10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

[X]	Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
	For the quarterly period ended November 30, 2012
[  ]	Transition Report pursuant to 13 or 15(d) of the Securities Exchange Act of 1934
	For the transition period from __________ to__________
	Commission File Number: 000-54577

Laredo Resources Corp.

(Exact name of registrant as specified in its charter)

NV	90-0822497
(State or other jurisdiction of incorporation or organization)	(IRS Employer Identification No.)

300 Jameson House, 838 West Hastings Street, Vancouver, B.C., Canada V6C 0A6

(Address of principal executive offices)

(604) 669-9000

(Registrant’s telephone number)

___________________________

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days [X] Yes [ ] No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). [ ] Yes [X] No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.

[ ] Large accelerated filer	[ ] Accelerated filer
[ ] Non-accelerated filer	[X] Smaller reporting company

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). [X] Yes [  ] No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 178,500,000 as of January 11, 2013.

TABLE OF CONTENTS
	Page
PART I - FINANCIAL INFORMATION
Item 1:  Financial Statements	3
Item 2:  Management’s Discussion and Analysis of Financial Condition and Results of Operations	5
Item 3:  Quantitative and Qualitative Disclosures About Market Risk	7
Item 4:  Controls and Procedures	7
PART II - OTHER INFORMATION
Item 1:  Legal Proceedings	9
Item 1A:  Risk Factors	9
Item 2:  Unregistered Sales of Equity Securities and Use of Proceeds	9
Item 3:  Defaults Upon Senior Securities	9
Item 4:  Mine Safety Disclosures	9
Item 5:  Other Information	9
Item 6:  Exhibits	9

2

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

Our financial statements included in this Form 10-Q are as follows:
F-1	Balance Sheets as of November 30, 2012 (unaudited) and August 31, 2012;
F-2	Statements of Operations for the three months ended November 30, 2012 and 2011 and period from Inception (August 17, 2010) to November 30, 2012 (unaudited);
F-3	Statement of Stockholders’ Equity (Deficit) for period from Inception (August 17, 2010) to November 30, 2012 (unaudited);
F-4	Statements of Cash Flows for the three months ended November 30, 2012 and 2011 and period from Inception (August 17, 2010) to November 30, 2012 (unaudited);
F-5	Notes to Financial Statements.

These financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and the SEC instructions to Form 10-Q.  In the opinion of management, all adjustments considered necessary for a fair presentation have been included.  Operating results for the interim period ended November 30, 2012, are not necessarily indicative of the results that can be expected for the full year.

3

LAREDO RESOURCES CORP.

(An Exploration Stage Company)

FINANCIAL STATEMENTS

November 30, 2012

(Stated in US Dollars)

(Unaudited)

4

LAREDO RESOURCES CORP.

(An Exploration Stage Company)

BALANCE SHEETS

(Stated in US Dollars)

(Unaudited)

	November 30,		August 31,
	2012		2012
ASSETS
Current assets
Cash	$	702	$	368
Total current assets		702		368
Total assets	$	702	$	368
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities
Accounts payable and accrued liabilities	$	49,896	$	558
Accrued interest, related party - Note 7		260		3,998
Note payable, related party - Note 7		20,000		86,500
Total current liabilities		70,156		91,056
Total liabilities	$	70,156	$	91,056
Stockholders’ deficit
Preferred stock, $0.001 par value
10,000,000 shares authorized, none outstanding		-		-
Common stock, $0.001 par value
4,500,000,000 shares authorized
178,500,000 shares issued and outstanding - Notes 8		178,500		178,500
Additional paid-in capital		92,886		1,797
Deficit accumulated during the exploration stage		(340,840)		(270,985)
Total stockholders’ deficit		(69,454)		(90,688)
Total liabilities and stockholders’ deficit	$	702	$	368

The accompanying notes are an integral part of these financial statements.

F-1

LAREDO RESOURCES CORP.

(An Exploration Stage Company)

STATEMENTS OF OPERATIONS

(Stated in US Dollars)

(Unaudited)

					From
					Inception
					(August 17,
	Three Months Ended				2010) to
	November 30,				November 30,
	2012		2011		2012
Expenses
Accounting and audit	$	9,476	$	6,956	$	44,118
Foreign exchange loss		54		6		839
Legal fees		21,684		4,039		65,233
Management fees		16,000		-		16,000
Mineral property exploration costs		-		-		4,500
Office expenses		1,558		1,627		14,525
Transfer and filing fees		20,682		2,955		28,914
Impairment of mineral property option		-		-		20,000
Net operating loss		(69,454)		(15,583)		(194,129)
Other income (expense)
Forgiveness of debt		-		-		10,000
Interest expense - Note 7		(401)		(671)		(6,196)
Net loss	$	(69,855)	$	(16,254)	$	(190,325)
Basic loss per share	$	(0.00)	$	(0.00)
Weighted average number of shares outstanding - basic		178,500,000		178,500,000

The accompanying notes are an integral part of these financial statements.

F-2

LAREDO RESOURCES CORP.

 (An Exploration Stage Company)

STATEMENT OF STOCKHOLDERS’ EQUITY (DEFICIT)

For the Period from Inception (August 17, 2010) to November 30, 2012

(Stated in US Dollars)

(Unaudited)

						Deficit
					Additional	Accumulated
					Paid in	During the
	Preferred Shares		Common Shares		Capital	Exploration Stage	Total
	Number	Amount	Number	Amount
Balance, inception (August 17, 2010)	-	$ -	-	$ -	$ -	$ -	$ -
Capital stock issued to founder for cash	-	-	100,000,000	100,000	-	(84,375)	15,625
Capital stock issued for cash, net of commission	-	-	78,500,000	78,500	-	(66,140)	12,360
Net loss	-	-	-	-	-	(7,325)	(7,325)
Balance, August 31, 2010	-	-	178,500,000	178,500	-	(157,840)	20,660
Capital contribution by president - Note 7	-	-	-	-	895	-	895
Net loss	-	-	-	-	-	(56,789)	(56,789)
Balance, August 31, 2011	-	-	178,500,000	178,500	895	(214,629)	(35,234)
Capital contribution by president - Note 7	-	-	-	-	902	-	902
Net loss	-	-	-	-	-	(56,356)	(56,356)
Balance, August 31, 2012	-	-	178,500,000	178,500	1,797	(270,985)	(90,688)
Capital contribution by president - Note 7	-	-	-	-	25	-	25
Sale of Subsidiary	-	-	-	-	91,064	-	91,064
Net loss	-	-	-	-	-	(69,855)	(69,855)
Balance, November 30, 2012	-	$ -	178,500,000	$  178,500	$  92,886	$  (340,840)	$  (69,454)

The accompanying notes are an integral part of these financial statements.

F-3

LAREDO RESOURCES CORP.

(An Exploration Stage Company)

STATEMENTS OF CASH FLOWS

(Stated in US Dollars)

(Unaudited)

					From
					Inception
					(August 17
	Three Months Ended				2010) to
	November 30,				November 30,
	2012		2011		2012
Cash Flows from Operating Activities
Net loss	$	(69,855)	$	(16,254)	$	(190,325)
Adjustments to reconcile net loss to net cash used by operating activities
Non cash interest expense - capital contribution		25		150		1,822
Forgiveness of debt		-		-		(10,000)
Write off of property option		-		-		20,000
Changes in operating assets and liabilities:
Accrued interest		376		521		4,374
Prepaid expenses		-		3,000		-
Accounts payable and accrued liabilities		49,788		(7,975)		50,346
Net cash used in operating activities		(19,666)		(20,558)		(123,783)
Cash Flows from Investing Activities
Acquisition of property option		-		-		(10,000)
Net cash used in investing activity		-		-		(10,000)
Cash Flows from Financing Activities
Capital stock issued		-		-		27,985
Notes payable, related party		20,000		30,000		106,500
Net cash provided by financing activities		20,000		30,000		134,485
Net (decrease) increase in cash during the year		334		9,442		702
Cash, beginning of the year		368		1,542		-
Cash, end of the year	$	702	$	10,984	$	702
Supplemental information
Cash paid for:
Accrual of mineral property	$	-	$	10,000	$	10,000
Accounts payable settled in connection with sale of subsidiary	$	450	$	-	$	450
Accrued interest, related party, settled in connection with sale of subsidiary	$	4,114	$	-	$	4,114
Notes payable, related party, settled in connection with sale of subsidiary	$	86,500	$	-	$	86,500

The accompanying notes are an integral part of these financial statements.

F-4

LAREDO RESOURCES CORP.

(An Exploration Stage Company)

Notes to Financial Statements

November 30, 2012

(Stated in US Dollars)

(Unaudited)

Note 1  Basis of Presentation

While the information presented in the accompanying November 30, 2012 financial statements is unaudited, it includes all adjustments which are, in the opinion of management, necessary to present fairly the financial position, results of operations and cash flows for the period presented in accordance with the accounting principles generally accepted in the United States of America.  In the opinion of management, all adjustments considered necessary for a fair presentation of the results of operations and financial position have been included and all such adjustments are of a normal recurring nature.  These financial statements should be read in conjunction with the Company’s August 31, 2012 audited financial statements (notes thereto) included in the Company’s Form 10-K.

Operating results for the three months ended November 30, 2012 are not necessarily indicative of the results that can be expected for the year ending August 31, 2013.

Note 2  Nature of Operations and Ability to Continue as a Going Concern

The Company was incorporated in the state of Nevada, United States of America on August 17, 2010.  The Company is an exploration stage company and was formed for the purpose of acquiring exploration and development stage mineral properties.  The Company’s year-end is August 31.

On August 31, 2010, the Company incorporated a wholly-owned subsidiary, LRE Exploration LLC, (“LRE”) in the State of Nevada, United States of America (“USA”) for the purpose of mineral exploration in the USA.

