Blueprint

0001654954-16-002896.txt : 20161017 0001654954-16-002896.hdr.sgml : 20161017 20161017155059 ACCESSION NUMBER: 0001654954-16-002896 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 35 CONFORMED PERIOD OF REPORT: 20160831 FILED AS OF DATE: 20161017 DATE AS OF CHANGE: 20161017 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Laredo Oil, Inc. CENTRAL INDEX KEY: 0001442492 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 262435874 STATE OF INCORPORATION: DE FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-153168 FILM NUMBER: 161938878 BUSINESS ADDRESS: STREET 1: 110 N. RUBEY DR. STREET 2: SUITE 120 CITY: GOLDEN STATE: CO ZIP: 80403 BUSINESS PHONE: 720-295-1214 MAIL ADDRESS: STREET 1: 110 N. RUBEY DR. STREET 2: SUITE 120 CITY: GOLDEN STATE: CO ZIP: 80403 FORMER COMPANY: FORMER CONFORMED NAME: Laredo Mining, Inc. DATE OF NAME CHANGE: 20080808 10-Q 1 laredo_10q-16992.htm LAREDO OIL, INC. 10-Q Blueprint

U.S. SECURITIES AND EXCHANGE

COMMISSION

Washington, D.C.20549

FORM 10-Q

☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE

ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED AUGUST 31, 2016

Commission File Number 333-153168

Laredo Oil, Inc.

(Exact name of registrant as specified in its charter)

Delaware

(State or other jurisdiction of incorporation or organization)

110 N. Rubey Dr., Suite 120

Golden, Colorado 80403

(Address of principal executive offices) (Zip code)

(720) 295-1214

(Registrant's telephone number, including area code)

Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the last 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer," "non-accelerated filer," and "smaller reporting company" in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☒

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 or the Exchange Act). Yes ☐ No ☒

State the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practicable date:

54,514,765 shares of common stock issued and outstanding as of October 17, 2016.

PART I FINANCIAL INFORMATION

Item 1.	Financial Statements	3
	Balance Sheets as of August 31, 2016 (unaudited) and May 31, 2016	4
	Statements of Operations (unaudited)	5
	Statements of Cash Flows (unaudited)	6
	Notes to Financial Statements (unaudited)	7

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	12

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	14

Item 4.	Controls and Procedures	14


PART II OTHER INFORMATION

Item 6.	Exhibits	15

Signatures		16

ITEM 1. FINANCIAL STATEMENTS

The following unaudited financial statements have been prepared by Laredo Oil, Inc. (the “Company"), pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been omitted pursuant to such SEC rules and regulations; nevertheless, the Company believes that the disclosures are adequate to make the information presented not misleading. However, except as disclosed herein, there have been no material changes in the information disclosed in the notes to the financial statements for the year ended May 31, 2016. These financial statements and the notes attached hereto should be read in conjunction with the financial statements and notes included in the Company's Form 10-K, which was filed with the SEC on August 29, 2016. In the opinion of management of the Company, all adjustments, including normal recurring adjustments necessary to present fairly the financial position of Laredo Oil, Inc. as of August 31, 2016 and the results of its operations and cash flows for the three-month period then ended, have been included. The results of operations for the three-month period ended August 31, 2016 are not necessarily indicative of the results for the full year ending May 31, 2017.

Laredo Oil, Inc.
Balance Sheets

	August 31, 2016	May 31, 2016
	(Unaudited)

ASSETS
Current Assets
Cash and cash equivalents	$116,376	$393,937
Prepaid expenses and other current assets	180,760	46,293
Total Current Assets	297,136	440,230

TOTAL ASSETS	$297,136	$440,230

LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current Liabilities
Accounts payable	$36,125	$33,363
Accrued payroll liabilities	1,058,711	1,057,280
Accrued liabilities – related party	-	170,079
Accrued interest	137,555	129,632
Deferred management fee revenue	45,833	45,833
Notes payable	350,000	350,000

Total Current Liabilities	1,628,224	1,786,187

TOTAL LIABILITIES	1,628.224	1,786,187

Commitments and Contingencies	-	-

Stockholders’ Deficit
Preferred stock: $0.0001 par value; 10,000,000 shares authorized; none issued and outstanding	-	-
Common stock: $0.0001 par value; 90,000,000 shares authorized; 54,514,765 and 54,514,765 issued and outstanding, respectively	5,451	5,451
Additional paid in capital	8,323,303	8,188,199
Accumulated deficit	(9,659,842)	(9,539,607)

Total Stockholders’ Deficit	(1,331,088)	(1,345,957)

TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT	$297,136	$440,230

The accompanying notes are an integral part of these financial statements.

Laredo Oil, Inc.

Statements of Operations

(Unaudited)

	Three Months Ended	Three Months Ended
	August 31, 2016	August 31, 2015

Management fee revenue	$2,623,211	$2,791,904

Direct costs	2,514,410	2,734,845

Gross profit	108,801	57,059

General, selling and administrative expenses	108,932	112,094
Consulting and professional services	111,917	113,693
Operating Expenses	220,849	225,787

Operating loss	(112,048)	(168,728)

Other income (expense)
Loss on revaluation of warrant liability	-	(24,424)
Interest expense	(8,187)	(6,910)

Net loss	$(120,235)	$(200,062)

Net loss per share, basic and diluted	$(0.00)	$(0.00)

Weighted average number of basic and common shares outstanding	54,514,765	54,275,294

The accompanying notes are an integral part of these financial statements.

Laredo Oil, Inc.

Statements of Cash Flows

(Unaudited)

	Three Months Ended	Three Months Ended
	August 31, 2016	August 31, 2015

CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$(120,235)	$(200,062)
Adjustments to Reconcile Net Loss to Net Cash provided by (used in) Operating Activities
Share based compensation	135,104	132,372
Gain on revaluation of warrant liability	-	24,424
Decrease (increase) in prepaid expenses and other current assets	(134,467)	64,100
(Decrease) increase in accounts payable and accrued liabilities	(157,963)	(12,536)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	(277,561)	8,298

CASH FLOWS FROM INVESTING ACTIVITIES		-

CASH FLOWS FROM FINANCING ACTIVITIES		-

Net increase (decrease) in cash and cash equivalents	(277,561)	8,298

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	393,937	85,835

CASH AND CASH EQUIVALENTS AT END OF PERIOD	$116,376	$94,133

NON-CASH FINANCING ACTIVITY
Reclassification of warrant liability to equity	$-	$276,415

The accompanying notes are an integral part of these financial statements.

NOTES TO FINANCIAL STATEMENTS

(UNAUDITED)

NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS

On June 14, 2011, the Company entered into agreements with Stranded Oil Resources Corporation (“SORC”) to seek recovery of stranded crude oil from mature, declining oil fields by using the enhanced oil recovery (“EOR”) method known as Underground Gravity Drainage (“UGD”). Such agreements include license agreements, management services agreements, and other agreements (collectively the “Agreements”). SORC is a subsidiary of Alleghany Capital Corporation (“Alleghany Capital”) which is a subsidiary of Alleghany Corporation (“Alleghany”).

