XAnnual report under section 13 or 15(d) of the Securities Exchange Act of 1934

 	For the fiscal year ended December 31, 2003.

___Transition report under section 13 or 15(d) of the Securities Exchange Act of 1934
 	For the transition period from ____ to ____.



|Nevada
 (State of Incorporation) | 000-30644

 (Commission File No.) | 98-0348086

 (IRS Employer Identification No.)
|-------------------------------- | --------------------------------- | ----------------------------------------------



Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange
Act during the past 12 months (or for such shorter period that the registrant was required to file such
reports), and (2) has been subject to such filing requirements for the past 90 days. [X ] Yes [ ] No

Check if  no disclosure of delinquent filers in response to Item 405 of Regulation S-B is not contained in
this form, and no disclosure will be contained, to the best of registrant's knowledge, in definitive proxy
or information statements incorporated by reference in Part III of this Form 10-KSB or any amendment to
this Form 10-KSB. [  ]

State issuer's revenues for its most recent fiscal year:   $ 0

State the aggregate market value of the voting and non-voting common equity held by non-affiliates
computed by reference to the price at which the common equity was sold, or the average bid and asked
price of such common equity, as of a specified date within the past 60 days. (See definition of affiliate in
Rule 12b-2 of the Exchange Act.)   N/A

(ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)

Check whether the issuer has filed all documents and reports required to be filed by Section 12, 13 or
15(d) of the Exchange Act after the distribution of securities under a plan confirmed by a court. [ ]Yes [ ]
No



**(APPLICABLE ONLY TO CORPORATE REGISTRANTS)**

State the number of shares outstanding of each of the issuer's classes of common equity, as of the latest
practicable date: As of December 31, 2003, the Company had 728,474 shares outstanding.



**DOCUMENTS INCORPORATED BY REFERENCE**

If the following documents are incorporated by reference, briefly describe them and identify the part of
the Form 10-KSB (e.g., Part I, Part II, etc.) into which the document is incorporated: (1) any annual
report to security holders; (2) any proxy or information statement; and (3) any prospectus filed pursuant
to Rule 424(b) or (c) of the Securities Act of 1933 ("Securities Act"). The listed documents should be
clearly described for identification purposes (e.g., annual report to security holders for fiscal year ended
December 24, 1990).

Transitional Small Business Disclosure Format (Check one): Yes ____; No _X__

---

PART I

ITEM 1.   DESCRIPTION OF BUSINESS.

DISCLAIMER REGARDING FORWARD LOOKING STATEMENTS

Certain statements in this Form 10-KSB which are not statements of historical fact, are what are known
as "forward looking statements," which are basically statements about the future. For that reason, these
statements involve risk and uncertainty since no one can accurately predict the future. Words such as
"plans," "intends," "hopes," "seeks," "anticipates," "expects, "and the like, often identify such forward
looking statements, but are not the only indication that a statement is a forward-looking statement. Such
forward looking statements include statements concerning our plans and objectives with respect to our
present and future operations, and statements which express or imply that such present and future
operations will or may produce revenues, income or profits. In evaluating these forward-looking
statements, you should consider various factors, including those described in this Form 10-KSB under the
heading "Risk Factors" beginning on page 3. These and other factors may cause our actual results to
differ materially from any forward-looking statement. We caution you not to place undue reliance on
these forward-looking statements. Although we base these forward-looking statements on our
expectations, assumptions and projections about future events, actual events and results may differ
materially, and our expectations, assumptions and projections may prove to be inaccurate. The forward-looking statements speak only as of the date hereof, and we expressly disclaim any obligation to publicly
release the results of any revisions to these forward-looking statements to reflect events or circumstances
after the date of this filing.

**Introduction**

Leopard Capital, Inc. (hereinafter also referred to as the "Company" and/or the "Registrant") is a
publicly-traded company that, as of December 31, 2003, is seeking to acquire a controlling interest in
businesses suitable for acquisition and development by a publicly-held company.

The Company voluntarily filed its registration statement on Form 10-SB in 1999 in order to make
information concerning itself more readily available to the public.  As a result of filing its registration
statement, the Company is obligated to file with the Commission certain interim and periodic reports
including an annual report containing audited financial statements.  The Company intends to continue to
voluntarily file these periodic reports under the Exchange Act even if its obligation to file such reports is
suspended under applicable provisions of the Exchange Act.

The Company's principal office is located at Room 2703-04, Great Eagle Centre, 23 Harbour Road,
Wanchai, Hong Kong. The telephone number is 852-2802-1555. As of December 31, 2003,the Company does not
maintain a website.

The Company's authorized capital includes 200,000,000 shares of common stock with $0.001 par
value. As of the close of the Company's latest fiscal year, December 31, 2003, there were 728,474 shares
of common stock outstanding.

The Company's common stock trades on the OTC Bulletin Board in the U.S. with the symbol "LPDC".

**Historical Corporate Development**

The Company was first incorporated in the State of Nevada on June 18, 1990 as QQQ- Huntor
Associates, Inc. On July 21, 1995, the Company changed its domicile to the State of Texas and merged
into Unimex Transnational Consultants, Inc, a Texas corporation.  On April 26, 1996, the Company
reorganized and acquired all the issued and outstanding stock of Dakota Mining & Exploration Ltd.
("Dakota") for 10,000,000 shares of the Company's common stock, and changed the name of the
Company to Canadian Northern Lites, Inc.  Dakota, a mining exploration and development company, was
incorporated on January 12, 1994 under the Company Act of British Columbia and changed its name to
Dakota Mining & Exploration Ltd. from Eagle Ridge Manufacturing Ltd. on July 27, 1995.

As a result of the transaction in which the Company acquired all the outstanding shares of Dakota,
Dakota became a legal subsidiary of the Company.  However, the group of shareholders that owned
Dakota prior to such transaction held more than 50% of the voting shares of the Company following such
transaction, and therefore the transaction was accounted for as a "reverse take-over" for purposes of the
Company's consolidated financial statements, meaning that Dakota was the acquirer.

On April 10, 1996, the Company entered into an Option To Purchase for certain mineral claims, located
near Vernon, British Columbia, with a Vernon mining company. This agreement was pursuant to a Letter
Of Intent between the Vernon mining company and the Company that was signed in January 1996.  This
option agreement originally gave the Company an option to acquire a 100% interest in the property but
that option expired unexercised on January 15, 1998 and a joint venture was then created.  The Company
received a 20% joint venture interest in the mineral claims and the Vernon mining company had the
remaining 80% interest.  In 1997, the joint venture partner filed a statement of claim in the Supreme
Court of British Columbia alleging that certain payments were due for work done, goods supplied and
accounts incurred, and that claim was disputed by the Company.  In 2000, the Company reached a formal
agreement with the former joint venture partner to return its 20% interest in the joint venture in exchange
for the joint venture partner returning 2,080,000 shares of the company back to the Company and
releasing the Company from any claim arising from the Option agreement or the British Columbia
Supreme Court Action. The Consent Dismissal Order has now been filed and the shares have now been
returned.

On July 10, 2000 the Company merged with a Nevada corporation, Leopard Capital Inc., and became a
Nevada corporation with the new name of Leopard Capital Inc.

On December 1, 2000, the Company spun-off Dakota, its wholly owned legal subsidiary, by distributing
the shares of Dakota on a pro-rata basis to the shareholders of the Company. This reorganization was
undertaken to address the concern over the Company's ability to survive as a mining company because of
declining commodity prices, disappearance of investment capital for undercapitalized exploration
companies, and potential environmental liabilities.  As a result of this spin-off, the Company no longer
has a subsidiary or any other assets as of December 31, 2003.

On January 4, 2001, 1,600,000 non-voting common shares of the Company were converted to voting
common shares making the Company a subsidiary of Hudson Capital Corporation.

**Significant Customers and/or Suppliers**

N/A

**Employees**

At December 31, 2003, the Company operated with the services of its directors and executive officers,
and with no additional employees or consultants. There is no collective bargaining agreement in place.

**Risk Factors**

A purchase of our common stock involves risks. An investor should consider these risks before making a
decision to purchase our common stock. Prospective purchasers of our common stock must be prepared
for the possible loss of their entire investments. The order in which the following risk factors are
presented is arbitrary.  The order of presentation does not mean that one risk factor is more significant
than another.

**Uncertainty Whether Leopard Will Be Able To Meet Its Future Capital Requirements**

As of December 31, 2003, Leopard has no source of operating cash flow to fund future exploration
projects, business acquisitions, or corporate overhead and has no history of earnings.  Due to the nature
of its business, there can be no assurance that Leopard will be profitable. Leopard has limited financial
resources, and there is no assurance that additional funding will be available. If Leopard wishes to
acquire business interests, then Leopard may need to raise significant additional funds. The only source
of funds available to Leopard for such acquisitions is through the sale of its equity shares.  However,
there is no assurance that such funds will be available, on acceptable terms, if at all. Future equity
financing may result in substantial dilution to existing stockholders.

**Dependence On Key Personnel**

As of December 31, 2003, Leopard's continued existence is largely dependent upon the efforts of its
current executive officers.  The loss or unavailability of any such person could have an adverse effect on
Leopard, its operations and its future prospects. Leopard does not maintain key man life insurance
policies for any of these individuals.  There are no employment agreements in place.

Also, the continued existence and viability of Leopard is dependent upon its ability to attract and retain
qualified people in all areas of its business, especially management positions. If Leopard is unable to
attract and retain qualified personnel, its business may be adversely affected.

**Limited Operating History**

As of December 31, 2003, Leopard has no operating history upon which to base an evaluation of its
business and prospects. There can be no assurance that Leopard will achieve or sustain profitability on an
annual or quarterly basis.  As of December 31, 2003, Leopard is an early stage development company.

Future operating results will depend upon many factors, including the level of product and price
competition, Leopard's success in attracting and retaining motivated and qualified personnel, and the success
of raising additional capital for ventures.

**Ability To Manage Growth**

If Leopard succeeds in acquiring a business enterprise or in raising capital for ventures, it will experience
significant growth in operations. Any expansion of Leopard's operations would place further demands on
its management.  Leopard would need to recruit qualified personnel in all areas of its operations. There
can be no assurance that Leopard will be effective in attracting and retaining additional qualified
personnel, expanding its operational capacity or otherwise managing growth.  If Leopard fails to manage
its growth effectively, Leopard's business, prospects, financial condition and results of operations could
be adversely affected.  Management's ability to reinvest earnings and allocate capital into profitable
ventures should be of primary concern to stockholders.

**Lack Of A Dividend Policy**

Leopard does not presently intend to pay cash dividends in the foreseeable future.  The Company expects
to retain any earnings for use in developing and expanding its business.  Whether any dividends will be
paid in the future will be at the discretion of Leopard's Board of Directors, and will depend on results of
operations, cash requirements and future prospects for Leopard.  Currently, the Company has very
limited resources and does not anticipate paying dividends on its common stock for the foreseeable
future.

