Laredo Oil, Inc. — fact timeline

Laredo Oil, Inc. entered into Participation Agreement with certain accredited investors valued at $2,034,000 (effective 2024-01-19).

“Hell Creek Crude, LLC, a wholly owned subsidiary of Laredo Oil, Inc. (the “Company”), has entered into a Participation Agreement, dated January 19, 2024 (the “Participation Agreement”), under which certain accredited investors provided $2,034,000 to fund the drilling of a development well and the acquisition of certain oil and gas leases in the Midfork Field in Montana.”

Laredo Oil, Inc. incurred loan of 180 monthly payments of $5,860.32 with U.S. Small Business Administration maturing 180 monthly payments.

“On December 6, 2023, Laredo Oil, Inc. (the “Company”) entered into a Payment Plan arrangement agreement (the “Plan”) with the U.S. Small Business Administration (the “SBA”) related to the Company’s Paycheck Protection Plan (“PPP”) loan from the SBA. Under the terms of the Plan, the Company agreed to pay the SBA a minimum of 180 monthly payments of $5,860.32.”

Laredo Oil, Inc. entered into Plan with U.S. Small Business Administration valued at $5,860.32 (effective 2023-12-06).

“On December 6, 2023, Laredo Oil, Inc. (the “Company”) entered into a Payment Plan arrangement agreement (the “Plan”) with the U.S. Small Business Administration (the “SBA”)”

Laredo Oil, Inc. entered into Development Agreement with Texakoma Exploration & Production Company valued at $175,000 (effective 2023-07-18).

“Lustre Oil Company, LLC, a wholly owned subsidiary of Laredo Oil, Inc. (“Lustre”), and Erehwon Oil & Gas, LLC (“Erehwon”) have entered into an Exploration and Development Agreement, dated July 18, 2023 (the “Development Agreement”), with Texakoma Exploration & Production Company (“Texakoma”), for the exploration and development of the “Lustre Field Prospect,” as described in the Development Agreement (excluding schedules).”

Laredo Oil, Inc. entered into Common Stock Purchase Agreement with Robert Adamo valued at $0.0441 per Share, or a total of $267,319.00 (effective 2023-06-15).

“Laredo Oil, Inc. (the “Company”) has entered into a Common Stock Purchase Agreement (the “Purchase Agreement”) with Robert Adamo, an individual (the “Purchaser”), dated June 15, 2023. Pursuant to the Purchase Agreement, the Purchaser purchased 6,062,886 shares of the Company’s common stock (the “Shares”) for the purchase price of $0.0441 per Share, or a total of $267,319.00.”

Laredo Oil, Inc. amended senior notes of up to $7,500,000 at 12.0% per annum maturing September 30, 2025.

“The Amended NPA amends Section 2.1(b) of the Note Purchase Agreement to allow the Company to sell and issue additional Notes, up to the maximum aggregate principal amount of $7,500,000, at one or more Subsequent Closings (as defined in the Amended NPA) until December 31, 2024. The Notes will accrue interest on the outstanding principal sum at the originally annual rate of 12.0% per annum, rather than 10.0% per annum annual rate provided in the Note Purchase Agreement, and will have a maturity date of September 30, 2025, rather than September 23, 2025.”

Laredo Oil, Inc. amended Amended and Restated Note Purchase Agreement with certain Investors, as defined in the Amended NPA, holding the majority in interest of the then outstanding Notes, and additional Investors valued at aggregate principal amount of up to $7,500,000 (effective 2023-05-30).

“On May 30, 2023, Laredo Oil, Inc. (the “Company”) entered into an Amended and Restated Note Purchase Agreement (the “Amended NPA”).”

Laredo Oil, Inc.: Increased authorized shares of common stock from 90,000,000 to 120,000,000 (effective 2023-05-23).

“Effective May 23, 2023, the Company amended the first paragraph of Article Fourth of its Certificate of Incorporation. The amendment to Article Fourth increased the total number of authorized shares of the Company’s Common Stock, $0.0001 par value, from 90,000,000 shares to 120,000,000 shares.”

Laredo Oil, Inc. completed a disposition involving Mark See for $97,760 of Mr. See's unpaid compensation (closed 2023-05-23).

“Effective May 23, 2023, Laredo Oil, Inc. (the “Company”) transferred to Mark See, the Company’s Chief Executive Officer, two vehicles, a 2018 Ford Explorer and a John Deere Hoe Loader Model 420F2, which the Company determined had a combined current market value of $97,760. The transfer of the vehicles to Mr. See was in consideration of $97,760 of Mr. See’s unpaid compensation.”

Laredo Oil, Inc. engaged BF Borgers CPA PC as its auditor.

“On December 19, 2022, Laredo Oil, Inc., a Delaware corporation (the “Company”) engaged BF Borgers CPA PC (“Borgers”) as its new independent accountants, replacing Weaver and Tidwell, L.L.P.”

Weaver and Tidwell, L.L.P. resigned as auditor of Laredo Oil, Inc..

“Weaver and Tidwell, L.L.P., whose resignation was accepted by the Company’s Board of Directors on November 29, 2022.”

Weaver and Tidwell, L.L.P. resigned as auditor of Laredo Oil, Inc..

“On November 21, 2022, Weaver and Tidwell, L.L.P. ("Weaver and Tidwell") notified the Board of Directors of Laredo Oil, Inc. (the "Company") of its resignation as the Company’s independent registered public accounting firm as of that date.”

Laredo Oil, Inc. entered into Securities Purchase Agreement with JanBella Group, LLC valued at $59,125 (effective 2022-11-18).

“Laredo Oil, Inc. (the “Company”) has entered into a Securities Purchase Agreement, dated November 18, 2022 (the “Purchase Agreement”), pursuant to which the Company issued a convertible promissory note (the “Note”) in the aggregate principal amount of $59,125 (including a $5,375 original issue discount). The Note is payable to JanBella Group, LLC (the “Lender”).”

Laredo Oil, Inc. entered into Demand Promissory Note and Pledge Agreement with Bradley E. Sparks valued at $150,000.00 (effective 2022-10-26).

“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.”