Leopard Energy, Inc.

Leopard Energy, Inc. operates in the U.S. energy production and development sector, specifically targeting the acquisition of energy production and development opportunities in the United States. The company's sole business activity consists of generating revenue from royalty interest distributions from a royalty interest in oil wells. The U.S. market for the acquisition of energy production and development opportunities is highly competitive, with numerous firms and individuals engaged in the business, many of whom have longer operating histories and greater financial resources than the company. The company believes it can compete effectively based upon the energy sector experience of its executive officers and its controlling stockholders, although no assurance can be given in this regard.

The company's primary competitive advantage is stated to be the energy sector experience of its executive officers and controlling stockholders. The company operates as a single operating and reportable segment. Its controlling stockholder, Zenith Energy Ltd., 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. The company has no employees other than its executive officers and has retained independent consultants and contractors.

Leopard Energy generates revenue exclusively from a 5% non-operating royalty interest in a package of seven (7) producing oil wells located in the Eagle Ford Shale, Lavaca County, Texas, acquired on January 17, 2024 at a cost of $39,280 ¹. The royalty interest provides the company with a monthly distribution of its share of revenues from the property, net of expenses and operational risks, from an oil production property managed by a non-affiliated third party. The company's current revenues and cost of revenues are 100% constituted by royalty interest distribution income and corresponding depletion costs. The royalty interest is depleted using the straight-line method over its estimated useful economic life of 20 years ² based on regional production profiles and operator performance.

The company's sole revenue-generating asset is the 5% royalty interest in seven producing oil wells in the Eagle Ford Shale. For the fiscal year ended July 31, 2026, the company generated revenues of $5,863 ³ from this royalty interest, compared to $5,974 ⁴ for the fiscal year ended July 31, 2025. The royalty interest is carried at cost and depleted using the straight-line method over its estimated useful economic life of 20 years . Cumulative depletion expense recognized for the year ended July 31, 2026 was $4,986 ⁵, which includes $3,022 ⁶ of depletion attributable to prior period performance that management determined to be immaterial to the prior period financial statements. Accumulated depletion as of July 31, 2026 was $4,986 . Royalty interests acquired are carried at the lower of cost or fair value, and there was no impairment provision for the year ended July 31, 2026.

During the fiscal year ended July 31, 2026, the company did not issue or cancel any shares of common stock. The company has no equity compensation plan in place and has not granted stock awards, stock options or other equity incentives to any of its executive officers. The company had no employment agreements with its executive officers, and during the fiscal years ended July 31, 2026 and 2025, there was no compensation paid by the company to its senior management. The company has not implemented a compensation plan for and has not compensated its non-executive directors. The company does not presently have an audit committee, compensation committee, or nominating committee, with the board of directors currently acting in these capacities. The company has not adopted a Code of Ethics applicable to its executive officers.

For the fiscal year ended July 31, 2026, Leopard Energy generated revenues of $5,863 , compared to $5,974 for the fiscal year ended July 31, 2025. The company incurred cost of revenue of $4,986 for the fiscal year ended July 31, 2026, compared to no cost of revenue for the fiscal year ended July 31, 2025. Gross income was $877 ⁷ for the fiscal year ended July 31, 2026, compared to $5,974 for the prior fiscal year. General and administrative expenses totaled $34,667 ⁸ for the fiscal year ended July 31, 2026, representing a decrease of $30,255 ⁹ compared to $64,922 ¹⁰ for the fiscal year ended July 31, 2025. The company reported an operating loss of $33,790 ¹¹ for the fiscal year ended July 31, 2026, compared to an operating loss of $58,948 ¹² for the prior fiscal year. Net loss was $34,150 ¹³ for the fiscal year ended July 31, 2026, compared to net profit of $31,835 ¹⁴ for the fiscal year ended July 31, 2025. Basic and diluted net loss per common share was $0.03 ¹⁵ for the fiscal year ended July 31, 2026, compared to basic and diluted net profit per common share of $0.03 ¹⁶ for the prior fiscal year.

Zenith Energy Ltd., the company's controlling stockholder, 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, pending the receipt of additional financing. Since the transfer of controlling interest in August 2023, Zenith Energy has provided $421,007 ¹⁷ capital in the form of payment made on behalf of the company and $45,000 ¹⁸ paid in capital in cash. The company intends to complete additional acquisitions of energy production and development opportunities in the U.S. energy sector in the near future and continue its focus on the U.S. energy sector.

The company expects it will require additional capital to meet its long-term operating requirements and expects to raise additional capital through, among other methods, the sale of equity or debt securities. To sustain its ability to support the company's operating activities, the company may have to consider supplementing its available sources of funds through cash generated from upcoming operations, new bank loans, and financial support from the company's stockholder and related party. However, there can be no assurance that the company will be successful in securing additional financing or debt on terms favorable to the company, or at all. If management is unable to execute this plan, there would likely be a material adverse effect on the company's business.

