Leopard Energy Narrows Loss to $2,353, Still Reliant on Zenith Funding

TL;DR

**Leopard Energy is still a speculative bet, heavily dependent on its parent company, despite narrowing losses and a strategic pivot to energy royalties.**

AI Summary

Leopard Energy, Inc. (LEEN) reported a net loss of $2,353 for the three months ended October 31, 2025, a significant improvement from the $9,048 net loss in the same period of 2024. Revenue from royalty interests decreased to $1,153 in Q1 2026 from $1,923 in Q1 2025, representing a 40.1% decline. General and administrative expenses also saw a substantial reduction, falling to $3,416 in Q1 2026 from $10,908 in Q1 2025, a 68.7% decrease. The company's total assets increased slightly to $52,461 as of October 31, 2025, from $51,398 as of July 31, 2025, while total liabilities decreased to $118,348 from $134,932. Leopard Energy continues to rely on its controlling stockholder, Zenith Energy Ltd., for financing, which has provided approximately $408,008 in capital and $45,000 in cash since August 2023. The company's strategic outlook remains focused on acquiring additional royalty and/or ownership interests in the U.S. energy sector, building on its 5% royalty interest in seven oil wells in Lavaca County, Texas, acquired in January 2024.

Why It Matters

For investors, Leopard Energy's continued net losses and reliance on its controlling stockholder, Zenith Energy Ltd., for financing signal high risk and limited independent operational viability. The company's pivot to energy royalty interests, while showing reduced operating expenses, has yet to generate substantial or consistent revenue, impacting its ability to become self-sustaining. This financial dependency could limit future growth and strategic flexibility, potentially affecting employees and customers if Zenith Energy's support wavers. In the broader market, LEEN's micro-cap status and ongoing 'going concern' issues highlight the challenges faced by small companies attempting to pivot into capital-intensive sectors like energy without robust internal cash flow or diversified funding sources, making it a speculative play.

Risk Assessment

Risk Level: high — Leopard Energy explicitly states a 'going concern' issue, indicating its continued existence is dependent on obtaining additional equity and/or debt financing and revenue to cover expenses. The company has incurred a net loss of $2,353 for the three months ended October 31, 2025, and relies heavily on its controlling stockholder, Zenith Energy Ltd., which has provided approximately $408,008 in capital and $45,000 in cash since August 2023.

Analyst Insight

Investors should exercise extreme caution and consider this a highly speculative investment. Monitor Zenith Energy's continued commitment and any concrete progress on new energy acquisitions, as the company's viability hinges on external funding and successful expansion in the energy sector.

Financial Highlights

debt To Equity

N/A

revenue

$1,153

operating Margin

N/A

total Assets

$52,461

total Debt

N/A

net Income

-$2,353

eps

N/A

gross Margin

100%

cash Position

$13,181

revenue Growth

-40.1%

Revenue Breakdown

Key Numbers

• $2,353 — Net Loss (for the three months ended October 31, 2025, down from $9,048 in 2024)
• $1,153 — Net Sales (for the three months ended October 31, 2025, down from $1,923 in 2024)
• $3,416 — Total Operating Expenses (for the three months ended October 31, 2025, down from $10,908 in 2024)
• $52,461 — Total Assets (as of October 31, 2025, up from $51,398 as of July 31, 2025)
• $118,348 — Total Liabilities (as of October 31, 2025, down from $134,932 as of July 31, 2025)
• $65,887 — Total Stockholder's Deficit (as of October 31, 2025, an improvement from $83,534 as of July 31, 2025)
• $408,008 — Capital Provided by Zenith Energy (in payments made on behalf of the company since August 2023)
• $45,000 — Cash Capital Provided by Zenith Energy (since August 2023)
• 1,272,917 — Common Shares Outstanding (as of December 10, 2025)
• 5% — Royalty Interest (acquired in seven producing oil wells in January 2024)

Key Players & Entities

• Leopard Energy, Inc. (company) — registrant
• Zenith Energy Ltd. (company) — controlling stockholder and financier
• JanBella Group, LLC (company) — former controlling interest holder
• William Alessi (person) — former sole officer and director, affiliate of JanBella Group
• Luca Benedetto (person) — President and Treasurer of Leopard Energy
• Ippolito Cattaneo (person) — former Secretary and director of Leopard Energy
• Dario Sodero (person) — director of Leopard Energy
• Zena Oil & Gas LLC (company) — 100% owned subsidiary of Leopard Energy
• Eagle Ford Shale (location) — location of acquired royalty interests
• SEC (regulator) — Securities and Exchange Commission

