10Q

Stock-based Compensation-

Policies

Stock-based Compensation

The Company is required to record compensation expense, based on the fair value of the awards, for all awards granted after the date of the adoption.

Disclosure of accounting policy for stock option and stock incentive plans. This disclosure may include (1) the types of stock option or incentive plans sponsored by the entity (2) the groups that participate in (or are covered by) each plan (3) significant plan provisions and (4) how stock compensation is measured, and the methodologies and significant assumptions used to determine that measurement.

XML 15 R9.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies	3 Months Ended
Feb. 28, 2013
Notes
Summary of Significant Accounting Policies	Note 3 Summary of Significant Accounting Policies The financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and are stated in US dollars. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expense during the reporting period. Actual results could differ from those estimates. The financial statements have, in management’s opinion, been properly prepared within the framework of the significant accounting policies summarized below: Principles of Consolidation These financial statements include the accounts of the Company and LRE Exploration LLC. (“LRE”), until LRE was disposed of by sale to the former president on September 10, 2012. Accordingly, the statements of operations and cash flows presented include the results of LRE from August 31, 2010 to September 10, 2012, and the balance sheet presented at February 28, 2013 is solely that of Laredo Resources Corp. The balance sheet presented at August 31, 2012 comprises Laredo Resources Corp and its wholly owned subsidiary LRE. All significant inter-company transactions and balances have been eliminated. Exploration Stage Company The Company is an exploration stage company. All losses accumulated since inception are considered part of the Company’s exploration stage activities. Cash and cash equivalents The Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents. There were no cash equivalents at February 28, 2013 or August 31, 2012. The Company minimizes its credit risk associated with cash by periodically evaluating the credit quality of its primary financial institution. The balance at times may exceed federally insured limits. At February 28, 2013, the balance did not exceed the federally insured limit. Mineral Property The Company is primarily engaged in the acquisition, exploration and development of mineral properties. Mineral property acquisition costs are capitalized in accordance with FASB ASC 930, “Extractive Activities-Mining,” when management has determined that probable future benefits consisting of a contribution to future cash inflows have been identified and adequate financial resources are available or are expected to be available as required to meet the terms of property acquisition and budgeted exploration and development expenditures. Mineral property acquisition costs are expensed as incurred if the criteria for capitalization are not met. In the event that mineral property acquisition costs are paid with Company shares, those shares are recorded at the estimated fair value at the time the shares are due in accordance with the terms of the property agreements. Mineral property exploration costs are expensed as incurred. When it has been determined that a mineral property can be economically developed as a result of establishing proven and probable reserves and pre-feasibility, the costs incurred to develop such property are capitalized. Estimated future removal and site restoration costs, when determinable are provided over the life of proven reserves on a units-of-production basis. Costs, which include production equipment removal and environmental remediation, are estimated each period by management based on current regulations, actual expenses incurred, and technology and industry standards. Any charge is included in exploration expense or the provision for depletion and depreciation during the period and the actual restoration expenditures are charged to the accumulated provision amounts as incurred. To date the Company has not established any proven or probable reserves on its mineral properties. Asset Retirement Obligations Asset retirement obligations (“ARO”) associated with the retirement of a tangible long-lived asset, are recognized as liabilities in the period in which it is incurred and becomes determinable, with an offsetting increase in the carrying amount of the associated assets. The cost of tangible long-lived assets, including the initially recognized ARO, is amortized, such that the cost of the ARO is recognized over the useful life of the assets. The ARO is recorded at fair value, and accretion expense is recognized over time as the discounted fair value is accreted to the expected settlement value. The fair value of the ARO is measured using expected future cash flow, discounted at the Company’s credit-adjusted risk-free interest rate. As of February 28, 2013, the Company has determined no provision for ARO’s is required. Impairment of Long- Lived Assets The Company reviews and evaluates long-lived assets for impairment when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. The assets are subject to impairment consideration under FASB ASC 360-10-35-17 if events or circumstances indicate that their carrying amount might not be recoverable. When the Company determines that an impairment analysis should be done, the analysis will be performed using the rules of FASB ASC 930-360-35, Asset Impairment, and 360- 0 through 15-5, Impairment or Disposal of Long- Lived Assets. Foreign Currency Translation The Company’s functional currency is the United States dollar as substantially all of the Company’s operations are in the USA. The Company uses the United States dollar as its reporting currency for consistency with registrants of the Securities and Exchange Commission (“SEC”). Assets and liabilities denominated in a foreign currency are translated at the exchange rate in effect at the balance sheet date and capital accounts are translated at historical rates. Income statement accounts are translated at the average rates of exchange prevailing during the period. Translation adjustments from the use of different exchange rates from period to period are included in the Accumulated Other Comprehensive Income account in Stockholders’ Equity, if applicable. Transactions undertaken in currencies other than the functional currency of the entity are translated using the exchange rate in effect as of the transaction date. Any exchange gains and losses are included in the Statement of Operations and Comprehensive Loss. Earnings per share In accordance with accounting guidance now codified as FASB ASC Topic 260, “Earnings per Share,” basic earnings per share (“EPS”) is computed by dividing net loss available to common stockholders by the weighted average number of common shares outstanding during the period, excluding the effects of any potentially dilutive securities. Diluted EPS gives effect to all dilutive potential of shares of common stock outstanding during the period including stock options or warrants, using the treasury stock method (by using the average stock price for the period to determine the number of shares assumed to be purchased from the exercise of stock options or warrants), and convertible debt or convertible preferred stock, using the if-converted method. Diluted EPS excludes all dilutive potential of shares of common stock if their effect is anti-dilutive. As there are no common stock equivalents outstanding, diluted and basic loss per share are the same. Income Taxes The Company uses the asset and liability method of accounting for income taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statements carrying amounts of existing assets and liabilities and loss carry-forwards and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rules on deferred tax assets and liabilities is recognized in operations in the year of change. A valuation allowance is recorded when it is “more likely-than-not” that a deferred tax asset will not be realized. Stock-based Compensation The Company is required to record compensation expense, based on the fair value of the awards, for all awards granted after the date of the adoption. Comprehensive Income The Company is required to report comprehensive income, which includes net loss as well as changes in equity from non-owner sources.

