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10-Q - LAREDO OIL, INC. 11/30/2012 10-Q - Laredo Oil, Inc.laredo_10q-113012.htm
EX-31.1 - CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 - Laredo Oil, Inc.exhibit_31-1.htm
EX-31.2 - CERTIFICATION OF THE CHIEF FINANCIAL OFFICER PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 - Laredo Oil, Inc.exhibit_31-2.htm
EX-32.1 - CERTIFICATE PURSUANT TO 18 U.S.C. SECTION 1350 SIGNED BY THE CHIEF EXECUTIVE OFFICER - Laredo Oil, Inc.exhibit_32-1.htm
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EX-32.1 - CERTIFICATE PURSUANT TO 18 U.S.C. SECTION 1350 SIGNED BY THE CHIEF FINANCIAL OFFICER - Laredo Oil, Inc.exhibit_32-2.htm
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5. RELATED PARTY TRANSACTIONS
6 Months Ended
Nov. 30, 2012
Related Party Transactions [Abstract]  
5. RELATED PARTY TRANSACTIONS

 

NOTE 5- RELATED PARTY TRANSACTIONS

 

SORC and Alleghany Capital Corporation, Inc. (“Alleghany Capital”) are considered related parties under FASB ASC 850. All management fee revenue reported by the Company for the three and six months ended November 30, 2012 is generated from charges to SORC. All outstanding long term notes payable at November 30, 2012 are held by Alleghany Capital.  See Note 8.

 

In both November and December 2009, respectively, the Company entered into a $25,000 and $50,000 bridge note with Mr. Kenneth Lipson, a shareholder owning over 5% of the Company’s common stock.  Interest expense accrued on both notes at a rate of 7% per annum.  In June 2011, the outstanding balance of $75,000 in notes payable and $8,026 in accrued interest were repaid using proceeds provided by SORC as disclosed in Note 1.