On November 30, 2010, LRE entered into a property option agreement with Arbutus Minerals LLC. (“Arbutus”) whereby the Company was granted an option to earn up to a 100% interest in 20 mineral claims (the “ABR Claims”) located approximately 15 miles north of Elko, Nevada. (Note 4).  During the year ended August 31, 2012, the Company abandoned the property.

On September 10, 2012, the Company entered into an Agreement of Conveyance, Transfer and Assignment of Membership Interests and Assumption of Obligations (the “Agreement”), with the former President of the Company.  Pursuant to the Agreement, the Company’s interest in LRE was transferred to the former President and the former president assumed all liabilities of LRE and the Company received as consideration the release and discharge of all liabilities under all the promissory notes and accrued interest entered into prior to August 31, 2012.

Effective October 30, 2012, the Company increased the number of authorized common shares of the Company from 90,000,000 to 4,500,000,000 shares per director’s resolution dated October 30, 2012.  

F-5

LAREDO RESOURCES CORP.

(An Exploration Stage Company)

Notes to Financial Statements

November 30, 2012

(Stated in US Dollars)

(Unaudited)

Note 2  Nature of Operations and Ability to Continue as a Going Concern - (continued)

The Company also conducted a fifty to one forward stock split of the Company’s issued and outstanding common shares per director’s resolution. Following this stock split, the number of outstanding shares of the Company’s common stock increased from 3,570,000 shares to 178,500,000 shares. All share and per share information in these financial statements has been retro-actively restated for all periods presented to give effect of this stock split.

These financial statements have been prepared in accordance with generally accepted accounting principles applicable to a going concern, which assumes that the Company will be able to meet its obligations and continue its operations for its next fiscal year.  Realization values may be substantially different from carrying values as shown and these financial statements do not give effect to adjustments that would be necessary to the carrying values and classification of assets and liabilities should the Company be unable to continue as a going concern.  The Company has yet to achieve profitable operations, has accumulated losses of $340,840 since its inception and expects to incur further losses in the development of its business, all of which casts substantial doubt about the Company’s ability to continue as a going concern.

The Company’s ability to continue as a going concern is dependent upon its ability to generate future profitable operations and/or to obtain the necessary financing from shareholders or other sources to meet its obligations and repay its liabilities arising from normal business operations when they become due.  Management has no formal plan in place to address this concern but considers that the Company will be able to obtain additional funds by equity financing and/or related party advances, however there is no assurance of additional funding being available or on acceptable terms, if at all.  The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts of and classification of liabilities that might be necessary in the event the company cannot continue in existence.

Note 3  Summary of Significant Accounting Policies

The financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and are stated in US dollars.  The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expense during the reporting period. Actual results could differ from those estimates.

The financial statements have, in management’s opinion, been properly prepared within the framework of the significant accounting policies summarized below:

F-6

LAREDO RESOURCES CORP.

(An Exploration Stage Company)

Notes to Financial Statements

November 30, 2012

(Stated in US Dollars)

(Unaudited)

Note 3  Summary of Significant Accounting Policies

Principles of Consolidation

These financial statements include the accounts of the Company and LRE Exploration LLC. (“LRE”), until LRE was disposed of by sale to the former president on September 10, 2012.  Accordingly, the statements of operations and cash flows presented include the results of LRE from August 31, 2010 to September 10, 2012, and the balance sheet presented at November 30, 2012 is solely that of Laredo Resources Corp.  The balance sheet presented at August 31, 2012 comprises Laredo Resources Corp and its wholly owned subsidiary LRE.  All significant inter-company transactions and balances have been eliminated.

Exploration Stage Company

The Company is an exploration stage company.  All losses accumulated since inception are considered part of the Company’s exploration stage activities.

Cash and cash equivalents

The Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents.  There were no cash equivalents at November 30, 2012.

The Company minimizes its credit risk associated with cash by periodically evaluating the credit quality of its primary financial institution. The balance at times may exceed federally insured limits. At November 30, 2012, the balance did not exceed the federally insured limit.

Mineral Property

The Company is primarily engaged in the acquisition, exploration and development of mineral properties.

Mineral property acquisition costs are capitalized in accordance with FASB ASC 930, “Extractive Activities-Mining,” when management has determined that probable future benefits consisting of a contribution to future cash inflows have been identified and adequate financial resources are available or are expected to be available as required to meet the terms of property acquisition and budgeted exploration and development expenditures.  Mineral property acquisition costs are expensed as incurred if the criteria for capitalization are not met.

In the event that mineral property acquisition costs are paid with Company shares, those shares are recorded at the estimated fair value at the time the shares are due in accordance with the terms of the property agreements.

F-7

LAREDO RESOURCES CORP.

(An Exploration Stage Company)

Notes to Financial Statements

November 30, 2012

(Stated in US Dollars)

(Unaudited)

Note 3  Summary of Significant Accounting Policies - (continued)

Mineral Property - (continued)

Mineral property exploration costs are expensed as incurred.

When it has been determined that a mineral property can be economically developed as a result of establishing proven and probable reserves and pre-feasibility, the costs incurred to develop such property are capitalized.

Estimated future removal and site restoration costs, when determinable are provided over the life of proven reserves on a units-of-production basis.  Costs, which include production equipment removal and environmental remediation, are estimated each period by management based on current regulations, actual expenses incurred, and technology and industry standards.  Any charge is included in exploration expense or the provision for depletion and depreciation during the period and the actual restoration expenditures are charged to the accumulated provision amounts as incurred.

To date the Company has not established any proven or probable reserves on its mineral properties.

Asset Retirement Obligations

Asset retirement obligations (“ARO”) associated with the retirement of a tangible long-lived asset, are recognized as liabilities in the period in which it is incurred and becomes determinable, with an offsetting increase in the carrying amount of the associated assets. The cost of tangible long-lived assets, including the initially recognized ARO, is amortized, such that the cost of the ARO is recognized over the useful life of the assets.  The ARO is recorded at fair value, and accretion expense is recognized over time as the discounted fair value is accreted to the expected settlement value.

The fair value of the ARO is measured using expected future cash flow, discounted at the Company’s credit-adjusted risk-free interest rate.  As of November 30, 2012, the Company has determined no provision for ARO’s is required.

Impairment of Long- Lived Assets

The Company reviews and evaluates long-lived assets for impairment when events or changes in circumstances indicate that the related carrying amounts may not be recoverable.  The assets are subject to impairment consideration under FASB ASC 360-10-35-17 if events or circumstances indicate that their carrying amount might not be recoverable.  When the Company determines that an impairment analysis should be done, the analysis will be performed using the rules of FASB ASC 930-360-35, Asset Impairment, and 360- 0 through 15-5, Impairment or Disposal of Long- Lived Assets.

F-8

LAREDO RESOURCES CORP.

(An Exploration Stage Company)

Notes to Financial Statements

November 30, 2012

(Stated in US Dollars)

(Unaudited)

Note 3  Summary of Significant Accounting Policies - (continued)

Foreign Currency Translation

The Company’s functional currency is the United States dollar as substantially all of the Company’s operations are in the USA. The Company uses the United States dollar as its reporting currency for consistency with registrants of the Securities and Exchange Commission (“SEC”).

Assets and liabilities denominated in a foreign currency are translated at the exchange rate in effect at the balance sheet date and capital accounts are translated at historical rates.  Income statement accounts are translated at the average rates of exchange prevailing during the period.

Translation adjustments from the use of different exchange rates from period to period are included in the Accumulated Other Comprehensive Income account in Stockholders’ Equity, if applicable.  

Transactions undertaken in currencies other than the functional currency of the entity are translated using the exchange rate in effect as of the transaction date.  Any exchange gains and losses are included in the Statement of Operations and Comprehensive Loss.

Earnings per share  

In accordance with accounting guidance now codified as FASB ASC Topic 260, “Earnings per Share,”  basic earnings per share (“EPS”) is computed by dividing net loss available to common stockholders by the weighted average number of common shares outstanding during the period, excluding the effects of any potentially dilutive securities. Diluted EPS gives effect to all dilutive potential of shares of common stock outstanding during the period including stock options or warrants, using the treasury stock method (by using the average stock price for the period to determine the number of shares assumed to be purchased from the exercise of stock options or warrants), and convertible debt or convertible preferred stock, using the if-converted method.  Diluted EPS excludes all dilutive potential of shares of common stock if their effect is anti-dilutive.  As there are no common stock equivalents outstanding, diluted and basic loss per share are the same.

Income Taxes

The Company uses the asset and liability method of accounting for income taxes.  Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statements carrying amounts of existing assets and liabilities and loss carry-forwards and their respective tax bases.  Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.

F-9

LAREDO RESOURCES CORP.

(An Exploration Stage Company)

Notes to Financial Statements

November 30, 2012

(Stated in US Dollars)

(Unaudited)

Note 3  Summary of Significant Accounting Policies - (continued)

Income Taxes - (continued)

The effect of a change in tax rules on deferred tax assets and liabilities is recognized in operations in the year of change. A valuation allowance is recorded when it is “more likely-than-not” that a deferred tax asset will not be realized.

Stock-based Compensation

The Company is required to record compensation expense, based on the fair value of the awards, for all awards granted after the date of the adoption.

Comprehensive Income

The Company is required to report comprehensive income, which includes net loss as well as changes in equity from non-owner sources.

Note 4  Sale of Subsidiary

On September 10, 2012, the Company assigned all membership units of LRE to the former President of the Company and received as consideration the release and discharge of all liabilities under all the promissory notes and accrued interest entered into prior to August 31, 2012.

The following table summarizes the identifiable assets and liabilities of LRE that were disposed of, the consideration received, and the loss of LRE for the period from September 1, 2012 to September 10, 2012.

	November 30
	2012
Identifiable Assets and Liabilities
Accounts payable	$  (450)
Amount owed to Laredo Resources Corp	(17,550)
Net liabilities of LRE	(18,000)
Consideration Received
Settlement of accounts payable, promissory notes, and accrued interest	91,064
Elimination of accumulated losses of LRE	18,000
	99,064
Sale of subsidiary- related party	$  91,064
Loss for the period from September 1, 2012 to September 10, 2012	$  -

F-10

LAREDO RESOURCES CORP.

