Past year: ▲ 72%(29.0c – 90.0c USD)
Each one in plain English, with the numbers worked through for a shareholder.
17 June 2025material agreement● Neutral
Laredo raised $825,000 through subordinated notes and warrants sold to accredited investors at $0.43 per warrant share; weeks later the agreement was amended to allow up to $1.5 million in notes -- another round in Laredo's long pattern of small, recurring capital raises.
17 June 2024auditor change● Neutral
Laredo engaged M&K CPAS as its new independent auditor, replacing the SEC-suspended BF Borgers.
9 May 2024auditor change▼ BadMajor
Laredo's auditor, BF Borgers, was suspended from practicing before the SEC after the agency charged the firm with massive audit fraud -- Laredo had to scramble to find a new, qualified auditor.
12 Mar 2024material agreement▲ Good
Laredo's Lustre Oil subsidiary settled a Montana lawsuit with Erewhon Oil & Gas and A&S Mineral Development over the validity and title of oil and gas leases -- a confidential payment and mutual releases resolved the quiet-title dispute.
25 Jan 2024material agreement▲ GoodMajor
Laredo's Hell Creek Crude subsidiary raised $2.034 million from accredited investors to drill a development well and buy leases in Montana's Midfork Field; some investors rolled $575,000 of existing convertible debt into the new investment instead of taking cash.
12 Dec 2023debt financing▼ Bad
Laredo's 2020 PPP loan was not forgiven and went to collections: the company entered a payment plan with the Small Business Administration requiring 180 monthly payments of $5,860.32, with steep additional interest and fees if it misses payments -- confirming real, ongoing cash strain years after the loan was taken out.
24 July 2023material agreement▲ Good
Laredo's Lustre Oil subsidiary and partner Erehwon Oil & Gas farmed out their Lustre Field Prospect in Montana to Texakoma Exploration & Production: Texakoma will pay Lustre/Erehwon $350,000 and fund 100% of drilling two test wells in exchange for an 85% working interest, leaving Lustre/Erehwon a carried 15% interest -- a new, non-dilutive way to advance a prospect without spending Laredo's own cash.
20 June 2023material agreement▼ Bad
Laredo sold 6.06 million restricted shares directly to an individual investor, Robert Adamo, for about $267,000 -- roughly $0.044 per share, reflecting how far the stock had fallen.
2 June 2023debt financing▼ Bad
Laredo amended its $7.5 million note facility, raising the interest rate from 10% to 12% and extending the fundraising window to the end of 2024 -- after nine months, only $540,000 of the $7.5 million capacity had actually been drawn.
30 May 2023asset acquisition disposition▼ Bad
Laredo settled $97,760 of CEO Mark See's unpaid compensation by transferring him two pieces of company equipment (a Ford Explorer and a hoe loader) instead of cash -- a sign of tight liquidity. Separately, shareholders approved raising the company's authorized share count from 90 million to 120 million shares, headroom for further dilutive financing.
19 Dec 2022auditor change● Neutral
Laredo engaged BF Borgers CPA PC as its new independent auditor.
29 Nov 2022auditor change▼ Bad
Auditor Weaver and Tidwell resigned; its reports for fiscal 2021 and 2022 had again flagged substantial doubt about Laredo's ability to continue as a going concern.
29 Nov 2022debt financing▼ Bad
Laredo took on another small, dilutive convertible note -- $59,125 from JanBella Group, convertible at a discount to Laredo's recent trading price -- continuing a pattern of high-cost, dilutive financing.
27 Sept 2022debt financing● NeutralMajor
Laredo set up a note-purchase facility for up to $7.5 million, secured by its wholly owned subsidiary Hell Creek Crude, and drew an initial $50,000 -- a large facility size relative to the company, though only a small fraction was drawn at first.
25 July 2022material agreement● Neutral
Laredo retained investment bank Dawson James Securities as a financial advisor to help plan future equity and debt financings, paying a $30,000-per-quarter retainer plus stock.
5 July 2022debt financing▼ Bad
Laredo borrowed $750,000 from Cali Fields LLC at 15% interest, secured by its 50% stake in the Cat Creek joint venture, plus a 0.5% royalty on company-wide oil and gas revenue through mid-2027 -- an expensive loan reflecting Laredo's limited access to cheaper capital.
