#### UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549

### Form 10-KSB

| [x]                                                                            | ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE        SECURITIES EXCHANGE ACT OF 1934     |
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| For the fiscal year ended December 31, 2002                                    |
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| [ ]                                                                       | TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE        SECURITIES EXCHANGE ACT OF 1934 |
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| For the transition period from _______________________        to _____________ |
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| Commission file number 000-30644                                               |

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| **Leopard Capital, Inc.**(Name of small business issuer in its charter)                      |
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| Nevada      (State or other jurisdiction of incorporation or organization)                   | 98-0348086      (I.R.S. Employer Identification No.) |
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| 1574 Gulf Rd #1505, Point Roberts, WA      (Address of principal executive offices)          | 98281      (Zip Code) |
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| Issuer's telephone number    (604) 879-3001                                                  |
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| Securities registered under Section 12(b) of      the Exchange Act:                          |
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| Title of each class
___________________________________

___________________________________ | Name of each exchange on which registered    
___________________________________

___________________________________ |
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| Securities registered under Section 12(g) of      the Exchange Act:                          |
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| Voting Common Shares ($0.001 par value)      (Title of class)                                |
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Check whether the issuer (1) filed all reports required to be filed bySection 13 or 15(d) of the Exchange Act during the past 12 months (or for suchshorter 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 there is no disclosure of delinquent filers in response to Item 405of Regulation S-B is not contained in this form, and no disclosure will becontained, to the best of registrant's knowledge, in definitive proxy orinformation statements incorporated by reference in Part III of this Form 10-KSBor any amendment to this Form 10-KSB. [ ]

The Company's revenues for the fiscal year ended December 31,2002 were $0.

The aggregate market value of the voting stock held by non-affiliates of theCompany on December 31, 2002 was  $3,817. 

**(ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PASTFIVE YEARS)**

Check whether the issuer has filed all documents and reports required to befiled by Section 12, 13 or 15(d) of the Exchange Act after the distribution ofsecurities 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 ofcommon equity, as of the latest practicable date.5,495,826 common voting shares, $0.001 par value, issued and outstanding asof February 27, 2003

**DOCUMENTS INCORPORATED BY REFERENCE**

The registrant's definitive proxystatement filed on November 29, 2002 is incorporated by reference into Part I,Part II and Part III of this Form 10-KSB.

Transitional Small Business Disclosure Format (Check one): Yes____;     No _x___

 

| Leopard Capital, Inc. | Page 1 of 43
10-KSB

**Table of Contents**  
**Page**
**PART I**  
       Item 1.Description of Business
3  
       Item 2.Description of Property
7  
       Item 3.Legal Proceedings
7  
       Item 4.Submission of Matters to a Vote of SecurityHolders
7  
 
**PART      II**  
       Item 5.Market for Common Equity andRelated Stockholder Matters
8  
 Item 6.Management's Discussion and Analysis or Planof Operation
9  
       Item 7.Financial Statements
15  
       Item 8.Changes In and Disagreements With Accountantson Accounting and Financial Disclosure
36  
 **PART III**  
       Item 9.Directors, Executive Officers,Promoters and Control Persons; Compliance With Section 16(a) of the Exchange Act
36  
       Item 10.Executive Compensation
37  
       Item 11.Security Ownership of Certain BeneficialOwners and Management
39  
 Item 12.Certain Relationships and RelatedTransactions
40  
       Item 13.Exhibits and Reports on Form 8-K
40              
       Item 14.      Controls and Procedures
41  
 
**SIGNATURES**  
        Signatures
41  
 
**CERTIFICATIONS**  
  Certifications
42  
 
 
Leopard Capital, Inc.
Page 2 of 43
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**PART I**

**Item 1. Description of Business**

**Introduction**

Leopard Capital, Inc. (hereinafter also referred to as the"Company" and/or the "Registrant") is a Company that seeksto acquire a controlling interest in businesses suitable for acquisition anddevelopment by a publicly-held company.

The Company voluntarily filed its registration statement on Form 10-SB in1999 in order to make information concerning itself more readily available tothe public.  As a result of filing its registration statement, the Companyis obligated to file with the Commission certain interim and periodic reportsincluding an annual report containing audited financial statements.  TheCompany intends to continue to voluntarily file these periodic reports under theExchange Act even if its obligation to file such reports is suspended underapplicable provisions of the Exchange Act.

The Company's principal office is located at 1574 Gulf Rd. #1505, PointRoberts, Washington 98281.  The contact person isMr. Terry G. Cook, President and a member of the Board of Directors.  Thetelephone number is (604) 879-9001 and the facsimile number is (604)530-0156.  The Company currently does not maintain a website.

The Company's authorized capital includes 200,000,000 shares of common stockwith $0.001 par value.  As of the close of the Company's latest fiscalyear, December 31, 2001, there were 5,495,826 shares of common stockoutstanding.

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

The information in this 10-KSB is current as ofFebruary 27, 2003, unlessotherwise indicated.

 

**Historical Corporate Development**

The Company was incorporated in the state of Nevada on June 18, 1990 as QQQHuntor Associates, Inc. On July 21, 1995, the Company changed its domicile tothe state of Texas and merged into a Texas corporation called UnimexTransnational Consultants, Inc.  On April 26, 1996, the Company reorganizedand acquired all the issued and outstanding stock of Dakota Mining &Exploration Ltd. ("Dakota") for total compensation of 10,000,000shares of the Company's common stock.  At this time the name of the Companywas changed to Canadian Northern Lites, Inc.  As a result of thattransaction, Dakota became a wholly owned subsidiary of the Company.

As a result of the transaction in which the Company acquired all theoutstanding shares of Dakota, the group of stockholders that owned Dakota held10,000,000 shares of the Company which was more than 50% of the voting shares atthat time.  This resulted in the transaction being accounted for as a"reverse take-over" in the consolidated financial statements.

 
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On April 10, 1996, the Company entered into an agreement which was an OptionTo Purchase some mineral claims (Ewer/Klinker Mineral Properties) located nearVernon, British Columbia.  The option expired unexercised on January 15,1998.  At that time a joint-venture was created in which the Company had a20% interest.

On May 5, 1998, the Company's wholly-owned subsidiary, Dakota Mining &Exploration Ltd., acquired a 100% interest in the Way I Claim, the Banjo I Claimand the Banjo II Claim in south-eastern British Columbia, Canada.

On March 27, 2000, the Company reached a formal agreement with the formerJoint Venture Party for the Company to return its 20% interest in the jointventure in exchange for the Joint Venture Party returning 2,080,000 shares ofthe Company back to the Company for cancellation and releasing the Company fromany claim arising from the Option Agreement or the British Columbia SupremeCourt Action.  A Consent Dismissal Order was filed and the shares werereturned to the Company.

On December 1, 2000, all of the shares of Dakota were distributed to thestockholders of Leopard Capital, with Dakota retaining ownership of the Way I,Banjo I and Banjo II mineral claims.

 

**Risk Factors**

A purchase of our common stock involves risks.  An investor shouldconsider these risks before making a decision to purchase our commonstock.  Prospective purchasers of our common stock must be prepared for thepossible loss of their entire investments.  The order in which thefollowing risk factors are presented is arbitrary.  The order ofpresentation does not mean that one risk factor is more significant thananother.

Uncertainty Whether Leopard Will Be Able To Meet Its Future CapitalRequirements

Leopard has no source of operating cash flow to fund future explorationprojects, business acquisitions, or corporate overhead and has no history ofearnings.  Due to the nature of its business, there can be no assurancethat Leopard will be profitable. Leopard has limited financial resources, andthere is no assurance that additional funding will be available.  IfLeopard wishes to acquire business interests, then Leopard must raisesignificant additional funds.  The only source of funds available toLeopard for such acquisitions is through the sale of its equity shares.

Leopard may raise additional working capital through further equityofferings.  However, there is no assurance that such funds will beavailable, on acceptable terms, if at all.  Future equity financing mayresult in substantial dilution to existing stockholders.

Dependence On Key Personnel

Leopard's continued existence is largely dependent, upon the efforts of itscurrent executive officers.  The loss or unavailability of any such personcould have an adverse effect on Leopard. Leopard does not maintain key man lifeinsurance policies for any of these individuals.  Also, the continuedexistence and viability of Leopard is dependent upon its ability to attract andretain qualified people in all areas of its business, especially managementpositions.  If Leopard is unable to attract and retain qualified personnel,its business may be adversely affected.

 
Leopard Capital, Inc.
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There are no employment agreements in place.  Management is, however,currently negotiating agreements with the executive officers of Leopard. Deathor disability of  Terry G. Cook could adversely affect the management of ourbusiness.  Mr. Cook is Leopard's principal executive officer and isdirectly involved, on a day-to-day basis, in all of the company's businessaffairs. His death or incapacity could adversely affect the operations andfuture prospects of the Company.

Limited Operating History

Leopard has no operating history upon which to base an evaluation of itsbusiness and prospects.  There can be no assurance that Leopard willachieve or sustain profitability on an annual or quarterly basis.  Leopardis an early stage development company.

