$LRDC
Laredo Oil, Inc. Stock $lrdc

$lrdc Overview Financials Valuation SEC Filings Company Website

2024 Q4 Form 10-Q Financial Statement

#000119983524000457 Filed on October 21, 2024

Income Statement

Concept	2024 Q4	2024 Q3	2024 Q2
Revenue		$6.048K	$23.78K
YoY Change
Cost Of Revenue			$23.68K
YoY Change
Gross Profit		$6.048K	$100.00
YoY Change
Gross Profit Margin		100.0%	0.42%
Selling, General & Admin		$464.2K	$659.5K
YoY Change		-60.56%	5.1%
% of Gross Profit		7675.58%	659450.0%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization		$6.802K	$2.630K
YoY Change		33.37%	-68.0%
% of Gross Profit		112.47%	2630.0%
Operating Expenses		$670.4K	$659.4K
YoY Change		-50.41%	5.1%
Operating Profit		-$664.3K	-$659.3K
YoY Change		-50.86%	5.08%
Interest Expense		$133.6K	-$119.1K
YoY Change		38.65%	-43.67%
% of Operating Profit
Other Income/Expense, Net		$328.7K	$108.7K
YoY Change		87.83%	115.91%
Pretax Income		-$469.3K	-$726.3K
YoY Change		-58.06%	-7.9%
Income Tax
% Of Pretax Income
Net Earnings		-$469.3K	-$726.3K
YoY Change		-58.06%	-7.9%
Net Earnings / Revenue		-7758.8%	-3054.42%
Basic Earnings Per Share
Diluted Earnings Per Share		-$0.01	-$0.01
COMMON SHARES
Basic Shares Outstanding	73.80M shares		71.82M shares
Diluted Shares Outstanding

Balance Sheet

Concept	2024 Q3	2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments	$1.935M	$1.990M
YoY Change	65503.73%	14374.11%
Cash & Equivalents	$105.6K	$127.1K
Short-Term Investments
Other Short-Term Assets	$89.84K	$19.94K
YoY Change	154.07%	-45.44%
Inventory
Prepaid Expenses
Receivables		$0.00
Other Receivables		$8.350K
Total Short-Term Assets	$2.029M	$2.018M
YoY Change	851.32%	3775.57%
LONG-TERM ASSETS
Property, Plant & Equipment	$2.604M	$746.2K
YoY Change	-43.86%	-84.31%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets	$40.00K	$40.00K
YoY Change	33.33%	33.33%
Total Long-Term Assets	$2.644M	$786.2K
YoY Change	-46.42%	-84.51%
TOTAL ASSETS
Total Short-Term Assets	$2.029M	$2.018M
Total Long-Term Assets	$2.644M	$786.2K
Total Assets	$4.674M	$2.805M
YoY Change	-9.23%	-45.29%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$2.561M	$2.543M
YoY Change	17.43%	15.7%
Accrued Expenses	$3.364M	$3.165M
YoY Change	35.03%	39.9%
Deferred Revenue
YoY Change
Short-Term Debt	$2.094M	$2.259M
YoY Change	-25.84%	-15.81%
Long-Term Debt Due	$64.87K	$66.38K
YoY Change	-87.73%	-85.24%
Total Short-Term Liabilities	$14.79M	$12.95M
YoY Change	46.36%	34.81%
LONG-TERM LIABILITIES
Long-Term Debt	$872.4K	$887.7K
YoY Change	91.15%	65.32%
Other Long-Term Liabilities	$246.3K	$157.4K
YoY Change	254.46%	131.66%
Total Long-Term Liabilities	$1.119M	$1.045M
YoY Change	112.72%	72.77%
TOTAL LIABILITIES
Total Short-Term Liabilities	$14.79M	$12.95M
Total Long-Term Liabilities	$1.119M	$1.045M
Total Liabilities	$15.90M	$13.99M
YoY Change	49.65%	37.06%
SHAREHOLDERS EQUITY
Retained Earnings	-$23.19M	-$22.72M
YoY Change	43.19%	50.7%
Common Stock	$7.293K	$7.199K
YoY Change	10.13%	8.71%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity	-$11.23M	-$11.19M
YoY Change
Total Liabilities & Shareholders Equity	$4.674M	$2.805M
YoY Change	-9.23%	-45.29%

