Quarterly Report for Quarter Ending October 31, 2025 (Form 10-Q)

Management's Discussion and Analysis of our Financial Conditions and Results of Operations.

Forward Looking Statements

Certain statements made in this Quarterly Report on Form 10-Q (this "Report") may constitute "forward-looking statements on our current expectations and projections about future events." These forward-looking statements involve known or unknown risks, uncertainties and other factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. In some cases, you can identify forward-looking statements by some words such as "may," "should," "potential," "continue," "expects," "anticipates," "intends," "plans," "believes," "estimates" and similar expressions. These statements are based on our current beliefs, expectations, and assumptions and are subject to a number of risks and uncertainties. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. These forward-looking statements are made as of the date of this Report, and we assume no obligation to update these forward-looking statements whether as a result of new information, future events, or otherwise, other than as required by law. In light of these assumptions, risks, and uncertainties, the forward-looking events discussed in this Report might not occur and actual results and events may vary significantly from those discussed in the forward-looking statements.

Background

Leopard Energy (f/k/a Cyber Apps World Inc.) was incorporated on July 15, 2002, under the laws of the State of Nevada and engaged in a number of businesses until April 9, 2015, at which we merged with our wholly owned subsidiary Cyber Apps World Inc. and concurrently changed our name to Cyber Apps World Inc. At the time of the merger, we shifted our business focused to the development of mobile applications focusing on allowing users around the world to save money on products and services from member merchants and suppliers instantly with mobile coupons, using their desktops and/or mobile devices, including smartphones.

On July 6, 2023, JanBella Group, LLC ("JanBella Group"), a family office, acquired 100,000 outstanding shares of Super A Voting Preferred Stock (the "Series A Preferred Shares") in satisfaction of a promissory note made by the Company in favor of JanBella Group. The Series A Preferred Shares had been pledged to secure a note made by the Company to JanBella. Thereupon, Mohammed Irfan Raimiya Kazi, the Company's Chief Executive Officer and a director and Kateryna Malenko, the Company's Secretary and a director, resigned as officers and directors of the Company and William Alessi, an affiliate of JanBella Group, was appointed the sole officer and director of the Company. The Series A Preferred Shares entitle the holder thereof to 99.97% of the voting power of the Company.

On August 23, 2023, JanBella Group sold the Series A Preferred Shares to Zenith Energy Ltd. ("Zenith Energy"). Zenith Energy is a publicly held British Columbia corporation based in Vancouver, B.C., engaged in energy production projects on three continents, whose shares are traded on the London Stock Exchange, Euronext Oslo and the Pink tier of the over-the-counter market maintained by OTC Markets Group, Inc..

In the change in control transaction, Zenith Energy acquired the 100,000 Series A Preferred Shares, representing 99.87% of the voting power of the Company, from JanBella for consideration of approximately $398,400. As part of the transaction, William Alessi, the sole officer and director of the Company, appointed Luca Benedetto, Ippolito Cattaneo, and Dario Sodero as directors of the Company. Thereafter, Mr. Alessi resigned as the Company's sole director and officer.

In addition to the foregoing, Mr. Luca Benedetto was appointed President and Treasurer of the Company and Mr. Ippolito Cattaneo was appointed as the Company's Secretary.

On March 6, 2024, Ippolito Cattaneo stepped down as Secretary and a director of the Company.

Following the change in control transaction, the Company began shifting its business focus to acquiring energy production and development opportunities in the U.S.

On January 17, 2024, the Company purchased a 5% royalty interest in a package of seven (7) producing oil wells located in the Eagle Ford Shale, Lavaca County, Texas (the "Eagle Acquisition").

The Eagle Acquisition is the Company's first transaction in the U.S. energy production and development sector. The Company intends to complete additional acquisitions of this kind in the near future and continue its focus on the U.S. energy sector.

Effective April 26, 2024, the Company changed its name in Leopard Energy, Inc.

Since the transfer of controlling interest in August 2023, Zenith Energy Ltd. ("Zenith Energy"), the Company's controlling stockholder, has provided approximately $408,008 capital in the form of payment made on behalf of the Company and $45,000 paid in capital in cash. Zenith Energy has indicated that it intends to continue to finance the Company and its expansion into the energy sector, to acquire additional royalties and/or ownership interest, pending the receipt of additional financing.

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Results of Operations

		For the three months ended
		October 31, 2025				October 31, 2024
Net income (loss)			(2,353	)			(9,048	)
Total operating expenses			(3,416	)			(10,908	)
Total other income (expense)			(90	)			(63	)

As reflected in the accompanying unaudited condensed financial statements for the three months ended October 31, 2025 and 2024, the Company incurred net loss of $2,353 and $9,048, respectively.

For the quarter ended October 31, 2025, we generated revenues of $1,153 from the royalty interest we acquired in the Eagle Acquisition consummated in January 2024. The royalty interest provides the Company with a monthly distribution of its share or revenues from the property, net of expenses and operational risks, from an oil production property managed by a non-affiliated third party.

During the quarter ended October 31, 2025, the Company incurred operating expenses of $3,416. The majority of the expenses consisted of general and administrative expenses, which include professional services.

For the quarter ended October 31, 2025, we had a net loss of $2,353, primarily to professional services under general and administrative expenses. All the expenses were paid by our controlling stockholder Zenith Energy, who renounced its credit.

For the quarter ended October 31, 2024, we generated revenues of $1,923 from the royalty interest we acquired in the Eagle Acquisition consummated in January 2024. The royalty interest provides the Company with a monthly distribution of its share or revenues from the property, net of expenses and operational risks, from an oil production property managed by a non-affiliated third party.

During the quarter ended October 31, 2024, the Company incurred operating expenses of $10,908. The majority of the expenses consisted of general and administrative expenses, which include professional services.

For the quarter ended October 31, 2024, we had a net loss of $9,048, primarily to professional services under general and administrative expenses. All the expenses were paid by our controlling stockholder Zenith Energy, who renounced its credit.

As of October 31, 2025, the Company had accumulated deficit of $11,695,468 (As of October 31, 2024, a deficit of $11,733,998) and a working capital deficit of $105,167. Management believes these factors raise substantial doubt about the Company's ability to continue as a going concern for the next twelve months.

Liquidity and Capital Resources

		October 31, 2025				July 31, 2025
Cash			13,181				12,118
Deposits & prepayments			-				-
Total current assets			13,181				12,118
Non-current assets			39,280				39,280
Current liabilities (Accounts payable)			118,348				134,932
Non -current liabilities			-				-

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We expect we will require additional capital to meet our long-term operating requirements. We expect to raise additional capital through, among other methods, the sale of equity or debt securities. Zenith Energy, our controlling stockholder, has advised us that intends to provide the Company with working capital to fund the operations and acquisitions, pending receipt of additional funding.

Cash Flows from Operating Activities

		For the three months ended
		October 31, 2025				October 31, 2024
Net cash provided from (used in) operating activities			(18,937	)			(22,139	)

Cash Flows from Investing Activities

		For the three months ended
		October 31, 2025				October 31, 2024
Net cash provided by (used in) investing activities			-				-

Cash Flows from Financing Activities

		For the three months ended
		October 31, 2025				October 31, 2024
Net cash provided by (used in) financing activities			20,000				24,000

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Off - Balance Sheet Arrangements

As of the date of this Report, we do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.

Going Concern

The independent auditors' report accompanying our July 31, 2025, financial statements contained an explanatory paragraph expressing substantial doubt about our ability to continue as a going concern. The financial statements have been prepared "assuming that we will continue as a going concern," which contemplates that we will realize our assets and satisfy our liabilities and commitments in the ordinary course of business.