China Expert Technology 10QSB 2003 Q2 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

JUNE 30, 2003

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 of Incorporation or Organization)	(IRS Employer Identification No.)

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 June 30, 2003, there were 560,362 shares of common stock, $.001 par value, of Leopard Capital, Inc. issued and outstanding.

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

Leopard Capital, Inc.

Page 1 of 19

Form 10-QSB June 30, 2003

Table of Contents
		Page

PART I

Item 1.	Financial Statements	3

Item 2.	Management's Discussion and Analysis or Plan of Operation	11

Item 3.	Controls and Procedures	14


PART II

Item 1.	Legal Proceedings	15

Item 5.	Other Information	15

Item 6.	Exhibits and Reports on Form 8-K	15


SIGNATURES

	Signatures	16


CERTIFICATIONS

	Certifications	17

Leopard Capital, Inc.

Page 2 of 19

Form 10-QSB June 30, 2003

PART I

Item 1. Financial Statements




*LEOPARD CAPITAL, INC.*
FINANCIAL STATEMENTS
JUNE 30, 2003
(Unaudited)


Balance Sheets As Of June 30, 2003 And December 31, 2002		F-1

Statements Of Operations For The Quarter And Six Months Ended June 30, 2003
	And 2002, And From Inception Through June 30, 2003	F-2

Statement Of Shareholders' Deficit From Inception Through June 30, 2003		F-3 to F-5

Statements Of Cash Flows For The Six Months Ended June 30, 2003
	And 2002, And From Inception Through June 30, 2003	F-6

Condensed Notes To June 30, 2003 Financial Statements		F-7

Leopard Capital, Inc.

Page 3 of 19

Form 10-QSB June 30, 2003

F-1
*LEOPARD CAPITAL, INC.*
(A Development Stage Company)
BALANCE SHEETS
JUNE 30, 2003 AND DECEMBER 31, 2002
(Unaudited)

Jun. 30, 2003

Dec. 31, 2002

(Unaudited)

ASSETS

$0$0

LIABILITIES AND SHAREHOLDERS' DEFICIT

LIABILITIES

CURRENT

Accounts payable$1,899$0

Advances from shareholders

12,492

10,591

Total liabilities

14,391

10,591

SHAREHOLDERS' DEFICIT

Share capital (Note 2)

1,280,579

Deficit accumulated during the development stage

(1,294,970)

(1,291,170)

Total shareholders' deficit

(14,391)

(10,591)

Total liabilities and shareholders' deficit

(See accompanying notes)

Leopard Capital, Inc.

Page 4 of 19

Form 10-QSB June 30, 2003

F-2
*LEOPARD CAPITAL, INC.*
(A Development Stage Company)
STATEMENTS OF OPERATIONS
FOR THE QUARTER AND SIX MONTHS ENDED JUNE 30, 2003 AND 2002,
AND FROM INCEPTION ON JUNE 18, 1990 THROUGH JUNE 30, 2003
(Unaudited)
		Three	Three	Six	Six
	Cumulative	Months	Months	Months	Months
	Total	Ended	Ended	Ended	Ended
	Since	Jun. 30,	Jun. 30,	Jun. 30,	Jun. 30,
	Inception	2003	2002	2003	2002
	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)
EXPLORATION & DEVELOPMENT EXPENSES
Exploration and development	$19,885	$0	$0	$0	$0
Write off of investment in joint venture	60,463	0	0	0	0
Write off of development and property costs	442,529	0	0	0	0
Total exploration & development expenses	522,877	0	0	0	0
MARKETING EXPENSES
Advertising	2,637	0	0	0	0
Courier and postage	7,383	0	0	0	0
Meetings	1,357	0	0	0	0
Printing	19,056	0	0	0	0
Promotion and entertainment	16,454	0	0	0	0
Services	58,525	0	0	0	0
Telephone and fax	22,438	0	0	0	0
Travel	41,305	0	0	0	0
Total marketing expenses	169,155	0	0	0	0
ADMINISTRATIVE EXPENSES
Accounting and audit fees	51,111	1,899	4,074	1,899	4,074
Automobile	2,689	0	0	0	0
Bank charges and interest	2,185	0	0	0	0
Computer servicing	9,830	0	0	0	0
Incorporation expenses written off	6,794	0	0	0	0
Insurance	836	0	0	0	0
Interest on long term debt	11,991	0	0	0	0
Legal	150,697	0	3,386	0	3,386
Management and consulting fees	160,906	0	0	0	0
Meals and entertainment	28	0	0	0	0
Office supplies and service	71,579	438	0	1,511	0
Rent	9,021	0	0	0	0
SEC filing fees	10,981	0	0	0	0
Telephone and fax	7,036	0	0	0	0
Transfer agent fees	5,611	195	799	390	799
Travel	33,990	0	0	0	0
U.S. financial services	28,339	0	0	0	0
Wages and benefits	25,930	0	0	0	0
Total administrative expenses	589,554	2,532	8,259	3.800	8,259
LOSS BEFORE OTHER INCOME (LOSS)	(1,281,586)	(2,532)	(8,259)	(3,800)	(8,259)
OTHER INCOME (LOSS)
Interest income	798	0	0	0	0
Loss on disposal of capital assets	(11,923)	0	0	0	0
Loss on cash settlements of accounts payable	(2,259)	0	0	0	0
NET LOSS	($1,294,970)	($2,532)	($8,259)	($3,800)	($8,259)