Cashflow Statement

Concept	2024 Q3	2024 Q2
OPERATING ACTIVITIES
Net Income	-$469.3K	-$726.3K
YoY Change	-58.06%	-7.9%
Depreciation, Depletion And Amortization	$6.802K	$2.630K
YoY Change	33.37%	-68.0%
Cash From Operating Activities	-$252.9K	-$149.4K
YoY Change	244.65%	-56.27%
INVESTING ACTIVITIES
Capital Expenditures		$0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities	-$1.757M	$126.7K
YoY Change	2695.62%	-920.79%
Cash From Investing Activities	-$1.757M	$126.7K
YoY Change	2695.81%	-920.79%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net	$375.0K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities	$1.955M	117.9K
YoY Change	1458.76%	-67.58%
NET CHANGE
Cash From Operating Activities	-$252.9K	-149.4K
Cash From Investing Activities	-$1.757M	126.7K
Cash From Financing Activities	$1.955M	117.9K
Net Change In Cash	-$54.88K	95.23K
YoY Change	408.0%	1347.26%
FREE CASH FLOW
Cash From Operating Activities	-$252.9K	-$149.4K
Capital Expenditures		$0.00
Free Cash Flow		-$149.4K
YoY Change		-56.27%

Facts In Submission

Frame	Concept Type	Concept / XBRL Key	Value	Unit
CY2024Q3	dei	Amendment Flag AmendmentFlag	false
CY2024Q3	dei	Current Fiscal Year End Date CurrentFiscalYearEndDate	--05-31
CY2024Q3	dei	Document Fiscal Year Focus DocumentFiscalYearFocus	2025
CY2024Q3	dei	Document Fiscal Period Focus DocumentFiscalPeriodFocus	Q1
CY2024Q3	dei	Document Transition Report DocumentTransitionReport	false
CY2024Q3	dei	Entity Central Index Key EntityCentralIndexKey	0001442492
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CY2024Q3	us-gaap	Commitments And Contingencies CommitmentsAndContingencies		usd
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CY2024Q3	us-gaap	Cost Of Revenue CostOfRevenue		usd
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CY2024Q3	us-gaap	Gain Loss On Disposition Of Assets GainLossOnDispositionOfAssets		usd
CY2024Q3	us-gaap	Share Based Compensation ShareBasedCompensation		usd
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CY2024Q3	us-gaap	Gain Loss On Disposition Of Assets GainLossOnDispositionOfAssets		usd
CY2023Q3	us-gaap	Proceeds From Issuance Of Common Stock ProceedsFromIssuanceOfCommonStock		usd
CY2024Q3	lrdc	Proceeds From Revolving Note ProceedsFromRevolvingNote		usd
CY2023Q3	lrdc	Repayment Of Bridge Notes RepaymentOfBridgeNotes		usd
CY2023Q3	lrdc	Proceeds From Prefunded Drilling Costs ProceedsFromPrefundedDrillingCosts		usd
CY2023Q3	lrdc	Proceeds From Well Development Deposit ProceedsFromWellDevelopmentDeposit		usd
CY2023Q3	lrdc	Oil And Gas Acquisition Costs In Accounts Payable OilAndGasAcquisitionCostsInAccountsPayable		usd
CY2023Q3	us-gaap	Increase Decrease In Asset Retirement Obligations IncreaseDecreaseInAssetRetirementObligations		usd
CY2023Q3	lrdc	Issuance Of Common Stock In Exchange For Note Payable IssuanceOfCommonStockInExchangeForNotePayable		usd
CY2024Q3	lrdc	Cash To Be Received For Sale Of Fixed Assets CashToBeReceivedForSaleOfFixedAssets		usd
CY2023Q3	us-gaap	Preferred Stock Value PreferredStockValue		usd
CY2023Q3	us-gaap	Revenues Revenues		usd
CY2023Q3	us-gaap	Direct Operating Costs DirectOperatingCosts		usd
CY2023Q3	us-gaap	Gross Profit GrossProfit		usd
CY2023Q3	us-gaap	Income Loss From Equity Method Investments IncomeLossFromEquityMethodInvestments		usd
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CY2023Q3	us-gaap	Accretion Expense AccretionExpense		usd
CY2023Q3	us-gaap	Income Taxes Paid Net IncomeTaxesPaidNet		usd
CY2023Q3	lrdc	Oil And Gas Acquisition Costs In Accounts Payable OilAndGasAcquisitionCostsInAccountsPayable		usd
CY2023Q3	us-gaap	Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1 SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1	P5Y
CY2024Q3	lrdc	Due To Related Parties Noncurrent1 DueToRelatedPartiesNoncurrent1		usd
CY2024Q2	lrdc	Due To Related Parties Noncurrent1 DueToRelatedPartiesNoncurrent1		usd
CY2024Q3	dei	Document Type DocumentType	10-Q