Future operating results will depend upon many factors, including the levelof product and price competition; Leopard's success in attracting and retainingmotivated and qualified personnel; and the success of raising additional capitalfor ventures.

Ability To Manage Growth

Should Leopard succeed in acquiring a business enterprise or in raisingcapital for ventures, it will experience significant growth in operations. Any expansion of Leopard's operations would place further demands on itsmanagement.  Leopard would need to recruit qualified personnel in all areasof its operations.  There can be no assurance that Leopard will beeffective in attracting and retaining additional qualified personnel, expandingits operational capacity or otherwise managing growth.  If Leopard fails tomanage its growth effectively, Leopard's business, prospects, financialcondition and results of operations could be adversely affected. Management's ability to reinvest earnings and allocate capital into profitableventures should be of primary concern to stockholders.

Lack Of A Dividend Policy

Leopard does not presently intend to pay cash dividends in the foreseeablefuture.  Any earnings are expected to be retained for use in developing andexpanding its business.

Whether any dividends will be paid in the future will be at the discretion ofLeopard's Board of Directors, and will depend on results of operations, cashrequirements and future prospects for Leopard.

Possible Dilution To Stockholders

Leopard's plan of operation calls for Leopard to finance business expansionand acquisitions by issuing securities.  Any issue of stock or securitiesconvertible into common stock could result in significant dilution to presentand prospective holders of Leopard's common shares.

Competition

There is competition from other public and private companies to acquirecontrol of attractive business assets.  Many of the companies with whichLeopard competes have operations and financial strength many times that ofLeopard.

 
Leopard Capital, Inc.
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History Of Net Losses

Leopard generated net losses for the past three years:

In the fiscal year ended December 31, 2002, Leopard had a net loss of($10,591); in the fiscal year ended December 31 2001, a net loss of ($20,923);and, in the fiscal year ended December 31, 2000, a net loss of ($23,587).

Securities Market Risk and the Penny Stock Risk

Leopard's stock is subject to "penny stock" rules as defined in1934 Securities and Exchange Act rule 3151-1. The Securities & ExchangeCommission 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 purchasera standardized disclosure document that provides information about penny stocksand the risks of the penny stock market.

Bid and offer quotations, and broker-dealer and salesperson compensationinformation, must be given to the customer orally or in writing prior toeffecting a transaction. The broker-dealer must make a written determinationthat the penny stock is a suitable investment for the purchaser and receive thepurchaser's written agreement. In addition, the disclosure requirements abovemay reduce trading activity in the secondary market for penny stocks.

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

Fluctuations in Leopard's quarterly operating results may cause the stockprice to decline.

Leopard plans to retain earnings.  The Company have very limitedresources and does not anticipate paying dividends on it's common stock for theforeseeable future.

Loss On Dissolution

In the event of the Company's dissolution, the proceeds (if any) realizedfrom the liquidation of assets will be distributed to our stockholders onlyafter satisfaction of claims of the Company's creditors and preferredstockholders.

 

**Significant Customers and/or Suppliers**

N/A

 

**Employees**

At December 31, 2002, the Company operated with the services of itsDirectors, Executive Officers, and no additional employees or consultants. Thereis no collective bargaining agreement in place.

 
Leopard Capital, Inc.
Page 6 of 43
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**Item 2. Description of Property**

Our executive, administrative and operating offices are located at 1574 GulfRd. #1505, Point Roberts, WA 98281.  Terry G. Cook, ourPresident and a director, currently provides office space to us at nocharge.  We do not have a written lease or sublease agreement and Mr. Cookdoes not expect to be paid or reimbursed for providing office facilities. The fair market value of the amount of office space afforded to us isapproximately $200.00 per month.

 

**Item 3.  LegalProceedings**

We are not aware of any pending litigation nor do we have any reason tobelieve that any such litigation exists.

 

**Item 4.  Submissionof Matters to a Vote of Security Holders**

The following matters were submittedto security holders during the fourth quarter of 2002 for voting at the AnnualMeeting of Stockholders held on January 21, 2003.

1.  Election of Directorsof the Company for the ensuing year or until their successors are appointed.

Nominees:  Mr. Cam Dalgliesh  Mr. Terry G. Cook

The shares voted for this  proposal totaled 5,177,681 or 94.21% of the 5,495,826 shares entitled to  vote.  No shares were voted against this proposal.  The shares abstained were  800.  Therefore, this proposal passed.

  

2.  Ratify the selectionof McLean Majdanski, Chartered Accountants as independent auditors of theCompany for the fiscal years ended December 31, 2001 and 2002.

The shares voted for this  proposal totaled 5,177,451 or 94.21% of the 5,495,826 shares entitled to  vote.  No shares were voted against this proposal.  The shares abstained were  1,030.  Therefore, this proposal passed.

  

3.  Approve the adoptionof the Company's 2002 Stock Incentive Plan.

The shares voted for this  proposal totaled 5,150,684 or 93.72% of the 5,495,826 shares entitled to  vote.  The shares voted against this proposal totaled 920 or 0.02% of the  shares entitled to vote.  The shares abstained were 230.  Therefore, this  proposal passed.

 
Leopard Capital, Inc.
Page 7 of 43
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 4.  Approval to grantdiscretionary authority to Leopard's Board of Directors to effect a reversestock split of Leopard's common stock at a ratio within the range fromone-for-two to one-for-twenty at any time prior to July 1, 2003.

The shares voted for this  proposal totaled 5,176,871 or 94.20% of the 5,495,826 shares entitled to  vote.  The shares voted against this proposal totaled 1,380 or 0.03% of the  shares entitled to vote.  The shares abstained were 230.  Therefore, this  proposal passed.

 

 

**PART II**

**Item 5.  Market forCommon Equity and Related Stockholder Matters**

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

Trading volume and high/low/closing prices for the pasttwelvequarters are disclosed in the following tables:
**Over-the-Counter Bulletin        Board Trading Activity****Leopard Capital, Inc.**      (All figures are post-split and have been adjusted to reflect 1:25 Reverse      Split      which took place on December 1, 2000).     **Quarter Ended****High****Low****Close****Volume**     12/31/02$0.01$0.007$0.0079,10009/30/02$0.03$0.01$0.0125,50006/30/02$0.14$0.03$0.03136,70003/31/02$0.30$0.30$0.302,40012/31/01$0.10$0.10$0.102,90009/30/01$0.10$0.10$0.1020006/30/01$0.10$0.10$0.106,60003/31/01$0.28125$0.21875$0.218751,00012/31/00$0.3125$0.3125$0.31258,400
 
Leopard Capital, Inc.
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**Over-the-Counter Bulletin        Board Trading Activity****Canadian Northern Lites,        Inc.**(All figures are pre-split and        have not been adjusted to reflect 1:25 Reverse Split      which took place on        December 1, 2000.)     **Quarter Ended****High****Low****Close****Volume**     12/31/00$0.20$0.01$0.03125165,20009/30/00$0.01$0.01$0.0111,70006/30/00$0.02$0.01$0.028,40003/31/00$0.005$0.005$0.0052,500
 

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

The Company has researched the indirect holdings by depositoriesand other financial institutions and believes it has in excess of 285stockholders of its voting common stock.

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

 

**Item 6. Management's Discussion and Analysis or Plan of Operation**

The Company has minimal cash and has not yet developed anyproducing mines.  The Company has no history of earnings, and due to the natureof 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 hasnot generated revenues, the Company operates with minimal overhead.  The Companywill need to raise additional funds, either in the form of an advance or anequity investment by the Company's President; or in the form of equityinvestment by outside investors, or some combination of each.

Management is focused on theimmediate task of improving the Company's ability to acquire a quality operatingcompany and improving the Company's access to equity capital.

On March 6, 2002, Leopard Capital entered into a letter of intent to acquire allof the outstanding shares of capital stock of International Global Positioning,Inc., a development stage company focused on the development and distribution ofuser-friendly devices that incorporate Global Positioning Technology, inexchange for unissued shares of Leopard Capital, Inc. common stock.  This letterof intent expired on April 15, 2002 and is no longer in effect, as IGP wasunable to satisfy the due diligence requirements set forth in the letter.

On March 5, 2002, Larry Low resigned as a Director of Leopard Capital, Inc.citing personal reasons.

 
Leopard Capital, Inc.
Page 9 of 43
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On January 21, 2003 the Company held its Annual Meeting of Stockholders at 1574Gulf Road, Point Roberts, Washington.  At the meeting stockholdersre-elected Cam Dalgliesh and Terry G. Cook as the Company's only two directors, and passed aresolution that the accounting firm of McLean Majdanski, Chartered Accountants,be ratified as the independent auditors for the Company for fiscal years endedDecember 31, 2001 and 2002. In addition, stockholders approved two additionalresolutions.

Firstly, the Company's 2002 Stock Incentive Plan was adopted bystockholders.  The shares voted for this resolution totaled 5,150,684 or93.72% of the 5,495,826 shares entitled to vote.