(See accompanying notes)

Leopard Capital, Inc.

Page 5 of 19

Form 10-QSB June 30, 2003

F-3
*LEOPARD CAPITAL, INC.*
(A Development Stage Company)
STATEMENT OF SHAREHOLDERS' DEFICIT
FROM INCEPTION ON JUNE 18, 1990 THROUGH JUNE 30, 2003
(Unaudited)
					Deficit

Accumulated

Common Stock

Additional

During The

Per

Paid-up

Development

ShareSharesPar ValueCapitalStage

Voting Common Stock

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

shares0.15024,000,0004,000596,822

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)

Leopard Capital, Inc.

Page 6 of 19

Form 10-QSB June 30, 2003

F-4
*LEOPARD CAPITAL, INC.*
(A Development Stage Company)
STATEMENT OF SHAREHOLDERS' DEFICIT
FROM INCEPTION ON JUNE 18, 1990 THROUGH JUNE 30, 2003
(Unaudited)
					Deficit
					Accumulated
		Common Stock		Additional	During The
	Per			Paid-up	Development
	Share	Shares	Par Value	Capital	Stage
Voting Common Stock (Continued)
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	50	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 at December 31, 2000		765,240	$765	$1,051,013	($1,259,656)

(See accompanying notes)

Leopard Capital, Inc.

Page 7 of 19

Form 10-QSB June 30, 2003

F-5
*LEOPARD CAPITAL, INC.*
(A Development Stage Company)
STATEMENT OF SHAREHOLDERS' DEFICIT
FROM INCEPTION ON JUNE 18, 1990 THROUGH JUNE 30, 2003
(Unaudited)

Deficit

Accumulated

Common Stock

Additional

During The

Per

Paid-up

Development

ShareSharesPar ValueCapital

Stage

Voting Common Stock (Continued)

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 at December 31, 2001

5,495,8265,4951,275,084(1,280,579)Net loss, year ended December 31, 2002 (10,591)Balance at December 31, 2002 5,495,8265,4951,275,084(1,291,170)Reverse stock split effective April 24, 2003

(4,935,464)(4,935)4,935 Balance after reverse stock split

560,3625601,280,019

Net loss, period ended June 30, 2003 (3,800)Balance at June 30, 2003

560,362$560$1,280,019($1,294,970)

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 and 2002 000

Balance of non-voting common stock as at

June 30, 2003

(See accompanying notes)

Leopard Capital, Inc.

Page 8 of 19

Form 10-QSB June 30, 2003

F-6
*LEOPARD CAPITAL, INC.*
(A Development Stage Company)
STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 2003 AND 2002
AND FROM INCEPTION ON JUNE 18, 1990 THROUGH JUNE 30, 2003
(Unaudited)
	Cumulative	For the Six	For the Six
	Total Since	Months Ended	Months Ended

Inception

Jun. 30, 2003

Jun. 30, 2002

(Unaudited)

CASH FLOWS FROM OPERATING ACTIVITIES

Net loss

($1,294,970)

($3,800)

($8,259)

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)

Accounts payable increase before part of the

balance was settled by issuing shares

230,596

3,800

8,259

Net cash used in operating activities

(545,905)

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

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 investing activities

(490,870)

NET CHANGE IN CASH BALANCE

CASH AT BEGINNING OF PERIOD

CASH AT END OF PERIOD

(See accompanying notes)

Leopard Capital, Inc.

Page 9 of 19

Form 10-QSB June 30, 2003

F-7
*LEOPARD CAPITAL, INC.*
(A Development Stage Company)
CONDENSED NOTES TO JUNE 30, 2003 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, 2002. The results of operations for the period ended June 30, 2003 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 June 30, 2003, there were 560,362 common voting shares issued and outstanding.
		There are no warrants or options outstanding.


