17 Apr 2023quarterly activities report▼ Bad
Laredo Oil, Inc. reported quarterly revenue of $0 and a net loss of $699 thousand for the period ended 2023-02-28.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
14 Apr 2023quarterly activities report▼ Bad
Laredo Oil, Inc. reported quarterly revenue of $0 and a net loss of $699 thousand for the period ended 2023-02-28.
23 Jan 2023quarterly activities report▼ Bad
Laredo Oil, Inc. reported quarterly revenue of $0 and a net loss of $750 thousand for the period ended 2022-11-30.
17 Jan 2023late filing notice▼ Bad
Laredo Oil, Inc. notified the SEC that its quarterly report would be filed late.
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.
24 Oct 2022quarterly activities report▼ Bad
Laredo Oil, Inc. reported quarterly revenue of $0 and a net loss of $875 thousand for the period ended 2022-08-31.
17 Oct 2022late filing notice▼ Bad
Laredo Oil, Inc. notified the SEC that its quarterly report would be filed late.
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.
29 Aug 2022late filing notice▼ Bad
Laredo Oil, Inc. notified the SEC that its annual report would be filed late.
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.
19 Apr 2022quarterly activities report▼ Bad
Laredo Oil, Inc. reported quarterly revenue of $95 thousand and a net loss of $452 thousand for the period ended 2022-02-28.
14 Apr 2022late filing notice▼ Bad
Laredo Oil, Inc. notified the SEC that its quarterly report would be filed late.
19 Jan 2022quarterly activities report▼ Bad
Laredo Oil, Inc. reported quarterly revenue of $286 thousand and a net loss of $539 thousand for the period ended 2021-11-30.
14 Jan 2022late filing notice▼ Bad
Laredo Oil, Inc. notified the SEC that its quarterly report would be filed late.
30 Nov 2021securities registration● Neutral
Laredo Oil, Inc. amended a filing by which it filed notice of an exempt private placement.
20 Oct 2021quarterly activities report● Neutral
Laredo Oil, Inc. reported quarterly revenue of $286 thousand and net income of $885 thousand for the period ended 2021-08-31.
18 Oct 2021late filing notice▼ Bad
Laredo Oil, Inc. notified the SEC that its quarterly report would be filed late.
7 Oct 2021securities registration● Neutral
Laredo Oil, Inc. filed notice of an exempt private placement.
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.
30 Aug 2021late filing notice▼ Bad
Laredo Oil, Inc. notified the SEC that its annual report would be filed late.
19 Apr 2021quarterly activities report● Neutral
Laredo Oil, Inc. reported quarterly revenue of $1.4 million and net income of $410 thousand for the period ended 2021-02-28.
14 Apr 2021late filing notice▼ Bad
Laredo Oil, Inc. notified the SEC that its quarterly report would be filed late.
23 Feb 2021debt financing▲ Good
Laredo received a second PPP loan, $1,233,655 from First Horizon Bank, again potentially forgivable.
19 Jan 2021quarterly activities report▼ Bad
Laredo Oil, Inc. reported quarterly revenue of $1.2 million and a net loss of $227 thousand for the period ended 2020-11-30.
14 Jan 2021late filing notice▼ Bad
Laredo Oil, Inc. notified the SEC that its quarterly report would be filed late.