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Cyber Apps World (LEEN+10.59%), now known as Leopard Energy, Inc., has submitted its annual 10-K filing for the fiscal year ended July 31, 2024.
The filing details the company's transition from developing mobile applications to focusing on energy production and development opportunities in the U.S. This shift followed a change in control transaction in August 2023, where Zenith Energy Ltd. acquired a significant voting power in the company.
Leopard Energy reported revenues of $4,429 for the fiscal year, attributed to a 5% royalty interest in seven oil wells acquired in January 2024. The company had no revenues in the previous fiscal year.
Operating expenses for the year were $286,729, primarily consisting of general and administrative expenses, resulting in a net loss of $252,803. This compares to a net loss of $148,894 in the previous year.
As of July 31, 2024, the company had $6,432 in cash and total current assets, with current liabilities of $243,346, resulting in a working capital deficit.
Zenith Energy, the controlling stockholder, has provided $325,759 in capital and intends to continue financing the company's expansion into the energy sector.
The company identified material weaknesses in its internal controls over financial reporting, including a lack of a functioning audit committee and inadequate segregation of duties.
Leopard Energy does not currently have any employees other than its executive officers and relies on independent consultants and contractors.
The filing notes that there are no ongoing legal proceedings involving the company, and it does not own or lease any real property.
The company's common stock is quoted on the Pink tier of the over-the-counter market under the symbol 'LEEN', with a limited trading market.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Cyber Apps World annual 10-K report dated November 22, 2024. To report an error, please email earnings@qz.com.