Laredo Resources (ZTTO) Inactive 10-Q14 Apr 142014 Q2 Quarterly reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
Document and Entity Information	Feb. 28, 2014	Mar. 31, 2014
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	28-Feb-14	'
Trading Symbol	'lrdr	'
Entity Registrant Name	'Laredo Resources Corp.	'
Entity Central Index Key	'0001499871	'
Current Fiscal Year End Date	'--08-31	'
Entity Filer Category	'Smaller Reporting Company	'
Entity Common Stock, Shares Outstanding	'	1,736,500,000
Entity Current Reporting Status	'Yes	'
Entity Voluntary Filers	'No	'
Entity Well Known Seasoned Issuer	'No	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q2	'

Balance_Sheets_Unaudited

Balance Sheets (Unaudited) (USD $)	Feb. 28, 2014	Aug. 31, 2013
Current Assets	'	'
Cash	$4,142	$692
Prepaid Expense	0	1,000
Total Current Assets	4,142	1,692
Property option	849,650	0
Intangible asset, net of accumulated amortization of $5,936 and $3,209, respectively	10,564	13,291
TOTAL ASSETS	864,356	14,983
Current Liabilities	'	'
Accounts payable and accrued liabilities	140,012	123,400
Advances from related party	166,122	105,901
Advances for property option	831,105	0
Note payable	83,947	0
Note payable, related party	7,500	20,000
Accrued interest, related party	0	1,156
Total Current Liabilities	1,228,686	250,457
Stockholders' Deficit	'	'
Common stock: $.00001 par value, 1,969,999,900 shares authorized , 1,736,500,000 and 178,500,000 shares issued and outstanding	17,365	1,785
Additional paid in capital	2,343,320	269,601
Deficit accumulated during the exploration stage	-2,722,206	-506,860
Total Stockholders' Deficit	-364,330	-235,474
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	864,356	14,983
Series A convertible preferred stock: $.001 par value, 100 shares authorized, none issued or outstanding	'	'
Stockholders' Deficit	'	'
Preferred stock	0	0
Series B preferred stock: $.001 par value, 10,000,000 shares authorized, 100,000 issued and outstanding	'	'
Stockholders' Deficit	'	'
Preferred stock	100	0
Series C convertible preferred stock: $.0001 par value, 10,000,000 shares authorized, 6,538 issued and outstanding	'	'
Stockholders' Deficit	'	'
Preferred stock	1	0
Series D preferred stock: $.001 par value, 10,000,000 shares authorized, none issued or outstanding	'	'
Stockholders' Deficit	'	'
Preferred stock	$0	$0

Balance_Sheets_Parenthetical_U

Balance Sheets (Parenthetical) (Unaudited) (USD $)	Feb. 28, 2014	Aug. 31, 2013
Current Assets	'	'
Intangible asset, net of accumulated amortization	$5,936	$3,209
Stockholders' Deficit	'	'
Common stock, par value	$0.00	$0.00
Common stock, Authorized	1,969,999,900	1,969,999,900
Common stock, Issued	1,736,500,000	178,500,000
Common stock, outstanding	1,736,500,000	178,500,000
Series A convertible preferred Stock [Member]	'	'
Stockholders' Deficit	'	'
Preferred stock, par value	$0.00	$0.00
Preferred stock, Authorized	100	100
Preferred stock, Issued	0	0
Preferred stock, outstanding	0	0
Series B Preferred Stock [Member]	'	'
Stockholders' Deficit	'	'
Preferred stock, par value	$0.00	$0.00
Preferred stock, Authorized	10,000,000	1,000,000
Preferred stock, Issued	10,000,000	10,000,000
Preferred stock, outstanding	10,000,000	10,000,000
Series C convertible preferred stock [Member]	'	'
Stockholders' Deficit	'	'
Preferred stock, par value	$0.00	$0.00
Preferred stock, Authorized	10,000,000	10,000,000
Preferred stock, Issued	6,538	0
Preferred stock, outstanding	6,538	0
Series D Preferred Stock [Member]	'	'
Stockholders' Deficit	'	'
Preferred stock, par value	$0.00	$0.00
Preferred stock, Authorized	10,000,000	10,000,000
Preferred stock, Issued	0	0
Preferred stock, outstanding	0	0

