% ownership interests in Cat Creek
in consideration of their respective investments of $224,450. Cat Creek is managed by a board of directors consisting of four directors,
two of whom are designated by the Company.
Lustre and Erehwon entered
into an Exploration and Development Agreement, dated July 18, 2023 (the Development Agreement), with Texakoma Exploration
& Production Company (Texakoma), for the exploration and development of the Lustre Field Prospect, as
described in the Development Agreement. Lustre and Erehwon are parties to an existing Acquisition and Participation Agreement, under which
those parties agreed to acquire certain oil and gas interests, and drill, complete, re-enter, re-complete, sidetrack, and equip wells,
in certain counties in Montana.
Under the terms of the Development Agreement,
Texakoma agreed to pay Lustre and Erehwon (jointly, LOC), the following amounts: (i) $175,000 on or before July 21, 2023;
and (ii) another $175,000 upon the spudding of the initial test well subject to rig availability. Upon the spudding of that
test well, LOC is required to deliver to Texakoma a partial assignment of an 85% working interest in the oil and gas leases covering the
first two initial drilling and spacing units. The first payment under the Development Agreement was paid by Texakoma at the end of August
2023. On September 21, 2023, the Development Agreement was amended (i) to delay the anticipated spud date for the initial
well from October 1, 2023 to November 1, 2023 and (ii) to change payment date of the second $175,000 tranche to be on or before October
1, 2023. The Company received the $175,000 payment on September 29, 2023.
Texakoma will pay 100%
of the costs associated with the drilling and completion of two initial test wells. LOC will jointly have an undivided 15% working interest,
carried through the tanks, in the initial two wells. Texakoma will have the option, but not the obligation, to participate in the development
of the remainder of the Lustre Field Prospect, which may be exercised by Texakoma by giving Lustre and Erehwon written notice of its intent
to participate within 90 days after the completion rig moves off the second test well location.
If Texakoma duly exercises
its option, Texakoma agrees to drill eight additional wells, with LOC having a 15% working interest carried through the tanks, and pay
LOC $706,603 for an 85% leasehold interest in the next eight drill sites and a 50% leasehold interest in the balance of the Lustre Field
Prospect acreage. The working and net revenue interest in any wells drilled subsequent to the first ten wells will be shared by Texakoma
and LOC on a 50:50 basis. Assuming the closing of the Texakoma transaction, the Company will retain a 100% leasehold interest and full
control of an additional 30,556 net mineral acres in northeastern Montana at the western edge of the Williston Basin.
Basic
and Diluted Loss per Share
Basic and
diluted earnings/(loss) per share is computed by dividing net income/(loss) available to common stockholders by the weighted average number
of common shares outstanding during the period. Diluted earnings/(loss) per share gives effect to all dilutive potential common shares
outstanding during the period. Dilutive earnings/(loss) per share excludes all potential common shares if their effect is anti-dilutive.
As the Company realized a net loss for the three- and six-month periods ended November 30, 2023 and 2022, it did not include potentially
dilutive securities in the calculation of diluted loss per share as their impact would have been anti-dilutive. Diluted earnings/(loss)
per share is computed by dividing the net income (loss) by the weighted-average number of common and dilutive common equivalent shares
outstanding during the period.
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- DefinitionThe entire disclosure for the business description and basis of presentation concepts. Business description describes the nature and type of organization including but not limited to organizational structure as may be applicable to holding companies, parent and subsidiary relationships, business divisions, business units, business segments, affiliates and information about significant ownership of the reporting entity. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).
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v3.23.4
GOING CONCERN
|
6 Months Ended |
Nov. 30, 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 was dependent on one customer for its revenue. There is no assurance that in the future any financing will be available to
meet the Companys needs. This situation raises substantial doubt about the Companys ability to continue as a going concern
within one year of the issuance date of these consolidated financial statements.
The Companys management has undertaken
steps as part of a plan to improve operations with the goal of sustaining operations for the next twelve months and beyond. These steps
include an ongoing effort to (a) controlling overhead and expenses; (b) raising funds connected with specific well development; and (b)
raising funds through notes payable and convertible debt to expand and fund property acquisitions exploration and development as well
as maintaining operations. The Company has worked to attract and retain key personnel with significant experience in the industry. At
the same time, to control costs, the Company has required several of its personnel to multi-task and cover a wider range of responsibilities
to manage 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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v3.23.4
SIGNIFICANT ACCOUNTING POLICIES
|
6 Months Ended |
Nov. 30, 2023 |
Accounting Policies [Abstract] |
|
SIGNIFICANT ACCOUNTING POLICIES |
NOTE 3 – SIGNIFICANT ACCOUNTING POLICIES
Use of Estimates – Management
uses estimates and assumptions in preparing these consolidated financial statements in accordance with generally accepted accounting principles.
Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities,
and the reported revenues and expenses. Actual results could differ from those estimates.
Principles of Consolidation – The
accompanying consolidated financial statements include the accounts of Laredo Oil and its subsidiaries after elimination of intercompany
balances and transactions.
Equity Method Investment – Investments
classified as equity method consist of investments in companies in which the Company can exercise significant influence but not control.
Under the equity method of accounting, the investment is initially recorded at cost, then the Companys proportional
share of investees underlying net income or loss is recorded as a component of other income with a corresponding
increase or decrease to the carrying value of the investment. Distributions received from the investee reduce the Companys
carrying value of the investment. These investments are evaluated for impairment if events or circumstances arise that indicate that
the carrying amount of such assets may not be recoverable. The Company has elected to record its portion of the equity method income (loss)
with a two-month lag. Accordingly, the financial results for the equity investment are reported through September 30, 2023. No impairments
were recognized for the Companys equity method investment during the quarter ended November 30, 2023. See Note 11.
Property and Equipment – The carrying
value of the Companys property and equipment represents the cost incurred to acquire the property and equipment, net of any impairments.
For business combinations, property and equipment cost is based on the fair values at the acquisition date.
Oil and Gas Acquisition Costs – Oil
and gas acquisition and drilling costs include expenditures representing investments in unproved and unevaluated properties and include
non-producing leasehold, leasehold or drilling interest costs, and costs to drill one exploratory well. Exploratory drilling costs are
deferred until the outcome of the well is known. If an exploratory well finds proved reserves, the deferred costs are transferred to
the companys Wells and Related Equipment and Facilities accounts. Absent proved reserves, the deferred costs of the well, net of
salvage, are charged to expense. All costs of wells drilled to develop proved reserves, along with all costs of equipment necessary to
produce and handle the hydrocarbons, are capitalized even if a development well proves dry. Costs are reviewed to determine if impairment
has occurred. The Company has incurred oil and gas acquisition and drilling costs totaling $4,479,596 and $4,547,740 as of November 30,
2023 and May 31, 2023, respectively.
Schedule
of Oil and Gas Acquisition and Drilling Cost
| |
November 30, | | |
May 31, | |
| |
2023 | | |
2023 | |
Intangible and tangible drilling costs | |
$ | 3,313,774 | | |
$ | 3,410,832 | |
Acquisition costs | |
| 1,165,822 | | |
| 1,136,908 | |
| |
| | | |
| | |
Oil and gas acquisition and drilling costs | |
$ | 4,479,596 | | |
$ | 4,547,740 | |
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v3.23.4
RECENT AND ADOPTED ACCOUNTING STANDARDS
|
6 Months Ended |
Nov. 30, 2023 |
Accounting Changes and Error Corrections [Abstract] |
|
RECENT AND ADOPTED ACCOUNTING STANDARDS |
NOTE 4 – RECENT AND ADOPTED ACCOUNTING STANDARDS
The Company has implemented all new accounting
pronouncements that are in effect. These pronouncements did not have any material impact on the consolidated financial statements unless
otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that
might have a material impact on its financial position or results of operations.
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v3.23.4
ACCOUNTING FOR ASSET RETIREMENT AND ENVIRONMENTAL OBLIGATIONS
|
6 Months Ended |
Nov. 30, 2023 |
Asset Retirement Obligation Disclosure [Abstract] |
|
ACCOUNTING FOR ASSET RETIREMENT AND ENVIRONMENTAL OBLIGATIONS |
NOTE 5 – ACCOUNTING FOR ASSET RETIREMENT AND ENVIRONMENTAL OBLIGATIONS
The Company accounts for its asset retirement obligations
in accordance with Accounting for Asset Retirement and Environmental Obligations. This requires that legal obligations associated
with the retirement of long-lived assets be recognized at fair value when incurred and capitalized as part of the related long-lived asset.
