China Expert Technology 10QSB 2002 Q1 Quarterly report (small business)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-QSB

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934 FOR THE QUARTER ENDED

MARCH 31, 2002

Commission File Number 000-30644

LEOPARD CAPITAL, INC.
(Exact name of registrant as specified in its charter)

Nevada, USA	98-0348086
(State or other Jurisdiction	(IRS Employer Identification No.)
of Incorporation or Organization)

1574 Gulf Road #1505, Point Roberts, WA 98281
(Address of principal executive offices

(604) 879-9001
(Registrant's telephone number)

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 12 months and (2) has been subject to such filing requirements for the past 90 days. Yes /x/ No / /

As of March 31, 2002, there were 5,495,826 shares of voting common stock, $.001 par value, of Leopard Capital, Inc. issued and outstanding.

Transitional Small Business Disclosure Format (check one): Yes / / No /x/

Table of Contents

PART I

Item 1. Financial Statements

Item 2. Management's Discussion and Analysis or Plan of Operation

PART II

Item 1. Legal Proceedings

Item 5. Other Information

Item 6. Exhibits and Reports on Form 8-K

Signatures

PART I

Item 1. Financial Statements




*LEOPARD CAPITAL, INC.*
FINANCIAL STATEMENTS
MARCH 31, 2002
(Unaudited)


Balance Sheets As Of March 31, 2002 And December 31, 2001		F-1

Statements Of Operations For The Three Months Ended March 31, 2002
	And 2001 And From Inception Through March 31, 2002	F-2

Statement Of Shareholders' Deficit From Inception Through March 31, 2002		F-3 to F-5

Statements Of Cash Flows For The Three Months Ended March 31, 2002
	And 2001 And From Inception Through March 31, 2002	F-6

Condensed Notes To March 31, 2002 Financial Statements		F-7

F-1
*LEOPARD CAPITAL, INC.*
(A Development Stage Company)
BALANCE SHEETS MARCH 31, 2002 AND DECEMBER 31, 2001
(Unaudited)

Mar. 31, 2002

Dec. 31, 2001

(Unaudited)

ASSETS

$0$0

LIABILITIES AND SHAREHOLDERS' DEFICIT

LIABILITIES

CURRENT

Advances payable to former subsidiary

LONG TERM

Advances from shareholders

Total liabilities

SHAREHOLDERS' DEFICIT

Share capital (Note 2)

1,280,579

Deficit accumulated during the development stage

(1,280,579)

Total shareholders' deficit

Total liabilities and shareholders' deficit

(See accompanying notes)

F-2
*LEOPARD CAPITAL, INC.*
(A Development Stage Company)
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2002 AND 2001
AND FROM INCEPTION ON JUNE 18, 1990 THROUGH MARCH 31, 2002
(Unaudited)

	For The	For The

Cumulative

Three MonthsThree Months

Total Since

EndedEnded

Inception

Mar. 31, 2002

Mar. 31, 2001

(Unaudited)

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' DEFICIT

Exploration and development

$19,885

Write off of investment in joint venture

60,463

Write off of development and property costs

442,529

Total exploration and development expenses

522,877

MARKETING EXPENSES

Advertising

2,637

Courier and postage

7,383

Meetings

1,357

Printing

19,056

Promotion and entertainment

16,454

Services

58,525

Telephone and fax

22,438

Travel

41,305

Total marketing expenses

169,155

ADMINISTRATIVE EXPENSES

Accounting and audit fees

45,431

Automobile

2,689

Bank charges and interest

2,185

Computer servicing

9,830

Incorporation expenses written off

6,794

Insurance

836

Interest on long term debt

11,991

Legal

145,525

Management and consulting fees

160,906

6,000

Meals and entertainment

Office supplies and service

69,420

627

Rent

9,021

SEC filing fees

10,981

Telephone and fax

7,036

Transfer agent fees

4,231

Travel

33,990

U.S. financial services

28,339

Wages and benefits

25,930

Total administrative expenses

575,163

6,627

LOSS BEFORE OTHER INCOME (LOSS)

(1,267,195)

(6,627)

OTHER INCOME (LOSS)

Interest income

798

Loss on disposal of capital assets

(11,923)

Loss on cash settlements of accounts payable

(2,259)

NET LOSS

($1,280,579)

($6,627)

(See accompanying notes)

F-3
*LEOPARD CAPITAL, INC.*
(A Development Stage Company)
STATEMENT OF SHAREHOLDERS' DEFICIT
FROM INCEPTION ON JUNE 18, 1990 THROUGH MARCH 31, 2002
(Unaudited)

Deficit

Accumulated

Common Stock

Additional

During The

Per

Paid-up

Development

Voting Common Stock

Share

Shares

Par Value

Capital

Stage

Issuance of stock to officers, directors and

other individuals, for an amount equal to

part of the organization costs,

on April 10, 1991

$0.1000

30,000

$300

$2,700

Reorganization of capital reducing the par

value from $.01 / share to $.001 / share

(270)

