OpenLocker Holdings Files 2024 10-K

TL;DR

OpenLocker Holdings filed its 2024 10-K, covering crypto assets, collectibles, and sponsorships. Check financials.

AI Summary

OpenLocker Holdings, Inc. filed its 10-K for the fiscal year ending July 31, 2024. The company, formerly known as Descrypto Holdings, Inc., operates in the finance services sector, specifically focusing on crypto assets. The filing details financial performance and business operations for the period, including information on its Series A Convertible Preferred Stock and its Collectibles and Sponsorship segments.

Why It Matters

This filing provides investors and stakeholders with a comprehensive overview of OpenLocker Holdings' financial health and strategic direction for the fiscal year 2024, including its performance in crypto asset-related business segments.

Risk Assessment

Risk Level: medium — The company operates in the volatile cryptocurrency and collectibles markets, which inherently carry significant risks.

Key Numbers

• 2024-07-31 — Fiscal Year End (Reporting period for the 10-K filing.)
• 2023-07-31 — Prior Fiscal Year End (Comparison point for financial performance.)

Key Players & Entities

• OpenLocker Holdings, Inc. (company) — Filer of the 10-K
• Descrypto Holdings, Inc. (company) — Former name of OpenLocker Holdings, Inc.
• 2024-07-31 (date) — Fiscal year end
• Finance Services [6199] (industry) — Company's Standard Industrial Classification
• 0000924396 (company_id) — Central Index Key

FAQ

Key Financial Figures

• $0.2079 — as reported by OTC Markets Group, Inc. ($0.2079), was approximately $ 884,014 . As of

Filing Documents

• form10-k.htm (10-K) — 1513KB
• ex4-1.htm (EX-4.1) — 32KB
• ex21-1.htm (EX-21.1) — 2KB
• ex31-1.htm (EX-31.1) — 8KB
• ex31-2.htm (EX-31.2) — 8KB
• ex32-1.htm (EX-32.1) — 4KB
• 0001493152-24-047996.txt ( ) — 6227KB
• olkr-20240731.xsd (EX-101.SCH) — 46KB
• olkr-20240731_cal.xml (EX-101.CAL) — 53KB
• olkr-20240731_def.xml (EX-101.DEF) — 156KB
• olkr-20240731_lab.xml (EX-101.LAB) — 357KB
• olkr-20240731_pre.xml (EX-101.PRE) — 291KB
• form10-k_htm.xml (XML) — 906KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 11 Item 1B. Unresolved Staff Comments 23 Item 1C. Cybersecurity 23 Item 2.

Properties

Properties 24 Item 3.

Legal Proceedings

Legal Proceedings 24 Item 4. Mine Safety Disclosures 24 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 25 Item 6. [Reserved] 26 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 26 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 34 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 34 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 34 Item 9A.

Controls and Procedures

Controls and Procedures 34 Item 9B. Other Information 35 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 35 PART III Item 10. Directors, Executive Officers and Corporate Governance 35 Item 11.

Executive Compensation

Executive Compensation 37 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 39 Item 13. Certain Relationships and Related Transactions, and Director Independence 40 Item 14. Principal Accountant Fees and Services 42 PART IV Item 15. Exhibits and Financial Statements Schedules 43 Item 16. Form 10-K Summary 44

Signatures

Signatures 45 2 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking statements. Specifically, forward-looking statements may include statements relating to: our future financial performance; changes in the market for our products and services; our expansion plans and opportunities; and other "forecast," "intend," "expect," "anticipate," "believe," "seek," "target" or similar expressions. These forward-looking statements are based on information available as of the date hereof and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. As a result of a number of known and unknown risks and uncertainties, our actual results or performance may be materially different from those expressed or implied by these forward-looking statements. Some factors that could cause actual results to differ include: the level of demand for our products and services; competition in our markets; our ability to grow and manage growth profitably; our ability to access additional capital; changes in applicable laws or regulations; our ability to attract and retain qualified personnel; the possibility that we may be adversely affected by other economic, business, and/or competitive factors; and other risks and uncertainties indicated herein, including those under "Risk Factors." 3 PART I Item 1.

Business

Business Established on August 25, 2021, OpenLocker Inc. (the "Company" or "OpenLocker") is dedicated to offering marketing solutions for collegiate and professional sports organizations and athletes to deepen fan engagement through innovative collectibles, membership rewards, exclusive events and experiences. The OpenLocker mission is to empower athletes by monetizing their Name, Image and Likeness ("NIL") with autographed collectibles, meaningful fan experiences and partnerships with local merchants, regional and national brands. OpenLocker launched its first fan community at the University of Connecticut in February 2022, during the first season following the National Collegiate Athletic Association ("NCAA") policy change allowing student-athletes to receive compensation for their NIL. The Company deliberately included all 14 eligible members of the men's basketball team to galvanize the fan base and name the fan community the Bone Yard Huskyz Club (BYHC). The OpenLocker design team created the BYHC logo and Huskyz avatar to play off of the university's Huskies mascot and to have an edgy feel. A Huskyz avatar was created in the likeness of each of the athletes and selected super fans for branding and awareness campaigns. A website with a project roadmap outlining the perks and rewards of club membership was activated two weeks prior to the release date, which was strategically timed around the basketball team's season schedule. A comprehensive marketing campaign included digital programmatic advertising, organic and paid social media strategy (including pre- and post-drop Twitter spaces conversations with fans, blockchain experts, athletes and parents of athletes), podcasts, email blasts and gorilla marketing at several home basketball games. The OpenLocker athlete liaison also provided the athletes with graphics and talking points they could use to leverage their social media followings and promote sales of their collectibles by word-of-mouth. OpenLocker

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