10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended April 30, 2026

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to __________

Commission file number: 000-50693

Leopard Energy, Inc.

(Exact name of registrant as specified in its charter)

Nevada	90-0314205
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

Via Tomaso Rodari 6, Lugano, Switzerland 6900

(Address of principal executive offices) (Zip Code)

+41 791595013

Registrant’s telephone number, including area code

____________________________________________________________ 

(Former name, former address and former fiscal year, if changed since last report)

Securities registered under Section 12(b) of the Exchange Act:

None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☐     No ☒

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☐     No ☒

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐   No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

1,272,917 shares of common stock are issued and outstanding as of June 9, 2026.

Table of Contents

INDEX		Page
PART I	FINANCIAL INFORMATION	3
Item 1.	Unaudited Condensed Consolidated Interim Financial Statements
	Unaudited Condensed Consolidated Balance Sheets as of April 30, 2026 and July 31, 2025	4
	Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss for the nine months ended April 30, 2026 and 2025	5
	Unaudited Condensed Consolidated Statements of Stockholders’ Equity for the nine months ended April 30, 2026 and 2025	6
	Unaudited Condensed Consolidated Statements of Cash Flows for the nine months ended April 30, 2026 and 2025	7
	Notes to the Unaudited Condensed Consolidated Financial Statements	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	12
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	15
Item 4.	Controls and Procedures	15
PART II	OTHER INFORMATION	16
Item 1.	Legal Proceedings	16
Item 1A.	Risk Factors	16
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	16
Item 3.	Defaults Upon Senior Securities.	16
Item 4.	Mine Safety Disclosures	16
Item 5.	Other Information	16
Item 6.	Exhibits	17
SIGNATURES		18

2

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 and nine months ended April 30, 2026, are not necessarily indicative of the results for the entire fiscal year or for any other period.

3

LEOPARD ENERGY, INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

As of April 30, 2026 and July 31, 2025

	April 30,			July 31,
	2026 (Unaudited)			2025
	$			$
Current assets:
Cash	$	15,652		$	12,118
Total current assets		15,652			12,118
Other assets:
Royalty interests		39,280			39,280
Total other assets		39,280			39,280
Total Assets	$	54,932		$	51,398
LIABILITIES
Current liabilities:
Accounts payable and accrued liabilities	$	117,932		$	134,932
Total current liabilities		117,932			134,932
Total Liabilities		117,932			134,932
STOCKHOLDER’S EQUITY
Preferred stock: $0.001 par value, 10,000,000 share authorized, 100,000 shares issued and outstanding as of April 30, 2026 and July 31, 2025		100			100
Common stock: $0.001 par value, 250,000,000 authorized, 1,272,917 issued and outstanding as of April 30, 2026 and as of July 31, 2025, respectively		1,272			1,272
Additional paid in capital		11,637,709			11,608,209
Accumulated deficit		(11,702,081	)		(11,693,115	)
Total Stockholder’s Equity		(63,000	)		(83,534	)
Total Liabilities and Stockholder’s Equity	$	54,932		$	51,398

(The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements) 

4

LEOPARD ENERGY, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

For the three and nine months ended April 30, 2026 and 2025

	For the three months ended						For the nine months ended
	April 30, 2026			April 30, 2025			April 30, 2026			April 30, 2025
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
	$			$			$			$
Revenue		1,715			1,333			3,804			4,752
Cost of Revenue		-			-			-			-
Gross Income		1,715			1,333			3,804			4,752
General and administrative		(4,167	)		(6,167	)		(12,500	)		(42,756	)
Negotiating expenses		-			-			-			-
Total operating expenses		(4,167	)		(6,167	)		(12,500	)		(42,756	)
Operating loss		(2,452	)		(4,834	)		(8,696	)		(38,004	)
Gain from Accounts payable write off		-			91,071			-			91,071
Financial expense		(90	)		(65	)		(270	)		(198	)
Total other income (expense)		(90	)		91,006			(270	)		90,873
Net profit/(loss)		(2,542	)		86,172			(8,966	)		52,869
Net income per share – basic and diluted		(0.00	)		0.07			(0.01	)		0.04
Weighted average shares outstanding – basic and diluted		1,272,917			1,272,917			1,272,917			1,272,917

(The accompanying notes are an integral part of these condensed consolidated interim financial statements)

5

LEOPARD ENERGY, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY

For the nine months ended April 30, 2026 and 2025

	Common Stock				Preferred Stock				Additional
			Par				Par		paid in		Accumulated
	Number		Value		Number		Value		Capital		Deficit			Total
				$				$		$		$			$
Opening balance as of July 31, 2024		1,272,917		1,272		100,000		100		11,525,944		(11,724,950	)		(197,634	)
Additional paid in capital		-		-		-		-		24,000		-			24,000
Net Loss		-		-		-		-		-		(9,048	)		(9,048	)
Closing Balance as of October 31, 2024		1,272,917		1,272		100,000		100		11,549,944		(11,733,998	)		(182,682	)
Additional paid in capital		-		-		-		-		20,015		-			20,015
Net Loss		-		-		-		-		-		(24,255	)		(24,255	)
Closing Balance as of January 31, 2025		1,272,917		1,272		100,000		100		11,569,959		(11,758,253	)		(186,922	)
Additional paid in capital		-		-		-		-		5,500		-			5,500
Net Profit		-		-		-		-		-		86,172			86,172
Closing Balance as of April 30, 2025		1,272,917		1,272		100,000		100		11,575,459		(11,672,081	)		(95,250	)