Statements_of_Operations_Unaud

Statements of Operations (Unaudited) (USD $)	3 Months Ended		6 Months Ended		42 Months Ended
Statements of Operations (Unaudited) (USD $)	Feb. 28, 2014	Feb. 28, 2013	Feb. 28, 2014	Feb. 28, 2013	Feb. 28, 2014
Revenue	$0	$0	$0	$0	$0
Operating expenses	'	'	'	'	'
Amortization expense	1,356	0	2,727	0	5,936
Accounting and audit	5,219	6,024	11,234	15,500	75,460
Foreign exchange (gain) loss	0	-2,381	0	-2,327	790
Legal and professional fees	4,567	9,135	6,706	30,819	89,504
General and administrative expenses	527	2,265	1,604	3,823	50,517
Mineral property and exploration costs	0	0	0	0	14,500
Transfer and filing fees	3,825	2,054	4,886	22,736	40,902
Management fees	48,900	22,080	97,800	38,080	174,100
Stock compensation	2,044,800	0	2,044,800	0	2,044,800
Impairment of property option	0	0	0	0	20,000
Operating loss before interest expense	2,109,194	39,177	2,169,757	108,631	2,516,509
Other Income (Expense)	'	'	'	'	'
Forgiveness of debt	0	0	0	0	10,000
Interest expense	-19,599	-296	-48,499	-697	-68,092
Net loss	($2,128,793)	($39,473)	($2,218,256)	($109,328)	($2,574,601)
Basic loss per share	$0	$0	$0	$0	'
Weighted average number of shares outstanding - basic	700,322,222	178,500,000	700,322,222	178,500,000	'

Statements_of_Cash_Flows_Unaud

Statements of Cash Flows (Unaudited) (USD $)	6 Months Ended		42 Months Ended
Statements of Cash Flows (Unaudited) (USD $)	Feb. 28, 2014	Feb. 28, 2013	Feb. 28, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:	'	'	'
Net loss	($2,218,256)	($109,328)	($2,574,601)
Adjustments to reconcile net loss to net cash used by operating activities	'	'	'
Non cash interest expense - capital contribution	0	25	1,822
Gain on debt	0	0	-10,000
Interest and amortization of beneficial conversion feature	48,499	672	48,499
Write off of property option	0	0	20,000
Amortization expense	2,727	0	5,936
Stock-based compensation	2,044,800	0	2,044,800
Changes in operating assets and liabilities:	'	'	'
Prepaid expenses	1,000	0	0
Accrued interest, related party	0	0	5,270
Accounts payables and accrued liabilities	-2,987	89,026	120,862
Accounts payable, related party	0	0	105,902
Net cash used in operating activities	-124,217	-19,605	-231,510
CASH FLOWS FROM INVESTING ACTIVITIES:	'	'	'
Acquisition of property option	-20,000	0	-20,000
Acquisition of intangibles	0	0	-26,500
Net Cash Used in Investing Activities	-20,000	0	-46,500
CASH FLOWS FROM FINANCING ACTIVITIES:	'	'	'
Capital stock issued	3,500	0	31,485
Note payable	83,947	0	83,947
Note payable, related party	60,220	20,000	166,720
Net Cash Provided by Financing Activates	147,667	20,000	282,152
Net change in cash and cash equivalents	3,450	395	4,142
Cash and cash equivalents, beginning of period	692	368	0
Cash and cash equivalents, end of period	4,142	763	4,142
Non-cash transactions:	'	'	'
Accrual of mineral property	0	0	10,000
Accounts payable settled in connection with sale of subsidiary	0	0	450
Accrued interest, related party, settled in connection with sale of subsidiary	0	0	4,114
Note payable, related party, settled in connection with sale of subsidiary	0	0	86,500
Issuance of shares for debt	26,800	0	14,500
Gain from foreign exchange	0	2,381	2,324
Payments made on behalf of the Company for property option	$829,650	$0	$829,650

Basis_of_Presentation

Basis of Presentation	6 Months Ended
Basis of Presentation	Feb. 28, 2014
Basis of Presentation [Text Block]	'

	Note 1 - Basis of Presentation

	While the information presented in the accompanying February 28, 2014 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, 2013 audited financial statements (notes thereto) included in the Company’s Annual Report Form 10-K.

	Operating results for the six months ended February 28, 2014 are not necessarily indicative of the results that can be expected for the year ending August 31, 2014.

Nature_of_Operations_and_Abili

Nature of Operations and Ability to Continue as a Going Concern	6 Months Ended
	Feb. 28, 2014
Nature of Operations and Ability to Continue as a Going Concern [Text Block]	'

	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’s year end is August 31.

