Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jan. 31, 2024

Summary of Significant Accounting Policies

Summary of restatement on financial statement

	As of January 31,
	2024			2024
	(Unaudited and Restated)			(Previously Filed)
	$			$
Current assets:
Cash	$	5,698		$	5,698
Deposits & prepayments		3,561			3,561
Total current assets		9,259			9,259
Other assets:
Lavaca Country Texas Producing Asset		39,280			39,280
Total other assets		39,280			39,280
Total Assets	$	48,539		$	48,539
LIABILITIES
Current liabilities:
Accounts payable and accrued liabilities	$	98,884		$	21,171
Total current liabilities		98,884			21,171
Long term liabilities:
Convertible notes payable		-			-
Loan payable		-			-
Total non-current liabilities		-			-
Total Liabilities		98,884			21,171
STOCKHOLDER’S DEFICIT
Preferred stock: $0,001 par value, 10,000,000 authorized, 100,000 issued and outstanding as of January 31, 2024 and July 31, 2023,		100			100
Common stock: $0,001 par value, 250,000,000 authorized, 1,272,917 issued and outstanding as of January 31, 2024 and as of July 31, 2023, respectively		1,272			1,272
Additional paid in capital		11,475,987			11,262,696
Accumulated deficit		(11,527,704	)		(11,236,700	)
Total Stockholder’s Deficit		(50,345	)		27,368

Total Liabilities and Stockholder’s Deficit	$	48,539		$	48,539

	For the three month period ended						For the six month period ended
	January 31, 2024 (Unaudited and Restated)			January 31, 2023 (Unaudited and Restated)			January 31, 2024 (Unaudited and Restated)			January 31, 2023 (Unaudited and Restated)
	$			$			$			$
Net Sales		-			-			-			-

Cost of Goods Sold		-			-			-			-
Gross Income		-			-			-			-

General and administrative		32,726	)		(38,447	)		(75,243	)		(62,205	)
Negotiating expenses		(1,235	)		-			(25,465	)		-
Total operating expenses		(33,961	)		(38,447	)		(100,708	)		(62,205	)

Operating loss		(33,961	)		(38,447	)		(100,708	)		(62,205	)

Other income (expense)
Write off convertible notes		-			-			8,423			-
Write off loan payable		-			-			13,134			-
Write off loan payable		-			-			26,619			-
Financial expense		(3,025	)		-			(3,025	)		-
Total other income (expense)		(3,025	)		-			45,151			-

Net loss		(36,986	)		(38,447	)		(55,557	)		(62,205	)

Net loss per share – basic and diluted		(0.03	)		(0.04	)		(0.04	)		(0.06	)
Weighted average shares outstanding – basic and diluted		1,272,917			1,059,608			1,272,917			1,057,512

	For the three month period ended						For the six month period ended
	January 31, 2024			January 31, 2023			January 31, 2024			January 31, 2023
	$			$			$			$
Net Sales		-			-			-			-

Cost of Goods Sold		-			-			-			-
Gross Income		-			-			-			-

General and administrative		(7,168	)		(53,447	)		(75,243	)		(77,205	)
Write off Accounts payable		43,619			-			43,619			-
Write off Software		(488,696	)		-			(488,696	)		-
Negotiating expenses		(25,465	)		-			25,465	)		-
Total operating expenses		(477,710	)		(53,447	)		(545,785	)		(77,205	)

Operating income (loss)		(477,710	)		(53,447	)		(545,785	)		(77,205	)

Other income (expense)
Write off convertible notes		-			-			180,686			-
Write off loan payable		11,597			-			11,597			-
Financial expense		(3,025	)		-			(3,025	)		-
Total other income (expense)		8,572			-			189,258			-

Net income (loss)		(469,138	)		(53,447	)		(356,527	)		(77,205	)

Net income (loss) per share – basic and diluted		(0.37	)		(0.00	)		(0.28	)		(0.00	)
Weighted average shares outstanding – basic and diluted		1,272,917			16,061,667			1,272,917			16,061,667

	Common Stock						Preferred Stock						Paid in		Accumulated
	Number			Par Value			Number			Par Value			Capital		Deficit			Total
				$						$			$		$			$
Opening balance as of July 31, 2022		961,448			961			-			-			11,123,597		(11,323,253	)		(198,695	)
Issuance of Common stock from convertible notes conversion		98,160			98						-			23,388		-			23,486
Issuance of Common Stock		37,079			37			-			-			-		-			37
Cancellation of Common shares		(37,079	)		(37	)					-			-		-			(37	)
Net Loss		-			-			-			-			-		(23,758	)		(23,758	)
Closing Balance as of October, 2022		1,059,608			1,059			-			-			11,146,985		(11,347,011	)		(198,967	)

