# EDGAR Filing Document

**Accession Number:** 0000924396
**File Stem:** 0001641172-25-015826
**Filing Date:** 2025-6
**Character Count:** 112101
**Document Hash:** 936d4bd0d80ea02f52261d06511d91c2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001641172-25-015826.hdr.sgml**: 20250620

**ACCESSION NUMBER**: 0001641172-25-015826

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 60

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250620

**DATE AS OF CHANGE**: 20250620

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** OpenLocker Holdings, Inc.
- **CENTRAL INDEX KEY:** 0000924396
- **STANDARD INDUSTRIAL CLASSIFICATION:** FINANCE SERVICES [6199]
- **ORGANIZATION NAME:** 09 Crypto Assets
- **EIN:** 043021770
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-24520
- **FILM NUMBER:** 251061168

**BUSINESS ADDRESS:**
- **STREET 1:** 1700 PALM BEACH LAKES BLVD
- **STREET 2:** SUITE 820
- **CITY:** WEST PALM BEACH
- **STATE:** FL
- **ZIP:** 33401
- **BUSINESS PHONE:** 305-351-9195

**MAIL ADDRESS:**
- **STREET 1:** 1700 PALM BEACH LAKES BLVD
- **STREET 2:** SUITE 820
- **CITY:** WEST PALM BEACH
- **STATE:** FL
- **ZIP:** 33401

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Descrypto Holdings, Inc.
- **DATE OF NAME CHANGE:** 20220203

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** W Technologies, Inc.
- **DATE OF NAME CHANGE:** 20071130

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Winning Edge International, Inc.
- **DATE OF NAME CHANGE:** 20061030

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington D.C. 20549**

**FORM 10-Q**

☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the quarterly period ended <u>April 30, 2025</u>**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from __________ to ___________**

**Commission File Number <u>000-24520</u>**

**<u>OpenLocker Holdings, Inc.</u>**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Delaware** | **04-3021770** |
| (State or other jurisdiction<br> of incorporation or organization) | (I.R.S. Employer<br> Identification No.) |

---

---

| | |
|:---|:---|
| **1700 Palm Beach Lakes Blvd., Suite 820**<br> **West Palm Beach, FL** | **33401** |
| (Address of principal executive offices) | (Zip Code) |

---

**<u>(305) 351-9195</u>**

(Registrant's telephone number, including area code)

**<u>N/A</u>**

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| **N/A** | **N/A** | **N/A** |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☒ <br> Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of June 20, 2025, there were 529,359,775 shares of common stock, par value $0.0001, issued and outstanding.

**Table of Contents**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| **[Part I—Financial Information](#a_001)** | **[Part I—Financial Information](#a_001)** |  |
| Item 1. | [Financial Statements](#a_002) | 4 |
|  | [Consolidated Balance Sheets at April 30, 2025 (Unaudited) and July 31, 2024](#f_001) | 5 |
|  | [Consolidated Statements of Operations for the Nine Months Ended April 30, 2025 and 2024 (Unaudited)](#f_002) | 6 |
|  | [Consolidated Statements of Changes in Stockholders' Deficit for the Nine Months Ended April 30, 2025 and 2024 (Unaudited)](#f_003) | 7 |
|  | [Consolidated Statements of Cash Flows for the Nine Months Ended April 30, 2025 and 2024 (Unaudited)](#f_004) | 9 |
|  | [Notes to Unaudited Consolidated Financial Statements](#f_005) | 10 |
| Item 2. | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#a_003) | 25 |
| Item 3. | [Quantitative and Qualitative Disclosures About Market Risk](#a_004) | 32 |
| Item 4. | [Controls and Procedures](#a_005) | 32 |
| **[Part II—Other Information](#a_006)** | **[Part II—Other Information](#a_006)** |  |
| Item 1. | [Legal Proceedings](#a_007) | 33 |
| Item 1A. | [Risk Factors](#a_008) | 33 |
| Item 2. | [Unregistered Sales of Equity Securities and Use of Proceeds](#a_009) | 33 |
| Item 3. | [Defaults Upon Senior Securities](#a_010) | 34 |
| Item 4. | [Mine Safety Disclosures](#a_011) | 34 |
| Item 5. | [Other Information](#a_012) | 34 |
| Item 6. | [Exhibits](#a_013) | 34 |
|  | [Signatures](#a_014) | 35 |

---

**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This Quarterly Report includes "forward-looking statements" within the meaning of the federal securities laws that involve risks and uncertainties. Forward-looking statements include statements we make concerning our plans, objectives, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs and other information that is not historical information. When used in this quarterly report, the words "estimates," "expects," "anticipates," "projects," "forecasts," "plans," "intends," "believes," "foresees," "seeks," "likely," "may," "might," "will," "should," "goal," "target" or "intends" and variations of these words or similar expressions (or the negative versions of any such words) are intended to identify forward-looking statements. All forward-looking statements are based upon information available to us on the date of this Quarterly Report.

These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of our control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. These risks and uncertainties are discussed in the "Risk Factors" section of our Annual Report on Form 10-K for the year ended July 31, 2024, filed with the Securities and Exchange Commission on November 27, 2024, as the same may be updated from time to time.

All forward-looking statements attributable to us in this Quarterly Report apply only as of the date of this Quarterly Report and are expressly qualified in their entirety by the cautionary statements included in this Quarterly Report. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake no obligation to publicly update or revise forward-looking statements to reflect events or circumstances after the date made or to reflect the occurrence of unanticipated events, except as required by law.

**PART I—FINANCIAL INFORMATION**

**ITEM 1. FINANCIAL STATEMENTS**

**OpenLocker Holdings, Inc. and Subsidiaries**

---

| | |
|:---|:---|
|  | Page(s) |
| [Consolidated Balance Sheets](#f_001) | 5 |
| [Consolidated Statements of Operations](#f_002) | 6 |
| [Consolidated Statements of Changes in Stockholders' Deficit](#f_003) | 7 - 8 |
| [Consolidated Statements of Cash Flows](#f_004) | 9 |
| [Notes to the Unaudited Consolidated Financial Statements](#f_005) | 10 - 24 |

---

**OpenLocker Holdings, Inc. and Subsidiaries**

**Consolidated Balance Sheets**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** | **July 31, 2024** |
| **<u>Assets</u>** |  |  |
| **Current Assets** |  |  |
| Cash | $5216 | $4770 |
| **Total Assets** | $5216 | $4770 |
| **<u>Liabilities and Stockholders' Deficit</u>** |  |  |
| **Current Liabilities** |  |  |
| Accounts payable and accrued expenses | $101496 | $155519 |
| Accounts payable and accrued expenses - related parties | 574 | 9432 |
| Notes payable - net |  | 222863 |
| Notes payable - related parties | - | 80000 |
| **Total Liabilities** | 102070 | 467814 |
| **Commitments and Contingencies** |  |  |
| **Stockholders' Deficit** |  |  |
| Series A, convertible preferred stock - $0.0001 par value, 200,000 shares authorized, zero and 58,415 shares issued and outstanding, respectively. |  | 5 |
| Common stock - $0.0001 par value, 10,000,000,000 shares authorized, 529,359,775 and 41,942,924 shares issued and outstanding, respectively | 52936 | 4194 |
| Additional paid-in capital | 11215336 | 10445040 |
| Accumulated deficit | (11365126) | (10912283) |
| **Total Stockholders' Deficit** | (96854) | (463044) |
| **Total Liabilities and Stockholders' Deficit** | $5216 | $4770 |

---

The accompanying notes are an integral part of these unaudited consolidated financial statements.

**OpenLocker Holdings, Inc. and Subsidiaries**

**Consolidated Statements of Operations**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended**<br> **April 30,** | **For the Three Months Ended**<br> **April 30,** | **For the Nine Months Ended**<br> **April 30,** | **For the Nine Months Ended**<br> **April 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Revenues** |  |  |  |  |
| Collectibles | $- | $4338 | $126 | $10598 |
| Sponsorships | - | 15000 | - | 25050 |
| **Total revenues** |  | 19338 | 126 | 35648 |
| **Cost of goods sold** | - | - | - | 1508 |
| **Gross profit** |  | 19338 | 126 | 34140 |
| **Operating expenses** |  |  |  |  |
| Software development | 313 | (290) | 4917 | 16900 |
| General and administrative expenses | 79564 | 51217 | 355926 | 636162 |
| **Total operating expenses** | 79877 | 50927 | 360843 | 653062 |
| **Loss from operations** | (79877) | (31589) | (360717) | (618922) |
| **Other income (expenses)** |  |  |  |  |
| Amortization of debt discount | (3333) | (17557) | (27137) | (23030) |
| Loss on conversion of debt | (87500) |  | (87500) |  |
| Gain on settlement of debt | 63745 |  | 63745 |  |
| Other income | 1000 |  | 1000 |  |
| Interest expense | (11729) | (4089) | (42234) | (24261) |
| **Total other expenses** | (37817) | (21646) | (92126) | (47291) |
| **Net loss** | $(117694) | $(53235) | $(452843) | $(666213) |
| **Loss per share - basic and diluted** | $(0.00) | $(0.00) | $(0.01) | $(0.02) |
| **Weighted average number of shares outstanding - basic and diluted** | 168074332 | 41652206 | 83661909 | 41519982 |

---

The accompanying notes are an integral part of these unaudited consolidated financial statements.