The Agreements stipulate that the Company and Mark See, the Company’s Chairman and Chief Executive Officer (“CEO”), will provide to SORC, management services and expertise through exclusive, perpetual license agreements and a management services agreement (the “Management Service Agreement”) with SORC. As consideration for the licenses to SORC, the Company will receive an interest in SORC’s net profits as defined in the Agreements (the “Royalty”). The Management Service Agreement (“MSA”) outlines that the Company will provide the services of key employees (“Key Persons”), including Mark See, in exchange for monthly and quarterly management service fees. The monthly management service fees provide funding for the salaries, benefit costs, and FICA taxes for the Key Persons identified in the MSA. SORC remits payment for the monthly management fees in advance and is payable on the first day of each calendar month. The quarterly management fee is $137,500 per quarter and is paid on the first day of each calendar quarter, and, as such, $45,833 has been recorded as deferred management fee revenue at August 31, 2016. In addition, SORC will reimburse the Company for monthly expenses incurred by the Key Persons in connection with their rendition of services under the MSA. The Company may submit written requests to SORC for additional funding for payment of the Company’s operating costs and expenses, which SORC, in its sole and absolute discretion, will determine whether or not to fund. As of the filing date, no such additional funding requests have been made.

As consideration for the licenses to SORC, the Company will receive a 19.49% interest in SORC net profits as defined in the SORC License Agreement (the “SORC License Agreement”). Under the SORC License Agreement, the Company agreed that a portion of the Royalty equal to at least 2.25% of the net profits (“Incentive Royalty”) be used to fund a long term incentive plan for the benefit of its employees, as determined by the Company’s board of directors. On October 11, 2012, the Laredo Royalty Incentive Plan (the “Plan”) was approved and adopted by the Board and the Incentive Royalty was assigned by the Company to Laredo Royalty Incentive Plan, LLC, a special purpose Delaware limited liability company and wholly owned subsidiary of Laredo Oil, Inc. formed to carry out the purposes of the Plan (the “Plan Entity”). Through August 31, 2016 the subsidiary has received no distributions from SORC. As a result of the assignment of the Incentive Royalty to the Plan Entity, the Royalty retained by the Company has been reduced from 19.49% to 17.24% subject to reduction to 15% under certain events stipulated in the SORC License Agreement. Additionally, in the event of a SORC initial public offering or certain other defined corporate events, the Company will receive 17.24%, subject to reduction to 15% under the SORC License Agreement, of the SORC common equity or proceeds emanating from the event in exchange for termination of the Royalty. Under certain circumstances regarding termination of exclusivity and license terminations, the Royalty could be reduced to 7.25%. If any Incentive Royalty is funded as a result of those conditions being met, the Company may record compensation expense for the fair value of the Incentive Royalty, once all pertinent factors are known and considered probable.

Prior to the Company receiving any Royalty cash distributions from SORC, all SORC preferred share accrued dividends must be paid, preferred shares redeemed, and debt retired to comply with any loan agreements. Additionally, when SORC acquires additional oil fields, any Alleghany Capital funds invested into SORC to finance their acquisition and development must be repaid prior to the distribution of any Royalty cash distributions to Laredo.

Basic and Diluted Loss per Share

The Company’s basic and diluted earnings per share (“EPS”) amounts have been computed based on the weighted-average number of shares of common stock outstanding for the period. As the Company realized a net loss for the three month periods ended August 31, 2016 and 2015, no potentially dilutive securities were included in the calculation of diluted loss per share as their impact would have been anti-dilutive.

NOTE 2 – GOING CONCERN

These financial statements have been prepared on a going concern basis. The Company has no significant operating history as of August 31, 2016, and has a net loss of approximately $120,000 for the quarter ended August 31, 2016. The Company entered into the Agreements with SORC to fund operations and to provide working capital. However, there is no assurance that in the future such financing will be available to meet the Company’s needs.

NOTES TO FINANCIAL STATEMENTS

(UNAUDITED)

NOTE 2 – GOING CONCERN - continued

Management has undertaken steps as part of a plan to improve operations with the goal of sustaining our operations for the next twelve months and beyond. These steps include (a) providing services and expertise under the Agreements to expand operations; and (b) controlling overhead and expenses. In that regard, the Company has worked to attract and retain key personnel with significant experience in the industry to enhance the quality and breadth of the services it provides. At the same time, in an effort to control costs, the Company has required a number of its personnel to multi-task and cover a wider range of responsibilities in an effort to restrict the growth of the Company’s headcount at a time of expanding demand for its services under the MSA. Further, the Company works closely with SORC to obtain its approval in advance of committing to material costs and expenditures in order to keep the Company’s expenses in line with the management fee revenue. There can be no assurance that the Company can successfully accomplish these steps and it is uncertain that the Company will achieve a profitable level of operations and obtain additional financing. There can be no assurance that any additional financing will be available to the Company on satisfactory terms and conditions, if at all.

The accompanying financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from the possible inability of the Company to continue as a going concern.

NOTE 3 - RECENT AND ADOPTED ACCOUNTING STANDARDS

The Company has reviewed recently issued accounting standards and plans to adopt those that are applicable to it. It does not expect the adoption of those standards to have a material impact on its financial position, results of operations, or cash flows.

NOTE 4 - FAIR VALUE OF FINANCIAL INSTRUMENTS

The Company's financial instruments as defined by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 825-10-50, Financial Instruments, include cash and cash equivalents, accounts payable, accrued liabilities, warrant liabilities and notes payable. All instruments are accounted for on a historical cost basis, which, due to the short maturity of these financial instruments, approximates fair value at August 31, 2016.

Based on the borrowing rates currently available to the Company for loans with similar terms and maturities, the fair value of long term notes payable approximates the carrying value.

FASB ASC 820, Fair Value Measurements (“FASB ASC 820”), defines fair value as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. FASB ASC 820 provides a framework for measuring fair value, establishes a three level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date and requires consideration of the counterparty’s creditworthiness when valuing certain assets.

The three level fair value hierarchies for disclosure of fair value measurements defined by FASB ASC 820 are as follows:

Level 1 – Unadjusted, quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. An active market is defined as a market where transactions for the financial instrument occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2 – Inputs, other than quoted prices in active markets, that are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life.

Level 3 – Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. Valuation under level 3 generally involves a significant degree of judgment from management.

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

The Company had warrant liabilities which were measured at fair value on a recurring basis until the underlying warrants were exercised in July 2015. The Company recorded a loss on revaluation of warrant liability of $24,424 for the three months ended August 31, 2015. The Company measures the fair value of the warrant liabilities using the Black Scholes method. Inputs used to determine fair value under this method include the Company’s stock price volatility and expected remaining life as disclosed in Note 6.

NOTES TO FINANCIAL STATEMENTS

(UNAUDITED)

NOTE 4 - FAIR VALUE OF FINANCIAL INSTRUMENTS – continued

During July 2015, the warrant liabilities were measured at fair value prior to exercise of the underlying warrants. Upon exercise of the warrants in July 2015 the resulting liability was reclassified to additional paid in capital. Accordingly, the warrant liability no longer requires fair value measurement as of August 31, 2015.

NOTE 5 - RELATED PARTY TRANSACTIONS

Transactions between related parties are considered to be related party transactions even though they may not be given accounting recognition. FASB ASC 850, Related Party Disclosures (“FASB ASC 850”) requires that transactions with related parties that would make a difference in decision making shall be disclosed so that users of the financial statements can evaluate their significance. Related party transactions typically occur within the context of the following relationships:

· Affiliates of the entity;

· Entities for which investments in their equity securities is typically accounted for under the equity method by the investing entity;

· Trusts for the benefit of employees;

· Principal owners of the entity and members of their immediate families;

· Management of the entity and members of their immediate families.

Other parties that can significantly influence the management or operating policies of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests.

SORC and Alleghany Capital are considered related parties under FASB ASC 850. All management fee revenue reported by the Company for the three months ended August 31, 2016 and 2015 is generated from charges to SORC. All outstanding notes payable at August 31, 2016 and 2015 are held by Alleghany Capital. See Note 7.

