PART II 2 collectablesports_1k.htm PART II

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 1-K

 

ANNUAL REPORT PURSUANT TO REGULATION A

 

For the fiscal year ended:

December 31, 2021

 

COLLECTABLE SPORTS ASSETS, LLC

(Exact name of issuer as specified in its charter)

 

Delaware   84-4533006
State of other jurisdiction of
incorporation or Organization
  (I.R.S. Employer
Identification No.)

 

333 Westchester Ave., Suite W2100, White Plains, NY, 10604

(Full mailing address of principal executive offices)

 

(914) 372-7337
(Issuer’s telephone number, including area code)

 

www.collectable.com
(Issuer’s website)

 

(Securities issued pursuant to Regulation A)

 

 

 

 

 

 

Table of Contents

 

SERIES TABLE   Page #
Item 1. Description of Business   1
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operation   7
Item 3. Directors, Executive Officers, and Significant Employees   13
Item 4. Security Ownership of Management and Certain Security holders   17
Item 5. Related Party Transactions   27
Item 6. Other Significant Information   27
Item 7. Financial Statements as of and for the periods ended December 31, 2021 and 2020   F-1
EXHIBIT INDEX III-1   28

 

In this Annual Report, references to “we,” “us,” “our,” “Collectable Sports Assets,” or the “Company” mean Collectable Sports Assets, LLC, a Delaware series limited liability company.

 

THIS ANNUAL REPORT MAY CONTAIN “FORWARD-LOOKING” STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. FORWARD LOOKING STATEMENTS IN THIS REPORT INCLUDES INFORMATION RELATING TO, AMONG OTHER THINGS, THE COMPANY, ITS BUSINESS PLAN AND STRATEGY, AND ITS INDUSTRY. THESE FORWARD-LOOKING STATEMENTS ARE BASED ON THE BELIEFS OF, ASSUMPTIONS MADE BY, AND FORWARD-LOOKING INFORMATION GENERALLY CAN BE IDENTIFIED BY FORWARD-LOOKING TERMINOLOGY, SUCH AS “ESTIMATE,” “PROJECT,” “BELIEVE,” “ANTICIPATE,” “INTEND,” “EXPECT” AND SIMILAR EXPRESSIONS OR THE NEGATIVE THEREOF. THESE STATEMENTS REFLECT MANAGEMENT’S CURRENT VIEWS WITH RESPECT TO FUTURE EVENTS AND ARE SUBJECT TO RISKS AND UNCERTAINTIES THAT COULD CAUSE THE COMPANY’S ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE CONTAINED IN THE FORWARD-LOOKING STATEMENTS, SUCH AS GENERAL ECONOMIC CONDITIONS AND THE MARKET FOR COLLECTABLE SPORTS MEMORABILIA. INVESTORS ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE ON THESE FORWARD-LOOKING STATEMENTS, WHICH SPEAK ONLY AS OF THE DATE ON WHICH THEY ARE MADE. WE HEREBY EXPRESSLY DISCLAIM ANY INTENTION TO UPDATE ANY FORWARD-LOOKING INFORMATION CONTAINED IN THIS REPORT UNLESS REQUIRED BY LAW TO DO SO.

 

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Item 1. Description of Business

 

Overview

 

The Collectable sports memorabilia market, a multi-billion-dollar industry is characterized by: (i) a small number of collectors who have the financial means to acquire and financially benefit from blue-chip sports assets and (ii) a large number of sports memorabilia enthusiasts who have equivalent knowledge and passion for such assets, but with limited or no current mechanisms to benefit financially from or enjoy certain benefits of ownership of the Asset Class in the highest value segment. This dichotomy and the disproportionate access to the upper end of the market have resulted in the creation of significant latent demand from the enthusiast community to participate more meaningfully in an asset class that, to date, they have passively watched deliver returns to a select group of individual collectors. Furthermore, those who can afford ownership of blue-chip Collectable Assets are often faced with purchasing barriers such as: high fees and minimums from auction houses and gatekeepers, lack of transparency from sellers or dealers, questionable authentication of items, asset hoarding by collectors, and even poor discoverability and filterability from established marketplaces. Simply put, the costs of investing in this asset class are high and transaction volumes are low with few options for liquidity, resulting in longer holding periods. As a result, the opportunity to build wealth in this Asset Class remains largely inaccessible to most.

 

We believe that Collectable Sports Assets, LLC is the solution to this problem. In creating fractional ownership investment opportunities for Collectables, we aim to provide accessibility, enhanced security, increased socialization and community, and a fully regulated approach to memorabilia ownership.

 

We have targeted and plan continue to target the acquisition or consignment of sports Collectable Assets ranging in price anywhere from $10,000 to $20,000,000. Our mission is to democratize wealth accumulation within this asset class by providing access, liquidity and transparency within the class.

 

Market Opportunity

 

Collectable Sports Assets, LLC has focused and intends to predominantly focus on the blue-chip sports memorabilia niche. According to proprietary research and cross-referenced with study conducted by Charles River Ventures, the United States sports memorabilia market amounts to $5.4 billion annually, including total gross merchandise value (GMV) from eBay, independent auction houses, online retail venues, and other sources. Excluded in the calculation were anything relating to sports apparel or mass-produced sports items that may be confused with unique memorabilia. The calculation also does not include the value of modern sports cards, a conservative approach that may be amended due to the valuations of contemporary sports memorabilia stabilizing and improving in recent years.

 

As recently as 2017, the following statistics provided a view of the sports memorabilia breakdown:

 

  eBay: $4.7 billion (87% of total sports memorabilia volume). eBay generated $84 billion in gross merchandise volume in 2017. Extrapolating data from their net revenue by geographic breakdown, we estimate that 43% of marketplace GMV came from the U.S. As such, we estimate the (GMV) of eBay’s U.S. marketplace is $36 billion in 2017. According to an academic study, sports memorabilia constitute 13% of all eBay sales and represents one of the company’s top five categories by transaction volume, according to an eBay report.

 

  Online/Miscellaneous: $400 million (7% of total sports memorabilia volume). Quantifying the total sales volume of all private sales from retailers, hobby shops, trade shows, Craigslist and other small marketplaces is difficult; however, we can confidently assert the total from all the above would exceed the total sales of all independent auction houses, if only from the sheer volume of sellers in this category. For example, at the National Sports Collectors Convention, there are generally 30 dealers with booths for every one auction house represented on the floor. We conservatively set the total sales number at $400 million annually.

 

  Independent Auction Houses: $290 million (5% of total sports memorabilia volume). There are roughly 100 auction houses specializing in sports specializing in sports memorabilia. Heritage Auctions is the largest in terms of annual sales, with $100 million in 2017, of which $63 million constituted auction sales and the balance flowing through private transactions. The next five biggest auction houses tracked through Collectable’s own data collection generated about $90 million in sales in 2017. We conservatively estimate the remaining 90 or so auction houses generate about $100 million total in sports memorabilia auction sales.

 

  Auction House Private Sales: $62.5 million (1% of total sports memorabilia volume). The offline segment is nearly impossible to estimate because its sales data is not published anywhere, and there are few if any trade associations that track the data. However, using Heritage Auction House’s ratio of auctions-to-private sales as a reference point for the remaining auction houses (65% to 35%, or more conservatively 75% to 25%), we can estimate an additional $62.5 million in private sales conducted by the auction houses.

 

The Collectable sports memorabilia market is opaque and fragmented. We believe there is a significant opportunity for any company that can develop a platform to make the market more liquid and transparent for investors of all means and backgrounds, and thus increase participation in the asset class overall.