**OpenLocker Holdings, Inc. and Subsidiaries**

**Consolidated Statements of Changes in Stockholders' Deficit**

**For the Three and Nine Months Ended April 30, 2025 and 2024**

**(Unaudited)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Series A, Preferred Stock** | **Series A, Preferred Stock** | **Common Stock** | **Common Stock** | | | |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Additional**<br> **Paid-in**<br>**Capital** | **Accumulated**<br>**Deficit** | **Total**<br> **Stockholders'**<br>**Deficit** |
| **July 31, 2024** | **58415** | $**5** | **41942924** | $**4194** | $**10445040** | $**(10912283)** | $**(463044)** |
| Net loss | - | - | - | - | - | (53253) | (53253) |
| **October 31, 2024** | **58415** | **5** | **41942924** | **4194** | **10445040** | **(10965536)** | **(516297)** |
| Stock issued for services |  |  | 1500000 | 150 | 224850 |  | 225000 |
| Stock issued for cash - common stock |  |  | 500000 | 50 | 49950 |  | 50000 |
| Net loss | - | - | - | - | - | (281896) | (281896) |
| **January 31, 2025** | **58415** | $**5** | **43942924** | $**4394** | $**10719840** | $**(11247432)** | $**(523193)** |
| Stock issued for cash - common stock |  |  | 426501851 | 42650 | 357350 |  | 400000 |
| Conversion of notes payable |  |  | 500000 | 50 | 37450 |  | 37500 |
| Conversion of preferred stock to common stock | (58415) | (5) | 58415000 | 5842 | (5837) |  |  |
| Gain on forgiveness of related party payables |  |  |  |  | 19033 |  | 19033 |
| Loss on conversion of notes payable |  |  |  |  | 87500 |  | 87500 |
| Net loss | - | - | - | - | - | (117694) | (117694) |
| **April 30, 2025** | **-** | $**-** | **529359775** | $**52936** | $**11215336** | $**(11365126)** | $**(96854)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Series A, Preferred Stock** | **Series A, Preferred Stock** | **Common Stock** | **Common Stock** | | | |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Additional**<br> **Paid-in**<br>**Capital** | **Accumulated**<br>**Deficit** | **Total**<br> **Stockholders'**<br>**Deficit** |
| **July 31, 2023** | **58415** | $**5** | **40675006** | $**4071** | $**10032335** | $**(10134087)** | $**(97676)** |
| Stock issued for services |  |  | 704644 | 71 | 202608 |  | 202679 |
| Recognition of stock-based compensation |  |  |  |  | 83583 |  | 83583 |
| Net loss | - | - | - | - | - | (471973) | (471973) |
| **October 31, 2023** | 58415 | 5 | 41379650 | 4142 | 10318526 | (10606060) | (283387) |
| Par value true up adjustment |  |  |  | (5) | 5 |  |  |
| Stock issued as debt discount |  |  | 225000 | 23 | 46867 |  | 46890 |
| Net loss | - | - | - | - | - | (141005) | (141005) |
| **January 31, 2024** | **58415** | $**5** | **41604650** | $**4160** | $**10365398** | $**(10747065)** | $**(377502)** |
| Stock issued for services |  |  | 30000 | 3 | 9897 |  | 9900 |
| Stock issued as debt discount |  |  | 100000 | 10 | 19990 |  | 20000 |
| Net loss | - | - | - | - | - | (53235) | (53235) |
| **April 30, 2024** | **58415** | $**5** | **41734650** | $**4173** | $**10395285** | $**(10800300)** | $**(400837)** |

---

The accompanying notes are an integral part of these unaudited consolidated financial statements.

**OpenLocker Holdings, Inc. and Subsidiaries**

**Consolidated Statements of Cash Flows**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **For the Nine Months Ended April 30,** | **For the Nine Months Ended April 30,** |
|  | **2025** | **2024** |
| **Operating activities** |  |  |
| Net loss | $(452843) | $(666213) |
| Adjustments to reconcile net loss to net cash used in operations |  |  |
| &nbsp;&nbsp;&nbsp;Amortization - website |  | 2376 |
| &nbsp;&nbsp;&nbsp;Amortization of operating lease right-of-use asset - related party |  | 278 |
| &nbsp;&nbsp;&nbsp;Amortization of debt discount | 27137 | 23030 |
| &nbsp;&nbsp;&nbsp;Gain on forgiveness of debt | (63745) |  |
| &nbsp;&nbsp;&nbsp;Loss on conversion of notes payable | 87500 |  |
| &nbsp;&nbsp;&nbsp;Recognition of stock-based compensation |  | 83583 |
| &nbsp;&nbsp;&nbsp;Stock issued for services | 225000 | 212579 |
| Changes in operating assets and liabilities |  |  |
| &nbsp;&nbsp;&nbsp;(Increase) decrease in |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable |  | 8000 |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 9722 | 12199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses - related parties | 10175 | 6133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue |  | (10050) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liability - related party | - | (498) |
| **Net cash used in operating activities** | (157054) | (328583) |
| **Financing activities** |  |  |
| Proceeds from issuance of notes payable |  | 250000 |
| Proceeds from issuance of notes payable - related parties |  | 80000 |
| Proceeds from the sale of common stock | 450000 |  |
| Repayment of notes payable | (212500) |  |
| Conversion of notes payable to common stock | (80000) | - |
| **Net cash provided by financing activities** | 157500 | 330000 |
| **Net decrease in cash** | 446 | 1417 |
| **Cash - beginning of period** | 4770 | 15539 |
| **Cash - end of period** | $5216 | $16956 |
| **Supplemental disclosure of cash flow information** |  |  |
| Cash paid for interest | $- | $4182 |
| Cash paid for taxes | $- | $- |
| **Supplemental disclosure of non-cash investing and financing activities** |  |  |
| Stock issued as debt discount | $- | $66890 |
| Conversion of notes payable to common stock | $37500 | $- |
| Conversion of preferred stock tpo common stock | $5842 | $- |
| Forgiveness of debt – related party | $19033 | $- |

---

The accompanying notes are an integral part of these unaudited consolidated financial statements.

**OPENLOCKER HOLDINGS, INC. AND SUBSIDIARIES**

**NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS**

**APRIL 30, 2025**

**<u>NOTE 1 – ORGANIZATION AND BUSINESS</u>**

**Organization and Nature of Operations**

OpenLocker Holdings, Inc. and its subsidiaries OpenLocker, Inc. (collectively "OpenLocker," "OL," "we," "us," "our" or the "Company") is dedicated to offering marketing solutions for collegiate and professional sports organizations and athletes to deepen fan engagement through innovative collectibles, membership rewards, exclusive events and experiences. The OpenLocker mission is to empower athletes by monetizing their Name, Image and Likeness ("NIL") with autographed collectibles, meaningful fan experiences and partnerships with local merchants, regional and national brands. OpenLocker has fan communities at the University of Florida (Gataverse), Florida Atlantic University (PowerOwls Club) and Radford University (RowdyRedz) and is focusing on building club membership rewards programs. By partnering with local businesses as well as regional and national brands who can offer perks and rewards to community members, OpenLocker is able to create demand and further engage fans and the local community.

On April 9, 2025, the Company entered into a Stock Purchase Agreement with five purchasers (the "Buyers"), pursuant to which the Company agreed to issue and sell to the Buyers a total of 426,501,851 shares of common stock for a total purchase price of $400,000. The shares issued to the Buyers pursuant to the Purchase Agreement constitute 80% of the shares of common stock of the Company outstanding on a fully diluted basis immediately following the closing. As a condition to closing, the parties agreed that all persons who were holders of 5% or more of the Company's common stock immediately prior the closing must enter into a lock-up agreement with the Company, pursuant to which such persons agreed that they will not sell or transfer (subject to certain customary exceptions) any shares of the Company's common stock for a period of 12 months following the closing. In addition, at the closing, (i) Laura Anthony resigned from her positions as a director and officer of the Company, (ii) Howard Gostfrand and Brian Klatsky resigned from their positions as officers of the Company, and (iii) Renger van den Heuvel was appointed as the Chief Executive Officer of the Company and as a member of the Company's Board of Directors.

**<u>NOTE 2 – GOING CONCERN</u>**

These unaudited consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business.

As reflected in the accompanying unaudited consolidated financial statements, for the nine months ended April 30, 2025, the Company had:

● Net loss of $452,843 ; and

● Net cash used in operations
 of $157,054

Additionally, at April 30, 2025, the Company had:

● Accumulated deficit of
 $11,365,126

● Stockholders' deficit
 of $96,854 ; and

● Working capital deficit
 of $96,854

We manage liquidity risk by reviewing, on an ongoing basis, our sources of liquidity and capital requirements. The Company had cash on hand of $5,216 at April 30, 2025. Although the Company intends to raise additional debt or equity capital, the Company expects to continue to incur significant losses from operations and have negative cash flows from operating activities for the near-term. These losses could be significant as operations ramp up along with continuing expenses related to compensation, professional fees, and regulatory are incurred.

The Company has incurred significant losses since its inception and has not demonstrated an ability to generate sufficient revenues to achieve profitable operations. There can be no assurance that profitable operations will ever be achieved, or if achieved, could be sustained on a continuing basis. In making this assessment we performed a comprehensive analysis of our current circumstances including: our financial position, our cash flows and cash usage forecasts for the twelve months ended April 30, 2026, and our current capital structure including equity-based instruments and our obligations and debts.

The Company has satisfied its obligations from the issuance of common stock and notes payable; however, there is no assurance that such successful efforts will continue during the twelve months subsequent to the date these unaudited consolidated financial statements are issued.

If the Company does not obtain additional capital (debt and/or equity based financing), the Company will be required to reduce the scope of its business development activities or cease operations. The Company continues to explore obtaining additional capital financing and the Company is closely monitoring its cash balances, cash needs, and expense levels. In addition, the Company and its new management team is committed to acquiring revenue-generating entities, and executing on its newly evolving business plan, that is anticipated to contribute to future profitability.

These factors create substantial doubt about the Company's ability to continue as a going concern within the twelve-month period subsequent to the date that these unaudited consolidated financial statements are issued. The unaudited consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. Accordingly, the unaudited consolidated financial statements have been prepared on a basis that assumes the Company will continue as a going concern and which contemplates the realization of assets and satisfaction of liabilities and commitments in the ordinary course of business.

