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

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Oct. 31, 2015	Dec. 15, 2015
Document And Entity Information
Entity Registrant Name	CLEAN ENVIRO TECH CORP
Entity Central Index Key	1,230,524
Document Type	10-Q
Document Period End Date	Oct. 31, 2015
Amendment Flag	false
Current Fiscal Year End Date	--07-31
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		19,519,935
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2,015

Balance Sheets (Unaudited)

Balance Sheets (Unaudited) - USD ($)	Oct. 31, 2015	Jul. 31, 2015
Current assets:
Deposits	$ 10,000	$ 10,000
Total current assets	10,000	$ 10,000
Website development costs, net	3,000
Total assets	13,000	$ 10,000
Current liabilities:
Accounts payable and accrued expenses	115,825	112,637
Convertible notes payable - related party	29,767	29,767
Notes payable - related party	83,608	68,112
Total current liabilities	$ 229,200	$ 210,516
Commitments and contingencies
Stockholders' deficiency:
Preferred stock, $.001 par value, 10,000,000 shares authorized, 0 issued and outstanding
Common stock, $.001 par value, 50,000,000 shares authorized as of October 31, 2015;19,519,935 and 1,969,935 issued and outstanding at October 31, 2015 and July 31, 2015, respectively.	$ 19,520	$ 19,520
Additional paid-in capital	8,256,341	8,256,341
Retained deficit	(8,492,061)	(8,476,377)
Stockholders' deficiency	(216,200)	(200,516)
Total liabilities and stockholders' deficiency	$ 13,000	$ 10,000

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Oct. 31, 2015	Jul. 31, 2015
Statement of Financial Position [Abstract]
Preferred Stock, Par Value	$ 0.001	$ 0.001
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	$ 0.001	$ 0.001
Common Stock, Shares Authorized	50,000,000	50,000,000
Common Stock, Shares Issued	19,519,935	19,519,935
Common Stock, Shares Outstanding	19,519,935	19,519,935

Statements of Operations (Unaud

Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Oct. 31, 2015	Oct. 31, 2014
Income Statement [Abstract]
Net sales
Operating expenses:
General and administrative	$ 15,684	$ 9,153
Loss from operations	(15,684)	(9,153)
Net loss before provision for (benefit from) income taxes	$ (15,684)	$ (9,153)
Provision for (benefit from) income taxes
Net loss	$ (15,684)	$ (9,153)
Net loss per common share - basic and diluted	$ 0	$ 0
Weighted average number of common shares outstanding - basic and diluted	19,519,935	1,969,935

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Oct. 31, 2015	Oct. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (15,684)	$ (9,153)
Adjustments to reconcile net loss to net cash utilized by operating activities
Depreciation		323
Expenses paid on the Company's behalf by a third party Increase (decrease) in cash flows from changes in operating assets and liabilities	$ 15,496	8,975
Accounts payable and accrued expenses	3,188	$ (145)
Net cash used in operating activities	3,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Capitalization of website development costs	3,000
Net cash used in investing activities	$ (3,000)
CASH FLOWS FROM FINANCING 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 year
Cash and cash equivalents at end of year
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, 2015
Accounting Policies [Abstract]
1. Summary of Significant Accounting Policies	Note 1. Summary of Significant Accounting Policies Condensed Interim Financial Statements – Going Concern - Since its incorporation, the Company financed its operations almost exclusively through advances from its controlling shareholders. The Company has recently drafted a new business plan. It is uncertain if the Company will be successful in this endeavor. The Company therefore anticipates needing to continue to finance operations through the sale of equity or other investments for the foreseeable future, until the Company begins to receive revenue from 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, 2015. There were no significant changes to these accounting policies during the three months ended October 31, 2015 and the Company does not expect that the adoption of other recent accounting pronouncements will have a material impact on its financial statements. Website Development Costs - The Company capitalized website costs of $3,000 and $-0- during the three months ended October 31, 2015 and 2014, respectively. Amortization expenses of $-0- and $-0- during the three months ended October 31, 2015 and 2014, respectively.

2. Deposit

2. Deposit	3 Months Ended
	Oct. 31, 2015
Banking and Thrift [Abstract]
2. Deposit	Note 2. Deposit On May 28, 2015, the Company entered into a license agreement (the “Agreement”) with eCommerce Technologies Inc. (“Licensor”), providing for the license by the Company of certain patented ecommerce technology (the “Licensed Technology”), under a non-exclusive right and license to market, use or sell the Licensed Technology and improvements thereto worldwide for a period of five years, subject to the patent coverage of the Licensed Technology. On November 15, 2015, the parties agreed to extend the due date from November 15, 2015 to February 15, 2016. As of July 31, 2015, the Company has made a deposit of $10,000 with a remaining balance due on February 15, 2016, totaling $490,000. Through the date of this filing, the balance remains outstanding.