 

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According to Forbes and Boxes CEO Richard Engel, there are over 200 million collectors of varying types worldwide, and 33% collectors either currently own or have previously owned at least one sports Collectable in their lifetimes. As such, the overall market on trading cards and sports memorabilia could reach 67 million people.

 

We expect the sports Collectables market to grow and present unique opportunities moving forward as a result of demand stemming from investors looking for an uncorrelated alternative asset class and an increase in global wealth. We believe that the sports Collectables market is well-positioned to drive growth in the upcoming years.

 

Furthermore, demand for sports Collectables continues to accumulate. Despite deemed “the most populist of passion assets”, the bulk of the wealth in the industry centers around the domestic baby boomers. Yet, the sports Collectables industry continues to experience tailwinds from millennial and foreign buyers. According to the Wall Street Journal, millennial and members of Generation Z are attracted to sports memorabilia because their familiarity with sports makes collecting “more digestible as a passion and hobby.” Foreign buyers have been jumping into the market due to the proliferation and success of international sports stars, such as Yao Ming of China and Luka Doncic of Slovenia.

 

We believe the overall macroeconomic environment remains favorable for high performing alternative asset classes, including art and Collectables. Interest rates are expected to remain moderate (albeit rising) across most developed economies and returns in traditional asset classes such as stocks and investment grade bonds may remain volatile. In addition to the increased transparency generally across alternative asset classes, we believe that these factors will support the trend for investors to seek returns in alternative assets, which are expected to continue to make these a more permanent component of investment strategies broadly.

 

Mission

 

The Company’s mission is to leverage technology and design, modern business models influenced by the sharing economy, and advancements in the financial regulatory environment to democratize the Asset Class. The Company aims to provide enthusiasts with access to the market by enabling them to create a diversified portfolio of equity interests in the highest quality Collectable assets through a seamless investment experience. 

 

Collectors and dealers interested in selling their sports memorabilia are expected to benefit from greater liquidity, lower transaction costs and overhead, and a higher degree of transparency as compared to traditional methods of transacting such assets. Auction and consignment models may include upwards of ~20% of asset value in transaction costs, as well as meaningful overhead in terms of asset preparation, shipping and marketing costs, and time value. The Company thus aims to align the interests of buyers and sellers, while opening the market to a significantly larger number of participants than was previously possible, thereby driving market appropriate valuations and greater liquidity.

 

Business of the Company

 

An investment in any series of LLC interests (a “Series”) issued by the Company represents an investment in that particular Series and, indirectly, in the sports Collectable asset owned by that series and does not represent an investment in the Company or the Manager generally. We do not anticipate that any Series will own any assets other than the Underlying Asset associated with such Series. However, we expect that the operations of the Company, including the issuance of additional Series and their acquisition of additional assets, will benefit Investors by enabling each Series to benefit from economies of scale and by allowing Investors to enjoy the Company’s Underlying Asset collection through Premium Membership Programs that we intend to develop. We anticipate that the Company’s core competency will be the identification, acquisition, marketing and management of Underlying Assets for the benefit of the Investors. The Company, with the support of the Manager and its affiliates, aims to provide:

 

  Investors with access to the highest quality Memorabilia Assets for investment, portfolio diversification and secondary market liquidity for their Interests, although there can be no guarantee that an active secondary market will ever develop.

 

  Asset Sellers with greater market transparency and pricing insights, lower transaction costs, increased liquidity, a seamless and convenient sale process, portfolio diversification and the ability to retain equity positions in assets via the retention of equity interests in Offerings. It is our intention to develop methods by which we can “test the waters” as it pertains to pricing and demand for items in consideration, offering an additional layer of price discovery for sellers.

 

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Competition

 

Although the Company’s business model is somewhat new to the memorabilia and Collectables industry, there is potentially significant competition for the Underlying Assets, which the Company securitizes through its offerings, from many different market participants. While the majority of transactions continue to be peer-to-peer with very limited public information, other market players such as memorabilia and Collectables dealers and auction houses continue to play an increasing role.

 

Most of our current and potential competitors in the memorabilia and Collectables industry, such as dealers and auction houses, have significantly greater financial, marketing and other resources than we do and may be able to devote greater resources sourcing the Underlying Assets that the Company competes for. In addition, almost all these competitors, in particular the auction houses, have longer operating histories and greater name recognition than we do and are focused on a more established business model.

 

There are also other start-up models around shared ownership of memorabilia and Collectables, developing in the industry, which will result in additional competition for Underlying Assets, including models which securitize ownership through the regulated securities market.

 

With the continued increase in popularity of the memorabilia and Collectables market, we expect competition for the Underlying Assets to intensify in future. Increased competition may lead to increased memorabilia and Collectables prices, which will increase the potential value appreciation that Interest Holders may be able to achieve by owning Interests in the Company’s Offerings and will increase the number of high-quality assets the Company can securitize.

 

In addition, there are companies that are developing crowd funding models for other alternative asset classes such as racehorses, art or wine, who may decide to enter the memorabilia and Collectables as well.

 

Customers

 

We target the broader U.S. memorabilia and Collectables enthusiast and the 83.1 million U.S. millennial market (based on 2015 figures by the U.S. Census Bureau) as our key customer bases. Customers may browse the inventory of investable assets and read available content related to each IPO offering without investing. A customers of the Company may become an Investors in a Series by purchasing interests in that offering. As of the date of this filing, the Company has closed (8) eight Offerings in 2020 and (159) one hundred fifty-nine Offerings in 2021 and (52) fifty-two Offerings to date in 2022.

 

Manager

 

The Operating Agreement designates the “Manager”, CS Asset Manager, LLC as the managing member of the Company. CS Asset Manager, LLC is owned by Collectable Technologies, Inc. The Manager will generally not be entitled to vote on matters submitted to the Interest Holders. The Manager will not have any distribution, redemption, conversion or liquidation rights by virtue of its status as the Manager.

 

The Operating Agreement further provides that the Manager, in exercising its rights in its capacity as the managing member, will be entitled to consider only such interests and factors as it desires, including its own interests, and will have no duty or obligation (fiduciary or otherwise) to give any consideration to any interest of or factors affecting the Company, any Series of Interests or any of the Interest Holders and will not be subject to any different standards imposed by the Operating Agreement, the LLC Act or under any other law, rule or regulation. In addition, the Operating Agreement provides that the Manager will not have any duty (including any fiduciary duty) to the Company, or any Series or any of the Interest Holders.

 

In the event the Manager resigns as managing member of the Company, the holders of a majority of all Interests of the Company may elect a successor managing member. Holders of Interests in each Series of the Company have the right to remove the Manager as manager of the Company, by a vote of two-thirds of the holders of all Interests in each Series of the Company (excluding the Manager), in the event the Manager is found by a non-appealable judgment of a court of competent jurisdiction to have committed fraud in connection with a Series of Interests or the Company. If so convicted, the Manager shall call a meeting of all holders of every Series of Interests within 30 calendar days of such non-appealable judgment at which the holders may vote to remove the Manager as manager of the Company and each Series. If the Manager fails to call such a meeting, any Interest Holder will have the authority to call such a meeting. In the event of its removal, the Manager shall be entitled to receive all amounts that have accrued and are due and payable to it. If the holders vote to terminate and dissolve the Company (and therefore the Series), the liquidation provisions of the Operating Agreement shall apply.] The Operating Agreement and all amendments are filed (or incorporated by reference as exhibits to this report). In the event the Manager is removed as manager of the Company, it shall also immediately cease to be manager of any Series.

 

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Advisory Board

 

The Manager has assembled an Advisory Board to assist the Manager in identifying and acquiring the Underlying Assets, to assist the Manager in managing the Underlying Assets and to advise the Manager and certain other matters associated with the business of the Company and the various Series of Interests. The members of the Advisory Board are not managers or officers of the Company or any Series and do not have any fiduciary or other duties to the Interest Holders of any Series.

