Laredo Oil, Inc. Reports Net Loss of $3.1 Million for the Year Ended May 31, 2023

Laredo Oil, Inc. [LRDC], a leading energy company, has recently released its financial results for the year ended May 31, 2023. The company reported a net loss of $3.1 million for the year, compared to a net loss of $0.9 million in the previous year. The annual revenue for the company remained flat at $0 million.

Financial Performance

Despite the net loss, Laredo Oil, Inc. witnessed a significant improvement in its financial performance. The company's gross profit improved to -$0.6 million from the previous year. However, the company experienced a higher operating expense of $2.8 million, compared to $1.6 million in the previous year. This increase in operating expenses can be primarily attributed to higher general, selling, and administrative expenses as well as consulting and professional services.