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

Notes

Note 3 Summary of Significant Accounting Policies

The financial statements have, in management’s opinion, been properly prepared within the framework of the significant accounting policies summarized below:

Principles of Consolidation

Exploration Stage Company

The Company is an exploration stage company. All losses accumulated since inception are considered part of the Company’s exploration stage activities.

Cash and cash equivalents

The Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents. There were no cash equivalents at February 28, 2013 or August 31, 2012.

Mineral Property

The Company is primarily engaged in the acquisition, exploration and development of mineral properties.

Mineral property exploration costs are expensed as incurred.

To date the Company has not established any proven or probable reserves on its mineral properties.

Asset Retirement Obligations

Impairment of Long- Lived Assets

Foreign Currency Translation

Translation adjustments from the use of different exchange rates from period to period are included in the Accumulated Other Comprehensive Income account in Stockholders’ Equity, if applicable.

Earnings per share

Income Taxes

Stock-based Compensation

The Company is required to record compensation expense, based on the fair value of the awards, for all awards granted after the date of the adoption.

Comprehensive Income

The Company is required to report comprehensive income, which includes net loss as well as changes in equity from non-owner sources.

The entire disclosure for all significant accounting policies of the reporting entity.

XML 19 R30.htm IDEA: XBRL DOCUMENT

Sale of Subsidiary: Assets and liabilities disposed, subsidiary (Details) (USD $)	Sep. 10, 2012
Accounts payable disposed	$ (450)
Amount owed to Laredo Resources Corp disposed	(17,550)
Net liabilities disposed	(18,000)
Settlement of liabilities, consideration received	91,064
Elimination of accumulated losses of subsidiary	18,000
Sale of subsidiary, related party-	$ 91,064

Nature of Operations and Ability to Continue as a Going Concern (Details) (USD $)	Feb. 28, 2013
Accumulated deficit	$ 380,313

Mineral Property (Details) (USD $)	1 Months Ended	24 Months Ended
Mineral Property (Details) (USD $)	Aug. 31, 2012	Aug. 31, 2012	Nov. 30, 2010
Property option agreement, total cash payments to be made			$ 90,000
Property option agreement, aggregate exploration expenditures			295,000
Property option agreement, cash payment			10,000
Property option agreement, acquisition costs incurred	10,000	10,000
Property option agreement, additional costs accrued	10,000	10,000
Geological and geophysical costs		$ 4,500
Property and all property option costs abandoned	the Company abandoned the property and all property option costs incurred were written off. The Company also negotiated the forgiveness of $10,000 which was due pursuant to the property option agreement on November 30, 2012