CY2024Q3	dei	Document Quarterly Report DocumentQuarterlyReport	true
CY2024Q3	dei	Document Period End Date DocumentPeriodEndDate	2024-08-31
CY2024Q3	dei	Entity File Number EntityFileNumber	333-153168
CY2024Q3	dei	Entity Registrant Name EntityRegistrantName	Laredo Oil, Inc.
CY2024Q3	dei	Entity Incorporation State Country Code EntityIncorporationStateCountryCode	DE
CY2024Q3	dei	Entity Address Address Line1 EntityAddressAddressLine1	2021 Guadalupe Street
CY2024Q3	dei	Entity Address Address Line2 EntityAddressAddressLine2	Ste. 260
CY2024Q3	dei	Entity Address City Or Town EntityAddressCityOrTown	Austin
CY2024Q3	dei	Entity Address State Or Province EntityAddressStateOrProvince	TX
CY2024Q3	dei	Entity Address Postal Zip Code EntityAddressPostalZipCode	78705
CY2024Q3	dei	City Area Code CityAreaCode	(512)
CY2024Q3	dei	Local Phone Number LocalPhoneNumber	337-1199
CY2024Q3	dei	Entity Current Reporting Status EntityCurrentReportingStatus	Yes
CY2024Q3	dei	Entity Interactive Data Current EntityInteractiveDataCurrent	No
CY2024Q3	dei	Entity Filer Category EntityFilerCategory	Non-accelerated Filer
CY2024Q3	dei	Entity Small Business EntitySmallBusiness	true
CY2024Q3	dei	Entity Emerging Growth Company EntityEmergingGrowthCompany	false
CY2024Q3	dei	Entity Shell Company EntityShellCompany	false
CY2024Q4	dei	Entity Common Stock Shares Outstanding EntityCommonStockSharesOutstanding	73804893	shares
CY2024Q3	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	1935310	usd
CY2024Q2	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	1990189	usd
CY2024Q3	us-gaap	Accounts And Other Receivables Net Current AccountsAndOtherReceivablesNetCurrent	4114	usd
CY2024Q2	us-gaap	Accounts And Other Receivables Net Current AccountsAndOtherReceivablesNetCurrent	8346	usd
CY2024Q3	us-gaap	Prepaid Expense And Other Assets Current PrepaidExpenseAndOtherAssetsCurrent	89841	usd
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CY2024Q2	us-gaap	Assets Current AssetsCurrent	2018476	usd
CY2024Q3	us-gaap	Oil And Gas Property Full Cost Method Net OilAndGasPropertyFullCostMethodNet	2475603	usd
CY2024Q2	us-gaap	Oil And Gas Property Full Cost Method Net OilAndGasPropertyFullCostMethodNet	610663	usd
CY2024Q3	us-gaap	Property Plant And Equipment Other Net PropertyPlantAndEquipmentOtherNet	128697	usd
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CY2024Q3	us-gaap	Convertible Notes Payable Current ConvertibleNotesPayableCurrent	123894	usd
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CY2024Q3	lrdc	Revolving Note RevolvingNote	1060061	usd
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CY2024Q3	us-gaap	Liabilities Liabilities	15903944	usd
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CY2024Q3	us-gaap	Preferred Stock Par Or Stated Value Per Share PreferredStockParOrStatedValuePerShare	0.0001
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CY2024Q3	us-gaap	Increase Decrease In Accounts Payable And Accrued Liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities	-1470	usd
CY2023Q3	us-gaap	Increase Decrease In Accounts Payable And Accrued Liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities	157467	usd
CY2024Q3	us-gaap	Increase Decrease In Employee Related Liabilities IncreaseDecreaseInEmployeeRelatedLiabilities	198928	usd
CY2023Q3	us-gaap	Increase Decrease In Employee Related Liabilities IncreaseDecreaseInEmployeeRelatedLiabilities	228878	usd
CY2024Q3	us-gaap	Increase Decrease In Accrued Liabilities IncreaseDecreaseInAccruedLiabilities	51699	usd
CY2023Q3	us-gaap	Increase Decrease In Accrued Liabilities IncreaseDecreaseInAccruedLiabilities	68162	usd
CY2024Q3	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	-252908	usd
CY2023Q3	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	-98064	usd
CY2024Q3	us-gaap	Payments To Acquire Oil And Gas Property And Equipment PaymentsToAcquireOilAndGasPropertyAndEquipment	1757052	usd
