Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Jun. 30, 2022 | Jul. 25, 2022 | |
Document Information Line Items | ||
Entity Registrant Name | OUTDOOR SPECIALTY PRODUCTS, INC. | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --09-30 | |
Entity Common Stock, Shares Outstanding | 5,284,318 | |
Amendment Flag | false | |
Entity Central Index Key | 0001610718 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Jun. 30, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 000-56301 | |
Entity Incorporation, State or Country Code | NV | |
Entity Tax Identification Number | 46-4854952 | |
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 | |
Entity Interactive Data Current | Yes |
Balance Sheets (Unaudited)
Balance Sheets (Unaudited) - USD ($) | Jun. 30, 2022 | Sep. 30, 2021 |
Current Assets: | ||
Cash | $ 355 | $ 6,168 |
Prepaid expense | 1,833 | 458 |
Inventory | 4,656 | 4,684 |
Total current assets | 6,844 | 11,310 |
Other Assets: | ||
Patents, net | 4,693 | 5,000 |
Total Assets | 11,537 | 16,310 |
Current Liabilities: | ||
Accounts payable | 414 | |
Accrued interest | 1,569 | 409 |
Line of credit – related party | 54,137 | 30,250 |
Total Liabilities: | 55,706 | 31,073 |
Stockholders’ Deficit: | ||
Preferred stock, $0.001 par value, 10,000,000 shares authorized, none issued and outstanding | ||
Common stock, $0.001 par value, 190,000,000 shares authorized, 5,284,318 shares issued and outstanding | 5,285 | 5,285 |
Additional paid-in capital | 99,232 | 99,232 |
Accumulated deficit | (148,686) | (119,280) |
Total Stockholders’ Deficit | (44,169) | (14,763) |
Total Liabilities and Stockholders’ Deficit | $ 11,537 | $ 16,310 |
Balance Sheets (Unaudited) (Par
Balance Sheets (Unaudited) (Parentheticals) - $ / shares | Jun. 30, 2022 | Sep. 30, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred stock par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock par value (in Dollars 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 (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement [Abstract] | ||||
Revenue | $ 117 | $ 42 | $ 264 | $ 193 |
Cost of sales | 12 | 4 | 27 | 17 |
Gross profit | 105 | 38 | 237 | 176 |
Operating Expenses: | ||||
General and administrative | 6,854 | 10,025 | 28,483 | 27,270 |
Total Operating Expenses | 6,854 | 10,025 | 28,483 | 27,270 |
Loss from Operations | (6,749) | (9,987) | (28,246) | (27,094) |
Other Expense | ||||
Interest expense | (459) | (112) | (1,160) | (207) |
Net Loss | $ (7,208) | $ (10,099) | $ (29,406) | $ (27,301) |
Net loss per share of common stock- basic and diluted (in Dollars per share) | $ 0 | $ 0 | $ (0.01) | $ (0.01) |
Weighted average number of common shares outstanding – basic and diluted (in Shares) | 5,284,318 | 5,284,318 | 5,284,318 | 5,284,318 |
Statements of Changes in Stockh
Statements of Changes in Stockholders' Deficit (Unaudited) - USD ($) | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Total |
Balance at Sep. 30, 2020 | $ 5,286 | $ 99,731 | $ (79,379) | $ 25,638 |
Balance (in Shares) at Sep. 30, 2020 | 5,285,747 | |||
Net loss | (1,797) | (1,797) | ||
Balance at Dec. 31, 2020 | $ 5,286 | 99,731 | (81,176) | 23,841 |
Balance (in Shares) at Dec. 31, 2020 | 5,285,747 | |||
Balance at Sep. 30, 2020 | $ 5,286 | 99,731 | (79,379) | 25,638 |
Balance (in Shares) at Sep. 30, 2020 | 5,285,747 | |||
Net loss | (27,301) | |||
Balance at Jun. 30, 2021 | $ 5,285 | 99,232 | (106,680) | (2,163) |
Balance (in Shares) at Jun. 30, 2021 | 5,284,318 | |||
Balance at Dec. 31, 2020 | $ 5,286 | 99,731 | (81,176) | 23,841 |
Balance (in Shares) at Dec. 31, 2020 | 5,285,747 | |||
Net loss | (15,405) | (15,405) | ||
Balance at Mar. 31, 2021 | $ 5,286 | 99,731 | (96,581) | 8,436 |
Balance (in Shares) at Mar. 31, 2021 | 5,285,747 | |||
Net loss | (10,099) | (10,099) | ||
Dissenter shares repurchased and cancelled | $ (1) | (499) | (500) | |
Dissenter shares repurchased and cancelled (in Shares) | (1,429) | |||
Balance at Jun. 30, 2021 | $ 5,285 | 99,232 | (106,680) | (2,163) |
Balance (in Shares) at Jun. 30, 2021 | 5,284,318 | |||
Balance at Sep. 30, 2021 | $ 5,285 | 99,232 | (119,280) | (14,763) |
Balance (in Shares) at Sep. 30, 2021 | 5,284,318 | |||
Net loss | (8,904) | (8,904) | ||
Balance at Dec. 31, 2021 | $ 5,285 | 99,232 | (128,184) | (23,667) |
Balance (in Shares) at Dec. 31, 2021 | 5,284,318 | |||
Balance at Sep. 30, 2021 | $ 5,285 | 99,232 | (119,280) | (14,763) |
Balance (in Shares) at Sep. 30, 2021 | 5,284,318 | |||
Net loss | (29,406) | |||
Balance at Jun. 30, 2022 | $ 5,285 | 99,232 | (148,686) | (44,169) |
Balance (in Shares) at Jun. 30, 2022 | 5,284,318 | |||
Balance at Dec. 31, 2021 | $ 5,285 | 99,232 | (128,184) | (23,667) |
Balance (in Shares) at Dec. 31, 2021 | 5,284,318 | |||
Net loss | (13,294) | (13,294) | ||
Balance at Mar. 31, 2022 | $ 5,285 | 99,232 | (141,478) | (36,961) |
Balance (in Shares) at Mar. 31, 2022 | 5,284,318 | |||
Net loss | (7,208) | (7,208) | ||
Balance at Jun. 30, 2022 | $ 5,285 | $ 99,232 | $ (148,686) | $ (44,169) |
