This amendment is administrative and does not change the underlying financial picture. The original 10-K already disclosed severe financial distress, going concern risk, and a material weakness. Monitor for any subsequent financing events, debt restructuring, or UGD project agreements that could alter the trajectory.
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Executive Summary
Laredo Oil filed this 10-K/A solely to furnish iXBRL data (Exhibits 101 and 104) for its original 10-K for the fiscal year ended May 31, 2026. No changes were made to the financial statements or any other disclosures. The original 10-K reported a net loss of $7.97 million, minimal revenue of $3,141, a material weakness in internal controls, and a going concern qualification from the auditor.
Key Facts
- Amendment is purely technical — adds iXBRL tagging; no changes to financial statements or disclosures
- Original 10-K reported FY2026 revenue of $3,141 vs $9,423 in FY2025
- Net loss from continuing operations widened to $7,919,331 from $2,448,590
- Total debt outstanding of $3,573,056 as of May 31, 2026
- Auditor M&K CPAS, PLLC issued a going concern opinion
- Material weakness in internal controls over financial reporting identified
- Accumulated deficit grew to $33,877,040
- Stockholders' deficit of $12,929,508
Financial Impact
Net loss from continuing operations of $7.9M on revenue of $3,141; accumulated deficit of $33.9M; total liabilities of $14.1M exceed total assets of $1.2M
Risk Factors
- Going concern risk — substantial doubt about ability to continue for one year
- High debt load of $3.57M with multiple defaults (Alleghany note, Cali Fields note)
- Minimal revenue ($3,141) with no path to profitability from current operations
- Material weakness in internal controls increases risk of financial misstatement
- All five drilled wells in Montana have been shut in as uneconomical
Investment Themes
Documents Analyzed
This report is based on 8 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 10-K/A Filing (Primary) | 0001199835-26-000359 |
| Document: lrdc-ex31_1.htm | 0001199835-26-000359 |
| Document: lrdc-ex31_2.htm | 0001199835-26-000359 |
| Document: lrdc-ex32_2.htm | 0001199835-26-000359 |
| Document: lrdc-ex32_1.htm | 0001199835-26-000359 |
| Document: 0001199835-26-000359-index-headers.html | 0001199835-26-000359 |
| Document: 0001199835-26-000359-index.html | 0001199835-26-000359 |
| Document: 0001199835-26-000359.txt | 0001199835-26-000359 |
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