	The Company intends to focus on mineral exploration in the USA.

	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 $2,574,601 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.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Feb. 28, 2014
Summary of Significant Accounting Policies [Text Block]	'

	Note 3 Summary of Significant Accounting Policies

	Use of Estimates

	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.

	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 balance sheets, 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 February 28, 2014 and August 31, 2013, is solely that of Laredo Resources Corp. 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 is 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.

	Intangible Asset

	The Company has applied the provision of ASC topic 350 - Intangible - goodwill and other, in accounting for its intangible asset. The intangible asset is being amortized by the straight line method on the basis of a useful life of 3 years. The intangible asset consists of website development costs. The balance at February 28, 2014 and August 31, 2013 was $10,564 and 13,291 net of accumulated amortization of $5,936 and 3,209. Amortization expense for the three months and six month periods ended February 28, 2014 and 2013 are $1,371 and $- and $2,727 and $- respectively.

	Mineral Property Option

	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.

	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.

	On April 4th, 2013, a related party paid $20,000 on behalf of Laredo towards the property title rights to the Pony Mountain Gold Property. There are no terms of repayment and bears no interest.

	As per the September 6th, 2013, Memorializing Agreement, Laredo negotiated the property title rights to the Pony Mountain Gold Property via a third party, through the securitization of the third party's payments with Laredo Series C convertible preferred stock. Each share of Series C convertible preferred stock accounts for $2.50 of value paid by the third party. As of November 30, 2013, the third party had paid $716,414 on behalf of Laredo which caused Laredo to issue 286,566 shares of Series C preferred stock. These shares are held as collateral and only the company can release the shares to the third party. See Note 7 for details. The total purchase price for these rights is $3,000,000. However, the Company does not have title to the property and, therefore, has only recorded payments made through February 28,2014 toward the total purchase price in the financial statements. To date the third party has paid $849,650 on behalf of Laredo Resources Inc toward the Pony Mountain Property.

	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 February 28, 2014 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 statements of operations.

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 is 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.

Financial_Instruments

Financial Instruments	6 Months Ended
Financial Instruments	Feb. 28, 2014
Financial Instruments [Text Block]	'

	Note 4 - 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.

Related_Party_Transactions

Related Party Transactions	6 Months Ended
Related Party Transactions	Feb. 28, 2014
Related Party Transactions [Text Block]	'

	Note 5 - Related Party Transactions

	During the quarter ended February 28, 2014, the Company retired $12,500 portion of a $20,000 note owed to the Company's CEO in exchange for 1.25 billion restricted common shares of the Company's common stock. The shares were valued at par ($0.00001 /share) and all accrued interest in the amount of $1,455 relating to this note was forgiven. . The remaining $7,500 balance bears no interest and is due within one year. See Note 7 for details

	On December 16, 2013 Laredo Resources Corp. entered into a one year consulting agreement with Olie Inc. in exchange for $250,000. Olie Inc. accepted 2,500 shares of Laredo's Series B preferred shares as consideration. Robert Gardner, CEO of Laredo is the sole officer and shareholder of Olie Inc.

Notes_Payable

Notes Payable	6 Months Ended
Notes Payable	Feb. 28, 2014
Notes Payable [Text Block]	'

	Note 6 - Notes Payable

	As of February 28, 2014, the Company owes $83,947 to third parties. $39,776 of this amount is non-interest bearing and due on demand. The remaining $44,171 portion is non-interest bearing and is due on February 28, 2015.

Advance_for_Mineral_Property_O

Advance for Mineral Property Option	6 Months Ended
Advance for Mineral Property Option	Feb. 28, 2014
Advance for Mineral Property Option [Text Block]	'

	Note 7 - Advance for Mineral Property Option

	On April 4th, 2013, a third party paid $20,000 on behalf of Laredo towards the property title rights to the Pony Mountain Gold Property. There are no terms of repayment and bears no interest, this amount is reflected in the account payable.

	As per the September 6th, 2013, Memorializing Agreement, Laredo negotiated the property title rights to the Pony Mountain Gold Property via a third party, Magna Manage Ltd. (Magna); as of February 28, 2014, Magna has paid $829,650 on behalf of Laredo. This amount bears a 10% interest and is due within one year. The total purchase price for these rights is $3,000,000. However, the Company does not have title to the property and, therefore, has only recorded payments made through February 28, 2014 toward the total purchase price in the financial statements.

