Outdoor Specialty Products Files Q1 2025 10-Q

TL;DR

**Outdoor Specialty Products (ODRS) filed its Q1 2025 10-Q. Check financials.**

AI Summary

Outdoor Specialty Products, Inc. filed its 10-Q for the period ending December 31, 2024. The filing, submitted on February 5, 2025, covers the first quarter of their fiscal year. The company's principal business address is located at 3842 Quail Hollow Drive, Salt Lake City, UT 84109.

Why It Matters

This filing provides investors with an update on the company's financial performance and position for the first quarter of fiscal year 2025. It is crucial for understanding the company's operational health and future outlook.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report and does not contain immediate red flags or significant negative news.

Key Numbers

• 2024-12-31 — Reporting Period End Date (Indicates the end of the financial quarter being reported.)
• 2025-02-05 — Filing Date (Shows when the report was officially submitted to the SEC.)

Key Players & Entities

• Outdoor Specialty Products, Inc. (company) — Filer of the 10-Q
• 2024-12-31 (date) — End of reporting period
• 2025-02-05 (date) — Filing date
• 3842 Quail Hollow Drive, Salt Lake City, UT 84109 (address) — Company business address

FAQ

Key Financial Figures

• $26 — ree months ended December 31, 2024, was $26, compared to $13 for the three months e
• $13 — December 31, 2024, was $26, compared to $13 for the three months ended December 31,
• $2 — hree months ended December 31, 2024 was $2, compared to $1 for the three months en
• $1 — d December 31, 2024 was $2, compared to $1 for the three months ended December 31,
• $20,977 — eneral and administrative expenses were $20,977 for the three months ended December 31,
• $15,608 — hs ended December 31, 2024, compared to $15,608 for the three months ended December 31,
• $5,369 — ended December 31, 2023, an increase of $5,369 or approximately 34.4%. General and adm
• $190 — preciation and amortization expense was $190 for the three months ended December 31,
• $0 — ended December 31, 2024 as compared to $0 for the three months ended December 31,
• $11,365 — 1, 2024, we had total current assets of $11,365, including cash of $2,771, and current
• $2,771 — nt assets of $11,365, including cash of $2,771, and current liabilities of $181,823, r
• $181,823 — h of $2,771, and current liabilities of $181,823, resulting in a working capital deficit
• $170,458 — sulting in a working capital deficit of $170,458. Our current liabilities include accoun
• $4,710 — liabilities include accounts payable of $4,710, and a principal outstanding balance of
• $166,242 — and a principal outstanding balance of $166,242 and $10,871 in accrued interest under t

Filing Documents

• odrs-20241231.htm (10-Q) — 251KB
• odrs_ex10z1.htm (EX-10.1) — 22KB
• odrs_ex10z2.htm (EX-10.2) — 22KB
• odrs_ex31z1.htm (EX-31.1) — 7KB
• odrs_ex32z1.htm (EX-32.1) — 3KB
• 0001096906-25-000126.txt ( ) — 1215KB
• odrs-20241231_cal.xml (EX-101.CAL) — 16KB
• odrs-20241231_def.xml (EX-101.DEF) — 16KB
• odrs-20241231_lab.xml (EX-101.LAB) — 84KB
• odrs-20241231_pre.xml (EX-101.PRE) — 63KB
• odrs-20241231.xsd (EX-101.SCH) — 9KB
• odrs-20241231_htm.xml (XML) — 58KB

- Financial Information

PART I - Financial Information Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) 5 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 12 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 14 Item 4.

Controls and Procedures

Controls and Procedures 14

- Other Information

PART II - Other Information Item 1.

Legal Proceedings

Legal Proceedings 15 Item 1A.

