Outdoor Specialty Products, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Outdoor Specialty Products, Inc. has filed its 2023 Form 10-K, detailing its operations and financial status for the fiscal year ending September 30, 2023.</b>

AI Summary

Outdoor Specialty Products, Inc. (ODRS) filed a Annual Report (10-K) with the SEC on January 3, 2024. The company filed its annual report on Form 10-K for the fiscal year ended September 30, 2023. Outdoor Specialty Products, Inc. is incorporated in Nevada and headquartered in Salt Lake City, Utah. The company's principal executive offices are located at 3842 Quail Hollow Drive, Salt Lake City, UT 84109. The company's telephone number is (801) 560-5184. Outdoor Specialty Products, Inc. is classified as a smaller reporting company and a non-accelerated filer.

Why It Matters

For investors and stakeholders tracking Outdoor Specialty Products, Inc., this filing contains several important signals. This filing provides a comprehensive overview of the company's performance, financial condition, and risk factors for the fiscal year, which is crucial for investors to assess the company's stability and future prospects. As a smaller reporting company, this 10-K filing is a key document for understanding the company's compliance and operational details within the regulatory framework.

Risk Assessment

Risk Level: low — Outdoor Specialty Products, Inc. shows low risk based on this filing. The risk is low as this is a standard annual filing with no immediate red flags, but the lack of detailed financial data in the provided snippet limits a deeper risk assessment.

Analyst Insight

Investors should review the full 10-K filing for detailed financial statements, management discussion, and risk factors to make informed investment decisions.

Key Numbers

• 2023-09-30 — Fiscal Year End (The period covered by the annual report)
• 000-56301 — Commission File Number (SEC identifier for the company)
• 46-4854952 — IRS Employer Identification No. (Tax identification number)
• 801-560-5184 — Business Phone (Contact number for the company)

Key Players & Entities

• Outdoor Specialty Products, Inc. (company) — Registrant name
• 2023 (date) — Fiscal year end
• September 30 (date) — Fiscal year end
• Salt Lake City (location) — Headquarters city
• UT (location) — Headquarters state
• 84109 (location) — Headquarters zip code
• 801-560-5184 (phone) — Business phone number
• NEVADA (location) — State of incorporation

Forward-Looking Statements

• Outdoor Specialty Products, Inc. will continue to maintain its SEC filing compliance. (Outdoor Specialty Products, Inc.) — high confidence, target: September 30, 2024

FAQ

Industry Context

The filing pertains to a company in the outdoor specialty products sector, which typically involves manufacturing and distributing goods for outdoor recreational activities.

Regulatory Implications

The company is subject to the reporting requirements of the Securities Exchange Act of 1934, including the filing of annual reports (10-K) with the SEC.

What Investors Should Do

1. Review the full 10-K document for detailed financial statements and performance metrics.
2. Analyze the risk factors section to understand potential challenges and uncertainties.
3. Compare the company's reported information with industry benchmarks and competitor filings.

Key Dates

• 2023-09-30: Fiscal Year End — Marks the end of the reporting period for the 10-K filing.
• 2024-01-03: Filing Date — Date the 10-K report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing for the fiscal year ended September 30, 2023, as indicated by the filing date and the absence of prior period comparative data in the provided snippet.

Key Financial Figures

• $0.001 — (g) of the Exchange Act: Common Stock, $0.001 Par Value (Title of Class) Indicate
• $0.35 — ted second fiscal quarter, based on the $0.35 price at which the common equity was so
• $985 — the Reel Guard patent in the amount of $985 to prevent the patent from lapsing. The
• $500 — a one-time license fee in the amount of $500 and agreed to pay the Licensor the foll
• $1 M — of net revenue from product sales up to $1 Million, (ii) 15% of net revenue from pro
• $1 Million — net revenue from product sales between $1 Million and $3 Million, and (iii) 10% of net re
• $3 M — om product sales between $1 Million and $3 Million, and (iii) 10% of net revenue fro
• $3 Million — revenue from product sales in excess of $3 Million. We are required to make minimum royalt
• $1,000 — red to make minimum royalty payments of $1,000 per year to maintain the exclusive natu
• $1,065 — and 2022, respectively, we had on hand $1,065 and $2,042 in finished goods and $2,596
• $2,042 — respectively, we had on hand $1,065 and $2,042 in finished goods and $2,596 and $2,596
• $2,596 — $1,065 and $2,042 in finished goods and $2,596 and $2,596 in raw materials. As discus
• $100,011 — f $0.35 per share for total proceeds of $100,011. The proceeds from the private placemen
• $127,500 — nded, provides for total loans of up to $127,500 at an interest rate 3.5% per annum, whi
• $31,478 — under the revolving promissory note of $31,478 during the year ended September 30, 202

Filing Documents

• f10k2023_outdoorspec.htm (10-K) — 378KB
• f10k2023ex21-1_outdoorspec.htm (EX-21.1) — 1KB
• f10k2023ex31-1_outdoorspec.htm (EX-31.1) — 9KB
• f10k2023ex32-1_outdoorspec.htm (EX-32.1) — 4KB
• fin_001.jpg (GRAPHIC) — 3KB
• fin_002.jpg (GRAPHIC) — 3KB
• 0001213900-24-000769.txt (&nbsp;) — 2129KB
• osp-20230930.xsd (EX-101.SCH) — 27KB
• osp-20230930_cal.xml (EX-101.CAL) — 18KB
• osp-20230930_def.xml (EX-101.DEF) — 104KB
• osp-20230930_lab.xml (EX-101.LAB) — 212KB
• osp-20230930_pre.xml (EX-101.PRE) — 113KB
• f10k2023_outdoorspec_htm.xml (XML) — 124KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 4 Item 1B. Unresolved Staff Comments 4 Item 2.

