10-K - Outdoor Specialty Products, Inc. (0001610718) (Filer)
Fri, Dec 13, 9:10 PM (59 days ago)
**Summary of Outdoor Specialty Products, Inc. (ODRS) 10-K for FY 2024** Outdoor Specialty Products, Inc. reported a significant decline in revenue, totaling $163 for FY 2024, a 70% drop from $546 in FY 2023. The company incurred a net loss of $43,565, with a working capital deficit of $148,283 and an accumulated deficit of $246,483. Operating expenses decreased to $39,266 from $43,118, primarily due to reduced legal and accounting costs. The company is focused on its proprietary products, including the "Reel Guard" and a new "Slow-Sinker" product, with ongoing patent applications. However, there are substantial doubts about its ability to continue as a going concern due to insufficient revenue generation and negative cash flows. The company relies heavily on loans from related parties, with total liabilities of $158,427. Future financing through debt or equity offerings is necessary for continued operations. The market position remains weak, facing intense competition from established brands. Key risk factors include reliance on a single product, limited operational history, and potential supply chain disruptions. The company has no formal employees beyond the president and is classified as a smaller reporting company. Overall, ODRS is in a precarious financial condition, necessitating urgent strategic actions to stabilize and grow.