Mr. Donald Beckham, a director of the Company, provided consulting services to SORC related to the Teapot Dome Oilfield acquired by SORC in January 2015. During the quarter ended August 31, 2015, Mr. Beckham was paid approximately $62,000 as consideration for such services. This consulting arrangement terminated on July 24, 2015.

NOTES TO FINANCIAL STATEMENTS

(UNAUDITED)

NOTE 6 - STOCKHOLDERS' DEFICIT

Share Based Compensation

The Black-Scholes option pricing model is used to estimate the fair value of options granted under our stock incentive plan.

The following table summarizes expense recognized as a result of share-based compensation:

	Three Months Ended
	August 31, 2016	August 31, 2015
Share-based compensation:
General, selling and administrative expenses	$92,557	$85,520
Consulting and professional services	42,547	46,852
	135,104	132,372
Share-based compensation by type of award:
Stock options	133,715	126,678
Restricted stock	1,389	5,694
	$135,104	$132,372

Stock Options

No option grants were made during the first quarter of fiscal year 2017. Option grants for the purchase of 925,000 shares of common stock at a price of $0.405 per share were made during the first quarter of fiscal year 2016. The options vest monthly over three years beginning September 1, 2015 and expire on August 8, 2025. The grant date fair value of this employee stock option grant amounted to approximately $365,000. The assumptions used in calculating these values were based on an expected term of 7.0 years, volatility of 174% and a 1.92% risk free interest rate at the date of grant.

Restricted Stock

No restricted stock was granted during the first quarter of fiscal year 2017 or during fiscal year 2016.

Warrants

No warrants were issued during the first quarter of fiscal year 2017 or 2016. During July 2015, warrants to purchase 975,000 shares of common stock were exercised on a cashless basis, resulting in the issuance of 516,196 shares of common stock. As of August 31, 2016 there were 5,374,501 warrants remaining to be exercised at a price of $0.70 per share to Sunrise Securities Corporation to satisfy the finders’ fee obligation associated with the Alleghany transaction. The warrants will expire June 14, 2021.

NOTES TO FINANCIAL STATEMENTS

(UNAUDITED)

NOTE 6 - STOCKHOLDERS' DEFICIT - continued

All outstanding warrants are currently exercisable.

During fiscal year 2011, the Company issued warrants to purchase 975,000 shares of common stock in connection with a stock purchase agreement. These warrants are exercisable for five years from the date of the Company’s Private Placement. The exercise price of each warrant is equal to the lesser of the stock price in a future financing arrangement or $0.25. Accordingly, these warrants contained anti-dilution provisions that adjust the exercise price of the warrants in the event additional shares of common stock or securities convertible into common stock are issued by the Company at a price less than the then applicable exercise price of the warrants. Pursuant to FASB ASC 815-40, Derivatives and Hedging, these warrants were treated as a liability measured at fair value at inception, with the calculated increase or decrease in fair value each quarter being recognized in the Statement of Operations. During July 2015, the warrant liabilities were measured at fair value prior to exercise of the underlying warrants issued to purchase 975,000 shares of common stock on a cashless basis resulting in the issuance of 516,196 shares of common stock. The resulting liability was reclassified to additional paid in capital. Accordingly, the warrant liability is no longer measured at fair value as of August 31, 2016. The fair value of the warrants was determined prior to the warrant exercise during the three months ending August 31, 2015 using the Black-Scholes option pricing model based on the following weighted average assumptions:

	2015

Risk-free interest rates	0.02%
Expected Term	0.4 years
Expected volatility	163.1%
Dividend yield	0%

NOTE 7 - NOTES PAYABLE

During the fiscal year ended May 31, 2011, the Company entered into two Loan Agreements with Alleghany Capital for a combined available borrowing limit of $350,000. The notes accrue interest on the outstanding principal of $350,000 at the rate of 6% per annum. As of August 31, 2016, accrued interest totaling $137,555 is recorded in accrued liabilities. The interest is payable in either cash or in kind. The notes have been amended and restated and now have a maturity date of December 31, 2016 and are classified as current notes payable. The loan agreements require any stock issuances for cash be utilized to pay down the outstanding loan balance unless written consent is obtained from Alleghany Capital.

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This report contains forward-looking statements that involve risk and uncertainties. We use words such as "anticipate", "believe", "plan", "expect", "future", "intend", and similar expressions to identify such forward-looking statements. Investors should be aware that all forward-looking statements contained within this filing are good faith estimates of management as of the date of this filing. Our actual results could differ materially from those anticipated in these forward-looking statements.

The Company is a management services company managing the acquisition and conventional operation of mature oil fields and the further recovery of stranded oil from those fields using enhanced oil recovery methods for its sole customer, SORC, an indirect, wholly owned subsidiary of Alleghany. See “Item 1. Business” in the Form 10-K for the year ended May 31, 2016 for a discussion of our business and our transactions with SORC. The sole source of revenue for the Company comes from the management fees described in the MSA and from a Royalty based upon the success of SORC. As of August 31, 2016, no royalties have been accrued or paid.

As of August 31, 2016, Alleghany Capital had a net investment of approximately $267.6 million in SORC. This investment is primarily being channeled into three major projects located in separate states. The projects are listed in order of acquisition, but not necessarily in order of when work may commence on UGD projects if and when approved by the SORC board of directors.

The first project is located in Kansas. SORC funds have been used to acquire oil and gas leases and to purchase mineral rights totaling approximately 2,500 acres and used to construct and develop a UGD facility. In January 2013, permits were issued by the Kansas Corporation Commission (“KCC”) to begin work on the project. On January 12, 2015, SORC declared a unit covering approximately 1,560 acres. During the quarter ended February 29, 2016, drilling was intermittent as equipment, designs, procedures and systems were being evaluated, tested and modified or replaced where necessary. The Company continues to test different enhanced recovery methods (e.g. nitrogen and carbon dioxide injection) and to analyze and interpret drilling results from underground wellbores in order to determine those activities which best optimize production from the field. In an application filed with the KCC on January 13, 2016, SORC disclosed that 13 UGD wellbores have been drilled from the underground drilling room. SORC also disclosed that initial results from drilling test UGD wellbores confirmed commercial quantities of oil within the formation, but also revealed the formation to be less permeable and porous than originally anticipated. This is due in large part to the presence of a greater degree of shale and siltstone laminations than expected. Because shale and siltstone have low permeability and porosity, these laminations create barriers inhibiting the natural flow of oil through the more porous and permeable Bartlesville sand. Due to these characteristics of the Fredonia field, and in an effort to maximize oil recovery, SORC requested permission to conduct hydraulic stimulations of existing vertical wells in the field. That application to do so was granted by the KCC on February 25, 2016. This stimulation activity is part of the ongoing optimization process designed to facilitate successful UGD recovery of existing oil deposits in the field. As of the date of this filing, selected portions of the field where hydraulic stimulation has been completed are being pressurized with gas injections. After development and testing are completed and results analyzed and evaluated, selected individual underground wellbores capable of producing commercially viable oil quantities will be put into production and monitored as part of the optimization process.

The second project is located in Louisiana. SORC has acquired oil and gas leases on approximately 9,244 acres in a targeted oil reservoir. The oil field there is operational and currently producing crude oil using conventional production methods. The Company believes that mineral rights underlying sufficient acreage are already in place to develop another UGD project there. The Company, on behalf of SORC, is currently operating those leases acquired. The Company has assessed the geological data concerning the oil reservoir and will begin implementing the UGD recovery method if approved by the SORC board of directors.