(An Exploration Stage Company)

Notes to Financial Statements

November 30, 2012

(Stated in US Dollars)

(Unaudited)

Note 5  Financial Instruments

Fair value is defined as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability.

The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity. In addition, the fair value of liabilities should include consideration of non-performance risk including our own credit risk.

In addition to defining fair value, the standard expands the disclosure requirements around fair value and establishes a fair value hierarchy for valuation inputs.  The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market.  Each fair value measurement is reported in one of the three levels which is determined by the lowest level input that is significant to the fair value measurement in its entirety. These levels are:

Level 1 - inputs are based upon unadjusted quoted prices for identical instruments traded in active markets.

Level 2 - inputs are based upon significant observable inputs other than quoted prices included in Level 1, such as quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 - inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models, and similar techniques.

The carrying value of the Company’s financial assets and liabilities which consist of cash, accounts payable and accrued liabilities and notes payable in management’s opinion approximates fair value due to the short maturity of such instruments.  These financial assets and liabilities are valued using level 3 inputs, except for cash which is at level 1.  Unless otherwise noted, it is management’s opinion that the Company is not exposed to significant interest, exchange or credit risks arising from these financial instruments.

F-11

LAREDO RESOURCES CORP.

(An Exploration Stage Company)

Notes to Financial Statements

November 30, 2012

(Stated in US Dollars)

(Unaudited)

Note 6  Mineral Property

	November 30,	August 31,
	2012	2012
ABR Claims
Option Costs	$  -	$  -
Net cost	$  -	$  -

On November 30, 2010, LRE entered into a property option agreement (amended April 3, 2012) with Arbutus Minerals LLC (“Arbutus”) whereby the Company was granted an option to earn up to a 100% interest in 20 mineral claims (the “ABR Claims”) located approximately 15 miles north of Elko, Nevada.  Arbutus holds only the mineral rights to the ABR Claims as the ABR Claims are on Bureau of Land Management managed land.  Consideration for the option consists of cash payments to Arbutus totalling $90,000, and aggregate exploration expenditures of $295,000 as follows:

Payments to Arbutus

·

$10,000 upon execution of option agreement;

·

$10,000 on or before November 30, 2011 (payment extended to November 30, 2012);

·

$20,000 on or before November 30, 2012; and

·

$50,000 on or before November 30, 2013.

Exploration Expenditures

·

$15,000 in aggregate exploration expenditures prior to November 30, 2012;

·

$65,000 in aggregate exploration expenditures prior to November 30, 2013; and

·

$215,000 in aggregate exploration expenditures prior to November 30, 2014.

As at August 31, 2012, the Company had incurred $10,000 in acquisition costs and accrued an additional $10,000 in the form of option payments to Arbutus per the option agreement. When a property reaches the production stage, the related capitalized costs will be amortized, using the units of production method on the basis of periodic estimates of ore reserves, currently no property has reached the production stage. When the Company has capitalized mineral properties, these properties will be periodically assessed for impairment of value and any diminution in value.

From Inception (August 17, 2010) to August 31, 2012, the Company had incurred an aggregate amount of $4,500 for geological surveys, which are considered geological and geophysical costs which are expensed when incurred.

During August 2012, the Company abandoned the property and all property option costs incurred were written off.  The Company also negotiated the forgiveness of $10,000 which was due pursuant to the property option agreement on November 30, 2012.

F-12

LAREDO RESOURCES CORP.

(An Exploration Stage Company)

Notes to Financial Statements

November 30, 2012

(Stated in US Dollars)

(Unaudited)

Note 7  Related Party Transactions

All related party transactions have been measured at the exchange value which was the amount of consideration established and agreed to by the related parties.

As at November 30, 2012, accounts payable and accrued liabilities includes $16,000 (August 31, 2012 - $nil) owing to the President.

During the three month period ended November 30, 2012, the Company incurred management fees of $16,000 (three month period ended November 30, 2011 - $nil) owing to the Company’s president.

On May 21, 2012, the Company President loaned $10,000 to the Company and the Company issued a promissory note in the amount of $10,000.  The promissory note is unsecured, bears interest at 6% per annum, and matures on May 31, 2014.  During the three month period ended November 30, 2012, the Company accrued $16 (three month period ended November 30, 2011 - $nil) of interest expense in respect of this note payable.  Total accrued interest on this note as of September 10, 2012 was $286 (August 31, 2012 - $270).  

On March 20, 2012, the Company President loaned $7,500 to the Company and the Company issued a promissory note in the amount of $7,500.  The promissory note is unsecured, bears interest at 6% per annum, and matures on March 31, 2013.  During the three month period ended November 30, 2012, the Company accrued $12 (three month period ended November 30, 2011 - $nil) of interest expense in respect of this note payable.  Total accrued interest on this note as of September 10, 2012 was $214 (August 31, 2012 - $202)

On November 22, 2011, the Company President loaned $15,000 to the Company and the Company issued a promissory note in the amount of $15,000.  The promissory note is unsecured, bears interest at 6% per annum, and matures on November 30, 2013.  During the three month period ended November 30, 2012, the Company accrued $24 (three month period ended November 30, 2011 - $20) of interest expense in respect of this note payable.  Total accrued interest on this note as of September 10, 2012 was $722 (August 31, 2012 - $698)

On September 13, 2011, the Company President loaned $15,000 to the Company and the Company issued a promissory note in the amount of $15,000.  The promissory note is unsecured, bears interest at 6% per annum, and matures on September 30, 2013.  During the three month period ended November 30, 2012, the Company accrued $25 (three month period ended November 30, 2011 - $192) of interest expense in respect of this note payable.  Total accrued interest on this note as of September 10, 2012 was $895 (August

31, 2012 - $870)

F-13

LAREDO RESOURCES CORP.

(An Exploration Stage Company)

Notes to Financial Statements

November 30, 2012

(Stated in US Dollars)

(Unaudited)

Note 7  Related Party Transactions - (continued)

On August 22, 2011, the Company President loaned $4,000 to the Company and the Company issued a promissory note in the amount of $4,000.  The promissory note is unsecured, bears interest at 6% per annum, and matures on August 31, 2013.  During the three month period ended November 30, 2012, the Company accrued $7 (three month period ended November 30, 2011 - $60) of interest expense in respect of this note payable.  Total accrued interest on this note as of September 10, 2012 was $253 (August 31, 2012 - $246)

On May 10, 2011, the Company President loaned $10,000 to the Company and the Company issued a promissory note in the amount of $10,000.  The promissory note is unsecured, bears interest at 6% per annum, and matures on May 31, 2013.  During the three month period ended November 30, 2012, the Company accrued $16 (three month period ended November 30, 2011 - $149) of interest expense in respect of this note payable.  Total accrued interest on this note as of September 10, 2012 was $803 (August 31, 2012 - $787).

On February 15, 2011, the Company President loaned $10,000 to the Company and the Company issued a promissory note in the amount of $10,000.  The promissory note is unsecured, bears interest at 6% per annum, and matures on February 28, 2013.  During the three month period ended November 30, 2012, the Company accrued $16 (three month period ended November 30, 2011 - $100) of interest expense in respect of this note payable.  Total accrued interest on this note as of September 10, 2012 was $941 (August 31, 2012 - $925)

On September 2, 2010, the Company President loaned $15,000 to the Company and the Company issued a promissory note in the amount of $15,000.  The promissory note is unsecured, non-interest bearing, and matures on September 30, 2012.  During the three month period ended November 30, 2012, the Company accrued $25 (three month period ended November 30, 2011 - $150) of interest expense in respect of this note payable.  The Company also recorded a capital contribution for the three month period ended November 30, 2012 of $25 (three month period ended November 30, 2011 - $150) in respect of the imputed interest charged on this note payable.  

On August 19, 2010, the Company received and accepted a subscription to purchase 2,000,000 shares of common stock at $0.0078 per share for aggregate proceeds of $15,625 from the Company’s president.  The subscription agreement permitted the Company to accept 200,000 Mexican Peso’s in full settlement of the share subscription.  The share subscription was settled in Mexican Peso’s.

On September 10, 2012, the President resigned and her controlling interest of 100,000,000 post split shares was transferred to a third party who subsequently was appointed President.  

F-14

LAREDO RESOURCES CORP.

(An Exploration Stage Company)

Notes to Financial Statements

November 30, 2012

(Stated in US Dollars)

(Unaudited)

Note 7  Related Party Transactions - (continued)

On September 10, 2012, the Company assigned all membership units of LRE to the former President of the Company and received as consideration the release and discharge of all liabilities under all the promissory notes and accrued interest to the date of the transaction.  As at September 10, 2012, this amount aggregated $90,614.

On September 10, 2012, the Company issued a promissory note of $20,000 to a Company controlled by the Company’s newly appointed president and received $20,000 cash in exchange.  The promissory note is unsecured, bears interest at 6% per annum, and matures on September 10, 2013.  During the three month period ended November 30, 2012, the Company accrued $260 (three months ended November 30, 2011 - $nil) of interest expense in respect of this note payable.  Total accrued interest on this note as of November 30, 2012 was $260 (August 31, 2012 - $nil)

Note 8  Capital Stock

Issued:

On August 19, 2010, the Company issued 100,000,000 post split shares of common stock to the Company’s president at $0.000156 per share for total proceeds of $15,625.

On August 27, 2010, the Company issued 78,500,000 shares of common stock at $0.000157 per share for total proceeds of $12,560 pursuant to a private placement.  The Company paid commissions of $200 for net proceeds of $12,360.

All references in these financial statements to number of common shares, price per share and weighted number of common shares outstanding prior to 50 to 1 stock split on October 30, 2012 have been adjusted to reflect this stock split on a retroactive basis, unless otherwise noted.

