1-SA 1 myracehorse_1sa.htm FORM 1-SA

Table of Contents

 

United States

Securities And Exchange Commission

Washington, D.C. 20549

 

FORM 1-SA

 

[X] SEMIANNUAL REPORT PURSUANT TO REGULATION A

or

[_] SPECIAL FINANCIAL REPORT PURSUANT TO REGULATION A

 

For the fiscal semiannual period ended June 30, 2023

 

My Racehorse CA LLC

(Exact name of issuer as specified in its charter)

 

Nevada 83-0848007
(State or other jurisdiction of
incorporation or organization)

(I.R.S. Employer

Identification No.)

 

2456 Fortune Avenue , Suite 110, Lexington, KY 40509

(Full mailing address of principal executive offices)

 

888-697-2234

(Issuer’s telephone number, including area code)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   

 

 

TABLE OF CONTENTS

MY RACEHORSE CA LLC

 

SECTION PAGE
   
ITEM 1. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 3
   
ITEM 2. OTHER INFORMATION 57
   
ITEM 3. FINANCIAL STATEMENTS 57
   
ITEM 4. EXHIBITS 58

 

Use of Terms

 

Except as otherwise indicated by the context and for the purposes of this Semi-Annual Report only, references in this Semi-Annual Report to “we,” “us,” “our”, “MRH”, “our company”, or the “Company” refer to My Racehorse CA LLC, a Nevada series limited liability company.

 

Special Note Regarding Forward Looking Statements

 

Certain information contained in this Semi-Annual Report includes forward-looking statements. The statements herein which are not historical reflect our current expectations and projections about our company’s development plans for our business; our strategies and business outlook; anticipated development of the Company, the Manager, each Series of the Company and the MyRacehorse™ Platform (defined below), future results, performance, liquidity, financial condition, prospects and opportunities and are based upon information currently available to our company and our management and our interpretation of what is believed to be significant factors affecting the businesses, including many assumptions regarding future events.

 

Forward-looking statements, which involve assumptions and describe our future plans, strategies, and expectations, are generally identifiable by use of the words like “anticipates”, “believes”, “continue”, “could”, “estimates”, “expects”, “intends”, “may”, “might”, “plans”, “possible”, “potential”, “predicts”, “projects”, “seeks”, “should”, “will”, “would” and similar expressions and variations, or comparable terminology, or the negatives of any of the foregoing, but the absence of these words does not mean that a statement is not forward-looking. Actual results, performance, liquidity, financial condition, prospects and opportunities could differ materially from those expressed in, or implied by, these forward-looking statements as a result of various risks, uncertainties and other factors. Actual events or results may differ materially from those discussed in forward-looking statements as a result of various factors, including, without limitation, the risks outlined under “Risk Factors” included in our Offering Statement on Form 1-A (the “Offering Statement”; file no. 024-11808) filed with the Securities and Exchange Commission (the “Commission”) on February 22, 2022, and qualified by the Commission on May 2, 2022, as amended and supplemented by post-qualification amendments to date, and matters described in this Semi-Annual Report generally. In light of these risks and uncertainties, there can be no assurance that the forward-looking statements contained in this Semi-Annual Report will in fact occur.

 

Potential investors should not place undue reliance on any forward-looking statements, and should not make an investment decision based solely on these forward-looking statements. Except as expressly required by the federal securities laws, there is no undertaking to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or any other reason.

 

Although the forward-looking statements in this Semi-Annual Report reflect the good faith judgment of our management, such statements can only be based on facts and factors currently known by them. The projections, estimates and expectations are presented in this Semi-Annual Report only as a guide about future possibilities and do not represent actual amounts or assured events. All the projections and estimates are based exclusively on our management’s own assessment of our business, the industry in which we work and the economy at large and other operational factors, including capital resources and liquidity, financial condition, fulfillment of contracts and opportunities. Consequently, and because forward-looking statements are inherently subject to risks and uncertainties, the Company cannot guarantee future results, and the actual results and outcomes may differ materially from the results and outcomes discussed in the forward-looking statements. You are urged to carefully review and consider the various disclosures made by us in this Semi-Annual Report, in the Offering Statement (and as amended and supplemented by post-qualification amendments to date) and in our other reports as we attempt to advise interested parties of the risks and factors that may affect our business, financial condition, and results of operations and prospects.

 

 

 

 2 

 

 

Item 1. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

Overview

 

The Company was formed in the State of Nevada as a series limited liability company on December 27, 2016. Since our inception, we have been engaged primarily in acquiring a collection of horses for use in racing (each, an “Underlying Asset”). The Company, through individual Series, takes ownership in a particular racehorse or group of racehorses (all of the series of the Company offered in such racehorse(s) may collectively be referred to herein as the “Series”, and each, individually, as a “Series”; The interests of all Series in such racehorse(s) may collectively be referred to herein as the “Interests”, and each, individually, as an “Interest”). By doing so, the Company’s goal is to democratize the ownership of such racehorses, and allow fans to experience the thrill, perks and benefits of racehorse ownership at a fraction of the historical cost. This includes everything from the behind the scenes engagements with the racehorse, the jockey and trainers as well as exclusive on-track experiences, and a portion of financial gains that the ownership in such racehorse potentially creates if its breeding rights are sold, if it wins a “purse” at a racing event, if marketing or sponsorship ads are sold, or if it is claimed or sold.

 

We are managed by Experiential Squared, Inc. (“Experiential” or the “Manager”), a Delaware corporation incorporated in 2016. Experiential provides expert horse racing management services and owns and operates a mobile app-based crowd-funding platform called MyRacehorse™ (the MyRacehorse™ platform and any successor platform used by the Company for the offer and sale of Series interests, is referred to as the “MyRacehorse™ Platform”), which is licensed to the Company pursuant to the terms of that certain Management Services Agreement (the “Management Agreement”), through which Investors may indirectly invest, through Series of the Company’s interests, in fractional racehorse ownership interests that have been historically difficult to access for many market participants. Through the use of the MyRacehorse™ Platform, Investors can browse and screen racehorses, make potential investments in such racehorses, and sign legal documents electronically. It is the intent of the Company and its Manager to manage and retain decision-making authority over the initial due diligence and subsequent training, maintenance and upkeep of the racehorses.

 

Experiential employs a team of horse racing experts that has allowed the Company to become one of the most successful horse racing stables in the United States over the past few years. The team has collectively over 100 years of experience buying, managing, and analyzing racehorses. This depth of expertise has led to over 118 wins since launching the stable in June of 2018 through June 2023. The wins have been achieved at the highest level in US horse racing including winning the Breeders’ Cup Classic and the Kentucky Derby. Experiential is considered a highly active racing manager through its strategically located staff in California, New York, and Kentucky (the three major markets for horse racing) and other racing markets as well. Experiential is in daily contact with the trainers and partners regarding all aspects of the racehorses under their management. Experiential also has retained a world-renowned resident veterinarian to actively review the horses in their stable for health and performance. In addition, they have access to several premium data sources that allows their horse racing experts to review speed figures, race results, pedigrees, and conditions to maximize performance of their bloodstock.

 

We have completed many offerings of Interests as set forth in the table below under “Operating Results” and continue to launch subsequent offerings for other series on an ongoing basis. The information contained in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” is in relation to the Company as a whole, which is made up of a number of separate series and Underlying Assets. The purchase of membership interests in a Series of the Company is an investment only in such Series and not an investment in the Company as a whole or any other Series.

 

As of June 30, 2023, officers of the Manager have loaned the Company a total of $2,166,190 (excluding accrued interest) in connection with the acquisition of these Underlying Assets. See Note 4 to Unaudited Financial Statements as of June 30, 2023 – Advances from Manager and Note 7 - Related Party Transactions of the Notes to the Financial Statements for more information regarding the loans/advances from officers of the Manager or the Manager.

 

There is limited historical financial information about us upon which to base an evaluation of our performance. We are an emerging growth business with limited operating history, and we are considered to be a development stage company, since we are devoting substantially all of our efforts to establishing our business, and our planned principal operations have only recently commenced. We cannot guarantee that we will be successful in our business operations. Our business is subject to risks inherent in the establishment of a new business enterprise, including limited capital resources and possible cost overruns, such as increases in marketing costs, increases in administration expenditures associated with daily operations, increases in accounting and audit fees, and increases in legal fees related to filings and regulatory compliance.

 

 

 

 3 

 

 

Operating Results

 

As of June 30, 2023, the following Series and related race horses have been created and either have or are currently being offered pursuant to either (i) Rule 506(c) of Regulation D, (ii) a California intrastate permit or (iii) the Offering Statement:

 

Series Name Underlying Asset Interests Offered (1) Interests Sold (1) Interests Remaining (1) Asset Cost/Interest (2) Operating Expense Reserve/Interest (2) Due Diligence Fee/Interest (2) Owed to Series (3) Owed to Experiential (4) Paid to Experiential (5) Price Per Interest (6) $ Sold (7) $ Offered (7) $ Remaining (7)
Series Forever Rose Forever Rose 1,250 1,250 99.24 50.36 37.40 62,950.00 124,050.00 187.00 233,750.00 233,750.00
Series Kindle 21 Kindle 21 5,500 5,500 34.57 20.45 15.98 112,475.00 190,135.00 71.00 390,500.00 390,500.00
Series The Royal Duet The Royal Duet 5,100 5,100 113.78 42.77 45.45 218,127.00 580,278.00 202.00 1,030,200.00 1,030,200.00
Series Action Bundle Action Bundle 10,000 10,000 4.50 21.85 4.65 46,500.00 31.00 310,000.00 310,000.00
Series Adjust 20 Jai Ho 10 10 9,646.90 1,923.70 1,929.40 19,294.00 13,500.00 135,000.00 135,000.00
Series Amandrea Amandrea 550 550 210.00 40.00 45.00 24,750.00 295.00 162,250.00 162,250.00
Series Ambleside Park 19 Lookwhogotlucky 410 410 115.00 59.25 30.75 12,607.50 205.00 84,050.00 84,050.00
Series Amers Amers 75 75 82.00 37.00 21.00 1,575.00 140.00 10,500.00 10,500.00
Series Apple Down Under 19 Howboutdemapples 600 600 100.00 47.05 25.95 15,570.00 173.00 103,800.00 103,800.00
Series Ari the Adventurer 19 Kanthari 5,100 5,100 57.50 14.75 12.75 65,025.00 85.00 433,500.00 433,500.00
Series Ashlees Empire 20 Helicopter Money 3,000 3,000 13.13 40.47 13.40 40,200.00 67.00 201,000.00 201,000.00
Series Athenian Beauty 19 Quantum Theory 1,800 1,800 25.00 14.95 7.05 12,690.00 47.00 84,600.00 84,600.00
Series Authentic Authentic 12,500 12,500 151.54 23.56 30.90 386,250.00 206.00 2,575,000.00 2,575,000.00
Series Awe Hush 19 Can't Hush This 1,800 1,800 110.00 29.40 24.60 44,280.00 164.00 295,200.00 295,200.00
Series Bajan Bashert Bajan Bashert 16 13 3 7,000.00 1,600.00 1,400.00     18,200.00 10,000.00 130,000.00 160,000.00 30,000.00
Series Balletic Balletic 10,000 10,000 45.00 23.00 12.00 120,000.00 80.00 800,000.00 800,000.00
Series Bella Chica Bella Chica 100 100 250.00 73.00 57.00 5,700.00 380.00 38,000.00 38,000.00
Series Big Mel Big Mel 6,000 6,000 89.00 14.00 18.00 108,000.00 121.00 726,000.00 726,000.00
Series Black Escort 19 Halofied 20 20 2,750.00 1,660.00 590.00 11,800.00 5,000.00 100,000.00 100,000.00
Series Bullion Bullion 25 25 240.00 230.00 5,750.00 470.00 11,750.00 11,750.00
Series Cable Boss Cable Boss 5,100 5,100 55.00 27.45 14.55 74,205.00 97.00 494,700.00 494,700.00
Series Cairo Kiss Cairo Kiss 80 80 347.50 124.25 83.25 6,660.00 555.00 44,400.00 44,400.00
Series Carrothers Carrothers 5,100 5,100 60.20 25.65 15.15 77,265.00 101.00 515,100.00 515,100.00
Series Cayala 19 Provocateur 4,100 4,100 60.00 17.35 13.65 55,965.00 91.00 373,100.00 373,100.00
Series Arch Support 20 Captain Sparrow 10 10 7,717.50 1,939.00 1,543.50 15,435.00 11,200.00 112,000.00 112,000.00
Series Chad Brown Bundle Chad Brown Bundle 5,000 5,000 120.69 78.21 35.10 175,500.00 234.00 1,170,000.00 1,170,000.00
Series Chasing the Moon 20 Cuvier 1,250 1,250 58.80 69.20 32.00 86,500.00 73,500.00 160.00 200,000.00 200,000.00
Series Classic Cut Classic Cut 10,000 10,000 24.00 19.35 7.65 76,500.00 51.00 510,000.00 510,000.00
Series Classofsixtythree 19 Sixtythreecaliber 1,000 1,000 125.00 39.05 28.95 28,950.00 193.00 193,000.00 193,000.00
Series Co Cola 19 Search Engine 5,100 5,100 62.50 27.60 15.90 81,090.00 106.00 540,600.00 540,600.00