270

Net loss, year ended December 31, 1994

Balance, December 31, 1992, 1993 & 1994

30,000

2,970

Issuance of stock to investment banker,

controlled by a director for services

rendered and valued at the billed amount

for the services

0.5000

12,000

5,988

Issuance of common stock to public for cash

0.5000

8,000

3,992

Net loss, year ended December 31, 1995

Balance, December 31, 1995

50,000

12,950

Issuance of common stock pursuant to stock

options of which 1,220 shares were issued

to an affiliate of the issuer for cash

0.0100

50,000

450

Balance prior to stock split

100,000

100

13,400

Stock split effective April, 1996

300,000

300

(300)

Balance after stock split

400,000

400

13,100

Stock issued for acquisition of Dakota

Mining & Exploration, Ltd. ("Dakota")

valued at the net book value of Dakota

at the date of acquisition

0.0069

10,000,000

10,000

59,488

Recognition of deficit accumulated during

the development stage by Dakota up to

the date of acquisition

78,064

($78,064)

Issue of shares to H J S Financial Services,

Inc. for services rendered valued at the

market value of the shares when issued

1.2815

24,000

30,732

Issuance of common stock to repay

advances to Canadian Northern Lites, Inc.

made by former directors and valued at the

net book value of those advances which

was less than the market value of the shares

0.1502

4,000,000

4,000

596,822

Net loss, year ended December 31, 1996

(460,106)

Balance at December 31, 1996

14,424,000

$14,424

$778,206

($538,170)

(See accompanying notes)

F-4
*LEOPARD CAPITAL, INC.*
(A Development Stage Company)
STATEMENT OF SHAREHOLDERS' DEFICIT
FROM INCEPTION ON JUNE 18, 1990 THROUGH MARCH 31, 2002
(Unaudited)

Deficit

Accumulated

Common Stock

Additional

During The

Per

Paid-up

Development

Voting Common Stock (Continued)

Share

Shares

Par Value

Capital

Stage

Balance at December 31, 1996

14,424,000

$14,424

$778,206

($538,170)

Issuance of common stock for services to

former legal counsel valued at the billed

value for the services rendered

$0.1745

570,000

570

98,911

Fair value of donated accounting services

provided by a former director

2,000

Net loss, year ended December 31, 1997

(521,159)

Balance at December 31, 1997

14,994,000

14,994

879,117

(1,059,329)

Issuance of common stock to former directors

to repay amounts advanced by them to

the Company and the shares are valued at

the value of the amount owing to them

0.1249

667,000

667

82,672

Issuance of common stock to an arm's

length supplier to repay the amount owing

and shares valued at the fair value of

the shares issued

0.0598

50,000

2,942

Issuance of common stock to a company

controlled by a current director to repay an

amount owing and valued at the market

value of the shares issued

0.0100

1,500,000

1,500

13,500

Net loss, year ended December 31, 1998

(118,524)

Balance at December 31, 1998

17,211,000

17,211

978,231

(1,177,853)

Net loss, year ended December 31, 1999

(58,216)

Balance at December 31, 1999

17,211,000

17,211

978,231

(1,236,069)

Cancellation of shares in consideration for

the release by the Company of its 20%

joint venture interest

0.0000

(2,080,000)

(2,080)

2,079

Issuance of common stock to a company

controlled by a current director to repay an

amount owing and valued at the market

value of the shares issued

0.0050

4,000,000

4,000

16,000

Balance prior to reverse stock split

19,131,000

19,131

996,310

Reverse stock split effective December 1, 2000

(18,365,760)

(18,366)

18,366

Balance after reverse stock split

765,240

765

1,014,676

Cost amount of shares of subsidiary

that were distributed to the shareholders

(1)

Reversal of prior year management fees

charged by a related party

36,995

Recognition of the loss in net assets

created by the spin-off of the former

subsidiary

(657)

Net loss, year ended December 31, 2000(23,587)

Balance of voting common stock as at

December 31, 2000

765,240

$765

$1,051,013

($1,259,656)

(See accompanying notes)

F-5
*LEOPARD CAPITAL, INC.*
(A Development Stage Company)
STATEMENT OF SHAREHOLDERS' DEFICIT
FROM INCEPTION ON JUNE 18, 1990 THROUGH MARCH 31, 2002
(Unaudited)

Deficit

Accumulated

Common Stock

Additional

During The

Per

Paid-up

Development

Voting Common Stock (Continued)

Share

Shares

Par Value

Capital

Stage

Balance at December 31, 2000

765,240

$765

$1,051,013

($1,259,656)

