Leopard Energy Swings to Profit on Cost Cuts, Eyes US Energy Expansion

TL;DR

**LEEN's tiny profit is a mirage; the company is still a speculative bet on its controlling shareholder's deep pockets and unproven energy strategy.**

AI Summary

Leopard Energy, Inc. (LEEN) reported a net profit of $31,835 for the fiscal year ended July 31, 2025, a significant turnaround from a net loss of $252,803 in the prior year. This improvement was driven by a substantial reduction in general and administrative expenses, which decreased by $222,246 from $287,168 in 2024 to $64,922 in 2025, primarily due to the completion of shareholder and business transfer processes and the cessation of certain legal and accounting fees. Revenues increased to $5,974 in 2025 from $4,429 in 2024, stemming from a 5% royalty interest in seven producing oil wells in the Eagle Ford Shale, Lavaca County, Texas, acquired in January 2024. The company, now controlled by Zenith Energy Ltd. since August 2023, has shifted its focus to acquiring U.S. energy production opportunities. Zenith Energy has provided approximately $388,000 in capital and $45,000 in cash, indicating continued financial support for LEEN's expansion into the energy sector, despite the company's accumulated losses of $11,693,115 and a working capital deficit of $122,814 as of July 31, 2025.

Why It Matters

Leopard Energy's pivot to profitability, albeit modest at $31,835, signals a potential turning point for a company previously mired in significant losses. For investors, the backing of Zenith Energy Ltd., which has injected over $433,000, provides a lifeline and strategic direction in the competitive U.S. energy sector. Employees and customers are indirectly impacted by the company's stability and renewed focus on energy acquisitions, which could lead to future growth. The broader market will watch if LEEN can successfully execute its strategy in a sector dominated by larger, more established players, especially given its 'going concern' warning and limited operational history in energy.

Risk Assessment

Risk Level: high — Leopard Energy faces a 'substantial doubt about its ability to continue as a going concern' due to accumulated losses of $11,693,115 and a current liability exceeding current assets by $122,814 as of July 31, 2025. The company has no employees other than executive officers and operates in a 'highly competitive' U.S. energy market with 'numerous firms and individuals' having 'longer operating histories and greater financial resources'.

Analyst Insight

Investors should approach LEEN with extreme caution, recognizing the significant 'going concern' risk and reliance on Zenith Energy's continued financing. Monitor future acquisition announcements and the company's ability to generate substantial, sustainable revenue beyond its initial $5,974 royalty interest, as current operations are insufficient to address its financial instability.

Financial Highlights

debt To Equity

N/A

revenue

$5,974

operating Margin

N/A

total Assets

N/A

total Debt

N/A

net Income

$31,835

eps

N/A

gross Margin

N/A

cash Position

$12,118

revenue Growth

+34.9%

Revenue Breakdown

Key Numbers

• $31,835 — Net Profit (for the year ended July 31, 2025, a significant improvement from a $252,803 net loss in 2024)
• $5,974 — Revenue (for the year ended July 31, 2025, from royalty interest in Eagle Ford Shale wells)
• $64,922 — General and Administrative Expenses (for the year ended July 31, 2025, a decrease of $222,246 from $287,168 in 2024)
• $11,693,115 — Accumulated Losses (as of July 31, 2025, indicating substantial historical financial challenges)
• $122,814 — Working Capital Deficit (as of July 31, 2025, where current liabilities exceed current assets)
• $388,008 — Capital Provided by Zenith Energy (in the form of payments made on behalf of the company since August 2023)
• $45,000 — Cash Capital Provided by Zenith Energy (since August 2023)
• $39,280 — Investment in Royalty Interest (for the 5% royalty interest in Eagle Ford Shale wells in fiscal year 2024)
• 99.87% — Voting Power Acquired by Zenith Energy (through the purchase of 100,000 Series A Preferred Shares)
• 36 — Holders of Record (of common stock as of the report date, indicating limited public ownership)

Key Players & Entities

• Leopard Energy, Inc. (company) — registrant
• Zenith Energy Ltd. (company) — controlling stockholder
• William Alessi (person) — former sole officer and director, affiliate of JanBella Group
• Luca Benedetto (person) — President and Treasurer, director
• Ippolito Cattaneo (person) — former Secretary and director
• Dario Sodero (person) — director
• JanBella Group, LLC (company) — previous holder of Series A Preferred Shares
• Mohammed Irfan Raimiya Kazi (person) — former CEO and director
• Kateryna Malenko (person) — former Secretary and director
• Securities and Exchange Commission (regulator) — regulatory body