**Possible Dilution To Stockholders**

As of December 31, 2003, Leopard's plan of operation calls for Leopard to finance business expansion
and acquisitions by issuing securities. Any issue of stock or securities convertible into common stock
could result in significant dilution to present and prospective holders of Leopard's common shares.

**Competition**

There is competition from other public and private companies to acquire control of attractive business
assets. Many of the companies with which Leopard competes have operations and financial strength
many times that of Leopard.  The Company may not be successful in its attempts to locate and acquire a
suitable company.

**History Of Net Losses**

Leopard generated net losses for the past four years.  In the fiscal years ended December 31, 2003, 2002,
2001 and 2000, Leopard had net losses of $730, $10,591, $20,923 and $23,587, respectively.

**Securities Market Risk and the Penny Stock Risk**

Leopard's stock is subject to "penny stock" rules as defined in 1934 Securities and Exchange Act rule
3151-1. The Securities & Exchange Commission regulates broker-dealers transactions in penny stocks.
Penny stocks, with some exceptions, are equity securities with a price of less than $5.00 US. Penny stock
rules require a broker-dealer to deliver to a prospective purchaser a standardized disclosure document
that provides information about penny stocks and the risks of the penny stock market.

Bid and offer quotations, and broker-dealer and salesperson compensation information, must be given to
the customer orally or in writing prior to effecting a transaction. The broker-dealer must make a written
determination that the penny stock is a suitable investment for the purchaser and receive the purchaser's
written agreement. In addition, the disclosure requirements above may reduce trading activity in the
secondary market for penny stocks.

Transaction costs with purchases and sales of penny stocks are likely to be higher than those for other
securities.

**Loss On Dissolution or Sale**

In the event of the Company's dissolution, the proceeds (if any) realized from the liquidation or sale of
the Company or the sale of all or a significant portion of its assets will be distributed to our stockholders
only after satisfaction of claims of the Company's creditors and the payment of any liquidation rights of
the preferred stockholders, if any.  Currently, the Company expects that the holders of common stock
would receive none or a very small portion of any proceeds realized on a liquidation or sale of the
Company or its assets.

****ITEM 2.   DESCRIPTION OF PROPERTY.

As of December 31, 2003, our executive, administrative and operating offices are located at 1574 Gulf
Rd. #1505, Point Roberts, WA 98281. As of December 31, 2003, Terry G. Cook, our President and a
director, provides office space to us at no charge.  We do not have a written lease or sublease agreement
and Mr. Cook does not expect to be paid or reimbursed for providing office facilities. The fair market
value of the amount of office space afforded to us is approximately $200.00 per month.

On February 9, 2004, we moved our executive offices to Room 2703-04, Great Eagle Centre, 23 Harbour
Road, Wanchai, Hong Kong.  These offices are provided to us free of charge by China Expert Network
Company Limited, our wholly owned subsidiary.  We do not have a written lease or sublease
agreement. The fair market value of the amount of office space afforded to us is approximately $10,388
per month.

The Company's phone number is 852-2802-1555.

****ITEM 3.   LEGAL PROCEEDINGS.

The Company is not a party to any pending legal proceedings, and no such proceedings are known to be
contemplated.

No director, officer or affiliate of the Company, and no owner of record or beneficial owner of more than
5.0% of the securities of the Company, or any associate of any such director, officer or security holder is
a party adverse to the Company or has a material interest adverse to the Company in reference to pending
litigation.

ITEM 4.   SUBMISSION OF MATTERS TO A VOTE OF  SECURITY HOLDERS.

No matters were submitted to a vote of the security holders of the Company during the fourth quarter of
the fiscal year which ended December 31, 2003.

**PART II**

ITEM 5.   MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS.

The Company's common stock trades on the OTC Bulletin Board in the United States, having the trading
symbol "LPDC" and CUSIP# 5266R-10-4. Previously, the Company's common stock traded with the
name Canadian Northern Lites, Inc., having the trading symbol "CANL" and CUSIP# 136414-10-9.

Trading volume and high/low/closing prices for each full
quarter within the Company's two most recent fiscal years are disclosed in the following
tables:

|**Over-the-Counter Bulletin Board Trading Activity**
|----------------------------------------------------
|**Leopard Capital, Inc.**                           
|****Quarter Ended                                   
|12/31/03                                            
|09/30/03                                            
|06/30/03                                            
|03/31/03                                            
|12/31/02                                            
|09/30/02                                            
|06/30/02                                            
|03/31/02                                            



The Company's voting common stock is issued in registered form. Madison Stock Transfer (located in
Brooklyn, New York) is the registrar and transfer agent for the voting common stock.

The Company has researched the indirect holdings by depositories and other financial institutions and
believes it has approximately 53 holders of record of its voting common stock.

The Company has not declared any dividends since incorporation and does not anticipate that it will do
so in the foreseeable future. The present policy of the Company is to retain future earnings for use in its
operations and expansion of its business.



ITEM 6.   MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION.

Certain statements in this report, including statements in the following discussion which are not
statements of historical fact, are what are known as "forward looking statements," which are basically
statements about the future.  For that reason, these statements involve risk and uncertainty since no one
can accurately predict the future.  Words such as "plans," "intends," "will," "hopes," "seeks,"
"anticipates," "expects" and the like often identify such forward looking statements, but are not the only
indication that a statement is a forward-looking statement.  Such forward looking statements include
statements concerning our plans and objectives with respect to the present and future operations of the
Company, and statements which express or imply that such present and future operations will or may
produce revenues, income or profits.  Numerous factors and future events could cause the Company to
change such plans and objectives or fail to successfully implement such plans or achieve such objectives,
or cause such present and future operations to fail to produce revenues, income or profits.  Therefore, the
reader is advised that the following discussion should be considered in light of the discussion of risks and
other factors contained in this report on Form 10KSB and in the Company's other filings with the
Securities and Exchange Commission.   No statements contained in the following discussion should be
construed as a guarantee or assurance of future performance or future results.

**Overview**

As of December 31, 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 as of December 31, 2003, 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.

As of December 31, 2003, management is focused on the immediate task of improving the Company's
ability to acquire a quality operating company and improving the Company's access to equity capital.

**Results of Operations**

The Company's financial statements are stated in U.S. Dollars and are prepared in accordance with
United States GAAP.

For the past three years, the Company has financed its activities through the offering of its equity
securities and from shareholder advances. The timing of such offerings was dependent on the
requirements of the Company and the economic climate.  The Company anticipates having to raise
additional funds by equity issuance in the next several years, as the Company does not expect to achieve
self-sustaining earnings for several years.

As of December 31, 2003, the Company has minimal cash and has not yet developed any income-generating assets.  Therefore, its ability to realize assets and discharge its liabilities through the normal
course of its operations is dependent on continued funding from companies controlled by the president,
the receipt of additional funds from investors, and the establishment of successful operations.

**Liquidity and Capital Resources**

As of December 31, 2003, the Company's primary source of funds since incorporation has been through
the issuance of its common stock and through advances from stockholders.  As of December 31, 2003,
the Company has no revenue and does not anticipate meaningful revenues in the foreseeable future.

For the year ended December 31, 2003, we had gross revenues from operations of $0, and a net loss of
$730.  For the fiscal year ended December 31, 2002, we had gross revenues from operations of $0, and a
net loss of $10,591.

Because the Company has minimal cash and no earnings, its ability to realize assets and discharge its
liabilities through the normal course of its operations is dependent on continued funding from companies
controlled by the president or the receipt of additional funds from investors, and the establishment of
successful operations.

Advances from stockholders, not settled by issuing shares, was $130 at December 31, 2003, compared to
$10,591 at December 31, 2002.

During the fiscal year ended December 31, 2003, the Company had a credit for administrative expenses
totaling $9,861, compared to $10,591 incurred in the fiscal year ended December 31, 2002.  The
Company did not incur any marketing or management or consulting fees in the fiscal years ended 2002 or
2003.

**Variation in Operating Results**

As of December 31, 2003, the Company does not have income-producing assets. As a result there is little
variation expected in operating results from year to year.

The Company derives interest income on its bank deposits, which depend on the Company's ability to
raise funds.

For the past three years, the Company has financed its activities through the offering of its equity
securities and from shareholder advances. The timing of such offerings was dependent on the
requirements of the Company and the economic climate.  The Company anticipates having to raise
additional funds by equity issuance in the next several years, as the Company does not expect to achieve
self-sustaining earnings for several years.

**Known Trends**

Management has determined that, because of the deficiency in working capital, significant operating
losses and lack of liquidity as of December 31, 2003, there is doubt about the ability of the Company to
continue in existence unless additional working capital is obtained.  Consequently such trends or
conditions could have a material adverse effect on the Company's financial position, future results of
operations, or liquidity.  The Company currently has plans to raise sufficient working capital through
equity financing or reorganization of the Company.

**Inflation**

The Company's results of operations have not been affected by inflation and management does not expect
inflation to have a material impact on its operations in the future.

**Subsequent Events**

On February 9, 2004, the Company completed a share exchange with the stockholders of China Expert
Network Company Limited, ("China Expert"), a Hong Kong corporation. In the exchange, the Company
acquired 30,000,000 shares of China Expert common stock from the shareholders of China Expert in the
Exchange, representing all of the issued and outstanding stock of China Expert in exchange for the
issuance of 19,935,000 shares of its common stock.  In conjunction with the exchange, the Company also
issued a total of 1,400,000 additional shares to various persons, including a Director of the Company, as
compensation for services.

The exchange resulted in a change of control of the Company. Upon completion of the exchange and the
related share issuances, the Company has a total of 22,063,470 shares issued and outstanding, of which
19,935,000, or approximately 90.35%, are owned by persons who were previously stockholders of China
Expert.

China Expert is now a wholly owned subsidiary of the Company, and the shares of China Expert
common stock represent the Company's most significant asset. The Company expects to continue, and
expand, the existing business operations of China Expert as our wholly owned subsidiary. The Company,
through China Expert and China Expert's wholly owned subsidiary, Expert Network (Shenzhen) Co. Ltd.
provide large-scale network infrastructure construction for community and municipal governments in the
People's Republic of China (PRC) and Hong Kong.  China Expert also provides consultancy services on
technological solutions, marketing consultations, key projects evaluation and other similar areas, mainly
in the PRC.

On February 9, 2004, the Company entered into a consulting agreement with Hudson Capital Corporation
("Hudson") for developing the Company's marketing and other related business.  Hudson is controlled by
Terry G. Cook, who was the Company's President and a director prior to the share exchange.  The terms
of the agreement expires on February 8, 2005.  The compensation for the consulting services is 200,000
shares of the Company's common stock, and such shares were issued to Hudson as part of the share
exchange transaction with China Expert.