Issuance of Common Stock		2,034			2			-			-			-		-			2
Issuance of Preferred stock								300,000			300			-		-			300
Cancellation of Preferred stock								(200,000	)		(200	)		-		-			(200	)
Net Loss																(38,447	)		(38,447	)
Closing Balance as of January 31, 2023		1,061,642			1,061			100,000			100			11,146,985		(11,385,458	)		(237,312	)


Opening balance as of July 31, 2023		1,272,917			1,272			100,000			100			11,155,185		(11,472,147	)		(315,590	)
Additional paid in capital		-			-			-			-			266,444		-			266,444
Net Loss		-			-			-			-			-		(18,571	)		(18,571	)
Closing Balance as of October, 2023		1,272,917			1,272			100,000			100			11,421,629		(11,490,718	)		(67,717	)

Additional paid in capital														54,358					54,358
Net Loss																(36,986	)		(36,986	)
Closing Balance as of January 31, 2024		1,272,917			1,272			100,000			100			11,475,987		(11,527,704	)		(50,345	)

											Additional			Shares
	Common Stock						Preferred Stock				paid in			to be		Accumulated
	Share			Value			Share		Value		Capital			issued		Deficit			Total
				$					$		$			$		$			$
Opening balance as of July 31, 2022		807,616,147			444,701			100,000		100		10,654,292			-		(10,882,935	)		216,158
Issuance of Common Stock		97,454,780			76,841			-		-		(38,391	)		-		-			38,450
Cancellation of Common shares		(889,011,264	)		-			-		-		-			-		-			-
Preferred Stock Issuance		-			-			200,000		200		-			-		-			200
Round up shares		2,004			2			-		-		(2	)		-		-			-
Net Loss		-			-			-		-		-			-		(77,205	)		(77,205	)
Closing Balance as of January 31, 2023		16,061,667			521,544			300,000		300		10,615,899			-		(10,960,140	)		177,603

Opening balance as of July 31, 2023		1,272,917			506,755			100,000		100		10,624,138			-		(10,880,173	)		250,820
Issuance of Common Stock		-			-			-		-		-			-		-			-
Additional paid in capital		-			-			-		-		133,075			-		-			133,075
Fair Value Adjustment		-			(505,483	)		-		-		505,483			-		-			-
Net Profit		-			-			-		-		-			-		(356,527	)		(356,527	)
Closing Balance as of January 31, 2024		1,272,917			1,272			100,000		100		11,262,696			-		(11,236,700	)		27,368

	For the six months ended January 31,
	2024			2023			2024			2023
	(Unaudited and Restated)			(Unaudited and Restated)			(Previously Filed)			(Previously Filed)
*Cash flows from operating activities*	$			$						$
Net loss for the period		(55,557	)		(77,205	)		(356,527	)		(77,205	)
Adjustments to reconcile net loss to cash used in operating activities:
Convertible Notes Write off		(8,423	)		-			(180,686	)		-
Impairment of Intangible		-			-			488,696			-
Loan Payable write off		(13,134	)		-			(11,597	)		-
Accounts payable write off		(26,619	)		-			(43,619	)		-
Original initial discount and legal processing fees		-			19,340						19,340
Change in operating assets and liabilities
Deposits & prepayments		(3,561	)		-			(3,561	)		-
Accounts payable and accrued liabilities		19,194			(3,785	)		19,194			(19,327	)
Due to parent-operating expenses		88,075						88,075
Net cash provided from (used in) operating activities		(25	)		(61,650	)		(25	)		(96,532	)
*Cash flows from investing activities*
Lavaca County Texas Producing Asset		(39,280	)		-			(39,280	)		-
Software Development		-			(51,942	)		-			(51,942	)
Net cash used in investing activities		(39,280	)		(51,942	)		(39,280	)		(51,942	)
*Cash flows from financing activities*
Change in convertible notes payable		-			102,436			-			109,768
Proceeds from loan		-			22,000			-			-
Loan Repayment		-			(11,000	)		-			-
Proceeds from issuance of preferred shares		-			100			-			20,000
Proceeds from issuance of common shares		-			-			-			76,843
Proceeds from additional paid in capital		45,000			-			45,000			(38,393	)
Net cash provided by financing activities		45,000			113,536			45,000			148,418

Change in Cash		5,695			(56	)		5,695			(56	)
Cash – beginning of period		3			320			3			320
Cash – end of period		5,698			264			5,698			264

Supplemental cash flow disclosures
Cash paid For:
Interest		-			-
Income tax		-			-
Non-Cash Activities:
Shareholder contribution converted from due to parent balance		275,802			-

Leopard Energy, Inc. 10-Q/A