Conversion of non-voting common stock to voting common stock

1,600,000

$1,600

101,978

Issuance of common stock to a company

controlled by a current director to repay an

amount owing and valued at the amount

of the debt repaid

$0.0400

3,000,000

3,000

117,000

Issuance of common stock to a company

controlled by a current director to repay an

amount owing and valued at the amount

of the debt repaid

0.0400

114,337

114

4,459

Issuance of common stock to a company

controlled by a current director to repay an

amount owing and valued at the amount

of the debt repaid

0.0400

16,249

634

Net loss, year ended December 31, 2001(20, 923)Balance, December 31, 20015,495,826$5,495$1,275,084($1,280,579)Net loss, three months ended March 31, 20020Balance, March 31, 20025,495,826$5,495$1,275,084($1,280,579)

Non-voting Common Stock

Issuance of non-voting common stock

to the president and companies controlled

by him to reduce debts owing by the

Company and its subsidiary to those

parties

$0.0025

40,000,000

$40,000

$60,000

Reverse stock split effective December 1, 2000

(38,400,000)

(38,400)

38,400

Balance after reverse stock split

1,600,000

1,600

98,400

Reversal of prior year management fees

charged by a related party

3,643

Recognition of the loss in net assets

created by the spin-off of the former

subsidiary

(65)

Balance of non-voting common stock as at

December 31, 2000

1,600,000

1,600

101,978

Conversion of non-voting common stock to voting common stock

(1,600,000)

($1,600)

($101,978)

Balance of non-voting common stock as at

December 31, 2001

Balance of non-voting common stock as at March 31, 20020$0$0

(See accompanying notes)

F-6
*LEOPARD CAPITAL, INC.*
(A Development Stage Company)
STATEMENT OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 2002 AND 2001
AND FROM INCEPTION ON JUNE 18, 1990 THROUGH MARCH 31, 2002
(Unaudited)

	For The Three	For The Three

Cumulative

MonthsMonths

Total Since

Ending

Inception

Mar. 31, 2002

2001

(Unaudited)

CASH FLOWS FROM OPERATING ACTIVITIES

Net loss

($1,280,579)

($6,627)

Items not involving an outlay of cash

Non-cash accounting services of a former director

2,000

Loss on disposal of capital assets

11,923

Write off of incorporation costs

794

Write off of investment in joint venture

60,463

Write off of development and property costs

442,529

Loss on cash settlements of accounts payable

2,260

Change in working capital items

Canadian goods and services tax receivable

(1,500)

(422)

Accounts payable increase before part of the

balance was settled by issuing shares

216,205

11,349

Net cash (used in) received from operating activities

(545,905)

4,300

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from issuance of common stock

151,502

Stock issued on exercise of stock options

500

Loan from shareholder

14,016

Advances from former subsidiary

4,300

Advances from shareholders before part of the

balance was settled by issuing shares

866,457

Net cash from financing activities

1,036,775

4,300

CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of capital assets

(11,949)

Proceeds from disposal of fixed assets

Incorporation costs

(794)

Mineral property payments

(478,153)

Net cash (used in) received from investing activities

(490,870)

NET DECREASE IN CASH

CASH AT BEGINNING OF YEAR

FOREIGN CURRENCY TRANSLATION GAIN

CASH AT END OF YEAR

(See accompanying notes)

F-7
*LEOPARD CAPITAL, INC.*
(A Development Stage Company)
CONDENSED NOTES TO MARCH 31, 2002 FINANCIAL STATEMENTS
(Unaudited)


1.	BASIS OF FINANCIAL STATEMENT PRESENTATION

	The financial statements have been prepared by LEOPARD CAPITAL, INC. without audit and pursuant
	to the rules and regulations of the Securities and Exchange Commission. The information furnished in
	the financial statements include normal recurring adjustments and reflects all adjustments, which are,
	in the opinion of management, necessary for a fair presentation of such financial statements. Certain
	information and footnote disclosures normally included in financial statements prepared in accordance
	with generally accepted accounting principles have been condensed or omitted pursuant to such rules
	and regulations. The Company believes that the information presented is not misleading. These
	condensed financial statements should be read in conjunction with the financial statements and the
	accompanying notes included in the Company's Form 10-KSB for the fiscal year ended
	December 31, 2001. The results of operations for the period ended March 31, 2002 are not necessarily
	indicative of operating results for the fiscal year.


2.	SHARE CAPITAL

	(a)	Authorized Share Capital

		The Company's authorized capital is 200,000,000 shares of common stock with $0.001 par value.
		As of March 31, 2002, there were 5,495,826 common voting shares issued and outstanding.
		There are no warrants or options outstanding.


