#### 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     |
|--------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------|
|                                                                           |
| For the fiscal year ended December 31, 2001                                    |
|                                                                                |
| [ ]                                                                       | TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE        SECURITIES EXCHANGE ACT OF 1934 |
|                                                                           |
| For the transition period from _______________________        to _____________ |
|                                                                           |
| Commission file number 000-30644                                               |

|                                                                                               |
|----------------------------------------------------------------------------------------------------|
| **Leopard Capital, Inc.**(Name of small business issuer in its charter)                            |
|                                                                                                    |
| Nevada      (State or other jurisdiction of incorporation or organization)                         | 98-0348086      (I.R.S. Employer Identification No.) |
|                                                                                                    |
| 601 W Broadway  Suite U13, Vancouver, BC      (Address of principal executive offices)        | V5Z 4C2      (Zip Code) |
|                                                                                                    |
| Issuer's telephone number (604) 879-3001                                                           |
|                                                                                                    |
| Securities registered under Section 12(b) of      the Exchange Act:                                |
|                                                                                                    |
| Title of each class      
___________________________________

___________________________________ | Name of each exchange on which registered      
___________________________________

___________________________________ |
|                                                                                                    |
| Securities registered under Section 12(g) of      the Exchange Act:                                |
|                                                                                                    |
| Voting Common Shares ($0.001 par value)      (Title of class)                                      |
|                                                                                                    |

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. [ ]

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

State the aggregate market value of the voting and non-voting common equityheld by non-affiliates computed by reference to the price at which the commonequity was sold, or the average bid and asked price of such common equity, as ofa specified date within the past 60 days. (See definition of affiliate in Rule12b-2 of the Exchange Act.)

*Note*: If determining whether a person is an affiliate will involve anunreasonable effort and expense, the issuer may calculate the aggregate marketvalue of the common equity held by non-affiliates on the basis of reasonableassumptions, if the assumptions are stated.

#### (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     [x] 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 March 6, 2002

#### DOCUMENTS INCORPORATED BY REFERENCE

If the following documents are incorporated by reference, briefly describethem and identify the part of the Form 10-KSB (e.g., Part I, Part II, etc.)into which the document is incorporated: (1) any annual report to securityholders; (2) any proxy or information statement; and (3) any prospectus filedpursuant to Rule 424(b) or (c) of the Securities Act of 1933 ("SecuritiesAct"). The listed documents should be clearly described for identificationpurposes (e.g., annual report to security holders for fiscal year ended December24, 1990).

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

 

**Table of Contents**

PART I

Item 1.  Description of BusinessItem 2.  Description of PropertyItem 3.  Legal ProceedingsItem 4.  Submission of Matters to a Vote of SecurityHolders

 

PART II

Item 5.  Market for Common Equity andRelated Stockholder MattersItem 6.  Management's Discussion and Analysis or Planof OperationItem 7.  Financial StatementsItem 8.  Changes In and Disagreements With Accountantson Accounting and Financial Disclosure

 

PART III

Item 9.  Directors, Executive Officers,Promoters and Control Persons; Compliance With Section 16(a) of the Exchange ActItem 10.  Executive CompensationItem 11.  Security Ownership of Certain BeneficialOwners and ManagementItem 12.  Certain Relationships and RelatedTransactionsItem 13.  Exhibits and Reports on Form 8-K

Signatures

 

**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 Suite U-13 Broadway Plaza, 601West Broadway, Vancouver, British Columbia V5Z 4C2.  The contact person isMr. T.G. Cook, President and a member of the Board of Directors.  Thetelephone number is (604) 879-3001 and the facsimile number is (604)879-9004.  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 of March 6, 2002, 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 shareholders 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.

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 theshareholders 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 shareholders.

 

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.

There are no employment agreements in place.  Management is, however,currently negotiating agreements with the executive officers of Leopard. Deathor disability of  T.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 shareholders.

 

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 Shareholders

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.