Over time, the liability is accreted to its present value each period, and the capitalized asset is depreciated over the useful
life of the long-lived asset.
In the absence of quoted market prices, the Company
estimates the fair value of its asset retirement obligations using present value techniques, in which estimates of future cash flows
associated with retirement activities are discounted using a credit-adjusted risk-free rate. The Companys estimated liability
could change significantly if actual costs vary from assumptions or if governmental regulations change significantly.
The Companys asset retirement obligation
was established in May 2022 when it commenced drilling the Olfert#11-4 well in the Lustre oil field. On November 30, 2023 and May 31,
2023 the asset retirement obligation totaled $71,026 and $67,938, respectively.
The cash flow estimate for the asset retirement
obligation is based upon the assumption of a 25-year expected life of the well, discounted using a credit-adjusted risk-free interest
rate of 10%.
The Company has recorded accretion expense totaling
$1,544 and $3,088 in each of the three-and nine-month periods ending November 30, 2023 and 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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v3.23.4
FAIR VALUE MEASUREMENTS
|
6 Months Ended |
Nov. 30, 2023 |
Fair Value Disclosures [Abstract] |
|
FAIR VALUE MEASUREMENTS |
NOTE 6 – FAIR VALUE MEASUREMENTS
Fair Value of Financial Instruments
The carrying values of cash and cash equivalents,
accounts and other receivables, accounts payable and accrued current liabilities approximate their fair values due to the short-term nature
of the instruments.
Assets and Liabilities Measured at Fair Value
on a Nonrecurring Basis
The estimated fair value of oil and gas properties
and the asset retirement obligation incurred in the drilling of oil and gas wells or assumed in the acquisitions of additional oil and
gas working interests are based on an estimated discount cash flow model and market assumptions. The significant Level 3 assumptions used
in the calculation of estimated discounted cash flow model include future commodity prices, projections of estimated quantities of oil
and gas reserves, expectations for timing and amount of future development, operating and asset retirement costs, projections of future
rates of production, expected recovery rates and risk adjusted discount rates. See Note 3 for additional information regarding oil and
gas property acquisitions.
The Company estimates the fair value of asset
retirement obligations based on the projected discounted future cash outflows required to settle abandonment and restoration liabilities.
Such an estimate requires assumptions and judgments regarding the existence of liabilities, the amount and timing of cash outflows required
to settle the liability, what constitutes adequate restoration, inflation factors, credit adjusted discount rates, and consideration of
changes in legal, regulatory, environmental and political environments. Abandonment and restoration cost estimates are determined in conjunction
with the Companys reserve engineers based on historical information regarding costs incurred to abandon and restore similar well
sites, information regarding current market conditions and costs, and knowledge of subject well sites and properties. Asset retirement
obligation fair value measurements in the current period were Level 3 fair value measurements. As further described in Note 5, the Company
recognizes the fair value of a liability for an asset retirement obligation in the period in which it is incurred if a reasonable estimate
of fair value can be made. Asset retirement obligations are not measured at fair value subsequent to initial recognition.
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- 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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v3.23.4
RELATED PARTY TRANSACTIONS
|
6 Months Ended |
Nov. 30, 2023 |
Related Party Transactions [Abstract] |
|
RELATED PARTY TRANSACTIONS |
NOTE 7 – RELATED PARTY TRANSACTIONS
Transactions between related parties are considered
to be related party transactions even though they may not be given accounting recognition. FASB ASC 850, Related Party Disclosures
(FASB ASC 850) requires that transactions with related parties that would make a difference in decision making shall be
disclosed so that users of the consolidated financial statements can evaluate their significance. Related party transactions typically
occur within the context of the following relationships:
|
● |
Affiliates of the entity; |
|
● |
Entities for which investments in their equity securities is typically accounted for under the equity method by the investing entity; |
|
● |
Trusts for the benefit of employees; |
|
● |
Principal owners of the entity and members of their immediate families; |
|
● |
Management of the entity and members of their immediate families. |
|
● |
Other parties that can significantly influence the management or operating policies of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests. |
On April 4, 2022, Cat Creek, in which the Company
has an equity investment, loaned the Company $136,479 at a market rate of interest. In August 2022, the Company repaid the principal amount
of the note, and accrued interest, in an exchange for property, plant and equipment.
In accordance with the NPI Agreement, between
October 2021 and August 2022, Olfert #11-4 Holdings transferred funds totaling $1,859,195 to Lustre, the Companys wholly owned
subsidiary, to provide funds for drilling expenses incurred by Lustre with respect to the development of one well.
On June 22, 2022, the Company assigned the right
to purchase up to 356,243 of the 500,000 membership interests in Olfert #11-4 to the Companys Chief Financial Officer in exchange
for his payment of $356,243 of the Companys capital commitment to Olfert #11-4.
On November 27, 2023, the Company entered into
an Amended and Restated Demand Promissory Note, (the Demand Note), and an Amended and Restated Membership Interest Pledge
Agreement, (the Lustre Pledge Agreement) with the Companys Chief Financial Officer. Under the Demand Note, the Company
promises to pay on demand the principal sum of all disbursements made to the Company up to $400,000 plus interest accrued at an annual
rate of 10%. As of November 30, 2023, the aggregate amount of advances, excluding accrued interest, was $292,099. The Demand Note is secured
by all of the Companys interests in Lustre, pursuant to the terms of the Lustre Pledge Agreement.
|
X |
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v3.23.4
NET PROFITS INTEREST AGREEMENT
|
6 Months Ended |
Nov. 30, 2023 |
Net Profits Interest Agreement |
|
NET PROFITS INTEREST AGREEMENT |
NOTE 8 – NET PROFITS INTEREST AGREEMENT
The Company and Lustre executed the NPI Agreement
with Erehwon and Olfert Holdings in January 2022, to be effective as of October 2021. The NPI Agreement was executed for the purpose of
funding the Olfert Well under the Erehwon APA. The NPI Agreement grants Olfert Holdings an Applicable Percentage of available
funds from the Olfert Well in exchange for Olfert Holdings funding development of the Olfert Well. The Applicable Percentage
is defined in the NPI Agreement as 90% prior to Payout and 50% after Payout, with Payout being defined as the point in time
when the aggregate of all Net Profits Interest payments made to Olfert Holdings under the NPI Agreement equals 105% of the well development
costs. In January 2022, the Company entered into an Amended and Restated Limited Liability Company Operating Agreement of Olfert Holdings,
dated to be effective as of November 2021 (the Olfert Holdings Operating Agreement). Pursuant to the Olfert Holdings Operating
Agreement, the Company agreed to make a $500,000 capital contribution, out of a total of $1,500,000 to be raised by Olfert Holdings. During
October and November of 2021, the Company received advance payments totaling $1.0 million from four investors, through Lustre, pursuant
to the NPI Agreement. The Company was credited with $59,935 of well development costs as part of its capital contribution under the Olfert
Holding Operating Agreement. In May 2022, a vendor made an in-kind capital contribution of $83,822 to Olfert Holdings in the form of services
rendered. In June 2022, the Companys Chief Financial Officer invested $356,243 in Olfert Holdings pursuant to the NPI Agreement.
These three contributions fulfilled the Companys initial capital contribution commitment under the Olfert Holdings Operating Agreement.
On August 3, 2022, the Company, as Manager of Olfert Holdings, issued a capital call to the investors in Olfert Holdings for payment of
an additional $461,440 to cover expenses that Lustre is obligated to pay pursuant to the NPI Agreement. As of November 30, 2023, the investors
had paid $358,747 of that capital call. As of November 30, 2023, Lustre had incurred approximately $3,300,000 related to the development
of the Olfert Well. The Olfert Well has exceeded its original budget, and there are certain construction costs that have not been satisfied.
To pay the amounts owed, the Company issued another capital call to the investors in Olfert Holdings to pay an additional $1.7 million.
The investors do not have an obligation to make further investments, and Olfert Holdings did not raise the requested additional amount
from that capital call. Subsequently, several unpaid contractors have attached mechanic liens on the Olfert Well. Three creditors have
filed a lawsuit for payment against Lustre, the operator of the Olfert Well in Montana. The Company believes that the Olfert Well is still
economically viable, and it intends to attempt to raise sufficient additional capital for Olfert Holdings, complete the Olfert Well, and
pay all amounts owed to contractors.