Properties

Properties 4 Item 3.

Legal Proceedings

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

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 10 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 10 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 10 Item 9A.

Controls and Procedures

Controls and Procedures 10 Item 9B. Other Information 12 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 12 PART III Item 10. Directors, Executive Officers and Corporate Governance 13 Item 11.

Executive Compensation

Executive Compensation 14 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 15 Item 13. Certain Relationships and Related Transactions, and Director Independence 15 Item 14. Principal Accountant Fees and Services 16 Item 15. Exhibit and Financial Statement Schedules 17 Item 16. Form 10-K Summary 17

SIGNATURES

SIGNATURES 18 i SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS Certain statements and information in this report on Form 10-K may constitute forward-looking statements. The words believe , may , potentially , estimate , continue , anticipate , intend , could , would , project , plan , expect and similar expressions that convey uncertainty of future events or outcomes are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance, or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. These forward-looking statements include, but are not limited to, statements concerning the following: our future financial and operating results; our business strategy; our intentions, expectations and beliefs regarding anticipated growth, market penetration and trends in our business; the effects of market conditions on our stock price and operating results; our ability to maintain our competitive technological advantages against competitors in our industry; our ability to timely and effectively adapt our existing technology and have our technology solutions gain market acceptance; our ability to introduce new products and bring them to market in a timely manner; our ability to maintain, protect and enhance our intellectual property; the effects of increased competition in our market and our ability to compete effectively; costs associated with defending intellectual property infringement and other claims; our expectations concerning our relationships with customers and other third parties; the impact of outbreaks, and threat or perceived threat of outbreaks, of epidemics and pandemics, including, without limitation, the coronavirus outbreak, on our sourcing and manufacturing operations as well as consumer spending; risks assoc

Business

Item 1. Business Corporate History Outdoor Specialty Products, Inc. (the "Company," "we," or "us") was originally incorporated in the state of Utah on January 31, 2014, and changed its domicile to the state of Nevada on February 24, 2021. The Company is and has since its inception been engaged in the business of developing, selling, and marketing products in niche markets within the specialty outdoor products marketplace. We introduced our proprietary "Reel Guard" product in 2014 and continue to offer it for sale. We license the rights to our "SLINKOR" product pursuant to a license agreement entered into with the inventor in May 2021. We intend to commence manufacturing, marketing, and selling our "SLINKOR" product following completion of our redesign of the product to change the sinking weight to a material other than lead and utilize molds to permit increased production. While we intend to finalize the design for the SLINKOR product in the near future, the commencement of production will be We have no subsidiaries. The Reel Guard The Reel Guard is designed to protect fishing reels from scratching, scuffing, dents, and other damage due to dropping, resting on gravel while servicing the line, being transported with other fishing and outdoor equipment, and general wear and tear. To date, the primary application for the Reel Guard has been fly fishing reels, but we believe the Reel Guard may also be suitable for use with some deep-sea fishing reels. The Reel Guard consists of a thin, rubberized material that is attached to the outer edges of a fishing reel using special adhesive strips that hold the material in place but provide for easy removal with no damage to the reel. The Reel Guard is designed for reels with up to a 4.25-inch diameter that have square to slightly rounded edges, and the custom installation procedure makes the Reel Guard suitable

Risk Factors

Item 1A. Risk Factors Not Applicable. The Company is a "smaller reporting company."

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments. Not Applicable. The Company is a "smaller reporting company."

Properties

Item 2. Properties. Our principal office is located at the residence of our President, Kirk Blosch, 3842 Quail Hollow Drive, Salt Lake City, UT 84109, and such space is provided to us on a rent-free basis. We believe our office facilities are sufficient for the foreseeable future, although at the time we commence manufacturing of the SLINKOR we may investigate the desirability of leasing a small assembly, storage, and office space from a third party.

Legal Proceedings

Item 3. Legal Proceedings. The Company is not a party to any material legal proceedings, and to our knowledge, no such legal proceedings have been threatened against us.

Mine Safety Disclosures

Item 4. Mine Safety Disclosures. Not Applicable. 4 Part II

Market for Registrant's Common Equity, Related Stockholder

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Market Information Our common stock is currently quoted on the OTC PINK tier of the OTC Markets Group under the symbol "ODRS." However, quotations for the stock during the 2023 and 2022 years were limited and sporadic and there currently is no established trading market for our common stock. The following table sets forth, for the periods indicated, the high and low bid prices per share of common stock as set forth in the OTC Market Report. The below quotations represent inter-dealer prices without retail mark-up, mark-down, or commission and may not necessarily represent actual transactions. Pri

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View this 10-K filing on SEC EDGAR