 

 

 

 4 

 

 

Series Collusion Illusion Collusion Illusion 25,000 25,000 22.00 3.50 4.50 112,500.00 30.00 750,000.00 750,000.00
Series Consecrate 19 Sacred Beauty 410 410 80.00 53.45 23.55 9,655.50 157.00 64,370.00 64,370.00
Series Courtisane 19 Tap the Gavel 10,000 10,000 23.00 18.65 7.35 73,500.00 49.00 490,000.00 490,000.00
Series Daddy's Joy Daddy's Joy 600 600 80.00 73.00 27.00 16,200.00 180.00 108,000.00 108,000.00
Series Dancing Crane Dancing Crane 20 20 4,250.00 926.00 924.00 18,480.00 6,100.00 122,000.00 122,000.00
Series Daring Dancer 20 Boppy 750 750 60.00 54.75 20.25 15,187.50 135.00 101,250.00 101,250.00
Series De Mystique 17 Dancing Destroyer 250 250 71.50 47.50 21.00 5,250.00 140.00 35,000.00 35,000.00
Series Deep Cover Deep Cover 800 800 100.00 87.00 33.00 26,400.00 220.00 176,000.00 176,000.00
Series Demogorgon Demogorgon 20 20 4,500.00 917.00 983.00 19,660.00 6,400.00 128,000.00 128,000.00
Series Desire Street 19 Always Hopeful 1,020 1,020 80.00 90.85 30.15 30,753.00 201.00 205,020.00 205,020.00
Series Echo Warrior 19 Hero Status 6,000 6,000 27.00 22.30 8.70 52,200.00 58.00 348,000.00 348,000.00
Series Edge Racing Summer Fun Edge Racing Summer Fun-d 50 50 3,400.00 1,100.00 500.00 25,000.00 5,000.00 250,000.00 250,000.00
Series Enchante 21 Simply Enchanting 6,000 2,461 3,539 54.74 21.98 22.28 77,787.22   54,831.08 99.00 243,639.00 594,000.00  
Series Elarose 21 Secret Crush 10,000 7,741 2,259 31.50 18.10 14.40 40,887.90   111,470.40 64.00 495,424.00 640,000.00  
Series Escape Route Escape Route 10 10 4,240.00 1,016.00 1,039.20 10,392.00 6,295.20 62,952.00 62,952.00
Series Exonerated 19 Above Suspicion 820 820 105.00 38.65 25.35 20,787.00 169.00 138,580.00 138,580.00
Series Fenwick Hall 20 Inspector 1,200 1,200 78.75 82.85 40.40 48,480.00 202.00 242,400.00 242,400.00
Series Flora Dora 20 Spun Intended 10 10 6,890.60 1,731.30 1,378.10 13,781.00 10,000.00 100,000.00 100,000.00
Series Frosted Oats Frosted Oats 4,100 4,100 25.00 10.70 6.30 25,830.00 42.00 172,200.00 172,200.00
Series Future Stars Stable Future Stars Stable 10,000 10,000 33.55 8.95 7.50 75,000.00 50.00 500,000.00 500,000.00
Series Gentleman Gerry Gentleman Gerry 20 20 5,000.00 1,750.00 1,000.00 20,000.00 7,750.00 155,000.00 155,000.00
Series Going to Vegas Going to Vegas 5,100 5,100 50.00 23.10 12.90 65,790.00 86.00 438,600.00 438,600.00
Series Got Stormy Got Stormy 5,100 5,100 24.51 13.74 6.75 34,425.00 45.00 229,500.00 229,500.00
Series Grand Traverse Bay 19 Cornice Traverse 750 750 200.00 179.95 67.05 50,287.50 447.00 335,250.00 335,250.00
Series Grand Traverse Bay 20 Sun Valley Road 750 751 (1) 50.00 52.85 18.15 (52.85) (50.00 13,630.65 121.00 90,871.00 90,750.00 (121.00)
Series Heaven Street Heaven Street 20 20 5,300.00 1,200.00 1,000.00 20,000.00 7,500.00 150,000.00 150,000.00
Series I'm a Looker 20 Pioneer Prince 4,000 4,000 72.03 43.97 29.00 116,000.00 145.00 580,000.00 580,000.00
Series Into Summer 19 Malibu Mayhem 650 650 140.00 188.10 57.90 37,635.00 386.00 250,900.00 250,900.00
Series Jeanne's Speight 20 Stay Fabulous 2,500 2,492 8 49.95 49.25 24.80 394.00 399.60 61,801.60 124.00 309,008.00 310,000.00 992.00
Series Just Louise 19 Forbidden Kingdom 1,020 1,020 150.00 44.65 34.35 35,037.00 229.00 233,580.00 233,580.00
Series Keertana 18 American Heiress 5,100 5,100 72.00 13.00 15.00 76,500.00 100.00 510,000.00 510,000.00
Series Kiana's Love Kiana's Love 200 200 55.00 47.00 18.00 3,600.00 120.00 24,000.00 24,000.00
Series Kichiro Kichiro 200 200 77.50 33.00 19.50 3,900.00 130.00 26,000.00 26,000.00
Series Lane Way Lane Way 6,000 6,000 61.00 15.50 13.50 81,000.00 90.00 540,000.00 540,000.00
Series Latte Da 19 Inalattetrouble 4,100 4,100 19.50 10.25 5.25 21,525.00 35.00 143,500.00 143,500.00
Series Lazy Daisy Lazy Daisy 1,250 1,250 90.00 7.00 18.00 22,500.00 115.00 143,750.00 143,750.00
Series Le Relais 20 Show Your Cards 3,000 3,000 92.20 39.80 33.00 99,000.00 165.00 495,000.00 495,000.00
Series Lost Empire 19 Laforgia 10,200 10,200 22.50 7.25 5.25 53,550.00 35.00 357,000.00 357,000.00
Series Madarnas Madarnas 50 50 204.00 93.00 53.00 2,650.00 350.00 17,500.00 17,500.00
Series Madiera Wine Madiera Wine 20 20 1,872.50 253.00 374.50 7,490.00 2,500.00 50,000.00 50,000.00
Series Major Implications Major Implications 20 20 128.00 67.00 35.00 700.00 230.00 4,600.00 4,600.00
Series Man Among Men Man Among Men 820 820 180.00 52.05 40.95 33,579.00 273.00 223,860.00 223,860.00

 

 

 

 5 

 

 

Series Margaret Reay 19 A Mo Reay 820 820 200.00 55.85 45.15 37,023.00 301.00 246,820.00 246,820.00
Series Margarita Friday 19 Straight No Chaser 2,000 2,000 55.00 86.10 24.90 49,800.00 166.00 332,000.00 332,000.00
Series Martita Sangrita 17 Carpe Vinum 600 600 200.00 72.00 48.00 28,800.00 320.00 192,000.00 192,000.00
Series Mayan Milagra 19 Tepeu 20 20 5,500.00 1,846.00 1,154.00 23,080.00 8,500.00 170,000.00 170,000.00
Series Midnight Sweetie 19 Dolce Notte 820 820 90.00 35.80 22.20 18,204.00 148.00 121,360.00 121,360.00
Series Miss Puzzle Miss Puzzle 125 125 109.84 102.66 37.50 4,687.50 250.00 31,250.00 31,250.00
Series Miss Sakamoto Miss Sakamoto 6,000 6,001 (1) 25.00 20.90 8.10 (20.90) (25.00) 48,608.10 54.00 324,054.00 324,000.00 (54.00)
Series Mo Mischief Mo Mischief 5,100 5,100 50.00 14.00 11.00 56,100.00 75.00 382,500.00 382,500.00
Series Mo Temptation Mo Temptation 3,500 3,500 34.58 35.02 17.40 60,900.00 87.00 304,500.00 304,500.00
Series Monomoy Girl Monomoy Girl 10,200 10,200 29.41 9.69 6.90 70,380.00 46.00 469,200.00 469,200.00
Series Moonbow 20 Cumberland Falls 2,500 2,500 21.69 47.11 17.20 43,000.00 86.00 215,000.00 215,000.00
Series Moonless Sky Moonless Sky 200 200 60.00 33.50 16.50 3,300.00 110.00 22,000.00 22,000.00
Series Motion Emotion Motion Emotion 1,020 1,020 24.51 46.89 12.60 12,852.00 84.00 85,680.00 85,680.00
Series Mrs Whistler Mrs Whistler 2,000 2,003 (3) 40.00 76.45 20.55 (229.35) (120.00) 41,161.65 137.00 274,411.00 274,000.00 (411.00)
Series My Fast One 20 One Fast Dream 2,000 2,000 55.50 76.50 33.00 66,000.00 165.00 330,000.00 330,000.00
Series Naismith Naismith 2,000 2,000 75.00 54.20 22.80 45,600.00 152.00 304,000.00 304,000.00
Series National Road National Road 20 20 5,000.00 1,000.00 1,000.00 20,000.00 7,000.00 140,000.00 140,000.00
Series New York Claiming Package New York Claiming Package 510 510 72.00 54.00 14.00 7,140.00 140.00 71,400.00 71,400.00
Series Night of Idiots Night of Idiots 80 80 112.00 100.00 38.00 3,040.00 250.00 20,000.00 20,000.00
Series Nileist Nileist 45 45 260.00 190.00 80.00 3,600.00 530.00 23,850.00 23,850.00
Series Noble Goddess Noble Goddess 300 300 62.00 31.00 17.00 5,100.00 110.00 33,000.00 33,000.00
Series Northern Smile 20 Pep Rally 20 20 4,500.00 1,600.00 900.00 18,000.00 7,000.00 140,000.00 140,000.00
Series NY Exacta NY Exacta 2,000 2,000 107.50 86.30 34.20 68,400.00 228.00 456,000.00 456,000.00
Series One Last Night 21 One Last Night 21 3,000 1,348 1,652 47.82 39.75 25.43 65,667.00 78,998.64 34,279.64 113.00 152,324.00 339,000.00 186,676.00
Series Our Miss Jones 19 Celebrity News 1,200 1,200 50.00 82.60 23.40 28,080.00 156.00 187,200.00 187,200.00
Series Our Jenny B Our Jenny B 20 9 11 2,782.00 2,662.00 556.00 29,282.00 30,602.00 5,004.00 6,000.00 54,000.00 120,000.00 66,000.00
Series Palace Foal Palace Foal 510 510 31.00 71.00 18.00 36,210.00 15,810.00 120.00 61,200.00 61,200.00
Series Patsys Kim 21 Lady Blitz 5,000 3,973 1,027 67.20 35.87 29.93 36,838.49 69,014.40 118,911.89 133.00 528,409.00 665,000.00 136,591.00
Series Popular Demand Popular Demand 1,020 1,020 145.00 63.00 36.00 36,720.00 244.00 248,880.00 248,880.00
Series Power Up Paynter Power Up Paynter 600 600 100.00 61.00 29.00 17,400.00 190.00 114,000.00 114,000.00
Series Queen Amira 19 Regal Rebel 2,000 2,000 60.00 80.25 24.75 49,500.00 165.00 330,000.00 330,000.00
Series Race Hunter 19 Chasing Time 10,000 10,000 25.00 19.20 7.80 78,000.00 52.00 520,000.00 520,000.00
Series Rosie's Alibi Rosie's Alibi 10,000 10,000 62.50 26.75 15.75 157,500.00 105.00 1,050,000.00 1,050,000.00
Series Salute to America Salute to America 1,000 1,000 80.00 152.05 40.95 40,950.00 273.00 273,000.00 273,000.00
Series Sarrocchi 21 Sarrocchi 21 5,000 4,399 601 67.20 32.00 28.80 19,232.00 40,387.20 126,691.20 128.00 563,072.00 640,000.00 76,928.00
Series Sauce On Side Sauce On Side 125 125 130.00 74.00 36.00 4,500.00 240.00 30,000.00 30,000.00
Series Shake It Up Baby Shake It Up Baby 250 250 44.00 66.50 19.50 4,875.00 130.00 32,500.00 32,500.00
Series Sigesmund Sigesmund 200 200 50.00 35.00 15.00 3,000.00 100.00 20,000.00 20,000.00
Series Silverpocketsfull 19 Iron Works 5,100 5,100 55.00 20.65 13.35 68,085.00 89.00 453,900.00 453,900.00
Series Smart Shopping 21 Seize the Grey 5,000 5,000 63.00 35.42 28.58 142,900.00 127.00 635,000.00 635,000.00
Series Social Dilemma Social Dilemma 510 510 49.02 92.93 25.05 12,775.50 167.00 85,170.00 85,170.00

