OpenLocker Holdings Files 10-Q for April 30, 2024

TL;DR

OpenLocker Holdings 10-Q filed. Financials for period ending 4/30/24 are in. Check it out.

AI Summary

OpenLocker Holdings, Inc. filed a 10-Q for the period ending April 30, 2024. The company, formerly known as Descrypto Holdings, Inc., is in the finance services sector. Key financial data and operational details for this period are presented in the filing.

Why It Matters

This filing provides investors with an update on OpenLocker Holdings' financial performance and operational status for the specified quarter, crucial for understanding the company's current trajectory.

Risk Assessment

Risk Level: medium — As a 10-Q filing, it contains detailed financial information that could reveal significant risks or opportunities, requiring careful analysis.

Key Numbers

• 2024-04-30 — Reporting Period End Date (Indicates the end of the fiscal quarter covered by the report.)
• 2024-06-10 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
• 0731 — Fiscal Year End (Indicates the end of the company's fiscal year.)

Key Players & Entities

• OpenLocker Holdings, Inc. (company) — Filer of the 10-Q
• Descrypto Holdings, Inc. (company) — Former name of OpenLocker Holdings, Inc.
• 20240430 (date) — End of the reporting period
• 20240610 (date) — Filing date

FAQ

Key Financial Figures

• $0 — 4,650 shares of common stock, par value $0.0001, issued and outstanding. Table o

Filing Documents

• form10-q.htm (10-Q) — 950KB
• ex31-1.htm (EX-31.1) — 12KB
• ex31-2.htm (EX-31.2) — 12KB
• ex32-1.htm (EX-32.1) — 7KB
• 0001493152-24-023218.txt ( ) — 5383KB
• olkr-20240430.xsd (EX-101.SCH) — 40KB
• olkr-20240430_cal.xml (EX-101.CAL) — 42KB
• olkr-20240430_def.xml (EX-101.DEF) — 152KB
• olkr-20240430_lab.xml (EX-101.LAB) — 324KB
• olkr-20240430_pre.xml (EX-101.PRE) — 268KB
• form10-q_htm.xml (XML) — 946KB

—Financial Information

Part I—Financial Information Item 1.

Financial Statements

Financial Statements 4 Consolidated Balance Sheets at April 30, 2024 and July 31, 2023 (Audited) 4 Consolidated Statements of Operations for the Three and Nine Months Ended April 30, 2024 and 2023 (Unaudited) 5 Consolidated Statements of Changes in Stockholders' Deficit for the Three and Nine Months Ended April 30, 2024 and 2023 (Unaudited) 6 Consolidated Statements of Cash Flows for the Nine Months Ended April 30, 2024 and 2023 (Unaudited) 8 Notes to Unaudited Consolidated Financial Statements 9 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 33 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 40 Item 4.

Controls and Procedures

Controls and Procedures 40

—Other Information

Part II—Other Information Item 1.

Legal Proceedings

Legal Proceedings 41 Item 1A.

Risk Factors

Risk Factors 41 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 41 Item 3. Defaults Upon Senior Securities 41 Item 4. Mine Safety Disclosures 41 Item 5. Other Information 42 Item 6. Exhibits 42

Signatures

Signatures 43 2 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report includes "forward-looking statements" within the meaning of the federal securities laws that involve risks and uncertainties. Forward-looking statements include statements we make concerning our plans, objectives, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs and other information that is not historical information. When used in this quarterly report, the words "estimates," "expects," "anticipates," "projects," "forecasts," "plans," "intends," "believes," "foresees," "seeks," "likely," "may," "might," "will," "should," "goal," "target" or "intends" and variations of these words or similar expressions (or the negative versions of any such words) are intended to identify forward-looking statements. All forward-looking statements are based upon information available to us on the date of this Quarterly Report. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of our control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. These risks and uncertainties are discussed in the "Risk Factors" section of our Annual Report on Form 10-K for the year ended July 31, 2023, filed with the Securities and Exchange Commission on November 1, 2023, as the same may be updated from time to time. All forward-looking statements attributable to us in this Quarterly Report apply only as of the date of this Quarterly Report and are expressly qualified in their entirety by the cautionary statements included in this Quarterly Report. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake no obligation to publicly update or revise forward-l

Business

Business Combinations The Company accounts for business combinations using the acquisition method in accordance with the Financial Accounting Standards Board's (the "FASB") Accounting Standards Codification ("ASC") 805, Business Combinations which requires recognition of assets acquired and liabilities assumed, including contingent assets and liabilities, at their respective fair values on the date of acquisition.

Business

Business Segments and Concentrations The Company uses the "management approach" to identify its reportable segments. The management approach requires companies to report segment financial information consistent with information used by management for making operating decisions and assessing performance as the basis for identifying the Company's reportable segments. The Company manages its business as a single operating segment. Use of Estimates Preparing financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the reported period. Actual results could differ from those estimates, and those estimates may be material. 12 OPENLOCKER HOLDINGS, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS APRIL 30, 2024 (UNAUDITED) Fair Value of Financial Instruments The Company accounts for financial instruments under ASC 820, Fair Value Measurements . ASC 820 provides a framework for measuring fair value and requires disclosures regarding fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, based on the Company's principal or, in absence of a principal, most advantageous market for the specific asset or liability. The Company uses a three-tier fair value hierarchy to classify and disclose all assets and liabilities measured at fair value on a recurring basis, as well as assets and liabilities measured at fair value on a non-recurring basis, in periods subsequent to their initial measurement. The hierarchy requires the Company to use observable inputs when available, and to minimize the use of unobservable inputs, when determining fair value. The three tiers

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