Note 9  Proposed Transaction

On November 2, 2012, the Company entered into a letter agreement with Magna Management Ltd. (“Magna”) whereby the Company was granted the exclusive right, for a period of sixty days, to negotiate for the acquisition of all rights held by Magna in a mineral Property known as Pony Gold Mountain located in southwestern Montana.

Should the acquisition be completed as contemplated the Company pay $3,000,000 in quarterly instalments of $250,000 commencing December 5, 2012 for the property.  The agreement is subject to a 2% net smelter royalty.

F-15

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Forward-Looking Statements

Certain statements, other than purely historical information, including estimates, projections, statements relating to our business plans, objectives, and expected operating results, and the assumptions upon which those statements are based, are “forward-looking statements.” These forward-looking statements generally are identified by the words “believes,” “project,” “expects,” “anticipates,” “estimates,” “intends,” “strategy,” “plan,” “may,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially from the forward-looking statements. Our ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse affect on our operations and future prospects on a consolidated basis include, but are not limited to: changes in economic conditions, legislative/regulatory changes, availability of capital, interest rates, competition, and generally accepted accounting principles. These risks and uncertainties should also be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements.

Company Overview

We were incorporated on August 17, 2010, under the laws of the state of Nevada. We were originally engaged in the exploration of certain mineral claims located in Elko County, Nevada. On September 10, 2012, we entered into an Agreement of Conveyance, Transfer and Assignment of Membership Interests and Assumption of Obligations (the “Agreement”) with our former sole officer and director, Ruth Cruz Santos. Pursuant to the Agreement, we transferred all membership interests in our operating subsidiary, LRE Exploration LLC, to Ms. Santos. In exchange for this assignment of membership interests, Ms. Santos agreed to assume and cancel all liabilities relating to our former business of exploring certain mining claims located in Elko County, Nevada. In addition, Ms. Santos agreed to release all liability under certain promissory notes due and owing to her. As a result of the Agreement, we are no longer pursuing the mineral exploration opportunities located in Elko County, Nevada.

We are currently pursuing a new mineral exploration opportunities under the direction of new management. On November 2, 2012, we entered into a letter agreement with Magna Management Ltd. (“Magna”) under which we have been granted the exclusive right, for a period of sixty (60) days, to negotiate for the purchase of all rights held by Magna in the mineral property known as Pony Mountain Gold, located in the Mineral Hills District (commonly called the Pony District) in southwestern Montana. By agreement with the Magna, the option period has been extended to February 20, 2013. During the exclusive negotiation period, we will have access to all documentation and information regarding the title and geology of the property and any other information necessary for the completion of our due diligence. We anticipate that our purchase of Magna’s rights to the property, if consummated, would be made through a combination of cash payment and issuance of common stock, with the rights being assigned to a wholly-owned subsidiary to be formed. Pricing and other details of the potential acquisition of Magna’s rights are the subject of ongoing negotiations.

The Pony Mountain Gold property is comprised of an approximately 4000-acre package of properties, assembled over the years by a local family and local geologist. The property contains several previously-mined, underground hard-rock vein systems, such as the Mountain Cliff, Strawberry-Keystone, Amy, and Atlantic-Pacific (A-P) mines. Historically, the Pony Mountain Gold property has been productive, and we believe it has potential for new productivity.  Recently, thirty-eight additional mining claims have been added to the property.  They were located and physically staked by Gene Nellis, a geologist, and his staking crew, under contract with Magna. As a result, the total package under option amounts to 110 unpatented mining claims.

5

In the event that we acquire Magna’s rights to the Pony Mountain Gold property, we will assume Magna’s rights and duties under a Memorandum of Understanding between Magna and the various owners of the property (the “MOU”). As the assignee of Magna’s rights under the MOU, we would be entitled to exclusive proprietary marketing rights for the property in exchange for total payments of $3,000,000 to be made in quarterly installments of $250,000 each. All net revenues received from third-party processors of material mined from the property will be paid to the owners of the property and applied to the total purchase price until paid in full. The owners will retain a perpetual 2% net smelter royalty. Closing of the transaction contemplated by the MOU will be documented under a definitive Mining Lease and Option Agreement.

Magna has engaged Moen Excavating, LLC to take and prepare samples from dumps located on the Pony Mountain Gold property, to coordinate laboratory testing of samples taken from the property, and to conduct negotiations with the Golden Sunlight-Barrick mill for the processing of material from the property. Magna has also agreed to engage Moen Excavating for all surface work on the property and for the future hauling of dump material from the property to the mill. In the event that we are assigned Magna’s rights to the property, we plan to continue the engagement with Moen Excavating as Magna’s assignee.

Results of Operations for the three months ended November 30, 2012 and 2011 and for the period from Inception (August 17, 2010) through November 30, 2012.

We have had no revenue for the three months ended November 30, 2012 and August 31, 2011, or for the period from Inception (August 17, 2010) through November 30, 2012. Our total expenses and net loss for the three months ended November 30, 2012 were $69,855.  Our expenses during the period consisted of accounting and audit fees of $9,476, a loss on foreign exchange of $54, legal fees of $21,684, management fees of $16,000, office expenses of $1,558, transfer and filing fees of $20,682, and interest expense of $401. By comparison, our total expenses and net loss for the three months ended November 30, 2011 were $16,254.  Our expenses for the period consisted of audit and accounting fees of $6,956, a loss on foreign exchange of $6, legal fees of $4,039, office expenses of $1,627, transfer and filing fees of $2,955, and interest expense of $671. Our total expenses and net loss for the period from Inception (August 17, 2010) through November 30, 2012 were $190,325.

Liquidity and Capital Resources

As of November 30, 2012, we had total current assets of $702, consisting entirely of cash. Our total current liabilities as of November 30, 2012 were $70,156, and consisted of a related party note payable of $20,000, accrued interest due to a related party of $260, and accounts payable and accrued liabilities of $49,896. We had a working capital deficit of $69,454 as of November 30, 2012.

Operating activities used $19,666 in net cash during the three months ended November 30, 2012. Operating activities used $20,558 in net cash during the three months ended November 30, 2011. From Inception (August 17, 2010) through November 30, 2012, operating activities used a total of $123,783 in net cash. Our net losses during these periods were the primary negative components of our operating cash flows. Financing activities generated cash of $20,000 during the three months ended November 30, 2012, as against $30,000 during the three months ended November 30, 2011 and $134,485 from inception (August 17, 2010) through November 30, 2012. The source of this cash was the proceeds of related party notes payable, as well as the sale of capital stock.

On September 10, 2012, pursuant to the terms of the Agreement of Conveyance, Transfer and Assignment of Membership Interests and Assumption of Obligations with our former sole officer and director, Ruth Cruz Santos, our liability under the related party notes payable reported for the fiscal year ended August 31, 2012 was discharged.

Also on September 10, 2012, we received new financing in the amount of $20,000 from our current President, Robert Gardner, under the terms of a Promissory Note. The promissory note is unsecured, bears interest at 6% per annum, and matures on September 30, 2013.

6

As discussed above, we will require financing in the amount of $3,000,000 to complete our planned acquisition of the Pony Mountain Gold property. Also, significant additional financing may be required in order to commence the active production of precious metals on those mining claims. We intend to fund our acquisition of the Pony Mountain Gold property rights, as well as our initial operations, through debt and/or equity financing arrangements. We do not have any formal commitments or arrangements for the sales of stock or the advancement or loan of funds at this time. There can be no assurance that such additional financing will be available to us on acceptable terms, in amounts sufficient to fund our planned acquisitions and other activities, or at all.

Off Balance Sheet Arrangements

As of November 30, 2012, there were no off balance sheet arrangements.  

Going Concern

We have negative working capital, have incurred losses since inception, and have not yet received revenues from sales of products or services.  These factors create substantial doubt about our ability to continue as a going concern.  The financial statements do not include any adjustment that might be necessary if we are unable to continue as a going concern.

Our ability to continue as a going concern is dependent on generating cash from the sale of our common stock and/or obtaining debt financing and attaining future profitable operations.  Management’s plans include selling our equity securities and obtaining debt financing to fund our capital requirement and ongoing operations; however, there can be no assurance we will be successful in these efforts.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

A smaller reporting company is not required to provide the information required by this Item.

Item 4. Controls and Procedures

We carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e) as of November 30, 2012.  This evaluation was carried out under the supervision and with the participation of our Chief Executive Officer and our Chief Financial Officer, Mr. Robert Gardner.  

Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act are recorded, processed, summarized and reported, within the time periods specified in the SEC's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in our reports filed under the Exchange Act is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure.

Based upon that evaluation, including our Chief Executive Officer and Chief Financial Officer, we have concluded that our disclosure controls and procedures were ineffective as of the end of the period covered by this quarterly report.

7

Limitations on the Effectiveness of Internal Controls

Our management does not expect that our disclosure controls and procedures or our internal control over financial reporting will necessarily prevent all fraud and material error. Our disclosure controls and procedures are designed to provide reasonable assurance of achieving our objectives and our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures are effective at that reasonable assurance level.  Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the internal control. The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Over time, control may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate.

8

PART II - OTHER INFORMATION

Item 1. Legal Proceedings

We are not a party to any pending legal proceeding. We are not aware of any pending legal proceeding to which any of our officers, directors, or any beneficial holders of 5% or more of our voting securities are adverse to us or have a material interest adverse to us.

Item 1A. Risk Factors

A smaller reporting company is not required to provide the information required by this Item.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

None

Item 3. Defaults upon Senior Securities

None

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None

Item 6. Exhibits

Exhibit Number	Description of Exhibit
31.1	Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2	Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1	Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101**	The following materials from the Company’s Quarterly Report on Form 10-Q for the quarter ended May 31, 2012 formatted in Extensible Business Reporting Language (XBRL).

(1)

Incorporated by reference to the Quarterly Report on Form 10-Q filed on April 10, 2012.