 

History Of Net Losses

Leopard generated net losses for the past three years:

In the fiscal year ended December 31, 2001, Leopard had a net loss of($20,923); in the fiscal year ended December 31 2000, a net loss of ($23,587);and, in the fiscal year ended December 31, 1999, a net loss of ($58,216).

 

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 shareholders onlyafter satisfaction of claims of the Company's creditors and preferredshareholders.

 

**Significant Customers and/or Suppliers**

N/A

 

**Employees**

At December 31, 2001, the Company operated with the services of itsDirectors, Executive Officers, and no additional employees or consultants. Thereis no collective bargaining agreement in place.

 

**Item 2. Description of Property**

Our executive, administrative and operating offices are located at Suite U-13Broadway Plaza, 601 W. Broadway, Vancouver, B.C., V5Z 4C2.  T.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**

None.

 

**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 past tenquarters 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** |
|                                                                                                                                  |   |   |   |   |
| 12/31/01                                                                                                                              | $0.10 | $0.10 | $0.10 | 2,900 |
| 09/30/01                                                                                                                              | $0.10 | $0.10 | $0.10 | 200 |
| 06/30/01                                                                                                                              | $0.10 | $0.10 | $0.10 | 6,600 |
| 03/31/01                                                                                                                              | $0.28125 | $0.21875 | $0.21875 | 1,000 |
| 12/31/00                                                                                                                              | $0.3125 | $0.3125 | $0.3125 | 8,400 |

 

| **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 | $0.03125 | 165,200 |
| 09/30/00                                                                                                                                 | $0.01 | $0.01 | $0.01 | 11,700 |
| 06/30/00                                                                                                                                 | $0.02 | $0.01 | $0.02 | 8,400 |
| 03/31/00                                                                                                                                 | $0.005 | $0.005 | $0.005 | 2,500 |
| 12/31/99                                                                                                                                 | $0.01 | $0.005 | $0.005 | 58,500 |
| 09/30/99                                                                                                                                 | $0.015 | $0.015 | $0.015 | 22,100 |
| 06/30/99                                                                                                                                 | $0.015 | $0.01 | $0.015 | 11,600 |

 

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 315shareholders 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.

The Company issued the following unregistered securities duringthe quarter ended December 31, 2001:

On December 31, 2001, the Company issued 16,259 voting commonshares in full satisfaction of $650 owing to Hudson Capital Corporation, acompany controlled by T.G. Cook.

 

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

On March 6, 2002, Leopard Capital, Inc. (Electronic BulletinBoard: LEOR) entered into a letter of intent to acquire all of the outstandingshares of capital stock of  International Global Positioning, Inc. ("IGP")in exchange for authorized but as yet unissued shares of Leopard Capital, Inc.common stock.

The agreement, structured as a share exchange, calls for a1:2.739788 reverse split of the shares of Leopard Capital, Inc. currentlyoutstanding.  Each Leopard Capital shareholder will receive one share ofstock for each 2.739788 shares currently owned.  After the reverse splitthere will be approximately 2,000,000 Leopard Capital shares outstanding. The share exchange with IGP will follow the reverse split resulting in theissuance of approximately 17,000,000 Leopard Capital shares to the current IGPshareholders, and an additional 1,000,000 shares issued to consultants of IGP.

It is the intent of the new management to raise capital by meansof a private placement of 1,000,000 common shares.  After completion of theshare exchange and the private placement, current Leopard Capital shareholderswill own approximately 9.52% of the outstanding shares and current IGPshareholders will own approximately 80.95% of the outstanding shares in thereorganized company.

The reorganization of Leopard Capital's capital structure issubject to approval of the shareholders of Leopard Capital.  The shareexchange is subject to the approval of IGP's shareholders.