Capital_Stock

Capital Stock	6 Months Ended
	Feb. 28, 2014
Capital Stock [Text Block]	'

	Note 8 - Capital Stock

	The Company has the following Capital Stock Authorized

	Series	Number of		Par Value
		Authorized Shares

	Common Stock	1,969,999,900	$	0.00001
	Convertible Preferred Stock A	100	$	0.001
	Preferred Stock B	10,000,000	$	0.001
	Convertible Preferred Stock C	10,000,000	$	0.0001
	Preferred Stock D	10,000,000	$	0.001

	Stock:

	Each share of Series A preferred stock is convertible into the number of shares of common stock equal to four times the sum of all shares of common stock issued and outstanding plus all shares of Series B, C and D preferred stock issued and outstanding divided by the number of shares of Series A preferred stock issued and outstanding at the time of conversion.

	Each share of Series C preferred stock is convertible into the number of shares of the Company’s common stock equal to the price of the Series C preferred stock stated in the Company’s amended certificate of incorporation divided by the par value of Series C preferred stock. Shares of Series C preferred stock may not be converted into shares of common stock for a period of six months. The holders of Series B preferred stock are entitled to receive dividends when, and if declared by the Board of Directors, in its sole discretion. Upon liquidation, dissolution or winding up of the corporation, whether voluntarily or involuntarily, before any distribution or payment shall be made to the holders of any stock ranking junior to the Series C preferred stock, the holders of the Series C preferred stock are entitled to be paid out of the assets of the corporation an amount equal to $1.00 per share or in the event of an aggregate subscription by a single subscriber for Series C preferred stock in excess of $100,000, $0.997 per share (as adjusted for any stock dividends, combinations, splits and recapitalization), plus all declared but unpaid dividends, for each share of Series C preferred stock held. After the payment of the full applicable preference value of each share of the Series C preferred stock, the remaining assets of the corporation legally available for distribution, if any, will be distributed ratably to the holders of the corporation’s common stock.

	During the quarter ended November 30, 2013, the Company changed the number of authorized shares of common stock to 1,969,999,900 and changed the par value from $0.001 to $0.00001. All disclosures have been restated to reflect the change in par value.

	During the quarter ending February 28, 2014, the Company issued 308,000,000 common shares to various consultants for consulting services rendered. These shares were valued at the fair market trading value, in the amount of $1,794,800 at the date of grant.

	During the quarter ending February 28, 2014, Laredo issued 100,000 Series B Preferred shares to Olie Inc. in exchange for a one year, $250,000 consulting contract.

	During the quarter ending February 28, 2014, Laredo issued 5,138 Series C Preferred were issued in exchanged for outstanding convertible debt totalling $12,845.

	During the current quarter Laredo issued 1.25 billion restricted common shares to its CEO in exchange for $12,500. The shares were valued at $0.0001 par value. $12,500. At the time of the issuance the these shares accounted for 87.5% of total shares issued and outstanding.

	During the quarter ending February 28, 2014 the Company issued 1,400 Series C Preferred shares in exchange for $3,500 of third party cash. Each preferred share was priced at $2.50.

Subsequent_Events

Subsequent Events	6 Months Ended
Subsequent Events	Feb. 28, 2014
Subsequent Events [Text Block]	'

	Note 9 - Subsequent Events

	In accordance with ASC 855-10, management has evaluated subsequent events through the date the financial statements were issued.

	On March 11, 2014 the Company changed the par value of Series B and C of preferred share to $0.00001. Additionally, Series B preferred shares were given convertibility feature in the form of 1 preferred for 100,000 Laredo's common shares.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Feb. 28, 2014
Use of Estimates [Policy Text Block]	'

	Use of Estimates

	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.
Principles of Consolidation [Policy Text Block]	'

	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 balance sheets, 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 February 28, 2014 and August 31, 2013, is solely that of Laredo Resources Corp. All significant inter-company transactions and balances have been eliminated.
Exploration Stage Company [Policy Text Block]	'

	Exploration Stage Company

	The Company is an exploration stage company. All losses accumulated since inception is considered part of the Company’s exploration stage activities.
Cash and cash equivalents [Policy Text Block]	'

	Cash and cash equivalents

	The Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents.
Intangible Assets [Policy Text Block]	'

	Intangible Asset

	The Company has applied the provision of ASC topic 350 - Intangible - goodwill and other, in accounting for its intangible asset. The intangible asset is being amortized by the straight line method on the basis of a useful life of 3 years. The intangible asset consists of website development costs. The balance at February 28, 2014 and August 31, 2013 was $10,564 and 13,291 net of accumulated amortization of $5,936 and 3,209. Amortization expense for the three months and six month periods ended February 28, 2014 and 2013 are $1,371 and $- and $2,727 and $- respectively.
Mineral Property option [Policy Text Block]	'

	Mineral Property Option

	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.