The third project is located in Wyoming. On January 30, 2015, SORC, through one of its subsidiaries, purchased the Department of Energy's Naval Petroleum Reserve Number 3 (NPR-3), the Teapot Dome Oilfield, for $45.2 million. The purchase culminated a competitive bidding process that closed on October 16, 2014. Under the terms of the sale, operation and ownership of all of NPR-3’s mineral rights and approximately 9,000 acres of land immediately transferred to SORC. The remaining surface acreage transferred in June 2015, bringing the total acres purchased to 9,318. The oil field there is operational and currently producing crude oil using conventional production methods. The Company is assessing the geological data concerning the oil reservoir and will begin implementing the UGD recovery method if approved by the SORC board of directors.

When SORC acquires mineral rights, it generally will continue to operate any producing properties associated with those rights and expects to generate revenue and profit from doing so. Some mineral rights acquired thus far include leases which have producing wells on them. Once development of the underground chamber and the UGD method is prepared for operation, selected conventional wells are expected to be plugged and abandoned after UGD production has begun. The effect of such operational procedures should result in minimal disruption of oil production from the SORC field investments.

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS - continued

In accordance with the terms of the Agreements, the Company has agreed with SORC that it will not acquire any fields associated with UGD development.

Liquidity and Capital Resources

In accordance with the SORC license and management services agreements, the Company believes that it will receive from SORC sufficient working capital necessary to meet its obligations under the Agreements. The Company provides the know-how, expertise, and management required to identify, evaluate, acquire, test and develop targeted properties, and SORC will provide all required funding and will own the acquired assets. It is expected that SORC will be funded primarily by Alleghany Capital in exchange for issuance by SORC to Alleghany Capital of 12% Cumulative Preferred Stock. In April 2014, one of the SORC subsidiaries obtained a $250 million non-recourse secured bank credit facility to provide it with a lower cost source of funding as compared to the cost of funds received from Alleghany Capital. As of August 31, 2016, SORC had no borrowings under the facility which is limited to the value of properties included in the borrowing base as determined by the lending institution. As of August 31, 2016, SORC had received $267.6 million in net funding from Alleghany Capital. Prior to the Company’s receiving any Royalty cash distributions from SORC, all SORC preferred share accrued dividends must be paid, preferred shares redeemed, and debt retired to comply with any loan agreements. Additionally, when SORC acquires additional oil fields, any Alleghany Capital funds invested into SORC to finance their acquisition and development must be repaid prior to the distribution of any Royalty cash distributions to Laredo. With such uncertainty, Royalty cash distributions are not foreseen in the near future, and the main source of income for the Company will continue to be the management fee revenue under the Management Services Agreement.

Our cash and cash equivalents at August 31, 2016 was $116,376. Total debt outstanding as of the filing date of this report is $350,000 owed to Alleghany Capital, which is classified as short-term.

Results of Operations

Pursuant to the MSA with SORC, the Company received and recorded management fee revenue and direct costs totaling $2,623,211 and $2,514,410 for the quarter ended August 31, 2016 and 2,791,904 and $2,734,845 for the same quarter ended August 31, 2015. The decrease in revenues and direct costs is primarily attributable to a decrease in employees in the quarter ended August 31, 2016 as compared to the same quarter of last year.

During the quarters ended August 31, 2016 and 2015, respectively, we incurred operating expenses of $220,849 and $225,787. These expenses consisted of general operating expenses incurred in connection with the day to day operation of our business, the preparation and filing of our required reports and stock option compensation expense. The decrease in expenses for the quarter ended August 31, 2016 as compared to the same period in 2015 is primarily attributable to the decreased rent expense from closing the Montana office.

Due to the nature of the Agreements, the Company is relatively unaffected by the impact of inflation. Usually, when general price inflation occurs, the price of crude oil increases as well, which may have a positive effect on sales. However, as the price of oil increases, it also most likely will result in making targeted oil fields more expensive.

Further, for the quarter ended August 31, 2015, the Company experienced a loss on revaluation of warrant liability of $24,424. During this same quarter, the underlying warrants to purchase 975,000 shares of common stock were exercised on a cashless basis, resulting in the issuance of 516,196 shares of common stock. After revaluation of the warrants, the related warrant liability was reclassified to additional paid in capital. The changes on revaluation during the three months ended August 31, 2015 are due to an increase in the common stock price, as well as a change in the exercise price on certain warrants. The Company’s operating results in future periods will no longer continue to be affected by changes of value of the warrant liability associated with the Sutter and Seaside warrants.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

The process of preparing financial statements requires that we make estimates and assumptions that affect the reported amounts of liabilities and stockholders’ equity/(deficit) at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Such estimates primarily relate to revaluation of warrants as of the date of the financial statements; accordingly, actual results may differ from estimated amounts. Our estimates and assumptions are based on current facts, historical experience and various other factors we believe to be reasonable under the circumstances. The most significant estimates with regard to the financial statements included with this report relate to the valuation of warrants.

These estimates and assumptions are reviewed periodically and, as adjustments become necessary, they are reported in earnings in the periods in which they become known.

OFF-BALANCE SHEET ARRANGEMENTS

We do not currently have any off balance sheet arrangements or other such unrecorded obligations, and we have not guaranteed the debt of any other party.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Our exposure to market risk is confined to our cash equivalents. We invest in high-quality financial instruments and we believe we are subject to limited credit risk. Due to the short-term nature of our cash, we do not believe that we have any material exposure to interest rate risk arising from our investments.

ITEM 4. CONTROLS AND PROCEDURES

(a) Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Securities Exchange Act of 1934, as amended (“Exchange Act”), is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission (“SEC”) rules and forms. Our disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in our reports filed under the Exchange Act is accumulated and communicated to management as appropriate to allow timely decisions regarding required disclosures. There are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the controls and procedures. Accordingly, even effective disclosure controls and procedures can only provide reasonable assurance of achieving their control objectives, and management necessarily is required to use its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

An evaluation was carried out under the supervision and with the participation of the Company’s management, including the Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), of the effectiveness of our disclosure controls and procedures as of the end of the period covered by this report as defined in Exchange Act Rule 13a-15(e) and Rule 15d-15(e). Based on that evaluation, the CEO and CFO have concluded that, as of the end of the period covered by this report, the Company’s disclosure controls and procedures are not effective in insuring that information required to be disclosed in our Exchange Act reports is (1) recorded, processed, summarized and reported in a timely manner, and (2) accumulated and communicated to our management, including our CEO and CFO, as appropriate, to allow timely decisions regarding required disclosure.

Our size has prevented us from being able to employ sufficient resources to enable us to have an adequate level of supervision and segregation of duties. Therefore, it is difficult to effectively segregate accounting duties which comprises a material weakness in internal controls. This lack of segregation of duties leads management to conclude that the Company’s disclosure controls and procedures are not effective to give reasonable assurance that the information required to be disclosed in reports that the Company files under the Exchange Act is recorded, processed, summarized and reported as and when required.

(b) Changes in Internal Control Over Financial Reporting

None.

PART II - OTHER INFORMATION

ITEM 5. OTHER INFORMATION

None.

ITEM 6. EXHIBITS

The exhibits required to be filed herewith by Item 601 of Regulation S-K, as described in the following index of exhibits, are attached hereto unless otherwise indicated as being incorporated herein by reference, as follows:

3.1	Certificate of Incorporation, included as Exhibit 3.1 in our Form S-1 filed August 25, 2008, File No. 333-153168 and incorporated herein by reference.

3.2	Certificate of Amendment of Certificate of Incorporation, included as Exhibit 10.1 to our Form 8-K filed October 22, 2009 and incorporated herein by reference.

3.3	Bylaws, included as Exhibit 3.2 in our S-1 filed August 25, 2008, File No. 333-153168 and incorporated herein by reference.

