13 Jan 2012quarterly activities report● Neutral
Laredo Oil, Inc. reported quarterly revenue of $381 thousand and net income of $48 thousand for the period ended 2011-11-30.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
28 Oct 2011quarterly activities report▼ Bad
Laredo Oil, Inc. reported quarterly revenue of $421 thousand and a net loss of $4.3 million for the period ended 2011-08-31.
17 Oct 2011quarterly activities report▼ Bad
Laredo Oil, Inc. reported quarterly revenue of $421 thousand and a net loss of $4.3 million for the period ended 2011-08-31.
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.
30 Aug 2011late filing notice▼ Bad
Laredo Oil, Inc. notified the SEC that its annual report would be filed late.
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.
14 Apr 2011quarterly activities report▼ Bad
Laredo Oil, Inc. reported quarterly revenue of $0 and a net loss of $571 thousand for the period ended 2011-02-28.
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.
14 Jan 2011quarterly activities report● Neutral
Laredo Oil, Inc. reported quarterly revenue of $0 and net income of $267 thousand for the period ended 2010-11-30.
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.
15 Oct 2010quarterly activities report▼ Bad
Laredo Oil, Inc. reported quarterly revenue of $0 and a net loss of $142 thousand for the period ended 2010-08-31.
31 Aug 2010late filing notice▼ Bad
Laredo Oil, Inc. notified the SEC that its annual report would be filed late.
28 July 2010capital raising announcement● Neutral
Laredo sold 1,000,000 shares and 750,000 five-year warrants (exercise price $0.50) to Seaside 88, LP for $500,000, or $0.50 per share, closing July 27, 2010; placement agent Sutter Securities received 225,000 similar warrants. This follows the June 2010 $300,000 convertible-note bridge and is a small equity raise. If Laredo fails to raise $5,000,000 in equity within six months, Seaside gets another 1,000,000 shares and the warrant price drops to $0.25, which would dilute other shareholders.
28 July 2010securities registration● Neutral
Laredo Oil, Inc. filed notice of an exempt private placement.
9 June 2010securities registration● Neutral
Laredo Oil, Inc. filed notice of an exempt private placement.
9 June 2010debt financing● Neutral
Laredo Oil raised $300,000 through convertible notes and warrants sold to eight accredited investors -- a small bridge financing while the company sought a larger, $7.5 million-plus round.
4 June 2009securities registration● Neutral
Laredo Oil, Inc. filed the final prospectus for a registered offering.
28 May 2009securities registration● Neutral
Laredo Oil, Inc. filed the final prospectus for a registered offering.
23 Apr 2009securities registration● Neutral
Laredo Oil, Inc. amended an already-effective registration statement.
2 Mar 2009securities registration● Neutral
Laredo Oil, Inc. amended an already-effective registration statement.
25 Aug 2008securities registration● Neutral
Laredo Oil, Inc. registered a securities offering with the SEC.