 

Operating Expenses

 

Each Series is only responsible for the Operating Expenses associated with such Series, as determined by the Manager and not the Operating Expenses related to any other Series. Upon the Closing of an Offering for a Series, the Series will be responsible for the following costs and expenses attributable to the activities of the Company related to the Series:

 

  (i) any and all ongoing fees, costs and expenses incurred in connection with the management of the Underlying Asset related to a Series, including import taxes, income taxes, annual registration fees, transportation (other than transportation costs described in Acquisition Expenses), storage (including its allocable portion of property rental fees should the Manager decide to rent a property to store a number of Underlying Assets), security, valuation, custodianship, marketing, maintenance, refurbishment, presentation, perfection of title and utilization of an Underlying Asset;

 

  (ii) fees, costs and expenses incurred in connection with preparing any reports and accounts of a Series of Interests, including any blue-sky filings required in certain states and any annual audit of the accounts of such Series of Interests (if applicable);

 

  (iii) fees, costs and expenses of a third-party registrar and transfer agent appointed in connection with a Series of Interests;

 

  (iv) fees, costs and expenses incurred in connection with making any tax filings on behalf of the Series of Interests;

 

  (v) any indemnification payments;

 

  (vi) any and all insurance premiums or expenses incurred in connection with the Underlying Asset; and

 

  (vii) any similar expenses that may be determined to be Operating Expenses, as determined by the Manager in its reasonable discretion.

 

The Manager or Asset Manager has agreed to pay for all Operating Expenses incurred prior and post to the Closing of any of the Series. The Manager or Asset Manager will bear its own expenses of an ordinary nature, including all costs and expenses on account of rent (other than for storage of the Underlying Asset), supplies, secretarial expenses, stationery, charges for furniture, fixtures and equipment, payroll taxes, remuneration and expenses paid to employees and utilities expenditures (excluding utilities expenditures in connection with the storage of the Underlying assets).

 

If the Operating Expenses for a particular Series exceed the amount of revenues generated from the Underlying Asset of such Series and cannot be covered by any Operating Expense reserves on the balance sheet of the Series, the Manager or Asset Manager may (a) pay such Operating Expenses and not seek reimbursement, (b) loan the amount of the Operating Expenses to the Series, on which the Manager or Asset Manager may impose a reasonable rate of interest, and be entitled to reimbursement of such amount from future gains generated by the Underlying Asset related to such Series, and, or (c) cause additional Interests to be issued in the Series in order to cover such additional amounts.

 

Indemnification of the Manager and its affiliates

 

The Operating Agreement provides that none of the Manager, or its affiliates, the Asset Manager, nor any current or former directors, officers, employees, partners, shareholders, members, controlling persons, agents or independent contractors of the Manager, members of the Advisory Board, nor persons acting at the request of the Company in certain capacities with respect to other entities (collectively, the “Indemnified Parties”) will be liable to the Company, any Series or any Interest Holders for any act or omission taken by the Indemnified Parties in connection with the business of the Company or any Series that has not been determined in a final, non-appealable decision of a court, arbitrator or other tribunal of competent jurisdiction to constitute fraud, willful misconduct or gross negligence.

 

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Each Series will indemnify the Indemnified Parties out of its assets against all liabilities and losses (including amounts paid in respect of judgments, fines, penalties or settlement of litigation, including legal fees and expenses) to which they become subject by virtue of serving as Indemnified Parties with respect to the Company or the applicable Series and with respect to any act or omission that has not been determined by a final, non-appealable decision of a court, arbitrator or other tribunal of competent jurisdiction to constitute fraud, willful misconduct or gross negligence.

 

Management Fee

 

As consideration for managing each Underlying Asset, the Manager or Asset Manager may be paid an annual Management Fee pursuant to the Asset Management Agreement. On applicable Offerings, the Manager may assess a Management Fee of approximately 1% and not more than 2% of the Carrying Value of the Collectable Asset. The Manager did not assess any management fees for 2021 but does intend to apply them for fiscal year 2022.

 

Asset Selection

 

Each of the assets that we offer will be sourced by our expert investment committee and will satisfactorily meet our four BASE criteria: Benchmarks, Authenticity, Significance, Earnings Potential. For each criterion, we will examine the following factors:

 

  Benchmarks: realized prices at auction, sell-through rate indicators, if demand is expected to exceed supply.

 

  Authenticity: reputable source, recently and reliably graded, certified authenticity.

 

  Significance: importance to sports history, continued cultural relevance, collector and investor opinions, macro market trends.

 

  Earnings Potential: Prospected appreciation, market momentum, liquidity, frequency of sales, purchase price and terms.

 

It is our objective to acquire a diverse collection of top tier sports Collectables. We will pursue investments opportunistically whenever we can leverage our industry-specific knowledge, unique sourcing angle or our relationships to bring compelling investment opportunities to investors. We aim to acquire only the highest of caliber assets and to appropriately maintain, monitor and manage the collection for continued value appreciation and to enable respectful enjoyment and utilization by the investors and potential losses.

 

We anticipate that our Advisory Board will assist in the identification of memorabilia assets and in finding and identifying storage, maintenance specialists and other related service providers. This will give the Company access to the highest quality assets and balanced information and decision making from information collected across a diverse set of constituents in the Asset Class, as well as a network of partners to ensure the highest standards of care for the Underlying Assets.

 

Our asset selection criteria were established by the Manager or Asset Manager and in the future with the consultation of members of the Company’s Advisory Board and are continually influenced by Investor demand and current industry trends. The criteria are subject to change from time to time in the sole discretion of the Manager. Although we cannot guarantee positive investment returns on the Underlying Assets we acquire, we endeavor to select assets that are projected to generate positive return on investment, primarily based upon the asset’s value appreciation potential as well as value preservation potential. The Manager or Asset Manager, with guidance from the members of the Company’s Advisory Board, will endeavor to only select assets with known ownership history, certificates of authenticity, and highest possible quality grades, to the extent that such metrics exist in a particular sub-sector (e.g., trading cards) and other related records. The Manager or Asset Manager, with guidance from members of the Company’s Advisory Board, also considers the condition of the assets, historical significance, ownership history and provenance, the historical valuation of the specific asset or comparable assets and our ability to relocate the asset to offer tangible experiences to Investors. The Manager or Asset Manager, with guidance from members of the Company’s Advisory Board, will review asset selection criteria at least annually. The Manager or Asset Manager intends to seek approval from the Advisory Board for any major deviations from these criteria.

 

Through the Company’s network, the Manager or Asset Manager and Advisory Board, we believe that we will be able to identify and acquire Underlying Assets of the highest quality and known provenance, as well as examples of potential “future classics,” and obtain proprietary access to limited production runs, with the intent of driving returns for Investors in the Series of Interests that owns the applicable asset. We aim to bring together a significantly larger number of potential buyers with Asset Sellers than traditional auction houses or dealers are able to achieve. Through this process, we believe we can source and syndicate Underlying Assets more efficiently than the traditional method in the Asset Class and with significantly lower transaction and holding costs.

 

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Asset Acquisition

 

The Company plans to acquire Underlying Assets through various methods:

 

  1. Consignment – the Company enters into an agreement with an Asset Seller to market an Underlying Asset. The owner of the Underlying Asset, the “consignor,” retains full ownership of the Underlying Asset until the related Series closes. Upon closing the Series, the consignor will be paid the consignment price established by the consignor.

