Leopard Energy, Inc.

What they do

Leopard Energy was originally Cyber Apps World Inc., a developer of mobile coupon applications, until a change of control in August 2023. The company now focuses on acquiring energy production and development opportunities in the U.S. Its only disclosed asset is a 5% royalty interest in seven producing oil wells in the Eagle Ford Shale, Lavaca County, Texas, purchased in January 2024. It has no employees other than executive officers.

Revenue drivers

• Royalty interest in Eagle Ford Shale wells — The company holds a 5% royalty interest in seven producing oil wells in Lavaca County, Texas, purchased in January 2024. Annual revenue was $5,974 in fiscal 2025, indicating this is the sole revenue source.
• No other operating segments — The company previously operated a mobile coupon app business but shifted focus to energy after the August 2023 change in control. It reports no other revenue-generating activities.

Recent performance

For the nine months ended April 30, 2026, Leopard Energy reported revenue of $3,804, down from $4,752 in the prior-year period. Operating expenses were $12,500, compared to $42,756 in the same period last year. The company reported a net loss of $8,966 for the nine months, versus net income of $52,869 in the prior-year period, which included $90,873 in other income. Quarterly revenue has been uneven, ranging from $936 in the quarter ended January 31, 2026, to $1,715 in the quarter ended April 30, 2026.

Strategy

Following the August 2023 change in control, Leopard Energy shifted its business focus to acquiring energy production and development opportunities in the U.S. The January 2024 Eagle Acquisition was its first such transaction, and management states it intends to complete additional acquisitions of this kind. Controlling stockholder Zenith Energy has provided approximately $417,508 in capital as of the latest 10-Q and has indicated it intends to continue financing the company's expansion into the energy sector until additional financing is obtained. The company has no employees other than executive officers and relies on independent consultants and contractors.

Risks

• Dependence on controlling stockholder — Zenith Energy holds 99.87% of voting power and has funded the company through payments on its behalf; without continued support, operations may not be sustainable.
• Minimal revenue and recurring losses — Annual revenue was only $5,974 in fiscal 2025, and the company reported a net loss of $8,966 for the nine months ended April 30, 2026, indicating ongoing cash burn.
• Concentration in a single royalty asset — The company's sole revenue source is a 5% royalty interest in seven wells, exposing it to production declines, commodity price swings, and operational issues at those wells.
• Shell-like status with no employees — The company has no employees other than executive officers and no operating infrastructure, relying on contractors and its controlling stockholder.

Outlook

Management states that Zenith Energy intends to continue financing the company and its expansion into the energy sector to acquire additional royalties or ownership interests until the company receives additional financing. The company intends to complete additional acquisitions similar to the Eagle Acquisition and continue its focus on the U.S. energy sector. No specific timeline or targets for future acquisitions are disclosed in the provided filings.