FAQ

Risk Factors

• Reliance on Controlling Stockholder Financing [high — financial]: Leopard Energy continues to depend on Zenith Energy Ltd. for financing, having received approximately $408,008 in capital and $45,000 in cash since August 2023. This reliance poses a financial risk if Zenith Energy's support were to diminish.
• Limited Operational Diversification [medium — operational]: The company's primary asset is a 5% royalty interest in seven oil wells in Lavaca County, Texas. A lack of diversification in its revenue-generating assets makes it vulnerable to specific operational issues or market fluctuations affecting these wells.
• Declining Royalty Revenue [medium — market]: Revenue from royalty interests declined by 40.1% to $1,153 in Q1 2026 from $1,923 in Q1 2025. This trend indicates potential challenges in the underlying production or commodity prices affecting the company's core revenue stream.
• Substantial Stockholder's Deficit [medium — financial]: As of October 31, 2025, the company has a total stockholder's deficit of $65,887, an improvement from $83,534 as of July 31, 2025, but still indicates negative equity. This financial position may limit access to external financing.
• Unregistered Sales of Equity Securities [low — regulatory]: The company has a history of unregistered sales of equity securities, as noted in Item 2 of the filing. This practice can carry regulatory scrutiny and potential legal implications if not properly managed.

Industry Context

The U.S. energy sector, particularly oil and gas, is subject to volatile commodity prices and evolving regulatory landscapes. Companies like Leopard Energy, focused on royalty interests, are highly sensitive to production levels and market prices. The industry is characterized by significant capital requirements and consolidation, with larger players often acquiring smaller entities or assets.

Regulatory Implications

Leopard Energy's reliance on unregistered sales of equity securities, if not managed carefully, could attract regulatory attention. Furthermore, any changes in environmental regulations or tax policies impacting oil and gas production could affect the value and profitability of its royalty interests.

What Investors Should Do

1. Monitor Zenith Energy's continued financial support.
2. Analyze the drivers of royalty revenue decline.
3. Evaluate the feasibility of the company's acquisition strategy.

Key Dates

• 2025-10-31: End of Q1 2026 — Reporting period for the current 10-Q, showing a reduced net loss and declining revenue.
• 2025-07-31: End of Q4 2025 — Previous reporting period, used for comparison of balance sheet items like assets and liabilities.
• 2024-01-01: Acquisition of Royalty Interest — Company acquired a 5% royalty interest in seven oil wells, forming a core asset.
• 2023-08-01: Start of Zenith Energy Financing — Period from which Zenith Energy Ltd. has provided capital and cash to Leopard Energy.

Glossary

Royalty Interests

A right to receive a portion of the revenue generated from the sale of oil or gas produced from a specific property. (This is a primary source of revenue for Leopard Energy, and its decline is a key concern.)

Stockholder's Deficit

The amount by which total liabilities exceed total assets, indicating negative equity. (Leopard Energy has a significant stockholder's deficit, highlighting its precarious financial position.)

General and administrative expenses

Costs incurred for the overall management and administration of a business, not directly tied to production or sales. (A substantial reduction in these expenses contributed to the improved net loss.)

Controlling Stockholder

A stockholder who owns enough voting shares to control the election of directors and influence the company's management and policies. (Zenith Energy Ltd. is Leopard Energy's controlling stockholder and a critical source of its funding.)

Year-Over-Year Comparison

Compared to the prior year's comparable period, Leopard Energy has significantly reduced its net loss from $9,048 to $2,353. This improvement was driven by a substantial decrease in general and administrative expenses, which fell by 68.7%. However, revenue from royalty interests experienced a sharp decline of 40.1%, indicating a potential weakening in the core business operations despite cost-cutting measures.

