Leopard Energy, Inc 10-Q/A for FY2024 Q1

Leopard Energy, Inc. (LEEN)

10-Q/A 2024-11-21 For: 2023-10-31

Added on April 06, 2026

About this 10-Q/A

Leopard Energy, Inc filed this 10-Q/A on November 21, 2024, covering the quarter ended October 31, 2023 (FY2024 Q1).

Headline figures

Quarter ended October 31, 2023, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $0; compared with $0 a year earlier
Net loss: $18.57K; compared with a net loss of $23.76K a year earlier

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INDEX		Page

PART I	FINANCIAL INFORMATION

Item 1.	Condensed Consolidated Financial Statements

	Unaudited Condensed Consolidated Balance Sheets as of October 31, 2023 and July 31, 2023	4

	Unaudited Condensed Consolidated Statements of Comprehensive Loss for the three months ended October 31, 2023 and 2022	5

	Unaudited Condensed Consolidated Statements of Stockholders’ Equity for the three months ended October 31, 2023 and 2022	6

	Unaudited Condensed Consolidated Statements of Cash Flows for the three months ended October 31, 2023 and 2022	7

	Notes to the Unaudited Consolidated Condensed Financial Statements	8

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	17

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	20

Item 4.	Controls and Procedures	20

PART II	OTHER INFORMATION	21

Item 1.	Legal Proceedings	21

Item 1A.	Risk Factors	21

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	21

Item 3.	Defaults Upon Senior Securities.	21

Item 4.	Mine Safety Disclosures	21

Item 5.	Other Information	21

Item 6.	Exhibits	22

SIGNATURES		23

	October 31,			July 31,
	2023			2023
	(Unaudited and Restated)
	$			$
Current assets:
Cash	$	10,003		$	3
Deposits & prepayments		3,561			-
Total current assets		13,564			3
Other assets:
Lavaca Country Texas Producing Asset		-			-
Software development - WIP		-			-
Total other assets		-			-
Total Assets	$	13,564		$	3
LIABILITIES
Current liabilities:
Accounts payable and accrued liabilities	$	81,281		$	123,309
Total current liabilities		81,281			123,309
Long term liabilities:
Convertible notes payable		-			179,150
Loan payable		-			13,134
Total non-current liabilities		-			192,284
Total Liabilities		81,281			315,593
STOCKHOLDER’S DEFICIT
Preferred stock: $0.001 par value, 10,000,000 authorized, 100,000 issued and outstanding as of October 31, 2023 and July 31, 2023, respectively		100			100
Common stock: $0,001 par value, 250,000,000 authorized, 1,272,917 issued and outstanding as of October 31, 2023 and as of July 31, 2023, respectively		1,272			1,272
Additional paid in capital		11,421,629			11,155,185
Accumulated deficit		(11,490,718	)		(11,472,147	)
Total Stockholder’s Deficit		(67,717	)		(315,590	)

Total Liabilities and Stockholder’s Deficit	$	13,564		$	3

	For the three months ended
	October 31, 2023			October 31, 2022
	(Unaudited and Restated)
	$			$
Net Sales		-			-

Cost of Goods Sold		-			-
Gross Income		-			-

General and administrative		(42,517	)		(23,758	)
Write off software		-			-
Negotiating expenses		(24,230	)		-
Total operating expenses		(66,747	)		(23,758	)

Operating income (loss)		(66,747	)		(23,758	)

Other income
Write off Accounts payable		26,619			-
Write off convertible notes		8,423			-
Write off loan payable		13,134			-
Total other income		48,176			-

Net loss		(18,571	)		(23,758	)

Net loss per share – basic and diluted		(0.01	)		(0.02	)
Weighted average shares outstanding – basic and diluted		1,272,917			1,043,772

	Common Stock						Preferred Stock				Additional
	Number			Par Value			Number		Par Value		paid in Capital		Accumulated Deficit			Total
				$					$		$		$			$
Opening balance as of July 31, 2022		961,448			961			-		-		11,123,597		(11,323,253	)		(198,695	)
Issuance of Common stock from convertible notes conversion		98,160			98			-		-		23,388		-			23,486
Issuance of Common Stock		37,079			37			-		-		-		-			37
Cancellation of Common shares		(37,079	)		(37	)		-		-		-		-			(37	)
Net Profit		-			-			-		-		-		(23,758	)		(23,758	)
Closing Balance as of October 31, 2022		1,059,608			1,059			-		-		11,146,985		(11,347,011	)		(198,967	)

Opening balance as of July 31, 2023		1,272,917			1,272			100,000		100		11,155,185		(11,472,147	)		(315,590	)
Additional paid in capital		-			-			-		-		266,444		-			266,444
Net Profit		-			-			-		-		-		(18,571	)		(18,571	)
Closing Balance as of October 31, 2023		1,272,917			1,272			100,000		100		11,421,629		(11,490,718	)		(67,717	)