31.1	Certification of the Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

31.2	Certification of the Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

32.1	Certificate Pursuant to 18 U.S.C. Section 1350 signed by the Chief Executive Officer

32.2	Certificate Pursuant to 18 U.S.C. Section 1350 signed by the Chief Financial Officer

101.INS	XBRL Instance Document

101.SCH	XBRL Taxonomy Extension Schema

101.CAL	XBRL Taxonomy Extension Calculation Linkbase

101.DEF	XBRL Taxonomy Extension Definition Linkbase

101.LAB	XBRL Taxonomy Extension Label Linkbase

101.PRE	XBRL Extension Presentation Linkbase

SIGNATURES

In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

LAREDO OIL, INC.

(Registrant)


Date: October 17, 2016	By:	/s/ Mark See
		Mark See
		Chief Executive Officer and Chairman of the Board


Date: October 17, 2016	By:	/s/ Bradley E. Sparks
		Bradley E. Sparks
		Chief Financial Officer, Treasurer and Director

EX-31.1 2 exhibit_31-1.htm CERTIFICATION PURSUANT TO RULE 13A-14(A)/15D-14(A) CERTIFICATIONS SECTION 302 OF THE SARBANES-OXLY ACT OF 2002 Untitled Document

EXHIBIT 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO SECURITIES EXCHANGE ACT OF 1934

RULE 13a-14(a) OR 15d-14(a)

I, Mark See, Chief Executive Officer of Laredo Oil, Inc., certify that:

1.	I have reviewed this quarterly report on Form 10-Q for the period ended August 31, 2016 of Laredo Oil, Inc., the registrant;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: October 17, 2016

/s/ Mark See

Mark See

Chief Executive Officer

EX-31.2 3 exhibit_31-2.htm CERTIFICATION PURSUANT TO RULE 13A-14(A)/15D-14(A) CERTIFICATIONS SECTION 302 OF THE SARBANES-OXLY ACT OF 2002 Untitled Document

EXHIBIT 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO SECURITIES EXCHANGE ACT OF 1934

RULE 13a-14(a) OR 15d-14(a)

I, Bradley E. Sparks, Chief Financial Officer and Treasurer of Laredo Oil, Inc., certify that:

1.	I have reviewed this quarterly report on Form 10-Q for the period ended August 31, 2016 of Laredo Oil, Inc., the registrant;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

5.	The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: October 17, 2016

/s/ Bradley E. Sparks

Bradley E. Sparks

Chief Financial Officer and Treasurer

EX-32.1 4 exhibit_32-1.htm CERTIFICATE PURSUANT TO SECTION 18 U.S.C. PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 Untitled Document

EXHIBIT 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Laredo Oil, Inc. on Form 10-Q for the period ended August 31, 2016, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Mark See, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge and belief:

(1)

the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)

the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Mark See

Mark See

Chief Executive Officer

Date: October 17, 2016

EX-32.2 5 exhibit_32-2.htm CERTIFICATE PURSUANT TO SECTION 18 U.S.C. PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 Untitled Document

EXHIBIT 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Laredo Oil, Inc. on Form 10-Q for the period ended August 31, 2016, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Bradley E. Sparks, Chief Financial Officer and Treasurer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge and belief:

(1)

the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)

the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Bradley E. Sparks

Bradley E. Sparks

Chief Financial Officer and Treasurer

Date: October 17, 2016

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On June 14, 2011, the Company entered into agreements with Stranded Oil Resources Corporation (SORC) to seek recovery of stranded crude oil from mature, declining oil fields by using the enhanced oil recovery (EOR) method known as Underground Gravity Drainage (UGD).  Such agreements include license agreements, management services agreements, and other agreements (collectively the Agreements).  SORC is a subsidiary of Alleghany Capital Corporation (Alleghany Capital) which is a subsidiary of Alleghany Corporation (Alleghany).   The Agreements stipulate that the Company and Mark See, the Companys Chairman and Chief Executive Officer (CEO), will provide to SORC, management services and expertise through exclusive, perpetual license agreements and a management services agreement (the Management Service Agreement) with SORC. As consideration for the licenses to SORC, the Company will receive an interest in SORCs net profits as defined in the Agreements (the Royalty). The Management Service Agreement (MSA) outlines that the Company will provide the services of key employees (Key Persons), including Mark See, in exchange for monthly and quarterly management service fees. The monthly management service fees provide funding for the salaries, benefit costs, and FICA taxes for the Key Persons identified in the MSA. SORC remits payment for the monthly management fees in advance and is payable on the first day of each calendar month.  The quarterly management fee is $137,500 per quarter and is paid on the first day of each calendar quarter, and, as such, $45,833 has been recorded as deferred management fee revenue at August 31, 2016. In addition, SORC will reimburse the Company for monthly expenses incurred by the Key Persons in connection with their rendition of services under the MSA. The Company may submit written requests to SORC for additional funding for payment of the Companys operating costs and expenses, which SORC, in its sole and absolute discretion, will determine whether or not to fund. As of the filing date, no such additional funding requests have been made.   As consideration for the licenses to SORC, the Company will receive a 19.49% interest in SORC net profits as defined in the SORC License Agreement (the SORC License Agreement). Under the SORC License Agreement, the Company agreed that a portion of the Royalty equal to at least 2.25% of the net profits (Incentive Royalty) be used to fund a long term incentive plan for the benefit of its employees, as determined by the Companys board of directors. On October 11, 2012, the Laredo Royalty Incentive Plan (the Plan) was approved and adopted by the Board and the Incentive Royalty was assigned by the Company to Laredo Royalty Incentive Plan, LLC, a special purpose Delaware limited liability company and wholly owned subsidiary of Laredo Oil, Inc. formed to carry out the purposes of the Plan (the Plan Entity). Through August 31, 2016 the subsidiary has received no distributions from SORC.  As a result of the assignment of the Incentive Royalty to the Plan Entity, the Royalty retained by the Company has been reduced from 19.49% to 17.24% subject to reduction to 15% under certain events stipulated in the SORC License Agreement. Additionally, in the event of a SORC initial public offering or certain other defined corporate events, the Company will receive 17.24%, subject to reduction to 15% under the SORC License Agreement, of the SORC common equity or proceeds emanating from the event in exchange for termination of the Royalty. Under certain circumstances regarding termination of exclusivity and license terminations, the Royalty could be reduced to 7.25%. If any Incentive Royalty is funded as a result of those conditions being met, the Company may record compensation expense for the fair value of the Incentive Royalty, once all pertinent factors are known and considered probable.   Prior to the Company receiving any Royalty cash distributions from SORC, all SORC preferred share accrued dividends must be paid, preferred shares redeemed, and debt retired to comply with any loan agreements.  Additionally, when SORC acquires additional oil fields, any Alleghany Capital funds invested into SORC to finance their acquisition and development must be repaid prior to the distribution of any Royalty cash distributions to Laredo.   Basic and Diluted Loss per Share   The Companys basic and diluted earnings per share (EPS) amounts have been computed based on the weighted-average number of shares of common stock outstanding for the period.  As the Company realized a net loss for the three month periods ended August 31, 2016 and 2015, no potentially dilutive securities were included in the calculation of diluted loss per share as their impact would have been anti-dilutive.