In connection with the NPI Agreement, the Company
was credited with a contribution totaling $59,935 of well development costs under an agreement with Olfert Holdings. The initial investment
in Olfert Holdings recorded by the Company was $19,435. The difference between the $59,935 contribution recorded by Olfert Holdings and
the $19,435 investment recorded by the Company is due to the Companys investment being recorded at the carrying value of the assets
contributed by the Company. In connection with the August 2022 capital call, the Company contributed an additional $18,438 to Olfert Holdings
resulting in a 4.2% interest in Olfert Holdings as of November 30, 2023. As the Company currently serves as the manager of Olfert Holdings,
the Company exercises significant influence over Olfert Holdings. Accordingly, the amount the Company paid to Olfert Holdings is recorded
as an equity method investment as of November 30, 2023.
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v3.23.4
STOCKHOLDERS’ DEFICIT
|
6 Months Ended |
Nov. 30, 2023 |
Equity [Abstract] |
|
STOCKHOLDERS’ DEFICIT |
NOTE 9 – STOCKHOLDERS DEFICIT
Share Based Compensation
On November 27, 2023,
the Company made an option grant for the purchase of 3,925,000 shares of Companys common stock at a price of $0.06 per share to
the Company Chief Executive Officer. The options vested completely at time of grant.
The Company made grants
of options for the purchase of 15,075,000 shares of the Companys common stock, at a price of $0.06 per share, during the first
quarter of fiscal year 2024. The grants were issued under the Laredo Oil, Inc. 2023 Equity Incentive Plan, which became effective with
the filing of a Registration Statement on Form S-8 on June 14, 2023. Except for an option to purchase 1,100,000 shares of common stock,
at a price of $0.38 per share, all options previously granted under the Laredo Oil, Inc. 2011 Equity Incentive Plan, totaling 4,825,000
shares, were terminated and replaced by grants under the new incentive plan.
Options to purchase 650,000
shares of common stock at a price of $0.19 per share were granted during the first quarter of fiscal year 2023. The options vested immediately
and expire on June 2, 2032. Option grants for the purchase of 1,600,000 shares of common stock at a price of $0.074 per share were made
during the first quarter of fiscal year 2022. The options vest monthly over three years beginning August 1, 2021 and expire on August
1, 2031. These options were canceled on June 29, 2023.
The Black-Scholes option
pricing model is used to estimate the fair value of options granted under our stock incentive plan.
The grant date fair value
of the stock option grants during the six months ending November 30, 2023 and 2022 totaled $956,252 and $123,487, respectively. The weighted
average assumptions used in calculating these values were based on the following:
Schedule
of Fair Value Assumptions
| |
2023 | |
2022 |
Risk-free interest rate | |
4.07% | |
1.85% |
Expected dividend yield | |
0% | |
0% |
Expected volatility | |
281.5% | |
314.9% |
Expected life of options | |
5.0 years | |
6.0 years |
The risk-free interest rate is based on the U.S.
Treasury yield curve in effect at the time of grant for a bond with a similar term. The Company does not anticipate declaring dividends
in the foreseeable future. Volatility is estimated based on the historical share prices over the same period as the expected life of the
option. The Company uses the simplified method for determining the expected term of its stock options.
Share based compensation
for stock option grants totaling $235,142 and $9,624 was recorded in general, selling and administrative expense during the three-months
ended November 30, 2023 and 2022 and $956,252 and $142,735 was recorded during the three- and six-months ended November 30, 2022, respectively.
Restricted Stock
In May 2023 the Company received funds pursuant
to a Stock Purchase Agreement with an accredited investor to purchase 6,062,886 restricted shares of the Companys common stock
at a purchase price of $0.0441 per share, totaling $267,319. The shares have not been registered under the Securities Act of 1933, as
amended, or the securities laws of any state, and were issued to the investor in reliance upon exemptions from such registration. The
investor is aware of the provisions of Rule 144 promulgated under the Securities Act.
The Company entered into a financial advisory
agreement, dated July 21, 2022 (the Advisory Agreement), pursuant to which the Company engaged Dawson James Securities,
Inc. (Dawson) to render services as a corporate finance consultant. The term of the Advisory Agreement is twelve months
from the date of the Advisory Agreement, unless terminated by either party with 30 days prior written notice to the other party, beginning
60 days following the date of the Advisory Agreement. Under the terms of the Advisory Agreement, Dawson will provide advice to the Company
concerning business and financial planning, corporate organization and structure, private and public equity and debt financing, and such
other matters as the parties may mutually agree.
As compensation to Dawson for the services provided
under the Advisory Agreement, the Company is obligated to pay Dawson $30,000 per calendar quarter, with the first such payment being paid
one day after the date of the execution of the Advisory Agreement, and each subsequent payment being due three months after the previous
payment. The Company made the first $30,000 payment in July 2022. The Company also agreed to issue to Dawson 2,600,000 shares of the Companys
common stock, payable in four installments of (i) 1,000,000 shares issued within three business days after the date of the Advisory Agreement,
(ii) 550,000 shares for the subsequent quarter, and (iii) 525,000 shares for each of the remaining two quarters of the term of the Advisory
Agreement. The first 1,000,000 restricted shares were issued in July 2022. During the twelve months ending May 31, 2023, the Company recorded
advisory service fees totaling $160,000 with respect to the 1,000,000 shares of the Companys common stock issued pursuant to the
Advisory Agreement. After the first $30,000 payment and issuance of 1,000,000 shares of common stock, the Advisory Agreement has been
suspended indefinitely.
In April 2022, the Company entered into a consulting
agreement with an individual for corporate structuring and strategic planning and compliance services. Pursuant to this agreement, the
Company agreed to compensate the consultant with cash and restricted shares of the Companys common stock, which shares vest equally
over the 12-month term of the consulting agreement. During the twelve months ending May 31, 2022, the Company recorded $27,257 in professional
fees with respect to the issuance of the first two tranches of 272,474 restricted shares. The consulting agreement was terminated in July
2022.
The Company granted no shares of restricted stock
as compensation during the first half of fiscal year 2024.
Warrants
No warrants were issued during the first and second
quarters of fiscal years 2024 or 2023.
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- DefinitionThe entire disclosure for equity.
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v3.23.4
NOTES PAYABLE
|
6 Months Ended |
Nov. 30, 2023 |
Debt Disclosure [Abstract] |
|
NOTES PAYABLE |
NOTE 10 – NOTES PAYABLE
Convertible Debt
On November 27, 2023, the Company entered into
a Securities Purchase Agreement with an accredited investor, pursuant to which the Company issued a convertible promissory note in the
principal amount of $66,000, receiving $55,000 in net cash proceeds. The convertible promissory note had an original issue discount
of $6,000. Further $5,000 debt issue costs were deducted from the gross proceeds. The total of $11,000 recorded as debt discount
is being amortized using the effective interest method through the maturity dates of the convertible promissory note. The convertible
note is due in one year from the date of issuance, accrues interest at 8% per annum (22% upon the occurrence of an event of default) and
is convertible after 180 days into shares of the Companys common stock at a discount of 25% of the average of the three lowest
trading prices during the 15 trading days immediately preceding the conversion.
On September 14, 2023, the Company entered into
a Securities Purchase Agreement with an accredited investor, pursuant to which the Company issued a convertible promissory note in the
principal amount of $71,225, receiving $60,000 in net cash proceeds. The convertible promissory note had an original issue discount
of $6,475. Further $4,750 debt issue costs were deducted from the gross proceeds. The total of $11,225 recorded as debt discount
is being amortized using the effective interest method through the maturity dates of the convertible promissory note. The convertible
note is due in one year from the date of issuance, accrues interest at 8% per annum (22% upon the occurrence of an event of default) and
is convertible after 180 days into shares of the Companys common stock at a discount of 25% of the average of the three lowest
trading prices during the 15 trading days immediately preceding the conversion.
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. During September 2023, the Company repaid the $70,125 in principal and
$2,805 in accrued interest pursuant to a Convertible Note dated March 1, 2023. To satisfy the obligation, the Company issued to the noteholder
1,398,760 shares of the Companys common stock, at an average price of $0.05214 per share. In November 2023, the Company repaid
$93,675 in principal and $2,387 in accrued interest for payment of the note issued in April and partial payment of the note issued in
May of 2023. As payment of the notes, the Company issued to the noteholder 2,505,743 shares of the Companys common stock at an
average price of $0.03833 per share.