	For the three months ended
	October 31.
	2023			2022
	(Amended and Restated)			(Amended and Restated)
	$			$
Cash flows from operating activities
Net income (loss) for the period		(18,571	)		(23,758	)
Adjustments to reconcile net loss to cash used in operating activities:
Convertible Notes Write off		(8,423	)		-
Loan Payable write off		(13,134	)		-
Accounts payable write off		(26,619	)		-
Original initial discount and legal processing fees		-			3,000
Change in operating assets and liabilities
Deposits & prepayments		(3,561	)		-
Accounts payable and accrued liabilities		1,591			(20,337	)
Due to parent-operating expenses		68,717
Net cash provided from (used in) operating activities		-			(41,095	)
Cash flows from investing activities
Software Development		-			-
Net cash used in investing activities		-			-
Cash flows from financing activities
Change in convertible notes payable		-			30,000
Proceeds from Notes payable		-			11,000
Proceeds from issuance of common shares		-			-
Proceeds from additional paid in capital		10,000			-
Net cash provided by financing activities		10,000			41,000

Change in Cash		10,000			(95	)
Cash – beginning of period		3			320
Cash – end of period		10,003			225

Supplemental cash flow disclosures
Cash paid For:
Interest		-			-
Income tax		-			-
Non-Cash Activities:
Stockholder contribution converted from due to parent balance		257,444			-

	For the three months ended October 31,
	2023			2023
	(Unaudited and Restated)			(Previously filed)
	$			$
Net Sales		-			-

Cost of Goods Sold		-			-
Gross Income		-			-

General and administrative		(42,517	)		112,611
Write off software		-			-
Negotiating expenses		(24,230	)		-
Total operating expenses		(66,747	)		112,611

Operating income (loss)		(66,747	)		112,611

Other income (expense)
Write off Accounts payable		26,619			-
Write off convertible notes		8,423			-
Write off loan payable		13,134			-
Total other income (expense)		48,176			-

Net income (loss)		(18,571	)		112,611	)

Net loss per share – basic and diluted		(0.01	)		(0.09	)
Weighted average shares outstanding – basic and diluted		1,272,917			1,272,917

	For the three months ended October 31.
	2023			2022			2023			2022
	(unaudited and restated)			(unaudited and Restated)			(Previously filed)			(Previously filed)
	$			$			$			$
Cash flows from operating activities
Net income (loss) for the period		(18,571	)		(23,758	)		112,611			(23,758	)
Adjustments to reconcile net loss to cash used in operating activities:
Convertible Notes Write off		(8,423	)		-			-			-
Loan Payable write off		(13,134	)		-			-			-
Accounts payable write off		(26,619	)		-			-			-
Original initial discount and legal processing fees		-			3,000			-			-
Change in operating assets and liabilities
Deposits & prepayments		(3,561	)		-			-			-
Accounts payable and accrued liabilities		1,591			(20,337	)		(26,346	)		(20,337	)
Due to parent-operating expenses		68,717
Net cash provided from (used in) operating activities		-			(41,095	)		80,265			(44,095	)
Cash flows from investing activities
Software Development		-			-			-			-
Net cash used in investing activities		-			-			-			-
Cash flows from financing activities
Change in convertible notes payable		-			30,000			(180,686	)		20,550
Proceeds from Notes payable		-			11,000			(11,597	)		-
Proceeds from issuance of common shares		-			-			116,018			61,841
Proceeds from additional paid in capital		10,000			-			-			(38,391	)
Net cash provided by financing activities		10,000			41,000			(76,265	)		44,000

Change in Cash		10,000			(95	)		10,000			(95	)
Cash – beginning of period		3			320			3			320
Cash – end of period		10,003			225			10,003			225

Supplemental cash flow disclosures
Cash paid For:
Interest		-			-			-			-
Income tax		-			-			-			-
Non-Cash Activities:
Stockholder contribution converted from due to parent balance		257,444			-			-			-

Exhibit No.		Description of Exhibit

31.1*		Certification of Principal Executive Officer pursuant to Section 302(a) of the Sarbanes- Oxley Act

31.2*		Certification of Principal Financial and Accounting Officer pursuant to Section 302(a) of the Sarbanes-Oxley Act

32.1*		Certification of Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act.

32.2*		Certification of Principal Financial and Accounting Officer pursuant to Section 906 of the Sarbanes-Oxley Act

101.INS**		Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.

101.SCH**		Inline XBRL Taxonomy Extension Schema Document

101.CAL**		Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.LAB**		Inline XBRL Taxonomy Extension Labels Linkbase Document

101.DEF**		Inline XBRL Taxonomy Extension Definition Linkbase Document

101.PRE**		Inline XBRL Taxonomy Extension Presentation Linkbase Document

104**		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

*	Filed herewith.
**	Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934 and otherwise are not subject to liability under those sections.

	LEOPARD ENERGY, INC.

Date: November 21, 2024	By:	/s/ Luca Benedetto
		Luca Benedetto Chief Financial Officer (Principal Financial and Accounting Officer)

(a)		designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)			designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)	evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)	disclosed in this quarterly report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

	(a)	all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and

	(b)	any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date: November 21, 2024	By:	/s/ Andrea Cattaneo
		Andrea Cattaneo
		Chief Executive Officer and President
		(Principal Executive Officer)

Date: November 21, 2024	By:	/s/ Luca Benedetto
		Luca Benedetto
		Chief Financial Officer
		(Principal Financial and Accounting Officer)

	a)	The Registrant’s Amendment No. 1 to Quarterly Report on Form 10-Q/A for the quarter ended October 31, 2023 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

	b)	the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.