(2)

Incorporated by reference to the Quarterly Report on Form 10-Q filed on April 10, 2012.

**Provided herewith

9

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	LAREDO RESOURCES, CORP.
Date:	January 22, 2013
	/s/ Robert Gardner
By:	Robert Gardner
Title:	Chief Executive Officer and Chief Financial Officer

10

EX-31.1

CERTIFICATIONS

I, Robert Gardner, certify that;

1.	I have reviewed this quarterly report on Form 10-Q for the quarter ended November 30, 2012 of Laredo Resources Corp.;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.		Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.		Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.		Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.		Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a.		All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b.		Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: January 22, 2013

/s/ Robert Gardner

By: Robert Gardner

Title: Chief Executive Officer

EX-31.2

CERTIFICATIONS

I, Robert Gardner, certify that;

1.	I have reviewed this quarterly report on Form 10-Q for the quarter ended November 30, 2012 of Laredo Resources Corp.;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.		Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.		Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.		Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.		Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a.		All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b.		Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: January 22, 2013

/s/ Robert Gardner

By: Robert Gardner

Title: Chief Financial Officer

EX-32.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER AND

CHIEF FINANCIAL OFFICER

PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report of Laredo Resources Corp. (the “Company”) on Form 10-Q for the quarter ended November 30, 2012 filed with the Securities and Exchange Commission (the “Report”), I, Robert Gardner, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1.

The Report fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and

2.

The information contained in the Report fairly presents, in all material respects, the consolidated financial condition of the Company as of the dates presented and the consolidated result of operations of the Company for the periods presented.

By:	/s/ Robert Gardner
Name:	Robert Gardner
Title:	Principal Executive Officer, Principal Financial Officer and Director
Date:	January 22, 2013

This certification has been furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

XML

Capital Stock (Details) (USD $)	Aug. 27, 2010	Aug. 19, 2010
Common stock issued, related party, post-split shares		100,000,000
Common stock issued, related party, post-split shares (per share)		$ 0.000156
Common stock issued, related party, post-split shares (proceeds)		$ 15,625
Common stock issued, private placement, (shares)	78,500,000
Common stock issued, related party, post-split shares (per share)	$ 0.000157
Common stock issued, private placement (proceeds)	12,560
Common stock issued, private placement (commissions)	200
Common stock issued, private placement (NET proceeds)	$ 12,360

XML

Summary of Significant Accounting Policies: Stock-based Compensation- (Policies)

3 Months Ended

Nov. 30, 2012

Policies

Stock-based Compensation-

Stock-based Compensation

The Company is required to record compensation expense, based on the fair value of the awards, for all awards granted after the date of the adoption.

XML

Summary of Significant Accounting Policies

3 Months Ended

Nov. 30, 2012

Notes

Summary of Significant Accounting Policies

Note 3  Summary of Significant Accounting Policies

The financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and are stated in US dollars.  The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expense during the reporting period. Actual results could differ from those estimates.

The financial statements have, in management’s opinion, been properly prepared within the framework of the significant accounting policies summarized below:

Principles of Consolidation

These financial statements include the accounts of the Company and LRE Exploration LLC. (“LRE”), until LRE was disposed of by sale to the former president on September 10, 2012.  Accordingly, the statements of operations and cash flows presented include the results of LRE from August 31, 2010 to September 10, 2012, and the balance sheet presented at November 30, 2012 is solely that of Laredo Resources Corp.  The balance sheet presented at August 31, 2012 comprises Laredo Resources Corp and its wholly owned subsidiary LRE.  All significant inter-company transactions and balances have been eliminated.

Exploration Stage Company

The Company is an exploration stage company.  All losses accumulated since inception are considered part of the Company’s exploration stage activities.

Cash and cash equivalents

The Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents.  There were no cash equivalents at November 30, 2012.

The Company minimizes its credit risk associated with cash by periodically evaluating the credit quality of its primary financial institution. The balance at times may exceed federally insured limits. At November 30, 2012, the balance did not exceed the federally insured limit.

Mineral Property

The Company is primarily engaged in the acquisition, exploration and development of mineral properties.

Mineral property acquisition costs are capitalized in accordance with FASB ASC 930, “Extractive Activities-Mining,” when management has determined that probable future benefits consisting of a contribution to future cash inflows have been identified and adequate financial resources are available or are expected to be available as required to meet the terms of property acquisition and budgeted exploration and development expenditures.  Mineral property acquisition costs are expensed as incurred if the criteria for capitalization are not met.

In the event that mineral property acquisition costs are paid with Company shares, those shares are recorded at the estimated fair value at the time the shares are due in accordance with the terms of the property agreements.

Mineral property exploration costs are expensed as incurred.

When it has been determined that a mineral property can be economically developed as a result of establishing proven and probable reserves and pre-feasibility, the costs incurred to develop such property are capitalized.

Estimated future removal and site restoration costs, when determinable are provided over the life of proven reserves on a units-of-production basis.  Costs, which include production equipment removal and environmental remediation, are estimated each period by management based on current regulations, actual expenses incurred, and technology and industry standards.  Any charge is included in exploration expense or the provision for depletion and depreciation during the period and the actual restoration expenditures are charged to the accumulated provision amounts as incurred.

To date the Company has not established any proven or probable reserves on its mineral properties.

Asset Retirement Obligations

Asset retirement obligations (“ARO”) associated with the retirement of a tangible long-lived asset, are recognized as liabilities in the period in which it is incurred and becomes determinable, with an offsetting increase in the carrying amount of the associated assets. The cost of tangible long-lived assets, including the initially recognized ARO, is amortized, such that the cost of the ARO is recognized over the useful life of the assets.  The ARO is recorded at fair value, and accretion expense is recognized over time as the discounted fair value is accreted to the expected settlement value.

The fair value of the ARO is measured using expected future cash flow, discounted at the Company’s credit-adjusted risk-free interest rate.  As of November 30, 2012, the Company has determined no provision for ARO’s is required.

Impairment of Long- Lived Assets

The Company reviews and evaluates long-lived assets for impairment when events or changes in circumstances indicate that the related carrying amounts may not be recoverable.  The assets are subject to impairment consideration under FASB ASC 360-10-35-17 if events or circumstances indicate that their carrying amount might not be recoverable.  When the Company determines that an impairment analysis should be done, the analysis will be performed using the rules of FASB ASC 930-360-35, Asset Impairment, and 360- 0 through 15-5, Impairment or Disposal of Long- Lived Assets.

Foreign Currency Translation

The Company’s functional currency is the United States dollar as substantially all of the Company’s operations are in the USA. The Company uses the United States dollar as its reporting currency for consistency with registrants of the Securities and Exchange Commission (“SEC”).

Assets and liabilities denominated in a foreign currency are translated at the exchange rate in effect at the balance sheet date and capital accounts are translated at historical rates.  Income statement accounts are translated at the average rates of exchange prevailing during the period.

Translation adjustments from the use of different exchange rates from period to period are included in the Accumulated Other Comprehensive Income account in Stockholders’ Equity, if applicable. 

Transactions undertaken in currencies other than the functional currency of the entity are translated using the exchange rate in effect as of the transaction date.  Any exchange gains and losses are included in the Statement of Operations and Comprehensive Loss.

Earnings per share 

In accordance with accounting guidance now codified as FASB ASC Topic 260, “Earnings per Share,”  basic earnings per share (“EPS”) is computed by dividing net loss available to common stockholders by the weighted average number of common shares outstanding during the period, excluding the effects of any potentially dilutive securities. Diluted EPS gives effect to all dilutive potential of shares of common stock outstanding during the period including stock options or warrants, using the treasury stock method (by using the average stock price for the period to determine the number of shares assumed to be purchased from the exercise of stock options or warrants), and convertible debt or convertible preferred stock, using the if-converted method.  Diluted EPS excludes all dilutive potential of shares of common stock if their effect is anti-dilutive.  As there are no common stock equivalents outstanding, diluted and basic loss per share are the same.

Income Taxes

The Company uses the asset and liability method of accounting for income taxes.  Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statements carrying amounts of existing assets and liabilities and loss carry-forwards and their respective tax bases.  Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.

The effect of a change in tax rules on deferred tax assets and liabilities is recognized in operations in the year of change. A valuation allowance is recorded when it is “more likely-than-not” that a deferred tax asset will not be realized.

Stock-based Compensation

The Company is required to record compensation expense, based on the fair value of the awards, for all awards granted after the date of the adoption.

Comprehensive Income

The Company is required to report comprehensive income, which includes net loss as well as changes in equity from non-owner sources.

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Nature of Operations and Ability to Continue as a Going Concern (Details) (USD $)	Nov. 30, 2012
Accumulated losses	$ 340,840

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Mineral Property: Mineral Property costs (Tables)

3 Months Ended

Nov. 30, 2012

Tables/Schedules

Mineral Property costs

	November 30,	August 31,
	2012	2012
ABR Claims
Option Costs	$  -	$  -
Net cost	$  -	$  -

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Sale of Subsidiary: Assets and liabilities disposed, subsidiary (Details) (USD $)	Nov. 30, 2012
Accounts payable disposed	$ (450)
Amount owed to Laredo Resources Corp disposed	(17,550)
Net liabilities disposed	(18,000)
Settlement of liabilities, consideration received	91,064
Elimination of accumulated losses of subsidiary	18,000
Sale of subsidiary, related party-	$ 91,064

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Mineral Property (Details) (USD $)	1 Months Ended	24 Months Ended
	Aug. 31, 2012	Aug. 31, 2012	Nov. 30, 2010
Property option agreement, total cash payments to be made			$ 90,000
Property option agreement, aggregate exploration expenditures			295,000
Property option agreement, cash payment			10,000
Property option agreement, acquisition costs incurred	10,000	10,000
Property option agreement, additional costs accrued	10,000	10,000
Geological and geophysical costs		$ 4,500
Property and all property option costs abandoned	the Company abandoned the property and all property option costs incurred were written off. The Company also negotiated the forgiveness of $10,000 which was due pursuant to the property option agreement on November 30, 2012

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Nature of Operations and Ability to Continue as a Going Concern

3 Months Ended

Nov. 30, 2012

Notes

Nature of Operations and Ability to Continue as a Going Concern

Note 2  Nature of Operations and Ability to Continue as a Going Concern

The Company was incorporated in the state of Nevada, United States of America on August 17, 2010.  The Company is an exploration stage company and was formed for the purpose of acquiring exploration and development stage mineral properties.  The Company’s year-end is August 31.