Opening balance as of July 31, 2025	1,272,917	1,272	100,000	100	11,608,209	(11,693,115	)	(83,534	)
Issuance of Common Stock	-	-	-	-	-	-		-
Additional paid in capital	-	-	-	-	20,000	-		20,000
Net Loss	-	-	-	-	-	(2,353	)	(9,048	)
Closing Balance as of October 31, 2025	1,272,917	1,272	100,000	100	11,628,209	(11,695,468	)	(65,887	)
Issuance of Common Stock	-	-	-	-	-	-		-
Additional paid in capital	-	-	-	-	9,500	-		9,500
Net Loss	-	-	-	-	-	(4,071	)	(24,255	)
Closing Balance as of January 31, 2026	1,272,917	1,272	100,000	100	11,637,709	(11,699,539	)	(60,458	)
Net Loss	-	-	-	-	-	(2,542	)	(2,542	)
Closing Balance as of April 30, 2026	1,272,917	1,272	100,000	100	11,637,709	(11,702,081	)	(63,000	)

(The accompanying notes are an integral part of the unaudited condensed consolidated interim financial statements)

6

LEOPARD ENERGY, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

For the nine months ended April 30, 2026 and 2025

	For the nine months ended April 30,
	2026			2025
	(Unaudited)			(Unaudited)
Cash flows from operating activities	$			$
Net loss for the period		(8,966	)		52,869
Adjustments to reconcile net loss to cash used in operating activities:
Accounts payable write off		-			(91,071	)
Non-cash items:
Expense paid by a stockholder on behalf of the Company		29,500			49,515
Accounts payable and accrued liabilities		(17,000	)		(6,759	)
Net cash provided from (used in) operating activities		3,534			4,554
Cash flows from investing activities
Net cash used in investing activities		-			-
Cash flows from financing activities
Net cash provided by financing activities		-			-
Change in Cash		3,534			4,554
Cash – beginning of period		12,118			6,432
Cash – end of period		15,652			10,986
Non-cash activities
Expenses payment made by a stockholder on behalf of the Company as paid in capital		29,500			44,015

(The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements)

7

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

As of and for the nine months ended April 30, 2026 and 2025

Note 1. Organization and Business Description

Leopard Energy, Inc. and its subsidiaries (Collectively, the “Company”), was historically engaged in 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. The Company has not been successful in developing revenue from these operations in its operating history.

Name of Entity	Incorporation Date	Background	Ownership	Principal activities
Leopard Energy, Inc (f/k/a Cyber Apps World Inc.)	July 15, 2002	US Company	Parent Company	Holding Company
Zena Oil & Gas LLC	June 21, 2023	US Company	100% Owned	Oil production and related investments

Since the transfer of its controlling interest in August 2023, the Company redirect its business into the energy sector, mainly aiming at investment in royalty interest of energy related petrol and mineral production.

Note 2. Summary of Significant Accounting Policies

The Company’s significant accounting policies are summarized in Note 2 of the Company’s Annual Report on Form 10-K for the year ended July 31, 2025. There were no significant changes to these accounting policies during the nine months ended April 30, 2026, and the Company does not expect that the adoption of other recent accounting pronouncements will have a material impact on its financial statements.

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, the unaudited interim financial statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.

The accompanying unaudited condensed consolidated financial statements include the accounts of Leopard Energy, Inc, (formerly known as Cyber Apps World Inc.) (the “Company”). These financial statements are condensed and, therefore, do not include all disclosures normally required by accounting principles generally accepted in the United States of America. Therefore, these statements should be read in conjunction with the most recent annual financial statements of The Company for the year ended July 31, 2025. In particular, the Company’s significant accounting principles were presented as Note 2 to the Financial Statements in that report. In the opinion of management, all adjustments necessary for a fair presentation have been included in the accompanying interim condensed financial statements and consist of only normal recurring adjustments. The results of operations presented in the accompanying interim condensed financial statements are not necessarily indicative of the results that may be expected for the full year ending July 31, 2026.

Going Concern

The accompanying unaudited condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the discharge of liabilities in the normal course of business for the foreseeable future.

As reflected in the accompanying unaudited interim financial statements for the nine months ended April 30, 2026 and 2025, the Company incurred net loss of $8,966 and profit of $52,869, respectively.

As of April 30, 2026, the Company had accumulated deficit of $11,702,081 and a working capital deficit of $102,280. Management believes these factors raise substantial doubt about the Company’s ability to continue as a going concern for the next twelve months.

8

During the nine months ended April 30, 2026, the Company incurred operating expenses of $12,500. The majority of the expenses consisted of general and administrative expenses, which include professional services.

For the nine months ended April 30, 2026, we had a net loss of $8,966, primarily due 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 nine months ended April 30, 2026, we generated revenues of $3,804 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.

Management recognized that the Company’s continued existence is dependent upon its ability to obtain needed working capital through additional equity and/or debt financing and revenue to cover expenses as the Company continues to incur losses. Management monitors and analyzes the Company’s cash on-hand, its ability to generate sufficient revenue sources in the future, and its operating and capital expenditure commitments.