In November of 2022, the Company entered into
Securities Purchase Agreements with two accredited investors, pursuant to which the Company issued two convertible promissory notes in
the aggregate principal amount of $140,250 (the Convertible Notes), receiving $120,000 in net cash proceeds. The Convertible
Notes had an original issue discount of $12,750. The Company deducted $7,500 in additional debt issue costs from the gross proceeds
it received from the Convertible Notes. The Company is amortizing a total of $20,250 recorded as debt discount using the effective
interest method through the maturity dates of the Convertible Notes. The Convertible Notes are due one year from the date of issuance,
accrue interest at 8% per annum (22% upon the occurrence of an event of default) and are convertible 180 days after issuance into shares
of the Companys common stock at a discount of 25% of the average of the three lowest trading prices during the 15 trading days
immediately preceding the conversion. In May 2023, the Company repaid $140,250 in principal and $27,410 in related accrued interest
and prepayment penalty interest pursuant to the two separate Convertible Notes.
In October 2022, the Company entered into a Securities
Purchase Agreement with an accredited investor, pursuant to which the Company issued a convertible promissory note in the principal amount
of $55,000, receiving $45,000 in net cash proceeds. The note had an original issue discount of $5,000. An additional $5,000 in debt
issue costs were deducted from the gross proceeds from the note. The total of $10,000 recorded as debt discount is being amortized
using the effective interest method through the maturity dates of the note. The note is due one year after the date of issuance, accrues
interest at 12% per annum (22% upon the occurrence of an event of default) and is convertible after 180 days into shares of the Companys
common stock at a discount of 30% to the average of the three lowest trading prices during the 15 trading days immediately preceding the
conversion. During April and May of 2023, the Company repaid the $55,000 in principal and $10,372 in related accrued interest and
prepayment penalty interest. To satisfy the obligation, in addition to the interest payments, the Company repaid $23,360 principal in
cash and issued to the note holder 1,000,000 shares of the Companys common stock at an average price of $0.03164 per share.
On September 6, 2022, the Company entered into
a Securities Purchase Agreement with an accredited investor, pursuant to which the Company issued a convertible promissory note in the
principal amount of $97,625, receiving $85,000 in net cash proceeds. The convertible promissory note had an original issue discount
of $8,875, and $3,750 in debt issue costs were deducted from the gross proceeds. The total of $12,625 recorded as debt discount is
being amortized using the effective interest method through the maturity dates of the convertible promissory note. The convertible promissory
note is due in one year from the date of issuance, accrues interest at 8% per annum (22% upon the occurrence of an event of default) and
is convertible after 180 days into shares of the Companys common stock at a discount of 25% from the average of the three lowest
trading prices during the 15 trading days immediately preceding the conversion.
During March and April of 2023, the Company repaid
the $97,625 in principal and $4,279 in accrued interest pursuant to a Convertible Note entered into on September 6, 2022. To satisfy the
obligation, the Company issued to the noteholder 1,902,039 shares of the Companys common stock, at an average price of $0.05358
per share.
In October, November, December of 2021, and March,
April and May of 2022, the Company entered into Securities Purchase Agreements with three accredited investors, pursuant to which the
Company issued six convertible promissory notes in the aggregate principal amount of $608,575, receiving $527,500 in net cash proceeds
(the Convertible Notes). Convertible Notes had an original issue discount of $58,575. Additional debt issue costs of
$22,500 were deducted from the gross proceeds from the Convertible Notes. The Company is amortizing a total of $81,075 recorded as
debt discount using the effective interest method through the maturity dates of the Convertible Notes. The Convertible Notes are due in
one year from the date of issuance, accrue interest at 8% per annum (22% upon the occurrence of an event of default) and are convertible
180 days after issuance into shares of the Companys common stock at a discount of 25% of the average of the three lowest trading
prices during the 15 trading days immediately preceding the conversion. As of May 31, 2022, the Company determined the value associated
with the beneficial conversion feature in connection with the issuance of the Convertible Notes resulted in a further increase in the
debt discount of $55,918, which will be amortized using the effective interest method through the dates the notes are initially convertible.
The additional debt discount was subsequently reversed during the first quarter of fiscal 2023 pursuant to the adoption of ASU 2020-06
as follows. During October and November 2022, the Company exchanged $114,125 of principal and $4,150 of accrued interest of the single
Convertible Note entered into on April 14, 2022 for 1,468,042 shares of the Companys common stock, at an average price of $0.0806
per share.
On September 2, 2022 the Company repaid the single
Convertible Note entered into on March 1, 2022. The repayment totaled $64,088, comprised of $53,625 principal and $10,463 in related
accrued interest and prepayment penalty interest. The Company recorded the related deferred debt discount and debt issue costs, totaling
$4,371, as interest expense.
On June 27, 2022, the Company repaid the single
Convertible Note entered into in December 2021. The repayment totaled $65,745, comprised of $55,000 in principal and $10,745 in related
accrued interest and prepayment penalty interest. The Company recorded the related deferred debt discount and debt issue costs, totaling
$4,435, as interest expense.
During April and May 2022, the Company repaid
the Convertible Notes entered into in October and November 2021. The repayment for the remaining Convertible Notes totaled $136,479, comprised
of $114,125 in principal and $22,354 in related accrued interest and prepayment penalty interest. The Company borrowed $136,479 from Cat
Creek to repay these Convertible Notes.
The Convertible Note issued in November 2021 was
repaid in an amount that totaled $85,469, comprised of $71,500 in principal and $13,969 in related accrued interest and prepayment penalty
interest.
Upon the repayment of the October 2021 and November
2021 Convertible Notes, the Company recorded the related remaining outstanding debt discount and debt issue costs, totaling $12,388, as
interest expense.
In August 2020, the FASB issued ASU 2020-06, which
simplifies the accounting for certain financial instruments with characteristics of liabilities and equity. Entities should adopt the
guidance as of the beginning of the fiscal year of adoption and cannot adopt the guidance in an interim reporting period. This accounting
standard update, which was adopted by the Company effective June 1, 2022, impacts the ongoing accounting of the convertible notes.
The Company adopted this standard using the modified
retrospective method of transition and applied the guidance to transactions outstanding as of the beginning of the current fiscal year
on June 1, 2022. Transactions that were settled (or expired) during prior reporting periods are unaffected. The cumulative effect of the
change is recognized as an adjustment to the opening balance of retained earnings at the date of adoption. Due to the adoption of this
accounting standard update under the modified retrospective method, prior periods were not restated. Upon adoption, the Company recorded
a $16,200 cumulative-effect adjustment that increased the opening balance of retained earnings on the consolidated balance sheet due to
the reduction in non-cash interest expense associated with the historical separation of debt and equity components for the Companys
Convertible Notes. The Company also recorded a $39,718 increase to convertible debt and a decrease to additional paid-in capital of $55,918
due to no longer separating the embedded conversion feature of the Convertible Notes. This adoption did not have a material impact on
the Companys consolidated statement of cash flows.
The Company has the right to prepay the Convertible
Notes at any time during the first six months the Convertible Notes are outstanding at the rate of (a) 110% of the unpaid principal amount
of such note plus interest, during the first 120 days the note is outstanding, and (b) 115% of the unpaid principal amount of such note
plus interest between days 121 and 180 after the issuance date of the note. The Convertible Notes may not be prepaid after the 180th day
following the issuance date unless the applicable note holders agree to such repayment and such terms.
The Company agreed to reserve the number of shares
of its common stock that may be issuable upon conversion of the Convertible Notes while the Convertible Notes are outstanding.
The Convertible Notes provide for standard and
customary events of default, such as failing to timely make payments under the Convertible Notes when due, the failure of the Company
to timely comply with the Securities Exchange Act of 1934 reporting requirements and the failure to maintain a listing on the OTC Markets.
The Convertible Notes also contain customary positive and negative covenants. The Convertible Notes include penalties and damages payable
to the noteholders in the event the Company does not comply with the terms of the Convertible Notes, including in the event the Company
does not issue shares of common stock to the noteholders upon conversion of the Convertible Notes within the time periods set forth therein.
Additionally, upon the occurrence of certain defaults, as described in the Convertible Notes, the Company is required to pay the noteholders
liquidated damages in addition to the amount owed under the Convertible Notes (including in some cases up to 300% of the amount of the
applicable Convertible Note).