24 June 2022material agreement● Neutral
Laredo assigned most of its remaining $500,000 investment commitment in Olfert No. 11-4 Holdings to CFO Bradley Sparks personally, who paid Olfert the $356,243 balance directly -- shifting that funding obligation off Laredo's books and onto an insider.
3 June 2022security holder rights change▼ Bad
Laredo opened a $1.5 million revolving credit line with AEI Management at 8.75% interest, convertible into Laredo stock at a discount to market (capped at 4.99% ownership) -- a new, dilution-risk source of working capital.
6 Oct 2021capital raising announcement▼ Bad
On October 1, 2021, Laredo sold Geneva Roth Remark Holdings a convertible note with $114,125 principal, maturing October 1, 2022, and received $100,000 in net cash for general corporate purposes. The note carries 8% interest (22% on default). After 180 days Geneva Roth can convert it into shares at 75% of the average of the three lowest closing bids over the prior 15 trading days (capped at 4.99% ownership), so conversion would issue shares at a discount and dilute existing holders. It continues the pattern of small, costly note raises.
23 Feb 2021debt financing▲ Good
Laredo received a second PPP loan, $1,233,655 from First Horizon Bank, again potentially forgivable.
7 Jan 2021asset acquisition disposition▲ GoodMajor
Laredo bought SORC back from Alleghany for $55,000 cash plus a 5% royalty on Laredo's future oil and gas revenue for seven years, reversing the 2011 arrangement and giving Laredo exclusive worldwide rights again to its enhanced-oil-recovery technology plus SORC's oilfield equipment. The two old Alleghany loans were rolled into one $631,434 note secured by that equipment, and Alleghany agreed to pay roughly $1.245 million in 2021 for continued consulting from CEO Mark See and General Counsel Chris Lindsey.
7 July 2020material agreement● NeutralMajor
Laredo formed Cat Creek Holdings, a joint venture with Lipson Investments and Viper Oil & Gas (Laredo 50%, each partner 25%), to buy oil and gas properties in Montana's Cat Creek Field from Carrell Oil Company for $400,000 -- Laredo's first direct operating stake since becoming primarily a technology licensor to SORC in 2011.
1 May 2020debt financing▲ Good
Laredo received a $1,233,656 Paycheck Protection Program loan from IBERIABANK under the CARES Act, eligible for forgiveness if used on payroll and other approved costs.
2 Dec 2014material agreement● Neutral
The two Alleghany loans (combined $350,000) were extended again, this time to the end of 2015, with no other changes -- Laredo still had not repaid this debt more than four years after taking it on.
18 Nov 2011material agreement● Neutral
Laredo and Alleghany extended the maturity of both existing Alleghany loans ($250,000 and $100,000) to the end of 2013, easing near-term repayment pressure now that Laredo had shifted to a licensing-fee model with SORC.
5 Oct 2011auditor change● Neutral
Laredo replaced its auditor, Kyle L. Tingle CPA, with Weaver and Tidwell; Tingle's prior reports had flagged substantial doubt about Laredo's ability to continue as a going concern.
2 Sept 2011financial restatement▼ Bad
Laredo restated its financials after the SEC questioned its accounting for the 2010 convertible notes and related warrants; the notes themselves had already been fully repaid using funds from the new SORC deal.
20 June 2011material agreement▲ GoodMajor
Laredo licensed its "Underground Gravity Drainage" enhanced-oil-recovery technology and the services of CEO Mark See to a new Alleghany-backed vehicle, Stranded Oil Resources Corporation (SORC), in exchange for a 17.25%-19.99% royalty on SORC's net profits plus management fees. Alleghany committed up to $16 million to fund SORC. The deal turned cash-strapped Laredo into essentially a technology-licensing and management-services company rather than a direct oil operator.
12 Apr 2011material agreement● Neutral
Laredo borrowed a further $100,000 from Alleghany and disclosed it was in talks with Alleghany and CEO Mark See about a bigger deal: Alleghany funding the exploitation of Laredo's enhanced-oil-recovery know-how in exchange for a share of the profits.
24 Nov 2010material agreement● Neutral
Laredo borrowed $250,000 from Alleghany Capital Corporation (a subsidiary of insurer Alleghany Corporation), the start of a lending relationship that would come to dominate Laredo's finances for the next decade.