International Global Positioning, Inc., a development stagecompany incorporated in Nevada, is focused on the development and distributionof user-friendly consumer-oriented devices that incorporate Global PositioningTechnology.  IGP's first device, RES-Q1, targeted at the North Americanautomotive industry, is a Telematic Automatic Tracking and Security System, thatoffers "real-time" security surveillance and  trackingcapabilities, providing an affordable means for RES-Q1 clients to quicklyreceive emergency assistance and to quickly locate their car if it has beenstolen.  Variations of this technology can also be used to locate lost ormissing children, lost pets and numerous other related uses.

The transaction is subject to the negotiation of a definitiveShare Exchange Agreement.

Management is focused on the immediate task of improving theCompany's ability to attract equity capital.

 

**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 fromshareholders.  The Company has no revenue to date and does not anticipatemeaningful revenues in the foreseeable future.

The Company's cash position at December 31, 2001 was $0 comparedto $0 at December 31, 2000.

Advances from shareholders, not settled by issuing shares, was$0 at December 31, 2001; compared to $0 at December 31, 2000.

At December 31, 2001, the Company had a working capital positionof $0; compared to a negative working capital position of ($4,300) at December31, 2000.

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, 2001, the Companyincurred $0 in marketing expenditures; compared to $0 spent on marketing in thefiscal year ended December 31, 2000.

During the fiscal year ended December 31, 2001, the Companyincurred management and consulting fees of $12,000; compared to management andconsulting fees of $0 incurred in the fiscal year ended December 31, 2000.

During the fiscal year ended December 31, 2001, the Companyincurred a total of $20,923 in administrative expenses compared to $23,587incurred in the fiscal year ended December 31, 2000.

 

**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.

 

**Forward-Looking Statements**

From time-to-time, the Company or its representatives may havemade or may make forward-looking statements, orally or in writing.  Suchforward-looking statements may be included in, but not limited to, pressreleases, oral statements made with the approval of an authorized executiveofficer or in various filings made by the Company with the Securities andExchange Commission or other regulatory agencies.  Words or phrases"will likely result", "are expected to", "willcontinue", " is anticipated", "estimate", "projector projected", or similar expressions are intended to identify"forward-looking statements" within the meaning of the PrivateSecurities Litigation Reform Act of 1995 (the "Reform Act").  TheReform Act does not apply to initial registration statements.  The Companywishes to ensure that such statements are accompanied by meaningful cautionarystatements, so as to maximize to the fullest extent possible the protections ofthe safe harbor established in the Reform Act.  Accordingly, suchstatements are qualified in their entirety by reference to and are accompaniedby the following discussion of certain important factors that could cause actualresults to differ materially from such forward-looking statements.

The risks identified here are not inclusive.  Furthermore,reference is also made to other sections of this 10-KSB that include additionalfactors that could adversely impact the Company's business and financialperformance.  Also, the Company operates in a very competitive and rapidlychanging environment.  New risk factors emerge from time to time and it isnot possible for management to predict all such risk factors, nor can it assessthe impact of all such risk factors on the Company's business or the extent towhich any factor or combination of factors may cause actual results to differsignificantly from those contained in any forward-looking statements. Accordingly, forward-looking statements should not be relied upon as aprediction of actual results.

 

**Item 7.  FinancialStatements**

 

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

**FINANCIAL STATEMENTS**

**December 31, 2001 AND      2000**
Auditors'      Report To The ShareholdersF-1
Balance Sheets As Of December 31, 2001 And      2000
F-2Statements      Of Operations For The Years Ended December 31,
2001 And 2000 And From Inception Through      December 31, 2001
F-3Statement      Of Shareholders' Deficit From Inception Through
December 31, 2001
F-4      to F-6Statements      Of Cash Flows For The Years Ended December 31,
2001 And 2000 And From Inception Through      December 31, 2001
F-7,      F-8Notes      To December 31, 2001 And 2000 Financial StatementsF-9      to F-19**

 

