XML 30 R19.htm IDEA: XBRL DOCUMENT v3.22.2.2
COMMITMENTS AND CONTINGENCIES
12 Months Ended
May 31, 2022
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES

NOTE 13 – COMMITMENTS AND CONTINGENCIES

 

Leases

 

No office leases currently extend beyond one year. Rent expense amounted to $633 and $345 for each of the years ending May 31, 2022 and 2021.

 

Revenue Royalty

 

In accordance with the Securities Purchase Agreement, Laredo agreed to pay to Alleghany a revenue royalty of 5.0% of the Company’s future revenues and net profits relating to oil, gas, gas liquids and all other hydrocarbons, subject to certain adjustments, for a period of seven years after the closing, December 31, 2020.