ITEM 7.   FINANCIAL STATEMENTS.

---

******LEOPARD CAPITAL INC.**

**(A Development Stage Company)**

**FINANCIAL STATEMENTS**

**DECEMBER 31, 2003**

****

---

******Leopard Capital Inc.**

(A Development Stage Company)

**TABLE OF CONTENTS**

Independent Auditors' Report - Telford Sadovnick, P.L.L.C.

Auditors' Report - McLean Majdanski

Balance Sheet

Statement of Operations

Schedule of Expenses

Statement of Stockholders' Deficiency

Statement of Cash Flows

Notes to the Financial Statements

---

******INDEPENDENT AUDITORS' REPORT**

**To the Board of Directors and Stockholders of****Leopard Capital Inc.****(A Development Stage Company)**

We have audited the accompanying balance sheet of Leopard Capital Inc. (A Development Stage Company) as at
December 31, 2003 and the related statement of operations, changes in stockholders' deficiency and cash flows for
the year then ended and for the 2003 year included in the period from inception on June 18, 1990 to December 31,
2003.  These financial statements are the responsibility of the Company's management.  Our responsibility is to
express an opinion on these financial statements based on our audit.



We conducted our audit in accordance with auditing standards generally accepted in the United States of America.
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement.  An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements.  An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as evaluating the overall financial statement
presentation.  We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial
position of Leopard Capital Inc. (A Development Stage Company) as at December 31, 2003 and the results of its
operations and its cash flows for the year then ended and for the 2003 year included in the period from inception on
June 18, 1990 to December 31, 2003 in conformity with accounting principles generally accepted in the United
States of America.



********The accompanying financial statements have been prepared assuming the Company will continue as a going
concern.  As described in Note 1 to the financial statements, the Company's operating losses raise substantial doubt
about its ability to continue as a going concern.  Management's plans in regard to these matters are also described in
Note 1.  The financial statements do not include any adjustments that might result from the outcome of this
uncertainty.





**********TELFORD SADOVNICK, P.L.L.C.**

******CERTIFIED PUBLIC ACCOUNTANTS**



Bellingham, Washington

February 27, 2004

---

**LEOPARD CAPITAL INC.**(A Development Stage Company)

**BALANCE SHEET**

|                                                                                                                                        
|----------------------------------------------------------------------------------------------------------------------------------------
|As at December 31,                                                                                                                      
|****                                                                                                                                    
|**ASSETS**                                                                                                                              
|****                                                                                                                                    
|******LIABILITIES**                                                                                                                     
|********CURRENT                                                                                                                         
|Accounts payable and accrued liabilities                                                                                                
|Advances from shareholders                                                                                                              
|                                                                                                                                        
|****TOTAL LIABILITIES                                                                                                                   
|****                                                                                                                                    
|**STOCKHOLDERS' DEFICIENCY**                                                                                                            
|                                                                                                                                        
|Capital stock

Common stock, $0.001 par value; 200,000,000

shares authorized; 728,474 (2002 - 5,495,826)

shares issued and outstanding
|                                                                                                                                        
|********Additional paid-in capital                                                                                                      
|Deficit accumulated during the development stage                                                                                        
|                                                                                                                                        
|                                                                                                                                        
|                                                                                                                                        
|                                                                                                                                        



---

******LEOPARD CAPITAL INC.**(A Development Stage Company)

**STATEMENT OF OPERATIONS**

|********

For the years ended December 31,                          | Cumulative

Total Since

Inception | 2003    | 2002      | 2001     
|------------------------------------------------------------------- | ---------------------------------- | ------- | --------- | ---------
|                                                                    |                                    |         |           |          
|********EXPENSES                                                    |                                    |         |           |          
|****                                                                |                                    |         |           |          
|********Exploration and development expenses

******** (Schedule 1) | $522,877                           | $-      | $-        | $-       
|****                                                                |                                    |         |           |          
|Marketing expenses (Schedule 1)                                     | 169,155                            | -       | -         | -        
|                                                                    |                                    |         |           |          
|Administrative expenses (Schedule 1)                                | 575,893                            | (9,861) | 10,591    | 20,923   
|****                                                                |                                    |         |           |          
|******LOSS BEFORE OTHER INCOME (LOSS)**                             | (1,267,925)                        | 9,861   | (10,591)  | (20,923) 
|********OTHER INCOME (LOSS)                                         |                                    |         |           |          
|********Interest income                                             | 798                                | -       | -         | -        
|********Loss on disposal of capital assets                          | (11,923)                           | -       | -         | -        
|********Loss on cash settlements of accounts

********	  payable    | (2,259)                            | -       | -         | -        
|****                                                                |                                    |         |           |          
|******NET INCOME (LOSS)**                                           | $(1,281,309)                       | $9,861  | $(10,591) | $(20,923)
|****                                                                |                                    |         |           |          
|******INCOME (LOSS) PER SHARE**                                     |                                    | $-      | $-        | $-       
|****                                                                |                                    |         |           |          
|******WEIGHTED AVERAGE NUMBER OF**

**COMMON SHARES ISSUED**        |                                    | 728,474 | 728,474   | 728,474  







The accompanying notes are an integral part of these financial statements.

---

**LEOPARD CAPITAL INC.**(A Development Stage Company)

**SCHEDULE OF EXPENSES**

|********

For the years ended December 31,                    | Cumulative

Total Since

Inception | 2003     | 2002    | 2001   
|------------------------------------------------------------- | ---------------------------------- | -------- | ------- | -------
|                                                              |                                    |          |         |        
|******EXPLORATION AND DEVELOPMENT**

******EXPENSES**         |                                    |          |         |        
|********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                                     | $51,111                            | $1,899   | $3,781  | $4,812 
|Automobile                                                    | 2,689                              | -        | -       | -      
|Bank charges and interest                                     | 2,185                              | -        | -       | -      
|Computer services                                             | 9,830                              | -        | -       | -      
|Incorporation expenses written off                            | 6,794                              | -        | -       | -      
|Insurance                                                     | 836                                | -        | -       | -      
|Interest on long-term debt                                    | 11,991                             | -        | -       | -      
|Legal                                                         | 150,697                            | -        | 5,172   | 317    
|Management and consulting fees                                | 160,906                            | -        | -       | 12,000 
|Meals and entertainment                                       | 28                                 | -        | -       | -      
|Office supplies and service                                   | 71,687                             | 1,619    | 648     | 3,087  
|Rent                                                          | 9,021                              | -        | -       | -      
|SEC filing fees                                               | 10,981                             | -        | -       | -      
|Telephone and fax                                             | 7,036                              | -        | -       | -      
|Transfer agent fees                                           | 6,656                              | 1,435    | 990     | 707    
|Travel                                                        | 33,990                             | -        | -       | -      
|U.S financial services                                        | 28,339                             | -        | -       | -      
|Wages and benefits                                            | 25,930                             | -        | -       | -      
|Recovery of accrued costs                                     | (14,814)                           | (14,814) | -       | -      
|                                                              |                                    |          |         |        
|Total Administrative Expenses

(Recovery)                     | $575,893                           | $(9,861) | $10,591 | $20,923



The accompanying notes are an integral part of these financial statements.

---

******LEOPARD CAPITAL INC.**(A Development Stage Company)

**STATEMENT OF SHAREHOLDERS' DEFICIT**
DeficitAccumulatedVoting Common Stock
Additional
During ThePaid Up
DevelopmentPer Share
Shares
Par Value
Capital
StageBalance 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
101,978Issuance 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
117,000Issuance 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
4,459Issuance 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
16
634Net loss, year ended

December 31, 2001




(20,923)Balance at December 31, 2001

5,495,826
5,495
1,275,084
(1,280,579)Net loss, year ended

December 31, 2002




(10,591)Balance at December 31, 2002

5,495,826
5,495
1,275,084
(1,291,170)Net income, year ended

December 31, 2003




9,861Reverse stock split effective

April  24, 2003

(4,935,464)
(4,935)
4,935Forward stock split effective

December 29, 2003

168,112
168
(168)Balance at December 31, 2003

728,474
728
1,279,851
(1,281,309)

---

******LEOPARD CAPITAL INC.**

(A Development Stage Company)

**STATEMENT OF SHAREHOLDERS' DEFICIT**
DeficitAccumulatedNon Voting Common Stock
Additional
During ThePaid Up
DevelopmentPer Share
Shares
Par Value
Capital
StageIssuance 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
$60,000Reverse 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, 2002 and 2003

-
-
-
-

The accompanying notes are an integral part of these financial statements.

**LEOPARD CAPITAL INC.**(A Development Stage Company)


**STATEMENTS OF CASH FLOWS**


************For the years ended December 31, 2003, 2002 and 2001

from inception on June 18, 1990 through December 31, 2003

****
Cumulative

Total Since

Inception
2003
2002
2001******OPERATING ACTIVITIES**Net income (loss)
$(1,281,309)
$9,861
$(10,591)
$(20,923)Items not involving an outlay of cashNon-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 a development and property

Costs
442,529
-
-
-Loss on cash settlements pf accounts

payable
2,260
-
-
-Changes 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
216,935
(9,861)
10,591
20,923Net cash used in operating activities
(545,905)
-
-
-**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 flow from financing activities
1,036,775
-
-
-**INVESTING ACTIVITIES**Purchase of capital assets
(11,949)
-
-
-Proceeds from disposal of fixed assets
26
-
-
-****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 YEAR**
-
-
-
-******CASH AT END OF YEAR**
$-
$-
$-
$-The accompanying notes are an integral part of these financial statements.


**LEOPARD CAPITAL INC.**

(A Development Stage Company)

******STATEMENTS OF CASH FLOWS**

********For the years ended December 31, 2003, 2002 and 2001

********from inception on June 18, 1990 through December 31, 2003 (Cont'd)



****
Cumulative

Total Since

Inception
2003
2002
2001******SUPPLEMENTAL SCHEDULE OF**

******NON CASH INVESTING AND**

******FINANCING ACTIVITIES********Reverse takeover**The Company had a reverse takeover in
which the following net assets were
acquired in exchange for assumption of the
shareholders' equity of the acquiring
companyNet assets acquired
$87,408
$-
$-
$-Liabilities assumed
17,920
-
-
-Shareholders' equity assumed

-
-
-Share capital, par value
10,000
-
-
-Share capital, additional paid up

Capital
137,552
-
-
-Accumulated deficit during the 		  developments stage
(78,064)
-
-
-Total shareholders equity
69,488
-
-
-********Total liabilities and shareholders' equity
87,408
-
-
-**Voting shares issued to repay**

**current and long-term debt**Par value
3,564
-
-
3,130Additional paid up capital
983,049
-
-
122,093Total
986,613
-
-
125,223********Debt repaidAccounts payable
167,534
-
-
23,143****	Advances from shareholders
816,819
-
-
102,080Promissory note payable
2,260
-
-
-Total debt repaid
986,613
-
-
125,223

The accompanying notes are an integral part of these financial statements.