On August 31, 2010, the Company incorporated a wholly-owned subsidiary, LRE Exploration LLC, (“LRE”) in the State of Nevada, United States of America (“USA”) for the purpose of mineral exploration in the USA.

On November 30, 2010, LRE entered into a property option agreement with Arbutus Minerals LLC. (“Arbutus”) whereby the Company was granted an option to earn up to a 100% interest in 20 mineral claims (the “ABR Claims”) located approximately 15 miles north of Elko, Nevada. (Note 4).  During the year ended August 31, 2012, the Company abandoned the property.

On September 10, 2012, the Company entered into an Agreement of Conveyance, Transfer and Assignment of Membership Interests and Assumption of Obligations (the “Agreement”), with the former President of the Company.  Pursuant to the Agreement, the Company’s interest in LRE was transferred to the former President and the former president assumed all liabilities of LRE and the Company received as consideration the release and discharge of all liabilities under all the promissory notes and accrued interest entered into prior to August 31, 2012.

Effective October 30, 2012, the Company increased the number of authorized common shares of the Company from 90,000,000 to 4,500,000,000 shares per director’s resolution dated October 30, 2012.

The Company also conducted a fifty to one forward stock split of the Company’s issued and outstanding common shares per director’s resolution. Following this stock split, the number of outstanding shares of the Company’s common stock increased from 3,570,000 shares to 178,500,000 shares. All share and per share information in these financial statements has been retro-actively restated for all periods presented to give effect of this stock split.

These financial statements have been prepared in accordance with generally accepted accounting principles applicable to a going concern, which assumes that the Company will be able to meet its obligations and continue its operations for its next fiscal year.  Realization values may be substantially different from carrying values as shown and these financial statements do not give effect to adjustments that would be necessary to the carrying values and classification of assets and liabilities should the Company be unable to continue as a going concern.  The Company has yet to achieve profitable operations, has accumulated losses of $340,840 since its inception and expects to incur further losses in the development of its business, all of which casts substantial doubt about the Company’s ability to continue as a going concern.

The Company’s ability to continue as a going concern is dependent upon its ability to generate future profitable operations and/or to obtain the necessary financing from shareholders or other sources to meet its obligations and repay its liabilities arising from normal business operations when they become due.  Management has no formal plan in place to address this concern but considers that the Company will be able to obtain additional funds by equity financing and/or related party advances, however there is no assurance of additional funding being available or on acceptable terms, if at all.  The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts of and classification of liabilities that might be necessary in the event the company cannot continue in existence.

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Related Party Transactions (Details) (USD $)	3 Months Ended
	Nov. 30, 2012	Nov. 30, 2011	Sep. 10, 2012	Aug. 31, 2012	May 21, 2012	Mar. 20, 2012	Nov. 22, 2011	Sep. 13, 2011	Aug. 22, 2011	May 10, 2011	Feb. 15, 2011	Sep. 02, 2010	Aug. 19, 2010
Accounts payable and accrued liabilities, related party	$ 16,000
Management fees, related party	16,000
Promissory note1, related party					10,000
Promissory note1, related party, interest expense	16
Promissory note1, related party, accrued interest			286	270
Promissory note2, related party						7,500
Promissory note2, related party, interest expense	12
Promissory note2, related party, accrued interest			214	202
Promissory note3, related party							15,000
Promissory note3, related party, interest expense	24	20
Promissory note3, related party, accrued interest			722	698
Promissory note4, related party								15,000
Promissory note4, related party, interest expense	25	192
Promissory note4, related party, accrued interest			895	870
Promissory note5, related party									4,000
Promissory note5, related party, interest expense	7	60
Promissory note5, related party, accrued interest			253	246
Promissory note6, related party										10,000
Promissory note6, related party, interest expense	16	149
Promissory note6, related party, accrued interest			803	787
Promissory note7, related party											10,000
Promissory note7, related party, interest expense	16	100
Promissory note7, related party, accrued interest			941	925
Promissory note8, related party												15,000
Promissory note8, related party, interest expense	25	150
Promissory note8, related party, capital contribution	25	150
Subscription to purchase shares of common stock, related party (shares)													2,000,000
Subscription to purchase shares of common stock, related party (per share)													$ 0.0078
Subscription to purchase shares of common stock, related party (proceeds)													15,625
Former President resigned, shares transfered			100,000,000
Release and discharge of subsidiary liabilities			90,614
Promissory note9, related party			20,000
Promissory note9, related party, interest expense	260
Promissory note9, related party, accrued interest	$ 260

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CONSOLIDATED BALANCE SHEETS (USD $)	Nov. 30, 2012	Aug. 31, 2012
Current assets
Cash	$ 702	$ 368
Total current assets	702	368
Total assets	702	368
Current liabilities
Accounts payable and accrued liabilities	49,896	558
Accrued interest, related party	260	3,998
Notes payable, related party	20,000	86,500
Total current liabilities	70,156	91,056
Total liabilities	70,156	91,056
Stockholders' deficit
Preferred stock value
Common stock value	178,500	178,500
Additional paid-in capital	92,886	1,797
Deficit accumulated during the exploration stage	(340,840)	(270,985)
Total stockholders' deficit	(69,454)	(90,688)
Total liabilities and stockholders' deficit	$ 702	$ 368

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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended		27 Months Ended
	Nov. 30, 2012	Nov. 30, 2011	Nov. 30, 2012
Cash Flows from Operating Activities
Net loss	$ (69,855)	$ (16,254)	$ (190,325)
Adjustments to reconcile net loss to net cash used by operating activities
Non cash interest expense - capital contribution	25	150	1,822
Forgiveness of debt			(10,000)
Write off of porperty option			20,000
Changes in operating assets and liabilities:
Accrued interest	376	521	4,374
Prepaid expenses		3,000
Accounts payable and accrued liabilities	49,788	(7,975)	50,346
Net cash used in operating activities	(19,666)	(20,558)	(123,783)
Cash Flows from Investing Activities
Acquisition of property option			(10,000)
Net cash used in investing activity			(10,000)
Cash Flows from Financing Activities
Capital stock issued			27,985
Notes payable, related party	20,000	30,000	106,500
Net cash provided by financing activities	20,000	30,000	134,485
Net (decrease) increase in cash during the period	334	9,442	702
Cash, beginning of the period	368	1,542
Cash, end of the period	702	10,984	702
Supplemental information
Accrual for mineral property		10,000	10,000
Accounts payable settled in connection with sale of subsidiary	450		450
Accrued interest, related party, settled in connection with sale of subsidiary	4,114		4,114
Notes payable, related party, settled in connection with sale of subsidiary	$ 86,500		$ 86,500

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Summary of Significant Accounting Policies: Foreign Currency Translation (Policies)

3 Months Ended

Nov. 30, 2012

Policies

Foreign Currency Translation

Foreign Currency Translation

The Company’s functional currency is the United States dollar as substantially all of the Company’s operations are in the USA. The Company uses the United States dollar as its reporting currency for consistency with registrants of the Securities and Exchange Commission (“SEC”).

Assets and liabilities denominated in a foreign currency are translated at the exchange rate in effect at the balance sheet date and capital accounts are translated at historical rates.  Income statement accounts are translated at the average rates of exchange prevailing during the period.

Translation adjustments from the use of different exchange rates from period to period are included in the Accumulated Other Comprehensive Income account in Stockholders’ Equity, if applicable. 

Transactions undertaken in currencies other than the functional currency of the entity are translated using the exchange rate in effect as of the transaction date.  Any exchange gains and losses are included in the Statement of Operations and Comprehensive Loss.

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Summary of Significant Accounting Policies: Income Taxes (Policies)

3 Months Ended

Nov. 30, 2012

Policies

Income Taxes

Income Taxes

The Company uses the asset and liability method of accounting for income taxes.  Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statements carrying amounts of existing assets and liabilities and loss carry-forwards and their respective tax bases.  Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.

The effect of a change in tax rules on deferred tax assets and liabilities is recognized in operations in the year of change. A valuation allowance is recorded when it is “more likely-than-not” that a deferred tax asset will not be realized.

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Basis of Presentation

3 Months Ended

Nov. 30, 2012

Notes

Basis of Presentation

Note 1  Basis of Presentation

While the information presented in the accompanying November 30, 2012 financial statements is unaudited, it includes all adjustments which are, in the opinion of management, necessary to present fairly the financial position, results of operations and cash flows for the period presented in accordance with the accounting principles generally accepted in the United States of America.  In the opinion of management, all adjustments considered necessary for a fair presentation of the results of operations and financial position have been included and all such adjustments are of a normal recurring nature.  These financial statements should be read in conjunction with the Company’s August 31, 2012 audited financial statements (notes thereto) included in the Company’s Form 10-K.

Operating results for the three months ended November 30, 2012 are not necessarily indicative of the results that can be expected for the year ending August 31, 2013.

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CONSOLIDATED BALANCE SHEETS (parenthetical) (USD $)	Nov. 30, 2012	Aug. 31, 2012
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	4,500,000,000	4,500,000,000
Common stock, shares issued	178,500,000	178,500,000
Common stock, shares outstanding	178,500,000	178,500,000

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Summary of Significant Accounting Policies: Exploration Stage Company (Policies)

3 Months Ended

Nov. 30, 2012

Policies

Exploration Stage Company

Exploration Stage Company

The Company is an exploration stage company.  All losses accumulated since inception are considered part of the Company’s exploration stage activities.