Under the Plan, the Compensation Committee, in its discretion, may grant commonstock or stock options to purchase common stock of the Company to key employees,consultants, and non-employee directors of the Company.  The Company hasreserved 825,000 shares of common stock for the grant of options under the Plan,subject to anti-dilution provisions.

The purpose of the Plan is toimprove the Company's ability to attract, retainand compensate highly competent key employees, non-employee directors andconsultants ("employee(s)") and to act as an incentive in motivating selectedkey employees, non-employee directors and consultants of Leopard Capital, Inc.to achieve long-term corporate objectives, by awarding certain options topurchase the Company's common stock, and to receive grants of Common Stocksubject to certain restrictions.  A copy of the 2002 Stock Incentive Plan may beobtained upon written request to the Company at 1574 Gulf Rd. #1505, PointRoberts, Washington 98281.

A copy of the 2002 Stock IncentivePlan is attached as Exhibit 10.1.
Secondly, stockholders approved at the January 21, 2003 AnnualMeeting a resolution to grant discretionary authority to Leopard's Board ofDirectors to effect a reverse stock split of Leopard's common stock at a ratiowithin the range from one-to-two to one-to-twenty at any time prior to July 1,2003.  The shares voted for this resolution totaled 5,176,871 or 94.20% of the5,495,826 shares entitled to vote.

In order to reduce the number of shares of Leopard's common stock outstandingand thereby attempt to enhance the ability of the Company to use its shares toacquire or merge with an attractive operating company, the Board of Directorsbelieves that it is in the best interests of Leopard's stockholders for theBoard of Directors to obtain the authority to implement a reverse stock split.

A reverse stock split would have the following effects:

(i) depending on the exact reverse stock split ratio selected by the Board ofDirectors, between 2 and 20 Old Shares owned by a stockholder would be exchangedfor one (1) New Share;

(ii) the number of shares of Leopard's common stock issued and outstanding willbe reduced proportionately based on the reverse stock split ratio selected bythe Board of Directors;

(iii) the number of shares reserved for issuance under Leopard's 2002 StockIncentive Plan will be reduced proportionately based on the reverse stock splitratio selected by the Board of Directors.

The Board of Directors considered that Leopard's common stock may not appeal tobrokerage firms that are reluctant to recommend lower priced securities to theirclients.  Investors may also be dissuaded from purchasing lower priced stocksbecause the brokerage commissions, as a percentage of the total transaction,tend to be higher for such stocks.  Moreover, the analysts at many brokeragefirms do not monitor the trading activity or otherwise provide research coverageof lower priced stocks.

 
Leopard Capital, Inc.
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The Board of Directors believes that stockholder approval of an exchange ratiorange (rather than an exact exchange ratio) provides the Board of Directors withmaximum flexibility to achieve the purposes of the reverse stock split.  If thestockholders approve the reverse stock split proposal, the reverse stock splitwill be effected, if at all, only upon a determination by the Board of Directorsthat the reverse stock split is in the best interests of Leopard and itsstockholders at that time.  In connection with any determination to effect areverse stock split, the Board of Directors will set the timing for such a splitand select the specific ratio within the range.  These determinations will bemade by the Board of Directors to create the greatest marketability of Leopard'scommon stock based on prevailing market conditions at that time.  No furtheraction on the part of stockholders will be required to either implement orabandon the reverse stock split.  If the Board of Directors does not implement areverse stock split prior to July 1, 2003, the authority granted in thisproposal to implement a reverse stock split on these terms will terminate.  TheBoard of Directors reserves its right to elect not to proceed with the reversestock split if it determines, in its sole discretion, that the split is nolonger in the best interests of Leopard and its stockholders.

A copy of the Summary of ReverseStock Split is attached as Exhibit 99.3.

 

**Results of Operation**

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

The Company has for the past three years financed its activitiesthrough the distribution of equity capital.  The timing of suchdistributions was dependent on the requirements of the Company and the economicclimate.  The Company anticipates having to raise additional funds byequity issuance in the next several years, as the Company does not expect toachieve self-sustaining earnings for several years.

Because the Company has minimal cash and has not yet developedany income-generating assets, its ability to realize assets and discharge itsliabilities through the normal course of its operations is dependent oncontinued funding from companies controlled by the president, the receipt ofadditional funds from investors, and the establishment of successful operations.

 

**Liquidity and Capital Resources**

The Company's primary source of funds since incorporation hasbeen through the issue of its common stock and through advances fromstockholders.  The Company has no revenue to date and does not anticipatemeaningful revenues in the foreseeable future.

The Company's cash position at December 31, 2002 was $0 comparedto $0 at December 31, 2001.

Advances from stockholders, not settled by issuing shares, was$10,591 at December 31, 2002; compared to $0 at December 31, 2001.

At December 31, 2002, the Company had a negative working capital positionof ($10,591); compared to a working capital position of $0 at December31, 2001.

 
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Because the Company has minimal cash and no earnings, itsability to realize assets and discharge its liabilities through the normalcourse of its operations is dependent on continued funding from companiescontrolled by the president, the receipt of additional funds from investors, andthe establishment of successful operations.

During the fiscal year ended December 31, 2002, the Companyincurred $0 in marketing expenditures; compared to $0 spent on marketing in thefiscal year ended December 31, 2001.

During the fiscal year ended December 31, 2002, the Companyincurred management and consulting fees of $0; compared to management andconsulting fees of $12,000 incurred in the fiscal year ended December 31, 2001.

During the fiscal year ended December 31, 2002, the Companyincurred a total of $10,591 in administrative expenses compared to $20,923incurred in the fiscal year ended December 31, 2001.

 

**Variation in Operating Results**

The Company does not, as yet, have income-producing assets. As aresult there is little variation expected in operating results from year toyear.

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

The Company has for the past three years financed its activitiesthrough the distribution of equity capital.  The timing of suchdistributions was dependent on the requirements of the Company and the economicclimate.  The Company anticipates having to raise additional funds byequity issuance in the next several years, as the Company does not expect toachieve self-sustaining operations for several years.

 

**Known Trends**

Management has determined that because of the deficiency inworking capital, significant operating losses and lack of liquidity, there isdoubt about the ability of the Company to continue in existence unlessadditional working capital is obtained.  Consequently such trends orconditions could have a material adverse effect on the Company's financialposition, future results of operations, or liquidity.  The Companycurrently has plans to raise sufficient working capital through equity financingor reorganization of the Company.

 

**Inflation**

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

 
Leopard Capital, Inc.
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**Recent Accounting Pronouncements**

In June 2001, the Financial Accounting StandardsBoard ("FASB") issued Statement of Financial Accounting Standards No. 141,"Business Combinations," and No. 142, "Goodwill and Other Intangible Assets,"collectively, the Statements.  These Statements drastically change theaccounting for business combinations, goodwill and intangible assets.  Companiesare required to adopt Statement 142 in their fiscal year beginning afterDecember 15, 2001.  The Company anticipates that the adoption of theseStatements will not have a material affect on its financial statements. 

In June 2001, the FASB issued Statement No. 143,"Accounting for Asset Retirement Obligations," which provides accountingrequirements for retirement obligations associated with tangible long-livedassets.  The Company anticipates that the adoption of this statement will nothave a material affect on its financial statements. 

In August 2001, the FASB issued Statement No.144, "Accounting for the Impairment or Disposal of Long-Lived Assets," whichwill be effective for financial statements issued for fiscal years beginningafter December 15, 2001 and interim periods within those fiscal years.  SFAS No.144 requires that long-lived assets to be disposed of by sale be measured at thelower of the carrying amount or fair value less cost to sell, whether reportedin continuing operations or in discontinued operations.  The Company anticipatesthat the adoption of this statement will not have a material affect on itsfinancial statements.

On April 30, 2002, the Financial AccountingStandards Board Issued SFAS No. 145, Recission of FASB Statements No. 4, 44, and64, Amendment of FASB Statement No.13, and Technical Corrections.  SFAS No. 145rescinds Statement 4, which required all gains and losses from extinguishment ofdebt to be classified as an extraordinary item, net of related income taxeffect, if material in the aggregate.  Due to the recission of SFAS No. 4, thecriteria in Opinion 30 will now be used to classify those gains and losses.

The provisions of SFAS No. 145 related to therecission of SFAS No. 4 are effective for fiscal years beginning after May 15,2002.  Any gain or loss on extinguishment of debt that was classified as anextraordinary item in prior periods presented that does not meet the criteriafor classification as an extraordinary item will be reclassified.  Theprovisions of SFAS No. 145 related to SFAS No. 13 are effective for transactionsoccurring after May 15, 2002.  All other provisions of this Statement shall beeffective for financial statements issued on or after May 15, 2002.  Theadoption of this standard had no impact on the Company's financial position orresults of operations.

On June 30, 2002, the Financial AccountingStandards Board Issued SFAS No. 146, Accounting for Costs Associated with Exitor Disposal Activities.