Management's strategic plans include the following:

● Pursuing additional capital
 raising opportunities;

● Continuing to explore and
 execute prospective partnering or distribution opportunities;

● Identifying strategic acquisitions;
 and

● Identifying unique market
 opportunities that represent potential positive short-term cash flow.

**<u>NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</u>**

Basis of Presentation

The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial statements ("U.S. GAAP") and with the instructions to Form 10-Q and Article 8 of Regulation S-X of the United States Securities and Exchange Commission ("SEC"). Accordingly, they do not contain all information and footnotes required by accounting principles generally accepted in the United States of America for annual financial statements.

In the opinion of the Company's management, the accompanying unaudited consolidated financial statements contain all of the adjustments necessary (consisting only of normal recurring accruals) to present the financial position of the Company as of April 30, 2025, and the results of operations and cash flows for the periods presented. The results of operations for the nine months ended April 30, 2025, are not necessarily indicative of the operating results for the full fiscal year or any future period.

These unaudited consolidated financial statements should be read in conjunction with the financial statements and related notes thereto included in the Company's Annual Report on Form 10-K for the year ended July 31, 2024, filed with the SEC on November 27, 2024.

Management acknowledges its responsibility for the preparation of the accompanying unaudited consolidated financial statements which reflect all adjustments, consisting of normal recurring adjustments, considered necessary in its opinion for a fair statement of its consolidated financial position and the cons

Use of Estimates

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date the consolidated financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Principles of Consolidation

The consolidated financial statements have been prepared in accordance with GAAP. The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated.

Business Combinations

The Company accounts for business combinations using the acquisition method in accordance with the Financial Accounting Standards Board's (the "FASB") Accounting Standards Codification ("ASC") 805, Business Combinations which requires recognition of assets acquired and liabilities assumed, including contingent assets and liabilities, at their respective fair values on the date of acquisition.

Cash and Cash Equivalents

The Company accounts for cash and cash equivalents under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 305, "*Cash and Cash Equivalents,*" and considers all highly liquid investments with an original maturity of three months or less to be cash equivalents.

The Company is exposed to credit risk on its cash and cash equivalents in the event of default by the financial institutions to the extent account balances exceed the amount insured by the FDIC, which is $250,000. At April 30, 2025 and July 31, 2024, the Company did not experience any losses on cash balances in excess of FDIC insured limits.

Advertising Costs

Advertising costs are expensed as incurred. Advertising costs are included as a component of general and administrative expense in the unaudited consolidated statements of operations.

For the nine months ended April 30, 2025 and 2024, the Company incurred marketing and advertising costs of $821 and $68,898, respectively.

Revenue Recognition

The Company records transactions in accordance with ASU 2014-09, *"Revenue from Contracts with Customers"* and all subsequent amendments to the ASU (collectively, "ASC 606"). In accordance with ASC 606, revenues are recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services.

OpenLocker generates revenue from two main sources; (1) our collectibles, and (2) sponsorship revenues. Our performance obligations are complete at a point in time related to the transfer of a digital access pass or sale of a sponsorship to its customer (final or ultimate end-user purchaser/collector). Currently, all revenue streams contain a single performance obligation. There are no penalties for contract termination by either party.

The following represents the Company's disaggregation of revenues for the nine months ended April 30, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Nine Months Ended April 30,** | **Nine Months Ended April 30,** | **Nine Months Ended April 30,** | **Nine Months Ended April 30,** |
| | **2025** | **2025** | **2024** | **2024** |
| <br>**Revenues** | **Revenue** | **% of Revenues** | **Revenue** | **% of Revenues** |
| Collectibles | $126 | 100% | $10598 | 30% |
| Sponsorship | - | 0% | 25050 | 70% |
| Total Revenues | $126 | 100% | $35648 | 100% |

---

*Collectibles*

All payments are received from third-party payment processing providers. The Company receives payments from sales on its primary marketplace (Shopify site) as well as two other sources. Each of these sources of payment relate to the completion of a single performance obligation completed at a point in time, which occurs upon the transfer of a digital access pass and where no further performance obligations are required. At the point of sale, the Company grants all rights in the intellectual property to the customer.

Payments from customers (all paid in cash) are received as follows:

● Shopify payouts from credit/debit cards transactions typically occur 2-3 days after date of sale; and

● PayPal payments are received same day

Shipping fees collected from customers for physical collectibles are included with revenues received from Shopify payouts. Prior to the product shipping, any amounts received in advance are accounted for as contract liabilities (deferred revenue).

The Company controls the collectibles via digital access pass prior to a sale and acts as the principal in these transactions.

*Sponsorships*

The Company generates revenues from sponsorship arrangements, in which the customer sponsors an athlete, event or sports team. In exchange for the sponsorship, the customer receives specified brand recognition and other benefits over a set period of time and will recognize revenue on a straight-line basis over the time period specified in the contract. Related performance obligations for sponsorship arrangements are recognized ratably over this period of time.

The excess of amounts contractually due over the amounts of sponsorship revenue recognized are included on the unaudited consolidated balance sheets as contract liabilities (deferred revenues). Contractually due, unpaid sponsorship revenue is included in accounts receivable on the unaudited consolidated balance sheets.

At April 30, 2025 and July 31, 2024, the Company had contract liabilities of $0 and $0, respectively.

For the nine months ended April 30, 2025 and 2024, the Company recognized $0 and $25,050 of sponsorship revenues from zero and one customer, respectively.

Cost of Goods Sold

Cost of goods sold primarily are comprised primarily of web development and graphic design costs.

Software Development Costs

Internal-use software development costs are accounted for in accordance with ASC 350-40, *"Internal-Use Software"*. The costs incurred in the preliminary stages of development are expensed as research and development costs as incurred.

Once an application has reached the development stage, internal and external costs incurred to develop internal-use software are capitalized and amortized on a straight-line basis over the estimated useful life of the software (typically three to five years).

Maintenance and enhancement costs, including those costs in the post-implementation stages, are typically expensed as incurred, unless such costs relate to substantial upgrades and enhancements to the software that result in added functionality, in which case the costs are capitalized and amortized on a straight-line basis over the estimated useful life of the software.

The Company reviews the carrying value for impairment whenever facts and circumstances exist that would suggest that assets might be impaired or that the useful lives should be modified. Amortization expense related to capitalized internal-use software development costs will be included in cost of goods sold in the statements of operations.

For the nine months ended April 30, 2025 and 2024, the Company incurred software development costs of $4,917 and $16,900, respectively.

Segment Reporting

Operating segments are components of an enterprise about which separate financial information is available and is evaluated regularly by management, namely the Chief Operating Decision Maker ("CODM") of an organization, in order to determine operating and resource allocation decisions. By this definition, the Company has identified its Chief Executive Officer as the CODM. The CODM has identified the Company as managing its business as a single operating segment.

Income Taxes and Valuation Allowance

The Company accounts for income taxes under ASC 740, "*Income Taxes"*. Under the asset and liability method of ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period the enactment occurs. A valuation allowance is provided for certain deferred tax assets if it is more likely than not that the Company will not realize tax assets through future operations. All of the Company's deferred tax assets were offset by a full valuation allowance at July 31, 2024.

Financial Instruments

ASC 820, *"Fair Value Measurements and Disclosures,"* defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity's own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3).

The three levels of the fair value hierarchy are described below:

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| | |
|:---|:---|
| Level 1 - | Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. |
| Level 2 - | Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means. |
| Level 3 - | Inputs that are both significant to the fair value measurement and unobservable. |

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Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of March 31, 2025. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values due to the short-term nature of these instruments.

Although the Company believes that the recorded fair value of our financial instruments is appropriate, these fair values may not be indicative of net realizable value or reflective of future fair values.

The Company's financial instruments, including cash, accounts payable and accrued expenses, accounts payable and accrued expenses – related parties, notes payable and notes payable – related parties are carried at historical cost. At April 30, 2025 and July 31, 2024, respectively, the carrying amounts of these instruments approximated their fair values because of the short-term nature of these instruments.

ASC 825-10 *"Financial Instruments"* allows entities to voluntarily choose to measure certain financial assets and liabilities at fair value ("fair value option"). The fair value option may be elected on an instrument-by-instrument basis and is irrevocable unless a new election date occurs. If the fair value option is elected for an instrument, unrealized gains and losses for that instrument should be reported in earnings at each subsequent reporting date. The Company did not elect to apply the fair value option to any outstanding financial instruments.

The Company is exposed to credit risk on its cash and cash equivalents in the event of default by the financial institutions to the extent account balances exceed the amount insured by the FDIC, which is $250,000. At April 30, 2025 and July 31, 2024, the Company did not experience any losses on cash balances in excess of FDIC insured limits.

Related Parties

The Company follows ASC 850-10, *"Related Party Disclosures,"* for the identification of related parties and disclosure of related party transactions. The Company leases office space from an entity that is controlled by the CEO and Director of the Company. In addition this related party has provided working capital to the Company on the line of credit facility it has extended to the Company.

Pursuant to ASC 850-10-20, related parties include: a) affiliates of the Company; b) principal owners of the Company; c) management of the Company; d) other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and e) other parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests.

Material related party transactions are required to be disclosed in the consolidated financial statements, other than compensation arrangements, expense allowances, and other similar items in the ordinary course of business. However, disclosure of transactions that are eliminated in the preparation of consolidated or combined financial statements is not required in those statements. The disclosures shall include: a) the nature of the relationship(s) involved; b) a description of the transactions, including transactions to which no amounts or nominal amounts were ascribed, for each of the periods for which statements of operation are presented, and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements; c) the dollar amounts of transactions for each of the periods for which statements of operations are presented and the effects of any change in the method of establishing the terms from that used in the preceding period; and d) amounts due from or to related parties as of the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement.

