v3.26.3
DISCONTINUED OPERATIONS
 12 Months Ended
May 31, 2026
Discontinued Operations and Disposal Groups [Abstract]  
DISCONTINUED OPERATIONS

NOTE 11 – DISCONTINUED OPERATIONS

 

On November 15, 2025, B&B Oil acquired 100% of the membership interest of Hell Creek Crude, LLC, or HCC, from Laredo for consideration of 50% of future distributions to B&B Oil. The transaction is recorded in discontinued operations, the net liabilities totaling $272,892 have been eliminated and recorded in additional paid in capital.

 

The assets and liabilities associated with discontinued operations were as follows for May 31, 2026, and 2025:

 

   May 31, 2026   May 31, 2025 
ASSETS OF DISCONTINUED OPERATIONS          
           
Current Assets of Discontinued Operations          
Cash and cash equivalents and restricted cash  $-   $27,958 
Total Current Assets of Discontinued Operations   -    27,958 
           
Other assets   -    10,000 
           
TOTAL ASSETS OF DISCONTINUED OPERATIONS  $-   $37,958 
           
LIABILITIES OF DISCONTINUED OPERATIONS          
Current Liabilities of Discontinued Operations          
Accounts payable  $-   $130,812 
Total Current Liabilities of Discontinued Operations   -    130,812 
           
Asset retirement obligation  $-   $127,698 
Total Noncurrent Liabilities of Discontinued Operations  $-    127,698 
           
TOTAL LIABILITIES OF DISCONTINUED OPERATIONS  $-   $258,510 

The following table summarizes the Company’s loss from discontinued operations for the years ended May 31, 2026 and 2025:

 

   Year Ended
May 31, 2026		   Year Ended
May 31, 2025		 
Revenue  $-   $- 
           
Direct costs   -    - 
           
Gross profit (loss)   -    - 
           
Lease operating expense   35,326    85,942 
General, selling and administrative expenses   7,857    6,616 
Consulting and professional services   9,000    10,340 
Impairment        632,158 
Total Operating Expense from Discontinued Operations   52,183    735,056 
           
Operating loss from discontinued operations   (52,183)   (735,056)
           
Other income/(expense)        1,119 
Interest income/(expense)   (157)   653 
           
Net loss from discontinued operations  $(52,340)  $(733,284)