This Statement addresses financial accounting andreporting for costs associated with exit or disposal activities and nullifiesEmerging Issues Task Force (EITF) Issue No. 94-3, "Liability Recognition forCertain Employee Termination Benefits and Other Costs to Exit an Activity(including Certain Costs Incurred in a Restructuring)".

The new standard is effective for disposalactivities initiated after December 31, 2002 and will impact the company shouldthey have disposals in the future.

 
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10-KSB

**Forward-Looking Statements**

Some discussions in this annual filing maycontain forward-looking statements and and prospective in nature.  Suchforward-looking statements reflect managements beliefs and assumptions and arebased on information currently available to management.  Forward lookingstatements are statements that express our goals, beliefs, plans, currentexpectations or other statements regarding matters that are not historicalfacts.  Forward-looking statements are often identified by words such as"believes", "anticipates", "expects","estimates" and similar expressions, or words which, by their nature,refer to future events.  The forward-looking statements involve known andunknown risks, uncertainties and other factors that may cause actual results todiffer materially from those expressed or implied in such statements.

Such factors include, among others, thefollowing:  local, national and international general economic and marketconditions; the ability of the Company to attract equity capital; the ability ofthe Company to implement our proposed exploration program and the successthereof; existing government regulations and changes in, or the failure tocomply with, government regulations; changes in business strategy or developmentplans; the ability to attract and retain qualified personnel; and other factorsreferenced in this and previous filings.

Given these uncertainties, readers of this Form10-KSB are cautioned not to place undue reliance on such forward-lookingstatements.  The Company disclaims any obligation to update any suchfactors or to publicly release the results of any revisions to any of theforward-looking statements contained herein to reflect future events ordevelopments.

 
Leopard Capital, Inc.
Page 14 of 43
10-KSB

 

**Item 7.  FinancialStatements**

 

***LEOPARD CAPITAL, INC.***

**FINANCIAL STATEMENTS**

**DEMEMBER 31, 2002 AND      2001**
Auditors'      Report To The ShareholdersF-1
Balance Sheets As Of December 31, 2002 And      2001
F-2Statements      Of Operations For The Years Ended December 31, 2002
And 2001 And From Inception Through      December 31, 2002
F-3Statement      Of Shareholders' Deficit From Inception Through
December 31, 2002
F-4      to F-6Statements      Of Cash Flows For The Years Ended December 31, 2002
And 2001 And From Inception Through      December 31, 2002
F-7,      F-8Notes      To December 31, 2002 And 2001 Financial StatementsF-9 to F-20Leopard Capital, Inc.
Page 15 of 43
10-KSB

 

**F-1**
**AUDITORS' REPORT**To the Shareholders of   Leopard Capital,        Inc.We have audited the        accompanying balance sheets as of December 31, 2002 and 2001 of LeopardCapital, Inc. (A Development      Stage Company and subsidiary of Hudson Capital Corporation) and therelated statements of      operations, shareholders' deficit and cash flows for the years ended      December 31,2002 and 2001 and from      inception to December 31, 2002.  These financial statements are theresponsibility of the      company's management.  Our responsibility is to express an opinion on      thesefinancial statements based on our        audits.We conducted our audit in        accordance with generally accepted auditing standards in theUnited States.  Those        standards require that we plan and perform an audit  to obtainreasonable assurance whether        the financial statements are free of material misstatement.An audit includes examining on        a test basis, evidence supporting the amounts and disclosuresin the financial        statements.  An audit also includes assessing the accounting        principles usedand significant estimates made        by management, as well as evaluating the overall financialstatement presentation.         We believe our audit provides a reasonable basis for our opinion.In our opinion, the financial        statements present fairly, in all material respects, the financial        position ofLeopard Capital, Inc. (A        Development Stage Company) as of December 31, 2002 and 2001 andthe results of its operations,        changes in shareholders' deficit and changes in cash flows for the yearsthen ended and from inception        to December 31, 2002 in accordance with generally acceptedaccounting principles in the        United States.The accompanying financial        statements have been prepared assuming that the company will continueas a going concern.  As        discussed in Note 1 to the financial statements the company's net        capitaldeficiency, with no assets to        generate cash, raise substantial doubt about its ability to continue as        agoing concern.         Management's plans in regard to these matters are also discussed in Note        1.  Thesefinancial statements do not        include any adjustments that might result from the outcome of this        uncertainty.McLean Majdanski/s/ McLean MajdanskiChartered AccountantsVancouver, B.C.February 27, 2003Leopard Capital, Inc.
Page 16 of 43
10-KSB

 

**F-2**

***LEOPARD CAPITAL,        INC.***

**(A Development Stage        Company)**

**BALANCE SHEETS DECEMBER        31, 2002 AND 2001**

 

** 2002**

**2001**

**ASSETS**
$0$0
**LIABILITIES AND SHAREHOLDERS' DEFICIT**

LIABILITIES

CURRENT
 
   Advances from shareholders (Notes 5 and 9)

$10,591

$0

              Total liabilities

10,591
0

SHAREHOLDERS' DEFICIT

   Share capital (Note 7)

1,280,579

1,280,579

   Deficit accumulated during the      development stage

(1,291,170)

(1,280,579)

              Total shareholders' deficit

(10,591)
0
              Total liabilities and shareholders' deficit

$0

$0

(See accompanying notes)
Leopard Capital, Inc.
Page 17 of 43
10-KSB

 

**F-3**

***LEOPARD CAPITAL,        INC.***

**(A Development Stage        Company)**

**STATEMENTS OF        OPERATIONS**
** FOR THE YEARS        ENDED DECEMBER 31, 2002 AND 2001**

**AND FROM INCEPTION ON        JUNE 18, 1990 THROUGH DECEMBER 31, 2002**

**Cumulative**

**Total Since**

**Inception**

** **

** 2002**

** **

** 2001**

EXPLORATION AND DEVELOPMENT EXPENSES

   Exploration and development

$19,885

$0

$0

   Write off of investment in      joint venture (Note 4)

60,463

0

0

   Write off of development and      property costs (Note 4)

442,529

0

0

      Total      exploration and development expenses

522,877

0

0

MARKETING EXPENSES (Note 5)

   Advertising

2,637

0

0

   Courier and postage

7,383

0

0

   Meetings

1,357

0

0

   Printing

19,056

0

0

   Promotion and entertainment

16,454

0

0

   Services

58,525

0

0

   Telephone and fax

22,438

0

0

   Travel

41,305

0

0

      Total      marketing expenses

169,155

0

0

ADMINISTRATIVE EXPENSES (Note 5)

   Accounting and audit fees

49,212

3,781
4,812

   Automobile

2,689

0

0

   Bank charges and interest

2,185

0

0

   Computer servicing

9,830

0

0

   Incorporation expenses written      off

6,794

0

0

   Insurance

836

0

0

   Interest on long term debt      (Notes 5 and 8)

11,991

0

0

   Legal

150,697

5,172

317

   Management and consulting fees      (Note 5)

160,906

0

12,000
   Meals and entertainment

28

0

0

   Office supplies and service

70,068

648

3,087

   Rent

9,021

0

0

   SEC filing fees

10,981

0

0

   Telephone and fax

7,036

0

0

   Transfer agent fees

5,221

990

707

   Travel

33,990

0

0

   U.S. financial services

28,339

0

0

   Wages and benefits

25,930

0

0

      Total      administrative expenses

585,754

10,591

20,923

LOSS BEFORE OTHER INCOME (LOSS)

(1,277,786)

(10,591)

(20,923)

OTHER INCOME (LOSS)

   Interest income

798

0

0

   Loss on disposal of capital      assets

(11,923)

0

0

   Loss on cash settlements of      accounts payable

(2,259)

0

0

NET LOSS

($1,291,170)

($10,591)

($20,923)

(See accompanying notes)
Leopard Capital, Inc.
Page 18 of 43
10-KSB

 

**F-4**

***LEOPARD CAPITAL, INC.***

**(A Development Stage      Company)**

**STATEMENT OF      SHAREHOLDERS' DEFICIT**

**FROM INCEPTION ON JUNE      18, 1990 THROUGH DECEMBER 31, 2002**

**Deficit**

**Accumulated**
**Common      Stock**
**Additional**

**During The**

**Per**

**Paid-up**

**Development**

**Voting Common Stock**

**Share**

**Shares**

**Par Value**

**Capital**

**Stage**

Issuance of stock to officers, directors      and

     other individuals,      for an amount equal to

     part of the      organization costs,

     on April 10, 1991

$0.1000

30,000

$300

$2,700

Reorganization of capital reducing the par

     value from $.01 /      share to $.001 / share

(270)

270

     Net loss, year      ended December 31, 1994

 

 

 

 

     Balance, December      31, 1992, 1993 & 1994

30,000

30

2,970

Issuance of stock to investment banker,

     controlled by a      director for services

     rendered and      valued at the billed amount

     for the services

0.5000

12,000

12

5,988

Issuance of common stock to public for cash

0.5000

8,000

8

3,992

Net loss, year ended December 31, 1995

 

 

 

 

