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Cyber Apps World (LEEN+10.59%), now known as Leopard Energy, Inc., has submitted its 10-Q filing for the quarterly period ended October 31, 2024.
The filing indicates that the company generated revenues of $1,923 from a royalty interest acquired in January 2024. This interest provides monthly distributions from an oil production property managed by a third party.
Operating expenses for the quarter were $10,908, compared to $66,747 for the same period in the previous year. The expenses primarily consisted of general and administrative costs.
The company reported a net loss of $9,048 for the quarter, compared to a net loss of $18,571 in the previous year. The loss was mainly due to professional services under general and administrative expenses.
As of October 31, 2024, Leopard Energy had a working capital deficit of $221,962 and an accumulated deficit of $11,733,998. Management acknowledges substantial doubt about the company's ability to continue as a going concern.
Leopard Energy's current assets as of October 31, 2024, included $8,293 in cash, while non-current assets were $39,280, related to the royalty interest.
Zenith Energy, the controlling stockholder, has provided financial support to the company, including $24,000 in paid-in capital during the quarter.
The filing states that the company does not have any off-balance sheet arrangements and is not involved in any litigation that could materially affect its financial condition.
Leopard Energy's management has identified material weaknesses in internal controls over financial reporting, which remain unaddressed as of the filing date.
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 quarterly 10-Q report dated December 16, 2024. To report an error, please email earnings@qz.com.