FAQ

Risk Factors

• Going Concern Uncertainty [high — financial]: The company has incurred substantial losses and has a working capital deficit of $122,814 as of July 31, 2025. This raises substantial doubt about its ability to continue as a going concern, although management has a plan to address this.
• Dependence on Third-Party Operators [medium — operational]: The company's revenue is derived from a royalty interest in oil wells managed by a non-affiliated third party. Any operational issues or mismanagement by the operator could negatively impact revenue.
• Accumulated Losses [high — financial]: Leopard Energy has accumulated losses of $11,693,115 as of July 31, 2025, indicating significant historical financial challenges that need to be overcome.
• Reliance on Controlling Stockholder Support [high — financial]: The company's operations and financial stability are heavily reliant on support from its controlling stockholder, Zenith Energy Ltd., which has provided capital and covered expenses. A withdrawal of this support could be detrimental.
• Volatility in Oil and Gas Prices [medium — market]: As a producer in the oil and gas sector, the company's revenue and profitability are subject to the inherent volatility of commodity prices, which can fluctuate significantly.

Industry Context

Leopard Energy operates within the U.S. oil and gas production sector, specifically focusing on acquiring production opportunities. The industry is characterized by fluctuating commodity prices, regulatory oversight, and the need for significant capital investment. The company's current strategy leverages a royalty interest in producing wells, a less capital-intensive approach compared to direct exploration and production.

Regulatory Implications

As a publicly traded company, Leopard Energy is subject to SEC regulations and reporting requirements. The company's shift to the energy sector may also expose it to specific environmental and operational regulations governing oil and gas extraction, although its current royalty interest model may mitigate direct compliance burdens.

What Investors Should Do

1. Monitor Zenith Energy's continued support
2. Assess the sustainability of revenue streams
3. Track progress on addressing going concern issues

Key Dates

• 2023-08-23: Zenith Energy Ltd. acquired Series A Preferred Shares — Zenith Energy became the controlling stockholder, representing 99.87% of the voting power, and shifted the company's focus to energy production.
• 2024-01-17: Eagle Acquisition — The company purchased a 5% royalty interest in seven producing oil wells in the Eagle Ford Shale, marking its entry into energy production.
• 2024-03-06: Ippolito Cattaneo stepped down — Change in the company's director and officer composition following the change in control.
• 2025-07-31: Fiscal Year End — Reported net profit of $31,835, a turnaround from a net loss, driven by reduced G&A expenses and revenue from the Eagle Ford royalty interest.

Glossary

Series A Preferred Shares

A class of preferred stock that carries significant voting power, in this case, 99.87% of the total voting power. (Their acquisition by Zenith Energy led to a change in control and strategic direction for Leopard Energy.)

Royalty Interest

A right to receive a portion of the revenue generated from the production of oil and gas from a specific property. (This is the primary source of revenue for Leopard Energy, acquired in January 2024.)

Eagle Ford Shale

A significant oil and gas producing geological formation located in South Texas. (The location of the producing oil wells in which Leopard Energy holds a royalty interest.)

Working Capital Deficit

A situation where a company's current liabilities exceed its current assets, indicating potential short-term liquidity issues. (Leopard Energy had a working capital deficit of $122,814 as of July 31, 2025, contributing to going concern doubts.)

Going Concern

The assumption that a company will continue to operate for the foreseeable future without the threat of liquidation. (The company's financial condition raises substantial doubt about its ability to continue as a going concern.)

Year-Over-Year Comparison

Leopard Energy has shown a significant financial turnaround, moving from a net loss of $252,803 in fiscal year 2024 to a net profit of $31,835 in fiscal year 2025. This improvement was primarily driven by a substantial reduction in general and administrative expenses, which decreased by $222,246, and a modest increase in revenue from $4,429 to $5,974. Despite this positive shift, the company still faces challenges with accumulated losses of $11,693,115 and a working capital deficit of $122,814, raising concerns about its going concern status.

