Leopard Energy (LEEN) 10-Q 15 Dec 14 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Oct. 31, 2014	Dec. 13, 2014
Document And Entity Information
Entity Registrant Name	CLEAN ENVIRO TECH CORP
Entity Central Index Key	1230524
Document Type	10-Q
Document Period End Date	31-Oct-14
Amendment Flag	FALSE
Current Fiscal Year End Date	-24
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		9,838,721
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2015

Balance_Sheets_Unaudited

Balance Sheets (Unaudited) (USD $)	Oct. 31, 2014	Jul. 31, 2014
Assets
Property and equipment, net	$2,902	$3,225
Total assets	2,902	3,225
Current liabilities:
Accounts payable and accrued expenses	285,506	276,676
Advances	214,682	214,682
Notes payable	173,600	173,600
Total current liabilities	673,788	664,958
Stockholders' deficiency:
Preferred stock, $.001 par value, 10,000,000 shares authorized, 0 issued and outstanding
Common stock, $.001 par value, 10,000,000 shares authorized as of October 31, 2014; 9,838,721 issued and outstanding at October 31, 2014 and July 31, 2014, respectively.	9,839	9,839
Additional paid-in capital	7,368,677	7,368,677
Retained deficit	-8,049,402	-8,040,249
Stockholders' deficiency	-670,886	-661,733
Total liabilities and stockholders' deficiency	$2,902	$3,225

Balance_Sheets_Parenthetical

Balance Sheets (Parenthetical) (USD $)	Oct. 31, 2014	Jul. 31, 2014
Statement of Financial Position [Abstract]
Preferred Stock, Par Value	$0.00	$0.00
Preferred Stock, Shares Authorized	10,000,000	10,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common Stock, Par Value	$0.00	$0.00
Common Stock, Shares Authorized	10,000,000	10,000,000
Common Stock, Shares Issued	9,838,721	9,838,721
Common Stock, Shares Outstanding	9,838,721	9,838,721

Statements_of_Operations_Unaud

Statements of Operations (Unaudited) (USD $)	3 Months Ended
	Oct. 31, 2014	Oct. 31, 2013
Income Statement [Abstract]
Net sales
Operating expenses:
General and administrative	9,153	24,816
Research and development		6,460
Loss from operations	-9,153	-31,276
Other (expenses)/income
Other income/expense
Net loss before provision for (benefit from) income taxes	-9,153	-31,276
Provision for (benefit from) income taxes
Net loss	($9,153)	($31,276)
Net loss per common share - basic and diluted	$0	$0
Weighted average number of common shares outstanding - basic and diluted	9,838,721	9,838,721

Statements_of_Cash_Flows_Unaud

Statements of Cash Flows (Unaudited) (USD $)	3 Months Ended
	Oct. 31, 2014	Oct. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	($9,153)	($31,276)
Adjustments to reconcile net loss to net cash utilized by operating activities
Depreciation	323	322
Expenses paid on the Companys behalf by a third party	8,975
Increase (decrease) in cash flows from changes in operating assets and liabilities
Accounts payable and accrued expenses	-145	30,954
Net cash used in operating activities
Net cash used in investing activities
Net cash provided by financing activities
CHANGE IN CASH AND CASH EQUIVALENTS
Net decrease in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period
Cash paid during the year for:
Interest
Income taxes