---

**LEOPARD CAPITAL INC.**(A Development Stage Company)

**STATEMENTS OF CASH FLOWS**

************For the years ended December 31, 2003, 2002 and 2001

********from inception on June 18, 1990 through December 31, 2003 (Cont'd)



|****                                                                                                    | Cumulative

Total Since

Inception | 2003 | 2002 | 2001
|------------------------------------------------------------------------------------------------------- | ---------------------------------- | ---- | ---- | ----
|                                                                                                        |                                    |      |      |     
|******SUPPLEMENTAL SCHEDULE OF**

******NON CASH INVESTING AND**

******FINANCING ACTIVITIES (Cont'd)** |                                    |      |      |     
|****                                                                                                    |                                    |      |      |     
|**Non voting shares issued to repay**

**current and long-term debt**                                   |                                    |      |      |     
|Par value                                                                                               | $1,600                             | $-   | $-   | $-  
|Additional paid up capital                                                                              | 98,400                             | -    | -    | -   
|                                                                                                        |                                    |      |      |     
|Total                                                                                                   | 100,000                            | -    | -    | -   
|****Debt repaid                                                                                         |                                    |      |      |     
|Accounts payable                                                                                        | 48,282                             | -    | -    | -   
|****	Advances from shareholders                                                                         | 26,877                             | -    | -    | -   
|Promissory note payable                                                                                 | 24,841                             | -    | -    | -   
|                                                                                                        |                                    |      |      |     
|Total debt repaid                                                                                       | 100,000                            | -    | -    | -   
|**Purchase of property with**

**promissory note**                                                      |                                    |      |      |     
|****	Promissory note payable issued for

****	  Property                                                | 24,841                             | -    | -    | -   
|****                                                                                                    |                                    |      |      |     
|**Reversal of prior year management**

**Fees**                                                         |                                    |      |      |     
|****Reversal of management fees and

reduction in accounts payable                                      | 40,638                             | -    | -    | -   
|****Increase in additional share capital                                                                | 40,638                             | -    | -    | -   
|                                                                                                        |                                    |      |      |     
|**Spinoff of subsidiary**                                                                               |                                    |      |      |     
|Loss in net assets charged to

Additional paid in capital of

common shares                             | 722                                | -    | -    | -   
|Carrying value of subsidiary charged

to additional paid in capital of

common shares                   | 1                                  | -    | -    | -   

The accompanying notes are an integral part of these financial statements.

---

**LEOPARD CAPITAL INC.**(A Development Stage Company)

**NOTES TO THE FINANCIAL STATEMENTS**

**NOTE 1 - BASIS OF PRESENTATION FOR A COMPANY IN THE DEVELOPMENT STAGE**

The Company was first incorporated in the State of Nevada on June 18, 1990 as QQQ- Huntor Associates, Inc.  On July
21, 1995, the Company changed its domicile to the State of Texas and merged into a Texas Corporation, Unimex
Transnational Consultants, Inc.  On April 26, 1996, the Company reorganized and acquired all the issued and
outstanding stock of Dakota Mining & Exploration Ltd. ("Dakota") for 10,000,000 shares of the Company's common
stock, and changed the name of the Company to Canadian Northern Lites, Inc. As a result of that transaction, Dakota
became a legal subsidiary of the Company. However, as stated below, Dakota is the acquirer in the consolidated
financial statements.  On July 10, 2000 the Company merged with a Nevada corporation, Leopard Capital Inc., and
became a Nevada Corporation with the new name of Leopard Capital Inc.

As a result of the transaction in which the Company acquired all the outstanding shares of Dakota, the group of
shareholders that owned Dakota held 10,000,000 shares of the Company which was more than 50% of the voting shares
at that time.  This resulted in the transaction being accounted for as a "reverse take-over" in the consolidated financial
statements which means that Dakota was the acquirer. Accordingly, the consolidated financial statements are a
continuation of the Dakota financial statements, translated into U.S. Dollars.  The transaction was recorded at the
historical cost of the net assets of Canadian Northern Lites because it represented a recapitalization of Dakota.  The
$3,050 deficit of the legal parent as at the date of the reverse take-over is eliminated on consolidation such that the
consolidated deficit reflects the deficit of Dakota at the date of acquisition, $78,064, plus the results of operations of
Dakota and Canadian Northern Lites, Inc., since the acquisition.

The cumulative statements of operations, cash flows and deficit accumulated during the development state reflect the
translated balances of Dakota from inception to December 1, 2000. The cumulative balance for office supplies and
service is net of $20,340 of consulting revenue, received by Dakota in 1994, because the revenue was incidental to the
development stage.

Dakota was incorporated on January 12, 1994 under the Company Act of British Columbia and changed its name to
Dakota Mining & Exploration Ltd. from Eagle Ridge Manufacturing Ltd. on July 27, 1995.  The Company's purpose is
to explore and develop mining properties in Canada. Dakota is in the development stage because its activities have
consisted of the purchase of interests in mining properties and some exploration and development.  Dakota has not yet
developed any mining properties into a producing mine nor has it earned revenue from any of its properties.

As explained in Note 3, the Company spun-off its wholly owned legal subsidiary on December 1, 2000 by distributing
the shares of Dakota Mining & Exploration Ltd., on a pro-rata basis, to the shareholders of the Company.  As a result of
the transaction, the Company no longer has a subsidiary or any other assets.  This reorganization was undertaken to
address the concern over the Company's ability to survive as a mining company because of declining commodity prices,
disappearance of investment capital for undercapitalized exploration companies, and potential environmental liabilities.

The financial statements present the consolidated results of operations of the Company and  its former subsidiary to
December 1, 2000 and the results of the Company's activities by itself from December 1, 2000 to December 31, 2003.



On January 4, 2001, the 1,600,000 non-voting common shares were converted to voting common shares making the
Company a subsidiary of Hudson Capital Corporation.



As at December 31, 2003, the Company does not have any cash to cover current and future liabilities and does not have
any assets capable of generating cash.  Future activities require cash being provided to the Company by investors or
lenders and the Company acquiring an asset, or assets, capable of generating income. As stated in Note 5, companies
controlled by the president of the Company are currently funding, and plan to continue to fund, the administrative
expenses incurred by the Company.  In addition, these related parties reversed, effective November 30, 2000,
management fees of $2,000 per month for a total of $62,000 that they previously charged the Company.  These efforts
are part of a long range strategy to restructure the Company's affairs, arrange for new long term financing and continue
to locate and develop income producing properties.

The financial statements are prepared on the assumption that the entity is a going concern, meaning it will continue in
operation for the foreseeable future and will be able to obtain assets and discharge its liabilities through the normal
course of operations.  Because the Company has no cash and no assets, its ability to discharge its liabilities through the
normal course of its operations is dependent on continued funding from companies controlled by the president, the
receipt of additional funds from investors and the establishment of successful operations.

Subsequent to the year ended, the Company was a party to a reverse takeover as described in Note 9.

**NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

(a)	Basis of Consolidation

As stated in Note 1, the consolidated financial statements did include the accounts of Dakota Mining &
Exploration Ltd., the designated acquirer in the reverse take-over transaction, and Leopard Capital Inc. until
December 1, 2000, when the shares of the subsidiary were spun-off to the shareholders. The investment in the
Ewer/Klinker mineral properties joint venture was accounted for on the cost basis because the joint venture had
not commenced operating and had not provided any financial information due to a dispute between the joint
venture partners.

(b)	Fiscal Year

The parent company, Leopard Capital Inc., has a fiscal year end of December 31. The subsidiary company,
Dakota, had a fiscal year end of January 31. The prior year consolidated financial statements have been prepared
using the December 31 financial statements of the legal parent, and the January 31 financial statements of the
legal subsidiary. There were no intervening events that materially affect the consolidated financial position or the
consolidated results of operations and cash flows for the fiscal periods presented. The financial statements for the
fiscal year ended December 31, 2000 include the results of Dakota to December 1, 2000.

(c)	Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles accepted in
the United States of America requires managements to make estimates and assumptions. These estimates or
assumptions affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at
the date of the financial statements and reported amounts of expenses and gains during the reporting periods. 
Actual results could differ from estimates.

(d)	Mineral Properties

Mineral properties are recorded at cost.  In the event that one of the properties commences production, it will be
depleted on a unit-of-production basis over the proven, developed reserves of the property. To date, no properties
have commenced commercial production.



The carrying values of the properties are reviewed for possible impairment whenever events or changes in
circumstances indicate. Change in management is one circumstance in which the carrying values of all properties
are reviewed to determine if there has been any impairment in the carrying value.



The cost of properties that are abandoned are written off in the year the decision to make no further expenditures
on the property is made. When impairment is indicated, the carrying amounts of assets are written down to fair
value, usually determined on the basis of a consulting geologist report. In the absence of such a report, the
properties are written down to a nominal value of $1.00.



(e)	Nonmonetary Transactions

Nonmonetary transactions in which shares were issued to pay for services rendered or to repay an amount owing
are valued at the billed amount for the services or the principal amount of the debt owing if bills are rendered or
cash is advanced. If specific billings are not presented, then the transactions are valued at the trading price of
publicly traded shares on the date the new shares were issued.

(f)	Donated Services

The fair value of services donated to the Company are expensed or capitalized and treated as a contribution of
capital. If the fair value of the services is considered immaterial, then no amount is recorded.



(g)	Related parties include current and former directors and officers and those entities that hold more than 5% of
the shares. The Company discloses all transactions, other than those in the ordinary course of business, with these
related parties.



Assets acquired from significant shareholders are recorded at the net book value to shareholder and the difference
between the purchase price and cost is treated as a reduction or increase in paid up capital.  In the case of the
1998 property acquisition, the significant shareholder reduced the price and amount of the promissory note to the
net book value of the property.

(h)	Income Taxes

Income taxes are recognized in accordance with Statements of Financial Accounting Standards No. 109,
"Accounting for Income Taxes", whereby deferred income tax liabilities or assets at the end of each period are
determined using the tax rate expected to be in effect when the taxes are actually paid or recovered.  A valuation
allowance is recognized on deferred tax assets when it is more likely than not that some or all of these deferred tax assets
will not be realized.

(i)	Development Stage Enterprise



The Company is a development stage enterprise that presents its financial statements in conformity with the
generally accepted accounting principles that apply to established operating enterprises.  As such, the Company
charges all exploration, marketing and administrative expenses to operations in the year they occur.  The
Company capitalizes only those costs that it expects to recover through future operations and those costs are
subject to a regular review for possible impairment.