At no time may the Convertible Notes be converted
into shares of the Companys common stock if such conversion would result in the noteholders and their affiliates owning shares
representing in excess of 4.99% of the then outstanding shares of the Companys common stock.
The proceeds from the Convertible Notes could
be used by the Company for general corporate purposes.
12% Secured Promissory Note
On March 23, 2023, an individual accredited investor
paid the Company the aggregate amount of $100,000 for a Secured Promissory Note, (the Note). The Note will accrue interest
on the outstanding principal sum at the rate of 12.0% per annum and has a maturity date of March 23, 2024. Interest will be due and payable
monthly in arrears. The Note is secured by certain equipment owned by the Company pursuant to a Security Agreement with the Lender. On
May 23, 2023, the Note was increased by $83,000 to an aggregate principal amount of $183,000. During June, July and August, 2023, the
investor contributed an additional $102,061 under the Note, bringing the aggregate principal amount to $285,061. On November 24, 2023,
the investor added another $25,000 to the Note bringing the total principal outstanding to $310,061.
15% Nine Month Promissory Note
On October 26, 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 $97,750 and received $80,000 in net cash proceeds. The promissory note had an original issue discount of $12,750 and $5,000
in debt issue costs were deducted from the gross proceeds. The Company is amortizing the total of $17,750 recorded as debt discount
using the effective interest method through the maturity dates of the convertible promissory note. The note is due nine months following
the date of issuance and accrues interest at 15% per annum (22% upon the occurrence of an event of default). Accrued, unpaid interest
and outstanding principal is due in nine equal monthly payments of $12,490.23, starting on November 30, 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.
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. The
note and accrued interest were repaid in full and the note canceled with the last and final payment made November 2023.
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.
Secured Convertible Debt
The Company entered into a Note Purchase Agreement
dated September 23, 2022 (the Note Purchase Agreement), for the issuance of secured convertible promissory notes in the
aggregate principal amount of up to $7,500,000. Pursuant to this Note Purchase Agreement, during September, October and November 2022,
the Company issued four promissory notes in the aggregate principal amount of $290,000 and accrued interest at 10% per annum, later increased
to 12% per annum. In December 2022, January 2023 and February 2023, the Company issued three additional promissory notes totaling $250,000.
During June 2023 and August 2023, the Company entered into an additional $85,000 of secured convertible promissory notes increasing the
aggregate principal issued to $625,000. Under the Note Purchase Agreement, the Company may issue additional promissory notes, up to the
$7,500,000 total principal amount. The promissory notes accrue interest on the outstanding principal sum at the rate of 12.0% per annum,
payable quarterly starting September 30, 2023, and are convertible into the Companys common stock at a conversion price of $1.00
per share. The notes issued under the Note Purchase Agreement have a maturity date of September 30, 2025.
Revolving Note
On May 25, 2022, the
Company entered into a Revolving Credit Note (the Revolving Note) with AEI Management, Inc. (AEI), with a
maximum draw amount of $1,500,000.00. In May 2022 and June 2022, the Company borrowed $62,858 and $48,000, respectively, under the Revolving
Note. The Revolving Note had a maturity date of May 1, 2023, or such later date as requested by the Company and agreed in writing by AEI
in its sole discretion. On May 22, 2023, the Revolving Note principal of $110,858 and accrued interest of $19,510 was paid and the Revolving
Note canceled.
Alleghany Notes
Schedule of Notes Payable – Related Party
| |
August 31, | | |
May 31, | |
| |
2023 | | |
2023 | |
Total note payable – Alleghany | |
$ | 617,934 | | |
$ | 617,934 | |
| |
| | | |
| | |
Less amounts classified as current | |
| 617,934 | | |
| 617,934 | |
| |
| | | |
| | |
Note payable – Alleghany, net of current portion | |
$ | - | | |
$ | - | |
During the fiscal year ended May 31, 2011, the
Company entered into two Loan Agreements with Alleghany Capital for a combined available borrowing limit of $350,000. The notes accrued
interest on the outstanding principal of $350,000 at the rate of 6% per annum, with an amended due date of December 31, 2020.
In connection with the SORC Purchase Transaction,
the notes were amended, restated and consolidated into one note including all accrued interest through December 31, 2020, for a total
of $631,434 (the Senior Consolidated Note) with a maturity date of June 30, 2022. The Senior Consolidated Note requires
any stock issuances for cash be utilized to pay down the outstanding loan balance unless written consent is obtained from Alleghany. As
part of the SORC Purchase Agreement, the Company agreed to secure repayment of the Senior Consolidated Note with certain equipment and
to reduce the note balance with any proceeds received from any sales of such equipment. During the five months ending May 31, 2021, the
Company repaid $13,500 of the Senior Consolidated Note upon the sale of certain equipment. The note bore no interest until January 1,
2022 whereupon the interest rate increased to 5% per annum through maturity. Principal with all accrued and unpaid interest is due at
maturity. In connection with the SORC acquisition purchase price allocation, the Company recorded a debt discount totaling $30,068 in
recognition of imputed interest on the Senior Consolidated Note, to be amortized over the first year of the note term. The debt discount
has been fully amortized as of December 31, 2021. In August 2022, the Company entered an amendment to the Senior Consolidated Note whereby
the maturity date of the loan was extended to December 31, 2023 in exchange for an interest rate to 8% per annum commencing July 1, 2022.
Further, the revenue royalty as defined in the Purchase Agreement increased from 5% to 6% as the loan was not paid prior to December 31,
2022. As of November 30 and May 31, 2023, the Senior Consolidated Note is recorded as current.
Paycheck Protection Program Loan
Schedule
of Paycheck Protection Program
| |
November 30, | | |
May 31, | |
| |
2023 | | |
2023 | |
Total PPP Loan | |
$ | 987,758 | | |
$ | 986,598 | |
Less amounts classified as current | |
| 66,905 | | |
| 449,624 | |
| |
| | | |
| | |
PPP loan, excluding current portion | |
$ | 920,853 | | |
$ | 536,974 | |
On April 28, 2020, the Company entered into a
Note (the Note) with IBERIABANK for $1,233,656 pursuant to the terms of the Paycheck Protection Program (PPP)
authorized by the Coronavirus Aid, Relief, and Economic Security (CARES) Act (CARES Act) In June 2020, the Flexibility Act
which amended the CARES Act was signed into law. Pursuant to the Flexibility Act, the Note continues to accrue interest on the outstanding
principal sum at the rate of 1% per annum. In addition, the initial two-year Note term has been extended to five years through mutual
agreement with IBERIABANK as allowed under Flexibility Act provisions.
In February 2021, the Company drew an additional
$1,233,655 under the PPP Second Draw Loans, bringing the total principal borrowed to $2,467,311. The additional draw is under the same
terms and conditions as the first PPP loan.
The Flexibility Act also provides that if
a borrower does not apply for forgiveness of a loan within 10 months after the last day of the measurement period (covered period),
the PPP loan is no longer deferred and the borrower must begin paying principal and interest. In addition, the Flexibility
Act extended the length of the covered period from eight weeks to 24 weeks from receipt of proceeds, while allowing borrowers that received
PPP loans before June 5, 2020 to determine, at their sole discretion, a covered period of either 8 weeks or 24 weeks.
No interest or principal will be due during the
deferral period, although interest will continue to accrue over this period. As of May 31, 2022, interest totaling $15,353 is recorded
in accrued interest on the accompanying consolidated balance sheets. After the deferral period and after considering any loan forgiveness
applicable to the Note, any remaining principal and accrued interest will be payable in substantially equal monthly installments over
the remaining term of the Note.
The Company did not provide any collateral or
guarantees for the loan, nor did the Company pay any facility charge to obtain the loan. The Note provides for customary events of default,
including, among others, those relating to failure to make payment, bankruptcy, breaches of representations and material adverse effects.
The Company may prepay the Note at any time without payment of any penalty or premium.
The Company applied for forgiveness of the first
PPP note and in July 2021 received notice that $1,209,809 of the $1,233,656 note payable balance has been forgiven. The portion of the
loan forgiven has been recorded as income from the extinguishment of its loan obligation as of the date when the Company is legally released
from being the primary obligor in accordance with ASC 405-20-40-1. Monthly payments commenced on September 1, 2021 and as of November
30, 2023, the Company owes $8,581 with respect to the remaining balance on the first Note.
