secwatch.observer — SEC 8-K summary
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Issuer:     Laredo Oil, Inc. (LRDC)
CIK:        0001442492
Form:       8-K
Filed at:   2022-10-28T23:59:59+00:00
Accession:  0001199835-22-000611
Event type: other_material
Sentiment:  negative
Materiality: 0.60
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1442492/000119983522000611/0001199835-22-000611-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1442492/000119983522000611/form_8k.htm
  HTML page:      https://secwatch.observer/filing/0001199835-22-000611

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