See Note 5.

Property and Equipment

Property and equipment is stated at cost less accumulated depreciation. Depreciation is provided on the straight-line basis over the estimated useful lives of the assets.

Expenditures for repair and maintenance which do not materially extend the useful lives of property and equipment are charged to operations. When property or equipment is sold or otherwise disposed of, the cost and related accumulated depreciation are removed from the respective accounts with the resulting gain or loss reflected in operations.

Management reviews the carrying value of its property and equipment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable.

There were no impairments recorded during the three and nine months ended April 30, 2025 and 2024, respectively.

Goodwill

In financial reporting, goodwill is not amortized, but is tested for impairment annually (each July 31) or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Events that result in an impairment review include significant changes in the business climate, declines in our operating results, or an expectation that the carrying amount may not be recoverable. We assess potential impairment by considering present economic conditions as well as future expectations. All assessments of goodwill impairment are conducted at the individual reporting unit level.

The Company uses qualitative factors according to ASC 350-20-35-3 to determine whether it is more likely than not that the fair value of goodwill is less than its carrying amount.

There were no impairment losses recorded during the three and nine months ended April 30, 2025 and 2024, respectively.

Intangible Assets

Definite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives. Indefinite-lived intangible assets are reviewed for impairment annually. The Company reviews definite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.

There were no impairment losses recorded during the three and nine months ended April 30, 2025 and 2024, respectively.

Long-lived Assets

Management evaluates the recoverability of the Company's identifiable intangible assets and other long-lived assets when events or circumstances indicate a potential impairment exists, in accordance with the provisions of ASC 360-10-35-15 *"Impairment or Disposal of Long-Lived Assets."*

If impairment is indicated based on a comparison of the assets' carrying values and the undiscounted cash flows, the impairment to be recognized is measured as the amount by which the carrying amount of the assets exceeds the fair value of the assets.

There were no impairments recorded during the three and nine months ended April 30, 2025 and 2024.

Original Issue Discount/Debt Discount

For certain notes issued, the Company may provide the debt holder with an original issue discount or issue shares of common stock classified as a debt discount. These discounts reduce the face amount of the note and are amortized to interest expense over the life of the debt, in the Unaudited Consolidated Statements of Operations.

Debt Issue Cost

Debt issuance cost paid to lenders, or third parties are recorded as debt discounts and amortized to interest expense over the life of the underlying debt instrument, in the Unaudited Consolidated Statements of Operations.

Leases

In February 2016, the FASB issued Accounting Standards Update ("ASU") 2016-02, *"Leases"* Topic 842, which amends the guidance in former ASC Topic 840, Leases ("ASC 840"). The new standard increases transparency and comparability most significantly by requiring the recognition by lessees of right-of-use ("ROU") assets and lease liabilities on the balance sheet for all leases longer than 12 months. Under the standard, disclosures are required to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. For lessees, leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement, over the expected term on a straight-line basis. We determine if an arrangement is a lease at inception. The Company recognizes ROU assets and lease liabilities for leases with terms greater than 12 months or leases that contain a purchase option that is reasonably certain to be exercised. Leases are classified as either finance or operating leases. This classification dictates whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. Operating leases are included in operating lease ROU assets and operating lease liabilities on our consolidated balance sheets. Finance leases are included in finance lease assets, current finance lease liabilities, and long-term finance lease liabilities on our consolidated balance sheets.

The Company's ROU assets and lease liabilities are recognized on the lease commencement date in an amount that represents the present value of future lease payments over the lease term. The Company utilizes its collateralized incremental borrowing rate commensurate to the lease term as the discount rate for its leases unless the Company can specifically determine the lessor s implicit rate. Certain lease contracts contain non-lease components such as maintenance and utilities. The Company has made a policy election to not separate the lease and non-lease components, and thus recognize a single lease component for all of its right-of-use assets and liabilities.

In evaluating contracts to determine if they qualify as a lease, the Company considers factors such as if it has obtained substantially all of the rights to the underlying asset through exclusivity, if the Company can direct the use of the asset by making decisions about how and for what purpose the asset will be used and if the lessor has substantive substitution rights. Furthermore, the Company assesses whether it is reasonably certain to exercise options to extend or terminate a lease considering all relevant factors that create economic incentive to exercise such options, including asset, contract, market, and entity-based factors. These evaluations may require significant judgment.

See Note 9.

Stock-Based Compensation

FASB ASC 718 *"Compensation – Stock Compensation,"* prescribes accounting and reporting standards for all stock-based payments award to employees, including employee stock options, restricted stock, employee stock purchase plans and stock appreciation rights, may be classified as either equity or liabilities. The Company determines if a present obligation to settle the share-based payment transaction in cash or other assets exists. A present obligation to settle in cash or other assets exists if: (a) the option to settle by issuing equity instruments lacks commercial substance or (b) the present obligation is implied because of an entity's past practices or stated policies. If a present obligation exists, the transaction should be recognized as a liability; otherwise, the transaction should be recognized as equity.

The Company accounts for stock-based compensation issued to non-employees and consultants in accordance with the provisions of FASB ASC 505-50 "*Equity – Based Payments to Non-Employees*." Measurement of share-based payment transactions with non-employees is based on the fair value of whichever is more reliably measurable: (a) the goods or services received; or (b) the equity instruments issued. The fair value of the share-based payment transaction is determined at the earlier of performance commitment date or performance completion date.

Stock Warrants

In connection with certain financing (debt or equity), consulting and collaboration arrangements, the Company may issue warrants to purchase shares of its common stock. The outstanding warrants are standalone instruments that are not puttable or mandatorily redeemable by the holder and are classified as equity awards.

The Company measures the fair value of warrants issued for compensation using the Black-Scholes option pricing model as of the measurement date. However, for warrants issued that meet the definition of a derivative liability, fair value is determined based upon the use of a binomial pricing model.

Warrants issued in conjunction with the issuance of common stock are initially recorded at fair value as a reduction in additional paid-in capital of the common stock issued. All other warrants (for services) are recorded at fair value and expensed over the requisite service period or at the date of issuance if there is not a service period.

Earnings (Loss) per Share

Pursuant to ASC 260-10-45, basic earnings (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding for the periods presented.

Diluted earnings per share is computed by dividing net income by the weighted average number of shares of common stock, common stock equivalents and potentially dilutive securities outstanding during the period. Potentially dilutive common shares may consist of common stock issuable for stock options and warrants (using the treasury stock method), convertible notes and common stock issuable. These common stock equivalents may be dilutive in the future. In the event of a net loss, diluted loss per share is the same as basic loss per share since the effect of the potential common stock equivalents upon conversion would be anti-dilutive.

For the nine months ended April 30, 2025 and 2024, the Company had the following potentially dilutive equity securities:

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| | | |
|:---|:---|:---|
|  | **April 30, 2025** | **April 30, 2024** |
| Series A, convertible preferred stock (1 to 1,000 into common stock) |  | 58415000 |
| Stock options (exercise prices $0.12 - $0.70/share) | 2342539 | 2342539 |
| Warrants (exercise price $1/share) | 1425000 | 1425000 |
| Total common stock equivalents | 3767539 | 62182539 |

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Recently Issued Accounting Pronouncements

We have reviewed the FASB issued ASU accounting pronouncements and interpretations thereof that have effectiveness dates during the periods reported and in future periods. The Company has carefully considered the new pronouncements that alter previous generally accepted accounting principles and does not believe that any new or modified principles will have a material impact on the corporation's reported financial position or operations in the near term. The applicability of any standard is subject to the formal review of our financial management and certain standards are under consideration. ASU 2022-02 – Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures

In March 2022, the FASB issued ASU 2022-02, which:

● Eliminates the troubled debt restructuring (TDR) model for creditors under ASC 310, "Receivables."

● Requires enhanced vintage disclosures related to credit losses, including gross write-offs by year of origination.

● Updates the accounting guidance under ASC 326, "Financial Instruments – Credit Losses," to enhance disclosures regarding loan refinancings and restructurings for borrowers experiencing financial difficulty.

The Company adopted ASU 2022-02 on January 1, 2023. The adoption did not have a material impact on the Company's consolidated financial statements.

ASU 2023-07 – Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures

In November 2023, the FASB issued ASU 2023-07, which enhances disclosure requirements for reportable segments by:

● Requiring enhanced disclosures of significant segment expenses.

● Aligning segment reporting requirements with information regularly reviewed by management.

The Company adopted ASU 2023-07 on January 1, 2024. The adoption did not have a material impact on the Company's consolidated financial statements.

*Recently Issued Accounting Standards Not Yet Adopted*

ASU 2023-09 – Income Taxes (Topic 740): Improvements to Income Tax Disclosures

In December 2023, the FASB issued ASU 2023-09, which enhances income tax disclosure requirements by:

● Standardizing and disaggregating rate reconciliation categories.

● Requiring disclosure of income taxes paid by jurisdiction.

This ASU is effective for annual periods beginning after December 15, 2024, and may be applied on a prospective or retrospective basis. Early adoption is permitted.

The Company is currently assessing the impact of ASU 2023-09 on its income tax disclosures and reporting requirements.

*Other Accounting Standards Updates*

The FASB has issued various technical corrections and industry-specific updates that are not expected to have a material impact on the Company's consolidated financial position, results of operations, or cash flows.