XML 20 R31.htm IDEA: XBRL DOCUMENT

Related Party Transactions (Details) (USD $)	6 Months Ended
Related Party Transactions (Details) (USD $)	Feb. 28, 2013	Sep. 10, 2012	May 21, 2012	Mar. 20, 2012	Nov. 22, 2011	Sep. 13, 2011	Aug. 22, 2011	May 10, 2011	Feb. 15, 2011	Sep. 02, 2010
Accounts payable and accrued liabilities, related party	$ 45,998
Management fees, related party	38,080
Release and discharge of subsidiary liabilities		90,614
Promissory note1, related party			10,000
Promissory note1, related party, accrued interest		286
Promissory note2, related party				7,500
Promissory note2, related party, accrued interest		214
Promissory note3, related party					15,000
Promissory note3, related party, accrued interest		722
Promissory note4, related party						15,000
Promissory note4, related party, accrued interest		895
Promissory note5, related party							4,000
Promissory note5, related party, accrued interest		253
Promissory note6, related party								10,000
Promissory note6, related party, accrued interest		803
Promissory note7, related party									10,000
Promissory note7, related party, accrued interest		941
Promissory note8, related party										15,000
Promissory note8, related party, capital contribution		1,822
Promissory note9, related party		20,000
Promissory note9, related party, interest expense	$ 556

XML 21 R8.htm IDEA: XBRL DOCUMENT

Nature of Operations and Ability to Continue as a Going Concern

Nature of Operations and Ability to Continue as a Going Concern

Notes

Note 2 Nature of Operations and Ability to Continue as a Going Concern

Effective October 30, 2012, the Company increased the number of authorized common shares of the Company from 90,000,000 to 4,500,000,000 shares per director’s resolution dated October 30, 2012.

XML 22 R32.htm IDEA: XBRL DOCUMENT

Capital Stock (Details) (USD $)	Aug. 27, 2010	Aug. 19, 2010
Common stock issued, related party, post-split shares		100,000,000
Common stock issued, related party, post-split shares (per share)		$ 0.000156
Common stock issued, related party, post-split shares (proceeds)		$ 15,625
Common stock issued, private placement, (shares)	78,500,000
Common stock issued, private placement (proceeds)	12,560
Common stock issued, private placement (commissions)	200
Common stock issued, private placement (NET proceeds)	$ 12,360

XML 23 R2.htm IDEA: XBRL DOCUMENT

CONSOLIDATED BALANCE SHEETS (USD $)	Feb. 28, 2013	Aug. 31, 2012
Current assets
Cash	$ 763	$ 368
Total current assets	763	368
Total assets	763	368
Current liabilities
Accounts payable and accrued liabilities	43,136	558
Accounts payable, related party	45,998
Accrued interest, related party	556	3,998
Notes payable, related party	20,000	86,500
Total current liabilities	109,690	91,056
Total liabilities	109,690	91,056
Stockholders' deficit
Preferred stock value
Common stock value	178,500	178,500
Additional paid-in capital	92,886	1,797
Deficit accumulated during the exploration stage	(380,313)	(270,985)
Total stockholders' deficit	(108,927)	(90,688)
Total liabilities and stockholders' deficit	$ 763	$ 368

XML 24 R6.htm IDEA: XBRL DOCUMENT

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	6 Months Ended		30 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	Feb. 28, 2013	Feb. 29, 2012	Feb. 28, 2013
Cash Flows from Operating Activities
Net loss	$ (109,328)	$ (24,056)	$ (229,798)
Adjustments to reconcile net loss to net cash used by operating activities
Non cash interest expense - capital contribution	25	449	1,822
Forgiveness of debt			(10,000)
Write off of porperty option			20,000
Changes in operating assets and liabilities:
Accrued interest	672	1,378	4,670
Prepaid expenses		3,000
Accounts payable and accrued liabilities	89,026	(9,735)	89,584
Net cash used in operating activities	(19,605)	(28,694)	(123,722)
Cash Flows from Investing Activities
Acquisition of property option			(10,000)
Net cash used in investing activity			(10,000)
Cash Flows from Financing Activities
Capital stock issued			27,985
Notes payable, related party	20,000	30,000	106,500
Net cash provided by financing activities	20,000	30,000	134,485
Net (decrease) increase in cash during the period	395	1,036	763
Cash, beginning of the period	368	1,542
Cash, end of the period	763	2,578	763
Supplemental information
Accrual for mineral property		10,000	10,000
Accounts payable settled in connection with sale of subsidiary	450		450
Accrued interest, related party, settled in connection with sale of subsidiary	4,114		4,114
Notes payable, related party, settled in connection with sale of subsidiary	86,500		86,500
Gain from foreign exchange	$ 2,381		$ 2,381

XML 25 R22.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies: Foreign Currency Translation (Policies)

Foreign Currency Translation

Policies

Translation adjustments from the use of different exchange rates from period to period are included in the Accumulated Other Comprehensive Income account in Stockholders’ Equity, if applicable.

Disclosure of accounting policy for (1) transactions denominated in a currency other than the reporting enterprise's functional currency, (2) translating foreign currency financial statements that are incorporated into the financial statements of the reporting enterprise by consolidation, combination, or the equity method of accounting, and (3) remeasurement of the financial statements of a foreign reporting enterprise in a hyperinflationary economy.