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Document and Entity Information	3 Months Ended
	Nov. 30, 2012
Document and Entity Information
Entity Registrant Name	Laredo Resources Corp.
Document Type	10-Q
Document Period End Date	Nov. 30, 2012
Amendment Flag	false
Entity Central Index Key	0001499871
Current Fiscal Year End Date	--08-31
Entity Common Stock, Shares Outstanding	178,500,000
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q1

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Summary of Significant Accounting Policies: Cash and cash equivalents (Policies)

3 Months Ended

Nov. 30, 2012

Policies

Cash and cash equivalents

Cash and cash equivalents

The Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents.  There were no cash equivalents at November 30, 2012.

The Company minimizes its credit risk associated with cash by periodically evaluating the credit quality of its primary financial institution. The balance at times may exceed federally insured limits. At November 30, 2012, the balance did not exceed the federally insured limit.

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CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		27 Months Ended
	Nov. 30, 2012	Nov. 30, 2011	Nov. 30, 2012
Expenses
Accounting and audit	$ 9,476	$ 6,956	$ 44,118
Foreign exchange (gain) loss	54	6	839
Legal fees	21,684	4,039	65,233
Management fees	16,000		16,000
Mineral property exploration costs			4,500
Office expenses	1,558	1,627	14,525
Transfer and filing fees	20,682	2,955	28,914
Impairment of mineral property option			20,000
Net operating loss	(69,454)	(15,583)	(194,129)
Other income (expense)
Forgiveness of debt			10,000
Interest expense	(401)	(671)	(6,196)
NET LOSS	$ (69,855)	$ (16,254)	$ (190,325)
Basic loss per share	$ 0	$ 0
Weighted average number of shares outstanding - basic	178,500,000	178,500,000

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Mineral Property

3 Months Ended

Nov. 30, 2012

Notes

Mineral Property

Note 6  Mineral Property

	November 30,	August 31,
	2012	2012
ABR Claims
Option Costs	$  -	$  -
Net cost	$  -	$  -

On November 30, 2010, LRE entered into a property option agreement (amended April 3, 2012) with Arbutus Minerals LLC (“Arbutus”) whereby the Company was granted an option to earn up to a 100% interest in 20 mineral claims (the “ABR Claims”) located approximately 15 miles north of Elko, Nevada.  Arbutus holds only the mineral rights to the ABR Claims as the ABR Claims are on Bureau of Land Management managed land.  Consideration for the option consists of cash payments to Arbutus totalling $90,000, and aggregate exploration expenditures of $295,000 as follows:

Payments to Arbutus

·    $10,000 upon execution of option agreement;

·    $10,000 on or before November 30, 2011 (payment extended to November 30, 2012);

·    $20,000 on or before November 30, 2012; and

·    $50,000 on or before November 30, 2013.

Exploration Expenditures

·    $15,000 in aggregate exploration expenditures prior to November 30, 2012;

·    $65,000 in aggregate exploration expenditures prior to November 30, 2013; and

·    $215,000 in aggregate exploration expenditures prior to November 30, 2014.

As at August 31, 2012, the Company had incurred $10,000 in acquisition costs and accrued an additional $10,000 in the form of option payments to Arbutus per the option agreement. When a property reaches the production stage, the related capitalized costs will be amortized, using the units of production method on the basis of periodic estimates of ore reserves, currently no property has reached the production stage. When the Company has capitalized mineral properties, these properties will be periodically assessed for impairment of value and any diminution in value.

From Inception (August 17, 2010) to August 31, 2012, the Company had incurred an aggregate amount of $4,500 for geological surveys, which are considered geological and geophysical costs which are expensed when incurred.

During August 2012, the Company abandoned the property and all property option costs incurred were written off.  The Company also negotiated the forgiveness of $10,000 which was due pursuant to the property option agreement on November 30, 2012.

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Financial Instruments

3 Months Ended

Nov. 30, 2012

Notes

Financial Instruments

Note 5  Financial Instruments

Fair value is defined as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability.

The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity. In addition, the fair value of liabilities should include consideration of non-performance risk including our own credit risk.

In addition to defining fair value, the standard expands the disclosure requirements around fair value and establishes a fair value hierarchy for valuation inputs.  The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market.  Each fair value measurement is reported in one of the three levels which is determined by the lowest level input that is significant to the fair value measurement in its entirety. These levels are:

Level 1 - inputs are based upon unadjusted quoted prices for identical instruments traded in active markets.

Level 2 - inputs are based upon significant observable inputs other than quoted prices included in Level 1, such as quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 - inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models, and similar techniques.

The carrying value of the Company’s financial assets and liabilities which consist of cash, accounts payable and accrued liabilities and notes payable in management’s opinion approximates fair value due to the short maturity of such instruments.  These financial assets and liabilities are valued using level 3 inputs, except for cash which is at level 1.  Unless otherwise noted, it is management’s opinion that the Company is not exposed to significant interest, exchange or credit risks arising from these financial instruments.

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Summary of Significant Accounting Policies: Earnings per share (Policies)

3 Months Ended

Nov. 30, 2012

Policies

Earnings per share

Earnings per share 

In accordance with accounting guidance now codified as FASB ASC Topic 260, “Earnings per Share,”  basic earnings per share (“EPS”) is computed by dividing net loss available to common stockholders by the weighted average number of common shares outstanding during the period, excluding the effects of any potentially dilutive securities. Diluted EPS gives effect to all dilutive potential of shares of common stock outstanding during the period including stock options or warrants, using the treasury stock method (by using the average stock price for the period to determine the number of shares assumed to be purchased from the exercise of stock options or warrants), and convertible debt or convertible preferred stock, using the if-converted method.  Diluted EPS excludes all dilutive potential of shares of common stock if their effect is anti-dilutive.  As there are no common stock equivalents outstanding, diluted and basic loss per share are the same.

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Summary of Significant Accounting Policies: Mineral Property- (Policies)

3 Months Ended

Nov. 30, 2012

Policies

Mineral Property-

Mineral Property

The Company is primarily engaged in the acquisition, exploration and development of mineral properties.

Mineral property acquisition costs are capitalized in accordance with FASB ASC 930, “Extractive Activities-Mining,” when management has determined that probable future benefits consisting of a contribution to future cash inflows have been identified and adequate financial resources are available or are expected to be available as required to meet the terms of property acquisition and budgeted exploration and development expenditures.  Mineral property acquisition costs are expensed as incurred if the criteria for capitalization are not met.

In the event that mineral property acquisition costs are paid with Company shares, those shares are recorded at the estimated fair value at the time the shares are due in accordance with the terms of the property agreements.

Mineral property exploration costs are expensed as incurred.

When it has been determined that a mineral property can be economically developed as a result of establishing proven and probable reserves and pre-feasibility, the costs incurred to develop such property are capitalized.

Estimated future removal and site restoration costs, when determinable are provided over the life of proven reserves on a units-of-production basis.  Costs, which include production equipment removal and environmental remediation, are estimated each period by management based on current regulations, actual expenses incurred, and technology and industry standards.  Any charge is included in exploration expense or the provision for depletion and depreciation during the period and the actual restoration expenditures are charged to the accumulated provision amounts as incurred.

To date the Company has not established any proven or probable reserves on its mineral properties.

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Proposed Transaction

3 Months Ended

Nov. 30, 2012

Notes

Proposed Transaction

Note 9  Proposed Transaction

On November 2, 2012, the Company entered into a letter agreement with Magna Management Ltd. (“Magna”) whereby the Company was granted the exclusive right, for a period of sixty days, to negotiate for the acquisition of all rights held by Magna in a mineral Property known as Pony Gold Mountain located in southwestern Montana.

Should the acquisition be completed as contemplated the Company pay $3,000,000 in quarterly instalments of $250,000 commencing December 5, 2012 for the property.  The agreement is subject to a 2% net smelter royalty.

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Related Party Transactions

3 Months Ended

Nov. 30, 2012

Notes

Related Party Transactions

Note 7  Related Party Transactions

All related party transactions have been measured at the exchange value which was the amount of consideration established and agreed to by the related parties.

As at November 30, 2012, accounts payable and accrued liabilities includes $16,000 (August 31, 2012 - $nil) owing to the President.

During the three month period ended November 30, 2012, the Company incurred management fees of $16,000 (three month period ended November 30, 2011 - $nil) owing to the Company’s president.

On May 21, 2012, the Company President loaned $10,000 to the Company and the Company issued a promissory note in the amount of $10,000.  The promissory note is unsecured, bears interest at 6% per annum, and matures on May 31, 2014.  During the three month period ended November 30, 2012, the Company accrued $16 (three month period ended November 30, 2011 - $nil) of interest expense in respect of this note payable.  Total accrued interest on this note as of September 10, 2012 was $286 (August 31, 2012 - $270). 

On March 20, 2012, the Company President loaned $7,500 to the Company and the Company issued a promissory note in the amount of $7,500.  The promissory note is unsecured, bears interest at 6% per annum, and matures on March 31, 2013.  During the three month period ended November 30, 2012, the Company accrued $12 (three month period ended November 30, 2011 - $nil) of interest expense in respect of this note payable.  Total accrued interest on this note as of September 10, 2012 was $214 (August 31, 2012 - $202)

On November 22, 2011, the Company President loaned $15,000 to the Company and the Company issued a promissory note in the amount of $15,000.  The promissory note is unsecured, bears interest at 6% per annum, and matures on November 30, 2013.  During the three month period ended November 30, 2012, the Company accrued $24 (three month period ended November 30, 2011 - $20) of interest expense in respect of this note payable.  Total accrued interest on this note as of September 10, 2012 was $722 (August 31, 2012 - $698)

On September 13, 2011, the Company President loaned $15,000 to the Company and the Company issued a promissory note in the amount of $15,000.  The promissory note is unsecured, bears interest at 6% per annum, and matures on September 30, 2013.  During the three month period ended November 30, 2012, the Company accrued $25 (three month period ended November 30, 2011 - $192) of interest expense in respect of this note payable.  Total accrued interest on this note as of September 10, 2012 was $895 (August 31, 2012 - $870)

On August 22, 2011, the Company President loaned $4,000 to the Company and the Company issued a promissory note in the amount of $4,000.  The promissory note is unsecured, bears interest at 6% per annum, and matures on August 31, 2013.  During the three month period ended November 30, 2012, the Company accrued $7 (three month period ended November 30, 2011 - $60) of interest expense in respect of this note payable.  Total accrued interest on this note as of September 10, 2012 was $253 (August 31, 2012 - $246)

On May 10, 2011, the Company President loaned $10,000 to the Company and the Company issued a promissory note in the amount of $10,000.  The promissory note is unsecured, bears interest at 6% per annum, and matures on May 31, 2013.  During the three month period ended November 30, 2012, the Company accrued $16 (three month period ended November 30, 2011 - $149) of interest expense in respect of this note payable.  Total accrued interest on this note as of September 10, 2012 was $803 (August 31, 2012 - $787).