**<u>NOTE 4 – NOTES PAYABLE</u>**

The following represents a summary of the Company's notes payable at April 30, 2025 and July 31, 2024:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Issue Date**<br> **Date** | <br>**Maturity**<br> **Date** |<br>**Interest**<br> **Rate** | **Default**<br>**Interest Rate** | <br>**Collateral** |<br>**April 30, 2025** |<br>**July 31, 2024** | |
| August 2023 | August 2024 | 10% | 20% | Unsecured | $- | $150000 |  |
| November 2023 | November 2024 | 10% | 20% | Unsecured |  | 50000 | **1** |
| December 2023 | December 2024 | 10% | 20% | Unsecured |  | 25000 | **2** |
| April 2024 | April 2025 | 10% | 20% | Unsecured | - | 25000 | **3** |
|  |  |  |  |  |  | 250000 |  |
|  |  |  |  | Less: unamortized debt discount | - | (27137) |  |
|  |  |  |  | Notes payable - net | $- | $222863 |  |

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| | |
|:---|:---|
| **1** | - In connection with the issuance of this $50,000 note, the Company also issued 100,000 shares of common stock. The issuance of the common stock was considered a debt discount. The fair value of the common stock was $21,890, based upon the quoted trading price ($0.2189/share) and is being amortized over the life of the note. |

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| | |
|:---|:---|
| **2** | - In connection with the issuance of this $25,000 note, the Company also issued 125,000 shares of common stock. The issuance of the common stock was considered a debt discount. The fair value of the common stock was $25,000, based upon the quoted trading price ($0.20/share) and is being amortized over the life of the note. |

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| | |
|:---|:---|
| **3** | - In connection with the issuance of this $25,000 note, the Company also issued 100,000 shares of common stock. The issuance of the common stock was considered a debt discount. The fair value of the common stock was $20,000, based upon the quoted trading price ($0.20/share) and is being amortized over the life of the note. |

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Pursuant to the agreement associated with the transition to current management on April 9, 2025, the Company repaid $212,500 of the principal in settlement of the notes above. In connection with the settlement agreements, the holders agreed to forgive all interest accrued on the notes totaling $49,995. Also in connection with the settlement of the notes, $37,500 in principal was converted into 500,000 shares common stock of the Company. As the notes were not previously convertible, the Company evaluated the conversion for gain/loss and determined that there was a loss due to the conversion based on the quoted closing price on the date of settlement in the amount of $87,500 which is recorded as other expense on the income statement

Interest expense on the notes for the three- and nine-months ended April 30, 2025, was recognized in the amount of $10,171 and $29,597, respectively.

See Note 6.

**<u>NOTE 5 – NOTES PAYABLE – RELATED PARTIES</u>**

The following represents a summary of the Company's notes payable – related parties at April 30, 2025 and July 31, 2024:

**** 

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Issue Date**<br> **Date** | <br>**Maturity**<br> **Date** |<br>**Interest**<br> **Rate** | **Default**<br>**Interest**<br> **Rate** |<br>**Collateral** | <br>**Related Party** |<br>**April 30, 2025** |<br>**July 31, 2024** |
| August 2023 | August 2024 | 10% | 20% | Unsecured | Chief Executive Officer/Director | $- | $40000 |
| August 2023 | August 2024 | 10% | 20% | Unsecured | President/Director | - | 40000 |
|  |  |  |  |  |  | $- | $80000 |

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The Company had the following activity related to its note payable – related parties during the nine months ended April 30, 2025:

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| | |
|:---|:---|
| Balance - July 31, 2023 | $80000 |
| No activity | - |
| Balance - July 31, 2024 | 80000 |
| Activity – note repayments | (80000) |
| Balance – April 30, 2025 | $- |

---

Pursuant to the agreement associated with the transition to current management on April 9, 2025, the Company repaid $80,000 in settlement of the notes payable due to related parties. As part of the settlement agreement, the holders of the notes payable due to related parties agreed to forgive all accrued interest in connection with these notes. As the forgiveness of the accrued interest was a related party transaction, the gain of $19,033, was recorded in additional-paid-in-capital.

Interest expense on related party notes for the three- and nine-months ended April 30, 2025, was recognized in the amount of $2,992 and $11,035, respectively.

**<u>NOTE 6 – STOCKHOLDERS' DEFICIT</u>**

The Company has two (2) classes of stock at April 30, 2025 and July 31, 2024:

**Class A Common Stock** 

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| |
|:---|
| 10,000,000,000 shares authorized |
| 529,359,775 and 41,942,924 issued and outstanding, respectively |
| Par value - $0.0001 |
| Voting at 1 vote per share |

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**Series A, Convertible Preferred Stock**

---

| |
|:---|
| 200,000 shares authorized |
| Zero (0) and 58,415 issued and outstanding, respectively |
| Par value - $0.0001 |
| Conversion ratio – 1 share of Series A converts into 1,000 shares of common stock (zero and 58,415,000 shares, respectively) |
| Voting on an if converted basis of 1,000 votes per share |
| Eligible for dividends/distributions if declared by the Board of Directors |
| Liquidation preference – none |

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**<u>Equity Transactions for the Nine Months Ended April 30, 2025</u>**

**Stock Issued for Cash**

On November 13, 2024, the Company sold 500,000 shares of common stock for $50,000 ($0.10/share)

On April, 9, 2025, pursuant to the agreement associated with the transition to current management, the Company issued and sold 426,501,851 common shares for $400,000 ($0.00094/share).

On April 9, 2025, pursuant to the agreement associated with the transition to current management, the Company issued 500,000 common shares to settle $37,500 ($0.075/share) of notes payable.

**Stock Issued for Services** 

On November 13, 2024, the Company issued 1,500,000 shares of common stock for services rendered having a fair value of $225,000 ($0.15/share) based upon the quoted closing trading price.

**Conversion of preferred stock to common stock**

On March 26, 2025, the holders of the preferred stock elected to convert all of their preferred stock, 58,415 shares, to common stock. The convertibility feature of the preferred stock allows for 1,000 shares of common stock to be issued for each share of preferred stock. As a result, 58,415,000 shares of common stock were issued.

**<u>Equity Transactions for the Year ended July 31, 2024</u>**

**Stock Issued for Debt Discount** 

The Company issued 325,000 shares of common stock as a debt discount, having a fair value of $66,890.

**Stock Issued for Services** 

The Company issued 942,918 shares of common stock for services rendered, having a fair value of $262,355 ($0.2390 - $0.44/share), based upon the quoted closing trading price.

**<u>NOTE 7 – STOCK OPTIONS</u>**

Stock option transactions under the Company's Plan for the nine months ended April 30, 2025 and the year ended July 31, 2024 are summarized as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Stock Options** |<br><br>**Number**<br>**of**<br> **Options** |<br>**Weighted**<br>**Average**<br>**Exercise**<br> **Price** | **Weighted**<br>**Average**<br>**Remaining**<br>**Contractual**<br>**Term**<br> **(Years)** |<br><br>**Aggregate**<br>**Intrinsic**<br> **Value** |<br>**Weighted**<br>**Average**<br>**Grant**<br>**Date**<br> **Fair Value** |
| Outstanding - July 31, 2023 | 2342539 | $0.49 | 8.98 | $142029 | $&nbsp;&nbsp;&nbsp;&nbsp; - |
| Exercisable - July 31, 2023 | 2219368 | $0.48 | 8.98 | $142029 | $- |
| Granted |  |  |  |  |  |
| Exercised |  |  |  |  |  |
| Cancelled/Forfeited | - | - | - | - | - |
| Outstanding - July 31, 2024 | 2342539 | $0.49 | 7.98 | $93949 | $- |
| Exercisable - July 31, 2024 | 2342539 | $0.49 | 7.98 | $93949 | $- |
| Unvested - July 31, 2024 | - | $- | - | $- | $- |
| Granted |  |  |  |  |  |
| Exercised |  |  |  |  |  |
| Cancelled/Forfeited | - | - | - | - | - |
| Outstanding – April 30, 2025 | 2342539 | $0.49 | 7.23 | $7895 | $- |
| Exercisable – April 30, 2025 | 2342539 | $0.49 | 7.23 | $7895 | $- |
| Unvested – April 30, 2025 | - | $- | - | $- | $- |

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Fiscal Year Ended July 31, 2024

During the year ended July 31, 2024, the remaining 123,171 of a total 1,478,050 options vested.

**<u>NOTE 8 – WARRANTS</u>**

Warrant activity for the nine months ended April 30, 2025 and the year ended July 31, 2024 are summarized as follows:

**** 

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| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Warrants** |<br><br>**Number of**<br>**Warrants** |<br>**Weighted**<br>**Average**<br>**Exercise Price** | **Weighted**<br>**Average**<br>**Remaining**<br>**Contractual**<br>**Term (Years)** |<br>**Aggregate**<br>**Intrinsic**<br>**Value** |
| Outstanding - July 31, 2023 | 1425000 | $1.00 | 4.66 | $- |
| Exercisable - July 31, 2023 | 1425000 | $1.00 | 4.66 | $- |
| Granted |  |  |  |  |
| Exercised |  |  |  |  |
| Cancelled/Forfeited | - | - | - | - |
| Outstanding - July 31, 2024 | 1425000 | $1.00 | 3.66 | $- |
| Exercisable - July 31, 2024 | 1425000 | $1.00 | 3.66 | $- |
| Unvested - July 31, 2024 | - | $- | - | $- |
| Granted |  |  |  |  |
| Exercised |  |  |  |  |
| Cancelled/Forfeited | - | - | - | - |
| Outstanding – April 30, 2025 | 1425000 | $1.00 | 2.91 | $- |
| Exercisable – April 30, 2025 | 1425000 | $1.00 | 2.91 | $- |
| Unvested – April 30, 2025 | - | $- | - | $- |

---

**<u>NOTE 9 – COMMITMENTS AND CONTINGENCIES</u>**

In connection with the acquisition of OL on May 31, 2022, the Company acquired an existing Right-of-Use operating lease for office space. The lease had an initial term of two (2) years at $500 per month. The lease does not contain any renewal options.

During the period September 1, 2021 through May 31, 2022 no rent was due. The Company is required to pay a total of $7,500 over a fifteen-month (15) period from June 1, 2022 through August 31, 2023.