 

  2. Upfront purchase – the Company acquires an Underlying Asset from an Asset Seller prior to the launch of the Offering related to the Series

 

  3. Purchase agreement – the Company enters into an agreement with an Asset Seller to acquire an Underlying Asset, which may expire prior to the closing of the offering for the related Series, in which case the Company is obligated to acquire the Underlying Asset prior to the closing

 

In the case where an Underlying Asset is acquired prior to the launch or closing, as the case may be, of the offering process for the related Series, the proceeds from the associated offering, net of any Brokerage Fee, Offering Expenses or other Acquisition Expenses or Sourcing Fee, may be used, in whole or in part, to reimburse the Company for the acquisition of the Underlying Asset or repay any loans made to the Company, plus applicable interest, to acquire such Underlying Asset.

 

Additional details on the acquisition method for each Underlying Asset can be found in the Offering Circulars of each respective Series.

 

Asset Liquidity

 

The Company intends to hold and manage all the assets indefinitely. In February of 2021, the Company launched secondary trading for Collectable Assets on the ATS platform of Templum Markets and DriveWealth, LLC. Liquidity for investors may be obtained through this platform, when available, offering investors live bids and offers during trading hours designed to match the US equity markets. Liquidity has also been obtained through outright purchases of the underlying asset to the Offering, effectively retiring the Offering from the Collectable platform. Should an offer to liquidate an Underlying Asset materialize and be in the best interest of the Investors, as determined by the Manager, the Manager, with guidance from the Advisory Board will consider the merits of such offers on a case-by-case basis and potentially sell the asset. Furthermore, should an Underlying Asset become obsolete (e.g., due to lack Investor demand for its Interests) or suffer from a catastrophic event, the Manager may choose to sell the asset. As a result of a sale under any circumstances, the Manager would distribute the proceeds of such sale (together with any insurance proceeds in the case of a catastrophic event covered under the asset’s insurance contract) to the Interest Holders of the applicable Series (after payment of any accrued liabilities or debt, including but not limited to balances outstanding under any Operating Expenses Reimbursement Obligation, on the Underlying Asset or of the Series at that time).

 

Facilities

 

The Manager intends to operate the Company and manage the collection in a manner that will focus on the ongoing security of all Underlying Assets. The Manager will store the Underlying Assets, along with other assets, in a professional facility and in accordance with standards commonly expected when managing Underlying Assets of equivalent value and always as recommended by the Advisory Board.

 

Legal Proceedings

 

None of the Company, any Series, the Manager or Asset Manager or any director or executive officer of the Manager or Asset Manager is presently subject to any material legal proceedings.

 

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

2021 was the Company’s first full year of Operations. The Company continued to acquire Assets to consign, and successfully closed escrow on (159) one hundred fifty-nine offerings, launched secondary trading capability for investors, and sold 13 assets off the platform.

 

The table below shows the series that have closed as of December 31, 2021.

 

Series Name   Asset Name   Escrow Close Date
#KAWHIBASKET   ‘12 Prizm RC Basket PSA 10 - 30x   1/8/2021
#GIANNISRPA   2013 NT RPA PSA 9   1/8/2021
#DURANTCHROMEREFRACTORPSA10   Chrome Refractor RC PSA 10   1/11/2021
#MANTLE1952BOWMANPSA8   1952 Bowman PSA 8   1/12/2021
#CHAMBERLAINHSUNIFORM   ‘54 High School Uniform   1/14/2021
#18-19BASKETBALLGROWTHBASKET   ‘18-‘19 Prizm Silver PSA 10 Basket   1/15/2021
#MAHOMESEMERALDRPABGS9   ‘17 Flawless RPA BGS 9   1/25/2021
#LEBRONBLACKREFRACTOR   ‘03 Black Refractor BGS 9.5   1/28/2021
#MAGICBIRDDRJ   ‘80 Topps Scoring Leader PSA 10   2/2/2021
#KOUFAX1955PSA8.5   1955 Topps #123 PSA 8.5   2/16/2021
#JORDAN85NIKEBASKET   50x ‘85 Nike Promo Basket   2/16/2021
#BRADYREEBOKFLAWLESS   ‘19 Panini Flawless Veteran   2/16/2021
#BANKS1954PSA9   1954 Topps PSA 9   2/16/2021
#EMMITTSMITHMVPBASKET   Two MVP Trophies   2/16/2021
#1986WAX   1986 Fleer Basketball   2/16/2021
#ZIONRPABGS9   ‘19-‘20 NT RPA BGS 9   2/16/2021
#TIGERPUTTER   Late 1990’s Tournament Used Putter   2/17/2021
#BRADYROOKIE   ‘00 SP Auth. PSA 10   2/17/2021
#EMMITTSMITH10KJERSEY   10K Yard Rushing Full Uniform   2/22/2021
#COBBMINTE98   1910 E98 Card PSA Gem Mint 10   2/22/2021
#JORDANROOKIEJERSEY   Game Worn & Signed Rookie Jersey   3/1/2021
#UNITAS1965JERSEY   1965 Game Worn Baltimore Colts Jersey   3/9/2021
#MANTLE1952TOPPSPSA8   1952 Topps #311 PSA 8   3/9/2021
#2000PLAYOFFCONTENDERSWAX   Factory Sealed Hobby Box   3/10/2021
#GIANNISGOLDIMMACULATE   ‘13-‘14 Immaculate Gold BGS 9   3/15/2021
#MOOKIEBETTSGLOVE   ‘18 Gold Glove & MVP Season Glove   3/17/2021
#DONCICBLUEPSA10   ‘18-‘19 Prizm Blue Refractor PSA 10   3/22/2021
#TIGERSIFORKIDS   ‘96 SI For Kids PSA 10   3/22/2021
#GLEYBERTORRESORANGE9.5   ‘15 Bowman Chrome Orange Refractor RC BGS 9.5   3/25/2021
#TATUMFLAWLESS10   ‘17 Panini Flawless RPA PSA 10   3/30/2021
#TEDWILLIAMS1939PLAYBALL   1939 Play Ball RC PSA 8   3/30/2021
#MAGICBIRDDRJPSA8BASKET   1980 Scoring Leaders Basket - 2x   4/1/2021
#TRAEYOUNGFLAWLESSBGS9   ‘18 Flawless RPA BGS 9   4/1/2021
#MAYS1951PHOTO   1951 Bowman Original Photo   4/1/2021
#DWADEULTIMATE   ‘03 Ultimate Auto RC BGS 10   4/2/2021
#ACUNAGOLD9.5   ‘17 Gold Refractor BGS 9.5   4/8/2021
#BRADYPLAYOFFCONTENDERSBASKET   2x ‘00 Playoff Contenders BGS 9   4/8/2021
#GRETZKYOPEECHEE1979   1979 O-Pee-Chee PSA 9   4/8/2021
#COBBVINTAGET206PHOTO   T206 Original Photo c1910   4/9/2021
#MAYS1960PSA9   1960 Topps PSA 9   4/12/2021
#WILTCHAMBERLAIN61PSA9   1961 Fleer Rookie Card PSA 9   4/14/2021
#BETTSBLUEREFRACTORBASKET   ‘14 Blue Refractor Basket - 2x   4/15/2021
#SEAGERORANGEREFRACTORBASKET   Orange Refractor RC Basket - 2x   4/15/2021
#LEBRONMELOWADETRIORC   ‘03 Fleer Crystal Trio RC PSA 10   4/15/2021
#1969TOPPSBASKETBALLSET   Complete Set - 8.995 GPA   4/16/2021
#FRANKROBINSON1957PSA9BASKET   ‘57 Topps Rookie Card Basket - 2x   4/21/2021
#MONTANARCPSA10   ‘81 Topps PSA 10   4/21/2021
#LEBRONEMBLEMSOFENDORSEMENT   ‘04 Exquisite Emblems of Endorsement BGS 9   4/23/2021

