Mon, Sep 30, 9:30 PM (81 days ago)
Laredo Oil, Inc. reported a net loss of $2,867 in FY 2024, a decrease from $7,890 in FY 2023, reflecting improved financial performance despite ongoing challenges. Revenue of $36,482 was recognized for the first time, attributed to oil and gas sales, while operating expenses decreased to $3,426,709 from $7,120,223, primarily due to a significant impairment charge in the previous year. The company’s total liabilities rose to $13,990,765, with current liabilities comprising a substantial portion ($12,945,638). The company faced challenges with the Olfert #11-4 well, which remained shut-in due to saltwater disposal issues, leading to a full impairment of its value. Strategic partnerships with Texakoma and Erehwon continue to be crucial for development, with ongoing efforts to secure additional funding for well completions. The company’s financial condition raises concerns about its ability to continue as a going concern, prompting management to seek further financing options. Laredo's stock trades on the OTC market, with a market value of $2.1 million as of November 30, 2023. The company has not paid dividends and continues to face risks from market volatility and operational challenges.