Beginning September 1, 2023, the lease was renewed under the same terms on a month-to-month basis. The lease was cancelled in May 2024.

The Company is leasing the office space from a family member of OL's Chief Executive Officer.

At April 30, 2025 and July 31, 2024, the Company had no financing leases as defined in ASC 842, "Leases."

The tables below present information regarding the Company's operating lease assets and liabilities at April 30, 2025 and July 31, 2024:

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** | **July 31, 2024** |
| **<u>Assets</u>** |  |  |
| Operating lease - right-of-use asset - non-current | $- | $- |
| **<u>Liabilities</u>** |  |  |
| Operating lease liability | $- | $- |
| Weighted-average remaining lease term (years) | - | - |
| Weighted-average discount rate | 0% | 0% |

---

The Company had the following operating lease costs for the nine months ended April 30, 2025 and 2024, respectively.

SCHEDULE OF OPERATING LEASE COSTS

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** | **April 30, 2024** |
| **<u>Operating lease costs</u>** |  |  |
| Amortization of right-of-use operating lease asset | $- | $278 |
| Lease liability expense in connection with obligation repayment | - | 3 |
| Total operating lease costs | $- | $281 |
| Supplemental cash flow information related to operating leases was as follows: |  |  |
| Operating cash outflows from operating lease (obligation payment) | $- | $498 |
| Right-of-use asset obtained in exchange for new operating lease liability | $- | $- |

---

**<u>Student-Athlete Licensing Agreements</u>**

The Company entered into several agreements with student athletes related to the sale of NFT and related collectibles.

There may be initial sales as well as resales of these products. The Company and the student-athlete have agreed to split the revenue from the initial sale. Additionally, the Company will pay the student-athlete a commission for any resales.

At April 30, 2025 and July 31, 2024, respectively, the Company owed a nominal amount to various student-athletes, which has been included as a component of accounts payable and accrued expenses in the unaudited consolidated balance sheets. Pursuant to the agreement associated with the transition to current management on April 9, 2025, a portion of the proceeds from the sale of 426,501,851 common shares were utilized to repay the nominal amounts due to the various student-athletes.

**<u>NOTE 10 – SUBSEQUENT EVENTS</u>**

Management has evaluated subsequent events through the date these consolidated financial statements were available to be issued. Based on our evaluation, no material events have occurred that require further disclosure:

**ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

*The following discussion and analysis of the financial condition and results of operations of OpenLocker Holdings, Inc. and its subsidiaries (together, the "Company" or "OpenLocker") should be read in conjunction with our unaudited consolidated financial statements and the accompanying notes thereto included elsewhere in this Quarterly Report on Form 10-Q. References in this Management's Discussion and Analysis of Financial Condition and Results of Operations to "us," "we," "our," and similar terms refer to the Company. Our discussion includes forward-looking statements based upon current expectations that involve risks and uncertainties, such as our plans, objectives, expectations and intentions. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of a number of factors, including those set forth under the Risk Factors section of our Annual Report on Form 10-K for the year ended July 31, 2024, filed with the Securities and Exchange Commission (the "SEC") on November 27, 2024, as the same may be updated from time to time. We use words such as "anticipate," "estimate," "plan," "project," "continuing," "ongoing," "expect," "believe," "intend," "may," "will," "should," "could," and similar expressions to identify forward-looking statements.*

**Overview**

Established on August 25, 2021, OpenLocker Inc. (the "Company" or "OpenLocker") is dedicated to offering marketing solutions for collegiate and professional sports organizations and athletes to deepen fan engagement through innovative collectibles, membership rewards, exclusive events and experiences.

The OpenLocker mission is to empower athletes by monetizing their Name, Image and Likeness ("NIL") with autographed collectibles, meaningful fan experiences and partnerships with local merchants, regional and national brands.

OpenLocker launched its first fan community at the University of Connecticut in February 2022, during the first season following the National Collegiate Athletic Association ("NCAA") policy change allowing student-athletes to receive compensation for their NIL. The Company deliberately included all 14 eligible members of the men's basketball team to galvanize the fan base and name the fan community the Bone Yard Huskyz Club ("BYHC"). The OpenLocker design team created the BYHC logo and Huskyz avatar to play off of the university's Huskies mascot and to have an edgy feel. A Huskyz avatar was created in the likeness of each of the athletes and selected super fans for branding and awareness campaigns. A website with a project roadmap outlining the perks and rewards of club membership was activated two weeks prior to the release date, which was strategically timed around the basketball team's season schedule. A comprehensive marketing campaign included digital programmatic advertising, organic and paid social media strategy (including pre- and post-drop Twitter spaces conversations with fans, blockchain experts, athletes and parents of athletes), podcasts, email blasts and gorilla marketing at several home basketball games. The OpenLocker athlete liaison also provided the athletes with graphics and talking points they could use to leverage their social media followings and promote sales of their collectibles by word-of-mouth.

OpenLocker initially sold digital collectibles, also known as non-fungible tokens ("NFTs"), due to the popularity at the time and advantages that blockchain technology offered for authenticating collectibles and providing utility and rewards to UConn fans. OpenLocker minted the NFTs on the FLOW blockchain and sold them on its e-commerce platform for fiat currency to appeal to an audience unfamiliar with cryptocurrency. A majority of the revenue from the BYHC project was generated on the first day of sales. The first two hours were the busiest as fans were incentivized by the free autographed "Platinum card" that was included with purchase for the first 25 digital collectibles sold per athlete. This unique collectible is a metal, wallet-sized card hand-signed by the athlete with the digital art printed on the front and quick response (QR) code that directs to *boneyardhuskyzclub.com*. Customer behavior and feedback confirmed that the physical collectible was deemed to be of greater value to the majority of fans, who had little to no experience with blockchain technology. Since then, OpenLocker has directed its efforts to marketing and selling autographed physical collectibles along with community membership rewards programs, events and experiences.

Following the success of its college fan community model, OpenLocker launched the OpenStable marketplace in April 2022 to engage the next generation of thoroughbred racing enthusiasts. Through its relationships with owners, trainers and influencers in the racing industry, OpenStable aimed to give fans access to exclusive information, real life experiences, and memorabilia so that they could engage in a truly immersive journey covering a racehorse's career.

By offering both autographed physical collectibles and ownership of digital collectibles which unlocked rewards and experiences, both in the virtual and physical realms, OpenStable was intended to attract a younger audience with a goal to develop the next generation of thoroughbred racing fans.

The Company continued to include digital collectibles with the purchase of a physical collectible featuring student-athlete NIL in the following NCAA athletic season so it would have the option to use blockchain technology to verify ownership for its fan loyalty programs. However, the Company has discontinued sale and distribution of digital collectibles, including NFTs, as there was little interest evidenced by the fact that so few customers actually completed the steps required to view and claim them to a personal digital wallet. The OpenLocker NFT viewer remains accessible so that existing owners may continue to have access to their digital collectibles while the Company focuses on delivering physical collectibles and enhancing the fan experience by removing barriers to fan engagement.

In addition, from April 2022 through September 2022, OpenLocker offered a secondary marketplace for peer-to-peer transactions of digital collectibles, however, no secondary sales were effectuated or attempted and as of September 2022 this secondary marketplace was discontinued. Although OpenLocker no longer operates a trading platform, owners of issued digital collectibles may transfer their digital collectible to their personal digital wallet and thereafter transfer such digital collectible to the wallet of their choice.

As of March 17, 2025, OpenLocker has fan communities at University of Florida (Gataverse), Florida Atlantic University (PowerOwls Club) and Radford University (RowdyRedz) and is focusing on building club membership rewards programs. While OpenLocker pays athletes a majority of revenue generated from sales of collectibles containing their NIL and compensating them for social media activities and appearances, the Company retains all revenue from sales of community-branded collectibles which do not use athlete NIL nor the marks and logos of any institution. By partnering with local businesses, as well as regional and national brands who can offer perks and rewards to community members, OpenLocker is able to create demand and further engage fans and the local community.

In addition to supporting the athletes, for each fan community, holders of issued digital collectibles and/or authenticated physical collectibles are entitled to participate in any club membership activities, perks or benefits which the Company may offer or arrange from time to time. Such perks or benefits may include, for example, access to community events (such as meet and greet with athletes), giveaways, and rewards based on an athlete's performance.

OpenLocker is also in discussions with NIL collectives, communities focused on raising funds for school-specific NIL fundraising efforts, that are interested in offering membership rewards programs to their target audiences.

The Company is also in discussions with national brands who are interested in leveraging their relationships with student-athletes to create social media influencer campaigns and build customer loyalty programs.

OpenLocker's current revenue model includes (i) sales on the OpenLocker platform, (ii) sponsorship and advertising, and (iii) service fees for creative design work, development and product fulfillment services.

OpenLocker believes that it has found a unique and attractive market for autographed collectibles and community rewards programs by focusing on the college athlete market, as we believe that interest in college sports is growing.

**Principal Products and Services**

OpenLocker aims to provide a comprehensive suite of collectibles, products and services, adopting a hybrid flexible model creating products both licensed and non-licensed with colleges, professional sports teams, leagues, brands, etc.

*Autographed Physical Collectibles (Authenticated Physical Collectibles)*

The Platinum Card by OpenLocker is a metal, wallet-sized card that has the digital art print sublimated on one side and a QR code printed on the other side which directs to the fan community online portal. The serial number is laser engraved on the card and there is space reserved for the athlete to hand-sign.

The Company also offers autographed collectibles made of PVC plastic that is even more durable, making it a preferable material to carry around.

The Platinum Card entitles the holder to receive any perks or benefits that may be offered by OpenLocker and its brand partners.

*Gear*

OpenLocker also sells exclusive gear, including t-shirts, sweatshirts, hats and pins, in its exclusive gear shops.