CY2023Q3	us-gaap	Payments To Acquire Oil And Gas Property And Equipment PaymentsToAcquireOilAndGasPropertyAndEquipment	38164	usd
CY2024Q3	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities	-1757052	usd
CY2023Q3	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities	-38164	usd
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CY2024Q3	lrdc	Repayment Of Bridge Notes RepaymentOfBridgeNotes	30226	usd
CY2024Q3	lrdc	Proceeds From Prefunded Drilling Costs ProceedsFromPrefundedDrillingCosts	237750	usd
CY2024Q3	lrdc	Proceeds From Well Development Deposit ProceedsFromWellDevelopmentDeposit	1500000	usd
CY2024Q3	lrdc	Ppp Loan Repayments PPPLoanRepayments	-16888	usd
CY2023Q3	lrdc	Ppp Loan Repayments PPPLoanRepayments	-1648	usd
CY2024Q3	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	1955081	usd
CY2023Q3	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	125425	usd
CY2024Q3	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect	-54879	usd
CY2023Q3	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect	-10803	usd
CY2024Q2	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	1990189	usd
CY2023Q2	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	13754	usd
CY2024Q3	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	1935310	usd
CY2023Q3	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	2951	usd
CY2024Q3	lrdc	Oil And Gas Acquisition Costs In Accounts Payable OilAndGasAcquisitionCostsInAccountsPayable	19005	usd
CY2024Q3	us-gaap	Increase Decrease In Asset Retirement Obligations IncreaseDecreaseInAssetRetirementObligations	88883	usd
CY2024Q3	lrdc	Issuance Of Common Stock In Exchange For Note Payable IssuanceOfCommonStockInExchangeForNotePayable	50000	usd
CY2023Q3	lrdc	Cash To Be Received For Sale Of Fixed Assets CashToBeReceivedForSaleOfFixedAssets	175000	usd
CY2024Q3	us-gaap	Interest Paid Net InterestPaidNet	25430	usd
CY2023Q3	us-gaap	Interest Paid Net InterestPaidNet	14642	usd
CY2023Q3	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	2951	usd
CY2023Q3	lrdc	Accounts Receivable Related Parties Current1 AccountsReceivableRelatedPartiesCurrent1	175000	usd
CY2023Q3	us-gaap	Prepaid Expense And Other Assets Current PrepaidExpenseAndOtherAssetsCurrent	35359	usd
CY2023Q3	us-gaap	Assets Current AssetsCurrent	213310	usd
CY2023Q3	us-gaap	Oil And Gas Property Full Cost Method Net OilAndGasPropertyFullCostMethodNet	344854	usd
CY2023Q3	us-gaap	Property Plant And Equipment Other Net PropertyPlantAndEquipmentOtherNet	148946	usd
CY2023Q3	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	493800	usd
CY2023Q3	us-gaap	Other Assets OtherAssets	30000	usd
CY2023Q3	us-gaap	Assets Assets	737110	usd
CY2023Q3	us-gaap	Accounts Payable Current AccountsPayableCurrent	2422013	usd
CY2023Q3	us-gaap	Accrued Liabilities Current AccruedLiabilitiesCurrent	2491328	usd
CY2023Q3	us-gaap	Interest Payable Current InterestPayableCurrent	278576	usd
CY2023Q3	lrdc	Deferred Well Development Costs DeferredWellDevelopmentCosts	1799260	usd
CY2023Q3	us-gaap	Convertible Notes Payable Current ConvertibleNotesPayableCurrent	878388	usd
CY2023Q3	lrdc	Revolving Note RevolvingNote	1035061	usd
CY2023Q3	lrdc	Notes Payable Related Parties Classified Current1 NotesPayableRelatedPartiesClassifiedCurrent1	292099	usd
CY2023Q3	lrdc	Due To Related Parties Current1 DueToRelatedPartiesCurrent1	617934	usd
CY2023Q3	us-gaap	Notes Payable Current NotesPayableCurrent	528568	usd
CY2023Q3	us-gaap	Liabilities Current LiabilitiesCurrent	10343227	usd
CY2023Q3	us-gaap	Asset Retirement Obligations Noncurrent AssetRetirementObligationsNoncurrent	121072	usd
CY2023Q3	us-gaap	Long Term Notes Payable LongTermNotesPayable	456382	usd
CY2023Q3	us-gaap	Liabilities Noncurrent LiabilitiesNoncurrent	577454	usd
CY2023Q3	us-gaap	Liabilities Liabilities	10920681	usd
CY2023Q3	us-gaap	Common Stock Value CommonStockValue	6622	usd
CY2023Q3	us-gaap	Additional Paid In Capital AdditionalPaidInCapital	10785713	usd
CY2023Q3	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	-20975906	usd