As a development stage enterprise, the Company discloses the deficit accumulated during the development stage
and the cumulative statement of operations and cash flows from inception to December 1, 2000 of the designated
acquirer, Dakota Mining & Exploration Ltd. and from the date of acquisition to December 31, 2003 of Leopard
Capital Inc., the former designated subsidiary.



(j)	Income (Loss) Per Share



Statements of Financial Accounting Standards No. 128, "Earnings per Share", requires dual presentation of basic
earnings per share ("EPS") and diluted EPS on the face of all income and loss statements, for all entities with
complex capital structures.  Basic EPS is computed as net income divided by the weighted average number of
common shares outstanding for the period.  Diluted EPS reflects the potential dilution that could occur from
common shares issuable through stock options, warrants and other convertible securities.  At December 31, 2003,
2002 and 2001, the Company had no outstanding stock options, warrants and other convertible securities;
accordingly, only basic EPS is presented.



(k)	Regulatory Matters



The Company and its mineral property interests are subject to a variety of Canadian national and provincial
regulations governing land use, health and safety, and environmental matters.  The Company's management
believes it has been in substantial compliance with all such regulations, and is unaware of any pending action or
proceeding relating to regulatory matters that would affect the financial position of the Company.



(l)	Exploration Costs



Exploration costs of mineral properties that do not add net realizable value to the properties are charged to
operations as incurred.



(m)	Impaired Asset Policy



The Company periodically reviews its long-lived assets when applicable to determine if any events or changes
in circumstances have transpired which indicate that the carrying value of its assets may not be recoverable.
The Company determines impairment by comparing the undiscounted future cash flows estimated to be
generated by its assets to their respective carrying amounts.



(n)	New Accounting Pronouncements



In November 2002, the Emerging Issues Task Force ("EITF") reached a consensus regarding EITF Issue 00-21,
"Accounting for Revenue Arrangements with Multiple Deliverables".  The consensus addresses not only when
and how an arrangement involving multiple deliverables should be divided into separate units of accounting but
also how the arrangement's consideration should be allocated among separate units.  The pronouncement is
effective for the Company commencing with its 2004 fiscal year and is not expected to have a material impact
on its results of operations or financial position.



In November, 2002, the FASB issued FASB Interpretation No 45 ("FIN 45"), "Guarantor's Accounting and
Disclosure Requirements for Guarantees, including indirect Guarantees of Indebtedness of Others, an
interpretation of FASB statements 5, 57, 107 and rescission of FASB Interpretation No. 34".  FIN 45 requires
recognition and measurement of guarantees entered into or modified beginning on January 1, 2003 and requires
expanded disclosure of guarantees as at December 31, 2002.  The Company has determined that the adoption of
FIN 45 did not have an impact on its results of operations or financial position.



(n)	New Accounting Pronouncements (cont'd)



In December 2002, the FASB issued Statement of Financial Accounting Standards No. 148, ("SFAS 148"),
"Accounting for Stock-Based Compensation - Transition and Disclosure, an amendment of FASB Statement
No. 123".  SFAS 148 provided alternative methods for voluntary transition to the fair value based method of
accounting for stock-based employees compensation.  SFAS 148 also requires that disclosures of the pro forma
effect of using the fair value method of accounting for stock-based employee compensation be displayed more
prominently and in a tabular format.  Additionally, SFAS 148 requires disclosure of the pro forma effect in
interim financial statements.  The transition and annual disclosure requirements of SFAS 148 are effective for
the Company's 2003 fiscal year.  The interim disclosure requirements are effective for the second quarter of the
Company's 2003 fiscal year.  The Company has determined that the adoption of SFAS 148 did not have an
impact on its results of operations or financial position.



In January 2003, the FASB issued FASB Interpretation No. 46 ("FIN 46"), "Consolidation of Variable Interest
Entities, an Interpretation of ARB No 51", FIN 46 requires certain variable interest entities to be consolidated
by the primary beneficiary of the entity if the equity investors in the entity do not have the characteristics of a
controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without
additional subordinated financial support from other parties.  FIN 46 is effective for all new variable interest
entities created or acquired after January 31, 2003.  For variable interest entities created or acquired prior to
February 1, 2003, the provisions of FIN 46 must be applied for the first interim or annual period beginning after
June 15, 2003.  The Company has determined that the adoption of FIN 45 will not have an impact on its results
of operations or financial position.



In May, 2003, the FASB issued Statement of Financial Accounting Standards No. 150, ("SFAS 150")
"Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity."  SFAS No
150 establishes standards for how an issuer classifies and measures certain financial instruments with
characteristics of both liabilities and equity.  It requires that an issuer classify a financial instrument that is
within its scope as a liability (or an asset in some circumstances).  The requirements of SFAS 150 apply to
issuers' classification and measurement of freestanding financial instruments, including those that comprise
more than one option or forward contract.  SFAS 150 does not apply to features that are embedded in a
financial instrument that is not a derivative in its entirety.  SFAS 150 is effective for financial instruments
entered into or modified after May 31, 2003, and otherwise is effective at the beginning of the first interim
period beginning after June 15, 2003, except for mandatory redeemable financial instruments of non-public
entities.  It is to be implemented by reporting the cumulative effect of a change in an accounting principle for
financial instruments created before the issuance date of SFAS 150 and still existing at the beginning of the
interim period of adoption.  Restatement is not permitted.  The Company has determined that the adoption of
SFAS 150 is not expected to have an impact on its results of operations or financial position.



(n)	New Accounting Pronouncements (cont'd)



In October 2002 and April 2003, respectively, FASB issued the following Statements of Financial Accounting
Standards:



-	No. 147, "Accounting of Certain Financial Institutions - an amendment of FASB Statements No. 72
and 44 and FASB Interpretation No. 9", and

-	No. 149 "Amendment of Statement 133 on Derivative Instruments and Hedging Activities".



The Company has determined that these will not have any relationship to the operations or financial position of
the Company.  Therefore, a description of each and their respective impact on the Company's operations have
not been disclosed.



(o)	Financial Instruments



i)	Fair value

The carrying amounts of financial instruments including accounts payable and accrued liabilities and
advances from shareholders approximate their fair values as of December 31, 2003 and 2002.



ii)	Foreign currency risk

The Company has no balances exposed to a foreign currency risk.



iii)	Interest rate risk

The Company is not exposed to interest rate risk.



(p)	Start-up Expenses



The Company has adopted Statement of Position No. 98-5, "Reporting the Costs of Start-up Activities," which
requires that costs associated with start-up activities be expensed as incurred.  Accordingly, start-up costs
associated with the Company's formation have been included in the Company's general and administrative
expenses for the period from inception on June 18, 1990 to December 31, 2003.



(q)	Comparative Figures



Certain amounts in the prior year have been reclassified to conform to the presentation used in the current year.



**NOTE 3 - SPIN-OFF OF SUBSIDIARY**

As stated in Note 1, Leopard Capital Inc. acquired all the outstanding shares of Dakota under an agreement which
acknowledged that Dakota had certain interests, expertise, and fund raising capabilities concerning exploration and
development of mineral properties/joint ventures and that Dakota wished to acquire a public company which could raise
the capital required to carry out their operations.

After the acquisition, the companies followed the agreement in their operating activities. Leopard Capital Inc. raised
capital through loans and the issue of share capital. That company then advanced the funds to Dakota to carry out the
operations in Canada.  Pursuant to the agreement, all assets and expenses are recorded in the financial statements of
Dakota, regardless of which company was billed, as the two companies' directors operated on the basis of the Plan Of
Reorganization And Acquisition and conducted all the Canadian business affairs in Dakota. Accordingly, the Company's
deficit relates primarily to its Canadian mining operations.

Had the Company recorded its investment in subsidiary on a cost basis, then the following would be the result of the
transactions with the subsidiary:



|Acquisition of Dakota shares in exchange for shares and recorded at the |                                                     
|----------------------------------------------------------------------- | ----------------------------------------------------
|                                                                        | estimated fair market value of the underlying assets
|Advances made to the subsidiary that were eventually paid by            |                                                     
|                                                                        | issuing additional shares of the subsidiary         
|                                                                        |                                                     
|                                                                        |                                                     
|                                                                        |                                                     
|                                                                        |                                                     
|                                                                        |                                                     
|                                                                        |                                                     
|                                                                        |                                                     
|                                                                        |                                                     
|                                                                        |                                                     
|                                                                        |                                                     
|                                                                        |                                                     
|                                                                        |                                                     
|                                                                        |                                                     



|Reconciliation of deficit                                                                                                          |  |            
|---------------------------------------------------------------------------------------------------------------------------------- |  | -----------
|Deficit relating to Dakota operations at the date

of acquisition which was recorded by increasing

the additional paid up capital |  | $	78,064   
|Retained earnings and foreign exchange gains

relating to Leopard operations outside of the

Canadian mining operations            |  | 27,913     
|Reversal of prior year management fees

charged by a related party (Note 5)                                                        |  | 40,638     
|Reduction of payables created by the spin-off of

the shares of the subsidiary that reduced the

deficit of Leopard Capital Inc.   |  | (722)      
|Write down of investment in Dakota to carrying value

of the underlying assets                                                     |  | 1,145,277  
|                                                                                                                                   |  |            
|Reported deficit of Leopard Capital Inc.                                                                                           |  | $	1,291,170

**NOTE 4 -MINERAL PROPERTIES AND INVESTMENT IN JOINT VENTURE**

(a)	Ewer/Klinker Mineral Properties



On April 10, 1996, the Company entered into an agreement which was an Option To Purchase certain mineral
claims, located near Vernon, British Columbia, from a Vernon mining company. This agreement was pursuant
to a Letter Of Intent between the Vernon mining company and the Company that was signed in January 1996.
The payments made to the Vernon company pursuant to the Letter Of Intent in January 1996 are reflected as an
asset in the 1996 financial statements.  The Company paid $64,000 prior to the agreement and $411,000
pursuant to the agreement. These funds were advanced to the Company by individuals, who were directors and
shareholders at the time.  These advances were eventually repaid by issuing 4,000,000 shares having a total par
value of $4,000 and an additional share capital of $596,822 as noted in the statement of shareholders' deficit.

This option agreement originally gave the Company an option to acquire a 100% interest in the property but
that option expired unexercised on January 15, 1998 and a joint venture was then created.  The Company
received 20% joint venture interest in the mineral claims and the Vernon mining company had the remaining
80% interest.

In 1997, the mineral property was written down to its estimated net realizable value of $60,464 based on the
"worst case" estimate determined by a consultant geologist. This write down was initiated by the new
management after the review of the geologist's report and after protracted negotiations with the joint venture
partner to attempt to settle the unresolved legal matters.

(a)	Ewer/Klinker Mineral Properties  (Cont'd)

In 1997, the joint venture partner filed a statement of claim in the Supreme Court of British Columbia alleging
that an amount of $29,847 (Cdn$46,860) was due for work done, goods supplied and accounts incurred and
that claim was disputed by the Company.