*OpenLocker Marketplace*

The OpenLocker Marketplace provides a user-friendly shopping experience for sports fans to purchase membership cards, gear and collectibles featuring their favorite athletes for access to exclusive perks and rewards.

*Sports Branding Services*

OpenLocker also provides branding services for individual athletes, university collectives, horse owners/trainers, and other entities interested in creating a distinctive identity, building their fan base, and maximizing revenue. From logo creation and styling to social media messaging and activation campaigns, OpenLocker's team can provide enhanced support to collaborating colleges and athletes.

*OpenLocker Going Forward*

On April 9, 2025, the Company entered into a Stock Purchase Agreement with five purchasers (the "Buyers"), pursuant to which the Company agreed to issue and sell to the Buyers a total of 426,501,851 shares of common stock for a total purchase price of $400,000. The shares issued to the Buyers pursuant to the Purchase Agreement constitute 80% of the shares of common stock of the Company outstanding on a fully diluted basis immediately following the closing. As a condition to closing, the parties agreed that all persons who were holders of 5% or more of the Company's common stock immediately prior the closing must enter into a lock-up agreement with the Company, pursuant to which such persons agreed that they will not sell or transfer (subject to certain customary exceptions) any shares of the Company's common stock for a period of 12 months following the closing. In addition, at the closing, (i) Laura Anthony resigned from her positions as a director and officer of the Company, (ii) Howard Gostfrand and Brian Klatsky resigned from their positions as officers of the Company, and (iii) Renger van den Heuvel was appointed as the Chief Executive Officer of the Company and as a member of the Company's Board of Directors.

**Plan of Operations**

Over the next 12 months, we expect to require approximately $2,000,000 in operating funds to carry out our intended plan of operations.

We are planning to obtain the funds necessary to execute our plan of operations from various capital raises, including potentially through private placements or our common stock or the issuance and sales of convertible notes, as well as potentially through a registration statement or an offering statement filed with the SEC.

There can be no assurance that we will be able to obtain the necessary funds for our foregoing operations on terms that are acceptable to us or at all, and there can be no assurance that our plan of operations can be executed as planned, or at all.

**RESULTS OF OPERATIONS**

*Revenues*

During the three months ended April 30, 2025 and 2024, we generated revenues of $0 and $19,338, respectively. The decrease in revenues was a result of an inability to execute on any business due to limited capital and management resources.

During the nine months ended April 30, 2025 and 2024, we generated revenues of $126 and $35,648, respectively. The decrease in revenues was a result of an inability to execute on any business due to limited capital and management resources.

*Operating Expenses*

Operating expenses during the three months ended April 30, 2025 and 2024 were $79,877 and $50,927, respectively. The increase in operating expenses was primarily due to OpenLocker's continued general and administrative expense to manage continuing operation during the current period.

Operating expenses during the nine months ended April 30, 2025 and 2024 were $360,843 and $653,062, respectively. The decrease in operating expenses was primarily due to OpenLocker's streamlining of its operations during the current period.

*Other Income (Expense)*

Other expenses for the three months ended April 30, 2025 was $37,817, due primarily to recognizing a gain on settlement of debt of $63,745, loss on conversion of debt of $87,500, interest expense of $11,729, the amortization of debt discount of $3,333, and other income of $1,000. Other expense for the three months ended April 30, 2024 was $21,646, due primarily the amortization of amortization of debt discount of $17,557 and interest expense of $4,089.

Other expenses for the nine months ended April 30, 2025 was $92,126, due primarily to recognizing gain on settlement of debt of $63,745, amortization of debt discount of $27,137, loss on conversion of debt of $87,500, interest expense of $42,234, and other income of $1,000. Other expense for the nine months ended April 30, 2024 was $47,291, due primarily to the amortization of debt discount of $23,030 and interest expense of $24,261.

*Net Loss*

For the three months ended April 30, 2025 and 2024, we had a net loss of $117,694 and $53,235, respectively. The increase decrease in net loss was primarily due to lack of sales and an increase in general and administrative expenses.

For the nine months ended April 30, 2025 and 2024, we had a net loss of $452,843 and $666,213, respectively. The decrease in net loss was primarily due to lack of sales as well as a decrease in general and administrative expenses.

There is significant uncertainty projecting future profitability due to our history of losses, minimal operating history, lack of revenues, and lack of guaranteed ongoing revenue streams. In our current state, we have no recurring or guaranteed source of revenues and cannot predict when, if ever, we will become profitable.

**LIQUIDITY AND CAPITAL RESOURCES**

As of April 30, 2025, we had $5,216 in cash and did not have any other cash equivalents. The following table provides detailed information about our net cash flow for all financial statement periods presented in this Quarterly Report on Form 10-Q. To date, we have financed our operations through the issuance of stock and borrowings.

The following table sets forth a summary of our cash flows for the nine months ended April 30, 2025 and 2024, respectively:

---

| | | |
|:---|:---|:---|
|  | **Nine Months Ended**<br> **April 30,** | **Nine Months Ended**<br> **April 30,** |
|  | **2025** | **2024** |
| Net cash used in operating activities | $157054 | $328583 |
| Net cash provided by financing activities | 157500 | 330000 |
| Net increase in cash | 446 | 1417 |
| Cash, beginning of period | 4770 | 15539 |
| Cash, end of period | $5216 | $16956 |

---

Since inception, we have financed our cash flow requirements through issuance of common stock and debt financing. As we expand our activities, we may, and most likely will, continue to experience net negative cash flows from operations. We anticipate obtaining additional financing to fund operations through additional common stock offerings, to the extent available, or to obtain additional financing to the extent necessary to augment our working capital.

We anticipate that we will incur operating losses in the next twelve months. Our lack of operating history makes predictions of future operating results difficult to ascertain. Our prospects must be considered in light of the risks, expenses and difficulties frequently encountered by companies in their early stage of development, particularly companies in new and rapidly evolving markets. Such risks for us include, but are not limited to, an evolving and unpredictable business model and the management of growth. To address these risks, we must, among other things, obtain a customer base, implement and successfully execute our business and marketing strategy, continually develop and upgrade our website, provide national and regional industry participants with an effective, efficient and accessible website on which to promote their products and services through the Internet, respond to competitive developments, and attract, retain and motivate qualified personnel. There can be no assurance that we will be successful in addressing such risks, and the failure to do so can have a material adverse effect on our business, results of operations or financial condition.

**Critical Accounting Policies and Estimates**

Our management's discussion and analysis of our financial condition and results of operations is based on our unaudited consolidated financial statements, which have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP"). The preparation of the unaudited consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reported period. In accordance with U.S. GAAP, we base our estimates on historical experience and on various other assumptions that we believe are reasonable under the circumstances. Actual results may differ from these estimates under different assumptions or conditions.

*Going Concern and Management's Plans*

These unaudited consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business.

As reflected in the accompanying unaudited consolidated financial statements, for the nine months ended April 30, 2025, the Company had:

● Net
 loss of $452,843; and

● Net
 cash used in operations of $157,500

Additionally, at April 30, 2025, the Company had:

● Accumulated
 deficit of $11,365,126

● Stockholders'
 deficit of $96,854; and

● Working
 capital deficit of $96,854

We manage liquidity risk by reviewing, on an ongoing basis, our sources of liquidity and capital requirements. The Company had cash on hand of $5,216 at April 30, 2025. Although the Company intends to raise additional debt or equity capital, the Company expects to continue to incur significant losses from operations and have negative cash flows from operating activities for the near-term. These losses could be significant as operations ramp up along with continuing expenses related to compensation, professional fees, and regulatory are incurred.

The Company has incurred significant losses since its inception and has not demonstrated an ability to generate sufficient revenues to achieve profitable operations. There can be no assurance that profitable operations will ever be achieved, or if achieved, could be sustained on a continuing basis. In making this assessment we performed a comprehensive analysis of our current circumstances including: our financial position, our cash flows and cash usage forecasts for the twelve months ended April 30, 2026, and our current capital structure including equity-based instruments and our obligations and debts.

The Company has satisfied its obligations from the issuance of common stock and notes payable; however, there is no assurance that such successful efforts will continue during the twelve months subsequent to the date these unaudited consolidated financial statements are issued.

If the Company does not obtain additional capital (debt and/or equity based financing), the Company will be required to reduce the scope of its business development activities or cease operations. The Company continues to explore obtaining additional capital financing and the Company is closely monitoring its cash balances, cash needs, and expense levels. In addition, the Company and its new management team is committed to acquiring revenue-generating entities, and executing on its newly evolving business plan, that is anticipated to contribute to future profitability.

These factors create substantial doubt about the Company's ability to continue as a going concern within the twelve-month period subsequent to the date that these unaudited consolidated financial statements are issued. The unaudited consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. Accordingly, the unaudited consolidated financial statements have been prepared on a basis that assumes the Company will continue as a going concern and which contemplates the realization of assets and satisfaction of liabilities and commitments in the ordinary course of business.

Management's strategic plans include the following:

● Pursuing
 additional capital raising opportunities;

● Continuing
 to explore and execute prospective partnering or distribution opportunities;

● Identifying
 strategic acquisitions; and

● Identifying
 unique market opportunities that represent potential positive short-term cash flow.

 

*Principles of Consolidation*

The consolidated financial statements have been prepared in accordance with GAAP. The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated.

*Use of Estimates*

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date the consolidated financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.

*Goodwill and Impairment*

In financial reporting, goodwill is not amortized, but is tested for impairment annually (each July 31) or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Events that result in an impairment review include significant changes in the business climate, declines in our operating results, or an expectation that the carrying amount may not be recoverable. We assess potential impairment by considering present economic conditions as well as future expectations. All assessments of goodwill impairment are conducted at the individual reporting unit level.

The Company uses qualitative factors according to Financial Accounting Standards Board's ("FASB") Accounting Standards Codification ("ASC") 350-20-35-3 to determine whether it is more likely than not that the fair value of goodwill is less than its carrying amount.