These financial statements have been prepared on a going concern basis.  The Company has no significant operating history as of August 31, 2016, and has a net loss of approximately $120,000 for the quarter ended August 31, 2016. The Company entered into the Agreements with SORC to fund operations and to provide working capital.  However, there is no assurance that in the future such financing will be available to meet the Companys needs.   Management has undertaken steps as part of a plan to improve operations with the goal of sustaining our operations for the next twelve months and beyond.  These steps include (a) providing services and expertise under the Agreements to expand operations; and (b) controlling overhead and expenses.  In that regard, the Company has worked to attract and retain key personnel with significant experience in the industry to enhance the quality and breadth of the services it provides.  At the same time, in an effort to control costs, the Company has required a number of its personnel to multi-task and cover a wider range of responsibilities in an effort to restrict the growth of the Companys headcount at a time of expanding demand for its services under the MSA.  Further, the Company works closely with SORC to obtain its approval in advance of committing to material costs and expenditures in order to keep the Companys expenses in line with the management fee revenue.  There can be no assurance that the Company can successfully accomplish these steps and it is uncertain that the Company will achieve a profitable level of operations and obtain additional financing.  There can be no assurance that any additional financing will be available to the Company on satisfactory terms and conditions, if at all.   The accompanying financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from the possible inability of the Company to continue as a going concern.

The Company has reviewed recently issued accounting standards and plans to adopt those that are applicable to it.  It does not expect the adoption of those standards to have a material impact on its financial position, results of operations, or cash flows.

The Company's financial instruments as defined by Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 825-10-50, Financial Instruments, include cash and cash equivalents, accounts payable, accrued liabilities, warrant liabilities and notes payable.  All instruments are accounted for on a historical cost basis, which, due to the short maturity of these financial instruments, approximates fair value at August 31, 2016.   Based on the borrowing rates currently available to the Company for loans with similar terms and maturities, the fair value of long term notes payable approximates the carrying value.   FASB ASC 820, Fair Value Measurements (FASB ASC 820), defines fair value as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. FASB ASC 820 provides a framework for measuring fair value, establishes a three level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date and requires consideration of the counterpartys creditworthiness when valuing certain assets.   The three level fair value hierarchies for disclosure of fair value measurements defined by FASB ASC 820 are as follows:   Level 1 Unadjusted, quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. An active market is defined as a market where transactions for the financial instrument occur with sufficient frequency and volume to provide pricing information on an ongoing basis.   Level 2 Inputs, other than quoted prices in active markets, that are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instruments anticipated life.   Level 3 Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. Valuation under level 3 generally involves a significant degree of judgment from management.   A financial instruments level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.   The Company had warrant liabilities which were measured at fair value on a recurring basis until the underlying warrants were exercised in July 2015.  The Company recorded a loss on revaluation of warrant liability of $24,424 for the three months ended August 31, 2015.  The Company measures the fair value of the warrant liabilities using the Black Scholes method.  Inputs used to determine fair value under this method include the Companys stock price volatility and expected remaining life as disclosed in Note 6.   During July 2015, the warrant liabilities were measured at fair value prior to exercise of the underlying warrants.  Upon exercise of the warrants in July 2015 the resulting liability was reclassified to additional paid in capital.  Accordingly, the warrant liability no longer requires fair value measurement as of August 31, 2015.

Transactions between related parties are considered to be related party transactions even though they may not be given accounting recognition. FASB ASC 850, Related Party Disclosures (FASB ASC 850) requires that transactions with related parties that would make a difference in decision making shall be disclosed so that users of the financial statements can evaluate their significance. Related party transactions typically occur within the context of the following relationships:   ·            Affiliates of the entity;    ·           Entities for which investments in their equity securities is typically accounted for under the equity method by the investing entity;   ·           Trusts for the benefit of employees;   ·           Principal owners of the entity and members of their immediate families;   ·           Management of the entity and members of their immediate families.   Other parties that can significantly influence the management or operating policies of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests.   SORC and Alleghany Capital are considered related parties under FASB ASC 850. All management fee revenue reported by the Company for the three months ended August 31, 2016 and 2015 is generated from charges to SORC. All outstanding notes payable at August 31, 2016 and 2015 are held by Alleghany Capital.  See Note 7.   Mr. Donald Beckham, a director of the Company, provided consulting services to SORC related to the Teapot Dome Oilfield acquired by SORC in January 2015.   During the quarter ended August 31, 2015, Mr. Beckham was paid approximately $62,000 as consideration for such services. This consulting arrangement terminated on July 24, 2015.

Share Based Compensation   The Black-Scholes option pricing model is used to estimate the fair value of options granted under our stock incentive plan.   The following table summarizes expense recognized as a result of share-based compensation:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="6" style="text-align: center">Three Months Ended</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">August 31, 2016</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">August 31, 2015</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td>Share-based compensation:</td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 50%">General, selling and administrative expenses</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 15%; text-align: right">92,557</td> <td style="width: 2%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 15%; text-align: right">85,520</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td>Consulting and professional services</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">42,547</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">46,852</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td> </td> <td style="text-align: right">135,104</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">132,372</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td>Share-based compensation by type of award:</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td>Stock options</td> <td> </td> <td> </td> <td style="text-align: right">133,715</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">126,678</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td>Restricted stock</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">1,389</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">5,694</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 3pt"> </td> <td style="border-bottom: black 1.5pt double">$</td> <td style="border-bottom: black 1.5pt double; text-align: right">135,104</td> <td style="padding-bottom: 3pt"> </td> <td style="padding-bottom: 3pt"> </td> <td style="border-bottom: black 1.5pt double">$</td> <td style="border-bottom: black 1.5pt double; text-align: right">132,372</td> <td style="padding-bottom: 3pt"> </td></tr> </table>   Stock Options   No option grants were made during the first quarter of fiscal year 2017. Option grants for the purchase of 925,000 shares of common stock at a price of $0.405 per share were made during the first quarter of fiscal year 2016.    The options vest monthly over three years beginning September 1, 2015 and expire on August 8, 2025.   The grant date fair value of this employee stock option grant amounted to approximately $365,000.  The assumptions used in calculating these values were based on an expected term of 7.0 years, volatility of 174% and a 1.92% risk free interest rate at the date of grant.   Restricted Stock   No restricted stock was granted during the first quarter of fiscal year 2017 or during fiscal year 2016.     Warrants   No warrants were issued during the first quarter of fiscal year 2017 or 2016. During July 2015, warrants to purchase 975,000 shares of common stock were exercised on a cashless basis, resulting in the issuance of 516,196 shares of common stock.  As of August 31, 2016 there were 5,374,501 warrants remaining to be exercised at a price of $0.70 per share to Sunrise Securities Corporation to satisfy the finders fee obligation associated with the Alleghany transaction.  The warrants will expire June 14, 2021.   All outstanding warrants are currently exercisable.   During fiscal year 2011, the Company issued warrants to purchase 975,000 shares of common stock in connection with a stock purchase agreement. These warrants are exercisable for five years from the date of the Companys Private Placement. The exercise price of each warrant is equal to the lesser of the stock price in a future financing arrangement or $0.25. Accordingly, these warrants contained anti-dilution provisions that adjust the exercise price of the warrants in the event additional shares of common stock or securities convertible into common stock are issued by the Company at a price less than the then applicable exercise price of the warrants. Pursuant to FASB ASC 815-40, Derivatives and Hedging, these warrants were treated as a liability measured at fair value at inception, with the calculated increase or decrease in fair value each quarter being recognized in the Statement of Operations. During July 2015, the warrant liabilities were measured at fair value prior to exercise of the underlying warrants issued to purchase 975,000 shares of common stock on a cashless basis resulting in the issuance of 516,196 shares of common stock.  The resulting liability was reclassified to additional paid in capital.  Accordingly, the warrant liability is no longer measured at fair value as of August 31, 2016.  The fair value of the warrants was determined prior to the warrant exercise during the three months ending August 31, 2015 using the Black-Scholes option pricing model based on the following weighted average assumptions:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid">2015  </td></tr> <tr style="vertical-align: bottom"> <td style="width: 72%"> </td> <td style="width: 23%"> </td> <td style="width: 5%"> </td></tr> <tr style="vertical-align: bottom"> <td>Risk-free interest rates</td> <td style="text-align: right">0.02</td> <td>%</td></tr> <tr style="vertical-align: bottom"> <td> Expected Term</td> <td style="text-align: right">0.4 years</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td>Expected volatility</td> <td style="text-align: right">163.1</td> <td>%</td></tr> <tr style="vertical-align: bottom"> <td>Dividend yield</td> <td> </td> <td>%</td></tr> </table>

During the fiscal year ended May 31, 2011, the Company entered into two Loan Agreements with Alleghany Capital for a combined available borrowing limit of $350,000.  The notes accrue interest on the outstanding principal of $350,000 at the rate of 6% per annum.  As of August 31, 2016, accrued interest totaling $137,555 is recorded in accrued liabilities.  The interest is payable in either cash or in kind.  The notes have been amended and restated and now have a maturity date of December 31, 2016 and are classified as current notes payable.  The loan agreements require any stock issuances for cash be utilized to pay down the outstanding loan balance unless written consent is obtained from Alleghany Capital.