Since its incorporation, the Company has financed its operations through advances from its controlling shareholders, third-party convertible debt, and the sale of its common stock. Management’s plans are to finance operations through the sale of equity or other investments for the foreseeable future, as the Company does not receive significant revenue from its business operations. There is no guarantee that the Company will be successful in arranging financing on acceptable terms.

The Company’s ability to raise additional capital is affected by trends and uncertainties beyond its control. The Company does not currently have any arrangements for financing, and it may not be able to find such financing if required. Obtaining additional financing would be subject to a number of factors, including investor sentiment. Market factors may make the timing, amount, terms or conditions of additional financing unavailable to it.

Since the transfer of controlling interest in August 2023, Zenith Energy Ltd. (“Zenith Energy”), the Company’s controlling stockholder, has provided approximately $417,508 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, until such time as the Company receives additional financing.

To sustain its ability to support the Company’s operating activities, the Company may have to consider supplementing its available sources of funds through the following sources: (1) cash generated from upcoming operations; (2) new bank loans, (3) financial support from the Company’s shareholder and related party. Based on the above analysis, management believes it is more likely than not that the Company can meet its obligations as they become due within one year from the reporting date and can continue as a going concern. 

The Company’s significant accounting policies are summarized in Note 2 of the Company’s Annual Report on Form 10-K for the year ended July 31, 2025. There were no significant changes to these accounting policies during the nine months ended April 30, 2026, and the Company does not expect that the adoption of other recent accounting pronouncements will have a material impact on its financial statements.

9

Note 3. Net Loss Per Common Share

Basic profit/loss per common share is computed based on the weighted average number of shares outstanding during the year. Diluted earnings per common share are computed by dividing net earnings by the weighted average number of common shares and potential common shares during the specified periods. The Company has no outstanding options or warrants that could affect the calculated number of shares.

	For the nine months ended April 30,
	2026			2025
Numerator:
Net Profit/(Loss)	$	(8,966	)	$	52,869
Net Profit/(Loss) – diluted	$	(8,966	)	$	52,869
Denominator:
Basic and diluted weighted average shares outstanding		1,272,917			1,272,917
Net Profit/(Loss) per common share:
Basic	$	(0.01	)	$	0.04
Diluted	$	(0.01	)	$	0.04

Recently Issued Accounting Pronouncements

In November 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires the disclosure of additional segment information. ASU No. 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company adopted ASU 2023-07 on August 1, 2024 and it has no material impact on the Company’s financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires, among other things, additional disclosures primarily related to the income tax rate reconciliation and income taxes paid. The expanded annual disclosures are effective for the Company’s year ending July 31, 2026. The Company adopted the ASU 2023-09 on August 1, 2025 and it has no material impact on the Company’s financial statements.

Note 4. Common Stock

Common Stock

During the nine months ended April 30, 2026 and 2025, the Company did not issue nor cancelled any share.

10

Note 5. Related Party Transactions

There were no reportable related party transactions during the nine-months ended April 30, 2026 and 2025.

Note 6. Commitments and Contingencies

From time to time, the Company may be involved in litigation in the ordinary course of business. The Company is not currently involved in any litigation that the Company believe could have a material adverse effect on its financial condition or results of operations.

Note 7. Segment Reporting

The Company operates as one operating and reportable segment and its sole business activity consists of generating revenue from royalty interest distribution from royalty interest in Oil wells.

The accounting policies of the segment are the same as those described in “Note 2 — Summary of Significant Accounting Policies.” The Company’s CODM uses net income (loss) to measure segment profit or loss and assesses performance against expectations to make resource allocation decisions.

Additionally, the CODM reviews and uses functional expenses included in net income (loss) to manage the Company’s operations and assess operating profitability. The Company operates as one operating and reportable segment, and as such the significant segment expenses regularly provided to the CODM are those presented on the consolidated statements of operations. These significant segment expenses mainly include general and administrative. Other segment items that are presented on the consolidated statements of operations include financing expense, gain from accounts payable write-off.

Note 8. Subsequent Events

Management evaluated all additional events through June 9, 2026, which is the date the financial statements were available to be issued. Based upon the management review, unless noted below, the Company did not identify any material subsequent events that would have required adjustment or disclosure in the financial statements.

11

ITEM 2. 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 $417,508 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, until such time as the Company receives additional financing.

12

Results of Operations

	For the nine months ended
	April 30, 2026			April 30, 2025
Revenues		3,804			4,752
Total operating expenses		(12,500	)		(42,756	)
Total other income (expense)		(270	)		90,873
Net Profit/(Loss)		(8,966	)		52,869

During the nine months ended April 30, 2026, the Company incurred operating expenses of $12,500. The majority of the expenses consisted of general and administrative expenses, which include professional services.

For the nine months ended April 30, 2026, we had a net loss of $8,966, primarily due 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 nine months ended April 30, 2026, we generated revenues of $3,804 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 nine months ended April 30, 2025, the Company incurred operating expenses of $42,756. The majority of the expenses consisted of general and administrative expenses, which include professional services.

For the nine months ended April 30, 2025, we had a profit of $52,869, primarily due to the write-off of accounts payable for $91,071, partially offset by professional services under general and administrative expenses. All the expenses were paid by our controlling stockholder Zenith Energy, who renounced its credit.