	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.

	On April 4th, 2013, a related party paid $20,000 on behalf of Laredo towards the property title rights to the Pony Mountain Gold Property. There are no terms of repayment and bears no interest.

	As per the September 6th, 2013, Memorializing Agreement, Laredo negotiated the property title rights to the Pony Mountain Gold Property via a third party, through the securitization of the third party's payments with Laredo Series C convertible preferred stock. Each share of Series C convertible preferred stock accounts for $2.50 of value paid by the third party. As of November 30, 2013, the third party had paid $716,414 on behalf of Laredo which caused Laredo to issue 286,566 shares of Series C preferred stock. These shares are held as collateral and only the company can release the shares to the third party. See Note 7 for details. The total purchase price for these rights is $3,000,000. However, the Company does not have title to the property and, therefore, has only recorded payments made through February 28,2014 toward the total purchase price in the financial statements. To date the third party has paid $849,650 on behalf of Laredo Resources Inc toward the Pony Mountain Property.
Asset Retirement Obligations [Policy Text Block]	'

	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 February 28, 2014 the Company has determined no provision for ARO’s is required
Impairment of Long- Lived Assets [Policy Text Block]	'

	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 [Policy Text Block]	'

	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 statements of operations.
Earnings per share [Policy Text Block]	'

	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 is no common stock equivalents outstanding, diluted and basic loss per share are the same.
Income Taxes [Policy Text Block]	'

	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.

Capital_Stock_Tables

Capital Stock (Tables)	6 Months Ended
Capital Stock (Tables)	Feb. 28, 2014
Schedule of Capital Stock [Table Text Block]	'
	Series	Number of		Par Value
		Authorized Shares

	Common Stock	1,969,999,900	$	0.00001
	Convertible Preferred Stock A	100	$	0.001
	Preferred Stock B	10,000,000	$	0.001
	Convertible Preferred Stock C	10,000,000	$	0.0001
	Preferred Stock D	10,000,000	$	0.001

Nature_of_Operations_and_Abili1

Nature of Operations and Ability to Continue as a Going Concern (Narrative) (Details) (USD $)	Feb. 28, 2014
Accumulated losses	$2,574,601

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Narrative) (Details) (USD $)	1 Months Ended	3 Months Ended		6 Months Ended		42 Months Ended
	Nov. 30, 2013	Feb. 28, 2014	Feb. 28, 2013	Feb. 28, 2014	Feb. 28, 2013	Feb. 28, 2014	Aug. 31, 2013	Apr. 04, 2013
Accumulated amortization	'	$5,936	'	$5,936	'	$5,936	$3,209	'
Amortization expense	'	1,356	0	2,727	0	5,936	'	'
Value paid by third party	2.5	'	'	'	'	'	'	'
Amount paid by third party behalf of Laredo	716,414	831,105	'	831,105	'	831,105	0	20,000
Advance from third parties	'	849,650	'	849,650	'	849,650	'	'
Series C preferred stock issued by Laredo	286,566	'	'	'	'	'	'	'
Purchase price of rights	3,000,000	'	'	'	'	'	'	'
Intangible Assets [Member]	'	'	'	'	'	'	'	'
Intangible asset useful life	'	'	'	'3 years	'	'	'	'
Intangible assets, net	'	10,564	'	10,564	'	10,564	13,291	'
Accumulated amortization	'	5,936	'	5,936	'	5,936	3,209	'
Amortization expense	'	$1,371	$0	$2,727	$0	'	'	'

