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OpenLocker Holdings, Inc. has submitted its 10-K filing for the fiscal year ended July 31, 2024.
The filing reports revenues of $35,676 for the year, a decrease from $81,179 in the previous year. The decline is attributed to limited capital and management resources.
Operating expenses for the year totaled $738,580, down from $2,598,337 in the previous year, reflecting a reduction in general administrative expenses and research and development costs.
The company reported a net loss of $778,196 for the year, compared to $7,425,932 in the previous year. The decrease in net loss is due to the absence of impairment charges that were recorded in the prior year.
Cash used in operating activities was $340,769, while cash provided by financing activities was $330,000, primarily from the issuance of notes payable.
OpenLocker had a working capital deficit of $463,044 as of July 31, 2024, and an accumulated deficit of $10,912,283. The company continues to face liquidity challenges and is exploring additional capital raising opportunities.
The filing also details the company's revenue model, which includes sales on the OpenLocker platform, sponsorship and advertising, and service fees for creative design work.
OpenLocker focuses on marketing solutions for collegiate and professional sports organizations and athletes, aiming to deepen fan engagement through innovative collectibles and membership rewards.
The company is in discussions with NIL collectives and national brands to expand its offerings and build customer loyalty programs.
OpenLocker acknowledges the risks associated with its business, including its limited operating history, dependence on capital raising, and competition in the market.
The company has identified material weaknesses in its internal controls over financial reporting and is taking steps to address these issues.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the OpenLocker Holdings Inc annual 10-K report dated November 27, 2024. To report an error, please email earnings@qz.com.