As of April 30, 2026, the Company had accumulated deficit of $11,702,081 and a working capital deficit of $102,280. 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, 2026		July 31, 2025
Cash		15,652		12,118
Total current assets		15,652		12,118
Non-current assets		39,280		39,280
Current liabilities (Accounts payable)		117,932		134,932
Non -current liabilities		-		-

As of April 30, 2026, our current assets consisted of $15,652 in cash, as compared to $12,118 at July 31, 2025, Non-current assets, consisting of the royalty interest acquired in the January 2024 (Eagle Acquisition), were $39,280 as at April 30, 2026 and July 31, 2025.

13

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 and will continue 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 nine months ended
	April 30, 2026		April 30, 2025
Net cash (used in) operating activities		3,534		4,554

Cash Flows from Investing Activities

	For the nine months ended
	April 30, 2026		April 30, 2025
Net cash provided by investing activities		-		-

Cash Flows from Financing Activities

	For the nine months ended
	April 30, 2026		April 30, 2025
Net cash provided by financing activities		-		-

14

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.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

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), as appropriate to allow timely decisions regarding required disclosure.

We carried out an evaluation, under the supervision and with the participation of our senior management, which presently consists of Andrea Cattaneo, our Chief Executive Officer ) and Luca Benedetto, our Chief Financial Officer of the effectiveness of the design and operation of our disclosure controls and procedures as of April 30, 2026. Based on the evaluation of these disclosure controls and procedures, and in light of the material weaknesses found in our internal controls over financial reporting described in the Company’s Annual Report on Form 10-K for the year ended July 31, 2025, as amended, our Chief Executive Officer and President and Chief Financial Officer concluded that our disclosure controls and procedures were not effective as of April 30, 2026.

Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the nine months ended April 30, 2026, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

15

PART II—OTHER INFORMATION

Item 1. Legal Proceedings.

None.

Item 1A. Risk Factors.

As a “smaller reporting company” we are not required to disclose information under this Item.

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

None.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety

Not Applicable.

Item 5. Other Information

None.

16

Item 6. Exhibits.

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.

17

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

	LEOPARD ENERGY, INC.
Date: June 9, 2026	By:	/s/ Luca Benedetto
		Luca Benedetto Chief Financial Officer (Principal Financial and Accounting Officer)

18

EX-31.1

EXHIBIT 31.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT AND RULE 13A-14(A) OR 15D-14(A) UNDER THE

SECURITIES EXCHANGE ACT OF 1934

I, Andrea Cattaneo, as Chief Executive Officer and President (principal executive officer) of Leopard Energy, Inc., a Nevada corporation (the “Registrant”) certify that:

1. I have reviewed the Quarterly Report on Form 10-Q for the quarter ended April 30, 2026;

2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omitted to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;

3. Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;

4. Together with the Registrant’s other certifying officer, I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13(a)-15(f) and 15(d)-15(f)) for the Registrant and I have:

(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.

5. Together with the Registrant’s other certifying officer, I have disclosed, based on my most recent evaluation of internal controls over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

(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: June 9, 2026	By:	/s/ Andrea Cattaneo
		Andrea Cattaneo
		Chief Executive Officer and President
		(Principal Executive Officer)

EX-31.2

EXHIBIT 31.2

CERTIFICATION OF PRINCIPAL FINANCIAL AND ACCOUNTING OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT AND RULE 13A-14(A) OR 15D-14(A) UNDER THE

SECURITIES EXCHANGE ACT OF 1934

I, Luca Benedetto, as Chief Financial Officer (principal financial and accounting officer) of Leopard Energy, Inc., a Nevada corporation (the “Registrant”) certify that:

1. I have reviewed the Quarterly Report on Form 10-Q for the quarter ended April 30, 2026;

2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omitted to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;

3. Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;

4. Together with the Registrant’s other certifying officer, I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e))and internal control over financial reporting (as defined in Exchange Act Rules 13(a)-15(f) and 15(d)-15(f)) for the Registrant and I have:

(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.

5. Together with the registrant’s other certifying officer, I have disclosed, based on my most recent evaluation of internal controls over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

(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: June 9, 2026	By:	/s/ Luca Benedetto
		Luca Benedetto
		Chief Financial Officer
		(Principal Financial and Accounting Officer)

EX-32.1

EXHIBIT 32.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Andrea Cattaneo, Chief Executive Officer (principal executive officer) of Leopard Energy Inc., a Nevada corporation (the “Registrant”) hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

a)	The Quarterly Report on Form 10-Q for the quarter ended April 30, 2026 (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.

Date: June 9, 2026	By:	/s/ Andrea Cattaneo
		Andrea Cattaneo
		Chief Executive Officer and President
		(Principal Executive Officer)

EX-32.2

EXHIBIT 32.2

CERTIFICATION OF PRINCIPAL FINANCIAL AND ACCOUNTING OFFICER PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Luca Benedetto, Chief Financial Officer (principal financial and accounting officer) of Leopard Energy Inc., a Nevada corporation (the “Registrant”) hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

a)	The Quarterly Report on Form 10-Q for the quarter ended April 30, 2026 (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.

