Outdoor Specialty Products (ODRS) 10-Q 5 Feb 25 2025 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Dec. 31, 2024	Feb. 05, 2025
Details
Registrant CIK	0001610718
Fiscal Year End	--09-30
Registrant Name	OUTDOOR SPECIALTY PRODUCTS, INC.
SEC Form	10-Q
Period End date	Dec. 31, 2024
Tax Identification Number (TIN)	46-4854952
Number of common stock shares outstanding		5,284,318
Filer Category	Non-accelerated Filer
Current with reporting	Yes
Interactive Data Current	Yes
Shell Company	false
Small Business	true
Emerging Growth Company	false
Document Quarterly Report	true
Document Transition Report	false
Securities Act File Number	000-56301
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	3842 Quail Hollow Drive
Entity Address, City or Town	Salt Lake City
Entity Address, State or Province	UT
Entity Address, Postal Zip Code	84109
City Area Code	801
Local Phone Number	560-5184
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1

Balance Sheets

Balance Sheets - USD ($)	Dec. 31, 2024	Sep. 30, 2024
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
Current Liabilities
Accounts payable	4,710	0
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 shares	0	0
Common shares	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

Balance Sheets - Parenthetical

Balance Sheets - Parenthetical - $ / shares	Dec. 31, 2024	Sep. 30, 2024
Balance Sheets
Preferred Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized	10,000,000	10,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Common Stock, Shares Authorized	190,000,000	190,000,000
Common Stock, Shares, Issued	5,284,318	5,284,318
Common Stock, Shares, Outstanding	5,284,318	5,284,318

Statements of Operations

Statements of Operations - USD ($)	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Statements of Operations
Revenue	$ 26	$ 13
Cost of sales	(2)	(1)
Gross Profit	24	12
Operating Expenses
General and administrative	20,977	15,608
Total Operating Expenses	20,977	15,608
Loss from Operations	(20,953)	(15,596)
Other Expense
Interest expense - related party	1,412	942
Total other expense	1,412	942
Net Loss	$ (22,365)	$ (16,538)
Net loss per share of common stock - basic and diluted	$ 0	$ 0
Weighted average number of common shares outstanding - basic and diluted	5,284,318	5,284,318

Statements of Changes in Stockh

Statements of Changes in Stockholders' Deficit - USD ($)	Common Stock	Additional Paid-in Capital	Retained Earnings	Total
Equity, Attributable to Parent, Beginning Balance at Sep. 30, 2023	$ 5,285	$ 99,232	$ (202,918)	$ (98,401)
Shares, Outstanding, Beginning Balance at Sep. 30, 2023	5,284,318
Net Loss	$ 0	0	(16,538)	(16,538)
Equity, Attributable to Parent, Ending Balance at Dec. 31, 2023	$ 5,285	99,232	(219,456)	(114,939)
Shares, Outstanding, Ending Balance at Dec. 31, 2023	5,284,318
Equity, Attributable to Parent, Beginning Balance at Sep. 30, 2024	$ 5,285	99,232	(246,483)	(141,966)
Shares, Outstanding, Beginning Balance at Sep. 30, 2024	5,284,318
Net Loss	$ 0	0	(22,365)	(22,365)
Equity, Attributable to Parent, Ending Balance at Dec. 31, 2024	$ 5,285	$ 99,232	$ (268,848)	$ (164,331)
Shares, Outstanding, Ending Balance at Dec. 31, 2024	5,284,318

Statements of Cash Flows

Statements of Cash Flows - USD ($)	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net Loss	$ (22,365)	$ (16,538)
Adjustments to Reconcile Net Loss To Net Cash Used by Operating Activities
Depreciation and amortization	190	0
Changes in Operating Assets and Liabilities
Decrease (increase) in prepaid expense	988	(5,092)
Decrease in inventory	2	1
Increase in accounts payable	4,710	5,512
Increase in accrued interest - related party	1,412	942
Net Cash Used by Operating Activities	(15,063)	(15,175)
CASH FLOWS FROM INVESTING ACTIVITIES
Net Cash Used by Investing Activities	0	0
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from Related Party Debt	17,274	13,553
Net Cash Provided by Financing Activities	17,274	13,553
Net Increase (Decrease) in Cash	2,221	(1,622)
Cash at Beginning of Period	560	3,162
Cash at End of Period	2,771	1,540
Supplemental disclosure of cash flow information
Cash paid for interest	0	0
Cash paid for Income taxes	$ 0	$ 0

NOTE 1_ Condensed Financial Sta

NOTE 1: Condensed Financial Statements	3 Months Ended
	Dec. 31, 2024
Notes
NOTE 1: Condensed Financial Statements	NOTE 1 – Condensed Financial Statements The accompanying unaudited financial statements of Outdoor Specialty Products, Inc. (the “Company”) were prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations. Management of the Company (“Management”) believes that the following disclosures are adequate to make the information presented not misleading. These financial statements should be read in conjunction with the audited financial statements and the notes thereto for the year ended September 30, 2024. These unaudited financial statements reflect all adjustments, consisting only of normal recurring adjustments that, in the opinion of Management, are necessary to present fairly the financial position and results of operations of the Company for the periods presented. Operating results for the three months ended December 31, 2024, are not necessarily indicative of the results that may be expected for the year ending September 30, 2025.