There were no impairment losses recorded during the nine months ended April 30, 2025 and 2024, respectively.

*Revenue Recognition*

OpenLocker generates revenue from two main sources; (1) our collectibles, and (2) sponsorship revenues. Our performance obligations are complete at a point in time related to the transfer of a digital access pass or sale of a sponsorship to its customer (final or ultimate end-user purchaser/collector). Currently, all revenue streams contain a single performance obligation. There are no penalties for contract termination by either party.

The following represents the Company's disaggregation of revenues for the nine months ended April 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Nine Months Ended April 30,** | **Nine Months Ended April 30,** | **Nine Months Ended April 30,** | **Nine Months Ended April 30,** |
| | **2025** | **2025** | **2024** | **2024** |
| <br>**Revenues** | **Revenue** | **% of Revenues** | **Revenue** | **% of Revenues** |
| Collectibles | $126 | 100% | $10598 | 30% |
| Sponsorship | - | 0% | 25050 | 70% |
| Total Revenues | $126 | 100% | $35648 | 100% |

---

Collectibles

All payments are received from third-party payment processing providers. The Company receives payments from sales on its primary marketplace (Shopify site) as well as two other sources. Each of these sources of payment relate to the completion of a single performance obligation completed at a point in time, which occurs upon the transfer of a digital access pass and where no further performance obligations are required. At the point of sale, the Company grants all rights in the intellectual property to the customer.

Payments from customers (all paid in cash) are received as follows:

● Shopify payouts from credit/debit cards transactions typically occur 2-3 days after date of sale; and

● PayPal payments are received same day

Shipping fees collected from customers for physical collectibles are included with revenues received from Shopify payouts. Prior to the product shipping, any amounts received in advance are accounted for as contract liabilities (deferred revenue).

The Company controls the collectibles via digital access pass prior to a sale and acts as the principal in these transactions.

Sponsorships

The Company generates revenues from sponsorship arrangements, in which the customer sponsors an athlete, event or sports team. In exchange for the sponsorship, the customer receives specified brand recognition and other benefits over a set period of time and will recognize revenue on a straight-line basis over the time period specified in the contract. Related performance obligations for sponsorship arrangements are recognized ratably over this period of time.

The excess of amounts contractually due over the amounts of sponsorship revenue recognized are included on the unaudited consolidated balance sheets as contract liabilities (deferred revenues). Contractually due, but unpaid sponsorship revenue is included in accounts receivable on the unaudited consolidated balance sheets.

At April 30, 2025 and July 31, 2024, the Company had contract liabilities of $0 and $0, respectively.

For the nine months ended April 30, 2025 and 2024, the Company recognized $0 and $25,050 of sponsorship revenues from zero and one customer, respectively.

*Cost of Goods Sold*

Cost of goods sold primarily are comprised primarily of web development and graphic design costs.

*Software Development Costs*

Internal-use software development costs are accounted for in accordance with ASC 350-40, *"Internal-Use Software"*. The costs incurred in the preliminary stages of development are expensed as research and development costs as incurred.

Once an application has reached the development stage, internal and external costs incurred to develop internal-use software are capitalized and amortized on a straight-line basis over the estimated useful life of the software (typically three to five years).

Maintenance and enhancement costs, including those costs in the post-implementation stages, are typically expensed as incurred, unless such costs relate to substantial upgrades and enhancements to the software that result in added functionality, in which case the costs are capitalized and amortized on a straight-line basis over the estimated useful life of the software.

The Company reviews the carrying value for impairment whenever facts and circumstances exist that would suggest that assets might be impaired or that the useful lives should be modified. Amortization expense related to capitalized internal-use software development costs will be included in cost of goods sold in the statements of operations.

For the nine months ended April 30, 2025 and 2024, the Company incurred software development costs of $4,917 and $16,900, respectively.

**Off-Balance Sheet Arrangements**

We do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.

**ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

As a smaller reporting company, the Company is not required to provide the information required by this Item.

**ITEM 4. CONTROLS AND PROCEDURES**

*Evaluation of Disclosure Controls and Procedures*

Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in company reports filed or submitted under the Exchange Act is accumulated and communicated to management, including our Chief Executive Officer and Principal Financial Officer, to allow timely decisions regarding required disclosure.

As required by Rules 13a-15 and 15d-15 under the Exchange Act, our Chief Executive Officer and Principal Financial Officer carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of April 30, 2025. Based upon their evaluation, our Chief Executive Officer and Principal Financial Officer concluded that, as of April 30, 2025, our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) were not effective.

We do not expect that our disclosure controls and procedures will prevent all errors and all instances of fraud. Disclosure controls and procedures, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the disclosure controls and procedures are met. Further, the design of disclosure controls and procedures must reflect the fact that there are resource constraints, and the benefits must be considered relative to their costs. Because of the inherent limitations in all disclosure controls and procedures, no evaluation of disclosure controls and procedures can provide absolute assurance that we have detected all our control deficiencies and instances of fraud, if any. The design of disclosure controls and procedures also is based partly on certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.

*Changes in Internal Control over Financial Reporting*

During the three and nine months ended April 30, 2025, there has been no change in our internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

**PART II—OTHER INFORMATION**

**ITEM 1. LEGAL PROCEEDINGS**

From time to time, we are involved in various claims and legal actions arising in the ordinary course of business. To the knowledge of our management, there are no legal proceedings currently pending against us which we believe would have a material effect on our business, financial position or results of operations and, to the best of our knowledge, there are no such legal proceedings contemplated or threatened.

**ITEM 1A. RISK FACTORS**

As a smaller reporting company, the Company is not required to provide the information required by this Item.

**ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS**

During the three months ended April 30, 2025, the Company issued unregistered equity securities as follows:

● On March 26, 2025, the holders of the preferred stock elected to convert all of their preferred stock, 58,415 shares, to common stock. The convertibility feature of the preferred stock allows for 1,000 shares of common stock to be issued for each share of preferred stock. As a result, 58,415,000 shares of common stock were issued.

● On April, 9, 2025, pursuant to the agreement associated with the transition to current management, the Company issued and sold 426,501,851 common shares for $400,000 ($0.00094/share).

● On April 9, 2025, pursuant to the agreement associated with the transition to current management, the Company issued 500,000 common shares to settle $37,500 ($0.075/share) of two in notes payables totaling $75,000. The balance of the notes payables was satisfied by cash payment upon the full execution of the aforementioned agreement.

The above securities issuances were exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), in reliance on the exemptions provided by Regulation D and Section 4(a)(2), as applicable under the Securities Act.

**ITEM 3. DEFAULTS UPON SENIOR SECURITIES**

None.

**ITEM 4. MINE SAFETY DISCLOSURES**

Not applicable.

**ITEM 5. OTHER INFORMATION**

(a) None.

(b) There have been no material changes to the procedures by which security holders may recommend nominees to our Board of Directors since we last provided disclosure in response to the requirements of Item 407(c)(3) of Regulation S-K promulgated under the Exchange Act.

(c) During the quarter ended April 30, 2025, no director or officer of the Company adopted or terminated a contract, instruction or written plan for the purchase or sale of securities of the Company intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) and/or a non-Rule 10b5-1 trading arrangement.

**ITEM 6. EXHIBITS**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 31.1\* | [Certification of Chief Executive Officer pursuant to Exchange Act Rule 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](ex31-1.htm) |
| 31.2\* | [Certification of Principal Financial Officer pursuant to Exchange Act Rule 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](ex31-2.htm) |
| 32.1\*\* | [Certification by the Chief Executive Officer and principal financial officer pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](ex32-1.htm) |
| 101.INS\* | Inline XBRL Instance Document. |
| 101.SCH\* | Inline XBRL Taxonomy Extension Schema. |
| 101.CAL\* | Inline XBRL Taxonomy Extension Calculation Linkbase. |
| 101.LAB\* | Inline XBRL Taxonomy Extension Label Linkbase. |
| 101.PRE\* | Inline XBRL Taxonomy Extension Presentation Linkbase. |
| 101.DEF\* | Inline XBRL Taxonomy Extension Definition Document. |
| 104\* | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

\* Filed herewith. <br> \*\* Furnished herewith.

**SIGNATURES**

Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **OPENLOCKER HOLDINGS, INC.** | **OPENLOCKER HOLDINGS, INC.** |
| Date: June 20, 2025 | By: | */s/ Renger Van den Heuvel* |
|  |  | Renger Van den Heuvel |
|  |  | Chief Executive Officer (principal executive officer, principal financial officer and principal accounting officer) |

---

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATIONS**

I, Renger Van den Heuvel, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q for the quarterly period ended April 30, 2025 of OpenLocker Holdings, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: June 20, 2025 | */s/ Renger Van den Heuvel* |
|  | Renger Van den Heuvel |
|  | Chief Executive Officer<br> (principal executive officer) |

---

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATIONS**

I, Renger Van den Heuvel, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q for the quarterly period ended April 30, 2025 of OpenLocker Holdings, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: June 20, 2025 | */s/ Renger Van den Heuvel* |
|  | Renger Van den Heuvel |
|  | Chief Executive Officer<br> (principal executive officer) |

---

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION**

**PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report on Form 10-Q of OpenLocker Holdings, Inc. (the "Company") for the quarter ended April 30, 2025 as filed with the Securities and Exchange Commission (the "Report"), I, Howard Gostfrand, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

---

| | |
|:---|:---|
| Date: June 20, 2025 | */s/ Renger Van den Heuvel* |
|  | Renger Van den Heuvel |
|  | Chief Executive Officer |
|  | (principal executive officer and principal financial officer) |

---

*This certification accompanies this Quarterly Report on Form 10-Q pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by such Act, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that the Company specifically incorporates it by reference.*