---
schema_version: "secwatch.filing_event.v1"
accession: "0001199835-22-000611"
form_type: "8-K"
ticker: "LRDC"
cik: "0001442492"
company_name: "Laredo Oil, Inc."
filed_at: "2022-10-28T23:59:59+00:00"
generated_at: "2026-06-22T22:30:34.136256+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Laredo Oil borrows $150K from CFO, secured by subsidiary interests

## Summary
- CFO Bradley E. Sparks lends company $150,000 via demand promissory note at 10% interest.
- Loan secured by pledge of all membership interests in wholly owned subsidiary Lustre Oil Company LLC.
- If company fails to repay on demand, Sparks can take ownership of Lustre.
- Uninterested board members approved the note and pledge agreement.
- Loan is payable on demand; no fixed maturity date.

## SEC filing metadata
- accession: 0001199835-22-000611
- form_type: 8-K
- ticker: LRDC
- cik: 0001442492
- company_name: Laredo Oil, Inc.
- filed_at: 2022-10-28T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1442492/000119983522000611/0001199835-22-000611-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1442492/000119983522000611/form_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001199835-22-000611
- JSON: https://secwatch.observer/filing/0001199835-22-000611.json
- Plain text: https://secwatch.observer/filing/0001199835-22-000611.txt

## Key facts
- Material Agreements
  Laredo Oil, Inc. entered into Demand Promissory Note and Pledge Agreement with Bradley E. Sparks valued at $150,000.00 (effective 2022-10-26).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: Bradley E. Sparks
  - Value: $150,000.00
  - Effective: 2022-10-26
  source text: On October 26, 2022, Laredo Oil, Inc. (the “ Company ”) borrowed $150,000.00 from Bradley E. Sparks, the Company’s Chief Financial Officer and a director of the Company.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1442492/000119983522000611/0001199835-22-000611-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.