Quarterly Report for Quarter Ending April 30, 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 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 to 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 $375,274 capital in the form of payment made on behalf of the Company. Zenith Energy has indicated that 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 nine months ended
		April 30, 2025				April 30, 2024
Revenues			4,752				2,014
Total operating expenses			(42,756	)			(246,951	)
Total other income			90,873				44,990
Net Income(Loss)			52,869				(199,947	)

		For the three months ended
		April 30, 2025				April 30, 2024
Revenues			1,333				2,014
Total operating expenses			(6,167	)			(146,243	)
Total other income			91,006				(161	)
Net Income(Loss)			86,172				(144,390	)

For the three and nine months ended April 30, 2025, we generated revenues of $1,333 and $4,752 respectively 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.

For the three and nine months ended April 30, 2024, we generated revenues of $2,014.

The Operating expenses for the three and nine months ended April 30, 2025, are $6,167 and $42,756 respectively.

During the three and nine months ended April 30, 2024, the Company incurred operating expenses of $146,243 and $246,951 respectively. The majority of the expenses consisted of general and administrative expenses, which mainly include professional services.

For the three and nine months ended April 30, 2025, we had a profit of $ 86,172 and $52,869 respectively, primarily due to the amount of USD 91,071 written off in connection with an agreement with a Consultant to immediately settle all the outstanding invoices for discounted balance. All the expenses were paid by our controlling stockholder Zenith Energy, who renounced its credit.

For the three and nine months ended April 30, 2024, we had a net loss of $ 144,390 and $ 199,947 respectively, consisted entirely of general and administrative expenses, net of the amount written-off in connection with the acquisition.

As of April 30, 2025, the Company had accumulated deficit of $11,672,081and a working capital deficit of $(134,530). 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

		April 30, 2025				July 31, 2024
Cash			10,986				6,432
Total current assets			10,986				6,432
Non-current assets			39,280				39,280
Current liabilities (Accounts payable)			145,516				243,346
Non -current liabilities			-				-

As of April 30, 2025, our current assets consisted of $10,986 in cash, as compared to $6,432 at July 31, 2024, Non-current assets, consisting of the royalty interest acquired in the January 2024 (Eagle Acquisition), were $39,280 as at April 30, 2025 and July 31, 2024.

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.

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Cash Flows from Operating Activities

		For the nine months ended
		April 30, 2025				April 30, 2024
Net cash (used in) operating activities			(44,961	)			(3,672	)

Net cash used in operating activities was due to the payment for operating expenses incurred and payment of accounts payable balance, only partially compensated by the revenues generated by the revenues generated from the royalty interest.

Cash Flows from Investing Activities

		For the nine months ended
		April 30, 2025				April 30, 2024
Net cash provided by investing activities			-				(39,280	)

Cash Flows from Financing Activities

		For the nine months ended
		April 30, 2025				April 30, 2024
Net cash provided by financing activities			49,515				45,000

For the nine-months ended April 30, 2025, Zenith Energy, our controlling stockholder, has provided $49,515 paid in capital in the form of payment made on behalf of the Company. For the nine-months ended April 30, 2024, Zenith Energy has provided $45,000 paid in capital in cash.

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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, 2024, 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.