In This Story
Outdoor Specialty Prods Inc (ODRS) has submitted its Form 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing total revenue of $26, compared to $13 in the same quarter the previous year. The revenue increase is attributed to sales of the company's proprietary Reel Guard product.
Cost of sales for the quarter was $2, consistent with the previous year's $1, maintaining a cost of sales ratio of approximately 7.7% for both periods.
General and administrative expenses increased to $20,977 from $15,608, primarily due to legal, accounting, and filing expenses.
The company reported a net loss of $22,365 for the quarter, compared to $16,538 in the previous year. The loss is attributed to ongoing operating expenses exceeding revenue.
Cash used in operating activities was $15,063, while cash provided by financing activities was $17,274, primarily from related party revolving loan agreements.
Outdoor Specialty Prods Inc had a working capital deficit of $170,458 as of December 31, 2024, with total current assets of $11,365 and current liabilities of $181,823.
The company continues to focus on developing its new Slow-Sinker product and plans to seek additional funding through stockholder loans and debt or equity offerings.
Outdoor Specialty Prods Inc identified material weaknesses in its internal control over financial reporting and continues to operate with a negative working capital and limited operating history.
The filing also details amendments to revolving promissory note agreements with principal stockholders, extending maturity dates and increasing maximum principal indebtedness.
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 quarterly 10-Q report dated February 5, 2025. To report an error, please email earnings@qz.com.