 

| **F-1**
**AUDITORS' REPORT**To the Shareholders of   Leopard Capital,        Inc.We have audited the        accompanying balance sheets as of December 31, 2001 and 2000 of LeopardCapital, Inc. (A Development        Stage Company and subsidiary of Hudson Capital Corporation) and the        relatedstatements of operations,        shareholder's deficit and cash flows for the years ended December 31,        2001and 2000 and from inception to        December 31, 2001.  These financial statements are the        responsibilityof the company's        management.  Our responsibility is to express an opinion on these        financialstatements 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, 2001 and 2000 andthe results of its operations,        changes in shareholders' deficit and changes in cash flows for the yearsthen ended and from inception        to December 31, 2001 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 25, 2002
 

 

**F-2**

***LEOPARD CAPITAL,        INC.***

**(A Development Stage        Company)**

**BALANCE SHEETS DECEMBER        31, 2001 AND 2000**

 

** 2001**

**2000**

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

LIABILITIES

CURRENT

   Advances payable to former      subsidiary (Notes 5 and 9)

$0

$4,300
LONG      TERM
   Advances from shareholders      (Notes 5 and 9)

0

100,000

              Total liabilities

0

104,300

SHAREHOLDERS' DEFICIT

   Share capital (Note 7)

1,280,579

1,155,356

   Deficit accumulated during the      development stage

(1,280,579)

(1,259,656)

              Total shareholders' deficit

0

(104,300)

              Total liabilities and shareholders' deficit

$0

$0

(See accompanying notes)

 

 

**F-3**

***LEOPARD CAPITAL,        INC.***

**(A Development Stage        Company)**

**STATEMENTS OF        OPERATIONS**
** FOR THE YEARS        ENDED DECEMBER 31, 2001 AND 2000**

**AND FROM INCEPTION ON        JUNE 18, 1990 THROUGH DECEMBER 31, 2001**

**Cumulative**

**Total Since**

**Inception**

** **

** 2001**

** **

** 2000**

CONSOLIDATED STATEMENTS OF SHAREHOLDERS'      DEFICIT

   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

45,431

4,812

12,613

   Automobile

2,689

0

0

   Bank charges and interest

2,185

0

59

   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

2,162

   Legal

145,525

317

5,036

   Management and consulting fees

160,906

12,000

0

   Meals and entertainment

28

0

0

   Office supplies and service

69,420

3,087

1,532

   Rent

9,021

0

0

   SEC filing fees

10,981

0

0

   Telephone and fax

7,036

0

0

   Transfer agent fees

4,231

707

2,185

   Travel

33,990

0

0

   U.S. financial services

28,339

0

0

   Wages and benefits

25,930

0

0

      Total      administrative expenses

575,163

20,923

23,587

LOSS BEFORE OTHER INCOME (LOSS)

(1,267,195)

(20,923)

(23,587)

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

($1,280,579)

($20,923)

($23,587)

(See accompanying notes)

 

 

**F-4**

***LEOPARD CAPITAL, INC.***

**(A Development Stage      Company)**

**STATEMENT OF      SHAREHOLDERS' DEFICIT**

**FROM INCEPTION ON JUNE      18, 1990 THROUGH DECEMBER 31, 2001**

**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

0.1502

4,000,000

4,000

596,822

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)

 

 

**F-5**

***LEOPARD CAPITAL,        INC.***

**(A Development Stage        Company)**

**STATEMENT OF        SHAREHOLDERS' DEFICIT**

**FROM INCEPTION ON JUNE        18, 1990 THROUGH DECEMBER 31, 2001**

**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 of voting common stock as at

     December 31, 2000

765,240

$765

$1,051,013
($1,259,656)
(See accompanying notes)

 

 

**F-6**

***LEOPARD CAPITAL,        INC.***

**(A Development Stage        Company)**

**STATEMENT OF        SHAREHOLDERS' DEFICIT**

**FROM INCEPTION ON JUNE        18, 1990 THROUGH DECEMBER 31, 2001**

**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, December      31, 20015,495,826$5,495$1,275,084($1,280,579)
**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

0

$0

$0

(See accompanying notes)

 

 

