Leopard Energy, Inc. Liquidation Value

Leopard Energy, Inc. (LEEN) presents a deeply negative liquidation recovery posture. As of January 31, 2026, total assets of $53,307 consist of $14,027 in cash (100% recovery = $14,027) and $39,280 classified as royalty interests under AdvanceRoyaltiesNoncurrent. The royalty interest represents a 5% non-operating royalty in seven Eagle Ford Shale wells acquired in January 2024 for consideration funded by the controlling shareholder Zenith Energy Ltd. Under the liquidation lens, this asset's recovery is uncertain: it is not PP&E, not a working interest, and not a listed security. Distressed sale of a minor royalty slice in a third-party-operated property would likely recover at significant discount; zero to modest recovery (0-40%) is the reasonable range, implying $0-$16k realizable value. Total assets at liquidation value: approximately $14,000-$30,000. Total liabilities at face value: $113,765, consisting entirely of accounts payable and accrued liabilities (current, no long-term debt). Liquidation shortfall to equity: approximately ($84,000) to ($100,000), consistent with the MFFAIS CLV/LLV/OLV of ($99,738). Compared to the prior filing (Q1 FY2026, period ended October 31, 2025), the working capital deficit improved modestly from approximately ($105,000) to ($99,738), driven by a $4,583 reduction in accounts payable from $118,348 to $113,765, partially offset by a $846 increase in cash. The royalty interest asset remains unchanged at $39,280 across both periods — no amortization, depletion, or impairment has been recorded in either filing. The filing does not separately tag or disclose depletion methodology for the royalty interest in XBRL. The entity carries a $11.7M accumulated deficit, has a going concern qualification on its FY2025 annual audit, and has operated entirely on capital injected by Zenith Energy (approximately $417,508 cumulative since August 2023, renounced as paid-in capital with no debt created). No independent financing arrangements exist. Disclosure controls were assessed as not effective as of January 31, 2026. The entity has not filed all required SEC reports on time per the cover page check.