	(b)	Issued and Outstanding

			# of Shares	Paid Up Capital

Jun. 30, 2003

Jun. 30, 2002

Jun. 30, 2003

Jun. 30, 2002

Voting common shares

Par value

$560$560

Additional paid-up capital

1,280,0191,280,019

Total560,362560,3621,280,5791,280,579

Non-voting common shares

Par value

Additional paid-up capital

Total0000

Total

560,362560,362$1,280,579$1,280,579 The June 30, 2002 number of Voting Common shares, par value and additional paid-up capital have been retroactively adjusted for the April 24, 2003 reverse stock split. (c)Net Loss Per Share

Jun. 30, 2003

Jun. 30, 2002

Net loss

($3,800)($8,259)

Weighted number of common shares issued

560,362560,362

Net loss per share($0.01)($0.01)

Leopard Capital, Inc.

Page 10 of 19

Form 10-QSB June 30, 2003

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

Forward-Looking Statements

Some discussions in this quarterly filing may contain forward-looking statements and and prospective in nature. Such forward-looking statements reflect managements beliefs and assumptions and are based on information currently available to management. Forward looking statements are statements that express our goals, beliefs, plans, current expectations or other statements regarding matters that are not historical facts. Forward-looking statements are often identified by words such as "believes", "anticipates", "expects", "estimates" and similar expressions, or words which, by their nature, refer to future events. The forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied in such statements.

Such factors include, among others, the following: local, national and international general economic and market conditions; the ability of the Company to attract equity capital; the ability of the Company to implement our proposed exploration program and the success thereof; existing government regulations and changes in, or the failure to comply with, government regulations; changes in business strategy or development plans; the ability to attract and retain qualified personnel; and other factors referenced in this and previous filings.

Given these uncertainties, readers of this Form 10-QSB are cautioned not to place undue reliance on such forward-looking statements. The Company disclaims any obligation to update any such factors or to publicly release the results of any revisions to any of the forward-looking statements contained herein to reflect future events or developments.

Management's Discussion and Analysis or Plan of Operation

Information in this section is current as of July 24, 2003.

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.

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

At the Annual Meeting of Stockholders held January 21, 2003, the Company's 2002 Stock Incentive Plan was adopted by the stockholders. Under the Plan, the Compensation Committee, in its discretion, may grant common stock or stock options to purchase common stock of the Company to key employees, consultants, and non-employee directors of the Company. The Company has reserved 82,500 shares of common stock (retroactively adjusted to reflect the 1 for 10 reverse split of April 24, 2003) for the grant of options under the Plan, subject to anti-dilution provisions.

The purpose of the Plan is to improve the Company's ability to attract, retain and compensate highly competent key employees, non-employee directors and consultants ("employee(s)") and to act as an incentive in motivating selected key employees, non-employee directors and consultants of Leopard Capital, Inc. to achieve long-term corporate objectives, by awarding certain options to purchase the Company's common stock, and to receive grants of common stock subject to certain restrictions. A copy of the 2002 Stock Incentive Plan may be obtained upon written request to the Company at 1574 Gulf Rd. #1505, Point Roberts, Washington 98281.

Leopard Capital, Inc.

Page 11 of 19

Form 10-QSB June 30, 2003

A copy of the 2002 Stock Incentive Plan has been previously filed as Exhibit 10.1 with the Company's December 31, 2002 10-KSB filed February 28, 2003.

Secondly, the stockholders approved a resolution to grant discretionary authority to Leopard's Board of Directors to effect a reverse stock split of Leopard's common stock at a ratio within the range from one-for-two to one-for twenty at any time prior to July 1, 2003 in order to reduce the number of shares of Leopard's common stock outstanding and thereby attempt to enhance the ability of the Company to use its shares to acquire or merge with an attractive operating company.

A copy of the Summary of Reverse Stock Split has been previously filed as Exhibit 99.3 with the Company's December 31, 2002 10-KSB filed February 28, 2003.

On April 8, 2003, the Board of Directors of Leopard Capital, Inc. unanimously adopted a resolution setting the close of business on April 24, 2003 as the record date to effect a 1 for 10 reverse stock split, consistent with the approvals obtained from the Company's stockholders at the Company's Annual Meeting on January 21, 2003.

Any fractional shares of common stock resulting from the reverse split will "round up" to the nearest whole number. No cash will be paid to any holders of fractional interests in the company. Stockholders with less than one board lot of 100 (post-split) shares of common stock, will have their shareholdings "rounded up" to 100 shares. There were 5,495,826 shares outstanding immediately prior to the split and the actual number of post-split shares is 560,362 due to rounding up of fractional shares and holdings of less than one board lot to a board lot of 100 shares.

The net result of this 1 for 10 reverse split of the issued shares leaves 200,000,000 authorized shares of which 560,362 shares are issued and outstanding and 82,500 shares reserved for the 2002 Stock Incentive Plan.

Leopard Capital, Inc.'s new Cusip number following this reverse split will be 52668R 20 3 and the Company's new trading symbol is LPRD.