In 1998, the mineral property became an investment in a joint venture and was written down to a value of $1.00
because of continued protracted negotiations with the joint venture partner meant the Company had no access to
information to make an updated valuation of the property based on discounted cash flows and had no
information to assess the 80% joint venture partner's ability to fund the mining operations.

In the 2000 fiscal year, the Company reached a formal agreement with the former joint venture partner to return
its 20% interest in the joint venture in exchange for the joint venture partner returning 2,080,000 shares of the
company back to the Company and releasing the Company from any claim arising from the Option agreement
or the British Columbia Supreme Court Action. The Consent Dismissal Order has now been filed and the
shares have now been returned.



(b)	Way 1, Banjo I & II Mineral Properties

The Company had purchased mineral properties from a company controlled by a significant shareholder, who is
also a director, for a price of $24,841 and the purchase was paid for by a note payable.  The note payable was
paid for during 2000 by issuing shares.

In 1998, the property was written down to $1.00 to recognize the Company's inability to prepare an updated
valuation on the property owned in the joint venture which is adjacent to this property.  This property was
purchased as a possible strategic role as part of a larger development incorporating the joint venture
property. This property was disposed of when the subsidiary was spun off.



**NOTE 5 - RELATED PARTY TRANSACTIONS**

Certain transactions of the Company involve companies having directors, officers and/or principal shareholders in
common with the Company.  Transactions with related parties have occurred in the normal course of operations and are
measured in the exchange amount, which is the amount of consideration established and agreed by the related parties.

(a)	Loan From Shareholder



This amount due to a shareholder required interest at 12% per annum. The loan plus interest accrued at 12% per
annum was repaid by the issue of share capital in October 2000.

****(b)	Advances From Shareholders****

The amount due to the shareholders is unsecured, non-interest bearing and has no specific terms of
repayment. A portion of these amounts was repaid by the issue of share capital on October 25, 2000 and the
balance of $100,000 was repaid by the issue of share capital on April 15, 2001.

(c)	Management Fees

Management fees of $39,723 in fiscal 1997 and $36,670 in fiscal 1996 were charged to the Company by a
former director. Commencing in fiscal 1998, management fees of $2,000 per month were charged by companies
controlled by the president of the Company. Since that time, these companies have been funding the
administrative expenses of the Company and had not collected any of the management fees.

Effective November 30, 2000, the companies controlled by the president reversed all management fees charged
to the Company since 1998 and applied the $62,000 credit to the outstanding accounts payable balance at
November 30, 2000 which reduced the balance to $Nil. The reduction in management fees was first applied to
reduce the $22,000 of management fees accrued in the 2000 fiscal year to November 30, 2000 and the balance,
representing prior year fees accrued, was treated as a contribution of the capital prorated over the two classes of
shares on the basis of the paid up capital of each class before the contribution.

In fiscal 2001, companies controlled by the president charged management fees of $12,000, at a rate of $2,000
per month, for the first six months of 2001. No management fees were charged for the last six months of 2001.

(d)	Accounting Services

Accounting services had been provided by a former director and shareholder of the Company. No fees were
paid for these services. The amount of $2,000 had been charged to operations for the fair market value of these
services offset by a contribution to capital of the same amount.

(e)	Other Expenses

Most other marketing and administrative expenses were reimbursements to former directors and officers for
expenses incurred in their efforts to develop the Company's business.

(f)	Purchase Of Mineral Properties From A Shareholder Who Is Also A Director

The Company had purchased mineral properties from a company controlled by a significant shareholder, who is
also a director, for a price of $24,841 and the purchase was paid for by issuing a promissory note.

(g)	Advances Payable To Former Subsidiary

The amount due to the former subsidiary was unsecured, non-interest bearing and had no specific terms of
repayment. This was repaid during fiscal 2001 by a company controlled by the president, whose debt was
settled by the issue of share capital.

**NOTE 6 - INCOME TAXES**

(a)	Income Tax Provision

The Company is in the development stage and has not yet earned any revenue or income. No provision for
additional income tax recovery has been recorded by the Company due to its history of losses indicating that,
more likely than not, none of the deferred income tax assets will be realized.

(b)	Deferred Income Tax Assets



Significant components of the Company's deferred tax assets are comprised of the following at December 31,
2003, calculated at 37.62% (December 31, 2002 - 42.55%).

|                                                                                                   | 2003      | 2002    
|-------------------------------------------------------------------------------------------------- | --------- | --------
|                                                                                                   |           |         
|Net operating loss carryforwards                                                                   | $  72,448 | $68,888 
|                                                                                                   |           |         
|Deferred tax assets                                                                                | 27,255    | 29,311  
|                                                                                                   |           |         
|Valuation allowances to recognize the Company's history of

losses and absence of profits to date. | (27,255)  | (29,311)
|                                                                                                   |           |         
|Net deferred income tax assets                                                                     | $-        | $-      

(c)	Loss on Distribution of Shares of Subsidiary

The Company's $1,145,277 loss on distribution of shares of subsidiary is not recognized for income tax
purposes.

(d)	The Company has certain foreign income tax assessments that are currently in progress.  The ultimate
resolution of these assessments cannot be predicted with certainty; however, the Company's management believes the
assessments will not have a material adverse effect on its financial condition or results of operations.

No provisions have been made in the accounts or in these financial statements with respect to this matter.  Any
reassessment will be reflected as a charge in the year incurred.

****

**NOTE 7 - CAPITAL STOCK**

(a)	Authorized Share Capital



Canadian Northern Lites' authorized share capital consisted of 100,000,000 shares with a par value of $.001. In
the May 2, 2000 annual general meeting, the authorized share capital was increased to 200,000,000 shares with
a par value of $.001 and the directors were given the ability to determine the voting rights, the dividend rate,
redemption price, liquidation rights, conversion rights and any other rights as allowed by the laws of Texas
when issuing the shares.

After the merger with Leopard Capital Inc., the authorized share capital consisted of 100,000,000 shares with a
par value of $.001. The shareholders of Leopard Capital Inc. passed a resolution to amend the Articles of
Incorporation to increase the authorized share capital to 200,000,000 shares with a par value of $.001 per
share.  This change in authorized share capital, which was done to be consistent with the changed authorized
share capital of Canadian Northern Lites, Inc. before the merger, allows the directors to determine, at the time
of issue, the voting rights, the dividend rate, redemption price, liquidation rights, conversion rights and any
other rights as allowed by the laws of Nevada.



(b)	Issued and Outstanding



|                           | # of Shares | Paid Up Capital
|-------------------------- | ----------- | ---------------
|                           | 2003        | 2002           
|                           |             |                
|Voting common shares       |             |                
|Par value                  |             |                
|Additional paid-up capital |             |                
|                           |             |                
|Total                      | 728,474     | 5,495,826      
|                           |             |                



(c)	Income (Loss) Per Share



The income (loss) per share is calculated using the weighted-average number of common shares outstanding
during the fiscal year.  For this purpose, reverse stock split and forward stock split are reflected on a retroactive basis to
the preceding years.

|                                                 |  |         |           |          
|------------------------------------------------ |  | ------- | --------- | ---------
|                                                 |  | 2003    | 2002      | 2001     
|                                                 |  |         |           |          
|Net income (loss)                                |  | $9,861  | $(10,591) | $(20,923)
|Weighted average number of

common shares issued |  | 728,474 | 728,474   | 605,984  
|                                                 |  |         |           |          
|Income (loss) per share                          |  | $-      | $-        | $-       



(d)	Reverse Stock Split

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.

The net result of this reverse split is a 1 for 10 split of the issued shares, leaving 560,362 shares issued and
outstanding and 200,000,000 authorized shares.

(e)	2002 Stock Incentive Plan

At the annual meeting of the shareholders held on January 21, 2003 the Company's 2002 Stock Incentive Plan
was approved.  Under the Plan, the Compensation Committee of the Board of Directors, in its discretion, may
grant common stock or options to purchase common stock of the Company to key employees, consultants, and
non-employee directors of the Company. The Company has reserved 825,000 shares of common stock for the
grant of options under the Plan and this number of shares is subject to any changes created by a reverse stock
split.

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 and to motivate 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.

The Compensation Committee of the Board of Directors shall have the authority to determine all matters
relating to the options to be granted under this Plan including selection of the individuals to be granted Awards
or Stock options, the number of shares, the date, the termination of the stock options or Awards, the stock
option term, vesting schedules and all other terms and conditions thereof.

To date no options or awards have been made.

(d)	Forward Stock Split

On December 18, 2003, the Board of Directors of Leopard Capital Inc. unanimously adopted a resolution
setting the close of business on December 29, 2003 as the record date to effect a 13 for 10 forward stock split,
consistent with the approvals obtained from the Company's stockholders holding 495,058 shares of common
stock, representing 88.35% of the 560,362 outstanding common shares.

The net result of this forward split is a 13 for 10 split of the issued shares, leaving 728,474 shares issued and
outstanding and 200,000,000 authorized shares.



**NOTE 8 - PROMISSORY NOTE**



To purchase the mineral properties discussed in Note 4(b), the Company issued a $24,841 promissory note, due on
demand, to a company that is a major shareholder of the Company and whose controlling shareholder is the president
and a director of the Company. This note which required interest at 8% per annum, was repaid during 2000 by issuing
shares.



**NOTE 9 - SUBSEQUENT EVENTS**



(a)	Share Exchange



On February 9, 2004, the Company completed a share exchange with the stockholders of China Expert Network
Company Limited, ("China Expert"), a Hong Kong corporation. In the exchange, the Company acquired
30,000,000 shares of China Expert common stock from the shareholders of China Expert in the Exchange,
representing all of the issued and outstanding stock of China Expert in exchange for the issuance of 19,935,000
shares of its common stock.  In conjunction with the exchange, the Company also issued a total of 1,400,000
additional shares to various persons, including a Director of the Company, as compensation for services.



The exchange resulted in a change of control of the Company. Upon completion of the exchange and the related
share issuances, the Company has a total of 22,063,470 shares issued and outstanding, of which 19,935,000, or
approximately 90.35%, are owned by persons who were previously stockholders of China Expert.



China Expert is now a wholly owned subsidiary of the Company, and the shares of China Expert common stock
represent the Company's most significant asset. The Company expects to continue, and expand, the existing
business operations of China Expert as our wholly owned subsidiary. The Company, through China Expert and
China Expert's wholly owned subsidiary, Expert Network (Shenzhen) Co. Ltd. provide large-scale network
infrastructure construction for community and municipal governments in the People's Republic of China (PRC)
and Hong Kong.  China Expert also provides consultancy services on technological solutions, marketing
consultations, key projects evaluation and other similar areas, mainly in the PRC.