 

 

 

 6 

 

 

Series Song of Lark 21 Song of the Lark 21 2,550 2,113 437 66.60 39.58 30.82     65,122.66 137.00 289,481.00 349,350.00 59,869.00
Series Soul Beam Soul Beam 65 65 355.00 163.50 91.50 5,947.50 610.00 39,650.00 39,650.00
Series Speightstown Belle 19 Ancient Royalty 900 900 85.00 33.15 20.85 18,765.00 139.00 125,100.00 125,100.00
Series Spirit 20 Phantom Ride 3,000 3,000 33.60 33.60 16.80 50,400.00 84.00 252,000.00 252,000.00
Series Squared Straight Squared Straight 150 150 150.00 79.50 40.50 6,075.00 270.00 40,500.00 40,500.00
Series Storm Shooter Storm Shooter 2,000 2,000 90.00 48.00 24.00 48,000.00 162.00 324,000.00 324,000.00
Series Street Band Street Band 50 50 918.00 127.00 185.00 9,250.00 1,230.00 61,500.00 61,500.00
Series Sunny 18 Solar Strike 6,000 6,000 40.30 14.69 10.01 60,060.00 65.00 390,000.00 390,000.00
Series Sunsanddrinkinhand Sunsanddrinkinhand 20 20 3,500.00 781.10 718.90 14,378.00 5,000.00 100,000.00 100,000.00
Series Sweet Sweet Annie 19 In Due Time 20 20 4,750.00 1,739.00 1,011.00 20,220.00 7,500.00 150,000.00 150,000.00
Series Swiss Minister Swiss Minister 50 50 150.00 88.00 42.00 2,100.00 280.00 14,000.00 14,000.00
Series Takeo Squared Takeo Squared 100 100 153.00 76.00 41.00 4,100.00 270.00 27,000.00 27,000.00
Series Tapitry 19 Infinite Empire 820 820 180.00 52.05 40.95 33,579.00 273.00 223,860.00 223,860.00
Series Tavasco Road Tavasco Road 80 80 128.00 67.00 35.00 2,800.00 230.00 18,400.00 18,400.00
Series Tell All 19 Walk the Talk 12 12 7,000.00 1,987.00 1,513.00 18,156.00 10,500.00 126,000.00 126,000.00
Series Tell the Duchess 19 Duke of Love 2,000 2,000 42.50 78.20 21.30 42,600.00 142.00 284,000.00 284,000.00
Series The Filly Four The Filly Four 8,000 8,000 105.00 48.00 27.00 216,000.00 180.00 1,440,000.00 1,440,000.00
Series Thirteen Stripes Thirteen Stripes 1,000 1,000 100.00 94.65 34.35 34,350.00 229.00 229,000.00 229,000.00
Series Timeless Trick 20 Interstellar 12 12 5,000.00 1,750.00 1,000.00 12,000.00 7,750.00 93,000.00 93,000.00
Series Tizamagician Tizamagician 600 600 185.00 87.00 48.00 28,800.00 320.00 192,000.00 192,000.00
Series Tufnel Tufnel 5,200 5,200 30.00 22.70 9.30 48,360.00 62.00 322,400.00 322,400.00
Series Twirl Girl 21 Twirl Girl 21 20 7 13 3,975.00 2,730.00 795.00 35,490.00   5,565.00 7,500.00 52,500.00 150,000.00 97,500.00
Series Two Trail Sioux 17 Annahilate 450 450 165.00 90.00 45.00 20,250.00 300.00 135,000.00 135,000.00
Series Two Trail Sioux 17K Two Trail Sioux 17K 1 1 24,750.00 4,970.00 29,720.00 29,720.00 29,720.00
Series Utalknboutpractice Utalknboutpractice 100 100 165.00 90.00 45.00 4,500.00 300.00 30,000.00 30,000.00
Series Vertical Threat Vertical Threat 600 600 100.00 78.50 31.50 18,900.00 210.00 126,000.00 126,000.00
Series Vow Vow 2,000 2,000 70.00 82.15 26.85 53,700.00 179.00 358,000.00 358,000.00
Series War Safe War Safe 2,000 2,000 45.00 79.10 21.90 43,800.00 146.00 292,000.00 292,000.00
Series Wayne O Wayne O 6,000 6,000 75.00 6.00 14.00 84,000.00 95.00 570,000.00 570,000.00
Series Who Runs the World Who Runs the World 5,100 5,100 60.00 28.40 15.60 79,560.00 104.00 530,400.00 530,400.00
Series Who'sbeeninmybed 19 Micro Share 5,100 5,100 45.00 17.90 11.10 56,610.00 74.00 377,400.00 377,400.00
Series Without Delay Golden Quality 20 20 4,500.00 1,550.00 950.00 19,000.00 7,000.00 140,000.00 140,000.00
Series Wonder Upon a Star 19 Star Six Nine 10,000 10,000 14.00 17.45 5.55 55,500.00 37.00 370,000.00 370,000.00
Series Yes This Time Yes This Time 10 10 10,000.00 793.00 2,159.00 21,590.00 12,952.00 129,520.00 129,520.00
Series You Make Luvin Fun 19 Magical Ways 6,000 6,000 40.00 23.75 11.25 67,500.00 75.00 450,000.00 450,000.00
Series Zestful Zestful 100 100 194.00 78.00 48.00 4,800.00 320.00 32,000.00 32,000.00

 

  (1) Denotes total membership interests offered, sold to date and remaining to be sold in each series.
  (2) Denotes the “Cash Portion of the Asset Cost”, “Cash Reserves for Operating Expenses”, and “Due Diligence Fee” per membership interest sold.
  (3) Denotes the amount of cash held in reserve attributable to such series after deduction of “Due Diligence Fee.”
  (4) Denotes the amount owed the Manager for any loans extended on behalf of a series.
  (5) Denotes the amount of “Due Diligence Fee” or other “Management Fee” paid to Manager.
  (6) Price per membership interest of each series.
  (7) Denotes total dollar amount offered, sold to date and remaining to be sold in each series.

  

 

 

 7 

 

 

Revenues

 

Revenues are generated at the Series level. During the six-month periods ended June 30, 2023, and June 30, 2022, the Company generated $ $1,138,215 and $1,421,369 in revenues, respectively. The decrease in revenue is attributed to certain Series’ Underlying Asset winning horse race purse winnings. Some of the Company’s horses (as more particularly described in the Offering Statement under the “Use of Proceeds” section for each Underlying Asset) have not yet begun racing, and thus, may begin to generate revenue when their racing careers commence.

 

During the six-month periods ended June 30, 2023, and June 30, 2022, the Company incurred costs of revenue – horse expenses of $2,077,330 and $2,224,144, respectively. The decrease in costs of revenue of $146,814 – horse expenses is attributed to the Company’s slight decrease in stable size and therefore the costs related to veterinary costs, transportation, jockey fees, etc. as directly related to the revenue-driving activities of such series of horses.

 

The revenues generated, and costs of revenue incurred, on a series-by-series basis as of June 30, 2023, and June 30, 2022

are as follows: 

 

    Revenues Cost of Revenues
Series Name Underlying Asset 30-Jun-23 30-Jun-22 30-Jun-23 30-Jun-22
Series Action Bundle Action Bundle $             – $             – $             – $             –
Series Adaay in Asia Adaay in Asia 1,785 (15,051)
Series Adjust 20 Jai Ho (15,120) (4,897)
Series Alliford Bay 21 Alliford Bay 21 (6,466)
Series Amandrea Amandrea
Series Ambleside Park 19 Lookwhogotlucky 3,762 (11,227)
Series Apple Down Under 19 Howboutdemapples
Series Arch Support 20 Captain Sparrow (10,072) (4,320)
Series Ari the Adventurer 19 Kanthari 29,532 (36,670) (19,269)
Series Athenian Beauty 19 Quantum Theory 7,740 (10,683)
Series Authentic Authentic (76,302) (103,302)
Series Awe Hush 19 Can't Hush This 10,151 (29,982)
Series Bajan Bashert Bajan Bashert 23,584 (22,195)
Series Balletic Balletic 56,000 (51,370) (33,416)
Series Bella Chica Bella Chica
Series Big Mel Big Mel
Series Black Escort 19 Halofied 192 (21,994)
Series Blues Corner 21 Blues Corner 21 (9,300)
Series Bullish Sentiment 21 Bullish Sentiment 21 (8,409)
Series Carrothers Carrothers 2,628 (19,822)
Series Cayala 19 Provocateur 57,146 (35,431)
Series Chad Brown Bundle Chad Brown Bundle (21,599) (70,119)
Series Chasing the Moon 20 Cuvier (2,345)
Series Classic Cut Classic Cut 21,039 (38,131) (24,263)

 

 

 

 8 

 

 