In April 2022, the Company applied for partial
forgiveness of the PPP Second Draw Loan and received notice that $67,487 of the principal and related interest balance has been forgiven
and is recorded as income from the extinguishment of the loan obligation. Monthly payments of $26,752 commenced on June 3, 2022. The Company
was in arrears on payments on the second PPP Note and on December 5, 2023 entered into a Payment Plan arrangement for the PPP
Second Draw Loan. Under the Payment Plan arrangement the Company owes $979,178, and monthly payments of $5,860.32 commence on or before
December 22, 2023.
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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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v3.23.4
EQUITY METHOD INVESTMENT
|
6 Months Ended |
Nov. 30, 2023 |
Equity Method Investments and Joint Ventures [Abstract] |
|
EQUITY METHOD INVESTMENT |
NOTE 11 – EQUITY METHOD INVESTMENT
Cat Creek Holdings
On June 30, 2020, Laredo Oil, Inc. entered into
a Limited Liability Company Agreement (the LLC Agreement) of Cat Creek, a Montana limited liability company formed as a
joint venture for the purchase of the Cat Creek Properties. In accordance with the LLC Agreement, the Company invested $448,900 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 each.
Cat Creek is managed by a Board of Directors consisting of four directors, two of which shall be designated by the Company.
On July 1, 2020, Cat Creek entered into an Asset
Purchase and Sale Agreement (the Purchase Agreement) with Carrell Oil Company (Seller) for the purchase of
the Cat Creek Properties. On September 21, 2020, upon resolving a purchase contingency under the Cat Creek Purchase Agreement, 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 November 30, 2023
and November 30, 2022 periods presented and has been compiled from respective company financial statements, reflects certain historical
adjustments, and is reported on a two-month lag.
Summarized
Financial Information
Balance Sheet: | |
As of November 30, 2023 | | |
As of May 31, 2023 | |
Current Assets | |
$ | 135,735 | | |
$ | 82,890 | |
Non-current Assets | |
| 904,465 | | |
| 941,340 | |
Total Assets | |
$ | 1,040,200 | | |
$ | 1,024,230 | |
| |
| | | |
| | |
Current Liabilities | |
$ | 113,562 | | |
$ | 83,342 | |
Non-current Liabilities | |
| 449,921 | | |
| 441,901 | |
Shareholders equity | |
| 476,718 | | |
| 498,988 | |
Total Liabilities and Shareholders Equity | |
$ | 1,040,200 | | |
$ | 1,024,230 | |
| |
| | | |
| | |
Results of Operations: | |
Six Months Ended November 30, 2023 | | |
Six Months Ended November 30, 2022 | |
Revenue | |
$ | 359,681 | | |
$ | 457,409 | |
Gross Profit | |
| 121,301 | | |
| 401,299 | |
Net Loss | |
$ | (22,268 | ) | |
$ | (74,502 | ) |
Olfert 11-4 Holdings
The following table provides summarized financial
information for the Companys ownership interest in Olfert #11-4 Holding, which is accounted for under the equity method for
the November 30, 2023 period presented and has been compiled from respective financial statements and reflects certain historical adjustments.
Results of operations are excluded for periods prior to the acquisition. See Note 8 for further information.
Summarized
Financial Information
Balance Sheet: | |
As of November 30, 2023 | |
Current Assets | |
$ | 508 | |
Non-current Assets | |
| 1,859,195 | |
Total Assets | |
$ | 1,859,703 | |
| |
| | |
Accounts payable | |
| 5,750 | |
Shareholders equity | |
| 1,853,593 | |
Total Liabilities and Shareholders Equity | |
$ | 1,859,703 | |
| |
| | |
Results of Operations: | |
Six Months Ended November 30, 2023 | |
Revenue | |
$ | 0 | |
Gross Profit | |
| 0 | |
Net Loss | |
$ | (0 | ) |
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v3.23.4
COMMITMENTS AND CONTINGENCIES
|
6 Months Ended |
Nov. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
NOTE 12 – COMMITMENTS AND CONTINGENCIES
On
February 4, 2021, Lustre filed a lawsuit captioned Lustre Oil Company LLC and Erehwon Oil & Gas, LLC v. Anadarko Minerals,
Inc. and A&S Mineral Development Co., LLC in the Montana Seventeenth Judicial District Court for Valley County to initiate
a quiet title action confirming Lustres rights under certain mineral leases in Valley County, Montana. Lustre is
also seeking damages with respect to actions taken by A&S Mineral Development Co., LLC to improperly produce oil on the property subject
to Lustres mineral leases. On January 14, 2022, the District Court granted the defendants Motion to Dismiss without addressing
the merits of Lustres quiet title action. Lustre appealed the decision to the Montana Supreme Court. On April 6, 2023, in a unanimous
decision, the Montana Supreme Court reversed the District Courts decision related to Lustres quiet title action and remanded
the case to the District Court for further proceedings. On June 1, 2023, Lustre filed a First Amended Complaint with the District Court
reopening the original suit with a different judge.
On
March 20, 2023, Capex Oilfield Services, Inc. (Capex) filed a lawsuit against Lustre in the Montana Tenth Judicial District
Court, Petroleum County, demanding payment of $377,190 plus interest and collection costs for services provided by Capex to drill the
Olfert 11-4 well. On May 18, 2023, Capstar Drilling, Inc.(Capstar) filed a lawsuit against Lustre in the Montana Seventeenth
Judicial District Court, Valley County, demanding payment of $298,050 plus interest and collection costs for services provided by Capstar
to drill the same well. On August 29, 2023, Warren Well Service, Inc. (Warren Well) filed a lawsuit against Lustre in the
Montana Seventeenth Judicial District Court, Valley County, demanding payment of $164,235 plus interest and collection costs for services
provided by Warren Well to drill the same well. Lustre intends to bring the Olfert 11 well into production as soon as possible and reimburse
all unpaid vendors from proceeds from such production.
Except
as set forth above, the Company is not currently involved in any other legal proceedings, and it is not aware of any other pending or
potential legal actions.
Revenue Royalty - In accordance
with the Securities Purchase Agreement with Alleghany described above, the Company agreed to pay to Alleghany a revenue royalty of 5.0%
of the Companys future revenues and net profits relating to oil, gas, gas liquids and all other hydrocarbons, subject to certain
adjustments, for a period of seven years ending December 31, 2027. Further, due to the Companys loan nonpayment prior to December
31, 2022, the revenue royalty, as defined in the Securities Purchase Agreement, increased from 5% to 6%.
In accordance with the Secured Note, the Company
agreed to pay the Lender a revenue royalty of 0.5% on consolidated revenue of the Company arising from the direct production of oil and
gas. The royalty period extends from June 1, 2022 through May 31, 2027.
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v3.23.4
SUBSEQUENT EVENTS
|
6 Months Ended |
Nov. 30, 2023 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
NOTE 13 – SUBSEQUENT EVENTS
On December 6, 2023, the Company entered into
a payment plan arrangement agreement (the Plan) with the U.S. Small Business Administration (the SBA) related
to the Companys Paycheck Protection Plan (PPP) loan from the SBA. Under the terms of the Plan, the Company agreed
to pay the SBA a minimum of 180 monthly payments of $5,860.32. The Company made the first payment under the Plan prior to December 22,
2023. If the Company does not make the payments described in the Plan pursuant to the terms of the Plan, the entire remaining amount will
be subject to collection activities by the Department of Treasury. The Company may also be subject to additional accrued interest and
collection fees of 30% or more if it does not make the payments pursuant to the Plan.
In December 2023, the Company repaid $48,225 in
principal and $3,289 in accrued interest satisfying payment of a promissory note issued by the Company in May of 2023. As payment of the
notes, the Company issued 1,350,396 shares of the Companys common stock to the noteholder at an average price of $0.038147 per
share.
On December 11, 2023, the Company entered into
a Securities Purchase Agreement with an accredited investor pursuant to which the Company issued a 13% promissory note in the principal
amount of $74,750 receiving $60,000 in net cash proceeds. The promissory note had an original issue discount of $9,750. In addition, $5,000
of debt issue costs were deducted from the gross proceeds to the Company. The promissory note is due September 15, 2024 and is repaid
in nine equal installments of $9,385.23 with the first payment due January 15, 2024.