(b)	Consulting Agreement



On February 9, 2004, the Company entered into a consulting agreement with Hudson Capital Corporation for
developing the Company's marketing and other related business.  The terms of the agreement expires on February 8,
2005.  The compensation for the consulting services is 200,000 shares of the Company's common stock.****

ITEM 8.   CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING
AND FINANCIAL DISCLOSURE.

During the Company's fiscal years ended December 31, 2002 and December 31, 2003 and any
subsequent interim periods, the Company has had no disagreements with its principal independent
accountant.

On January 31, 2004, the Company's Board agreed unanimously to no longer retain McLean Majdanski,
Chartered Accountants, as the Company's independent public accountants, and agreed unanimously to
engage Telford Sadovnick, P.L.L.C., Certified Public Accountants, as the Company's independent public
accountants commencing with the audit for the year ending December 31, 2003. . The reports of McLean
Majdanski, Chartered Accountants, on the Company's financial statements for each of the years ended
December 31, 2002 and 2001 did not contain an adverse opinion or a disclaimer of opinion, and was not
qualified or modified as to uncertainty, audit scope, or accounting principles other than the statement that
the Company's losses raise substantial doubt about its ability to continue as a going concern.

During the years ended December 31, 2002 and 2001 and through January 31, 2004, there were no
disagreements with McLean Majdanski, Chartered Accountants, on any matter of accounting principles
or practices, financial statement disclosure, or auditing scope of procedure which, if not resolved to the
satisfaction of McLean Majdanski, would have caused it to make reference to the subject matter of the
disagreements in connection with its report.  In connection with the audits for the fiscal years ended
December 31, 2002 and 2001, and the subsequent interim period ending January 31, 2004, McLean
Majdanski, Chartered Accountants, did not advise the Company with respect to any of the matters
described in paragraphs (a)(1)(v)(A) through (D) of Item 304 of Regulation S-K.

ITEM 8A.	CONTROLS AND PROCEDURES.

The Securities and Exchange Commission defines the term disclosure controls and procedures to mean a
company's controls and other procedures that are designed to ensure that information required to be
disclosed in the reports that it files or submits under the Securities Exchange Act of 1934 is recorded,
processed, summarized and reported, within the time periods specified in the Securities and Exchange
Commissions rules and forms.   The Company maintains such a system of controls and procedures in an
effort to ensure that all information which it is required to disclose in the reports it files under the
Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time
periods specified under the SEC's rules and forms.

Based on an evaluation performed, the Company's certifying officers have concluded that the disclosure
controls and procedures were effective as of December 31, 2003, to provide reasonable assurance of the
achievement of these objectives.

There was no change in the Company's internal control over financial reporting during the quarter ended
December 31, 2003, that has materially affected, or is reasonably likely to materially affect, the
Company's internal control over financial reporting.

PART III

ITEM 9.   DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS;
COMPLIANCE WITH SECTION 16(A) OF THE EXCHANGE ACT.

****

****The following table sets forth the names and ages of the current officers and directors of the Company.
The Company has not had standing audit, nominating or compensation committees of the Board of
Directors or committees performing similar functions. All such applicable functions have been performed
by the Board of Directors as a whole.

****

**Directors and Executive Officers**

********
Name
Age
Position held and tenureZhu Xiao Xin
37
President and Director since February 9, 2004Lai Man Yuk
35
Vice President and Director since February 9, 2004Kung Sze Chau
55
Chief Executive Officer and Director since February 9,
2004Jeff Cheung Ming
34
Chief Financial Officer since February 9, 2004Samuel K.K. Lo
29
Chief Legal Officer since February 9, 2004Song Feng
40
Chief Operating Officer since February 9, 2004Wu Liming
39
Chief Technical Officer since February 9, 2004

The directors named above will serve until the first annual meeting of the Company's
stockholders following completion of the share exchange transaction, or until their successors
have been appointed.  Thereafter, directors will be elected for one-year terms at the annual
stockholders' meeting.  Officers will hold their positions at the pleasure of the board of directors,
absent any employment agreement, of which none currently exists or is contemplated.

Biographical Information

Mr. Zhu Xiao Xin

From April 1998 to September 1999, Mr. Zhu was the Executive Manager for Syscan Technology
(Shenzhen) Company Limited.  From September 1999 to June 2000, he was President of Shenzhen
Hecheng Technology Company Limited.  From 2002 to 2003, he was the Vice President of Expert
Network Development (Shenzhen) Company Limited.  Since December 2003, Mr. Zhu has been the
President of China Expert Network Company, Ltd.  In 1987 Mr. Zhu received a Bachelor of Science from
the University of Science and Technology of China.  Since 1999 he has been a Researcher at the Jiangxi
University of Finance and Economics.  Mr. Zhu has qualified as an Economist in China.

****Mr. Lai Man Yuk

From April 1995 to April 2000, Mr. Lai was the Director for Sunkock Development Limited, a Hong
Kong company specializing in Hong Kong and China trading and investment matters.  Since May 2000,
he set up China Expert Network Company, Ltd., a Hong Kong company to do IT and E-government
projects through he well-established personal networks in China.  He is now also the Vice President and
Director of the same company.  During 1987 to 1989 Mr. Lai studied in Liming University in Fujian,
China for the subject of Chinese Medicine.

Mr. Kung Sze Chau

Mr. Kung is the Chief Executive Officer and a director of China Expert Network Company Limited.  He
has held these positions since May 2000.  Mr. Kung has over 20 years experience in investment and
management.  He was the past Vice President and Managing Director of many large-scale enterprises in
PRC.  He also specializes in biological pharmaceutical and property investments.

Mr. Jeff Cheung Ming

From 1996 to 1999, Mr. Cheung was Audit Senior for RSM Nelson Wheeler, Certified Public
Accountants.  From 1999 to 2000, he was Group Internal Audit Officer for Casil Telecommunications
Holdings Limited, a Hong Kong publicly listed company.   In 2001, he was Audit Semi-Senior for
Assurance and Business Advisory Services at Deloitte Touche & Tohmatsu, Certified Public
Accountants.  Since 2002, Mr. Cheung has been the Chief Financial Officer for China Expert Network
Company Limited.  Mr. Cheung received an Honours diploma from the Hong Kong Shue Yan College, a
Bachelors of Business Administration from the University of Lincolnshire & Humberside in the United
Kingdom, and a Master of Arts in International Accounting from the City University of Hong.  Mr.
Cheung is an Associate Member of the Hong Kong Society of Accountants, the Taxation Institute of
Hong Kong, and The Association of International Accountants.  He is a Fellow Member of the IT
Accountants Association of Hong Kong.

Mr. Samuel Lo

From April 1998 to September 1999, Mr. Lo was a Trainee Solicitor at Li, Wong & Lam, a law firm
located in Hong Kong.  From September 1999 to June 2000, he was an Associate Solicitor with the same
company, and from June 2000 to the present, a Consultant Solicitor, also with Li, Wong & Lam.  Since
June 2000, Mr. Lo has been Chief Legal Counsel to China Expert Network Company, Ltd.  Currently he
is also Advisor of PRC Commercial & Legal Affairs of the Government of the Hong Kong Special
Administrative Region, Trade and Industry Department.  Mr. Lo received a Bachelor of Laws from the
University of Hong Kong in 1996.  In 1997 he received a Postgraduate Certificate in Laws, also from the
University of Hong Kong.  In 2001 he received a Certificate of PRC Civil & Commercial Law from the
Tsinghua University, China.  Additionally, in 1999, Mr. Lo received the qualification of Solicitor of the
High Court of the Hong Kong Special Administrative Region.  He is a Member of the Law Society of
Hong Kong, and a Member of the Society of Business Practitioners of England.

Mr. Song Feng

From 1996 to 1999, Mr. Song was Senior Engineer at China National Guizhou Aviation Industry Co.,
Ltd.   During this time he was also Project Officer with the China National Reference System of
Technical Information Network.  From January to June 2000, he was Senior Manager at the Chinese
company, Netbig Co., Ltd.  From July to September 2000, Mr. Song was Chief Technical Officer of
Calili Information Network Co., Ltd., a Chinese company.  Since September 2000, Mr. Song has been the
Chief Operating Officer for China Expert Network Co., Ltd., a Hong Kong company.  Mr. Song holds a
Bachelor of Engineering from Beijing University of Aviation and Aerospace.   In 2001 he completed a
Master of Engineering Management, also from Beijing University of Aviation and Aerospace.

Mr. Wu Liming

From 1989 to 1992, Mr. Wu lectured at the Shenyang Architecture and Civil Engineering Institute.  From
1995 to 1997, he was an Associate Professor at the Shenyang Architecture and Civil Engineering
Institute.  Mr. Wu was a Visiting Scholar to the Hongkong Polytechnic University from 1997 to 1998.
From 1998 to 2001, he was Chief Technical Officer at the Hunan Eintech Technical Col, Ltd., in China.
Since 2001, Mr. Wu has been Chief Technical Officer at China Expert Network Co., Ltd.  Mr. Wu has
received his Bachelor's degree from Peking University in 1986, and his Master's from Peking University
in 1989.  In 1995, he was awarded a Ph.D from Northeastern University.

****

**Involvement in Certain Legal Proceedings**



Other than that described above, there have been no events during the last five years that are material to
an evaluation of the ability or integrity of any director, person nominated to become a director, executive
officer, promoter or control person including:



> 1.        any bankruptcy petition filed by or against any business of which such person was a
> general partner or executive officer either at the time of the bankruptcy or within two
> years prior to that time;
> 2.        any conviction in a criminal proceeding or being subject to a pending criminal
> proceeding (excluding traffic violations and other minor offenses);
> 
> 3.        being subject to any order, judgment, or decree, not subsequently reversed, suspended or
> vacated, of any court of competent jurisdiction, permanently enjoining, barring,
> suspending or otherwise limiting his/her involvement in any type of business, securities
> or banking activities;
>  4.        being found by a court of competent jurisdiction (in a civil action), the Commission or
> the Commodity Futures Trading Commission to have violated a federal or state securities
> or commodities law, and the judgment has not been reversed, suspended, or vacated.

**Family Relationships**

There are no family relationships between any of the officers and/or directors.

**Other Relationships or Arrangements**

In connection with the share exchange transaction with China Expert which was consummated on
February 9, 2004 and which is described more fully in Item 6 above under the heading "Subsequent
Events," the Company's then-current officers and directors at the time of the share exchange resigned,
and the officers and directors named above, who were designated by China Expert, were appointed.
Except for this arrangement to to appoint new directors and officers following completion of the share
exchange transaction, there is no arrangement or understanding between any of the directors or officers
of the Company and any other person pursuant to which any director or officer was or is to be selected as
a director or officer, and there is no arrangement, plan or understanding as to whether non-management
shareholders will exercise their voting rights to continue to elect the current directors to the Company's
board.   There are also no arrangements, agreements or understandings between non-management
shareholders and management under which non-management shareholders may directly or indirectly
participate in or influence the management of the Company's affairs.****

******Directorships**

None of the directors serves as a director for any other reporting company.

