Outdoor Specialty Products, Inc.

Going-concern shell with effectively no business — FY2025 revenue of $306 from a single fishing-reel accessory.

Strengths

• High headline gross margin (91%) but immaterial on $306 of sales
• Product patents and a prototype in development

Risks

• Explicit going concern; working-capital deficit of $198k funded by related-party loans
• Net margin -159% and OCF margin -122% (8th pct); cash of only $6,121
• No viable operating model after a decade since 2014 inception

Notable findings

• No interest coverageInterest coverage -6.95 (cannot cover interest)
• RestatementOn January 4, 2021, we entered into a revolving promissory note agreement with our president and principal stockholder and on October 1, 2024, we amended and restated the revolving promissory note agr 8-K ↗
• Going concernThese factors, among others, indicate that there is substantial doubt that we will be able to continue as a going concern for a reasonable period of time
• Net lossNet loss (net margin -15859.2%)
• Revenue declineRevenue -100.0% YoY