     Balance, December      31, 1995

50,000

50

12,950

Issuance of common stock pursuant to stock

     options of which      1,220 shares were issued

     to an affiliate of      the issuer for cash

0.0100

50,000

50

450

Balance prior to stock split

100,000

100

13,400

Stock split effective April, 1996

 

300,000

300

(300)

Balance after stock split

400,000

400

13,100

Stock issued for acquisition of Dakota

     Mining &      Exploration, Ltd. ("Dakota")

     valued at the net      book value of Dakota

     at the date of      acquisition

0.0069

10,000,000

10,000

59,488

Recognition of deficit accumulated during

     the development      stage by Dakota up to

     the date of      acquisition

78,064

($78,064)

Issue of shares to H J S Financial      Services,

     Inc. for services      rendered valued at the

     market value of      the shares when issued

1.2815

24,000

24

30,732

Issuance of common stock to repay

     advances to      Canadian Northern Lites, Inc.

     made by former      directors and valued at the

     net book value of      those advances which

     was less than the      market value of the

 

 

 

 
      shares (Note 4)0.15024,000,0004,000596,822 
Net loss, year ended December 31, 1996

 

 

 

 

(460,106)

Balance at December 31, 1996

14,424,000

$14,424

$778,206

($538,170)

 

 

 

 

(See accompanying notes)
Leopard Capital, Inc.
Page 19 of 43
10-KSB

 

**F-5**

***LEOPARD CAPITAL,        INC.***

**(A Development Stage        Company)**

**STATEMENT OF        SHAREHOLDERS' DEFICIT**

**FROM INCEPTION ON JUNE        18, 1990 THROUGH DECEMBER 31, 2002**

**Deficit**

**Accumulated**

**Common Stock**
**Additional**

**During The**

**Per**

**Paid-up**

**Development**

**Voting Common Stock (Continued)**

**Share**

**Shares**

**Par Value**

**Capital**

**Stage**

Balance at December 31, 1996

14,424,000

$14,424

$778,206

($538,170)

     Issuance of common      stock for services to

     former legal      counsel valued at the billed

     value for the      services rendered

$0.1745

570,000

570

98,911

Fair value of donated accounting services

     provided by a      former director

2,000

Net loss, year ended December 31, 1997

 

 

 

 

(521,159)

Balance at December 31, 1997

14,994,000

14,994

879,117

(1,059,329)

Issuance of common stock to former      directors

     to repay amounts      advanced by them to

     the Company and      the shares are valued at

     the value of the      amount owing to them

0.1249

667,000

667

82,672

Issuance of common stock to an arm's

     length supplier to      repay the amount owing

     and shares valued      at the fair value of

     the shares issued

0.0598

50,000

50

2,942

Issuance of common stock to a company

     controlled by a      current director to repay an

     amount owing and      valued at the market

     value of the      shares issued

0.0100

1,500,000

1,500

13,500

Net loss, year ended December 31, 1998

 

 

 

 

(118,524)

Balance at December 31, 1998

17,211,000

17,211

978,231

(1,177,853)

Net loss, year ended December 31, 1999

 

 

 

 

(58,216)

Balance at December 31, 1999

17,211,000

17,211

978,231

(1,236,069)

Cancellation of shares in consideration for

     the release by the      Company of its 20%

     joint venture      interest (Note 4)

0.0000

(2,080,000)

(2,080)

2,079

Issuance of common stock to a company

     controlled by a      current director to repay an

     amount owing and      valued at the market

     value of the      shares issued

0.0050

4,000,000

4,000

16,000

Balance prior to reverse stock split

19,131,000

19,131

996,310

Reverse stock split effective December 1,      2000

 

(18,365,760)

(18,366)

18,366

Balance after reverse stock split

765,240

765

1,014,676

Cost amount of shares of subsidiary

     that were      distributed to the shareholders

(1)

Reversal of prior year management fees

     charged by a      related party (Note 5)

36,995

Recognition of the loss in net assets

     created by the      spin-off of the former

     subsidiary (Note      3)

 

 

 

(657)
Net loss, year ended      December 31, 2000(23,587)
Balance at December 31, 2000

765,240

$765

$1,051,013
($1,259,656)
(See accompanying notes)
Leopard Capital, Inc.
Page 20 of 43
10-KSB

 

**F-6**

***LEOPARD CAPITAL,        INC.***

**(A Development Stage        Company)**

**STATEMENT OF        SHAREHOLDERS' DEFICIT**

**FROM INCEPTION ON JUNE        18, 1990 THROUGH DECEMBER 31, 2002**

**Deficit**

**Accumulated**
**Common        Stock**
**Additional**

**During The**

**Per**

**Paid-up**

**Development**

**Voting Common Stock (Continued)**

**Share**

**Shares**

**Par Value**

**Capital**

**Stage**

Balance at December 31, 2000

765,240

$765

$1,051,013

($1,259,656)
Conversion of      non-voting common stock to   voting      common stock
1,600,000

1,600

101,978

Issuance of common stock to a company

   controlled by a current      director to repay an 

   amount owing and valued at the      amount

   of the debt repaid

$0.0400

3,000,000

3,000

117,000

Issuance of common stock to a company

   controlled by a current      director to repay an 

   amount owing and valued at the      amount

   of the debt repaid

0.0400

114,337
114

4,459
Issuance of common stock to a company

   controlled by a current      director to repay an 

   amount owing and valued at the      amount

   of the debt repaid

0.0400

16,249

16

634
Net loss, year ended      December 31, 2001(20,      923)Balance at December      31, 20015,495,8265,4951,275,084(1,280,579)Net loss, year ended      December 31, 2002(10,591)Balance at December      31, 20025,495,826$5,495$1,275,084($1,291,170)                                    
**Non-voting Common Stock**

Issuance of non-voting common stock

   to the president and companies      controlled

   by him to reduce debts owing      by the
   Company      and its subsidiary to those
   parties

$0.0025

40,000,000

$40,000

$60,000

Reverse stock split effective December 1,      2000

 

(38,400,000)

(38,400)

38,400

Balance after reverse stock split

1,600,000

1,600

98,400

Reversal of prior year management fees

   charged by a related party      (Note 5)

3,643

Recognition of the loss in net assets

   created by the spin-off of the      former

   subsidiary (Note 3)

 

 

 

(65)

Balance of non-voting common stock as at

   December 31, 2000

1,600,000

1,600

101,978
Conversion of      non-voting common stock to   voting      common stock
(1,600,000)

(1,600)

(101,978)

Balance of non-voting common stock as at

   December 31, 2001 and 2002

0

$0

$0

 
 
    
(See accompanying notes)
Leopard Capital, Inc.
Page 21 of 43
10-KSB

 

**F-7**
***LEOPARD CAPITAL,        INC.***

**(A Development Stage        Company)**

**STATEMENTS OF CASH        FLOWS**
**FOR THE YEARS ENDED        DECEMBER 31, 2002 AND 2001**

**AND FROM INCEPTION ON        JUNE 18, 1990 THROUGH DECEMBER 31, 2002**

**Cumulative**

**Total Since**

**Inception**

**2002**

**2001**

**CASH FLOWS FROM OPERATING ACTIVITIES**

Net loss

($1,291,170)

($10,591)

($20,923)

Items not involving an outlay of cash

   Non-cash accounting services      of a former director

2,000

   Loss on disposal of capital      assets

11,923

0

0

   Write off of incorporation      costs

794

0

0

   Write off of investment in      joint venture

60,463

0

0

   Write off of development and      property costs

442,529

0

0

   Loss on cash settlements of      accounts payable

2,260
0
0

Change in working capital items

   Canadian goods and services      tax receivable

(1,500)

0

0

   Accounts payable increase      before part of the

      balance was      settled by issuing shares

226,796

10,591
20,923
   Net cash used in operating activities

(545,905)

0
0

**CASH FLOWS FROM FINANCING ACTIVITIES**

   Proceeds from issuance of      common stock

151,502

0

0

   Stock issued on exercise of      stock options

500

0

0

   Loan from shareholder

14,016

0

0

   Advances from former      subsidiary

4,300
0
0
   Advances from shareholders      before part of the

      balance was      settled by issuing shares

866,45700
   Net cash from financing      activities

1,036,775

0
0
**CASH FLOWS FROM INVESTING ACTIVITIES**

   Purchase of capital assets

(11,949)

0

0

   Proceeds from disposal of      fixed assets

26

0

0

   Incorporation costs

(794)

0

0

   Mineral property payments

(478,153)

0

0

      Net cash      used in investing activities

(490,870)

0

0

**NET CHANGE IN CASH BALANCE**

0

0

0
**CASH AT BEGINNING OF YEAR**

0

0

0

**CASH AT END OF YEAR**

$0

$0

$0

(See accompanying notes)
Leopard Capital, Inc.
Page 22 of 43
10-KSB

 