CY2023Q3	us-gaap	Stockholders Equity StockholdersEquity	-10183571	usd
CY2023Q3	us-gaap	Liabilities And Stockholders Equity LiabilitiesAndStockholdersEquity	737110	usd
CY2023Q3	us-gaap	Selling General And Administrative Expense SellingGeneralAndAdministrativeExpense	1174961	usd
CY2023Q3	us-gaap	Professional Fees ProfessionalFees	174618	usd
CY2023Q3	us-gaap	Operating Expenses OperatingExpenses	1349579	usd
CY2023Q3	us-gaap	Operating Expenses OperatingExpenses	1349579	usd
CY2023Q3	us-gaap	Other Nonoperating Income Expense OtherNonoperatingIncomeExpense	175000	usd
CY2023Q3	lrdc	Gain Loss On Disposition Of Assets Gain Loss On Disposition Of Assets Gain Loss On Disposition Of Assets Gain Loss On Disposition Of Assets GainLossOnDispositionOfAssetsGainLossOnDispositionOfAssetsGainLossOnDispositionOfAssetsGainLossOnDispositionOfAssets	175000	usd
CY2023Q3	us-gaap	Interest Expense InterestExpense	120131	usd
CY2023Q3	us-gaap	Net Income Loss NetIncomeLoss	-1119710	usd
CY2023Q3	lrdc	Earnings Per Share Basic And Diluted1 EarningsPerShareBasicAndDiluted1	-0.02
CY2023Q3	lrdc	Weighted Average Number Of Share Outstanding Basic And Diluted1 WeightedAverageNumberOfShareOutstandingBasicAndDiluted1	66220306	shares
CY2023Q3	us-gaap	Net Income Loss NetIncomeLoss	-1119710	usd
CY2023Q3	us-gaap	Share Based Compensation ShareBasedCompensation	721110	usd
CY2023Q3	us-gaap	Amortization Of Debt Discount Premium AmortizationOfDebtDiscountPremium	13578	usd
CY2023Q3	us-gaap	Depreciation Depreciation	4482	usd
CY2023Q3	us-gaap	Gain Loss On Disposition Of Assets GainLossOnDispositionOfAssets	175000	usd
CY2023Q3	us-gaap	Increase Decrease In Accounts Receivable Related Parties IncreaseDecreaseInAccountsReceivableRelatedParties	1779	usd
CY2023Q3	us-gaap	Increase Decrease In Prepaid Expense IncreaseDecreaseInPrepaidExpense	-1190	usd
CY2023Q3	us-gaap	Increase Decrease In Accounts Payable And Accrued Liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities	157467	usd
CY2023Q3	us-gaap	Increase Decrease In Employee Related Liabilities IncreaseDecreaseInEmployeeRelatedLiabilities	228878	usd
CY2023Q3	us-gaap	Increase Decrease In Accrued Liabilities IncreaseDecreaseInAccruedLiabilities	68162	usd
CY2023Q3	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	-98064	usd
CY2023Q3	us-gaap	Payments To Acquire Oil And Gas Property And Equipment PaymentsToAcquireOilAndGasPropertyAndEquipment	38164	usd
CY2023Q3	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities	-38164	usd
CY2023Q3	us-gaap	Repayments Of Convertible Debt RepaymentsOfConvertibleDebt	59988	usd
CY2023Q3	us-gaap	Proceeds From Related Party Debt ProceedsFromRelatedPartyDebt	187061	usd
CY2023Q3	lrdc	Ppp Loan Repayments PPPLoanRepayments	-1648	usd
CY2023Q3	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	125425	usd
CY2023Q3	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect	-10803	usd
CY2023Q2	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	13754	usd
CY2023Q3	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	2951	usd
CY2023Q3	us-gaap	Interest Paid Net InterestPaidNet	14642	usd
CY2023Q3	lrdc	Cash To Be Received For Sale Of Fixed Assets CashToBeReceivedForSaleOfFixedAssets	175000	usd
CY2023Q3	us-gaap	Stockholders Equity StockholdersEquity	-10183571	usd
CY2024Q3	us-gaap	Use Of Estimates UseOfEstimates	<p id="xdx_843_eus-gaap--UseOfEstimates_zcCVm6iQ6QIh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_86B_zquU0BHOTCl3">Use of Estimates</span> </i>- <span style="background-color: white">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.