1_Summary_of_Significant_Accou

1. Summary of Significant Accounting Policies	3 Months Ended
	Oct. 31, 2014
Accounting Policies [Abstract]
1. Summary of Significant Accounting Policies	Note 1. Summary of Significant Accounting Policies
	Condensed Interim Financial Statements – The accompanying unaudited condensed financial statements include the accounts of Clean Enviro Tech Corp. (the “Company” or “Clean Enviro”). These financial statements are condensed and, therefore, do not include all disclosures normally required by accounting principles generally accepted in the United States of America. Therefore, these statements should be read in conjunction with the most recent annual financial statements of Clean Enviro for the year ended July 31, 2014 included in the Company’s Form 10-K filed with the Securities and Exchange Commission. In particular, the Company’s significant accounting principles were presented as Note 2 to the Financial Statements in that report. In the opinion of management, all adjustments necessary for a fair presentation have been included in the accompanying condensed financial statements and consist of only normal recurring adjustments. The results of operations presented in the accompanying condensed financial statements are not necessarily indicative of the results that may be expected for the full year ending July 31, 2015.
	Going Concern - The Company’s financial statements for the period ended October 31, 2014, have been prepared on a going concern basis which contemplates the realization of assets and settlement of liabilities and commitments in the normal course of business. The Company did not have any revenue and as of October 31, 2014, there was a working capital deficit of approximately $673,788. Management recognized that the Company’s continued existence is dependent upon its ability to obtain needed working capital through additional equity and/or debt financing and revenue to cover expenses as the Company continues to incur losses.
	Since its incorporation, the Company financed its operations almost exclusively through advances from its controlling shareholders. The Company expects to finance operations through the sale of equity or other investments for the foreseeable future, as the Company does not receive significant revenue from its business operations. There is no guarantee that the Company will be successful in arranging financing on acceptable terms.
	The Company's ability to raise additional capital is affected by trends and uncertainties beyond its control. The Company does not currently have any arrangements for financing and it may not be able to find such financing if required. Obtaining additional financing would be subject to a number of factors, including investor sentiment. Market factors may make the timing, amount, terms or conditions of additional financing unavailable to it. These uncertainties raise substantial doubt about the ability of the Company to continue as a going concern. The accompanying financial statements do not include any adjustments that might result from the outcome of these uncertainties.
	The Company’s significant accounting policies are summarized in Note 2 of the Company’s Annual Report on Form 10-K for the year ended July 31, 2014. There were no significant changes to these accounting policies during the three months ended October 31, 2014 and the Company does not expect that the adoption of other recent accounting pronouncements will have a material impact on its financial statements.

2_Common_Stock

2. Common Stock	3 Months Ended
	Oct. 31, 2014
Equity [Abstract]
2. Common Stock	Note 2. Common Stock
	During the three months ended October 31, 2014, there has been no common stock issued.

3_Net_Loss_Per_Common_Share

3. Net Loss Per Common Share	3 Months Ended
	Oct. 31, 2014
Accounting Policies [Abstract]
3. Net Loss Per Common Share	Note 3. Net Loss Per Common Share
	Loss per share is computed based on the weighted average number of shares outstanding during the year. Diluted loss per common share is computed by dividing net loss by the weighted average number of common shares and potential common shares during the specified periods. The Company has no outstanding options, warrants or other convertible instruments that could affect the calculated number of shares.
	The following table sets forth the reconciliation of the basic and diluted net loss per common share computations for the three months ended October 31, 2014 and 2013.
		Three Months Ended								Three Months Ended
		31-Oct-14								31-Oct-13
		Income			Shares		Per-Share			Income			Shares		Per-Share
		(Numerator)			(Denominator)		Amount			(Numerator)			(Denominator)		Amount
	Net (loss)	$	(9,153	)		—		—		$	(31,276	)		—		—
	Basic loss per common share		(9,153	)		9,838,721		(0.00	)		(31,276	)		9,838,721		(0.00	)
	Effect of dilutive securities		—			—		—			—			—		—
	Diluted loss per common share	$	(9,153	)		9,838,721		(0.00	)	$	(31,276	)		9,838,721		(0.00	)

4_Notes_Payable

4. Notes Payable	3 Months Ended
	Oct. 31, 2014
Payables and Accruals [Abstract]
4. Notes Payable	Note 4. Notes Payable
	On December 15, 2010, the Company issued a non-interest bearing, due on demand, promissory note to Mehboob Charania, (former chief executive and principal financial officer) for which it has received advances of $173,600 and repaid $0. The transaction amounts are reported as current due to the fact that they are due upon demand.

5_Advances

5. Advances	3 Months Ended
	Oct. 31, 2014
Debt Disclosure [Abstract]
5. Advances	Note 5. Advances
	At October 31, 2014 and July 31, 2014, the Company owed a third party $214,682 and $214,682, respectively from debt assumed in 2012. Various advances from the same party for operating expenses since that time have been booked as accounts payable. During the three months ended October 31, 2014 and 2013, the Company received advances totaling $8,975 and $0, respectively; and made payments of $0 and $0, respectively. The assigned debt and any subsequent debt we incur is interest free. No term has been set for repayment and no payment is expected until the Company has begun to become a profitable venture.