 

7

 

 

#MANTLE1956PSA8BASKET   2x 1956 Topps PSA NM-MT 8   4/26/2021
#CROSBYTHECUPBASKET   The Cup RC Basket BGS 9.5 & BGS 9   4/28/2021
#AARON1954PSA8.5   ‘54 Topps RC PSA 8.5   4/28/2021
#OVECHKINTHECUPBGS8.5   ‘05-‘06 The Cup RPA BGS 8.5   4/29/2021
#MESSIROOKIEBASKET   Rookie Card Basket   4/30/2021
#RODGERSPLAYOFFCONTENDERSGREEN   ‘05 Playoff Contenders RC PSA 8   5/3/2021
#JOSHALLENGOLDBGS9.5   ‘18 Gold Refractor BGS 9.5   5/6/2021
#MAYS1959PSA9BASKET   ‘59 Topps Basket PSA 9 - 2x   5/6/2021
#ANDRETHEGIANT   Game Used Jockstrap   5/6/2021
#MARINOMANNINGFAVREJERSEYS   Game Used Jersey Basket   5/7/2021
#CURRYRPABGS9.5   ‘09 NT RPA BGS 9.5   5/12/2021
#TIGERSPAUTHENTICBGS9.5   ‘01 SP Authentic BGS 9.5   5/13/2021
#YASTRZEMSKIRC9BASKET   ‘60 Rookie Card Basket - 2x   5/17/2021
#MANTLE1968PSA9BASKET   1968 Topps PSA 9 Basket - 2X   5/17/2021
#ELWAY1984ROOKIECARDPSA10BASKET   1984 Topps RC Basket PSA 10 - 2X   5/17/2021
#JETERFOILRCBASKETBGS9.5   1993 SP FOIL RC Basket BGS 9.5   5/17/2021
#GARYCARTER1975PSA10BASKET   ‘75 Topps & OPC RC Basket - 2X   5/18/2021
#ANDRE&HULKWRESTLINGBASKET   Wrestle Mania Basket   5/18/2021
#MLBHALLOFFAMEBASEBALL   11 Original Inductees Signed Ball   5/18/2021
#JORDANSIGNEDPROFESSIONALBAT   ‘94 Game Used & Signed Bat   5/19/2021
#TATISBOWMANBLACKLABEL   ‘16 Bowman Blue Refractor BGS 10   5/20/2021
#CLEMENTEWHITE&GRAYBASKET   ‘56 Topps Basket PSA 9 - 2X   5/24/2021
#MAYS1951BOWMAN7   1951 Bowman PSA 7   5/26/2021
#LEBRONULTIMATE   ‘03 Ultimate BGS 9.5   5/26/2021
#BETTSGOLDREFRACTORBASKET   ‘14 Gold Refractor Basket BGS 9.5   5/26/2021
#TYSONRCBGS9BASKET   Supersport RC Basket BGS 9 - 2X   5/26/2021
#MIKANRCPHOTO   ‘48 Bowman RC Original Photo   5/26/2021
#KOUFAX55PSA9   1955 Topps Rookie Card PSA 9   5/26/2021
#RUTH33GOUDEYSGC8   1933 Goudey #144 SGC 8   5/27/2021
#MAYS1956GRAYPSA9   ‘56 Topps Gray Back PSA 9   5/27/2021
#JORDANEXQUISITEBGS8   ‘07-‘08 Exquisite Collection BGS 8   6/1/2021
#MAHOMESIMMACULATE1OF1   ‘17 Panini Immaculate 1/1   6/1/2021
#MANTLE54BOWMANBASKET   1954 Bowman PSA 8 Basket - 3x   6/3/2021
#DEVERSSUPERFRACTOR   ‘15 Bowman Chrome Superfractor   6/4/2021
#MAHOMESNT8.5   ‘17-‘18 National Treasures RPA   6/4/2021
#MAGICBIRDLOGOMAN   ‘04-‘05 Dual Logoman BGS 9   6/4/2021
#1964KOUFAXJERSEY   ‘64-65 Game Used Dodgers Jersey   6/4/2021
#MESSIMEGACRACKS#71PSA9   ‘04 Panini Sports Mega Cracks #71 PSA 9   6/8/2021
#CLEMENTE1955PSA8   1955 Topps PSA 8   6/8/2021
#OZZIESMITHRCBGS9.5   1979 Topps BVG 9.5 Rookie Card   6/8/2021
#CHAMBERLAINPHILAJERSEY59-60   ‘59-‘60 Rookie Home Full Uniform   6/9/2021
#RICKEYHENDERSONRCPSA10   1980 Topps RC PSA10   6/10/2021
#JORDANLEBRONSIGNOFTHETIMES   ‘05-‘06 Sign of the Times Dual   6/14/2021
#DIMAGGIO1933BAT   1933 Game Used Bat - Earliest Known PSA Bat   6/17/2021
#JOKICREFRACTOR1OF1   ‘15-‘16 Prizms Power RC BGS 9.5   6/18/2021
#MANTLE1960PSA9   1960 Topps #350 PSA 9   6/25/2021
#MAYS1952PSA8   1952 Topps PSA 8   6/25/2021
#KOBEREEBOKIVERSONRETROS   Game Worn & Signed 1/1 Sneakers   7/7/2021
#TRAEYOUNGFLAWLESSGREENBGS9   ‘18-‘19 Flawless Green BGS 9   7/8/2021
#LEBRONMELODUALLOGOMAN   ‘04-‘05 Dual NBA Logoman BGS 9 - 1 of 1   7/8/2021
#MPJCHAMPIONSHIPTICKET   ‘18-‘19 Championship Ticket Auto BGS 9 (#1/1)   7/9/2021
#LUKAROOKIEJERSEY   Rookie Game Worn Jersey - 9 games   7/13/2021
#DONOVANMITCHELLNT9.5   ‘17-‘18 NT RPA BGS 9.5   7/20/2021
#LUKAWHITESPARKLE   ‘18 White Sparkle PSA 9 - 1/1   7/23/2021
#JORDANLEBRONMAGICTRIPLESIGS   ‘05-‘06 Triple Authentic Signatures BGS 9.5   8/5/2021
#ACUNABOWMAN10BASKET   ‘17 Bowman Basket BGS 10 - 4X   8/9/2021

 

8

 

 

