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REFUNDABLE ADVANCE FROM PENDING CONTRACT	6 Months Ended
Nov. 30, 2021
Refundable Advance From Pending Contract
REFUNDABLE ADVANCE FROM PENDING CONTRACT	NOTE 11 – REFUNDABLE ADVANCE FROM PENDING CONTRACT During October and November 2021, through the Company’s wholly owned subsidiary, Lustre Holdings, Laredo received advance payments totaling $1.0 million from four investors pursuant to a draft net profits interest (NPI) agreement with the purpose of funding the first well. Through November 30, 2021, the Company has incurred approximately $65,000 in costs related to the development of the first well; however, the Company is awaiting required permitting procedures. The funds will be refunded to the investors if the well is not developed. These payments have been presented as restricted cash as of November 30, 2021 as the funds cannot be expended until the NPI agreement is finalized. The NPI agreement was executed in January 2022, see Note 16 - Subsequent Events.

REFUNDABLE ADVANCE FROM PENDING CONTRACT

6 Months Ended

Nov. 30, 2021

Refundable Advance From Pending Contract

REFUNDABLE ADVANCE FROM PENDING CONTRACT

NOTE 11 – REFUNDABLE ADVANCE FROM PENDING CONTRACT

During October and November 2021, through the Company’s wholly owned subsidiary, Lustre Holdings, Laredo received advance payments totaling $1.0 million from four investors pursuant to a draft net profits interest (NPI) agreement with the purpose of funding the first well. Through November 30, 2021, the Company has incurred approximately $65,000 in costs related to the development of the first well; however, the Company is awaiting required permitting procedures. The funds will be refunded to the investors if the well is not developed. These payments have been presented as restricted cash as of November 30, 2021 as the funds cannot be expended until the NPI agreement is finalized. The NPI agreement was executed in January 2022, see Note 16 - Subsequent Events.