Key Financial Figures

• $398,400 — ella for consideration of approximately $398,400. As part of the transaction, William Al
• $408,008 — stockholder, has provided approximately $408,008 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
• $2,353 — 2024, the Company incurred net loss of $2,353 and $9,048, respectively. For the quar
• $9,048 — Company incurred net loss of $2,353 and $9,048, respectively. For the quarter ended O
• $1,153 — ober 31, 2025, we generated revenues of $1,153 from the royalty interest we acquired i
• $3,416 — Company incurred operating expenses of $3,416. The majority of the expenses consisted
• $1,923 — ober 31, 2024, we generated revenues of $1,923 from the royalty interest we acquired i
• $10,908 — Company incurred operating expenses of $10,908. The majority of the expenses consisted
• $11,695,468 — the Company had accumulated deficit of $11,695,468 (As of October 31, 2024, a deficit of $
• $11,733,998 — 8 (As of October 31, 2024, a deficit of $11,733,998) and a working capital deficit of $105,
• $105,167 — 3,998) and a working capital deficit of $105,167. Management believes these factors rais

Filing Documents

• cyap_10q.htm (10-Q) — 304KB
• cyap_ex311.htm (EX-31.1) — 10KB
• cyap_ex312.htm (EX-31.2) — 10KB
• cyap_ex321.htm (EX-32.1) — 4KB
• cyap_ex322.htm (EX-32.2) — 4KB
• 0001477932-25-008941.txt ( ) — 1371KB
• cyap-20251031.xsd (EX-101.SCH) — 14KB
• cyap-20251031_lab.xml (EX-101.LAB) — 89KB
• cyap-20251031_cal.xml (EX-101.CAL) — 19KB
• cyap-20251031_pre.xml (EX-101.PRE) — 67KB
• cyap-20251031_def.xml (EX-101.DEF) — 21KB
• cyap_10q_htm.xml (XML) — 88KB

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 13 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 16 Item 4.

Controls and Procedures

Controls and Procedures 16 PART II OTHER INFORMATION 17 Item 1.

Legal Proceedings

Legal Proceedings 17 Item 1A.

Risk Factors

Risk Factors 17 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 17 Item 3. Defaults Upon Senior Securities. 17 Item 4. Mine Safety Disclosures 17 Item 5. Other Information 17 Item 6. Exhibits 18

SIGNATURES

SIGNATURES 19 2 Table of Contents

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION As used in this Form 10-Q (this " Report "), and unless otherwise indicated, the terms " the Company ," " we ," " us " and " our " refer to Leopard Energy, Inc. f/k/a Cyber Apps World Inc Certain information and footnote disclosures required under accounting principles generally accepted in the United States of America have been condensed or omitted from the following financial statements pursuant to the rules and regulations of the Securities and Exchange Commission. It is suggested that the following financial statements be read in conjunction with the year-end financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended July 31, 2025. 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. The results of operations for the three months ended October 31, 2025, are not necessarily indicative of the results for the entire fiscal year or for any other period. 3 Table of Contents LEOPARD ENERGY, INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS As of October 31, 2025 and July 31, 2025 October 31, July 31, 2025 2025 $ $ Current assets: Cash $ 13,181 $ 12,118 Total current assets 13,181 12,118 Other assets: Royalty interests 39,280 39,280 Total other assets 39,280 39,280 Total Assets $ 52,461 $ 51,398 LIABILITIES Current liabilities: Accounts payable and accrued liabilities $ 118,348 $ 134,932 Total current liabilities 118,348 134,932 Total Liabilities 118,348 134,932 STOCKHOLDER'S DEFICIT Preferred stock, $ 0.001 par value, 10,000,000 authorized, 100,000 issued and outstanding as of October 31, 2025 and July 31, 2025 100 100 Common stock, $ 0.001 par value, 250,000,000 shares authorized, 1,272,917 October 31, 2025 and July 31, 2025, respectively 1,

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

ITEM 2. Management's Discussion and Analysis of our Financial Conditions and Results of Operations.

Forward Looking Statements

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 worl

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Controls and Procedures

Item 4. Controls and Procedures. Disclosure Controls and Procedures We maintain disclosure controls and procedures, as defined in Rule 13a-15(e) and Rule 15d-15(e) promulgated under the Securities Exchange Act of 1934, as amended (the "Exchange Act") that are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms and that such information is accumulated and communicated to our senior management, which presently consists of Andrea Cattaneo, our Chief Executive Officer (our principal executive officer) and Luca Benedetto, our Chief Financial Officer (our principal financial and accounting officer

View Full Filing

View this 10-Q filing on SEC EDGAR