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2024Q3	us-gaap	Revenue Recognition Allowances RevenueRecognitionAllowances	<p id="xdx_840_eus-gaap--RevenueRecognitionAllowances_zZtMu2xhVvf3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_869_zxOVqDctRpYh">Revenue recognition</span></i> - The Company recognized revenue in accordance with ASC 606, Revenue from Contracts with Customers. Crude oil revenue is recognized when we have transferred control of crude oil production to the purchaser. We consider the transfer of control to have occurred when the purchaser has the ability to direct the use of and obtain substantially all of the remaining benefits from the crude oil production. We record revenues based on an estimate of the volumes delivered at estimated prices as determined by the applicable sales agreement. We estimate our sales volumes based on company-measured volume readings. We then adjust our crude oil sales in subsequent periods based on the data received from our purchasers that reflects actual volumes delivered and prices received. We receive payment for sales one to two months after actual delivery has occurred. The differences in sales estimates and actual sales are recorded one to two months later. Where the Company is not the operator, revenue from oil and gas production is recognized based on sales date as reported to the Company by the operators of oil production facilities in which the company has an interest. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2024Q3	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	105577	usd
CY2024Q2	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	127126	usd
CY2024Q3	us-gaap	Restricted Cash And Cash Equivalents RestrictedCashAndCashEquivalents	1829733	usd
CY2024Q2	us-gaap	Restricted Cash And Cash Equivalents RestrictedCashAndCashEquivalents	1863063	usd
CY2024Q3	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	1935310	usd
CY2024Q2	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	1990189	usd
CY2024Q3	us-gaap	Property Plant And Equipment Gross PropertyPlantAndEquipmentGross	193766	usd
CY2024Q2	us-gaap	Property Plant And Equipment Gross PropertyPlantAndEquipmentGross	193766	usd
CY2024Q3	us-gaap	Accumulated Depreciation Depletion And Amortization Property Plant And Equipment AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment	65069	usd
CY2024Q2	us-gaap	Accumulated Depreciation Depletion And Amortization Property Plant And Equipment AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment	58267	usd
CY2024Q3	us-gaap	Property Plant And Equipment Other Net PropertyPlantAndEquipmentOtherNet	128697	usd
CY2024Q2	us-gaap	Property Plant And Equipment Other Net PropertyPlantAndEquipmentOtherNet	135499	usd
CY2024Q3	lrdc	Schedule Of Oil And Gas Acquisition And Drilling Costs ScheduleOfOilAndGasAcquisitionAndDrillingCosts	<p id="xdx_89E_ecustom--ScheduleOfOilAndGasAcquisitionAndDrillingCosts_z8j4L7OITLXl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has recorded oil and gas acquisition and drilling costs totaling $<span id="xdx_907_eus-gaap--OilAndGasPropertyFullCostMethodNet_iI_c20240831_zqFb3634yVMd">2,475,603</span> and $<span id="xdx_90C_eus-gaap--OilAndGasPropertyFullCostMethodNet_iI_c20240531_zk6J09Onffuj">610,663</span> as of August 31, 2024 and May 31, 2024, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span id="xdx_8B1_zXd0yximUnq4" style="display: none">Schedule of Oil and Gas acquisition and drilling costs</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" id="xdx_303_134_zwmmrZ1MirO" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%" summary="xdx: Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 3)"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center"> </td><td> </td> <td colspan="2" id="xdx_49F_20240831_zQshP9cZ3Oi7" style="white-space: nowrap; text-align: center">August 31,</td><td> </td><td> </td> <td colspan="2" id="xdx_494_20240531_zD7xdsbityL2" style="white-space: nowrap; text-align: center">May 31,</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; white-space: nowrap; text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">2024</td><td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">2024</td><td style="border-bottom: Black 1pt solid"> </td></tr> <tr