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Outdoor Specialty Prods Inc (ODRS) has submitted its Form 10-K filing for the fiscal year ended September 30, 2024.
The filing indicates that the company reported total sales of $163 for the year, a decrease from $546 in the previous year. The decrease in sales is attributed to a lack of awareness of the Reel Guard product.
Cost of sales for the year was $15, compared to $976 in the previous year. The 2023 cost of sales included a significant inventory write-down.
General and administrative expenses totaled $39,266, down from $43,118 in the previous year. The decrease is primarily due to the absence of a patent write-down in 2024.
The company reported a net loss of $43,565 for the year, compared to a net loss of $46,472 in the previous year.
Outdoor Specialty Prods Inc has a working capital deficit of $148,283 and an accumulated deficit of $246,483 as of September 30, 2024.
The company continues to develop its new Slow-Sinker product and has filed a patent application for it. Manufacturing will commence once the prototype is finalized and additional funding is secured.
The company relies on revolving promissory note agreements with its president and a principal stockholder for funding. These agreements were amended to increase the maximum principal indebtedness and extend the maturity date to December 31, 2025.
Outdoor Specialty Prods Inc acknowledges substantial doubt about its ability to continue as a going concern due to its limited revenue and negative working capital.
The company plans to seek additional funding through stockholder loans and potential equity or debt offerings to support its operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Outdoor Specialty Prods Inc annual 10-K report dated December 13, 2024. To report an error, please email earnings@qz.com.