On December 29, 2023, the Company entered into
a Securities Purchase Agreements with an accredited investor, pursuant to which the Company issued a convertible promissory note in the
principal amount of $60,000, receiving $50,000 in net cash proceeds. The convertible promissory notes had an original issue discount
of $5,500. An additional $5,000 of debt issue costs were deducted from the gross proceeds to the Company. The total of $10,500 recorded
by the Company as debt discount is being amortized using the effective interest method through the maturity dates of the convertible promissory
note. The convertible note is due 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% to the average
of the three lowest bid prices during the 15 trading days immediately preceding the conversion.
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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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v3.23.4
SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
6 Months Ended |
Nov. 30, 2023 |
Accounting Policies [Abstract] |
|
Use of Estimates |
Use of Estimates – Management
uses estimates and assumptions in preparing these consolidated financial statements in accordance with generally accepted accounting principles.
Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities,
and the reported revenues and expenses. Actual results could differ from those estimates.
|
Principles of Consolidation |
Principles of Consolidation – The
accompanying consolidated financial statements include the accounts of Laredo Oil and its subsidiaries after elimination of intercompany
balances and transactions.
|
Equity Method Investment |
Equity Method Investment – Investments
classified as equity method consist of investments in companies in which the Company can exercise significant influence but not control.
Under the equity method of accounting, the investment is initially recorded at cost, then the Companys proportional
share of investees underlying net income or loss is recorded as a component of other income with a corresponding
increase or decrease to the carrying value of the investment. Distributions received from the investee reduce the Companys
carrying value of the investment. These investments are evaluated for impairment if events or circumstances arise that indicate that
the carrying amount of such assets may not be recoverable. The Company has elected to record its portion of the equity method income (loss)
with a two-month lag. Accordingly, the financial results for the equity investment are reported through September 30, 2023. No impairments
were recognized for the Companys equity method investment during the quarter ended November 30, 2023. See Note 11.
|
Property and Equipment |
Property and Equipment – The carrying
value of the Companys property and equipment represents the cost incurred to acquire the property and equipment, net of any impairments.
For business combinations, property and equipment cost is based on the fair values at the acquisition date.
|
Oil and Gas Acquisition Costs |
Oil and Gas Acquisition Costs – Oil
and gas acquisition and drilling costs include expenditures representing investments in unproved and unevaluated properties and include
non-producing leasehold, leasehold or drilling interest costs, and costs to drill one exploratory well. Exploratory drilling costs are
deferred until the outcome of the well is known. If an exploratory well finds proved reserves, the deferred costs are transferred to
the companys Wells and Related Equipment and Facilities accounts. Absent proved reserves, the deferred costs of the well, net of
salvage, are charged to expense. All costs of wells drilled to develop proved reserves, along with all costs of equipment necessary to
produce and handle the hydrocarbons, are capitalized even if a development well proves dry. Costs are reviewed to determine if impairment
has occurred. The Company has incurred oil and gas acquisition and drilling costs totaling $4,479,596 and $4,547,740 as of November 30,
2023 and May 31, 2023, respectively.
Schedule
of Oil and Gas Acquisition and Drilling Cost
| |
November 30, | | |
May 31, | |
| |
2023 | | |
2023 | |
Intangible and tangible drilling costs | |
$ | 3,313,774 | | |
$ | 3,410,832 | |
Acquisition costs | |
| 1,165,822 | | |
| 1,136,908 | |
| |
| | | |
| | |
Oil and gas acquisition and drilling costs | |
$ | 4,479,596 | | |
$ | 4,547,740 | |
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v3.23.4
SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
6 Months Ended |
Nov. 30, 2023 |
Accounting Policies [Abstract] |
|
Schedule of Oil and Gas Acquisition and Drilling Cost |
Schedule
of Oil and Gas Acquisition and Drilling Cost
| |
November 30, | | |
May 31, | |
| |
2023 | | |
2023 | |
Intangible and tangible drilling costs | |
$ | 3,313,774 | | |
$ | 3,410,832 | |
Acquisition costs | |
| 1,165,822 | | |
| 1,136,908 | |
| |
| | | |
| | |
Oil and gas acquisition and drilling costs | |
$ | 4,479,596 | | |
$ | 4,547,740 | |
|
X |
- DefinitionTabular disclosure of oil and gas present activities. Includes, but is not limited to, number of wells in process of drilling, waterfloods in process of installation, and pressure maintenance operation.
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v3.23.4
STOCKHOLDERS’ DEFICIT (Tables)
|
6 Months Ended |
Nov. 30, 2023 |
Equity [Abstract] |
|
Schedule of Fair Value Assumptions |
The grant date fair value
of the stock option grants during the six months ending November 30, 2023 and 2022 totaled $956,252 and $123,487, respectively. The weighted
average assumptions used in calculating these values were based on the following:
Schedule
of Fair Value Assumptions
| |
2023 | |
2022 |
Risk-free interest rate | |
4.07% | |
1.85% |
Expected dividend yield | |
0% | |
0% |
Expected volatility | |
281.5% | |
314.9% |
Expected life of options | |
5.0 years | |
6.0 years |
|
X |
- DefinitionTabular disclosure of share-based payment arrangement.
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v3.23.4
NOTES PAYABLE (Tables)
|
6 Months Ended |
Nov. 30, 2023 |
Debt Disclosure [Abstract] |
|
Schedule of Notes Payable – Related Party |
Alleghany Notes
Schedule of Notes Payable – Related Party
| |
August 31, | | |
May 31, | |
| |
2023 | | |
2023 | |
Total note payable – Alleghany | |
$ | 617,934 | | |
$ | 617,934 | |
| |
| | | |
| | |
Less amounts classified as current | |
| 617,934 | | |
| 617,934 | |
| |
| | | |
| | |
Note payable – Alleghany, net of current portion | |
$ | - | | |
$ | - | |
|
Schedule of Paycheck Protection Program |
Paycheck Protection Program Loan
Schedule
of Paycheck Protection Program
| |
November 30, | | |
May 31, | |
| |
2023 | | |
2023 | |
Total PPP Loan | |
$ | 987,758 | | |
$ | 986,598 | |
Less amounts classified as current | |
| 66,905 | | |
| 449,624 | |
| |
| | | |
| | |
PPP loan, excluding current portion | |
$ | 920,853 | | |
$ | 536,974 | |
|
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v3.23.4
EQUITY METHOD INVESTMENT (Tables)
|
6 Months Ended |
Nov. 30, 2023 |
Cat Creek [Member] |
|
Schedule of Equity Method Investments [Line Items] |
|
Summarized Financial Information |
Summarized
Financial Information