The company's growth strategy centers on acquiring additional royalty interests and/or ownership interests in energy production and development opportunities in the U.S. energy sector. The company's first transaction in the U.S. energy production and development sector was the Eagle Acquisition, completed on January 17, 2024, in which 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 at a cost of $39,280 . The company intends to complete additional acquisitions of this kind in the near future.

The company's financial statements have been prepared in conformity with U.S. generally accepted accounting principles, which contemplates continuation as a going concern. As of July 31, 2026, the company has incurred losses of $11,727,265 ¹⁹. As of July 31, 2026, the company's current liabilities exceed its current assets by $118,978 ²⁰. These factors raise substantial doubt about the company's ability to continue operating as a going concern. The company's ability to continue its operations as a going concern, realize the carrying value of its assets, and discharge its liabilities in the normal course of business is dependent upon its ability to raise capital sufficient to fund its commitments and ongoing losses, and ultimately generate profitable operations.

The company's general and administrative expenses for the fiscal year ended July 31, 2026 totaled $34,667 , representing a decrease of $30,255 compared to $64,922 for the fiscal year ended July 31, 2025. The primary reason for the decrease was a significant reduction in consulting and audit expenses. All the expenses were paid by the company's controlling stockholder Zenith Energy, who renounced its credit.

The company has no commitments as of July 31, 2026. The company is not currently involved in any litigation that the company believes could have a material adverse effect on its financial condition or results of operations. The company does not own or lease any real property.

The company's independent registered public accounting firm, WWC, P.C., Certified Public Accountants, PCAOB ID: 1171, has served as the company's auditor since 2024. The aggregate fees billed for professional services rendered for the audit and review of the company's financial statements for the fiscal years ended July 31, 2026 and July 31, 2025, were $26,000 ²¹ and $29,000 ²², respectively. There have been no tax fees billed by the company's independent registered public accounting firms in the fiscal years ended July 31, 2026 and July 31, 2025.

Leopard Energy faces substantial doubt about its ability to continue as a going concern, with an accumulated deficit of $11,727,265 as of July 31, 2026, a working capital deficit of $118,978 , and a net loss of $34,150 for the fiscal year ended July 31, 2026. The company's ability to continue operations is dependent upon its ability to raise capital sufficient to fund its commitments and ongoing losses, and ultimately generate profitable operations, with no assurance that it will be successful in securing additional financing on favorable terms or at all. The company's revenues are entirely dependent on a single 5% royalty interest in seven producing oil wells in the Eagle Ford Shale, generating only $5,863 in revenue for the fiscal year ended July 31, 2026, exposing it to significant concentration risk and operational risks from a non-affiliated third-party operator. The company has no employees other than its executive officers and relies on its controlling stockholder Zenith Energy for financial support, having received $421,007 in capital in the form of payment made on behalf of the company and $45,000 paid in capital in cash since August 2023. The company has identified material weaknesses in internal controls over financial reporting, including lack of a functioning audit committee and lack of independent directors on the board of directors, inadequate segregation of duties, and ineffective controls over period end financial disclosure and reporting processes, which could result in a material misstatement in financial statements in future periods. The U.S. market for the acquisition of energy production and development opportunities is highly competitive, with numerous firms and individuals engaged in the business, many of whom have longer operating histories and greater financial resources than the company.

Management's message to shareholders emphasizes the company's strategic pivot into the U.S. energy sector following the change in control transaction completed in August 2023, when Zenith Energy Ltd. acquired 100,000 Series A Preferred Shares representing 99.87% ²³ of the voting power of the company for consideration of $398,400 ²⁴. The company's strategic priorities center on acquiring additional royalty interests and/or ownership interests in U.S. energy production and development opportunities, maintaining financial support from its controlling stockholder Zenith Energy, and ultimately generating profitable operations. Management has stated that Zenith Energy has indicated it intends to continue to finance the company and its expansion into the energy sector, to acquire additional royalties and/or ownership interest, pending the receipt of additional financing. Since the transfer of controlling interest in August 2023, Zenith Energy has provided $421,007 capital in the form of payment made on behalf of the company and $45,000 paid in capital in cash. Management acknowledges that the company has incurred losses of $11,727,265 as of July 31, 2026, and that current liabilities exceed current assets by $118,978 , raising substantial doubt about the company's ability to continue as a going concern. The company's ability to continue operations is dependent upon its ability to raise capital sufficient to fund its commitments and ongoing losses, and ultimately generate profitable operations. Management has identified material weaknesses in internal controls over financial reporting, including lack of a functioning audit committee and lack of independent directors on the board of directors, inadequate segregation of duties consistent with control objectives, and ineffective controls over period end financial disclosure and reporting processes.