Series Classofsixtythree 19 Sixtythreecaliber 39,850 21,000 (35,758) (20,991)
Series Co Cola 19 Search Engine 7,089 28,050 (19,859) (25,771)
Series Collusion Illusion Collusion Illusion 275 4,403)
Series Consecrate 19 Sacred Beauty 3,690 (5,292)
Series Courtisane 19 Tap the Gavel 43,850 (19,723) (43,150)
Series Crown It 21 Crown It 21 (7,839)
Series Daddys Joy Daddy's Joy 11,100 (19,106)
Series Dancing Crane Dancing Crane 49,400 (38,624)
Series Daring Dancer 20 Daring Dancer 20 3,900 (6,074) (4,433)
Series Deep Cover Deep Cover 5,400 57,090 (32,676) (40,569)
Series Demogorgon Demogorgon 5,000 20,450 (4,975) (27,418)
Series Desire Street 19 Always Hopeful 10,404 (9,441) (17,883)
Series Echo Warrior 19 Hero Status 44,823 20,904 (38,247) (24,719)
Series Edge Classic Colts Package Classic Colts Package (14,772)
Series Edge Racing Summer Fun-d Summer Fun 19,890 (31,125) (2,617)
Series Elarose 21 Secret Crush (26,893)
Series Enchante 21 Simply Enchanting (20,969)
Series Escape Route Escape Route 22,060 65,696 (34,363) (48,423)
Series Essential Rose 20 Rosie's Alibi (30,225) (37,359)
Series Exonerated 19 Above Suspicion 702 (2,781) (15,340)
Series Fenwick Hall 20 Inspector 23,622 (30,691) (7,886)
Series Flora Dora 20 Spun Intended 250 (19,457) (6,312)
Series Forever Rose Forever Rose (7,392) (5,125)
Series Frosted Oats Frosted Oats 17,995 27,675 (20,704) (18,825)
Series Future Stars Stable Future Stars Stable 12,889 31,573 (16,229) (44,648)
Series Gentleman Gerry Gentleman Gerry 23,530 (19,424) (6,546)
Series Giant Mover 21 Giant Mover 21 (3,324)
Series Going to Vegas Going to Vegas 73,950 (47,045)
Series Got Stormy Got Stormy
Series Grand Traverse Bay 19 Cornice Traverse 3,720 (28,981)
Series Grand Traverse Bay 20 Grand Traverse Bay 20 (3,549) (4,764)
Series Heaven Street Heaven Street 19,865 (24,487)
Series Helicopter Money Helicopter Money 5,085 (16,141) (2,811)
Series High Speed Goldie 21 High Speed Goldie 21 (10,820)

 

 

 

 9 

 

 

Series Im A Looker 20 I'm a Looker 20 500 (33,277) (5,426)
Series Into Summer 19 Malibu Mayhem 325 (17,904)
Series Ishvana 21 Ishvana 21 (11,322)
Series Just Louise 19 Forbidden Kingdom 26,520 183,855 (35,322) (100,326)
Series Keertana 18 American Heiress (516)
Series Kichiro Kichiro
Series Kindle 21 A Day to Remember (20,571)
Series Knarsdale 21 Seismic Beauty (23,559)
Series Lane Way Lane Way 60,000 (44,368) (26,200)
Series Latte Da 19 Inalattetrouble (7,927)
Series Lazy Daisy Lazy Daisy
Series Le Relais 20 Show Your Cards (14,685)
Series Lost Empire 19 Laforgia 255 (22,400)
Series Lovesick 21 Lovesick 21 (8,531)
Series Madiera Wine Madiera Wine 6,510 (5,585)
Series Man Among Men Man Among Men (8,853) (15,372)
Series Margaret Reay 19 A Mo Reay 11,808 (24,043)
Series Margarita Friday 19 Straight No Chaser 159,400 (104,170) (29,208)
Series Martita Sangrita 17 Carpe Vinum 44,544 (31,565)
Series Mayan Milagra 19 Tepeu 61,375 43,150 (45,852) (35,648)
Series Midnight Sweetie 19 Dolce Notte (6,166)
Series Miss Puzzle Miss Tapit 7
Series Miss Sakamoto Miss Sakamoto 5,112 25,338 (23,269) (28,063)
Series Mo Mischief Mo Mischief
Series Mo Temptation Mo Temptation (16,956) (6,981)
Series Monomoy Girl Monomoy Girl
Series Moonbow 20 Cumberland Falls 27,986 (29,301) (2,468)
Series More Than Magic 21 More Than Magic 21 (5,734)
Series Motion Emotion Motion Emotion
Series Mrs Whistler Mrs Whistler 11,800 860 (32,686) (26,091)
Series My Fast One 20 One Fast Dream 14,130 (34,219) (3,586)
Series Naismith Naismith 6,840 1,840 (10,669) (32,104)
Series National Road National Road 28,900 (24,711) (35,342)
Series Northern Smile 20 Pep Rally (17,188) (13,756)
Series NY Exacta NY Exacta 15,330 18,944 (24,917) (70,306)
Series One Last Night 21 One Last Night 21 (15,033)

 

 

 

 10 

 

 

Series Our Jenny B 21 Jenny B 21 (19,227)
Series Our Miss Jones 19 Celebrity News 13,200 (19,560) (31,229)
Series Palace Foal Palace Foal
Series Patsys Kim 21 Lady Blitz 600 (38,460)
Series Popular Demand Popular Demand
Series Power Up Paynter Power Up Paynter 10
Series Queen Amira 19 Regal Rebel 375 (21,551)
Series Race Hunter 19 Chasing Time 188,343 128,250 (78,358) (106,213)
Series Salute to America Salute to America 540 47,500 (6,378) (41,282)
Series Sarrocchi 21 Sarrocchi 21 (33,982)
Series Savvy Sassy 22 Savvy Sassy 22
Series Sigesmund Sigesmund
Series Silverpocketsfull 19 Iron Works 5,642 50,711 (27,516) (41,151)
Series Smart Shopping 21 Seize the Grey (29,020)
Series Social Dilemma Social Dilemma
Series Song of Bernadette 20 Cable Boss (19,607) (20,360)
Series Song of the Lark 21 Song of the Lark 21 (14,176)
Series Speightstown Belle 19 Ancient Royalty
Series Spirit 20 Phantom Ride 19,436 (22,947) (7,532)
Series Squared Straight Squared Straight
Series Stay Fabulous Stay Fabulous 1,838 (7,125) (2,152)
Series Storm Shooter Storm Shooter 15,760 (21,521)
Series Sunny 18 Solar Strike
Series Sunsanddrinkinhand Sunsanddrinkinhand 1,040 (24,576)
Series Sweet Sweet Annie 19 In Due Time 360 129,920 (21,707) (58,862)
Series Tamboz 21 Tamboz 21 (6,902)
Series Tapitry 19 Infinite Empire 1,853 (6,508) (12,196)
Series Tell All 19 Walk the Talk (12,822)
Series Tell the Duchess 19 Duke of Love 14,001 42,552 (44,245) (44,299)
Series The Filly Four The Filly Four 21,504 (26,327)
Series The Royal Duet The Royal Duet (56,757)
Series Thirteen Stripes Thirteen Stripes 5,445 (1,923) (26,834)
Series Timeless Trick 20 Interstellar 1,944 (18,246) (7,285)
Series Tizamagician Tizamagician (18,642)

 

 

 

 11 

 

 

Series Twirl Girl 21 Twirl Girl 21 (16,297)
Series Tufnel Tufnel (21,723) (13,131)
Series Two Trail Sioux 17 Annahilate
Series Two Trail Sioux 17K Two Trail Sioux 17K
Series Vertical Threat Vertical Threat (3,555)
Series Vow Vow 38,800 (41,516) (17,709)
Series War Safe War Safe 1,700 636 (18,693) (40,085)
Series Wayne O Wayne O
Series Who Runs the World Who Runs the World 5,161 (19,052) (18,707)
Series Whosbeeninmybed 19 Micro Share 19,324 31,416 (25,552) (32,450)
Series Without Delay 19 Golden Quality 3,786 (20,939)
Series Wonder Upon a Star 19 Star Six Nine (6,910)
Series Yes This Time Yes This Time 42,300 12,500 (53,377) (32,582)
Series You Make Luvin Fun 19 Magical Ways 23,490 (19,346) (20,285)
Totals   1,138,215 1,421,369 (2,077,330) (2,224,144)

 

Operating Expenses

 

From its formation in December 2016 until the Company commenced its planned principal operations in 2018, the Company’s efforts were focused on the development of its business model, the offering structure and marketing for fundraising. Since commencing principal operations, the Company has been focused on the business of owning, training and racing horses. During the six-month periods ended June 30, 2023, and June 30, 2022, the Company incurred $4,192,688 and $3,817,060 in operating expenses, respectively, an increase of $375,629, related to general and administrative fees, management fees, depreciation, and loss on horse retirement. The increase was primarily driven by an increase in the loss on the retirement of certain horses.

 

Operating Expenses for the Company including all of the Series for the six-month periods ended June 30, 2023, and June 30, 2022, are as follows:

 

Total Operating Expense                    
    30-Jun-23    30-Jun-22    Difference    Change 
General and Administrative (1)  $249,034   $271,556   $(22,522)   -8% 
Management Fees  $721,992   $1,056,651   $(334,659)   -32% 
Depreciation  $2,744,838   $2,614,422   $130,416    5% 
Loss on Horse Retirement  $476,824   $-125,570   $602,394    -480% 
Total:  $4,192,688   $3,817,060   $375,629    10% 

 

 

 

 12 

 

 

Operating Expenses - Overview

 

During the six-month periods ended June 30, 2023 and June 30, 2022, at the close of the respective offerings for the Series listed in the table below, each individual Series became responsible for operating expenses. All operating expenses are incurred on the books by the Series. The operating expenses for each Series are as follows:

  

    Operating Expenses
Series Name Underlying Asset 30-Jun-23 30-Jun-22
Series Action Bundle Action Bundle $             – $             –
Series Adaay in Asia Adaay in Asia 16,533
Series Adjust 20 Jai Ho 14,583 22,430
Series Alliford Bay 21 Alliford Bay 21 9,133
Series Amandrea Amandrea
Series Ambleside Park 19 Lookwhogotlucky 10,635
Series Apple Down Under 19 Howboutdemapples
Series Arch Support 20 Captain Sparrow 13,267 17,944
Series Ari the Adventurer 19 Kanthari 57,872 54,919
Series Athenian Beauty 19 Quantum Theory (3,734)
Series Authentic Authentic 722,090 540,520
Series Awe Hush 19 Can't Hush This 36,415
Series Bajan Bashert Bajan Bashert 22,867
Series Balletic Balletic 87,950 168,618
Series Bella Chica Bella Chica
Series Big Mel Big Mel
Series Black Escort 19 Halofied 14,217
Series Blues Corner 21 Blues Corner 21 16,467
Series Bullish Sentiment 21 Bullish Sentiment 21 11,905
Series Carrothers Carrothers 74,011
Series Cayala 19 Provocateur 50,315
Series Chad Brown Bundle Chad Brown Bundle 190,392 284,704
Series Chasing the Moon 20 Cuvier 1,965
Series Classic Cut Classic Cut 47,704 45,600
Series Classofsixtythree 19 Sixtythreecaliber 27,893 25,333
Series Co Cola 19 Search Engine 60,265 62,186
Series Collusion Illusion Collusion Illusion 273,628
Series Consecrate 19 Sacred Beauty (7,752)

 

 

 

 13 

 

 

