Outdoor Specialty Products Files 2024 10-K

TL;DR

ODRS filed its 2024 10-K. Full financials and biz ops for FY ending 9/30/24 are in.

AI Summary

Outdoor Specialty Products, Inc. filed its 2024 10-K report, covering the fiscal year ending September 30, 2024. The company, incorporated in Utah, is based in Salt Lake City and operates in the manufacturing sector. The filing details financial information and business operations for the period.

Why It Matters

This 10-K filing provides investors and stakeholders with a comprehensive overview of Outdoor Specialty Products, Inc.'s financial performance and operational status for the fiscal year 2024.

Risk Assessment

Risk Level: low — The filing is a standard annual report and does not contain immediate red flags or significant new risks.

Key Numbers

• 2024-09-30 — Fiscal Year End (The end date of the reporting period for the 10-K.)
• 2023-09-30 — Prior Year End (The end date of the previous fiscal year for comparison.)

Key Players & Entities

• Outdoor Specialty Products, Inc. (company) — Filer of the 10-K report
• 2024-09-30 (date) — Fiscal year end date
• SALT LAKE CITY (location) — Company's business and mailing address city
• UT (location) — Company's business and mailing address state
• 801-560-5184 (phone_number) — Company's business phone number

FAQ

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
• $1,050 — and 2023, respectively, we had on hand $1,050 and $1,065 in finished goods and $2,596
• $1,065 — respectively, we had on hand $1,050 and $1,065 in finished goods and $2,596 and $2,596
• $2,596 — $1,050 and $1,065 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 — 2024, provided for total loans of up to $127,500 at an interest rate of 3.5% per annum a
• $43,100 — under the revolving promissory note of $43,100 during the year ended September 30, 202
• $126,621 — 024, resulting in principal balances of $126,621 and $83,521, with accrued interest of $
• $83,521 — g in principal balances of $126,621 and $83,521, with accrued interest of $8,237 and $4
• $8,237 — 1 and $83,521, with accrued interest of $8,237 and $4,444, at September 30, 2024 and 2
• $4,444 — 21, with accrued interest of $8,237 and $4,444, at September 30, 2024 and 2023, respec
• $170,000 — e the maximum principal indebtedness to $170,000 and extend the maturity date to Decembe
• $22,500 — r 30, 2024, provided for loans of up to $22,500 at an interest rate of 3.5% per annum a

Filing Documents

• odrs-20240930.htm (10-K) — 473KB
• odrs_ex21z1.htm (EX-21.1) — 1KB
• odrs_ex31z1.htm (EX-31.1) — 7KB
• odrs_ex32z1.htm (EX-32.1) — 3KB
• odrs10k_1.jpg (GRAPHIC) — 3KB
• odrs10k_2.jpg (GRAPHIC) — 3KB
• 0001096906-24-002264.txt ( ) — 2191KB
• odrs-20240930_cal.xml (EX-101.CAL) — 20KB
• odrs-20240930_def.xml (EX-101.DEF) — 38KB
• odrs-20240930_lab.xml (EX-101.LAB) — 118KB
• odrs-20240930_pre.xml (EX-101.PRE) — 109KB
• odrs-20240930.xsd (EX-101.SCH) — 24KB
• odrs-20240930_htm.xml (XML) — 201KB

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 4 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 11 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 11 PART III Item 10. Directors, Executive Officers and Corporate Governance 12 Item 11.

Executive Compensation

Executive Compensation 13 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 14 Item 13. Certain Relationships and Related Transactions, and Director Independence 14 Item 14. Principal Accountant Fees and Services 15 Item 15. Exhibit and Financial Statement Schedules 15 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 associated with

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. During 2024, we terminated the licensing agreement for the SLINKOR product and continued our efforts to design and develop a new slow-sinking sinker product (referred to herein as the "Slow-Sinker"). 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 for a variety of different reels. The Reel Guard was invented by Kirk Blosch, the Company's founder and president, in 2014 to fill a need that he believed was not being met by existing products. We filed for and obtained a provisional patent for the Reel Guard in 2014 under the name "Reel Bumper Guard" and U.S. Patent No. 9,872,485 for the device was issued on January 23, 2018. During 2021, we p

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.

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. Part II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

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 2024 and 2023 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. 4 Price Range Period High Low Year Ending September 30, 2024 First Quarter $ 1.79 $ 1.79 Second Quarter $ 1.79 $ 1.79 Third Quarter $ 1.79 $ 1.79 Fourth Quarter $ 1.79 $ 1.75 Year Ended September 30, 2023: First Quarter $ 1.79 $ 1.79 Second Quarter $ 1.79 $ 1.79 Third Quarter $ 1.79 $ 1.79 Fourth Quarter $ 1.79 $ 1.79 As of December 9, 2024, our shares of common stock were held by 68 stockholders of record as reported by our transfer agent. Dividends Holders of our common stock are entitled to dividends when, as and if declared by our Board of Directors, out of funds legally available for the payment of dividends. We have never declared cash dividends on our common stock, and our Board of Directors does not anticipate paying cash dividends in the foreseeable future as it intends to retain any future earnings to finance the growth of our business. There are no restrictions in our articles of incorporation or bylaws that restrict us from declaring dividends. Securities Authorized for Issuance Under Equity Compensation Plans As of the end of the latest fiscal year ended September 30, 2024, the only compensation plans (including individual compensation arrangements) under which our equity securities w

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