#THEROCKBUMBLEBEEPSA10   ‘94 Miami/Bumble Bee Perforated PSA 10   8/10/2021
#ALIROOKIECARDBVG8   ‘60 Hemmets Journal Rookie Card BVG 8   8/10/2021
#JORDANMAGICLEBRONTRIPLEAUTOJERSEY   ‘07-‘08 Exquisite Triple Jersey Patch Auto /3 BGS 9   8/11/2021
#03TOPPSCHROMEWAX   Factory Sealed Unopened Box   8/12/2021
#SADAHARUOHBAT   Japanese & English Signed Game Used Bat - PSA/DNA 10   8/12/2021
#BRADYBOWMAN10   2000 Bowman Chrome BGS 10 Pristine   8/12/2021
#SERENA03NETPROPSA10BASKET   ‘03 NetPro Elite 2000 PSA 10 Basket - 2X   8/12/2021
#CLEMENTE65-68BAT   ‘65-‘68 Game Used H&B Bat - PSA/DNA GU 9   8/13/2021
#ZIONPRIZMSBLUEBGS10   2019 Panini Prizm Blue Refractor BGS 10   8/17/2021
#03EXQUISITEBOX   Sealed Hobby Box   8/23/2021
#FRANKROBINSON500HRBAT   Historic 500th Home Run Bat   8/31/2021
#MANTLE1953TOPPS8   1953 Topps PSA 8   9/7/2021
#1909E95SGCSET   1909 Philadelphia Caramel E95 Set   9/7/2021
#SATCHELPAIGE48LEAFSGC30   1948-49 Leaf SGC 30 (PWCC-A)   9/7/2021
#RUTH1914BALTIMORENEWSSGC3   1914 Baltimore News SGC 3   9/23/2021
#JACKIEROBINSON53TOPPS8   1953 Topps #1 PSA 8   9/23/2021
#KEVINDURANTHSJERSEY   ‘05-‘06 Montrose Christian High School Jersey - Photomatched   9/23/2021
#JIMMIEFOXX1938BAT   ‘36-‘37 Game Used & Signed Bat - PSA/DNA 9.5   9/23/2021
#TIMDUNCANPMGGREEN   ‘97-‘98 Precious Metal Gems - BGS 8   9/23/2021
#KOBEFINALSEASONSNEAKERS   Final Season Game Worn Sneakers vs. Spurs   9/23/2021
#MIKAN48BOWMANPSA7   1948 Bowman #69 PSA 7   9/23/2021
#UNITASPSA8   1957 Topps #138 PSA 8   9/23/2021
#ERLINGHAALANDPSA10BASKET   ‘19 Topps Chrome Bundesliga PSA 10 Basket - 10x   9/27/2021
#JUSTINHERBERTHIDDENTREASURERPA   ‘20 National Treasures Hidden Treasures RPA /5 BGS 9   9/27/2021
#TREVORLAWRENCELEAFBASKET   ‘21 Leaf Pro Set SGC Gold Basket - 20x   9/27/2021
#KOBEBRYANTFIRSTWHITE#24JERSEY   Debut White #24 Jersey - Scoring Title Season   9/30/2021
#48LEAFRUTHSGC8   1948 Leaf Babe Ruth SGC 8 (PWCC-A)   9/30/2021
#KOBEBRYANTROYALBLUEJORDANSNEAKERS   Game Worn French Blue Jordan 12 Retro Sneakers   9/30/2021
#MARIS58TOPPSPSA9   1958 Topps RC PSA 9   9/30/2021
#MANTLE1964TOPPS9   1964 Topps PSA 9   9/30/2021
#LEBRONBLACKDIAMOND   ‘03-04 UD Black Diamond Rainbow /10 BGS 9.5   9/30/2021
#PEYTONMANNINGMVPHELMET   ‘03-‘04 MVP Season Worn Helmet - Photomatched   10/1/2021
#KOBEBRYANTROOKIESNEAKERS   ‘96 Rookie Game Worn & Signed Sneakers   10/1/2021
#CHRISBOSHGAMEWORNRAPTORSSNEAKERS   ‘06-‘07 Air Force 25 Game Worn Sneakers - Signed   10/19/2021
#PAULPIERCE2010ASGJERSEY   2010 All Star Game Jersey - Photomatched   10/19/2021
#MAYWEATHERRCPSA10   1997 Brown’s Boxing PSA 10   10/20/2021
#JACKIELEAF3.5   1948 Leaf #79 PSA 3.5 PWCC-E   10/25/2021
#TROUTFINESTSUPERFRACTOR   ‘11 Finest Superfractor 1/1   10/25/2021
#MANTLE1957TOPPSPSA8.5   1957 Topps #95 PSA 8.5 NM-MT+   10/25/2021
#ORANGEDOMINGUEZ   ‘20 Bowman Chrome Orange Refractor BGS 9.5   10/26/2021
#LBJEXQUISITE   ‘03 Exquisite RPA /99 BGS 8.5   10/28/2021
#MANTLE1966TOPPSPSA9BASKET   1966 Topps #50 PSA 9 Basket - 2x   11/1/2021
#GIANNIS48POINTGAMESNEAKERS   ‘19 48-point Game Used and Signed Sneakers   11/1/2021
#NEGROLEAGUELEGENDARYCUTSBASKET   Signed & Rare Negro League Basket   11/1/2021
#LEBRONMELOBOSH2008TRIPLELOGOMAN   ‘08 UD Exquisite Triple Logoman 1/1   11/1/2021
#CHICAGOBULLSDYNASTYHARDWOOD   ‘95-‘98 Bulls Bench Game Used Hardwood Floor   11/3/2021
#JACKIEROBINSON1952TOPPSPSA8.5   1952 Topps #312 PSA 8.5   11/3/2021
#CRISTIANORONALDORC1OF1   ‘14 Panini Prizm World Cup Signatures BGS 9   11/8/2021
#MAHOMESNT1OF1   ‘17 National Treasures ‘Laundry Tag’ RPA - 1 of 1   11/16/2021
#MANTLE1953BOWMAN8BASKET   1953 Bowman PSA 8 Basket - 2x   11/18/2021
#BRADYCHAMPIONSHIPTICKET   ‘00 Playoff Contenders Championship Ticket / 100 BGS 8.5   11/23/2021
#STEPHCURRYSNEAKERS   ‘12-‘13 Nike Player Exclusive Game Worn Sneakers - 8 games   11/29/2021
#EDDIEPLANKT206PSA4   1909-1911 T206 Sweet Caporal PSA 4   11/30/2021
#MAHOMESBRONZEBASKET   ‘17 Prizm Bronze Stars /6 Basket BGS 9 (2x)   11/30/2021
#MICHAELPORTERJRBASKET   ‘18 Fast Break Black BGS 9.5 & Pink Pulsar PSA 10   11/30/2021

 

9

 

 

The table below shows the series that have closed escrow in 2022, as of this filing.

 

Series Name   Asset Name   Escrow Close Date
#ALKALINE1954TOPPSPSA9   1954 Topps #201 PSA Mint 9   1/4/2022
#HARMONKILLEBREW1955TOPPSPSA9   1955 Topps #124 PSA Mint 9   1/4/2022
#1959TOPPSBASEBALLSET   1959 Topps Baseball Set - PSA 8’s with 9 variations   1/6/2022
#GRETZKY1979TOPPS9   1979 Topps PSA 9   1/6/2022
#ALEXRODRIGUEZ09WSUNIFORM   ‘09 World Series Full Uniform - Signed & Inscribed   1/6/2022
#JORDAN86FLEERBGS9.5BASKET   1986 Fleer BGS 9.5 Basket - 2x   1/6/2022
#SHOELESSJOEJACKSON1915PSA8   1915 M101-5 Sporting News NM-MT 8 (OC)   1/6/2022
#KOBEBRYANT2001WARMUPJACKET   1st Ring Ceremony & NBA Finals Game Worn Jacket   1/28/2022
#KAREEMPOINTSRECORDBALL   NBA Record 38387 Point Ball - Signed & Inscribed   2/3/2022
#LOUGEHRIGRCPHOTO   1925 Exhibit Image - Type III Photo   2/7/2022
#SANDYKOUFAX1956TOPPSGRAYBACKPSA9   1956 Topps Gray Back PSA 9   2/14/2022
#LBJKOBETOPPSBASKET   Topps Rookie Card Basket - BGS Pristine   2/14/2022
#RONALDO2003PANINIMEGACRAQUESPSA10   ‘03 Panini Mega Craques RC #137 PSA 10   2/16/2022
#OTTOGRAHAM1950BOWMANPSA9   1950 Bowman PSA 9   2/18/2022
#KOBELEBRONJORDANMAGICQUADAUTO   2007 Upper Deck Black Quad Auto /10 BGS 7   2/28/2022
#BOBBYORRBRUINSJERSEY   ‘70-‘71 Boston Bruins Photomatched Jersey   2/28/2022
#MARINO1984ROOKIECARDBGS10BASKET   1984 Topps RC Basket BGS 10 Pristine - 2X   3/3/2022
#NTBBALLWAXBUNDLE   Basketball Sealed Case Collection - 3X   3/5/2022
#BABERUTHBOWSOUTPHOTO   Babe Bows Out “Pulitzer Prize Winning Type 1 Photo”   3/7/2022
#OSCARROBERTSONCINCINNATIROYALSJERSEY   ‘60-‘62 Rookie Cincinnati Royals Jersey - Mears A10   3/8/2022
#BRADY2000SPXSPECTRUMBGS9.5   2000 SPx Spectrum RC BGS 9.5   3/9/2022
#BRADYDEBUTTICKET   2000 NFL Debut Full Ticket - PSA NM 7   3/9/2022
#LUKADONCICGUROOKIESNEAKERS   ‘19 Game Worn Signed Sneakers - Photomatched to 5 Games  