	(b)	Issued and Outstanding

			# of Shares	Paid Up Capital

Mar. 31, 2002

Mar. 31, 2001

Mar. 31, 2002

Mar. 31, 2001

Voting common shares

Par value$5,495$2,365

Additional paid-up capital1,275,0841,152,991

Total5,495,8262,365,2401,280,5791,155,356

Non-voting common shares

Par value00

Additional paid-up capital00

Total0000

Total

5,495,8262,365,240$1,280,579$1,155,356(c)Net Loss Per Share

Mar. 31, 2002

Mar. 31, 2001

Net loss

$0($6,627)

Weighted number of common shares issued

5,331,7901,411,377

Net loss per share$0.00$0.00

Item 2. Management's Discussion and Analysis or Plan of Operation

The Company has minimal cash and has not yet developed any producing mines. The Company has no history of earnings, and due to the nature of its business, there can be no assurance that the Company will be profitable. Since the Company has been a development stage company since inception and has not generated revenues, the Company operates with minimal overhead. The Company will need to raise additional funds, either in the form of an advance or an equity investment by the Company's President; or in the form of equity investment by outside investors, or some combination of each.

Subsequent to the first quarter ending March 31, 2002, the letter of intent to acquire International Global Positioning ("IGP") expired on April 15, 2002 and is no longer in effect, as IGP was unable to satisfy the due diligence requirements set forth in the letter.

Management is focused on the immediate task of improving the Company's ability to attract equity capital.

On March 5, 2002, Larry Low resigned as a Director of Leopard Capital, Inc. citing personal reasons.

Liquidity and Capital Resources

The Company's cash position at March 31, 2002 was $0, compared to $0 at December 31, 2001.

At March 31, 2002, the Company had a working capital position of $0, compared to $0 at December 31, 2001.

Results of Operation

The Company had no revenue for the three month period ended March 31, 2002 compared to no revenue for the three month period ended March 31, 2001.

The Company recorded a net profit of $0 for the three month period ended March 31, 2002 compared to a net loss of ($6,627) for the three month period ended March 31, 2001.

The Company incurred administrative expenses of $0 for the quarter ended March 31, 2002 compared to $6,627 for the quarter ended March 31, 2001.

Forward-Looking Statements

From time-to-time, the Company or its representatives may have made or may make forward-looking statements, orally or in writing. Such forward-looking statements may be included in, but not limited to, press releases, oral statements made with the approval of an authorized executive officer or in various filings made by the Company with the Securities and Exchange Commission or other regulatory agencies. Words or phrases "will likely result", "are expected to", "will continue", " is anticipated", "estimate", "project or projected", or similar expressions are intended to identify "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Reform Act").

The Company wishes to ensure that such statements are accompanied by meaningful cautionary statements, so as to maximize to the fullest extent possible the protections of the safe harbor established in the Reform Act. Accordingly, such statements are qualified in their entirety by reference to and are accompanied by the following discussion of certain important factors that could cause actual results to differ materially from such forward-looking statements.

The risks identified here are not inclusive. Furthermore, reference is also made to other sections of this Statement that include additional factors that could adversely impact the Company's business and financial performance. Also, the Company operates in a very competitive and rapidly changing environment. New risk factors emerge from time to time and it is not possible for management to predict all such risk factors, nor can it assess the impact of all such risk factors on the Company's business or the extent to which any factor or combination of factors may cause actual results to differ significantly from those contained in any forward-looking statements. Accordingly, forward-looking statements should not be relied upon as a prediction of actual results.

Description of Property

None.

Description of Securities

The Company's authorized capital is 200,000,000 shares of common stock with $0.001 par value. As of March 31, 2002, there were 5,495,826 common voting shares issued and outstanding.

Debt Securities to be Registered

Not applicable.

American Depository Receipts

Not applicable

Other Securities to be Registered

Not applicable.

PART II

Item 1. Legal Proceedings

The Company knows of no material, active or pending legal proceedings against them; nor is the Company involved as a plaintiff in any material proceeding or pending litigation.

Item 5. Other Information

None

Item 6. Exhibits and Reports on Form 8-K

A Form 8-K dated March 5, 2002 was filed on March 7, 2002 to report the resignation of Larry Low as a Director of Leopard Capital, Inc. This 8K dated March 5, 2002 is incorporated by reference.

A Form 8-K dated March 6, 2002 was filed on March 6, 2002 to report the Company entered into a letter of intent to acquire all of the outstanding shares of capital stock of International Global Positioning, Inc. ("IGP") in exchange for authorized but as yet unissued shares of Leopard Capital, Inc. common stock. This 8K dated March 6, 2002 is incorporated by reference.

Signatures

In accordance with Section 13 or 15(d) of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Leopard Capital, Inc.
(Registrant)

By /s/ T.G. Cook
T.G. Cook, President

Date May 7, 2002

China Expert Technology (CXTI) Inactive 10QSB2002 Q1 Quarterly report (small business)