Balance (in Shares) at Jun. 30, 2022 | 5,284,318 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Loss | $ (29,406) | $ (27,301) |
Adjustments to Reconcile Net Loss | ||
Depreciation and Amortization | 307 | 874 |
Changes in Operating Assets and Liabilities: | ||
Increase in prepaid expense | (1,375) | (1,416) |
Decrease in inventory | 28 | 17 |
(Decrease) increase in accounts payable | (414) | 2,736 |
Increase in accrued interest | 1,160 | 207 |
Net Cash Used by Operating Activities | (29,700) | (24,883) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from line of credit - related party | 23,887 | 12,750 |
Repurchase of common shares | (500) | |
Net Cash Provided by Financing Activities | 23,887 | 12,250 |
Net Decrease in Cash | (5,813) | (12,633) |
Cash at Beginning of Period | 6,168 | 14,480 |
Cash at End of Period | 355 | 1,847 |
SUPPLEMENTAL DISCLOSURES: | ||
Interest | ||
Income taxes |
Condensed Financial Statements
Condensed Financial Statements | 9 Months Ended |
Jun. 30, 2022 | |
Condensed Financial Information Disclosure [Abstract] | |
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, 2021. 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 nine months ended June 30, 2022, are not necessarily indicative of the results that may be expected for the year ending September 30, 2022. |
Going Concern
Going Concern | 9 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
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 unable 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 debt or equity offerings and additional stockholder loans if required to fund its business plan. There is no assurance that the Company will be successful in raising additional funds. |
Line of Credit _ Related Party
Line of Credit – Related Party | 9 Months Ended |
Jun. 30, 2022 | |
Line of Credit Facility [Abstract] | |
LINE OF CREDIT – RELATED PARTY | NOTE 3 – LINE OF CREDIT – RELATED PARTY During the nine months ending June 30, 2022, the Company amended the revolving promissory note agreement with a related party to extend the maturity date to December 31, 2022, and increase the maximum principal indebtedness from $40,000 to $55,200. The revolving promissory note bears interest at the rate of 3.5%. During the nine months ended June 30, 2022, we borrowed an aggregate principal amount of $17,543 under this revolving loan agreement. On June 30, 2022, the outstanding balance on this agreement was $47,793 with accrued interest of $1,463 and on September 30, 2021, the outstanding balance on this agreement was $30,250 with accrued interest of $409. During the quarter ended June 30, 2022, the Company amended the revolving promissory note agreement with another principal stockholder to extend the maturity date to December 31, 2022, and increase the maximum principal indebtedness from $7,000 to $9,750. During the nine months ended June 30, 2022, we borrowed an aggregate principal amount of $6,344 under this second revolving loan agreement. On June 30, 2022, the outstanding balance on this agreement was $6,344 with accrued interest of $106. |
Stockholder's Equity
Stockholder's Equity | 9 Months Ended |
Jun. 30, 2022 | |
Stockholders' Equity Note [Abstract] | |
STOCKHOLDER’S EQUITY | NOTE 4 – STOCKHOLDER’S EQUITY During the year ending September 30, 2021, the Company repurchased 1,429 shares of its common stock from a shareholder for $500 upon a shareholder’s exercise of dissenters’ rights, which shares were cancelled and returned to the status of authorized and unissued shares. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 5 – SUBSEQUENT EVENTS The Company has evaluated subsequent events from the balance sheet date through the date the financial statements were issued and determined that there are no events requiring disclosure. |
Line of Credit _ Related Party
Line of Credit – Related Party (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Sep. 30, 2021 | |
Line of Credit – Related Party (Details) [Line Items] | ||
Aggregate principal amount | $ 6,344 | |
Outstanding balance amount | 6,344 | |
Accrued interest | 106 | |
Minimum [Member] | ||
Line of Credit – Related Party (Details) [Line Items] | ||
Principal amount | 7,000 | |
Maximum [Member] | ||
Line of Credit – Related Party (Details) [Line Items] | ||
Principal amount | $ 9,750 | |
Promissory Note Agreement [Member] | ||
Line of Credit – Related Party (Details) [Line Items] | ||
Bearing interest rate | 3.50% | |
Aggregate principal amount | $ 17,543 | |
Outstanding balance amount | 47,793 | $ 30,250 |
Accrued interest | 1,463 | $ 409 |
Promissory Note Agreement [Member] | Minimum [Member] | ||
Line of Credit – Related Party (Details) [Line Items] | ||
Principal amount | 40,000 | |
Promissory Note Agreement [Member] | Maximum [Member] | ||
Line of Credit – Related Party (Details) [Line Items] | ||
Principal amount | $ 55,200 |
Stockholder's Equity (Details)
Stockholder's Equity (Details) | 12 Months Ended |
Sep. 30, 2021 USD ($) shares | |
Stockholders' Equity Note [Abstract] | |
Repurchased of shares | shares | 1,429 |
Shareholder's exercise amount | $ | $ 500 |