**F-8**
***LEOPARD CAPITAL,        INC.***

**(A Development Stage        Company)**

**STATEMENTS OF CASH        FLOWS**
**FOR THE YEARS ENDED        DECEMBER 31, 2002 AND 2001**

**AND FROM INCEPTION ON        JUNE 18, 1990 THROUGH DECEMBER 31, 2002**

**Cumulative**

**Total Since**

**Inception**

**2002**

**2001****SUPPLEMENTAL      SCHEDULE OF NONCASH**        **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 company           Net assets acquired$87,      408           Liabilities assumed$17,920           Shareholders' equity assumed              Share capital, par value10,000              Share capital, additional paid up capital137,552              Accumulated deficit during the developments stage(78,064)                 Total shareholders' equity69,488                 Total liabilities and shareholders' equity$87,408*Voting      Shares Issued to Repay Current and Long Term Debt*        Par value$3,564    $0    $3,130        Additional paid up capital983,0490    122,093        Total$986,613    $0    $125,223Debt      repaid        Accounts payable$167,534    $0    $23,143        Advances from shareholders816,8190    102,080        Gain on settlement of debt2,26000        Total debt repaid$986,613    $0    $125,223*Non-voting      Shares Issued to Repay Current and Long Term Debt*        Par value$1,600$0$0        Additional paid up capital98,40000        Total$100,000$0$0Debt      repaid        Accounts payable$48,282$0$0        Advances from shareholders26,87700        Promissory note payable24,84100        Total debt repaid$100,000$0$0*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$0$0        Increase in additional share capital$40,638$0$0*Spinoff      of Subsidiary*           Loss in net assets charged to additional              paid in capital of common shares$722$0$0           Carrying value of subsidiary charged to additional              paid in capital of common shares$1$0$0
(See accompanying notes)
Leopard Capital, Inc.
Page 23 of 43
10-KSB

 

**F-9**

***LEOPARD CAPITAL,        INC.***

**(A Development Stage        Company)**

**NOTES TO FINANCIAL        STATEMENTS**

**DECEMBER 31, 2002 AND        2001**

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        Stateof Texas and        merged into a Texas Corporation, Unimex Transnational Consultants,        Inc.  OnApril 26, 1996,        the Company reorganized and acquired all the issued and outstanding        stockof Dakota Mining        & Exploration Ltd. ("Dakota") for 10,000,000 shares of the        Company'scommon 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.         OnJuly 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 ofDakota, the group        of shareholders that owned Dakota held 10,000,000 shares of theCompany which was        more than 50% of the voting shares at that time.  This resulted inthe transaction        being accounted for as a "reverse take-over" in the        consolidated financialstatements which        means that Dakota was the acquirer.  Accordingly, the consolidatedfinancial        statements are a continuation of the Dakota financial statements,        translated intoU.S.        Dollars.  The transaction was recorded at the historical cost of        the net assets ofCanadian Northern        Lites because it represented a recapitalization of Dakota.  The        $3,050deficit of the        legal parent as at the date of the reverse take-over is eliminated onconsolidation such        that the consolidated deficit reflects the deficit of Dakota at the dateof acquisition,        $78,064, plus the results of operations of Dakota and Canadian NorthernLites, Inc., since        the acquisition.The cumulative        statements of operations, cash flows and deficit accumulated during thedevelopment 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 BritishColumbia and        changed its name to Dakota Mining & Exploration Ltd. from Eagle        RidgeManufacturing Ltd.        on July 27, 1995.  The Company's purpose is to explore and developmining properties        in Canada.  Dakota is in the development stage because itsactivities have        consisted of the purchase of interests in mining properties and someexploration and        development.  Dakota has not yet developed any mining properties        into aproducing 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 nolonger has a        subsidiary or any other assets.  This reorganization was undertaken        to addressthe concern over        the Company's ability to survive as a mining company because ofdeclining        commodity prices, disappearance of investment capital for        undercapitalizedexploration        companies, and potential environmental liabilities.Leopard Capital, Inc.
Page 24 of 43
10-KSB

 

**F-10**

***LEOPARD CAPITAL,        INC.***

**(A Development Stage        Company)**

**NOTES TO FINANCIAL        STATEMENTS**

**DECEMBER 31, 2002 AND        2001**

1.
BASIS OF PRESENTATION FOR A      COMPANY IN THE DEVELOPMENT STAGE

(Continued)

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, 2002.

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, 2002, 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 obtainassets      and discharge its liabilities through the normal course of      operations.  Because theCompany      has no cash and no assets, its ability to discharge its liabilities      through thenormal      course of its operations is dependent on continued funding from companiescontrolled      by the president, the receipt of additional funds from investors and theestablishment      of successful operations.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, has 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
Leopard Capital, Inc.
Page 25 of 43
10-KSB

 

**F-11**

***LEOPARD CAPITAL,        INC.***

**(A Development Stage        Company)**

**NOTES TO FINANCIAL        STATEMENTS**

**DECEMBER 31, 2002 AND        2001**

2.
SUMMARY OF SIGNIFICANT      ACCOUNTING POLICIES (Continued)(b)
Fiscal Year (Continued)

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

Preparation of financial statements in      conformity with generally accepted accounting

principles 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.
Leopard Capital, Inc.
Page 26 of 43
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**F-12**

***LEOPARD CAPITAL,        INC.***

**(A Development Stage        Company)**

**NOTES TO FINANCIAL        STATEMENTS**

**DECEMBER 31, 2002 AND        2001**
2.
SUMMARY OF SIGNIFICANT      ACCOUNTING POLICIES (Continued)(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 Party Transactions   
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

The Company utilizes the liability method      of accounting for income taxes.  Deferred

income taxes are determined based on the      estimated future tax effects of

differences between the financial and tax      bases of assets and liabilities given the

provision of the enacted tax laws.       The Company is a development stage enterprise

and accordingly has not commenced      operations that would generate taxable income.

For that reason, the Company has a      valuation reserve equal to the amount of the

deferred income tax assets and has no net      provision for income tax recovery in its

consolidated statements of operations.
(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.
Leopard Capital, Inc.
Page 27 of 43
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**F-13**

***LEOPARD CAPITAL,        INC.***

**(A Development Stage        Company)**

**NOTES TO FINANCIAL        STATEMENTS**

**DECEMBER 31, 2002 AND        2001**
2.SUMMARY        OF SIGNIFICANT ACCOUNTING POLICIES (Continued)(i)
Development Stage Enterprise (Continued)

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, 2002 of Leopard

Capital Inc., the former designated subsidiary.
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 theestimated        fair market value of the underlying assets$72,        538Advances        made to the subsidiary that were eventually paid byissuing        additional shares of the subsidiary
**Year**
**Advances**Advanced to        subsidiary1996$759,443Advanced to        subsidiary1997180,148Advanced to        subsidiary1998129,705Advances converted        to share capital1998(911,187)911,187Advanced to        subsidiary19993,444Advanced to        subsidiary20000Advances converted        to share capital2000(161,553)      161,553Total
$0      1,145,278Write        down of investment to reflect  the underlying value(1,145,277)Balance        of carrying value of investment before distribution$1Leopard Capital, Inc.
Page 28 of 43
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**F-14**

***LEOPARD CAPITAL,        INC.***

**(A Development Stage        Company)**

**NOTES TO FINANCIAL        STATEMENTS**

**DECEMBER 31, 2002 AND        2001**

3.
SPIN-OFF OF SUBSIDIARY        (Continued)Reconciliation        of deficitDeficit        relating to Dakota operations at the dateof acquisition which was        recorded by increasingthe additional paid up capital$78,064Retained        earnings and foreign exchange gainsrelating to Leopard         operations outside of theCanadian mining operations      27,913Reversal        of prior year management feescharged by a related party        (Note 5)40,638Reduction        of payables created by the spin-off ofthe shares of the subsidiary        that reduced thedeficit of Leopard Capital,        Inc.(722)Write        down of investment in Dakota to carrying valueof the underlying assets1,145,277Reported        deficit of Leopard Capital, Inc.1,291,1704.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.
Leopard Capital, Inc.
Page 29 of 43
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**F-15**

***LEOPARD CAPITAL,        INC.***

**(A Development Stage        Company)**

**NOTES TO FINANCIAL        STATEMENTS**

**DECEMBER 31, 2002 AND        2001**

4.
MINERAL PROPERTIES AND        INVESTMENT IN JOINT VENTURE (Continued)(a)
Ewer/Klinker Mineral Properties        (Continued)

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 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.