1_Summary_of_Significant_Accou1

1. Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Oct. 31, 2014
Accounting Policies [Abstract]
Condensed Interim Financial Statements	Condensed Interim Financial Statements – The accompanying unaudited condensed financial statements include the accounts of Clean Enviro Tech Corp. (the “Company” or “Clean Enviro”). These financial statements are condensed and, therefore, do not include all disclosures normally required by accounting principles generally accepted in the United States of America. Therefore, these statements should be read in conjunction with the most recent annual financial statements of Clean Enviro for the year ended July 31, 2014 included in the Company’s Form 10-K filed with the Securities and Exchange Commission. In particular, the Company’s significant accounting principles were presented as Note 2 to the Financial Statements in that report. In the opinion of management, all adjustments necessary for a fair presentation have been included in the accompanying condensed financial statements and consist of only normal recurring adjustments. The results of operations presented in the accompanying condensed financial statements are not necessarily indicative of the results that may be expected for the full year ending July 31, 2015.
Going Concern	Going Concern - The Company’s financial statements for the period ended October 31, 2014, have been prepared on a going concern basis which contemplates the realization of assets and settlement of liabilities and commitments in the normal course of business. The Company did not have any revenue and as of October 31, 2014, there was a working capital deficit of approximately $673,788. Management recognized that the Company’s continued existence is dependent upon its ability to obtain needed working capital through additional equity and/or debt financing and revenue to cover expenses as the Company continues to incur losses.
	Since its incorporation, the Company financed its operations almost exclusively through advances from its controlling shareholders. The Company expects to finance operations through the sale of equity or other investments for the foreseeable future, as the Company does not receive significant revenue from its business operations. There is no guarantee that the Company will be successful in arranging financing on acceptable terms.
	The Company's ability to raise additional capital is affected by trends and uncertainties beyond its control. The Company does not currently have any arrangements for financing and it may not be able to find such financing if required. Obtaining additional financing would be subject to a number of factors, including investor sentiment. Market factors may make the timing, amount, terms or conditions of additional financing unavailable to it. These uncertainties raise substantial doubt about the ability of the Company to continue as a going concern. The accompanying financial statements do not include any adjustments that might result from the outcome of these uncertainties.
	The Company’s significant accounting policies are summarized in Note 2 of the Company’s Annual Report on Form 10-K for the year ended July 31, 2014. There were no significant changes to these accounting policies during the three months ended October 31, 2014 and the Company does not expect that the adoption of other recent accounting pronouncements will have a material impact on its financial statements.

3_Net_Loss_Per_Common_Share_Ta

3. Net Loss Per Common Share (Tables)	3 Months Ended
	Oct. 31, 2014
Accounting Policies [Abstract]
Net Loss Per Common Share		Three Months Ended								Three Months Ended
		31-Oct-14								31-Oct-13
		Income			Shares		Per-Share			Income			Shares		Per-Share
		(Numerator)			(Denominator)		Amount			(Numerator)			(Denominator)		Amount
	Net (loss)	$	(9,153	)		—		—		$	(31,276	)		—		—
	Basic loss per common share		(9,153	)		9,838,721		(0.00	)		(31,276	)		9,838,721		(0.00	)
	Effect of dilutive securities		—			—		—			—			—		—
	Diluted loss per common share	$	(9,153	)		9,838,721		(0.00	)	$	(31,276	)		9,838,721		(0.00	)

1_Summary_of_Significant_Accou2

1. Summary of Significant Accounting Policies (Details Narrative) (USD $)	Oct. 31, 2014
Accounting Policies [Abstract]
Working Capital Defiict	($673,788)

3_Net_Loss_Per_Common_Share_Ne

3. Net Loss Per Common Share - Net Loss Per Common Share (Details) (USD $)	3 Months Ended
	Oct. 31, 2014	Oct. 31, 2013
Accounting Policies [Abstract]
Net (loss)	($9,153)	($31,276)
Basic loss per common share	-9,153	-31,276
Basic loss per common share, Shares	9,838,721	9,838,721
Basic loss per common share, Per Share	$0	$0
Effect of dilutive securities
Diluted loss per common share	($9,153)	($31,276)
Diluted loss per common share, Shares	9,838,721	9,838,721
Diluted loss per common share, Per Share	$0	$0

4_Notes_Payable_Details_Narrat

4. Notes Payable (Details Narrative) (USD $)	12 Months Ended
	Jul. 31, 2011
Payables and Accruals [Abstract]
Advances Received	$173,600
Repayments of Advances	$0

5_Advances_Details_Narrative

5. Advances (Details Narrative) (USD $)	3 Months Ended
	Oct. 31, 2014	Oct. 31, 2013	Jul. 31, 2014
Debt Disclosure [Abstract]
Owed to Third party	$214,682		$214,682
Advances Recieved	8,975	0
Repayment of Advances	$0	$0