Date: June 9, 2026	By:	/s/ Luca Benedetto
		Luca Benedetto
		Chief Financial Officer
		(Principal Financial and Accounting Officer)

XML

Cover - shares	9 Months Ended
	Apr. 30, 2026	Jun. 09, 2026
Cover [Abstract]
Entity Registrant Name	Leopard Energy, Inc.
Entity Central Index Key	0001230524
Document Type	10-Q
Amendment Flag	false
Current Fiscal Year End Date	--07-31
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	No
Document Period End Date	Apr. 30, 2026
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2026
Entity Common Stock Shares Outstanding		1,272,917
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	000-50693
Entity Incorporation State Country Code	NV
Entity Tax Identification Number	90-0314205
Entity Address Address Line 1	Via Tomaso Rodari 6
Entity Address City Or Town	Lugano
Entity Address Country	CH
Entity Address Postal Zip Code	6900
City Area Code	41
Local Phone Number	791595013
Entity Interactive Data Current	No

XML

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Apr. 30, 2026	Jul. 31, 2025
Current assets:
Cash	$ 15,652	$ 12,118
Total current assets	15,652	12,118
Other assets:
Royalty interests	39,280	39,280
Total other assets	39,280	39,280
Total Assets	54,932	51,398
Current liabilities:
Accounts payable and accrued liabilities	117,932	134,932
Total current liabilities	117,932	134,932
Total Liabilities	117,932	134,932
STOCKHOLDER'S EQUITY
Preferred stock: $0.001 par value, 10,000,000 share authorized, 100,000 shares issued and outstanding as of April 30, 2026 and July 31, 2025	100	100
Common stock: $0.001 par value, 250,000,000 authorized, 1,272,917 issued and outstanding as of April 30, 2026 and as of July 31, 2025, respectively	1,272	1,272
Additional paid in capital	11,637,709	11,608,209
Accumulated deficit	(11,702,081)	(11,693,115)
Total Stockholder's Equity	(63,000)	(83,534)
Total Liabilities and Stockholder's Equity	$ 54,932	$ 51,398

XML

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Apr. 30, 2026	Jul. 31, 2025
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares, issued	100,000	100,000
Preferred stock, shares, outstanding	100,000	100,000
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares, issued	1,272,917	1,272,917
Common stock, shares, outstanding	1,272,917	1,272,917

XML

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)	3 Months Ended		9 Months Ended
	Apr. 30, 2026	Apr. 30, 2025	Apr. 30, 2026	Apr. 30, 2025
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
Revenue	$ 1,715	$ 1,333	$ 3,804	$ 4,752
Cost of Revenue	0	0	0	0
Gross Income	1,715	1,333	3,804	4,752
General and administrative	(4,167)	(6,167)	(12,500)	(42,756)
Negotiating expenses	0	0	0	0
Total operating expenses	(4,167)	(6,167)	(12,500)	(42,756)
Operating loss	(2,452)	(4,834)	(8,696)	(38,004)
Gain from Accounts payable write off	0	91,071	0	91,071
Financial expense	(90)	(65)	(270)	(198)
Total other income (expense)	(90)	91,006	(270)	90,873
Net profit/(loss)	$ (2,542)	$ 86,172	$ (8,966)	$ 52,869
Net income per share - basic and diluted	$ (0.00)	$ 0.07	$ (0.01)	$ 0.04
Weighted average shares outstanding - basic and diluted	1,272,917	1,272,917	1,272,917	1,272,917

XML

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS EQUITY - USD ($)	Total	Common Stock	Preferred Stock	Additional Paid-In Capital	Accumulated Deficit
Balance, shares at Jul. 31, 2024		1,272,917	100,000
Balance, amount at Jul. 31, 2024	$ (197,634)	$ 1,272	$ 100	$ 11,525,944	$ (11,724,950)
Additional paid in capital	24,000	0	0	24,000	0
Net Loss	(9,048)	$ 0	$ 0	0	(9,048)
Balance, shares at Oct. 31, 2024		1,272,917	100,000
Balance, amount at Oct. 31, 2024	(182,682)	$ 1,272	$ 100	11,549,944	(11,733,998)
Additional paid in capital	20,015	0	0	20,015	0
Net Loss	(24,255)	$ 0	$ 0	0	(24,255)
Balance, shares at Jan. 31, 2025		1,272,917	100,000
Balance, amount at Jan. 31, 2025	(186,922)	$ 1,272	$ 100	11,569,959	(11,758,253)
Additional paid in capital	5,500	0	0	5,500	0
Net Loss	86,172	$ 0	$ 0	0	86,172
Balance, shares at Apr. 30, 2025		1,272,917	100,000
Balance, amount at Apr. 30, 2025	(95,250)	$ 1,272	$ 100	11,575,459	(11,672,081)
Balance, shares at Jul. 31, 2025		1,272,917	100,000
Balance, amount at Jul. 31, 2025	(83,534)	$ 1,272	$ 100	11,608,209	(11,693,115)
Additional paid in capital	20,000	0	0	20,000	0
Net Loss	(9,048)	0	0	0	(2,353)
Issuance of Common Stock	0	$ 0	$ 0	0	0
Balance, shares at Oct. 31, 2025		1,272,917	100,000
Balance, amount at Oct. 31, 2025	(65,887)	$ 1,272	$ 100	11,628,209	(11,695,468)
Additional paid in capital	9,500	0	0	9,500	0
Net Loss	(24,255)	0	0	0	(4,071)
Issuance of Common Stock	0	$ 0	$ 0	0	0
Balance, shares at Jan. 31, 2026		1,272,917	100,000
Balance, amount at Jan. 31, 2026	(60,458)	$ 1,272	$ 100	11,637,709	(11,699,539)
Net Loss	(2,542)	$ 0	$ 0	0	(2,542)
Balance, shares at Apr. 30, 2026		1,272,917	100,000
Balance, amount at Apr. 30, 2026	$ (63,000)	$ 1,272	$ 100	$ 11,637,709	$ (11,702,081)