5.
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.
Leopard Capital, Inc.
Page 30 of 43
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**F-16**

***LEOPARD CAPITAL,        INC.***

**(A Development Stage        Company)**

**NOTES TO FINANCIAL        STATEMENTS**

**DECEMBER 31, 2002 AND        2001**

5.
RELATED PARTIES (Continued)(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 were provided by a        former director and shareholder of the

Company.  No fees were paid for        these services.  There is a $2,000 charge 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 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.
Leopard Capital, Inc.
Page 31 of 43
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**F-17**

***LEOPARD CAPITAL,        INC.***

**(A Development Stage        Company)**

**NOTES TO FINANCIAL        STATEMENTS**

**DECEMBER 31, 2002 AND        2001**

5.
RELATED PARTIES (Continued)(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.

6.
Income Tax(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)
Effective Income Tax Rate

Because the Company has not yet earned any      revenue or income, it has an effective tax

rate of zero per cent.
(c)Losses      Available For Deduction Against Future Taxable IncomesExpiry years:2009$3,000201050201130,58220121,58920194,12220204,300202120,923     202210,591 $75,157(d)Deferred      Income Tax Assets
**2002**
**2001**
Net operating loss carryforwards
$29,311$25,181
Valuation allowances to recognize the      Company's history of
losses      and absence of profits to date.(29,311)(25,181)
Net deferred income tax assets
$0$0Leopard Capital, Inc.
Page 32 of 43
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**F-18**

***LEOPARD CAPITAL,        INC.***

**(A Development Stage        Company)**

**NOTES TO FINANCIAL        STATEMENTS**

**DECEMBER 31, 2002 AND        2001**
6.INCOME        TAX (Continued)(e)
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.
7.SHARE        CAPITAL(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**
**2002**
**2001**
**2002**

**2001**
Voting common shares
Par value$5,495$5,495Additional paid-up      capital1,275,0841,275,084
Total
    5,495,826    5,495,826    $1,280,579    $1,280,579Leopard Capital, Inc.
Page 33 of 43
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**F-19**

***LEOPARD CAPITAL,        INC.***

**(A Development Stage        Company)**

**NOTES TO FINANCIAL        STATEMENTS**

**DECEMBER 31, 2002 AND        2001**

7.
SHARE CAPITAL (Continued)(c)Net      Loss Per Share
**2002**
**2001**
Net loss
    ($10,591)    ($20,923)     
Weighted number of common shares issued
    5,495,826    4,571,574Net loss per share$0.00$0.00
Fully diluted net loss per share is not      presented because the Company has a net loss

which makes the conversion anti-dilutive.
(d)
Director's Authority To Effect A Reverse      Stock Split

At the annual meeting of the shareholders held      on January 21, 2003 the board of directors were

granted discretionary power to effect a      reverse stock split of the Company's common stock at

a ratio within the range of one-to-two to      one-to-twenty at any time prior to July 1, 2003.
(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.   
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.  
 
Leopard Capital, Inc.
Page 34 of 43
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**F-20**

***LEOPARD CAPITAL,        INC.***

**(A Development Stage        Company)**

**NOTES TO FINANCIAL        STATEMENTS**

**DECEMBER 31, 2002 AND        2001**

9.
FINANCIAL INSTRUMENTS(a)
Fair Value

The Company's financial instrument consists      of advances from shareholders.  The Company

had no financial instruments at the end of      fiscal 2001.
(b)
Foreign Currency Risk

The Company has no balances exposed to a      foreign currency risk.
(c)
Interest Rate Risk

The Company is not exposed to interest rate      risk.
Leopard Capital, Inc.
Page 35 of 43
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**Item 8.  Changes Inand Disagreements With Accountantson Accounting and Financial Disclosure**

There have been no changes in or disagreements with ouraccountants required to be disclosed pursuant to Item 304 of Regulation S-B.

 

**PART III**

**Item 9.  Directors,Executive Officers, Promoters and Control Persons;Compliance With Section 16(a)of the Exchange Act**

The following table lists as of February 27, 2003 the names of theDirectors and Executive Officers of the Company.  The Directors have served intheir respective capacities since their election and/or appointment and willserve until the next Annual Stockholders' Meeting or until a successor is dulyelected, unless the office is vacated in accordance with the Articles/By-Laws ofthe Company.

**Directors and Executive Officers**
**Name****Age****Position(s)****Director Since**    Terry G. Cook53President & DirectorMay 1998Cam Dalgliesh60Secretary & DirectorMay 1998
 

Mr. Low resigned as a Director on March 5, 2002 citing personalreasons.

 

**Business Experience**

Terry G. Cook - Mr. Cook is our President and aDirector and also holds the positions of Chief Financial Officer and Treasurer. He has been employed with us since May 1998.  His responsibilitiesinclude general management and financial management.  Mr. Cook is a graduate ofHarvard Business School where he received an MBA in 1974.  Since 1978 to thepresent he has continuously been the President and a Director of StanfordCapital, Inc. (formerly Westridge Capital Inc.), a management and investmentcompany.  Mr. Cook has over 20 years experience in creating and building smalland medium sized businesses and real estate ventures as a result of his workwith Stanford Capital, Inc.

Cam Dalgliesh - Mr. Dalgliesh is a Director andalso holds the position of Secretary.  His responsibilities include assistingMr. Cook in our general administration and planning.  Mr. Dalgliesh has aBachelor of Arts Degree and has extensive experience in several small and mediumsized businesses.  Following a short period of traveling, Mr. Dalgliesh joinedQuicksilver  Messengers in October 1998 and has been with them ever since, inthe customer service area.  Prior to that he worked from May 1997 to June 1998with K&H Dispatch Couriers Ltd, a courier company that has been in business over25 years.

 
Leopard Capital, Inc.
Page 36 of 43
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**Involvement in Certain Legal Proceedings**

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

a) any bankruptcy petition filed by or against any business ofwhich such person was a general partner or executive officer either at the timeof the bankruptcy or within two years prior to that time;

b) any conviction in a criminal proceeding or being subject to apending criminal proceeding (excluding traffic violations and other minoroffenses);

c) being subject to any order, judgment, or decree, notsubsequently reversed, suspended or vacated, of any court of competentjurisdiction, permanently enjoining, barring, suspending or otherwise limitinghis/her involvement in any type of business, securities or banking activities;

d) being found by a court of competent jurisdiction (in a civilaction), the Commission or the Commodity Futures Trading Commission to haveviolated a federal or state securities or commodities law, and the judgment hasnot been reversed, suspended, or vacated.

 

**Family Relationships**

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

 

**Other Relationships or Arrangements**

There are no arrangements or understandings between any two ormore Directors or Executive Officers, pursuant to which he/she was selected as aDirector or Executive Officer.  There are no material arrangements orunderstandings between any two or more Directors or Executive Officers.

 

**Item 10. Executive Compensation**

Until November 21, 2002 the Companyhad no formal plan for compensating its Directorsfor their service in their capacity as Directors.  Directors are entitled toreimbursement for reasonable travel and other out-of-pocket expenses incurred inconnection with attendance at meetings of the Board of Directors.  TheBoard of Directors may award special remuneration to any Director undertakingany special services on behalf of the Company other than services ordinarilyrequired of a Director.  During Fiscal 2002, no Director received and/oraccrued any compensation for his services as a Director, including committeeparticipation and/or special assignments.

On November 21, 2002, the Board of Directors of the Company unanimously adopted the2002 Stock Option Plan for the Company (the "Plan").  Under the Plan, theCompensation Committee (as hereinafter defined), in its discretion may grantcommon stock or stock options to purchase common stock of the Company to keyemployees, consultants, and non-employee directors of the Company.  The Companyhas reserved 825,000 shares of common stock for the grant of options under thePlan, subject to anti-dilution provisions.

 
Leopard Capital, Inc.
Page 37 of 43
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At the annual meeting held onJanuary 21, 2003 the stockholders approved the Plan.  The Boardrecommended approval of the Plan in order to assist the Company to attract,retain and compensate highly competent key employees, non-employee directors andconsultants ("employee(s)") and to act as an incentive in motivating selectedkey employees, non-employee directors and consultants of Leopard Capital, Inc.to achieve long-term corporate objectives, by awarding certain options ("StockOptions") to purchase the Company's common stock, $0.001 par value ("CommonStock"), and to receive grants of Common Stock subject to certain restrictions("Awards").

A copy of the 2002 Stock Incentive Planis attached as Exhibit 10.1.

During 2002, no funds were set aside or accrued by the Companyto provide pension, retirement or similar benefits for Directors or ExecutiveOfficers.

The Company has no plans or arrangements in respect ofremuneration received or that may be received by Executive Officers of theCompany in Fiscal 2002 to compensate such officers in the event of terminationof employment (as a result of resignation, retirement, change of control) or achange of responsibilities following a change of control, where the value ofsuch compensation exceeds $60,000 per Executive Officer.

The Company has no written employment agreements.

In fiscal 2001, management fees of$12,000 at a rate of $2,000 per month for the first six months of 2001 werecharged to Leopard, payable to a company controlled by Terry G. Cook, Presidentof the Company.  These fees were paid by issues of share capital on April15, 2001 and June 30, 2001.  No management fees were charged for the lastsix months of 2001.  No management fees were charged in fiscal 2002.

Other than that disclosed above, no compensation was paid duringFiscal 2002 to any of the officers or directors of the Company to the extentthat they were compensated in excess of $60,000.

The following table sets forth the compensation paid by us to our principalexecutive officers for fiscal years ending 2002, 2001 and 2000.