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

**(A Development Stage        Company)**

**STATEMENTS OF CASH        FLOWS**
**FOR THE YEARS ENDED        DECEMBER 31, 2001 AND 2000**

**AND FROM INCEPTION ON        JUNE 18, 1990 THROUGH DECEMBER 31, 2001**

**Cumulative**

**Total Since**

**Inception**

**2001**

**2000**

**CASH FLOWS FROM OPERATING ACTIVITIES**

Net loss

($1,280,579)

($20,923)

($23,587)

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

216,205

20,923
13,289
   Net cash (used in) received      from operating activities

(545,905)

0

(10,298)

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

      balance was      settled by issuing shares

866,45700
   Net cash from financing      activities

1,036,775

0

4,300
**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) received from investing activities

(490,870)

0

0

**NET DECREASE IN CASH**

0

0

(5,998)

**CASH AT BEGINNING OF YEAR**

0

0

2,083

**FOREIGN CURRENCY TRANSLATION GAIN**

0

0

3,915
**CASH AT END OF YEAR**

$0

$0

$0

(See accompanying notes)

 

 

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

**(A Development Stage        Company)**

**STATEMENTS OF CASH        FLOWS**
**FOR THE YEARS ENDED        DECEMBER 31, 2001 AND 2000**

**AND FROM INCEPTION ON        JUNE 18, 1990 THROUGH DECEMBER 31, 2001**

**Cumulative**

**Total Since**

**Inception**

**2001**

**2000****SUPPLEMENTAL      SCHEDULE OF NONCASH**        **INVESTING AND FINANCING ACTIVITIES***Reverse      Take-Over*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$3,130$160        Additional paid up capital983,049122,09319,840        Total$986,613$125,223$20,000Debt      repaid        Accounts payable$167,534$23,143$20,000        Advances from shareholders816,819102,0800        Gain on settlement of debt2,26000        Total debt repaid$986,613$125,223$20,000*Non-voting      Shares Issued to Repay Current and Long Term Debt*        Par value$1,600$0$1,600        Additional paid up capital98,400098,400        Total$100,000$0$100,000Debt      repaid        Accounts payable$48,282$0$48,282        Advances from shareholders26,877026,877        Promissory note payable24,841024,841        Total debt repaid$100,000$0$100,000*Purchase      of Property with Promissory Note*        Promissory note payable issued for property$24,841*Reversal      of prior year management fees*        Reversal of management fees and           reduction in accounts payable$40,638$0$40,638        Increase in additional share capital$40,638$0$40,638*Spinoff      of Subsidiary*           Loss in net assets charged to additional              paid in capital of common shares$722$0$722           Carrying value of subsidiary charged to additional              paid in capital of common shares$1$0$1
(See accompanying notes)

 

 

**F-9**

***LEOPARD CAPITAL,        INC.***

**(A Development Stage        Company)**

**NOTES TO FINANCIAL        STATEMENTS**

**DECEMBER 31, 2001 AND        2000**

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.
 

 

**F-10**

***LEOPARD CAPITAL,        INC.***

**(A Development Stage        Company)**

**NOTES TO FINANCIAL        STATEMENTS**

**DECEMBER 31, 2001 AND        2000**

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, 2001.

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, 2001, the      Company does not have any cash to cover 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

 

 

**F-11**

***LEOPARD CAPITAL,        INC.***

**(A Development Stage        Company)**

**NOTES TO FINANCIAL        STATEMENTS**

**DECEMBER 31, 2001 AND        2000**

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.

 

 

**F-12**

***LEOPARD CAPITAL,        INC.***

**(A Development Stage        Company)**

**NOTES TO FINANCIAL        STATEMENTS**

**DECEMBER 31, 2001 AND        2000**
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 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.