XML

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Apr. 30, 2026	Apr. 30, 2025
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Net loss for the period	$ (8,966)	$ 52,869
Adjustments to reconcile net loss to cash used in operating activities:
Accounts payable write off	0	(91,071)
Non-cash items:
Expense paid by a stockholder on behalf of the Company	29,500	49,515
Accounts payable and accrued liabilities	(17,000)	(6,759)
Net cash provided from (used in) operating activities	3,534	4,554
Cash flows from investing activities
Net cash used in investing activities	0	0
Cash flows from financing activities
Net cash provided by financing activities	0	0
Change in Cash	3,534	4,554
Cash - beginning of period	12,118	6,432
Cash - end of period	15,652	10,986
Non-cash activities
Expenses payment made by a stockholder on behalf of the Company as paid in capital	$ 29,500	$ 44,015

XML

Insider Trading Arrangements	9 Months Ended
	Apr. 30, 2026
Insider Trading Arrangement [Line Items]
Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non Rule 10b5-1 Arrangement Adopted [Flag]	false
Non Rule 10b5-1 Arrangement Terminated [Flag]	false

XML

Organization and Business Description

9 Months Ended

Apr. 30, 2026

Organization and Business Description

Organization and Business Description

Note 1. Organization and Business Description

Leopard Energy, Inc. and its subsidiaries (Collectively, the “Company”), was historically engaged in 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. The Company has not been successful in developing revenue from these operations in its operating history.

Name of Entity	Incorporation Date	Background	Ownership	Principal activities
Leopard Energy, Inc (f/k/a Cyber Apps World Inc.)	July 15, 2002	US Company	Parent Company	Holding Company
Zena Oil & Gas LLC	June 21, 2023	US Company	100% Owned	Oil production and related investments

Since the transfer of its controlling interest in August 2023, the Company redirect its business into the energy sector, mainly aiming at investment in royalty interest of energy related petrol and mineral production.

XML

Summary of Significant Accounting Policies

9 Months Ended

Apr. 30, 2026

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

Note 2. Summary of Significant Accounting Policies

The Company’s significant accounting policies are summarized in Note 2 of the Company’s Annual Report on Form 10-K for the year ended July 31, 2025. There were no significant changes to these accounting policies during the nine months ended April 30, 2026, and the Company does not expect that the adoption of other recent accounting pronouncements will have a material impact on its financial statements.

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, the unaudited interim financial statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.

The accompanying unaudited condensed consolidated financial statements include the accounts of Leopard Energy, Inc, (formerly known as Cyber Apps World Inc.) (the “Company”). These financial statements are condensed and, therefore, do not include all disclosures normally required by accounting principles generally accepted in the United States of America. Therefore, these statements should be read in conjunction with the most recent annual financial statements of The Company for the year ended July 31, 2025. In particular, the Company’s significant accounting principles were presented as Note 2 to the Financial Statements in that report. In the opinion of management, all adjustments necessary for a fair presentation have been included in the accompanying interim condensed financial statements and consist of only normal recurring adjustments. The results of operations presented in the accompanying interim condensed financial statements are not necessarily indicative of the results that may be expected for the full year ending July 31, 2026.

Going Concern

The accompanying unaudited condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the discharge of liabilities in the normal course of business for the foreseeable future.

As reflected in the accompanying unaudited interim financial statements for the nine months ended April 30, 2026 and 2025, the Company incurred net loss of $8,966 and profit of $52,869, respectively.

As of April 30, 2026, the Company had accumulated deficit of $11,702,081 and a working capital deficit of $102,280. Management believes these factors raise substantial doubt about the Company’s ability to continue as a going concern for the next twelve months.

During the nine months ended April 30, 2026, the Company incurred operating expenses of $12,500. The majority of the expenses consisted of general and administrative expenses, which include professional services.

For the nine months ended April 30, 2026, we had a net loss of $8,966, primarily due 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 nine months ended April 30, 2026, we generated revenues of $3,804 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.

Management recognized that the Company’s continued existence is dependent upon its ability to obtain needed working capital through additional equity and/or debt financing and revenue to cover expenses as the Company continues to incur losses. Management monitors and analyzes the Company’s cash on-hand, its ability to generate sufficient revenue sources in the future, and its operating and capital expenditure commitments.

Since its incorporation, the Company has financed its operations through advances from its controlling shareholders, third-party convertible debt, and the sale of its common stock. Management’s plans are to finance operations through the sale of equity or other investments for the foreseeable future, as the Company does not receive significant revenue from its business operations. There is no guarantee that the Company will be successful in arranging financing on acceptable terms.

The Company’s ability to raise additional capital is affected by trends and uncertainties beyond its control. The Company does not currently have any arrangements for financing, and it may not be able to find such financing if required. Obtaining additional financing would be subject to a number of factors, including investor sentiment. Market factors may make the timing, amount, terms or conditions of additional financing unavailable to it.

Since the transfer of controlling interest in August 2023, Zenith Energy Ltd. (“Zenith Energy”), the Company’s controlling stockholder, has provided approximately $417,508 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, until such time as the Company receives additional financing.