Balance Sheet: | |
As of November 30, 2023 | | |
As of May 31, 2023 | |
Current Assets | |
$ | 135,735 | | |
$ | 82,890 | |
Non-current Assets | |
| 904,465 | | |
| 941,340 | |
Total Assets | |
$ | 1,040,200 | | |
$ | 1,024,230 | |
| |
| | | |
| | |
Current Liabilities | |
$ | 113,562 | | |
$ | 83,342 | |
Non-current Liabilities | |
| 449,921 | | |
| 441,901 | |
Shareholders equity | |
| 476,718 | | |
| 498,988 | |
Total Liabilities and Shareholders Equity | |
$ | 1,040,200 | | |
$ | 1,024,230 | |
| |
| | | |
| | |
Results of Operations: | |
Six Months Ended November 30, 2023 | | |
Six Months Ended November 30, 2022 | |
Revenue | |
$ | 359,681 | | |
$ | 457,409 | |
Gross Profit | |
| 121,301 | | |
| 401,299 | |
Net Loss | |
$ | (22,268 | ) | |
$ | (74,502 | ) |
|
Olfert [Member] |
|
Schedule of Equity Method Investments [Line Items] |
|
Summarized Financial Information |
Summarized
Financial Information
Balance Sheet: | |
As of November 30, 2023 | |
Current Assets | |
$ | 508 | |
Non-current Assets | |
| 1,859,195 | |
Total Assets | |
$ | 1,859,703 | |
| |
| | |
Accounts payable | |
| 5,750 | |
Shareholders equity | |
| 1,853,593 | |
Total Liabilities and Shareholders Equity | |
$ | 1,859,703 | |
| |
| | |
Results of Operations: | |
Six Months Ended November 30, 2023 | |
Revenue | |
$ | 0 | |
Gross Profit | |
| 0 | |
Net Loss | |
$ | (0 | ) |
|
X |
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v3.23.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)
|
6 Months Ended |
12 Months Ended |
Nov. 30, 2023 |
May 31, 2023 |
Accounting Policies [Abstract] |
|
|
Intangible and tangible drilling costs |
$ 3,313,774
|
$ 3,410,832
|
Acquisition costs |
1,165,822
|
1,136,908
|
Oil and gas acquisition and drilling costs |
$ 4,479,596
|
$ 4,547,740
|
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v3.23.4
STOCKHOLDERS’ DEFICIT (Details Narrative) - USD ($)
|
3 Months Ended |
6 Months Ended |
Nov. 30, 2023 |
Aug. 31, 2023 |
Nov. 30, 2022 |
Aug. 31, 2022 |
Nov. 30, 2023 |
Nov. 30, 2022 |
Offsetting Assets [Line Items] |
|
|
|
|
|
|
Share-Based Payment Arrangement, Noncash Expense |
$ 235,142
|
$ 721,110
|
$ 9,625
|
$ 133,110
|
$ 956,252
|
$ 142,735
|
Equity Option [Member] |
|
|
|
|
|
|
Offsetting Assets [Line Items] |
|
|
|
|
|
|
Share-Based Payment Arrangement, Noncash Expense |
$ 235,142
|
|
$ 9,624
|
|
$ 956,252
|
$ 142,735
|
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v3.23.4
NOTES PAYABLE (Details Narrative) - USD ($)
|
|
|
|
1 Months Ended |
2 Months Ended |
3 Months Ended |
6 Months Ended |
8 Months Ended |
Nov. 27, 2023 |
Sep. 14, 2023 |
Sep. 06, 2022 |
Nov. 30, 2022 |
Oct. 31, 2022 |
Apr. 30, 2023 |
May 31, 2023 |
Nov. 30, 2023 |
Nov. 30, 2022 |
May 31, 2022 |
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
Proceeds from Convertible Debt |
|
|
|
|
|
|
|
$ 280,000
|
$ 540,000
|
|
Amortization of Debt Discount (Premium) |
|
|
|
|
|
|
|
$ 35,579
|
47,863
|
|
Conversion of Stock, Shares Converted |
|
|
|
|
|
1,902,039
|
|
|
|
|
Convertible Debt [Member] |
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
Debt Instrument, Face Amount |
$ 66,000
|
$ 71,225
|
$ 97,625
|
$ 140,250
|
$ 55,000
|
|
$ 212,025
|
|
140,250
|
$ 608,575
|
Proceeds from Convertible Debt |
55,000
|
60,000
|
85,000
|
120,000
|
45,000
|
|
180,000
|
|
|
527,500
|
Amortization of Debt Discount (Premium) |
6,000
|
6,475
|
8,875
|
12,750
|
5,000
|
|
19,275
|
|
|
58,575
|
Debt Issuance Costs, Net |
$ 5,000
|
$ 4,750
|
$ 3,750
|
$ 7,500
|
$ 5,000
|
|
$ 12,750
|
|
$ 7,500
|
$ 22,500
|
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v3.23.4
EQUITY METHOD INVESTMENT (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
|
|
Nov. 30, 2023 |
Aug. 31, 2023 |
Nov. 30, 2022 |
Aug. 31, 2022 |
Nov. 30, 2023 |
Nov. 30, 2022 |
May 31, 2023 |
May 31, 2022 |
Schedule of Equity Method Investments [Line Items] |
|
|
|
|
|
|
|
|
Current Assets |
$ 65,331
|
|
|
|
$ 65,331
|
|
$ 52,082
|
|
Total Assets |
5,049,898
|
|
|
|
5,049,898
|
|
5,126,127
|
|
Current Liabilities |
9,818,670
|
|
|
|
9,818,670
|
|
9,602,554
|
|
Non-current Liabilities |
991,879
|
|
|
|
991,879
|
|
604,912
|
|
Shareholders equity |
(5,760,651)
|
$ (5,479,019)
|
$ (4,013,792)
|
$ (3,391,925)
|
(5,760,651)
|
$ (4,013,792)
|
(5,081,339)
|
$ (2,797,949)
|
Total Liabilities and Shareholders Equity |
5,049,898
|
|
|
|
5,049,898
|
|
5,126,127
|
|
Revenue |
(0)
|
|
(0)
|
|
(0)
|
(0)
|
|
|
Gross Profit |
|
|
|
|
|
|
|
|
Net Loss |
(685,765)
|
$ (1,118,790)
|
$ (749,768)
|
$ (874,625)
|
(1,804,555)
|
(1,624,393)
|
|
|
Cat Creek [Member] |
|
|
|
|
|
|
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
|
|
|
|
|
|
Current Assets |
135,735
|
|
|
|
135,735
|
|
82,890
|
|
Non-current Assets |
904,465
|
|
|
|
904,465
|
|
941,340
|
|
Total Assets |
1,040,200
|
|
|
|
1,040,200
|
|
1,024,230
|
|
Current Liabilities |
113,562
|
|
|
|
113,562
|
|
83,342
|
|
Non-current Liabilities |
449,921
|
|
|
|
449,921
|
|
441,901
|
|
Shareholders equity |
476,718
|
|
|
|
476,718
|
|
498,988
|
|
Total Liabilities and Shareholders Equity |
$ 1,040,200
|
|
|
|
1,040,200
|
|
$ 1,024,230
|
|
Revenue |
|
|
|
|
359,681
|
457,409
|
|
|
Gross Profit |
|
|
|
|
121,301
|
401,299
|
|
|
Net Loss |
|
|
|
|
$ (22,268)
|
$ (74,502)
|
|
|
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v3.23.4
EQUITY METHOD INVESTMENT (Details 2) - USD ($)
|
3 Months Ended |
6 Months Ended |
|
|
Nov. 30, 2023 |
Aug. 31, 2023 |
Nov. 30, 2022 |
Aug. 31, 2022 |
Nov. 30, 2023 |
Nov. 30, 2022 |
May 31, 2023 |
May 31, 2022 |
Schedule of Equity Method Investments [Line Items] |
|
|
|
|
|
|
|
|
Current Assets |
$ 65,331
|
|
|
|
$ 65,331
|
|
$ 52,082
|
|
Total Assets |
5,049,898
|
|
|
|
5,049,898
|
|
5,126,127
|
|
Shareholders equity |
(5,760,651)
|
$ (5,479,019)
|
$ (4,013,792)
|
$ (3,391,925)
|
(5,760,651)
|
$ (4,013,792)
|
(5,081,339)
|
$ (2,797,949)
|
Total Liabilities and Shareholders Equity |
5,049,898
|
|
|
|
5,049,898
|
|
$ 5,126,127
|
|
Revenue |
(0)
|
|
(0)
|
|
(0)
|
(0)
|
|
|
Gross Profit |
|
|
|
|
|
|
|
|
Net Loss |
(685,765)
|
$ (1,118,790)
|
$ (749,768)
|
$ (874,625)
|
(1,804,555)
|
$ (1,624,393)
|
|
|
Olfert [Member] |
|
|
|
|
|
|
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
|
|
|
|
|
|
Current Assets |
508
|
|
|
|
508
|
|
|
|
Non-current Assets |
1,859,195
|
|
|
|
1,859,195
|
|
|
|
Total Assets |
1,859,703
|
|
|
|
1,859,703
|
|
|
|
Accounts payable |
5,750
|
|
|
|
5,750
|
|
|
|
Shareholders equity |
1,853,593
|
|
|
|
1,853,593
|
|
|
|
Total Liabilities and Shareholders Equity |
$ 1,859,703
|
|
|
|
1,859,703
|
|
|
|
Revenue |
|
|
|
|
0
|
|
|
|
Gross Profit |
|
|
|
|
0
|
|
|
|
Net Loss |
|
|
|
|
$ (0)
|
|
|
|
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v3.23.4
SUBSEQUENT EVENTS (Details Narrative) - USD ($)
|
|
|
6 Months Ended |
Dec. 29, 2023 |
Dec. 11, 2023 |
Nov. 30, 2023 |
Nov. 30, 2022 |
Subsequent Event [Line Items] |
|
|
|
|
Amortization of Debt Discount (Premium) |
|
|
$ 35,579
|
$ 47,863
|
Subsequent Event [Member] |
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
Long-Term Debt, Gross |
$ 60,000
|
$ 74,750
|
|
|
Amortization of Debt Discount (Premium) |
5,500
|
9,750
|
|
|
Debt Issuance Costs, Net |
$ 5,000
|
$ 5,000
|
|
|
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