 

 

**F-13**

***LEOPARD CAPITAL,        INC.***

**(A Development Stage        Company)**

**NOTES TO FINANCIAL        STATEMENTS**

**DECEMBER 31, 2001 AND        2000**
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, 2001 of Leopard

Capital Inc., the designated subsidiary        until December 1, 2000.
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)
$0161,553Write        down of investment to reflect  the underlying value(1,145,277)Balance        of carrying value of investment before distribution$1
 

 

**F-14**

***LEOPARD CAPITAL,        INC.***

**(A Development Stage        Company)**

**NOTES TO FINANCIAL        STATEMENTS**

**DECEMBER 31, 2001 AND        2000**

3.
SPIN-OFF OF SUBSIDIARY        (Continued)Reconciliation        of deficitDeficit        relating to Dakota operations at the 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 operations17,322Reversal        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.1,280,5794.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.

 

 

**F-15**

***LEOPARD CAPITAL,        INC.***

**(A Development Stage        Company)**

**NOTES TO FINANCIAL        STATEMENTS**

**DECEMBER 31, 2001 AND        2000**

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 Party to return its 20%        interest in the joint venture in exchange

for the Joint Venture Party to return        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.

 

 

**F-16**

***LEOPARD CAPITAL,        INC.***

**(A Development Stage        Company)**

**NOTES TO FINANCIAL        STATEMENTS**

**DECEMBER 31, 2001 AND        2000**

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.

 

 

**F-17**

***LEOPARD CAPITAL,        INC.***

**(A Development Stage        Company)**

**NOTES TO FINANCIAL        STATEMENTS**

**DECEMBER 31, 2001 AND        2000**

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$64,566(d)Deferred      Income Tax Assets
**2001**
**2000**
Net operating loss carryforwards
$25,181$17,021
Valuation allowances to recognize the      Company's history of
losses      and absence of profits to date.(25,181)(17,021)
Net deferred income tax assets
$0$0
 

 

**F-18**

***LEOPARD CAPITAL,        INC.***

**(A Development Stage        Company)**

**NOTES TO FINANCIAL        STATEMENTS**

**DECEMBER 31, 2001 AND        2000**
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 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**
**2001**
**2000**
**2001**

**2000**
Voting common shares
Par value$5,495$765Additional paid-up      capital1,275,0841,051,013Total5,495,826765,2401,280,5791,051,778
Non-voting common shares
Par value01,600Additional paid-up      capital0101,978Total01,600,0000103,578
Total
5,495,8262,365,240$1,280,579$1,155,356
 

 

**F-19**

***LEOPARD CAPITAL,        INC.***

**(A Development Stage        Company)**

**NOTES TO FINANCIAL        STATEMENTS**

**DECEMBER 31, 2001 AND        2000**

7.
SHARE CAPITAL (Continued)(c)Net        Loss Per Share
**2001**
**2000**
Net loss
($20,923)($23,587)
Weighted number of common shares issued      (after giving
retroactive effect      to December 1, 2000 reverse stock split)4,571,574996,164Net loss per share$0.00($0.02)
Fully diluted net loss per share is not      presented because the Company has a net loss

which makes the conversion anti-dilutive.
(d)
Warrants To Purchase Shares

On October 25, 2000 the Company issued      warrants to purchase 20,000,000 non-voting common

shares at $.01 per share until October 25,      2003 to the holders of the non-voting common shares.

As a result of the reverse stock split      effective December 1, 2000, the warrants were adjusted

to purchase 800,000 non-voting common      shares at $.25 per share.  On January 4, 2001,

these warrants were cancelled as part of      the agreement to convert non-voting common shares to

voting shares.

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.
9.
FINANCIAL INSTRUMENTS(a)
Fair Value

The Company's financial instruments      consisted of advances payable to the former subsidiary

and advances from shareholders which were      repaid in fiscal 2001.  The Company has 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.