**Audit Committee Financial Expert**

The Company does not currently have an audit committee financial expert.  The current management of
the Company has only been in place since February 9, 2004, and they have not yet had the opportunity to
locate and appoint a financial expert.

**Section 16(a) Beneficial Ownership Compliance**

Based solely on a review of Forms 3 and 4 furnished to the Company during the fiscal year ended
December 31, 2003 and Forms 5 and amendments thereto furnished to the Company with respect to the
fiscal year ended December 31, 2003, none of the officers, directors or principal shareholders of the
Company have failed to file or been delinquent in filing reports required under Section 16(a) of the
Exchange Act, except as follows.  On October 27, 2003, Terry G. Cook filed a delinquent Form 3 with
the Securities and Exchange Commission reporting his initial acquisition of the Company's common
stock on December 31, 1999.

**Code of Ethics**

The Company does not currently have a code of ethics.  When the current management of the Company
was appointed on February 9, 2004, the Company did not have a code of ethics in place, and the current
management has not yet adopted a code of ethics.  The Company intends to adopt a code of ethics in the
near future.

ITEM 10.	EXECUTIVE COMPENSATION.

The following table sets forth the compensation paid by us to our principal executive officers for fiscal
years ending 2003, 2002 and 2001.

****

|****SUMMARY COMPENSATION TABLE
|------------------------------
|                              
|                              
|Name and principal
position   
|                              
|Terry G. Cook,
President      
|                              
|Terry G. Cook,
President      
|                              
|Terry G. Cook,
President      
|                              

In fiscal 2001, management fees of $12,000 at a rate of $2,000 per month for the first six months of 2001
were charged to Leopard, payable to a company controlled by Terry G. Cook, President of the
Company. These fees were paid by issues of share capital on April 15, 2001 and June 30, 2001. No
management fees were charged for the last six months of 2001. No management fees were charged in the
fiscal year ended December 31, 2003.



Other than that disclosed above, no compensation was paid during the fiscal year ended December 31,
2003 to any of the officers or directors of the Company to the extent that they were compensated in
excess of $100,000.

Directors are entitled to reimbursement for reasonable travel and other out-of-pocket expenses incurred
in connection with attendance at meetings of the Board of Directors.  The Board of Directors may award
special remuneration to any Director undertaking any special services on behalf of the Company other
than services ordinarily required of a Director.  During the fiscal year ended December 31, 2003, no
Director received or accrued any compensation for his services as a Director, including committee
participation or special assignments.

The Company has no written employment agreements with any of its officers or directors.  As of
December 31, 2003, the Company has no plans or arrangements in respect of remuneration received or
that may be received by executive officers of the Company in to compensate such officers in the event of
termination of employment (as a result of resignation, retirement, change of control) or a change of
responsibilities following a change of control, where the value of such compensation exceeds $100,000
per executive officer.

ITEM 11.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT.

As of December 31, 2003, the Company is a publicly-owned corporation, the shares of which are owned
by United States and Canadian residents. As of December 31, 2003, the Company is controlled by
Hudson Capital Corporation, a company controlled by Terry G. Cook, President of Leopard Capital, Inc.
as of December 31, 2003.

The following table sets forth, as of the date hereof, stock ownership of each executive officer and
director of Leopard Capital, Inc., of all executive officers and directors of Leopard Capital, Inc., as a
group, and of each person known by Leopard Capital, Inc., to be a beneficial owner of 5% or more of its
Common Stock.  Except as otherwise noted, each person listed below is the sole beneficial owner of the
shares and has sole investment and voting power as to such shares.  No person listed below has any
options, warrant or other right to acquire additional securities of Leopard Capital, Inc., except as may be
otherwise noted.

|Name and Address                                                                                           | Number of SharesBeneficially Owned | Percent of Class
|---------------------------------------------------------------------------------------------------------- | ---------------------------------- | ----------------
|Zhu Xiaoxin (1) (2)31/F, Development Centre, 2010
Renminnan Road, Shenzhen, PR China                       | 0                                  | 0               
|Lai Man Yuk (1) (2)Rooms 2703-04Great Eagle Centre23 Harbour RoadWanchai, Hong Kong                        | 0                                  | 0               
|Kung Sze Chau (1) (2)Rooms 2703-04Great Eagle Centre23 Harbour RoadWanchai, Hong Kong                      | 0                                  | 0               
|Jeff Cheung Ming (1)B1, 9/F, Loyong Court Commercial
Building 212-220 Lockhart Road
Wanchai, Hong Kong     | 0                                  | 0               
|Samuel K.K. Lo (1)Room 7A, Deltec Court, 73c Waterloo
Road, Kowloon, Hong Kong                             | 0                                  | 0               
|Song Feng (1)31/F, Development Centre 2010
Renminnan Road Shenzhen, PR China                               | 0                                  | 0               
|Wu Liming (1)31/F, Development Centre2010
Renminnan Road Shenzhen, PR China                                | 0                                  | 0               
|China Data Holdings Limited (2)Rooms 2703-04Great Eagle Centre23 Harbour RoadWanchai, Hong Kong            | 9,967,500                          | 45.18%          
|Ibroader Developments LimitedRooms 3505-3506Edinburgh TowerThe Landmark15 Queen's Road CentralHong Kong    | 3,709,904                          | 16.81%          
|China Link Investment Group LimitedRooms 2703-04Great Eagle Centre23 Harbour RoadWanchai, Hong Kong        | 2,270,595                          | 10.29%          
|I-Mode Technology LimitedFlat E, 21st Floor, Tower 2The Waterfront1 Austin Road WestTsimshatsui, Hong Kong | 1,993,500                          | 9.04%           
|All Current Officers and Directors as a
Group (7 in Number)                                                | 0                                  | 0%              

(1)The person listed is currently an officer, a director, or both, of the Company.(2)Zhu Xiaoxin, Kung Sze Chau and Lai Man Yuk, who are directors and officers of the Company hold 19%,
9.09%, and 25.448% of the shares of China Data Holdings Limited, respectively.****

**Equity Compensation Plans**

****

On November 21, 2002, the Board of Directors of the Company unanimously adopted the 2002 Stock
Option Plan for the Company. Under the 2002 Stock Option Plan, the Compensation Committee of the
Board of Directors, 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 825,000 shares of common stock for the grant of options under the plan, subject to
anti-dilution provisions and adjustments for stock splits.  At the annual meeting held on January 21, 2003
the stockholders approved the plan.

As of the date hereof, no stock or stock options have been granted under the 2002 Stock Option Plan.

ITEM 12.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

In connection with the share exchange transaction with China Expert which was consummated on
February 9, 2004 and which is described more fully in Item 6 above under the heading "Subsequent
Events," the Company issued a total of 200,000 shares to Hudson Capital Corporation, as compensation
for consulting services.  Terry G. Cook, who was the President and a Director of the Company at the time
of the share exchange transaction, is the controlling shareholder of Hudson Capital Corporation.

ITEM 13.  EXHIBITS AND REPORTS ON FORM 8-K.

> (a)        
> The Exhibits listed below are filed as part of this Annual Report.
> 
> 
> 
> 
> 31.1        
> Certification pursuant to Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act
> of 1934, as amended.
> 
> 
> 31.2        Certification pursuant to Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act
> of 1934, as amended.
> 
> 32.1        
> Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of
> the Sarbanes-Oxley Act of 2002.
> 
> 
> 
> 32.2        
> Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of
> the Sarbanes-Oxley Act of 2002.
> 
> 
> 
> (b)         	The following reports on Form 8-K were filed by the Company during the last quarter of
> its fiscal year ending December 31, 2003.

> Form 8-K, filed with the Securities and Exchange Commission on October 29, 2003,
> covering Item 5.
> 
> 
> Form 8-K, filed with the Securities and Exchange Commission on November 21, 2003,
> covering Item 5.
> 
> 
> Form 8-K, filed with the Securities and Exchange Commission on December 10, 2003,
> covering Item 5.
> 
> 
> Form 8-K, filed with the Securities and Exchange Commission on December 22, 2003
> covering Item 5.
> 
> Form 8-K, filed with the Securities and Exchange Commission on December 31, 2003
> covering Item 1.

ITEM 14.  PRINCIPAL ACCOUNTANT FEES AND SERVICES

Audit Fees

The aggregate fees billed by TELFORD SADOVNICK, P.L.L.C.  for audit of the Company's
annual financial statements were $** for the fiscal year ended December 31, 2003, and $0 for the
fiscal year ended December 31, 2002.  The aggregate fees billed by TELFORD SADOVNICK,
P.L.L.C. for review of the Company's financial statements included in its quarterly reports on
Form 10-QSB were $ 0 during the period ended December 31, 2003, and $0 during the period
ended December 31, 2002.

Note to reader:  Telford Sadovnick, P.L.L.C. was retained January 2004 to Audit Leopard's
FY2003.  They were not involved prior to January 2004 and thus did not audit Leopard's 2002
annual financial statements or review Leopard's Quarterly reports for FY2003 or earlier.

** Leopard has not been billed but the billing is expected to be $ 5,000 USD.

In calendar 2003, McLean Majdanski, Chartered Accountants billed Leopard $1899 USD for
auditing, examination of financial statements, and consultations for the fiscal year ending 12/31
2002.  There were no separate billings for quarterlies, and no separate  tax, consulting or any
other services provided.

Audit-Related Fees

TELFORD SADOVNICK, P.L.L.C. did not  bill the Company any amounts for assurance and
related services that were related to its audit or review of the Company's financial statements
during the fiscal years ending December 31, 2003 or December 31, 2002.

Tax Fees

The aggregate fees billed by TELFORD SADOVNICK, P.L.L.C.  for tax compliance, advice and
planning were $0 for the fiscal year ended December 31, 2003, and $0 for the fiscal year ended
December 31, 2002.

All Other Fees

TELFORD SADOVNICK, P.L.L.C.did not bill the Company for any products and services other
than the foregoing during the fiscal years ended December 31, 2003 and December 31, 2002.

---

******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 on March 29, 2004.

By: /s/	Zhu XiaoxinZhu Xiaoxin, President and Director

In accordance with the Exchange Act, this report has been signed below by the following persons on
behalf of the registrant and in the capacities and on the dates indicated.

By: /s/	Zhu XiaoxinZhu Xiaoxin, President and Director

Date:  March 29, 2004

By /s / Kung Sze ChauChief Executive Officer and Director

Date:  March 29, 2004

By /s /Jeff Cheung MingChief Financial Officer

Date:  March 29, 2004