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="6" style="text-align: center">Three Months Ended</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">August 31, 2016</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">August 31, 2015</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td>Share-based compensation:</td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 50%">General, selling and administrative expenses</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 15%; text-align: right">92,557</td> <td style="width: 2%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 15%; text-align: right">85,520</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td>Consulting and professional services</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">42,547</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">46,852</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td> </td> <td style="text-align: right">135,104</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">132,372</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td>Share-based compensation by type of award:</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td>Stock options</td> <td> </td> <td> </td> <td style="text-align: right">133,715</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">126,678</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td>Restricted stock</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">1,389</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">5,694</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 3pt"> </td> <td style="border-bottom: black 1.5pt double">$</td> <td style="border-bottom: black 1.5pt double; text-align: right">135,104</td> <td style="padding-bottom: 3pt"> </td> <td style="padding-bottom: 3pt"> </td> <td style="border-bottom: black 1.5pt double">$</td> <td style="border-bottom: black 1.5pt double; text-align: right">132,372</td> <td style="padding-bottom: 3pt"> </td></tr> </table>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid">2015  </td></tr> <tr style="vertical-align: bottom"> <td style="width: 72%"> </td> <td style="width: 23%"> </td> <td style="width: 5%"> </td></tr> <tr style="vertical-align: bottom"> <td>Risk-free interest rates</td> <td style="text-align: right">0.02</td> <td>%</td></tr> <tr style="vertical-align: bottom"> <td> Expected Term</td> <td style="text-align: right">0.4 years</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td>Expected volatility</td> <td style="text-align: right">163.1</td> <td>%</td></tr> <tr style="vertical-align: bottom"> <td>Dividend yield</td> <td> </td> <td>%</td></tr> </table>

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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Aug. 31, 2016	Oct. 17, 2016
Document And Entity Information
Entity Registrant Name	Laredo Oil, Inc.
Entity Central Index Key	0001442492
Document Type	10-Q
Document Period End Date	Aug. 31, 2016
Amendment Flag	false
Current Fiscal Year End Date	--05-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		54,514,765
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2017

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Balance Sheets (Unaudited) - USD ($)	Aug. 31, 2016	May 31, 2016
Current Assets
Cash and cash equivalents	$ 116,376	$ 393,937
Prepaid expenses and other current assets	180,760	46,293
Total Current Assets	297,136	440,230
TOTAL ASSETS	297,136	440,230
Current Liabilities
Accounts payable	36,125	33,363
Accrued payroll liabilities	1,058,711	1,057,280
Accrued liabilities – related party	0	170,079
Accrued interest	137,555	129,632
Deferred management fee revenue	45,833	45,833
Notes payable	350,000	350,000
Total Current Liabilities	1,628,224	1,786,187
Total Liabilities	1,628,224	1,786,187
Commitments and Contingencies
Stockholders' Deficit
Preferred stock: $0.0001 par value; 10,000,000 shares authorized; none issued and outstanding	0	0
Common stock: $0.0001 par value; 90,000,000 shares authorized; 54,514,765 and 54,514,765 issued and outstanding, respectively	5,451	5,451
Additional paid in capital	8,323,303	8,188,199
Accumulated deficit	(9,659,842)	(9,539,607)
Total stockholders' Deficit	(1,331,088)	(1,345,957)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 297,136	$ 440,230

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Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Aug. 31, 2016	May 31, 2016
Stockholders equity:
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, authorized shares	10,000,000	10,000,000
Preferred stock, issued shares	0	0
Preferred stock, outstanding shares	0	0
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Statements of Operations (Unaudited) - USD ($)	3 Months Ended
Statements of Operations (Unaudited) - USD ($)	Aug. 31, 2016	Aug. 31, 2015
Income Statement [Abstract]
Management fee revenue	$ 2,623,211	$ 2,791,904
Direct costs	2,514,410	2,734,845
Gross profit	108,801	57,059
General, selling and administrative expenses	108,932	112,094
Consulting and professional services	111,917	113,693
Total Operating Expense	220,849	225,787
Operating loss	(112,048)	(168,728)
Other income/(expense)
Loss on revaluation of warrant liability	0	(24,424)
Interest expense	(8,187)	(6,910)
Net loss	$ (120,235)	$ (200,062)
Net loss per share, basic and diluted	$ (0.00)	$ (0.00)
Weighted average number of common shares outstanding	54,514,765	54,275,294

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Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
Statements of Cash Flows (Unaudited) - USD ($)	Aug. 31, 2016	Aug. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (120,235)	$ (200,062)
Adjustments to Reconcile Net Loss to Net Cash Provided By/(Used in) Operating Activities
Share based compensation	135,104	132,372
Gain on revaluation of warrant liability	0	24,424
Decrease (increase) in prepaid expenses and other current assets	(134,467)	64,100
(Decrease) increase in accounts payable and accrued liabilities	(157,963)	(12,536)
NET CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES	(277,561)	8,298
CASH FLOWS FROM INVESTING ACTIVITIES	0	0
CASH FLOWS FROM FINANCING ACTIVITIES
CASH FLOW PROVIDED BY FINANCING ACTIVITIES	0	0
Net increase (decrease) in cash and cash equivalents	(277,561)	8,298
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	393,937	85,835
CASH AND CASH EQUIVALENTS AT END OF PERIOD	116,376	94,133
NON-CASH FINANCING ACTIVITY
Reclassification of warrant liability to equity	$ 0	$ 276,415

XML 18 R6.htm IDEA: XBRL DOCUMENT

1. ORGANIZATION AND DESCRIPTION OF BUSINESS

3 Months Ended

Aug. 31, 2016

Accounting Policies [Abstract]

1. ORGANIZATION AND DESCRIPTION OF BUSINESS

Basic and Diluted Loss per Share

XML 19 R7.htm IDEA: XBRL DOCUMENT

2. GOING CONCERN

3 Months Ended

Aug. 31, 2016

Text Block [Abstract]

2. GOING CONCERN

XML 20 R8.htm IDEA: XBRL DOCUMENT

3. RECENT AND ADOPTED ACCOUNTING STANDARDS	3 Months Ended
3. RECENT AND ADOPTED ACCOUNTING STANDARDS	Aug. 31, 2016
Accounting Changes and Error Corrections [Abstract]
3. RECENT AND ADOPTED ACCOUNTING STANDARDS	The Company has reviewed recently issued accounting standards and plans to adopt those that are applicable to it. It does not expect the adoption of those standards to have a material impact on its financial position, results of operations, or cash flows.

