In This Story
Laredo Oil Inc (LRDC0.00%) has submitted its 10-Q filing for the quarterly period ended November 30, 2024.
The filing includes financial statements for the quarter, showing a revenue of $1,640, primarily from the Texakoma wells. The company is working on increasing production following the operational readiness of a saltwater disposal well.
Operating expenses for the quarter were $712,742, down from $871,772 in the same quarter the previous year. This decrease is attributed to a reduction in stock-based compensation expenses.
Laredo Oil reported a net loss of $815,720 for the quarter, compared to a net loss of $753,522 in the previous year. The loss is primarily due to ongoing operational expenses and interest costs.
Cash and cash equivalents and restricted cash at the end of the period totaled $1,883,935, with total debt outstanding at $2,937,776.
The company continues to focus on developing its oil and gas interests in Montana, including the Lustre Field Prospect and the Midfork Field, through various agreements and partnerships.
Laredo Oil has raised $960,200 from the sale of unregistered common stock to accredited investors since May 31, 2024, to fund operations and development projects.
The company acknowledges substantial doubt about its ability to continue as a going concern due to its historical losses and dependence on financing to meet future obligations.
Laredo Oil is addressing legal proceedings related to unpaid services for drilling operations, with ongoing negotiations for payment terms.
The filing also details several financial agreements, including convertible promissory notes and secured promissory notes, with various maturity dates and interest rates.
Laredo Oil's management is working to improve operations and sustain the company over the next twelve months, focusing on cost control and fundraising efforts.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Laredo Oil Inc quarterly 10-Q report dated January 17, 2025. To report an error, please email earnings@qz.com.