To sustain its ability to support the Company’s operating activities, the Company may have to consider supplementing its available sources of funds through the following sources: (1) cash generated from upcoming operations; (2) new bank loans, (3) financial support from the Company’s shareholder and related party. Based on the above analysis, management believes it is more likely than not that the Company can meet its obligations as they become due within one year from the reporting date and can continue as a going concern. 

The Company’s significant accounting policies are summarized in Note 2 of the Company’s Annual Report on Form 10-K for the year ended July 31, 2025. There were no significant changes to these accounting policies during the nine months ended April 30, 2026, and the Company does not expect that the adoption of other recent accounting pronouncements will have a material impact on its financial statements.

XML

Net Loss Per Common Share

9 Months Ended

Apr. 30, 2026

Net Loss Per Common Share

Net Loss Per Common Share

Note 3. Net Loss Per Common Share

Basic profit/loss per common share is computed based on the weighted average number of shares outstanding during the year. Diluted earnings per common share are computed by dividing net earnings by the weighted average number of common shares and potential common shares during the specified periods. The Company has no outstanding options or warrants that could affect the calculated number of shares.

	For the nine months ended April 30,
	2026			2025
Numerator:
Net Profit/(Loss)	$	(8,966	)	$	52,869
Net Profit/(Loss) – diluted	$	(8,966	)	$	52,869
Denominator:
Basic and diluted weighted average shares outstanding		1,272,917			1,272,917
Net Profit/(Loss) per common share:
Basic	$	(0.01	)	$	0.04
Diluted	$	(0.01	)	$	0.04

Recently Issued Accounting Pronouncements

In November 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires the disclosure of additional segment information. ASU No. 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company adopted ASU 2023-07 on August 1, 2024 and it has no material impact on the Company’s financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires, among other things, additional disclosures primarily related to the income tax rate reconciliation and income taxes paid. The expanded annual disclosures are effective for the Company’s year ending July 31, 2026. The Company adopted the ASU 2023-09 on August 1, 2025 and it has no material impact on the Company’s financial statements.

XML

Common Stock

9 Months Ended

Apr. 30, 2026

Common Stock

Common Stock

Note 4. Common Stock

Common Stock

During the nine months ended April 30, 2026 and 2025, the Company did not issue nor cancelled any share.

XML

Related Party Transactions

9 Months Ended

Apr. 30, 2026

Related Party Transactions

Related Party Transactions

Note 5. Related Party Transactions

There were no reportable related party transactions during the nine-months ended April 30, 2026 and 2025.

XML

Commitments and Contingencies

9 Months Ended

Apr. 30, 2026

Commitments and Contingencies

Commitments and Contingencies

Note 6. Commitments and Contingencies

From time to time, the Company may be involved in litigation in the ordinary course of business. The Company is not currently involved in any litigation that the Company believe could have a material adverse effect on its financial condition or results of operations.

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Segment Reporting

9 Months Ended

Apr. 30, 2026

Segment Reporting

Segment Reporting

Note 7. Segment Reporting

The Company operates as one operating and reportable segment and its sole business activity consists of generating revenue from royalty interest distribution from royalty interest in Oil wells.

The accounting policies of the segment are the same as those described in “Note 2 — Summary of Significant Accounting Policies.” The Company’s CODM uses net income (loss) to measure segment profit or loss and assesses performance against expectations to make resource allocation decisions.

Additionally, the CODM reviews and uses functional expenses included in net income (loss) to manage the Company’s operations and assess operating profitability. The Company operates as one operating and reportable segment, and as such the significant segment expenses regularly provided to the CODM are those presented on the consolidated statements of operations. These significant segment expenses mainly include general and administrative. Other segment items that are presented on the consolidated statements of operations include financing expense, gain from accounts payable write-off.

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Subsequent Events

9 Months Ended

Apr. 30, 2026

Subsequent Events

Subsequent Events

Note 8. Subsequent Events

Management evaluated all additional events through June 9, 2026, which is the date the financial statements were available to be issued. Based upon the management review, unless noted below, the Company did not identify any material subsequent events that would have required adjustment or disclosure in the financial statements.

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Summary of Significant Accounting Policies (Policies)

9 Months Ended

Apr. 30, 2026

Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, the unaudited interim financial statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.

The accompanying unaudited condensed consolidated financial statements include the accounts of Leopard Energy, Inc, (formerly known as Cyber Apps World Inc.) (the “Company”). These financial statements are condensed and, therefore, do not include all disclosures normally required by accounting principles generally accepted in the United States of America. Therefore, these statements should be read in conjunction with the most recent annual financial statements of The Company for the year ended July 31, 2025. In particular, the Company’s significant accounting principles were presented as Note 2 to the Financial Statements in that report. In the opinion of management, all adjustments necessary for a fair presentation have been included in the accompanying interim condensed financial statements and consist of only normal recurring adjustments. The results of operations presented in the accompanying interim condensed financial statements are not necessarily indicative of the results that may be expected for the full year ending July 31, 2026.

Going Concern

The accompanying unaudited condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the discharge of liabilities in the normal course of business for the foreseeable future.

As reflected in the accompanying unaudited interim financial statements for the nine months ended April 30, 2026 and 2025, the Company incurred net loss of $8,966 and profit of $52,869, respectively.

As of April 30, 2026, the Company had accumulated deficit of $11,702,081 and a working capital deficit of $102,280. Management believes these factors raise substantial doubt about the Company’s ability to continue as a going concern for the next twelve months.