SUMMARY COMPENSATION TABLE  Annual      compensationLong-term      compensation     AwardsPayouts Name and      principal      positionYearSalary      ($)Bonus      ($)Other      annual      compen-      sation      ($)Restricted      stock      award(s)      ($)Securities      under-      lying      options/      SARs      (#)LTIP      payouts      ($)All other      compen-      sation      ($)         Terry G. Cook,      President20020000000         Terry G. Cook,      President20010012,0000000         Terry G. Cook,      President20000000000         
 
Leopard Capital, Inc.
Page 38 of 43
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**Item 11.  SecurityOwnership of Certain Beneficial Owners and Management**

The Registrant is a publicly-owned corporation, the shares ofwhich are owned by United States and Canadian residents.  The Registrant iscontrolled by Hudson Capital Corporation, a company controlled by Terry G. Cook,President of Leopard Capital, Inc.

The following table lists as ofFebruary 27, 2003 all persons/companies the Registrant is aware of as being thebeneficial owner of more than five percent (5%) of the Voting Common stock ofthe Registrant.

**5% or Greater Stockholders**
Title of Name and      Address      Amount and Nature of      Percent ofClass of      Beneficial OwnerBeneficial Ownership
Class (1)       Common Terry G. Cook
4,950,586 
90.08%   10655 NE 4th      Street, Suite 400      Bellevue, WA      98004           
(1)    Based on      5,495,826 shares of common stock outstandingas of February 27, 2003. 
 

The following table lists as ofFebruary 27, 2003, all Directors andExecutive Officers who beneficially own the Registrant's voting securities andthe amount of the Registrant's voting securities owned by the Directors andExecutive Officers as a group.

**Security Ownership of Management**
Title of Name and      Address      Amount and Nature of      Percent ofClass of      Beneficial OwnerBeneficial Ownership
Class (1)       Common Terry G. Cook, President and      Director
4,950,586 
90.08%   10655 NE 4th      Street, Suite 400      Bellevue, WA  98004           Common Cam Dalgliesh, Director0 0.00%   1574 Gulf Road, #1505,      Point Roberts, WA 98281           
Total Directors and Officers4,950,586 90.08%            (1)    Based on 5,495,826 common shares outstanding as of      February 27, 2003.       
 
Leopard Capital, Inc.
Page 39 of 43
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**Item 12.  CertainRelationships and Related Transactions**

Current management is unaware of any transactions since May1998, or proposed transactions, which have materially affected or willmaterially affect the Company in which any Director, Executive Officer, orbeneficial holder of more that 10% of the outstanding common stock, or any oftheir respective relatives, spouses, associates or affiliates has had or willhave any direct or material indirect interest other than those describedbelow.  Management believes that all transactions with affiliated partieshave been on terms at least as favorable to the Company as the Company couldhave obtained from unaffiliated parties.

On May 5, 1998, the Company purchased the Way I, Banjo I andBanjo II claims from 456786 B.C. Ltd., a company controlled by Terry G. Cook, President ofLeopard Capital, Inc.

 

**Item 13.  Exhibitsand Reports on Form 8-K**

**Exhibits**
 
Exhibit Number 
Description of Exhibits     10.1 2002 Stock Incentive Plan 99.1 
Certification of Chief      Executive Officer 99.2 
Certification of Chief      Financial Officer 99.3 Summary of Reverse Stock Split    
 

**Reports on Form 8-K**

Leopard Capital, Inc. filed thefollowing two reports on Form 8-Kduring the fiscal year starting January 1, 2002 and ending December 31, 2002.

A Form 8-K dated March 6, 2002 wasfiled on March 6, 2002 to report that the Company had entered into a letter ofintent to acquire all of the outstanding shares of capital stock ofInternational Global Positioning, Inc. (IGP) in exchange for authorized but asyet unissued shares of Leopard Capital, Inc. common stock.  This letter ofintent expired on April 15, 2002 as IGP was unable to satisfy the due diligencerequirements set forth in the letter.  This 8K dated  March 6, 2002 isincorporated by reference.A Form 8-K dated March 5, 2002 was filed on March 8, 2002 to report that onMarch 5, 2002, Larry Low resigned as a Director of Leopard Capital, Inc. citingpersonal reasons.  This 8-K dated March 5, 2002 is incorporated byreference.

 
Leopard Capital, Inc.
Page 40 of 43
10-KSB

**Item 14. Controls and Procedures**
The Company's President, acting inthe capacity of Chief Executive Officer and Chief Financial Officer evaluatedthe Company's disclosure controls and procedures within 90 days prior to filingthis annual report on From 10-KSB.  Based on his evaluation,  the Company'sPresident concluded that the Company's disclosure controls and procedures areeffective to ensure that information  required to be disclosed by theCompany in reports that it files or submits under the Securities Exchange Act of1934 is recorded, processed, summarized and reported within the time periodsspecified in the applicable Securities and Exchange Commission rules and forms.

Since the date of the most recentevaluation of the Company's internal controls by the Company's President, therehave been no significant changes in such controls or in other factors that couldhave significantly affected those controls, including any corrective actionswith regard to significant deficiencies and material weaknesses. 

 

**SIGNATURES**
In accordance with Section 13 or 15(d) of the Exchange Act, the registrantcaused this report to be signed on its behalf by the undersigned, thereunto dulyauthorized.Leopard Capital, Inc.      (Registrant)By /s/ Terry G. Cook      Terry G. Cook, PresidentDate     February 27, 2003
 

In accordance with the Exchange Act, this report has been signed below by thefollowing persons on behalf of the registrant and in the capacities and on thedates indicated.
By /s/ Terry G. Cook      Terry G. Cook, PresidentDate     February 27, 2003By /s/Cam Dalgliesh      Cam Dalgliesh, Director and SecretaryDate     February 27, 2003
 
Leopard Capital, Inc.
Page 41 of 43
10-KSB

**CERTIFICATIONS**

**Principal Executive Officer Certification**

I, Terry G. Cook, certify that:

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

2. Based on my knowledge, this annual report does not contain any untruestatement of a material fact or omit to state a material fact necessary to makethe statements made, in light of the circumstances under which such statementswere made, not misleading with respect to the period covered by this annualreport; 

3. Based on my knowledge, the financial statements, and other financialinformation included in this annual report, fairly present in all materialrespects the financial condition, results of operations and cash flows of theregistrant as of, and for, the periods presented in this annual report; 

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

a) designed such disclosure controls and procedures to ensure that material  information relating to the registrant, including its consolidated  subsidiaries, is made known to us by others within those entities,  particularly during the period in which this annual report is being  prepared;

b) evaluated the effectiveness of the registrant's disclosure controls and  procedures as of a date within 90 days prior to the filing date of this  annual report (the "Evaluation Date"); and

c) presented in this annual report our conclusions about the  effectiveness of the disclosure controls and procedures based on our  evaluation as of the Evaluation Date;

5. The registrant's other certifying officers and I have disclosed, based onour most recent evaluation, to the registrant's auditors and the audit committeeof registrant's board of directors (or persons performing the equivalentfunctions):

a) all significant deficiencies in the design or operation of internal  controls which could adversely affect the registrant's ability to record,  process, summarize and report financial data and have identified for the  registrant's auditors any material weaknesses in internal controls; and

b) any fraud, whether or not material, that involves management or other  employees who have a significant role in the registrant's internal controls;  and

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

Date: February 27, 2003

 /s/ Terry G. Cook

President
 
Leopard Capital, Inc.
Page 42 of 43
10-KSB
**Principal Financial Officer Certification**

I, Terry G. Cook, certify that:

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

2. Based on my knowledge, this annual report does not contain any untruestatement of a material fact or omit to state a material fact necessary to makethe statements made, in light of the circumstances under which such statementswere made, not misleading with respect to the period covered by this annualreport; 

3. Based on my knowledge, the financial statements, and other financialinformation included in this annual report, fairly present in all materialrespects the financial condition, results of operations and cash flows of theregistrant as of, and for, the periods presented in this annual report; 

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

a) designed such disclosure controls and procedures to ensure that material  information relating to the registrant, including its consolidated  subsidiaries, is made known to us by others within those entities,  particularly during the period in which this annual report is being  prepared;

b) evaluated the effectiveness of the registrant's disclosure controls and  procedures as of a date within 90 days prior to the filing date of this  annual report (the "Evaluation Date"); and

c) presented in this annual report our conclusions about the  effectiveness of the disclosure controls and procedures based on our  evaluation as of the Evaluation Date;

5. The registrant's other certifying officers and I have disclosed, based onour most recent evaluation, to the registrant's auditors and the audit committeeof registrant's board of directors (or persons performing the equivalentfunctions):

a) all significant deficiencies in the design or operation of internal  controls which could adversely affect the registrant's ability to record,  process, summarize and report financial data and have identified for the  registrant's auditors any material weaknesses in internal controls; and

b) any fraud, whether or not material, that involves management or other  employees who have a significant role in the registrant's internal controls;  and

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

Date: February 27, 2003

 /s/ Terry G. Cook

Chief Financial Officer
 
Leopard Capital, Inc.
Page 43 of 43
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