Related_Party_Transactions_Nar

Related Party Transactions (Narrative) (Details) (USD $)	6 Months Ended			0 Months Ended
	Feb. 28, 2014	Nov. 30, 2013	Aug. 31, 2013	Dec. 16, 2013
	Feb. 28, 2014	Nov. 30, 2013	Aug. 31, 2013	Series B Preferred Stock [Member]
Debt retired	$12,500	'	'	'
Due to related party	20,000	'	'	'
Common Stock, Par or Stated Value Per Share	$0.00	$0.00	$0.00	'
Restricted common stock issued	1,250,000,000	'	'	'
Accured interest	1,455	'	'	'
Notes payable, related party	7,500	'	20,000	'
Consulting agreement amount	'	'	'	$250,000
Stock issued for consulting agreement	'	'	'	2,500

Notes_Payable_Narrative_Detail

Notes Payable (Narrative) (Details) (USD $)	Feb. 28, 2014
Notes payable, due to third parties	$83,947
Non-Interest Bearing [Member]	'
Notes payable, due to third parties	39,776
Inerest Bearing [Member]	'
Notes payable, due to third parties	$44,171

Advance_for_Mineral_Property_O1

Advance for Mineral Property Option (Narrative) (Details) (USD $)	Feb. 28, 2014	Nov. 30, 2013	Aug. 31, 2013	Apr. 04, 2013
Notes payable, related party	$7,500	'	$20,000	'
Amount paid by third party behalf of Laredo	831,105	716,414	0	20,000
Series C preferred stock issued by Laredo	'	286,566	'	'
Purchase price of rights	'	3,000,000	'	'
Magna [Member]	'	'	'	'
Amount paid by third party behalf of Laredo	829,650	'	'	'
Interest rate	10.00%	'	'	'
Purchase price of rights	$3,000,000	'	'	'

Capital_Stock_Narrative_Detail

Capital Stock (Narrative) (Details) (USD $)

6 Months Ended

42 Months Ended

6 Months Ended

0 Months Ended

Feb. 28, 2014

Feb. 28, 2013

Feb. 28, 2014

Nov. 30, 2013

Aug. 31, 2013

Feb. 28, 2014

Aug. 31, 2013

Feb. 28, 2014

Dec. 16, 2013

Feb. 28, 2014

Aug. 31, 2013

Feb. 28, 2014

Consulting Services Rendered [Member]

Restricted Stock [Member]

Series C convertible preferred stock [Member]

Series B Preferred Stock [Member]

Convertible Debt [Member]

Third Party Cash [Member]

Consulting Contract [Member]

Payments made on behalf of the Company for property option

$829,650

Per share amount

$2.50

Preferred stock, per share after adjustments

$1.00

Minimum entitlement

100,000

Common Stock, Shares Authorized

1,969,999,900

Common Stock, Par or Stated Value Per Share

$0.00

Stock issued for consulting agreement

308,000,000

2,500

Stock Issued During Period, Value, Issued for Services

1,794,800

Preferred stock, Issued

6,538

5,138

1,400

10,000,000

100,000

Preferred Stock, Value, Issued

12,845

3,500

100

250,000

Restricted common stock issued

1,250,000,000

Restricted common stock, value

$12,500

Percentage of shares issued and outstanding

87.50%

Subsequent_Events_Narrative_De

Subsequent Events (Narrative) (Details) (USD $)	0 Months Ended
Subsequent Events (Narrative) (Details) (USD $)	Mar. 11, 2014
Preferred Stock, Conversion Basis	'1 preferred for 100,000 Lardeo common shares
Series B and C [Member]	'
Preferred Stock, Par or Stated Value Per Share	0.00001

Schedule_of_Capital_Stock_Deta

Schedule of Capital Stock (Details) (USD $)	Feb. 28, 2014	Nov. 30, 2013	Aug. 31, 2013
Common Stock, Shares Authorized	1,969,999,900	1,969,999,900	1,969,999,900
Common Stock, Par or Stated Value Per Share	$0.00	$0.00	$0.00
Series A convertible preferred Stock [Member]	'	'	'
Preferred stock, Number of Authorized Shares	100	'	100
Preferred stock, par value	$0.00	'	$0.00
Series B Preferred Stock [Member]	'	'	'
Preferred stock, Number of Authorized Shares	10,000,000	'	1,000,000
Preferred stock, par value	$0.00	'	$0.00
Series C convertible preferred stock [Member]	'	'	'
Preferred stock, Number of Authorized Shares	10,000,000	'	10,000,000
Preferred stock, par value	$0.00	'	$0.00
Series D Preferred Stock [Member]	'	'	'
Preferred stock, Number of Authorized Shares	10,000,000	'	10,000,000
Preferred stock, par value	$0.00	'	$0.00