During the nine months ended April 30, 2026, the Company incurred operating expenses of $12,500. The majority of the expenses consisted of general and administrative expenses, which include professional services.

For the nine months ended April 30, 2026, we had a net loss of $8,966, primarily due 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 nine months ended April 30, 2026, we generated revenues of $3,804 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.

Management recognized that the Company’s continued existence is dependent upon its ability to obtain needed working capital through additional equity and/or debt financing and revenue to cover expenses as the Company continues to incur losses. Management monitors and analyzes the Company’s cash on-hand, its ability to generate sufficient revenue sources in the future, and its operating and capital expenditure commitments.

Since its incorporation, the Company has financed its operations through advances from its controlling shareholders, third-party convertible debt, and the sale of its common stock. Management’s plans are to finance operations through the sale of equity or other investments for the foreseeable future, as the Company does not receive significant revenue from its business operations. There is no guarantee that the Company will be successful in arranging financing on acceptable terms.

The Company’s ability to raise additional capital is affected by trends and uncertainties beyond its control. The Company does not currently have any arrangements for financing, and it may not be able to find such financing if required. Obtaining additional financing would be subject to a number of factors, including investor sentiment. Market factors may make the timing, amount, terms or conditions of additional financing unavailable to it.

Since the transfer of controlling interest in August 2023, Zenith Energy Ltd. (“Zenith Energy”), the Company’s controlling stockholder, has provided approximately $417,508 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, until such time as the Company receives additional financing.

To sustain its ability to support the Company’s operating activities, the Company may have to consider supplementing its available sources of funds through the following sources: (1) cash generated from upcoming operations; (2) new bank loans, (3) financial support from the Company’s shareholder and related party. Based on the above analysis, management believes it is more likely than not that the Company can meet its obligations as they become due within one year from the reporting date and can continue as a going concern. 

The Company’s significant accounting policies are summarized in Note 2 of the Company’s Annual Report on Form 10-K for the year ended July 31, 2025. There were no significant changes to these accounting policies during the nine months ended April 30, 2026, and the Company does not expect that the adoption of other recent accounting pronouncements will have a material impact on its financial statements.

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Organization and Business Description (Tables)

9 Months Ended

Apr. 30, 2026

Organization and Business Description

Schedule of subsidiaries

Name of Entity	Incorporation Date	Background	Ownership	Principal activities
Leopard Energy, Inc (f/k/a Cyber Apps World Inc.)	July 15, 2002	US Company	Parent Company	Holding Company
Zena Oil & Gas LLC	June 21, 2023	US Company	100% Owned	Oil production and related investments

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Net Loss Per Common Share (Tables)

9 Months Ended

Apr. 30, 2026

Net Loss Per Common Share

Schedule of basic and diluted net loss per common share

	For the nine months ended April 30,
	2026			2025
Numerator:
Net Profit/(Loss)	$	(8,966	)	$	52,869
Net Profit/(Loss) – diluted	$	(8,966	)	$	52,869
Denominator:
Basic and diluted weighted average shares outstanding		1,272,917			1,272,917
Net Profit/(Loss) per common share:
Basic	$	(0.01	)	$	0.04
Diluted	$	(0.01	)	$	0.04

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Organization and Business Description (Details)	9 Months Ended
	Apr. 30, 2026
Leopard Energy, Inc
Background	US Company
Incorporation date	July 15, 2002
Ownership	Parent Company
Principal activities	Holding Company
Zena Oil & Gas LLC
Background	US Company
Incorporation date	June 21, 2023
Ownership	100% Owned
Principal activities	Oil production and related investments

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Summary of Significant Accounting Policies (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Apr. 30, 2026	Apr. 30, 2025	Apr. 30, 2026	Apr. 30, 2025	Jul. 31, 2025	Aug. 31, 2023
Additional paid in capital	$ 11,637,709		$ 11,637,709		$ 11,608,209
Net Profit/(Loss)	(2,542)	$ 86,172	(8,966)	$ 52,869
Accumulated deficit	(11,702,081)		(11,702,081)		$ (11,693,115)
Operating expense	4,167	6,167	12,500	42,756
Working capital deficit	(102,280)		(102,280)
Revenues	$ 1,715	$ 1,333	3,804	$ 4,752
Zenith Energy Ltd [Member]
Additional paid in capital						$ 45,000
Additional paid in capital, other						$ 417,508
Net Profit/(Loss)			(8,966)
Eagle Acquisition [Member]
Revenues			$ 3,804

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Net Loss Per Common Share (Details) - USD ($)	3 Months Ended		9 Months Ended
	Apr. 30, 2026	Apr. 30, 2025	Apr. 30, 2026	Apr. 30, 2025
Net Loss Per Common Share
Net Profit/(Loss)	$ (2,542)	$ 86,172	$ (8,966)	$ 52,869
Net Profit/(Loss) - diluted			$ (8,966)	$ 52,869
Basic and diluted weighted average shares outstanding	1,272,917	1,272,917	1,272,917	1,272,917
Net Profit/(Loss) per common share: Basic			$ (0.01)	$ 0.04
Net Profit/(Loss) per common share: Diluted	$ (0.00)	$ 0.07	$ (0.01)	$ 0.04

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Segment Reporting (Details Narrative)	9 Months Ended
	Apr. 30, 2026
Segment Reporting
Number of operating and reportable segments	one