LEEN 10-K & 10-Q changes, risk factors and insider trading

During the fiscal year ended July 31, 2024, the Company incurred operating expenses of $286,729, as compared to expenses of $139,430 during the fiscal year ended July 31, 2023.$287,168, The majority of the expenses consisted of general and administrative expenses, which includes professional services.

As of July 31, 2024,2025, our current assets consisted of $6,432$12,118 in cash, as compared to $3$6,432 in casecash at July 31, 20232024 and deposits $6,429,$12,115, as compared to $ Nil6,429 at July 31, 2023.2024 As at the year ended July 31, 2025.

For the fiscal year ended July 31, 2024,2025, net cash used in operating activities was $154,323,$76,579, consisting of our net lossprofit for the period of $252,803,$31,835 increasedand decreased by the accounts payable of $131,656$17,343, and decreasedincreased by a convertible notes write-offsettlement of $8,423, a loanaccount payable write-off of $13,134, and an accounts payable write off of $11,619.$91,071.

For the fiscal year ended July 31, 2024, we invested $39,280, for the acquisition of the 5% royalty interest in a package of seven (7) producing oil wells located in the Eagle Ford Shale, Lavaca County, Texas. In the year ended July 31, 2023 the Company invested $73,942 in the software development with respect to its prior business.

For the fiscal year ended July 31, 2024,2025, net cash from investing activities was $200,032,$82,265, due to additional paid in capital provided by Zenith Energy, our controlling stockholder, offset by the payment of convertible notes net of the amount written-off.stockholder. For the fiscal year ended July 31, 2023,2024, net cash from financing activities was $121,986.$200,032.

Since the transfer of controlling interest in August 2023, Zenith Energy Ltd. (“Zenith Energy”), the Company’s controlling stockholder, has provided approximately $388,008 capital in the form of payment made on behalf of the Company and $45,000 paid in capital in cash. Zenith Energy has indicated that it intends to continue to finance the Company and its expansion into the energy sector, to acquire additional royalties and/or ownership interest, pending the receipt of additional financing Our financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”), which contemplates our continuation as a going concern. As of July 31, 2024,2025, we have incurred losses of $11,708,450.$11,693,115. In addition, as of July 31, 20242025 our current liabilities exceed our current assets by $217,770.$122,814. These factors raise substantial doubt about our ability to continue operating as a going concern. Our ability to continue our operations as a going concern, realize the carrying value of our assets, and discharge our liabilities in the normal course of business is dependent upon our ability to raise capital sufficient to fund our commitments and ongoing losses, and ultimately generate profitable operations.

We expect we will require additional capital to meet our long-term operating requirements. We expect to raise additional capital through, among other methods, the sale of equity or debt securities. In addition, Zenith Energy, our controlling stockholderstockholder, has advised us that intends to provide the Company with working capital to fund operations and acquisitions, pending receipt of additional funding.

Since the transfer of controlling interest in August 2023, Zenith Energy Ltd. (“Zenith Energy”), the Company’s controlling stockholder, has provided approximately $417,508 capital in the form of payment made on behalf of the Company and $45,000 paid in capital in cash. Zenith Energy has indicated that it intends to continue to finance the Company and its expansion into the energy sector, to acquire additional royalties and/or ownership interest, pendinguntil such time as the receiptCompany ofreceives additional financing.

During the sixnine months ended JanuaryApril 31,30, 2026, the Company incurred operating expenses of $8,333.$12,500. The majority of the expenses consisted of general and administrative expenses, which include professional services.

For the sixnine months ended JanuaryApril 31,30, 2026, we had a net loss of $6,424,$8,966, primarily due to professional services under general and administrative expenses. All the expenses were paid by our controlling stockholder Zenith Energy, who renounced its credit.

For the sixnine months ended JanuaryApril 31,30, 2026, we generated revenues of $2,089$3,804 from the royalty interest we acquired in the Eagle Acquisition consummated in January 2024. The royalty interest provides the Company with a monthly distribution of its share or revenues from the property, net of expenses and operational risks, from an oil production property managed by a non-affiliated third party.

During the sixnine months ended JanuaryApril 31,30, 2025, the Company incurred operating expenses of $36,589.$42,756. The majority of the expenses consisted of general and administrative expenses, which include professional services.

For the sixnine months ended JanuaryApril 31,30, 2025, we had a net lossprofit of $33,033,$52,869, primarily due to the write-off of accounts payable for $91,071, partially offset by professional services under general and administrative expenses. All the expenses were paid by our controlling stockholder Zenith Energy, who renounced its credit.

As of JanuaryApril 31,30, 2026, the Company had accumulated deficit of $11,699,539$11,702,081 and a working capital deficit of $99,738.$102,280. Management believes these factors raise substantial doubt about the Company’s ability to continue as a going concern for the next twelve months.

As of JanuaryApril 31,30, 2026, our current assets consisted of $14,027$15,652 in cash, as compared to $12,118 at July 31, 2025, Non-current assets, consisting of the royalty interest acquired in the January 2024 (Eagle Acquisition), were $39,280 as ofat JanuaryApril 31,30, 2026 and July 31, 2025.

We expect we will require additional capital to meet our long-term operating requirements. We expect to raise additional capital through, among other methods, the sale of equity or debt securities. Zenith Energy, our controlling stockholder, has advisedand uswill that intendscontinue to provide the Company with working capital to fund the operations and acquisitions, pending receipt of additional funding.