Liquidity and Capital Resources

The Company's cash position was $0 at June 30, 2003, compared to $0 at December 31, 2002.

The Company had a negative working capital position of ($14,391) at June 30, 2003, compared to a negative working capital position of ($10,591) at December 31, 2002.

Results of Operation

The Company had no revenue for the quarter and six month period ended June 30, 2003 compared to no revenue for the quarter and six month period ended June 30, 2002.

The Company recorded a net loss of ($2,532) for the quarter ended June 30, 2003 and a net loss of ($3,800) for the six month period ended June 30, 2003, compared to a net loss of ($8,259) for the quarter ended June 30, 2002 and a net loss of ($8,259) for the six month period ended June 30, 2002.

Leopard Capital, Inc.

Page 12 of 19

Form 10-QSB June 30, 2003

The Company incurred administrative expenses of $2,532 for the quarter ended June 30, 2003 and administrative expenses of $3,800 for the six month period ended June 30, 2003, compared to $8,259 for the quarter ended June 30, 2002 and $8,259 for the six month period ended June 30, 2002.

Description of Property

The Company does not own any property.

Description of Securities

The Company's authorized capital is 200,000,000 shares of common stock with $0.001 par value. As of June 30, 2003, there were 560,362 common voting shares issued and outstanding. Please also refer to "Management's Discussion and Analysis or Plan of Operation" for details on the April 2003 reverse stock split.

Debt Securities to be Registered

Not applicable.

American Depository Receipts

Not applicable

Other Securities to be Registered

Not applicable.

Leopard Capital, Inc.

Page 13 of 19

Form 10-QSB June 30, 2003

Item 3. Controls and Procedures

Valuation of Disclosure Controls and Procedures

The Company, within the 90-day period prior to the filing date of this report, carried out an evaluation of the effectiveness of the design and operation of its disclosure controls and procedures. The Company's President, acting in the capacity of principal executive officer and chief financial officer, supervised and participated in the evaluation. Based on this evaluation, the Company's President concluded that the Company's disclosure controls and procedures were effective as of the evaluation date.

Changes in Internal Controls

There were no significant changes in the Company's internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation.

Leopard Capital, Inc.

Page 14 of 19

Form 10-QSB June 30, 2003

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) Exhibits

	Exhibit Number		Description of Exhibits

	99.1		Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 1902

	99.2		Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 1902

(B) A Form 8-K dated April 15, 2003 was filed on April 16, 2003 to report a 1 for 10 reverse stock split. The Board of Directors of Leopard Capital, Inc. unanimously adopted a resolution on April 8, 2003, setting the close of business on April 24, 2003 as the record date to effect a 1 for 10 reverse stock split consistent with the approvals obtained from the Company's stockholders at the Company's Annual Meeting on January 21, 2003.

Leopard Capital, Inc.

Page 15 of 19

Form 10-QSB June 30, 2003

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.

Terry G. Cook
President

Date: July 24, 2003

Leopard Capital, Inc.

Page 16 of 19

Form 10-QSB June 30, 2003

CERTIFICATIONS

Principal Executive Officer Certification

I, Terry G. Cook, certify that:

1. I have reviewed this quarterly report on Form 10-QSB of Leopard Capital, Inc.;

2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;

3. Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

a) designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;
b) evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 90 days prior to the filing date of this quarterly report (the "Evaluation Date"); and
c) presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date;

5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):

a) all significant deficiencies in the design or operation of internal controls which could adversely affect the registrant's ability to record, process, summarize and report financial data and have identified for the registrant's auditors any material weaknesses in internal controls; and
b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls; and

Leopard Capital, Inc.

Page 17 of 19

Form 10-QSB June 30, 2003

6. The registrant's other certifying officers and I have indicated in this quarterly report whether or not there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

Date: July 24, 2003

Terry G. Cook
President

Principal Financial Officer Certification

I, Terry G. Cook, certify that:

1. I have reviewed this quarterly report on Form 10-QSB of Leopard Capital, Inc.;

a) designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;
b) evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 90 days prior to the filing date of this quarterly report (the "Evaluation Date"); and
c) presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date;

Leopard Capital, Inc.

Page 18 of 19

Form 10-QSB June 30, 2003

a) all significant deficiencies in the design or operation of internal controls which could adversely affect the registrant's ability to record, process, summarize and report financial data and have identified for the registrant's auditors any material weaknesses in internal controls; and
b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls; and

Date: July 24, 2003

Terry G. Cook
Chief Financial Officer

Leopard Capital, Inc.

Page 19 of 19

Form 10-QSB June 30, 2003

China Expert Technology (CXTI) Inactive 10QSB2003 Q2 Quarterly report (small business)