XML 26 R24.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies: Income Taxes (Policies)

Policies

Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.

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Basis of Presentation

XML 29 R3.htm IDEA: XBRL DOCUMENT

Notes

Basis of Presentation

Note 1 Basis of Presentation

Operating results for the six months ended February 28, 2013 are not necessarily indicative of the results that can be expected for the year ending August 31, 2013.

CONSOLIDATED BALANCE SHEETS (parenthetical) (USD $)	Feb. 28, 2013	Aug. 31, 2012
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	4,500,000,000	4,500,000,000
Common stock, shares issued	178,500,000	178,500,000
Common stock, shares outstanding	178,500,000	178,500,000

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

Face amount or stated value per share of nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer); generally not indicative of the fair market value per share.

XML 30 R17.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies: Exploration Stage Company (Policies)

Exploration Stage Company

Policies

The Company is an exploration stage company. All losses accumulated since inception are considered part of the Company’s exploration stage activities.

XML 31 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information	3 Months Ended
Document and Entity Information	Feb. 28, 2013
Document and Entity Information
Entity Registrant Name	Laredo Resources Corp.
Document Type	10-Q
Document Period End Date	Feb. 28, 2013
Amendment Flag	false
Entity Central Index Key	0001499871
Current Fiscal Year End Date	--08-31
Entity Common Stock, Shares Outstanding	178,500,000
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q2

XML 32 R18.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies: Cash and cash equivalents (Policies)

Cash and cash equivalents

Policies

The Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents. There were no cash equivalents at February 28, 2013 or August 31, 2012.

XML 33 R4.htm IDEA: XBRL DOCUMENT

Disclosure of accounting policy for cash and cash equivalents, including the policy for determining which items are treated as cash equivalents. Other information that may be disclosed includes (1) the nature of any restrictions on the entity's use of its cash and cash equivalents, (2) whether the entity's cash and cash equivalents are insured or expose the entity to credit risk, (3) the classification of any negative balance accounts (overdrafts), and (4) the carrying basis of cash equivalents (for example, at cost) and whether the carrying amount of cash equivalents approximates fair value.

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 1

-Article 5

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6367179&loc=d3e4273-108586

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 305

-SubTopic 10

-URI http://asc.fasb.org/subtopic&trid=2122427

+ Details

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		6 Months Ended		30 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	Feb. 28, 2013	Feb. 29, 2012	Feb. 28, 2013	Feb. 29, 2012	Feb. 28, 2013
Expenses
Accounting and audit	$ 6,024	$ 3,594	$ 15,500	$ 10,550	$ 50,142
Foreign exchange (gain) loss	(2,381)	(2)	(2,327)	4	(1,542)
Impairment of mineral property option					20,000
Legal fees	9,135	887	30,819	4,926	74,368
Management fees	22,080		38,080		38,080
Mineral property exploration costs					4,500
Office expenses	2,265	1,562	3,823	3,189	16,790
Transfer and filing fees	2,054	605	22,736	3,560	30,968
Operating loss before interest expense	(39,177)	(6,646)	(108,631)	(22,229)	(233,306)
Forgiveness of debt					10,000
Interest expense	(296)	(1,156)	(697)	(1,827)	(6,492)
Net loss	$ (39,473)	$ (7,802)	$ (109,328)	$ (24,056)	$ (229,798)
Basic loss per share	$ 0	$ 0	$ 0	$ 0
Weighted average number of shares outstanding - basic	178,500,000	178,500,000	178,500,000	178,500,000

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Mineral Property

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Notes

Mineral Property

Note 6 Mineral Property

Payments to Arbutus

· $10,000 upon execution of option agreement;

· $10,000 on or before November 30, 2011 (payment extended to November 30, 2012);

· $20,000 on or before November 30, 2012; and

· $50,000 on or before November 30, 2013.

Exploration Expenditures

· $15,000 in aggregate exploration expenditures prior to November 30, 2012;

· $65,000 in aggregate exploration expenditures prior to November 30, 2013; and

· $215,000 in aggregate exploration expenditures prior to November 30, 2014.

Financial Instruments

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Notes

Financial Instruments

Note 5 Financial Instruments

Level 1 - inputs are based upon unadjusted quoted prices for identical instruments traded in active markets.

Level 2 - inputs are based upon significant observable inputs other than quoted prices included in Level 1, such as quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 - inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models, and similar techniques.

Summary of Significant Accounting Policies: Earnings per share (Policies)

Policies

Disclosure of accounting policy for computing basic and diluted earnings or loss per share for each class of common stock and participating security. Addresses all significant policy factors, including any antidilutive items that have been excluded from the computation and takes into account stock dividends, splits and reverse splits that occur after the balance sheet date of the latest reporting period but before the issuance of the financial statements.