3/22/2022

#WARRENSPAHN1948LEAFPSA9   1948 Leaf #32 PSA 9   3/22/2022
#MLBALLSTARGAMETICKETRUNCOLLECTION   1933-2019 MLB ASG Ticket Basket - PSA Graded   3/30/2022
#ROYCAMPANELLA1949BOWMANPSA9   1949 Bowman #84 PSA 9   3/31/2022
#MANTLE1965TOPPS9   1965 Topps #350 PSA 9   3/31/2022
#WILTCHAMBERLAIN1961FLEERRCPSA9   1961 Fleer Rookie Card PSA 9   4/1/2022
#MANTLE52TOPPSPSA7   1952 Topps #311 PSA 7   4/2/2022
#DAVEBINGSIGNED50GREATESTNBAPLAYERSLITHOGRAPH   1/1 Exclusive Player Edition - Dave Bing   4/4/2022
#KOUFAXPSA8   1955 Topps #123 PSA 8   4/6/2022
#JORDANFLEER86SGC10   1986 Fleer #57 SGC 10   4/6/2022
#OVECHKINSPAUTHBASKET9.5   ‘05-‘06 SP Authentic #190 BGS 9.5 Basket - 2X   4/6/2022
#JORDANEXQUISITE8.5FLASHBACK   ‘09 Exquisite Rookie Flashback Patch Auto /23 #78A BGS 8.5   4/6/2022
#LEBRONCREDENTIALS   2003 Fleer E-X Essential Credentials Now RC /102 MBA BGS 9.5   4/6/2022
#MANTLE1967TOPPS9   1967 Topps #150 PSA 9 - PWCC A   4/6/2022
#HONUSWAGNER1910PSA5   1910 Tip Top Bread PSA 5   4/7/2022
#LEBRONROOKIESHOES   AZG Rookie Game Worn Sneakers - Photomatched to 3 Games   4/7/2022
#MAGICBIRDDRJ1980PSA9   1980 Scoring Leaders PSA 9   4/7/2022
#AARONDECADEBASKET   ‘61 to‘71 Topps Basket - 9’s and 8.5’s   4/7/2022
#GRIFFEY89UPPERDECKSGCGOLD   1989 Upper Deck #1 Rookie Card SGC 10 Pristine Gold Label   4/7/2022
#PAULMOLITOR1978TOPPSPSA10   1978 Topps Rookie Shortstops PSA 10   4/11/2022
#NOLANRYAN1968MILTONBRADLEYPSA9   68 Milton Bradley PSA 9 Rookie   4/11/2022
#CROSBYWINTERCLASSICSKATES   10-11 Game Worn & Signed Winter Classic Skates - Photomatched   4/15/2022
#RONALDO2002PANINIFUTEBOLSTICKERSPSA10   ‘02 Panini Portugal Stickers RC #306 PSA10   4/18/2022
#CASSIUSCLAYLISTONUPITYPE1   65 Original Type I Photo   4/21/2022
#KOBEBLACKHISTORYMONTHFINALSEASONSHOES   16 Game Worn Black History Month Sneakers - Photomatched   4/25/2022
#NADALNETPROGLOSSY   03 NetPro Elite Glossy PSA 10   4/25/2022
#MANTLEDEBUTSTUB   MLB Debut Ticket Stub | 1951 Opening Day  

4/26/2022

#YAODUNCANDIRKTRIPLELOGOMAN   ‘06-‘07 Exquisite Triple Logoman 1/1   4/26/2022
#EMBIIDFIRST50POINTGAMEJERSEY   21 50-Point Game Worn Jersey - Photomatched   4/27/2022
#MANTLE1969TOPPS9   1969 Topps #500 PSA 9   4/27/2022

 

10

 

 

Impaired Assets

 

The Manager annually evaluates each asset’s carrying value compared to the current market value of the asset to determine if an adjustment is needed to be recorded, in accordance with the accounting principles generally accepted in the United States of America

 

The following table sets forth (10) ten Series which met the criteria for impairment and have recorded an impairment loss totaling $190,891.29.

 

Series Name   Impairment of Asset  
#KAWHIBASKET   $ 11,131  
#JETERFOILRCBASKETBGS9.5   $ 29,978  
#MESSIROOKIEBASKET   $ 17,741  
#JORDANSIGNEDPROFESSIONALBAT   $ 10,271  
#EMMITTSMITHMVPBASKET   $ 24,283  
#GLEYBERTORRESORANGE9.5   $ 669  
#MAHOMESNT8.5   $ 32,641  
#ZIONRPABGS9   $ 21,594  
#TATISBOWMANBLACKLABEL   $ 22,135  
#CLEMENTEWHITE&GRAYBASKET   $ 20,448  
Total   $ 190,891  

 

User Base

 

The success of the public offerings to date has led to a greater-than-expected supply of items to be consigned on the platform. Additionally, since launching, the registered user-base exceeds 60,000 users, with over 9,000 having participated in at least one offering.

 

Financial Obligations

 

The company has no outstanding lines of credit. However, there exists obligations to CTI for monies paid on behalf of the Company. These liabilities are adequately covered by monies currently held in escrow awaiting final closing.

 

Future Prospects

 

There are a few factors that could impact our operating results going forward including the Manager’s ability to:

 

  ˗ continue to source high quality collectable assets to securitize;

 

  ˗ market the Platform and the individual Series of the Company and attract Investors to the Platform to acquire the Interests issued by Series of the Company;

 

  ˗ continue to develop the Platform and provide the information and technology infrastructure to support the issuance of Interests in Series of the Company;

 

  ˗ develop or partner with registered Dealer infrastructure for Securities transactions.

 

COVID-19

 

The continuing impact and effects of the global outbreak of the coronavirus (COVID-19) on the operation and financial performance of our business are unknown. However, the Company does not expect that the outbreak will have a material adverse effect on our business or financial results at this time.

 

11

 

 

Operating Results

 

2021 was the Company’s first full year of Operations. The Company continued to acquire Assets to consign, and successfully closed escrow on (159) one hundred fifty-nine offerings, launched secondary trading capability for investors, and sold 13 assets off the platform.