Risk Factors

Risk Factors 15 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 15 Item 3. Defaults upon Senior Securities 15 Item 4. Mine Safety Disclosures 15 Item 5. Other Information 15 Item 6. Exhibits 16

Signatures

Signatures 17 3 SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS Certain statements and information in this report on Form 10-Q 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

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Index to Financial Statements Condensed Balance Sheets (Unaudited) at December 31, 2024 and September 30, 2024 6 Condensed Statements of Operations. (Unaudited) for the Three Months Ended December 31, 2024 and 2023 7 Condensed Statements of Changes in Stockholders' Deficit (Unaudited) for the Three Months Ended December 31, 2024 and 2023 8 Condensed Statements of Cash Flow (Unaudited) for the Three Months Ended December 31, 2024 and 2023 9 Notes to the Unaudited Condensed Financial Statements. 10 5 OUTDOOR SPECIALTY PRODUCTS, INC. Condensed Balance Sheets (Unaudited) December 31, 2024 September 30, 2024 Assets: Current Assets: Cash $ 2,771 $ 560 Prepaid expense 4,950 5,938 Inventory 3,644 3,646 Total current assets 11,365 10,144 Other Assets: Property, plant and equipment, net 3,972 4,125 Patents, net 2,155 2,192 Total Assets $ 17,492 $ 16,461 Liabilities and Stockholders' (Deficit): Current Liabilities: Accounts payable $ 4,710 $ - Accrued interest - related party 10,871 9,459 Line of credit - related party 166,242 148,968 Total Liabilities 181,823 158,427 Stockholders' Deficit: Preferred stock, $ 0.001 par value, 10,000,000 shares authorized, none issued and outstanding as of December 31, 2024 and September 30, 2024 - - Common stock, $ 0.001 par value, 190,000,000 shares authorized, 5,284,318 shares issued and outstanding as of December 31, 2024 and September 30, 2024 5,285 5,285 Additional paid-in capital 99,232 99,232 Accumulated deficit ( 268,848 ) ( 246,483 ) Total Stockholders' Deficit ( 164,331 ) ( 141,966 ) Total Liabilities and Stockholders' Deficit $ 17,492 $ 16,461 The accompanying notes are an integral part of these unaudited condensed financial statements. 6 OUTDOOR SPECIALTY PRODUCTS, INC. Condensed Statements of Operations (Unaudited) For the Three Months Ended December 31,

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion in conjunction with our financial statements, which are included elsewhere in this report. Overview We are and have since our inception in 2014 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 are continuing our efforts to design and develop our new Slow-Sinker product that involves the use of a single injection molded component made of a material with a density heavier than water to achieve a slow sinking rate with enough overall weight to accomplish long-distance casting. Our financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. We did not generate sufficient revenue to generate net income, we have negative working capital, and we have a limited operating history. These factors, among others, may indicate that there is substantial doubt that we will be able to continue as a going concern for a reasonable period of time. Our financial statements do not include any adjustments relating to the recoverability and classification of assets and liabilities that might be necessary should we be unable to continue as a going concern. Our continuation as a going concern is dependent upon our ability to generate sufficient cash flow to meet our obligations on a timely basis and ultimately to attain profitability. We intend to seek additional funding, if and to the extent required, through additional stockholder loans and debt or equity offerings. We also intend to increase our sales through the addition of our proposed Slow-Sinker product if and when its design is finalized and manufacturing has commenced. There is no assur

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk Not Applicable. The Company is a "smaller reporting company."

Controls and Procedures

Item 4. Controls and Procedures Evaluation of disclosure controls and procedures. Disclosure controls and procedures are designed to ensure that information required to be disclosed by us in reports filed or submitted under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), is recorded, processed, summarized, and reported within the time periods specified in the SEC's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in reports filed or submitted under the Exchange Act is accumulated and communicated to management, including our principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow for timely decisions regarding required disclosure. Due to inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Further, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies and procedures may deteriorate. Accordingly, even effective disclosure controls and procedures can only provide reasonable assurance of achieving their control objectives. Under the supervision and with the participation of our management, including our principal executive and financial officer, we evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) as of December 31, 2024, the end of the period covered by this report. Based upon that evaluation, our principal executive and financial officer concluded that our disclosure controls and procedures were not effective as of December 31, 2024, due to the existence of the material weaknesses in our internal control over financial reporting described

– OTHER INFORMATION

PART II – OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings We are not a party to any material pending legal proceedings.

Risk Factors

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

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds None.

Defaults upon Senior Securities

Item 3. Defaults upon Senior Securities Not Applicable.

Mine Safety Disclosures

Item 4. Mine Safety Disclosures Not Applicable.

Other Information

Item 5. Other Information Cybersecurity Matters To date, due to our limited financial resources, we have not adopted any special processe

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View this 10-Q filing on SEC EDGAR