Series Courtisane 19 Tap the Gavel 43,850 48,235
Series Crown It 21 Crown It 21 34,379
Series Daddys Joy Daddy's Joy 7,948
Series Dancing Crane Dancing Crane 16,407
Series Daring Dancer 20 Daring Dancer 20 10,665 25,463
Series Deep Cover Deep Cover 9,571 21,911
Series Demogorgon Demogorgon 36,616 17,100
Series Desire Street 19 Always Hopeful 17,272 17,992
Series Echo Warrior 19 Hero Status 37,232 53,398
Series Edge Classic Colts Package Classic Colts Package 79,758
Series Edge Racing Summer Fun-d Summer Fun 43,958 8,062
Series Elarose 21 Secret Crush 88,630
Series Enchante 21 Simply Enchanting 130,581
Series Escape Route Escape Route 8,042 13,667
Series Essential Rose 20 Rosie's Alibi 113,010 164,383
Series Exonerated 19 Above Suspicion 8,042 17,550
Series Fenwick Hall 20 Inspector 18,150 55,893
Series Flora Dora 20 Spun Intended 10,417 19,606
Series Forever Rose Forever Rose 22,090 2,353
Series Frosted Oats Frosted Oats 22,514 23,486
Series Future Stars Stable Future Stars Stable 23,041 65,023
Series Gentleman Gerry Gentleman Gerry 43,154 24,481
Series Giant Mover 21 Giant Mover 21 5,803
Series Going to Vegas Going to Vegas 68,462
Series Got Stormy Got Stormy
Series Grand Traverse Bay 19 Cornice Traverse 29,022
Series Grand Traverse Bay 20 Grand Traverse Bay 20 8,963 22,593
Series Heaven Street Heaven Street 17,642
Series Helicopter Money Helicopter Money 37,502 1,110
Series High Speed Goldie 21 High Speed Goldie 21 13,010
Series Im A Looker 20 I'm a Looker 20 47,400 5,947
Series Into Summer 19 Malibu Mayhem 19,679
Series Ishvana 21 Ishvana 21 23,833
Series Just Louise 19 Forbidden Kingdom 31,852 47,086

 

 

 

 14 

 

 

Series Keertana 18 American Heiress 12,011
Series Kichiro Kichiro
Series Kindle 21 A Day to Remember 116,540
Series Knarsdale 21 Seismic Beauty 49,282
Series Lane Way Lane Way 21,105 69,244
Series Latte Da 19 Inalattetrouble 41,068
Series Lazy Daisy Lazy Daisy
Series Le Relais 20 Show Your Cards 94,456
Series Lost Empire 19 Laforgia 42,676
Series Lovesick 21 Lovesick 21 16,616
Series Madiera Wine Madiera Wine 8,000
Series Man Among Men Man Among Men 27,000 27,800
Series Margaret Reay 19 A Mo Reay 30,949
Series Margarita Friday 19 Straight No Chaser 38,390 71,951
Series Martita Sangrita 17 Carpe Vinum 23,421
Series Mayan Milagra 19 Tepeu 19,488 20,433
Series Midnight Sweetie 19 Dolce Notte 14,700
Series Miss Puzzle Miss Tapit
Series Miss Sakamoto Miss Sakamoto 30,361 41,148
Series Mo Mischief Mo Mischief
Series Mo Temptation Mo Temptation 21,975 5,152
Series Monomoy Girl Monomoy Girl
Series Moonbow 20 Cumberland Falls 10,931 2,589
Series More Than Magic 21 More Than Magic 21 26,367
Series Motion Emotion Motion Emotion
Series Mrs Whistler Mrs Whistler 17,580 26,165
Series My Fast One 20 One Fast Dream 20,320 2,733
Series Naismith Naismith 9,066 28,359
Series National Road National Road 17,967 36,667
Series Northern Smile 20 Pep Rally 15,000 24,990
Series NY Exacta NY Exacta 29,374 37,763
Series One Last Night 21 One Last Night 21 68,224

 

 

 

 15 

 

 

Series Our Jenny B 21 Jenny B 21 14,787
Series Our Miss Jones 19 Celebrity News 12,935 42,300
Series Palace Foal Palace Foal
Series Patsys Kim 21 Lady Blitz 90,388
Series Popular Demand Popular Demand
Series Power Up Paynter Power Up Paynter
Series Queen Amira 19 Regal Rebel 23,438
Series Race Hunter 19 Chasing Time 66,219 60,183
Series Salute to America Salute to America 16,524 21,150
Series Sarrocchi 21 Sarrocchi 21 69,034
Series Savvy Sassy 22 Savvy Sassy 22
Series Sigesmund Sigesmund
Series Silverpocketsfull 19 Iron Works 53,382 57,759
Series Smart Shopping 21 Seize the Grey 56,100
Series Social Dilemma Social Dilemma
Series Song of Bernadette 20 Cable Boss 52,688 93,297
Series Song of the Lark 21 Song of the Lark 21 43,843
Series Speightstown Belle 19 Ancient Royalty
Series Spirit 20 Phantom Ride 19,200 58,040
Series Squared Straight Squared Straight
Series Stay Fabulous Stay Fabulous 77,131 2,806
Series Storm Shooter Storm Shooter 60,954
Series Sunny 18 Solar Strike
Series Sunsanddrinkinhand Sunsanddrinkinhand 23,684
Series Sweet Sweet Annie 19 In Due Time 13,579 (200,402)
Series Tamboz 21 Tamboz 21 21,706
Series Tapitry 19 Infinite Empire 7,581 27,800
Series Tell All 19 Walk the Talk 16,100
Series Tell the Duchess 19 Duke of Love 46,362 36,163
Series The Filly Four The Filly Four (160,422)
Series The Royal Duet The Royal Duet 320,352
Series Thirteen Stripes Thirteen Stripes 12,657 22,211
Series Timeless Trick 20 Interstellar 10,000 11,500
Series Tizamagician Tizamagician 397 18,405
Series Twirl Girl 21 Twirl Girl 21 12,500
Series Tufnel Tufnel 37,860 31,049

 

 

 

 16 

 

 

Series Two Trail Sioux 17 Annahilate
Series Two Trail Sioux 17K Two Trail Sioux 17K
Series Vertical Threat Vertical Threat 800
Series Vow Vow 30,955 26,927
Series War Safe War Safe 48,463 46,706
Series Wayne O Wayne O
Series Who Runs the World Who Runs the World 57,666 112,187
Series Whosbeeninmybed 19 Micro Share 46,495 47,704
Series Without Delay 19 Golden Quality 20,900
Series Wonder Upon a Star 19 Star Six Nine 119,450
Series Yes This Time Yes This Time 18,344 19,692
Series You Make Luvin Fun 19 Magical Ways 94,056 45,600
Totals   $4,192,648 $3,817,059

 

Operating Expenses – General and Administrative

 

For the six-months period ended June 30, 2023, and June 30, 2022, the Company incurred general and administrative fees of $249,034 and $271,556, respectively, a decrease of $22,522.

 

This is due to a decrease in the total amount of series relative to the prior period.

 

The general and administrative fees incurred on a series-by-series basis as of June 30, 2023, and June 30, 2022 are as follows:

 

Series Name Underlying Asset 30-Jun-23 30-Jun-22
Series Action Bundle Action Bundle $             – $             –
Series Adaay in Asia Adaay in Asia 1,800
Series Adjust 20 Jai Ho
Series Alliford Bay 21 Alliford Bay 21 1,800
Series Amandrea Amandrea
Series Ambleside Park 19 Lookwhogotlucky 2,400
Series Apple Down Under 19 Howboutdemapples
Series Arch Support 20 Captain Sparrow 1,600
Series Ari the Adventurer 19 Kanthari 3,600 3,600
Series Athenian Beauty 19 Quantum Theory 1,200
Series Authentic Authentic 22,167 17,639
Series Awe Hush 19 Can't Hush This 2,400
Series Bajan Bashert Bajan Bashert
Series Balletic Balletic 3,600 3,600

 

 

 

 17 

 

 

Series Bella Chica Bella Chica
Series Big Mel Big Mel
Series Black Escort 19 Halofied 2,100
Series Blues Corner 21 Blues Corner 21 1,800
Series Bullish Sentiment 21 Bullish Sentiment 21 2,400
Series Carrothers Carrothers 3,600
Series Cayala 19 Provocateur 3,600
Series Chad Brown Bundle Chad Brown Bundle 3,886 3,600
Series Chasing the Moon 20 Cuvier 400
Series Classic Cut Classic Cut 3,600 3,600
Series Classofsixtythree 19 Sixtythreecaliber 3,075 2,400
Series Co Cola 19 Search Engine 3,775 3,600
Series Collusion Illusion Collusion Illusion 2,600
Series Consecrate 19 Sacred Beauty 1,200
Series Courtisane 19 Tap the Gavel 3,600 3,600
Series Crown It 21 Crown It 21
Series Daddys Joy Daddy's Joy 1,500
Series Dancing Crane Dancing Crane 2,100
Series Daring Dancer 20 Daring Dancer 20 2,400 2,400
Series Deep Cover Deep Cover 2,535 2,535
Series Demogorgon Demogorgon 2,100 2,100
Series Desire Street 19 Always Hopeful 2,992 2,400
Series Echo Warrior 19 Hero Status 4,400 4,400
Series Edge Classic Colts Package Classic Colts Package
Series Edge Racing Summer Fun-d Summer Fun 25
Series Elarose 21 Secret Crush 3,600
Series Enchante 21 Simply Enchanting 3,600
Series Escape Route Escape Route 975 2,100
Series Essential Rose 20 Rosie's Alibi 3,635 3,600
Series Exonerated 19 Above Suspicion 400 3,200
Series Fenwick Hall 20 Inspector 2,400 1,200
Series Flora Dora 20 Spun Intended
Series Forever Rose Forever Rose 2,400 400
Series Frosted Oats Frosted Oats 3,632 3,635

 

 

 

 18 

 

 

Series Future Stars Stable Future Stars Stable 3,965 3,615
Series Gentleman Gerry Gentleman Gerry 1,302
Series Giant Mover 21 Giant Mover 21 1,600
Series Going to Vegas Going to Vegas 4,400
Series Got Stormy Got Stormy
Series Grand Traverse Bay 19 Cornice Traverse 2,400
Series Grand Traverse Bay 20 Grand Traverse Bay 20 2,400 2,400
Series Heaven Street Heaven Street 975
Series Helicopter Money Helicopter Money 5,200 600
Series High Speed Goldie 21 High Speed Goldie 21
Series Im A Looker 20 I'm a Looker 20 3,600 600
Series Into Summer 19 Malibu Mayhem 3,200
Series Ishvana 21 Ishvana 21 3,000
Series Just Louise 19 Forbidden Kingdom 3,700 3,200
Series Keertana 18 American Heiress 800
Series Kichiro Kichiro
Series Kindle 21 A Day to Remember 2,400
Series Knarsdale 21 Seismic Beauty 3,000
Series Lane Way Lane Way 3,800 3,800
Series Latte Da 19 Inalattetrouble 4,662
Series Lazy Daisy Lazy Daisy
Series Le Relais 20 Show Your Cards 1,200
Series Lost Empire 19 Laforgia 4,400
Series Lovesick 21 Lovesick 21 1,800
Series Madiera Wine Madiera Wine 1,000
Series Man Among Men Man Among Men 2,400 3,200
Series Margaret Reay 19 A Mo Reay 2,435
Series Margarita Friday 19 Straight No Chaser 3,200 3,200
Series Martita Sangrita 17 Carpe Vinum 1,500
Series Mayan Milagra 19 Tepeu 1,155 2,100
Series Midnight Sweetie 19 Dolce Notte 2,400
Series Miss Puzzle Miss Tapit
Series Miss Sakamoto Miss Sakamoto 3,600 3,600
Series Mo Mischief Mo Mischief

 

 

 

 19 

 

 