On February 15, 2011, the Company President loaned $10,000 to the Company and the Company issued a promissory note in the amount of $10,000.  The promissory note is unsecured, bears interest at 6% per annum, and matures on February 28, 2013.  During the three month period ended November 30, 2012, the Company accrued $16 (three month period ended November 30, 2011 - $100) of interest expense in respect of this note payable.  Total accrued interest on this note as of September 10, 2012 was $941 (August 31, 2012 - $925)

On September 2, 2010, the Company President loaned $15,000 to the Company and the Company issued a promissory note in the amount of $15,000.  The promissory note is unsecured, non-interest bearing, and matures on September 30, 2012.  During the three month period ended November 30, 2012, the Company accrued $25 (three month period ended November 30, 2011 - $150) of interest expense in respect of this note payable.  The Company also recorded a capital contribution for the three month period ended November 30, 2012 of $25 (three month period ended November 30, 2011 - $150) in respect of the imputed interest charged on this note payable.

On August 19, 2010, the Company received and accepted a subscription to purchase 2,000,000 shares of common stock at $0.0078 per share for aggregate proceeds of $15,625 from the Company’s president.  The subscription agreement permitted the Company to accept 200,000 Mexican Peso’s in full settlement of the share subscription.  The share subscription was settled in Mexican Peso’s.

On September 10, 2012, the President resigned and her controlling interest of 100,000,000 post split shares was transferred to a third party who subsequently was appointed President. 

On September 10, 2012, the Company assigned all membership units of LRE to the former President of the Company and received as consideration the release and discharge of all liabilities under all the promissory notes and accrued interest to the date of the transaction.  As at September 10, 2012, this amount aggregated $90,614.

On September 10, 2012, the Company issued a promissory note of $20,000 to a Company controlled by the Company’s newly appointed president and received $20,000 cash in exchange.  The promissory note is unsecured, bears interest at 6% per annum, and matures on September 10, 2013.  During the three month period ended November 30, 2012, the Company accrued $260 (three months ended November 30, 2011 - $nil) of interest expense in respect of this note payable.  Total accrued interest on this note as of November 30, 2012 was $260 (August 31, 2012 - $nil)

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Capital Stock

3 Months Ended

Nov. 30, 2012

Notes

Capital Stock

Note 8  Capital Stock

Issued:

On August 19, 2010, the Company issued 100,000,000 post split shares of common stock to the Company’s president at $0.000156 per share for total proceeds of $15,625.

On August 27, 2010, the Company issued 78,500,000 shares of common stock at $0.000157 per share for total proceeds of $12,560 pursuant to a private placement.  The Company paid commissions of $200 for net proceeds of $12,360.

All references in these financial statements to number of common shares, price per share and weighted number of common shares outstanding prior to 50 to 1 stock split on October 30, 2012 have been adjusted to reflect this stock split on a retroactive basis, unless otherwise noted.

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Summary of Significant Accounting Policies: Principles of Consolidation (Policies)

3 Months Ended

Nov. 30, 2012

Policies

Principles of Consolidation

Principles of Consolidation

These financial statements include the accounts of the Company and LRE Exploration LLC. (“LRE”), until LRE was disposed of by sale to the former president on September 10, 2012.  Accordingly, the statements of operations and cash flows presented include the results of LRE from August 31, 2010 to September 10, 2012, and the balance sheet presented at November 30, 2012 is solely that of Laredo Resources Corp.  The balance sheet presented at August 31, 2012 comprises Laredo Resources Corp and its wholly owned subsidiary LRE.  All significant inter-company transactions and balances have been eliminated.

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Proposed Transaction (Details) (USD $)	Nov. 02, 2010
Proposed Transaction, acquisition price	$ 3,000,000
Proposed Transaction, quarterly instalments	$ 250,000

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Summary of Significant Accounting Policies: Impairment of Long- Lived Assets (Policies)

3 Months Ended

Nov. 30, 2012

Policies

Impairment of Long- Lived Assets

Impairment of Long- Lived Assets

The Company reviews and evaluates long-lived assets for impairment when events or changes in circumstances indicate that the related carrying amounts may not be recoverable.  The assets are subject to impairment consideration under FASB ASC 360-10-35-17 if events or circumstances indicate that their carrying amount might not be recoverable.  When the Company determines that an impairment analysis should be done, the analysis will be performed using the rules of FASB ASC 930-360-35, Asset Impairment, and 360- 0 through 15-5, Impairment or Disposal of Long- Lived Assets.

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Summary of Significant Accounting Policies: Comprehensive Income (Policies)

3 Months Ended

Nov. 30, 2012

Policies

Comprehensive Income

Comprehensive Income

The Company is required to report comprehensive income, which includes net loss as well as changes in equity from non-owner sources.

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CONSOLIDATED STATEMENT OF STOCKHOLDERS' (DEFICIT) EQUITY (USD $)	Common Stock	Additional Paid-in Capital	Deficit Accumulated During the Exploration Stage	Total
Beginning Balance, amount at Aug. 16, 2010
Capital stock issued to founder for cash, shares	100,000,000			100,000,000
Capital stock issued to founder for cash, value	$ 100,000		$ (84,375)	$ 15,625
Capital stock issued for cash, shares, net of commission	78,500,000			78,500,000
Capital stock issued for cash, value, net of commission	78,500		(66,140)	12,360
Net loss for the period			(7,325)	(7,325)
Ending Balance, amount at Aug. 31, 2010	178,500		(157,840)	20,660
Ending Balance, shares at Aug. 31, 2010	178,500,000			178,500,000
Capital contribution by president		895		895
Net loss for the period			(56,789)	(56,789)
Ending Balance, amount at Aug. 31, 2011	178,500	895	(214,629)	(35,234)
Ending Balance, shares at Aug. 31, 2011	178,500,000			178,500,000
Capital contribution by president		902		902
Net loss for the period			(56,356)	(56,356)
Ending Balance, amount at Aug. 31, 2012	178,500	1,797	(270,985)	(90,688)
Ending Balance, shares at Aug. 31, 2012	178,500,000			178,500,000
Capital contribution by president		25		25
Sale of subsidiary-		91,064		91,064
Net loss for the period			(69,855)	(69,855)
Ending Balance, amount at Nov. 30, 2012	$ 178,500	$ 92,886	$ (340,840)	$ (69,454)
Ending Balance, shares at Nov. 30, 2012	178,500,000			178,500,000

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Sale of Subsidiary

3 Months Ended

Nov. 30, 2012

Notes

Sale of Subsidiary

Note 4  Sale of Subsidiary

On September 10, 2012, the Company assigned all membership units of LRE to the former President of the Company and received as consideration the release and discharge of all liabilities under all the promissory notes and accrued interest entered into prior to August 31, 2012.

The following table summarizes the identifiable assets and liabilities of LRE that were disposed of, the consideration received, and the loss of LRE for the period from September 1, 2012 to September 10, 2012.

	November 30 2012
Identifiable Assets and Liabilities
Accounts payable	$ (450)
Amount owed to Laredo Resources Corp	(17,550)
Net liabilities of LRE	(18,000)
Consideration Received
Settlement of accounts payable, promissory notes, and accrued interest	91,064
Elimination of accumulated losses of LRE	18,000
	99,064
Sale of subsidiary- related party	$ 91,064
Loss for the period from September 1, 2012 to September 10, 2012	$ -

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Sale of Subsidiary: Assets and liabilities disposed, subsidiary (Tables)

3 Months Ended

Nov. 30, 2012

Tables/Schedules

Assets and liabilities disposed, subsidiary

	November 30 2012
Identifiable Assets and Liabilities
Accounts payable	$ (450)
Amount owed to Laredo Resources Corp	(17,550)
Net liabilities of LRE	(18,000)
Consideration Received
Settlement of accounts payable, promissory notes, and accrued interest	91,064
Elimination of accumulated losses of LRE	18,000
	99,064
Sale of subsidiary- related party	$ 91,064
Loss for the period from September 1, 2012 to September 10, 2012	$ -

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Summary of Significant Accounting Policies: Asset Retirement Obligations (Policies)

3 Months Ended

Nov. 30, 2012

Policies

Asset Retirement Obligations

Asset Retirement Obligations

Asset retirement obligations (“ARO”) associated with the retirement of a tangible long-lived asset, are recognized as liabilities in the period in which it is incurred and becomes determinable, with an offsetting increase in the carrying amount of the associated assets. The cost of tangible long-lived assets, including the initially recognized ARO, is amortized, such that the cost of the ARO is recognized over the useful life of the assets.  The ARO is recorded at fair value, and accretion expense is recognized over time as the discounted fair value is accreted to the expected settlement value.

The fair value of the ARO is measured using expected future cash flow, discounted at the Company’s credit-adjusted risk-free interest rate.  As of November 30, 2012, the Company has determined no provision for ARO’s is required.