id="xdx_403_ecustom--IntangibleAndTangibleDrillingCosts_iI_zg5oFqraEgci" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%; text-align: left">Intangible and tangible drilling costs</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">2,237,303</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">382,259</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr id="xdx_400_ecustom--LeaseAcquisitionCosts_iI_z6rwqKYmlJ99" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Lease acquisition costs</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">238,300</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">228,404</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--OilAndGasPropertyFullCostMethodNet_iI_zz0VjJrIMuKc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Oil and gas acquisition and drilling costs</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,475,603</td><td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td><td style="border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">610,663</td><td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td></tr> </table>
CY2024Q3	us-gaap	Oil And Gas Property Full Cost Method Net OilAndGasPropertyFullCostMethodNet	2475603	usd
CY2024Q2	us-gaap	Oil And Gas Property Full Cost Method Net OilAndGasPropertyFullCostMethodNet	610663	usd
CY2024Q3	lrdc	Intangible And Tangible Drilling Costs IntangibleAndTangibleDrillingCosts	2237303	usd
CY2024Q2	lrdc	Intangible And Tangible Drilling Costs IntangibleAndTangibleDrillingCosts	382259	usd
CY2024Q3	lrdc	Lease Acquisition Costs LeaseAcquisitionCosts	238300	usd
CY2024Q2	lrdc	Lease Acquisition Costs LeaseAcquisitionCosts	228404	usd
CY2024Q3	us-gaap	Oil And Gas Property Full Cost Method Net OilAndGasPropertyFullCostMethodNet	2475603	usd
CY2024Q2	us-gaap	Oil And Gas Property Full Cost Method Net OilAndGasPropertyFullCostMethodNet	610663	usd
CY2023Q3	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate	0.0399	pure
CY2023Q3	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate	0	pure
CY2023Q3	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate	2.813	pure
CY2024Q3	lrdc	Notes Payable Related Parties Current And Noncurrent1 NotesPayableRelatedPartiesCurrentAndNoncurrent1	617934	usd
CY2024Q2	lrdc	Notes Payable Related Parties Current And Noncurrent1 NotesPayableRelatedPartiesCurrentAndNoncurrent1	617934	usd
CY2024Q3	lrdc	Due To Related Parties Current1 DueToRelatedPartiesCurrent1	617934	usd
CY2024Q2	lrdc	Due To Related Parties Current1 DueToRelatedPartiesCurrent1	617934	usd
CY2024Q3	us-gaap	Notes Payable NotesPayable	937224	usd
CY2024Q2	us-gaap	Notes Payable NotesPayable	954112	usd
CY2024Q3	us-gaap	Notes Payable Current NotesPayableCurrent	64866	usd
CY2024Q2	us-gaap	Notes Payable Current NotesPayableCurrent	66379	usd
CY2024Q3	us-gaap	Long Term Notes Payable LongTermNotesPayable	872358	usd
CY2024Q2	us-gaap	Long Term Notes Payable LongTermNotesPayable	887733	usd

Files In Submission

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0001199835-24-000457-index-headers.html	Edgar Link	pending
0001199835-24-000457-index.html	Edgar Link	pending
0001199835-24-000457.txt	Edgar Link	pending
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Financial_Report.xlsx	Edgar Link	pending
lrdc-10q.htm	Edgar Link	pending
lrdc-20240831.xsd	Edgar Link	pending
lrdc-ex31_1.htm	Edgar Link	pending
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lrdc-10q_htm.xml	Edgar Link	completed
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2024 Q4 Form 10-Q Financial Statement

#000119983524000457 Filed on October 21, 2024

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

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$LRDC Laredo Oil, Inc. Stock $lrdc

2024 Q4 Form 10-Q Financial Statement

#000119983524000457 Filed on October 21, 2024

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$LRDC
Laredo Oil, Inc. Stock $lrdc