Key Financial Figures

• $0.001 — g) of the Act: Common Stock, par value $0.001 (Title of class) Indicate by check m
• $398,400 — ella for consideration of approximately $398,400. As part of the transaction, William Al
• $388,008 — stockholder, has provided approximately $388,008 capital in the form of payment made on
• $45,000 — yment made on behalf of the Company and $45,000 paid in capital in cash. Zenith Energy
• $5,974 — July 31, 2025, we generated revenues of $5,974 from the royalty interest we acquired i
• $64,922 — r the year ended July 31, 2025, totaled $64,922, representing a decrease of $222,246 co
• $222,246 — led $64,922, representing a decrease of $222,246 compared to $287,168 for the year ended
• $287,168 — ting a decrease of $222,246 compared to $287,168 for the year ended July 31, 2024. The p
• $31,835 — d July 31, 2025, we had a net profit of $31,835 due to the revenues and the positive re
• $4,429 — July 31, 2024, we generated revenues of $4,429 from the royalty interest we acquired i
• $252,803 — ded July 31, 2024, we had a net loss of $252,803, primarily to professional services und
• $12,118 — , 2025, our current assets consisted of $12,118 in cash, as compared to $6,432 in cash
• $6,432 — sted of $12,118 in cash, as compared to $6,432 in cash at July 31, 2024 and deposits $
• $12,115 — 2 in cash at July 31, 2024 and deposits $12,115, as compared to $ 6,429 at July 31, 202
• $76,579 — t cash used in operating activities was $76,579, consisting of our net profit for the p

Filing Documents

• cyap_10k.htm (10-K) — 463KB
• cyap_ex31c.htm (EX-3.1C) — 2KB
• cyap_ex311.htm (EX-31.1) — 10KB
• cyap_ex312.htm (EX-31.2) — 10KB
• cyap_ex321.htm (EX-32.1) — 3KB
• cyap_ex322.htm (EX-32.2) — 4KB
• cyap_ex31cimg2.jpg (GRAPHIC) — 178KB
• cyap_10kimg2.jpg (GRAPHIC) — 8KB
• cyap_ex31cimg1.jpg (GRAPHIC) — 241KB
• 0001477932-25-007668.txt ( ) — 2911KB
• cyap-20250731.xsd (EX-101.SCH) — 22KB
• cyap-20250731_lab.xml (EX-101.LAB) — 139KB
• cyap-20250731_cal.xml (EX-101.CAL) — 26KB
• cyap-20250731_pre.xml (EX-101.PRE) — 111KB
• cyap-20250731_def.xml (EX-101.DEF) — 38KB
• cyap_10k_htm.xml (XML) — 240KB

Business

Item 1. Business. 4 Item IA. Risk Factors. 5 Item lB. Unresolved Staff Comments. 5

Properties

Item 2. Properties. 5

Legal Proceedings

Item 3. Legal Proceedings. 5

Mine Safety Disclosures

Item 4. Mine Safety Disclosures. 5 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. 6

[Reserved]

Item 6. [Reserved]. 6

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. 7

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk. 9

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data. 10

Changes In and Disagreements With Accountants on Accounting and Financial Disclosure

Item 9. Changes In and Disagreements With Accountants on Accounting and Financial Disclosure. 11

Controls and Procedures

Item 9A. Controls and Procedures . 11

Other Information

Item 9B. Other Information. 12

Disclosure Regarding Foreign Jurisdictions That Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections. 12 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance. 13

Executive Compensation

Item 11. Executive Compensation. 15

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. 15

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence. 16

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services. 16 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules. 18

Form 10-K Summary

Item 16. Form 10-K Summary. 18

Signatures

Signatures 19 2 Table of Contents As used in this Annual Report on Form 10-K (this "Report"), and unless otherwise indicated, the terms "the Company," "Leopard Energy, "we," "us" and "our" refer to Leopard Energy, Inc. and its subsidiaries. CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K (this "Report") for the Company, contains forward-looking statements, including, without limitation, in the sections captioned "Item 1. Business" and "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations," as well as elsewhere in this Report. Any and all statements contained in this Report that are not statements of historical fact may be deemed forward-looking statements. Terms such as "may," "might," "would," "should," "could," "project," "estimate," "pro-forma," "predict," "potential," "strategy," "anticipate," "attempt," "develop," "plan," "help," "believe," "continue," "intend," "expect," "future" and terms of similar import (including the negative of any of the foregoing) may be intended to identify forward-looking statements. Not all forward-looking statements, however, may contain one or more of these identifying terms. Forward-looking statements in this Report may include, without limitation, statements regarding (i) the plans and objectives of management for future operations; (ii) a projection of income, earnings per share, capital expenditures, dividends, capital structure or other financial items; (iii) the Company's future financial performance, including any such statement contained in a discussion and analysis of financial condition by management or in the results of operations included pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"); and (iv) the assumptions underlying or relating thereto. The forward-looking statements are neither historical facts nor assurances of future performance and are not meant to predict or guarantee actual re

Business

Item 1. Business. 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

Properties

Item 2. Properties. We do not own or lease any real property.