Series Mo Temptation Mo Temptation 3,600 1,200
Series Monomoy Girl Monomoy Girl
Series Moonbow 20 Cumberland Falls 2,400 800
Series More Than Magic 21 More Than Magic 21
Series Motion Emotion Motion Emotion
Series Mrs Whistler Mrs Whistler 2,400 2,400
Series My Fast One 20 One Fast Dream 2,400 400
Series Naismith Naismith 800 800
Series National Road National Road 800
Series Northern Smile 20 Pep Rally
Series NY Exacta NY Exacta 175 35
Series One Last Night 21 One Last Night 21 3,600
Series Our Jenny B 21 Jenny B 21
Series Our Miss Jones 19 Celebrity News 2,435 2,400
Series Palace Foal Palace Foal
Series Patsys Kim 21 Lady Blitz 3,600
Series Popular Demand Popular Demand
Series Power Up Paynter Power Up Paynter
Series Queen Amira 19 Regal Rebel 2,400
Series Race Hunter 19 Chasing Time 3,635 3,600
Series Salute to America Salute to America 400 2,400
Series Sarrocchi 21 Sarrocchi 21 3,600
Series Savvy Sassy 22 Savvy Sassy 22
Series Sigesmund Sigesmund
Series Silverpocketsfull 19 Iron Works 3,775 3,600
Series Smart Shopping 21 Seize the Grey 3,600
Series Social Dilemma Social Dilemma
Series Song of Bernadette 20 Cable Boss 3,600 3,600
Series Song of the Lark 21 Song of the Lark 21 3,600
Series Speightstown Belle 19 Ancient Royalty
Series Spirit 20 Phantom Ride 2,400 1,200
Series Squared Straight Squared Straight
Series Stay Fabulous Stay Fabulous 2,277 400
Series Storm Shooter Storm Shooter 45

 

 

 

 20 

 

 

Series Sunny 18 Solar Strike
Series Sunsanddrinkinhand Sunsanddrinkinhand
Series Sweet Sweet Annie 19 In Due Time 799 3,600
Series Tamboz 21 Tamboz 21 1,800
Series Tapitry 19 Infinite Empire 2,525 3,200
Series Tell All 19 Walk the Talk 2,100
Series Tell the Duchess 19 Duke of Love 30,087 2,400
Series The Filly Four The Filly Four 40,755
Series The Royal Duet The Royal Duet 3,600
Series Thirteen Stripes Thirteen Stripes 5,000
Series Timeless Trick 20 Interstellar
Series Tizamagician Tizamagician 397 4,900
Series Twirl Girl 21 Twirl Girl 21
Series Tufnel Tufnel 3,600 3,600
Series Two Trail Sioux 17 Annahilate
Series Two Trail Sioux 17K Two Trail Sioux 17K
Series Vertical Threat Vertical Threat 800
Series Vow Vow 2,575 2,400
Series War Safe War Safe 2,400 2,400
Series Wayne O Wayne O
Series Who Runs the World Who Runs the World 3,600 3,600
Series Whosbeeninmybed 19 Micro Share 4,400 4,400
Series Without Delay 19 Golden Quality 2,100
Series Wonder Upon a Star 19 Star Six Nine 10,975
Series Yes This Time Yes This Time 1,677 3,025
Series You Make Luvin Fun 19 Magical Ways 3,585 3,600
Totals   $249,034 $271,556

 

Operating Expenses – Management Fee

 

For the six-months period ended June 30, 2023, and June 30, 2022, the Company incurred Management Fee expenses of $721,992 and $1,056,651, respectively, an increase of $334,659. The decrease is due primarily to the reduction of offerings in this period relative to the prior period.

 

 

 

 21 

 

 

The Management Fee expenses on a series-by-series basis as of June 30, 2023, and June 30, 2022 are as follows:

 

    Management Fee
Series Name Underlying Asset 30-Jun-23 30-Jun-22
Series Action Bundle Action Bundle $             – $             –
Series Adaay in Asia Adaay in Asia
Series Adjust 20 Jai Ho 19,294
Series Alliford Bay 21 Alliford Bay 21
Series Amandrea Amandrea
Series Ambleside Park 19 Lookwhogotlucky 376
Series Apple Down Under 19 Howboutdemapples
Series Arch Support 20 Captain Sparrow 15,435
Series Ari the Adventurer 19 Kanthari 2,953
Series Athenian Beauty 19 Quantum Theory 774
Series Authentic Authentic
Series Awe Hush 19 Can't Hush This 1,015
Series Bajan Bashert Bajan Bashert 4,200
Series Balletic Balletic 5,600 86,268
Series Bella Chica Bella Chica
Series Big Mel Big Mel
Series Black Escort 19 Halofied 2,950
Series Blues Corner 21 Blues Corner 21
Series Bullish Sentiment 21 Bullish Sentiment 21
Series Carrothers Carrothers 16,685
Series Cayala 19 Provocateur 5,715
Series Chad Brown Bundle Chad Brown Bundle 175,500
Series Chasing the Moon 20 Cuvier
Series Classic Cut Classic Cut 2,104
Series Classofsixtythree 19 Sixtythreecaliber 3,985 2,100
Series Co Cola 19 Search Engine 709 2,805
Series Collusion Illusion Collusion Illusion 27
Series Consecrate 19 Sacred Beauty 369
Series Courtisane 19 Tap the Gavel 4,385
Series Crown It 21 Crown It 21 25,900

 

 

 

 22 

 

 

Series Daddys Joy Daddy's Joy 1,110
Series Dancing Crane Dancing Crane 140
Series Daring Dancer 20 Daring Dancer 20 390 15,188
Series Deep Cover Deep Cover 540 5,709
Series Demogorgon Demogorgon
Series Desire Street 19 Always Hopeful 1,312
Series Echo Warrior 19 Hero Status 4,482 20,648
Series Edge Classic Colts Package Classic Colts Package 48,360
Series Edge Racing Summer Fun-d Summer Fun 1,046 7,000
Series Elarose 21 Secret Crush 32,530
Series Enchante 21 Simply Enchanting 77,111
Series Escape Route Escape Route 4,500
Series Essential Rose 20 Rosie's Alibi 51,408
Series Exonerated 19 Above Suspicion 70
Series Fenwick Hall 20 Inspector 48,480
Series Flora Dora 20 Spun Intended 13,782
Series Forever Rose Forever Rose
Series Frosted Oats Frosted Oats 1,799 2,768
Series Future Stars Stable Future Stars Stable 1,289 3,157
Series Gentleman Gerry Gentleman Gerry 18,000
Series Giant Mover 21 Giant Mover 21
Series Going to Vegas Going to Vegas 7,395
Series Got Stormy Got Stormy
Series Grand Traverse Bay 19 Cornice Traverse 372
Series Grand Traverse Bay 20 Grand Traverse Bay 20 13,631
Series Heaven Street Heaven Street
Series Helicopter Money Helicopter Money
Series High Speed Goldie 21 High Speed Goldie 21 3,816
Series Im A Looker 20 I'm a Looker 20 50
Series Into Summer 19 Malibu Mayhem 554
Series Ishvana 21 Ishvana 21
Series Just Louise 19 Forbidden Kingdom 2,652 18,386
Series Keertana 18 American Heiress
Series Kichiro Kichiro

 

 

 

 23 

 

 

Series Kindle 21 A Day to Remember 87,890
Series Knarsdale 21 Seismic Beauty
Series Lane Way Lane Way 6,000
Series Latte Da 19 Inalattetrouble
Series Lazy Daisy Lazy Daisy
Series Le Relais 20 Show Your Cards 76,923
Series Lost Empire 19 Laforgia 26
Series Lovesick 21 Lovesick 21
Series Madiera Wine Madiera Wine 7,000
Series Man Among Men Man Among Men
Series Margaret Reay 19 A Mo Reay 1,181
Series Margarita Friday 19 Straight No Chaser 15,940 49,501
Series Martita Sangrita 17 Carpe Vinum 4,454
Series Mayan Milagra 19 Tepeu
Series Midnight Sweetie 19 Dolce Notte
Series Miss Puzzle Miss Tapit
Series Miss Sakamoto Miss Sakamoto 511 11,298
Series Mo Mischief Mo Mischief
Series Mo Temptation Mo Temptation
Series Monomoy Girl Monomoy Girl
Series Moonbow 20 Cumberland Falls
Series More Than Magic 21 More Than Magic 21 18,900
Series Motion Emotion Motion Emotion
Series Mrs Whistler Mrs Whistler 1,180 9,765
Series My Fast One 20 One Fast Dream 420
Series Naismith Naismith 684 184
Series National Road National Road 20,000
Series Northern Smile 20 Pep Rally 16,200
Series NY Exacta NY Exacta 1,533 1,894
Series One Last Night 21 One Last Night 21 42,010
Series Our Jenny B 21 Jenny B 21 6,120
Series Our Miss Jones 19 Celebrity News 29,400
Series Palace Foal Palace Foal
Series Patsys Kim 21 Lady Blitz 30,788

 

 

 

 24 

 

 

Series Popular Demand Popular Demand
Series Power Up Paynter Power Up Paynter
Series Queen Amira 19 Regal Rebel 38
Series Race Hunter 19 Chasing Time 18,834 12,833
Series Salute to America Salute to America 54 4,750
Series Sarrocchi 21 Sarrocchi 21 17,309
Series Savvy Sassy 22 Savvy Sassy 22
Series Sigesmund Sigesmund
Series Silverpocketsfull 19 Iron Works 519 5,071
Series Smart Shopping 21 Seize the Grey
Series Social Dilemma Social Dilemma
Series Song of Bernadette 20 Cable Boss 40,609
Series Song of the Lark 21 Song of the Lark 21 13,468
Series Speightstown Belle 19 Ancient Royalty
Series Spirit 20 Phantom Ride 50,400
Series Squared Straight Squared Straight
Series Stay Fabulous Stay Fabulous 198
Series Storm Shooter Storm Shooter 1,576
Series Sunny 18 Solar Strike
Series Sunsanddrinkinhand Sunsanddrinkinhand 14,378
Series Sweet Sweet Annie 19 In Due Time 11,642
Series Tamboz 21 Tamboz 21
Series Tapitry 19 Infinite Empire 185
Series Tell All 19 Walk the Talk
Series Tell the Duchess 19 Duke of Love 1,400 18,888
Series The Filly Four The Filly Four 2,150
Series The Royal Duet The Royal Duet 229,613
Series Thirteen Stripes Thirteen Stripes 545
Series Timeless Trick 20 Interstellar 8,000
Series Tizamagician Tizamagician
Series Twirl Girl 21 Twirl Girl 21
Series Tufnel Tufnel 149
Series Two Trail Sioux 17 Annahilate
Series Two Trail Sioux 17K Two Trail Sioux 17K

 

 

 

 25 

 

 

Series Vertical Threat Vertical Threat
Series Vow Vow 3,880 27
Series War Safe War Safe 170 28,556
Series Wayne O Wayne O
Series Who Runs the World Who Runs the World 516 55,037
Series Whosbeeninmybed 19 Micro Share 1,932 3,142
Series Without Delay 19 Golden Quality 3,800
Series Wonder Upon a Star 19 Star Six Nine
Series Yes This Time Yes This Time
Series You Make Luvin Fun 19 Magical Ways 2,349
Totals   $721,992 $1,056,651

 

Operating Expenses – Depreciation

 

For the six-months period ended June 30, 2023, and June 30, 2022, the depreciation was $2,744,838 and $2,614,422, respectively, an increase of $130,416. The increase is based on the value of the assets under management relative to the prior period. The method of calculating depreciation remained unchanged during the current period.