NOTE 2 - Going Concern

NOTE 2 - Going Concern	3 Months Ended
	Dec. 31, 2024
Notes
NOTE 2 - Going Concern	NOTE 2 – Going Concern The accompanying 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. As shown in the accompanying financial statements, the Company did not generate sufficient revenue to generate net income, has a negative working capital, and has a limited operating history. These factors, among others, may indicate that there is substantial doubt that the Company will be able to continue as a going concern for a reasonable period of time. The financial statements do not include any adjustments relating to the recoverability and classification of assets and liabilities that might be necessary should the Company be unable to continue as a going concern. The Company’s continuation as a going concern is dependent upon its ability to generate sufficient cash flow to meet its obligations on a timely basis and ultimately to attain profitability. The Company intends to seek additional funding through additional stockholder loans and debt or equity offerings to fund its business plan. There is no assurance that the Company will be successful in raising additional funds.

NOTE 3 - LINE OF CREDIT - RELAT

NOTE 3 - LINE OF CREDIT - RELATED PARTY	3 Months Ended
	Dec. 31, 2024
Notes
NOTE 3 - LINE OF CREDIT - RELATED PARTY	NOTE 3 – Line of Credit – Related Party During the three months ending December 31, 2024, the Company amended the revolving promissory note agreement with its related party to extend the maturity date to December 31, 2025 and increase the maximum principal indebtedness to $170,000. The revolving promissory note bears interest at the rate of 3.5%. The Company received proceeds under the line of credit of $14,727 and recorded interest expense of $1,204 during the three months ended December 31, 2024, resulting in principal balances of $141,348 and $126,621, with accrued interest of $9,441 and $8,237, at December 31, 2024 and September 30, 2024, respectively. Also, during the three months ending December 31, 2024, the Company amended the revolving promissory note agreement with another principal stockholder to extend the maturity date to December 31, 2025 and increase the maximum principal indebtedness to $30,000. The revolving promissory note bears interest at the rate of 3.5% per annum. The Company received proceeds under the line of credit of $2,547 and recorded interest expense of $208 during the three months ended December 31, 2024, resulting in principal balances of $24,894 and $22,347 with accrued interest of $1,430 and $1,222, at December 31, 2024, and September 30, 2024, respectively.

NOTE 4 - INVENTORY

NOTE 4 - INVENTORY	3 Months Ended
	Dec. 31, 2024
Notes
NOTE 4 - INVENTORY	NOTE 4 – Inventory The Company’s inventory is broken out by finished goods and raw materials. The following is a summary of inventory: December 31, 2024 September 30, 2024 Raw Materials $ 2,596 $ 2,596 Finished Goods 1,048 1,050 Total Inventory $ 3,644 $ 3,646

NOTE 5 - SUBSEQUENT EVENTS

NOTE 5 - SUBSEQUENT EVENTS	3 Months Ended
	Dec. 31, 2024
Notes
NOTE 5 - SUBSEQUENT EVENTS	NOTE 5 – Subsequent Events The Company has evaluated subsequent events from the balance sheet date through the date of the financial statements were issued and determined that there are no events requiring disclosure.

NOTE 4 - INVENTORY_ Schedule of

NOTE 4 - INVENTORY: Schedule of Inventory (Tables)	3 Months Ended
	Dec. 31, 2024
Tables/Schedules
Schedule of Inventory	December 31, 2024 September 30, 2024 Raw Materials $ 2,596 $ 2,596 Finished Goods 1,048 1,050 Total Inventory $ 3,644 $ 3,646

NOTE 3 - LINE OF CREDIT - REL_2

NOTE 3 - LINE OF CREDIT - RELATED PARTY (Details) - USD ($)	3 Months Ended		12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2024
Interest expense - related party	$ 1,412	$ 942
Related Party
Long-Term Debt, Maturity Date				Dec. 31, 2025
Line of Credit Facility, Periodic Payment, Principal	$ 170,000
Line of Credit Facility, Interest Rate During Period	3.50%
Proceeds from Secured Lines of Credit	$ 14,727
Interest expense - related party	1,204
Line of Credit Facility, Periodic Payment	141,348		$ 126,621
Line of Credit Facility, Increase, Accrued Interest	$ 9,441		8,237
Related Party 2
Long-Term Debt, Maturity Date	Dec. 31, 2024
Line of Credit Facility, Periodic Payment, Principal	$ 30,000
Line of Credit Facility, Interest Rate During Period	3.50%
Proceeds from Secured Lines of Credit	$ 2,547
Interest expense - related party	208
Line of Credit Facility, Periodic Payment	24,894		22,347
Line of Credit Facility, Increase, Accrued Interest	$ 1,430		$ 1,222

NOTE 4 - INVENTORY_ Schedule _2

NOTE 4 - INVENTORY: Schedule of Inventory (Details) - USD ($)	Dec. 31, 2024	Sep. 30, 2024
Details
Raw Materials	$ 2,596	$ 2,596
Finished Goods	1,048	1,050
Inventory	$ 3,644	$ 3,646