Legal Proceedings

Item 3. Legal Proceedings. We have no knowledge of any material, active or pending proceeding against us or our subsidiaries, nor are we, or any subsidiary, involved as a plaintiff or defendant in any material proceeding or pending litigation.

Mine Safety Disclosures

Item 4. Mine Safety Disclosures. None. 5 Table of Contents PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. Market Information Our Common Stock is currently quoted on the Pink tier of the over-the-counter market maintained by OTC Markets Group, Inc., under the symbol "LEEN." However, there is currently only a limited trading market for the Common Stock and there is no assurance that a regular trading market will ever develop. Holders As of the date of this Report there were 36 holders of record of our Common Stock, based on information provided by the Company's transfer agent. The holders of Common Stock are entitled to one vote for each share held of record on all matters submitted to a vote of stockholders. Securities Authorized for Issuance Under Equity Compensation Plans None.

[Reserved]

Item 6. [Reserved]. 6 Table of Contents

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

Item 7. Management's Discussion and Analysis of our Financial Conditions and Results of Operations. The following discussion should be read in conjunction with our consolidated financial statements and notes to our consolidated financial statements, included in "Item 8. Financial Statements and Supplementary Data." of this Report. Results of Operations For the year ended July, 2025 ($) 2024 ($) Revenues 5,974 4,429 General and administrative expenses 64,922 287,168 Operating profit/ (loss) (58,948 ) (282,739 ) Total other income (expense) 90,783 29,936 Net profit/ (loss) 31,835 (252,803 ) For the year ended July 31, 2025, we generated revenues of $5,974 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. The Company's general and administrative expenses for the year ended July 31, 2025, totaled $64,922, representing a decrease of $222,246 compared to $287,168 for the year ended July 31, 2024. The primary reason for the decrease was a significant reduction in consulting expenses. In the year ended 2024, consulting expenses were primarily related to the shareholder and business transfer process, which included services for advisory on oil and gas operations, initial business operations, and other professional services. As the transfer and name change was completed, these consulting fees were no longer incurred in the year ended 2025. In addition, legal fees associated with general corporate and securities matters, such as SEC investigation did not recur in the year ended 2025. Furthermore, the accounting and bookkeeping services from third party were no longer rendered in the year ended 2025. For the year ended July 31, 2025, we had a net profit of $31,835 due to t

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk. As a " smaller reporting company " we are not required to provide this information. 9 Table of Contents

Financial Statements and Supplementary Data (PCAOB 50909)

Item 8. Financial Statements and Supplementary Data (PCAOB 50909). LEOPARD ENERGY, INC. Index to Financial Statements Page Report of Independent Registered Accounting Firm (PCAOB ID 1171) F-1 Consolidated Balance Sheets as of July 31, 2025, and 2024 F-2 Consolidated Statements of Operations for Years Ended July 31, 2025, and 2024 F-3 Consolidated Statement of Changes in Shareholder's Deficit for the Years Ended July 31, 2025, and 2024 F-4 Consolidated Statements of Cash Flows for the Years Ended July 31, 2025, and 2024 F-5

Notes to Consolidated Financial Statements for the Years Ended July 31, 2025, and 2024

Notes to Consolidated Financial Statements for the Years Ended July 31, 2025, and 2024 F-6 10 Table of Contents REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To: The Shareholders and the Board of Directors of Leopard Energy, Inc. Opinion on the Financial Statements We have audited the accompanying consolidated balance sheet of Leopard Energy, Inc and its Subsidiaries (collectively, "the Company") as of July 31, 2025, and the related consolidated statements of operations, changes in shareholders' deficit, and cash flows for the year ended July 31, 2025, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of July 31, 2025, and the results of its operations and its cash flows for the year ended July 31, 2025, in conformity with accounting principles generally accepted in the United States of America. Substantial Doubt about the Company's Ability to Continue as a Going Concern The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the financial statements, the Company incurred substantial losses during the years ended July 31, 2025 and 2024. As of July 31, 2025, the Company had a working capital deficit. Accordingly, these factors give rise to substantial doubt that the Company will be able to continue as a going concern. Management closely monitors the Company's financial position and has prepared a plan that is found in Note 1 that addresses this substantial doubt. These financial statements do not include any adjustments that might result from the outcome of this uncertainty. Basis for Opinion These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting fir

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