 

The depreciation on a series-by-series basis as of June 30, 2023 and June 30, 2022 are as follows:

 

    Depreciation
Series Name Underlying Asset 30-Jun-23 30-Jun-22
Series Action Bundle Action Bundle $             – $             –
Series Adaay in Asia Adaay in Asia 14,733
Series Adjust 20 Jai Ho 14,583 3,136
Series Alliford Bay 21 Alliford Bay 21 7,333
Series Amandrea Amandrea
Series Ambleside Park 19 Lookwhogotlucky 7,858
Series Apple Down Under 19 Howboutdemapples
Series Arch Support 20 Captain Sparrow 11,667 2,509
Series Ari the Adventurer 19 Kanthari 51,319 51,319
Series Athenian Beauty 19 Quantum Theory 2,098
Series Authentic Authentic 699,923 522,880
Series Awe Hush 19 Can't Hush This 33,000
Series Bajan Bashert Bajan Bashert 18,667
Series Balletic Balletic 78,750 78,750
Series Bella Chica Bella Chica

 

 


 26 

 

 

Series Big Mel Big Mel
Series Black Escort 19 Halofied 9,167
Series Blues Corner 21 Blues Corner 21 14,667
Series Bullish Sentiment 21 Bullish Sentiment 21 9,505
Series Carrothers Carrothers 53,726
Series Cayala 19 Provocateur 41,000
Series Chad Brown Bundle Chad Brown Bundle 49,559 105,604
Series Chasing the Moon 20 Cuvier 1,565
Series Classic Cut Classic Cut 42,000 42,000
Series Classofsixtythree 19 Sixtythreecaliber 20,833 20,833
Series Co Cola 19 Search Engine 55,781 55,781
Series Collusion Illusion Collusion Illusion 51,944
Series Consecrate 19 Sacred Beauty 1,269
Series Courtisane 19 Tap the Gavel 40,250 40,250
Series Crown It 21 Crown It 21 8,479
Series Daddys Joy Daddy's Joy 5,338
Series Dancing Crane Dancing Crane 14,167
Series Daring Dancer 20 Daring Dancer 20 7,875 7,875
Series Deep Cover Deep Cover 6,496 13,667
Series Demogorgon Demogorgon 1,613 15,000
Series Desire Street 19 Always Hopeful 14,280 14,280
Series Echo Warrior 19 Hero Status 28,350 28,350
Series Edge Classic Colts Package Classic Colts Package 31,398
Series Edge Racing Summer Fun-d Summer Fun 9,414 1,062
Series Elarose 21 Secret Crush 52,500
Series Enchante 21 Simply Enchanting 49,870
Series Escape Route Escape Route 7,067 7,067
Series Essential Rose 20 Rosie's Alibi 109,375 109,375
Series Exonerated 19 Above Suspicion 2,315 14,350
Series Fenwick Hall 20 Inspector 15,750 6,213
Series Flora Dora 20 Spun Intended 10,417 5,824
Series Forever Rose Forever Rose 19,690 1,953
Series Frosted Oats Frosted Oats 17,083 17,083
Series Future Stars Stable Future Stars Stable 16,112 52,090

 

 

 

 27 

 

 

Series Gentleman Gerry Gentleman Gerry 8,889 6,481
Series Giant Mover 21 Giant Mover 21 4,203
Series Going to Vegas Going to Vegas 56,667
Series Got Stormy Got Stormy
Series Grand Traverse Bay 19 Cornice Traverse 26,250
Series Grand Traverse Bay 20 Grand Traverse Bay 20 6,563 6,563
Series Heaven Street Heaven Street 16,667
Series Helicopter Money Helicopter Money 5,010 510
Series High Speed Goldie 21 High Speed Goldie 21 9,194
Series Im A Looker 20 I'm a Looker 20 43,750 5,347
Series Into Summer 19 Malibu Mayhem 15,925
Series Ishvana 21 Ishvana 21 20,833
Series Just Louise 19 Forbidden Kingdom 25,500 25,500
Series Keertana 18 American Heiress 5,552
Series Kichiro Kichiro
Series Kindle 21 A Day to Remember 26,250
Series Knarsdale 21 Seismic Beauty 46,282
Series Lane Way Lane Way 11,305 65,444
Series Latte Da 19 Inalattetrouble 10,101
Series Lazy Daisy Lazy Daisy
Series Le Relais 20 Show Your Cards 16,333
Series Lost Empire 19 Laforgia 38,250
Series Lovesick 21 Lovesick 21 14,816
Series Madiera Wine Madiera Wine 1,063
Series Man Among Men Man Among Men 24,600 24,600
Series Margaret Reay 19 A Mo Reay 27,333
Series Margarita Friday 19 Straight No Chaser 19,250 19,250
Series Martita Sangrita 17 Carpe Vinum 17,467
Series Mayan Milagra 19 Tepeu 18,333 18,333
Series Midnight Sweetie 19 Dolce Notte 12,300
Series Miss Puzzle Miss Tapit
Series Miss Sakamoto Miss Sakamoto 26,250 26,250
Series Mo Mischief Mo Mischief
Series Mo Temptation Mo Temptation 18,375 3,952

 

 

 

 28 

 

 

Series Monomoy Girl Monomoy Girl
Series Moonbow 20 Cumberland Falls 8,531 1,789
Series More Than Magic 21 More Than Magic 21 7,467
Series Motion Emotion Motion Emotion
Series Mrs Whistler Mrs Whistler 14,000 14,000
Series My Fast One 20 One Fast Dream 17,500 2,333
Series Naismith Naismith 7,821 27,375
Series National Road National Road 17,167 16,667
Series Northern Smile 20 Pep Rally 15,000 8,790
Series NY Exacta NY Exacta 14,077 35,833
Series One Last Night 21 One Last Night 21 22,614
Series Our Jenny B 21 Jenny B 21 8,667
Series Our Miss Jones 19 Celebrity News 10,500 10,500
Series Palace Foal Palace Foal
Series Patsys Kim 21 Lady Blitz 56,000
Series Popular Demand Popular Demand
Series Power Up Paynter Power Up Paynter
Series Queen Amira 19 Regal Rebel 21,000
Series Race Hunter 19 Chasing Time 43,750 43,750
Series Salute to America Salute to America 2,032 14,000
Series Sarrocchi 21 Sarrocchi 21 48,125
Series Savvy Sassy 22 Savvy Sassy 22
Series Sigesmund Sigesmund
Series Silverpocketsfull 19 Iron Works 49,088 49,088
Series Smart Shopping 21 Seize the Grey 52,500
Series Social Dilemma Social Dilemma
Series Song of Bernadette 20 Cable Boss 49,088 49,088
Series Song of the Lark 21 Song of the Lark 21 26,775
Series Speightstown Belle 19 Ancient Royalty
Series Spirit 20 Phantom Ride 16,800 6,440
Series Squared Straight Squared Straight
Series Stay Fabulous Stay Fabulous 4,688 2,406

 

 

 

 29 

 

 

Series Storm Shooter Storm Shooter 23,387
Series Sunny 18 Solar Strike
Series Sunsanddrinkinhand Sunsanddrinkinhand 9,306
Series Sweet Sweet Annie 19 In Due Time 12,780 13,544
Series Tamboz 21 Tamboz 21 19,906
Series Tapitry 19 Infinite Empire 4,979 24,600
Series Tell All 19 Walk the Talk 14,000
Series Tell the Duchess 19 Duke of Love 14,875 14,875
Series The Filly Four The Filly Four 59,136
Series The Royal Duet The Royal Duet 87,138
Series Thirteen Stripes Thirteen Stripes 2,957 16,667
Series Timeless Trick 20 Interstellar 10,000 3,500
Series Tizamagician Tizamagician 13,505
Series Twirl Girl 21 Twirl Girl 21 12,500
Series Tufnel Tufnel 34,260 27,300
Series Two Trail Sioux 17 Annahilate
Series Two Trail Sioux 17K Two Trail Sioux 17K
Series Vertical Threat Vertical Threat
Series Vow Vow 24,500 24,500
Series War Safe War Safe 8,750 15,750
Series Wayne O Wayne O
Series Who Runs the World Who Runs the World 53,550 53,550
Series Whosbeeninmybed 19 Micro Share 40,163 40,163
Series Without Delay 19 Golden Quality 15,000
Series Wonder Upon a Star 19 Star Six Nine 16,061
Series Yes This Time Yes This Time 16,667 16,667
Series You Make Luvin Fun 19 Magical Ways 25,900 42,000
Totals   $2,744,838 $2,614,422

 

Operating Expenses – Loss on Horse Retirement

 

For the six-months period ended June 30, 2023, and June 30, 2022, the loss on horse retirement was $476,824 and $-125,570, respectively, an increase of $602,394. The increase is due to the timing and the change in remaining net asset value at the close out of the respective Series in the given period. In addition, certain horses were sold for more than their acquisition cost resulting in a gain for the respective Series in 2022 resulting in a net gain compared to a loss in the current period.

 

 

 

 30 

 

 

The loss on horse retirement on a series-by-series basis as of June 30, 2023, and June 30, 2022 are as follows:

 

    Loss on Horse
Series Name Underlying Asset 30-Jun-23 30-Jun-22
Series Action Bundle Action Bundle $             – $             –
Series Adaay in Asia Adaay in Asia
Series Adjust 20 Jai Ho
Series Alliford Bay 21 Alliford Bay 21
Series Amandrea Amandrea
Series Ambleside Park 19 Lookwhogotlucky
Series Apple Down Under 19 Howboutdemapples
Series Arch Support 20 Captain Sparrow
Series Ari the Adventurer 19 Kanthari
Series Athenian Beauty 19 Quantum Theory (7,807)
Series Authentic Authentic
Series Awe Hush 19 Can't Hush This
Series Bajan Bashert Bajan Bashert
Series Balletic Balletic
Series Bella Chica Bella Chica
Series Big Mel Big Mel
Series Black Escort 19 Halofied
Series Blues Corner 21 Blues Corner 21
Series Bullish Sentiment 21 Bullish Sentiment 21
Series Carrothers Carrothers
Series Cayala 19 Provocateur
Series Chad Brown Bundle Chad Brown Bundle 136,947
Series Chasing the Moon 20 Cuvier
Series Classic Cut Classic Cut
Series Classofsixtythree 19 Sixtythreecaliber
Series Co Cola 19 Search Engine
Series Collusion Illusion Collusion Illusion 219,056
Series Consecrate 19 Sacred Beauty (10,590)
Series Courtisane 19 Tap the Gavel
Series Crown It 21 Crown It 21

 

 

 

 31 

 

 

Series Daddys Joy Daddy's Joy
Series Dancing Crane Dancing Crane
Series Daring Dancer 20 Daring Dancer 20
Series Deep Cover Deep Cover
Series Demogorgon Demogorgon 32,903
Series Desire Street 19 Always Hopeful
Series Echo Warrior 19 Hero Status
Series Edge Classic Colts Package Classic Colts Package
Series Edge Racing Summer Fun-d Summer Fun 33,474
Series Elarose 21 Secret Crush
Series Enchante 21 Simply Enchanting
Series Escape Route Escape Route
Series Essential Rose 20 Rosie's Alibi
Series Exonerated 19 Above Suspicion 5,257
Series Fenwick Hall 20 Inspector
Series Flora Dora 20 Spun Intended
Series Forever Rose Forever Rose
Series Frosted Oats Frosted Oats
Series Future Stars Stable Future Stars Stable 1,675 6,161
Series Gentleman Gerry Gentleman Gerry 32,963
Series Giant Mover 21 Giant Mover 21
Series Going to Vegas Going to Vegas
Series Got Stormy Got Stormy
Series Grand Traverse Bay 19 Cornice Traverse
Series Grand Traverse Bay 20 Grand Traverse Bay 20
Series Heaven Street Heaven Street
Series Helicopter Money Helicopter Money 27,292
Series High Speed Goldie 21 High Speed Goldie 21
Series Im A Looker 20 I'm a Looker 20
Series Into Summer 19 Malibu Mayhem
Series Ishvana 21 Ishvana 21
Series Just Louise 19 Forbidden Kingdom
Series Keertana 18 American Heiress 5,659
Series Kichiro Kichiro

 

 

 

 32 

 

 