3. Website

3. Website	3 Months Ended
	Oct. 31, 2015
Research and Development [Abstract]
3. Website	Note 3. Website During the three months ended October 31, 2015, the Company had $3,000 in website development costs related to the licensed technology. The Company is still developing the website and has not placed in service. Amortization will commence once the website is placed in service over a three year useful life.

4. Net Loss Per Common Share

4. Net Loss Per Common Share	3 Months Ended
	Oct. 31, 2015
Earnings Per Share [Abstract]
4. Net Loss Per Common Share	Note 4. 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, except for $29,767 of debt that is convertible into common stock at approx. $0.02 per share (post split). If all of the debt is converted with common share equivalents would be 1,488,350 (post split).

5. Convertible Notes Payable an

5. Convertible Notes Payable and Notes Payable	3 Months Ended
	Oct. 31, 2015
Payables and Accruals [Abstract]
5. Convertible Notes Payable and Notes Payable	Note 5. Convertible Notes Payable and Notes Payable As of October 31, 2015, the Company has a balance of convertible notes is $29,767 which is convertible into common stock at approx. $0.02 per share (post split). The debt is due upon demand and bears 0% interest. As of October 31, 2015, the Company has several notes payable totaling $83,608 which is due upon demand and bears 0% interest.

6. Subsequent Events

6. Subsequent Events	3 Months Ended
	Oct. 31, 2015
Subsequent Events [Abstract]
6. Subsequent Events	Note 6. Subsequent Events On November 15, 2015, the Company and eCommerce Technologies Inc. agreed to extend the due date from November 15, 2015 to February 15, 2016 for the payment of $490,000.

1. Summary of Significant Acc12

1. Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Oct. 31, 2015
Accounting Policies [Abstract]
Condensed Interim Financial Statements	Condensed Interim Financial Statements –
Going Concern	Going Concern - Since its incorporation, the Company financed its operations almost exclusively through advances from its controlling shareholders. The Company has recently drafted a new business plan. It is uncertain if the Company will be successful in this endeavor. The Company therefore anticipates needing to continue to finance operations through the sale of equity or other investments for the foreseeable future, until the Company begins to receive revenue from 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, 2015. There were no significant changes to these accounting policies during the three months ended October 31, 2015 and the Company does not expect that the adoption of other recent accounting pronouncements will have a material impact on its financial statements.
Website Development Costs	Website Development Costs - The Company capitalized website costs of $3,000 and $-0- during the three months ended October 31, 2015 and 2014, respectively. Amortization expenses of $-0- and $-0- during the three months ended October 31, 2015 and 2014, respectively.

1. Summary of Significant Acc13

1. Summary of Significant Accounting Policies (Details Narrative) - USD ($)	3 Months Ended
	Oct. 31, 2015	Oct. 31, 2014
Accounting Policies [Abstract]
Working Capital Deficit	$ 219,200
Capitalized Website Costs	$ 3,000
Amortization Expenses

2. Deposit (Details Narrative)

2. Deposit (Details Narrative)	Oct. 31, 2015USD ($)
Banking and Thrift [Abstract]
Deposit Made	$ 10,000
Balance Due under License Agreement	$ 490,000

3. Website (Details Narrative)

3. Website (Details Narrative) - USD ($)	3 Months Ended
	Oct. 31, 2015	Oct. 31, 2014
Research and Development [Abstract]
Capitalized Website Costs	$ 3,000

4. Net Loss Per Common Share (D

4. Net Loss Per Common Share (Details Narrative)	Oct. 31, 2015USD ($)
Earnings Per Share [Abstract]
Debt Convertible into Common stock	$ 29,767

5. Convertible Notes Payable 17

5. Convertible Notes Payable and Notes Payable (Details Narrative) - USD ($)	Oct. 31, 2015	Jul. 31, 2015
Payables and Accruals [Abstract]
Convertible notes payable - related party	$ 29,767
Notes payable - related party	$ 83,608	$ 68,112

6. Subsequent Events (Details N

6. Subsequent Events (Details Narrative)	Oct. 31, 2015USD ($)
Subsequent Events [Abstract]
Balance Due under License Agreement	$ 490,000