- Definition

The entire disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6507316

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Direct Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=66092750

Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-SubTopic 10
-Section 50
-Paragraph 3
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Indirect Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6515603

Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-Paragraph 2
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-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.10-01.(b)(6))
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Glossary Accounting Change
-URI http://asc.fasb.org/extlink&oid=6503790

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-Name Accounting Standards Codification
-Glossary Retrospective Application
-URI http://asc.fasb.org/extlink&oid=6523989

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+ Details

XML 21 R9.htm IDEA: XBRL DOCUMENT

4. FAIR VALUE OF FINANCIAL INSTRUMENTS

3 Months Ended

Aug. 31, 2016

Fair Value Disclosures [Abstract]

4. FAIR VALUE OF FINANCIAL INSTRUMENTS

The Company's financial instruments as defined by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 825-10-50, Financial Instruments, include cash and cash equivalents, accounts payable, accrued liabilities, warrant liabilities and notes payable. All instruments are accounted for on a historical cost basis, which, due to the short maturity of these financial instruments, approximates fair value at August 31, 2016.

Based on the borrowing rates currently available to the Company for loans with similar terms and maturities, the fair value of long term notes payable approximates the carrying value.

FASB ASC 820, Fair Value Measurements (“FASB ASC 820”), defines fair value as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. FASB ASC 820 provides a framework for measuring fair value, establishes a three level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date and requires consideration of the counterparty’s creditworthiness when valuing certain assets.

The three level fair value hierarchies for disclosure of fair value measurements defined by FASB ASC 820 are as follows:

Level 1 – Unadjusted, quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. An active market is defined as a market where transactions for the financial instrument occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2 – Inputs, other than quoted prices in active markets, that are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life.

Level 3 – Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. Valuation under level 3 generally involves a significant degree of judgment from management.

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

XML 22 R10.htm IDEA: XBRL DOCUMENT

5. RELATED PARTY TRANSACTIONS

3 Months Ended

Aug. 31, 2016

5. RELATED PARTY TRANSACTIONS

Transactions between related parties are considered to be related party transactions even though they may not be given accounting recognition. FASB ASC 850, Related Party Disclosures (“FASB ASC 850”) requires that transactions with related parties that would make a difference in decision making shall be disclosed so that users of the financial statements can evaluate their significance. Related party transactions typically occur within the context of the following relationships:

· Affiliates of the entity;

· Entities for which investments in their equity securities is typically accounted for under the equity method by the investing entity;

· Trusts for the benefit of employees;

· Principal owners of the entity and members of their immediate families;

· Management of the entity and members of their immediate families.

XML 23 R11.htm IDEA: XBRL DOCUMENT

6. STOCKHOLDERS' DEFICIT

3 Months Ended

Aug. 31, 2016

Equity [Abstract]

6. STOCKHOLDERS' DEFICIT

Share Based Compensation

The Black-Scholes option pricing model is used to estimate the fair value of options granted under our stock incentive plan.

The following table summarizes expense recognized as a result of share-based compensation:

	Three Months Ended
	August 31, 2016		August 31, 2015
Share-based compensation:
General, selling and administrative expenses	$	92,557	$	85,520
Consulting and professional services		42,547		46,852
		135,104		132,372
Share-based compensation by type of award:
Stock options		133,715		126,678
Restricted stock		1,389		5,694
	$	135,104	$	132,372

Stock Options

Restricted Stock

No restricted stock was granted during the first quarter of fiscal year 2017 or during fiscal year 2016.

Warrants

All outstanding warrants are currently exercisable.

During fiscal year 2011, the Company issued warrants to purchase 975,000 shares of common stock in connection with a stock purchase agreement. These warrants are exercisable for five years from the date of the Company’s Private Placement. The exercise price of each warrant is equal to the lesser of the stock price in a future financing arrangement or $0.25. Accordingly, these warrants contained anti-dilution provisions that adjust the exercise price of the warrants in the event additional shares of common stock or securities convertible into common stock are issued by the Company at a price less than the then applicable exercise price of the warrants. Pursuant to FASB ASC 815-40, Derivatives and Hedging, these warrants were treated as a liability measured at fair value at inception, with the calculated increase or decrease in fair value each quarter being recognized in the Statement of Operations. During July 2015, the warrant liabilities were measured at fair value prior to exercise of the underlying warrants issued to purchase 975,000 shares of common stock on a cashless basis resulting in the issuance of 516,196 shares of common stock. The resulting liability was reclassified to additional paid in capital. Accordingly, the warrant liability is no longer measured at fair value as of August 31, 2016. The fair value of the warrants was determined prior to the warrant exercise during the three months ending August 31, 2015 using the Black-Scholes option pricing model based on the following weighted average assumptions:

	2015

Risk-free interest rates	0.02	%
Expected Term	0.4 years
Expected volatility	163.1	%
Dividend yield		%

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB Topic 4.E)
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 15: http://www.xbrl.org/2003/role/presentationRef
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+ Details

XML 24 R12.htm IDEA: XBRL DOCUMENT

7. NOTES PAYABLE

3 Months Ended

Aug. 31, 2016

Debt Disclosure [Abstract]

7. NOTES PAYABLE

XML 25 R13.htm IDEA: XBRL DOCUMENT

6. STOCKHOLDERS' DEFICIT (Tables)

3 Months Ended

Aug. 31, 2016

Stockholders Deficit Tables

Share-based compensation

	Three Months Ended
	August 31, 2016		August 31, 2015
Share-based compensation:
General, selling and administrative expenses	$	92,557	$	85,520
Consulting and professional services		42,547		46,852
		135,104		132,372
Share-based compensation by type of award:
Stock options		133,715		126,678
Restricted stock		1,389		5,694
	$	135,104	$	132,372

Warrants fair value assumptions

	2015

Risk-free interest rates	0.02	%
Expected Term	0.4 years
Expected volatility	163.1	%
Dividend yield		%

XML 26 R14.htm IDEA: XBRL DOCUMENT

1. ORGANIZATION AND DESCRIPTION OF BUSINESS (Details Narrative) - USD ($)	Aug. 31, 2016	May 31, 2016
Organization And Description Of Business Details Narrative
Deferred management fee revenue	$ 45,833	$ 45,833

XML 27 R15.htm IDEA: XBRL DOCUMENT

2. GOING CONCERN (Details Narrative) - USD ($)	3 Months Ended
2. GOING CONCERN (Details Narrative) - USD ($)	Aug. 31, 2016	Aug. 31, 2015
Going Concern Details Narrative
Net loss	$ (120,235)	$ (200,062)

XML 28 R16.htm IDEA: XBRL DOCUMENT

6. STOCKHOLDERS' DEFICIT (Details) - USD ($)	3 Months Ended
6. STOCKHOLDERS' DEFICIT (Details) - USD ($)	Aug. 31, 2016	Aug. 31, 2015
Share-based compensation	$ 135,104	$ 132,372
General, selling and administrative expenses
Share-based compensation	92,557	85,520
Consulting and professional services
Share-based compensation	42,547	46,852
Stock options
Share-based compensation	133,715	126,678
Restricted stock
Share-based compensation	$ 1,389	$ 5,694

XML 29 R17.htm IDEA: XBRL DOCUMENT

6. STOCKHOLDERS' DEFICIT (Details 1)	3 Months Ended
6. STOCKHOLDERS' DEFICIT (Details 1)	Aug. 31, 2015
Stockholders Deficit Details 1
Risk-free interest rates	0.02%
Contractual life	4 months 24 days
Expected volatility	163.10%

XML 30 R18.htm IDEA: XBRL DOCUMENT

7. NOTES PAYABLE (Details Narrative) - USD ($)	Aug. 31, 2016	May 31, 2016
Notes Payable Details Narrative
Accrued interest	$ 137,555	$ 129,632

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