Series Kindle 21 A Day to Remember
Series Knarsdale 21 Seismic Beauty
Series Lane Way Lane Way
Series Latte Da 19 Inalattetrouble 26,305
Series Lazy Daisy Lazy Daisy
Series Le Relais 20 Show Your Cards
Series Lost Empire 19 Laforgia
Series Lovesick 21 Lovesick 21
Series Madiera Wine Madiera Wine (1,063)
Series Man Among Men Man Among Men
Series Margaret Reay 19 A Mo Reay
Series Margarita Friday 19 Straight No Chaser
Series Martita Sangrita 17 Carpe Vinum
Series Mayan Milagra 19 Tepeu
Series Midnight Sweetie 19 Dolce Notte
Series Miss Puzzle Miss Tapit
Series Miss Sakamoto Miss Sakamoto
Series Mo Mischief Mo Mischief
Series Mo Temptation Mo Temptation
Series Monomoy Girl Monomoy Girl
Series Moonbow 20 Cumberland Falls
Series More Than Magic 21 More Than Magic 21
Series Motion Emotion Motion Emotion
Series Mrs Whistler Mrs Whistler
Series My Fast One 20 One Fast Dream
Series Naismith Naismith (240)
Series National Road National Road
Series Northern Smile 20 Pep Rally
Series NY Exacta NY Exacta 13,589
Series One Last Night 21 One Last Night 21
Series Our Jenny B 21 Jenny B 21
Series Our Miss Jones 19 Celebrity News
Series Palace Foal Palace Foal
Series Patsys Kim 21 Lady Blitz

 

 

 

 33 

 

 

Series Popular Demand Popular Demand
Series Power Up Paynter Power Up Paynter
Series Queen Amira 19 Regal Rebel
Series Race Hunter 19 Chasing Time
Series Salute to America Salute to America 14,038
Series Sarrocchi 21 Sarrocchi 21
Series Savvy Sassy 22 Savvy Sassy 22
Series Sigesmund Sigesmund
Series Silverpocketsfull 19 Iron Works
Series Smart Shopping 21 Seize the Grey
Series Social Dilemma Social Dilemma
Series Song of Bernadette 20 Cable Boss
Series Song of the Lark 21 Song of the Lark 21
Series Speightstown Belle 19 Ancient Royalty
Series Spirit 20 Phantom Ride
Series Squared Straight Squared Straight
Series Stay Fabulous Stay Fabulous 69,969
Series Storm Shooter Storm Shooter 35,946
Series Sunny 18 Solar Strike
Series Sunsanddrinkinhand Sunsanddrinkinhand
Series Sweet Sweet Annie 19 In Due Time (229,188)
Series Tamboz 21 Tamboz 21
Series Tapitry 19 Infinite Empire (108)
Series Tell All 19 Walk the Talk
Series Tell the Duchess 19 Duke of Love
Series The Filly Four The Filly Four (262,463)
Series The Royal Duet The Royal Duet
Series Thirteen Stripes Thirteen Stripes 9,700
Series Timeless Trick 20 Interstellar
Series Tizamagician Tizamagician
Series Twirl Girl 21 Twirl Girl 21
Series Tufnel Tufnel
Series Two Trail Sioux 17 Annahilate
Series Two Trail Sioux 17K Two Trail Sioux 17K

 

 

 

 34 

 

 

Series Vertical Threat Vertical Threat
Series Vow Vow
Series War Safe War Safe 37,143
Series Wayne O Wayne O
Series Who Runs the World Who Runs the World
Series Whosbeeninmybed 19 Micro Share
Series Without Delay 19 Golden Quality
Series Wonder Upon a Star 19 Star Six Nine 92,414
Series Yes This Time Yes This Time
Series You Make Luvin Fun 19 Magical Ways 62,222
Totals   $476,824 $(125,570)

 

As a result, the Company’s aggregate net loss across all series for the six-month periods ended June 30, 2022, and June 30, 2021 was $5,007,032 and $4,326,015, respectively.

 

Liquidity and Capital Resources

 

During the six-month periods ended June 30, 2023, and June 30, 2022, the Company has relied on advances from the Manager, raising capital to fund its operations and the issuance of securities under Regulation A offerings, as well as under Regulation D offerings, as sources of capital. The funds raised supported the repayment of Manager’s loans (advanced to obtain Underlying Assets), accrue management fees and set aside cash held by the Manager as horse reserve accounts to cover certain horse expenses.

   

Of the horses that were part of an offering as of June 30, 2023 that have not yet started racing and thus potential revenue-generating activities, the Company anticipates they will begin racing as follows:

 

Series Name Underlying Asset Target for Revenue Generation
Series Edge Classic Colts Package Edge Classic Colts Sep-23
Series Crown It 21 Crown It 21 Apr-24
Series High Speed Goldie 21 High Speed Goldie 21 Apr-24
Series Adjust 20 Jai Ho Jul-23
Series More Than Magic 21 More Than Magic 21 Oct-23
Series Our Jenny B 21 Our Jenny B 21 Apr-24
Series Twirl Girl 21 Twirl Girl 21 Apr-24
Series Alliford Bay 21 Alliford Bay 21 Jan-24
Series Blues Corner 21 Blues Corner 21 Jan-24
Series Bullish Sentiment 21 Bullish Sentiment 21 Feb-24
Series Forever Rose Forever Rose Oct-24
Series Giant Mover 21 Giant Mover 21 Sep-23
Series Ishvana 21 Ishvana 21 Jan-24
Series Kindle 21 Kindle 21 Aug-24
Series Knarsdale 21 Knarsdale 21 Mar-24
Series Lovesick 21 MRH Lovesick 21 Oct-24

 

 

 

 35 

 

 

Series Mo Temptation Mo Temptation Jul-24
Series Palace Foal Palace Foal Retired
Series One Last Night 21 One Last Night 21 Apr-24
Series Sarrocchi 21 Sarrocchi 21 Feb-24
Series Elarose 21 Secret Crush Apr-24
Series Smart Shopping 21 Seize the Grey Jul-24
Series Song of the Lark 21 Song of the Lark 21 Apr-24
Series Tamboz 21 MRH Tamboz 21 Dec-23
Series The Royal Duet The Royal Duet Jun-24

  

The Company anticipates such horses will begin racing and, thus, potentially generating revenue as early as the above dates, which should allow such Series to maintain an ongoing reserve for Operating Expenses without the need to raise additional capital. Should such Underlying Asset need more time than anticipated in training or fails to generate sufficient revenues as expected, the Manager may loan the Series money from time-to-time to cover its Operating Expenses. The Company has purchased insurance for such Underlying Assets.

 

The Company (if viewed as if it were a separate and distinct entity apart from its Series) will not have much, if any, need for cash reserves and, instead, each Series will have liquidity needs that are built into Operating Expense reserves and covered by future revenue-generating activities. Specifically, it is the intent of the Company to reserve Operating Expenses, including Upkeep Fees, at the outset of an offering sufficient to maintain the Underlying Asset without the need to raise additional capital for such Series. The Company intends to rely on revenue generated from such Underlying Asset to provide ongoing working capital needed to fund the Operating Expenses of each such Series thereafter. Further, in the event that a Series is not fully subscribed, or needs additional funding beyond the Operating Expense reserves, (i) the Manager and/or its affiliates may exercise their right to purchase interests in the Series on the same terms and conditions as the investors, (ii) if such Underlying Asset was originally acquired by the Company or an affiliate pursuant to a Profit Participation Convertible Promissory Note or similar instrument, such party may exercise its conversion rights, and/or (iii) the Series may obtain a loan from the Manager, affiliates or third parties to obtain sufficient working capital to operate the underlying asset.

 

Since inception, the Company has relied on advances from the Manager and raising capital to fund its operations. As of June 30, 2023, the Company had negative capital and will likely incur losses prior to generating positive working capital. During the next 12 months, the Company intends to fund its operations, including those of its Series with funding from a Regulation A offering campaign, loans from its Manager and funds from revenue producing activities, if and when such can be realized. If the Company cannot secure additional short-term capital, it may cease operations on a series-by-series basis. The financial statements and related notes thereto included in this Semi-Annual Report do not include any adjustments that might result from these uncertainties.

 

Horse Reserve Funds

 

During the six-month periods ended June 30, 2023, and June 30, 2022, the Company had a total of $2,239,494 and $4,156,369, respectively, in reserve funds held by the Manager for each series of an Underlying Asset as outlined below.

  

 

 

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As of June 30, 2023, the Company’s positions of borrowings and amounts owed to it by the Manager are as follows:

 

Series Name Underlying Asset Horse reserve account owed to/(by) Series (Horse acquisition loans owed to Manager) Net amount owed to/(by) Series Horse Reserves to Last Through
Series Action Bundle Action Bundle $             – $             – $             –
Series Adaay in Asia Adaay in Asia (15,066) (204,000) (219,066)  
Series Adjust 20 Jai Ho 7,349 7,349 9/30/2023
Series Alliford Bay 21 Alliford Bay 21 (8,266) (120,000) (128,266) 6/30/2025
Series Amandrea Amandrea
Series Ambleside Park 19 Lookwhogotlucky  
Series Apple Down Under 19 Howboutdemapples
Series Arch Support 20 Captain Sparrow 9,753 9,753 9/30/2023
Series Ari the Adventurer 19 Kanthari 12,506 12,506 9/30/2023
Series Athenian Beauty 19 Quantum Theory  
Series Authentic Authentic (291,071) (291,071)
Series Awe Hush 19 Can't Hush This
Series Bajan Bashert Bajan Bashert 22,282 22,282 12/31/2023
Series Balletic Balletic 46,278 46,278 6/30/2024
Series Bella Chica Bella Chica  
Series Big Mel Big Mel  
Series Black Escort 19 Halofied (1,200) (1,200)  
Series Blues Corner 21 Blues Corner 21 (11,100) (240,000) (251,100) 6/30/2025
Series Bullish Sentiment 21 Bullish Sentiment 21 (10,809) (102,000) (112,809) 9/30/2022
Series Carrothers Carrothers  
Series Cayala 19 Provocateur 519 519
Series Chad Brown Bundle Chad Brown Bundle 42,149 42,149 3/31/2024
Series Chasing the Moon 20 Cuvier  
Series Classic Cut Classic Cut 63,397 63,397 6/30/2024
Series Classofsixtythree 19 Sixtythreecaliber 17,249 17,249 9/30/2023
Series Co Cola 19 Search Engine 23,378 23,378 9/30/2023
Series Collusion Illusion Collusion Illusion  
Series Consecrate 19 Sacred Beauty
Series Courtisane 19 Tap the Gavel 28,030 28,030 9/30/2023
Series Crown It 21 Crown It 21 102,761 (75,900) 26,861 12/31/2023
Series Daddys Joy Daddy's Joy  

 

 

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Series Dancing Crane Dancing Crane (600) (600)  
Series Daring Dancer 20 Daring Dancer 20 14,424 14,424 9/30/2023
Series Deep Cover Deep Cover (27,622) (27,622)  
Series Demogorgon Demogorgon 4,950 4,950 9/30/2023
Series Desire Street 19 Always Hopeful 14,189 14,189 9/30/2023
Series Echo Warrior 19 Hero Status 21,878 21,878 12/31/2023
Series Edge Classic Colts Package Classic Colts Package 108,143 108,143 6/30/2024
Series Edge Racing Summer Fun-d Summer Fun 14,447 14,447 9/30/2023
Series Elarose 21 Secret Crush 127,202 127,202 12/31/2024
Series Enchante 21 Simply Enchanting 118,262 (5,984) 112,278 12/31/2024
Series Escape Route Escape Route (15,275) (15,275)  
Series Essential Rose 20 Rosie's Alibi 61,867 61,867 6/30/2024