 

 

**Item 8.  Changes Inand Disagreements With Accountants on 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 March 6, 2002, 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 Shareholders' 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**    T.G. Cook52President & DirectorMay 1998Cam Dalgliesh59Secretary & DirectorMay 1998
 

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

 

**Business Experience**

T.G. Cook - Mr. Cook is President and a Director of theCompany.  He has been employed by the Company since May 1998.  Hisresponsibilities include financial management and business strategy.  Mr.Cook is a graduate of Harvard Business School where he received an M.B.A. in1974.  Since 1978 he has been the President and a Director of WestridgeCapital Inc., a management and investment company.  Mr. Cook has over 20years experience in creating and building small and medium sized businesses andreal estate ventures as a result of his work with Westridge Capital Inc.

Cam Dalgliesh - Mr. Dalgliesh is Secretary and a Director of theCompany.  His responsibilities include assisting Mr. Cook in generaladministration of the Company and planning.  Mr. Dalgliesh is a universitygraduate holding a B.A.  He is an independent businessman with experiencein several small and medium sized businesses, including Factory Direct SportsLtd., a direct marketing company which markets all types of sporting goods.

 

**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**

The Company has 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 2001, no Director received and/oraccrued any compensation for his services as a Director, including committeeparticipation and/or special assignments.

The Company has no material bonus or profit sharing planspursuant to which cash or non-cash compensation is or may be paid to theCompany's Directors or Executive Officers.  The Company has no stock optionor other long-term compensation program.

During 2001, 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 2001 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.

Beginning on May 1, 1998 management fees payable to a companycontrolled by T.G. Cook, President of the Company, have been accrued by theCompany at $2000 per month for management services.

Effective November 30, 2000, the companies controlled by thepresident reversed all management fees charged to the Company since 1999 andapplied the $62,000 credit to the outstanding accounts payable balance atNovember 30, 2000 which reduced the balance to $Nil (1999 - $57,552).  Thereduction in management fees was first applied to reduce the $22,000 ofmanagement fees accrued in the current fiscal year to November 30, 2000 and thebalance, representing prior year fees accrued, was treated as a contribution ofcapital prorated over the two classes of shares on the basis of the paid upcapital of each class before the contribution.

In fiscal 2001, companies controlled by the President chargedmanagement fees of $12,000, at the rate of $2,000 per month, for the first sixmonths of 2001.  No management fees were charged for the last six months of2001.

Other than that disclosed above, no compensation was paid duringFiscal 2001 to any of the officers or directors of the Company to the extentthat they were compensated in excess of $60,000.

 

**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 T.G. Cook, thePresident of Leopard Capital, Inc.

The following table lists as of March 6, 2002 allpersons/companies the Registrant is aware of as being the beneficial owner ofmore than five percent (5%) of the Voting Common stock of the Registrant.

**Security Ownership of Certain Beneficial Owners**

**Title of Class**

**Name and      Address of Beneficial Owner**

**Amount and      Nature of Beneficial Owner**

**Percent of Class**
    Voting CommonT.G. Cook, President &      Director4,950,58690.08%Voting CommonCEDE & Co.331,8896.04%    Voting CommonTotal as a group5,282,47596.12%    (based on 5,495,826      voting common shares outstanding on March 6, 2002)
 

The following table lists as of March 6, 2002, 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 Class**

**Name and      Address of Beneficial Owner**

**Amount and      Nature of Beneficial Owner**

**Percent of Class**
    Voting CommonT.G. Cook, President &      Director4,950,58690.08%Voting CommonCam Dalgliesh, Secretary &      Director00.00%    Voting CommonTotal as a group4,950,58690.08%    (based on 5,495,826      voting common shares outstanding on March 6, 2002)
 

**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 the President ofLeopard Capital, Inc., T.G. Cook.

 

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

Leopard Capital, Inc. did not file any reports on Form 8-Kduring the fiscal year starting January 1, 2001 and ending December 31, 2001.

 

**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/ T.G. Cook      T.G. Cook, PresidentDate March 6, 2002
 

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/ T.G. Cook      T.G. Cook, PresidentDate March 6, 2002By /s/Cam Dalgliesh      Cam Dalgliesh, Director and SecretaryDate March 6, 2002 |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|