 

The Company sold thirteen (13) Underlying Assets held for sale for a price of $5,861,500 and a Net Gain on Sale of Assets of $1,699,239 during the period ended December 31, 2021

 

Series Name   Sales Price     Cost Basis     Net Gain  
#MAGICBIRDDRJ   $ 720,000     $ 351,420     $ 368,580  
#KOUFAX1955PSA8.5   $ 100,000     $ 35,380     $ 64,620  
#WILTCHAMBERLAIN61PSA9   $ 350,000     $ 205,102     $ 144,898  
#JORDAN85NIKEBASKET   $ 203,000     $ 139,018     $ 63,982  
#MANTLEMINT1953   $ 3,100,000     $ 2,488,000     $ 612,000  
#BRADYREEBOKFLAWLESS   $ 70,000     $ 46,564     $ 23,436  
#DEVERSSUPERFRACTOR   $ 78,500     $ 34,720     $ 43,780  
#MAYS1951PHOTO   $ 65,000     $ 51,144     $ 13,856  
#FRANKROBINSON500HRBAT   $ 200,000     $ 172,429     $ 27,571  
#RODGERSPLAYOFFCONTENDERSGREEN   $ 30,000     $ 18,864     $ 11,136  
#STEPHCURRYSNEAKERS   $ 110,000     $ 80,020     $ 29,980  
#OVECHKINTHECUPBGS8.5   $ 55,000     $ 40,110     $ 14,890  
#CURRYRPABGS9.5   $ 780,000     $ 499,490     $ 280,510  
Total   $ 5,861,500     $ 4,162,261     $ 1,699,239  

 

Operating Capital

 

Management considers operating capital on hand to be sufficient for the current growth plans, however we recognize the need for continued outside investment to accelerate and expand growth in 2022 and beyond.

 

Common Management

 

The CEO of the Company, Collectable Sports Assets, LLC is also the CEO of the Manager, CS Asset Manager, LLC. Due to the Company having common management, there cannot be any arms length transactions between the Company, Collectable Sports Assets, LLC the Manager, CS Asset Manager, LLC.

 

No Arms Length Transactions

 

The cannot be any arms length transactions between the Company, Collectable Sports Assets, LLC the Manager, CS Asset Manager, LLC.

 

12

 

 

Item 3. Directors and Officers

 

The following individuals constitute the Board of Directors, executive management and significant employees of the Collectable Technologies, Inc., the sole members of the Manager or Asset Manager:

 

Name   Age     Position   Term of
Office
(Beginning)
    FT or PT
Hours/week
  Compensation
Cash ($)
    Compensation
Stock ($)
    Compensation
Total ($)
 
Jason Epstein   47     Founder,
President
  01/2020     30 hours a week   $ -     $ 45,000     $ 45,000  
Ezra Levine   34     CEO   01/2020     Full time   $ 200,000     $ -     $ 200,000  
Jarod Winters   51     CFO   03/2021     Full time   $ 200,000     $ -     $ 200,000  

 

Background of Officers of the Manager

 

The following is a brief summary of the background of each director and executive officer of the Manager:

 

Jason Epstein. Mr. Epstein is a serial entrepreneur and co-founder of Collectable Technologies, Inc. (successor to the assets and liabilities of Collectable.com, Inc.), the ultimate parent organization to Collectable Sports Assets, LLC and the Manager. The collectable application provides sports collectors access to historical auction pricing and real-time data on current auctions. With over 2 million historical sales dating back to 1999 and over two dozen auction house customers, we believe that Collectable publishes one of the broadest and most comprehensive data set of historical prices and active auction listings in the industry.

 

Ezra Levine. Mr. Levine is a seasoned public and private markets investor and operator. Mr. Levine has served as the Chief Strategy Officer and Chief Financial Officer of The Spring League, the premier developmental league and scouting event for professional football talent since 2017. He also served as Portfolio Manager at Hilltop Park Associates, a hedge fund, managing investments in the Sports, Media, Entertainment and Consumer industries. He also has served as an advisor and consultant to numerous businesses. He holds a B.A. from the University of Michigan in American Studies and an MBA from NYU Stern School of Business with a concentration in General Management and Finance.

 

Jarod Winters. Mr. Winters is a capital markets executive focused on alternative asset management. Prior to Collectable, he served in roles such as Chief Operating Officer and Chief Compliance Officer of Sunrise Capital Partners, a hedge fund, Head of Product Specialists at Wells Fargo Prime Services, and Managing Director of Operations at ESP Technologies. He holds a BA and MBA from the University of Texas at Austin.

 

There are no arrangements or understandings known to us pursuant to which any director was or is to be selected as a director or nominee. There are no agreements or understandings for any executive officer or director to resign at the request of another person and no officer or director is acting on behalf of nor will any of them act at the direction of any other person.

 

There are no family relationships between any director, executive officer, person nominated or chosen to become a director or executive officer or any significant employee.

 

Compensation of Directors and Executive Officers

 

Compensation of Executive Officers

 

We do not currently have any employees, nor do we currently intend to hire any employees who will be compensated directly by the Company. Each of the executive officers of the Manager manage our day-to-day affairs, oversee the review, selection and recommendation of investment opportunities, service acquired investments and monitor the performance of these investments to ensure that they are consistent with our investment objectives. Each of these individuals receives compensation for his or her services, including services performed for us on behalf of the Manager, from our manager. Although we will indirectly bear some of the costs of the compensation paid to these individuals, through fees we pay to the Manager, we do not intend to pay any compensation directly to these individuals.

 

13

 

 

Compensation of the Manager

 

The Manager or Asset Manager may receive Sourcing Fees and reimbursement for costs incurred relating to the Offering described herein and other offerings (e.g., Offering Expenses and Acquisition Expenses), additionally, the Manager or Asset Manager may receive Sourcing Fees in connection with the sale of an underlying Asset of the Platform.

 

The Manager or Asset Manager receives Sourcing Fees for each offering for Series of Interests in the Company that closes. During 2021, the Manager received $696,926 in Sourcing Fees for (159) one hundred fifty-nine Series that were closed. During 2021, the manager also received 142,713 shares in non-cash compensation with a value of $1,187,183. The following table sets forth the cash and non-cash sourcing fees generated in 2021.

 

Series   # of Shares     Non-Cash Equity     Cash Sourcing Fees     Total Cash and Non-Cash Sourcing Fees  
#1909E95SGCSet     360     $ 1,800     $ 900     $ 2,700  
#48LeafRuthSGC8     450     $ 2,250     $ 2,250     $ 4,500  
#ChrisBoshGameWornRaptorsSneakers     270     $ 1,350       -     $ 1,350  
#ERLINGHAALANDPSA10BASKET     156     $ 1,560       -     $ 1,560  
#Giannis48PointGameSneakers     240     $ 1,200     $ 800     $ 2,000  
#JackieLeaf35     840     $ 4,200       -     $ 4,200  
#JackieRobinson53Topps8     1,000     $ 5,000       -     $ 5,000  
#JimmieFoxx1938Bat     510     $ 5,100     $ 3,400     $ 8,500  
#JustinHerbertHiddenTreasureRPA     770     $ 3,850     $ 1,650     $ 5,500  
#KevinDurantHSJersey     800     $ 8,000     $ 12,000     $ 20,000  
#KobeBryantFirstWhite24Jersey     4,140     $ 20,700     $ 11,700     $ 32,400  
#KobeBryantRookieSneakers     600     $ 6,000     $ 6,000     $ 12,000  
#KobeBryantRoyalBlueJordanSneakers     400     $ 4,000     $ 4,000     $ 8,000  
#KobeFinalSeasonSneakers     330     $ 3,300     $ 2,200     $ 5,500  
#LBJEXQUISITE     8,750     $ 87,500     $ 500     $ 88,000  
#LeBronBlackDiamond     750     $ 3,750       -     $ 3,750  
#Mantle1957ToppsPSA85     270     $ 2,700     $ 2,160     $ 4,860  
#MANTLE1964TOPPS9     215     $ 2,153     $ 1,722     $ 3,875  
#Mantle1966ToppsPSA9Basket     532     $ 2,660     $ 1,140     $ 3,800  
#Maris58ToppsPSA9     470     $ 2,350       -     $ 2,350  
#MayweatherRCPSA10     704     $ 3,520     $ 800     $ 4,320  
#Mikan48BowmanPSA7     560     $ 2,800     $ 700     $ 3,500  
#NegroLeagueLegendaryCutsBasket     480     $ 4,800     $ 2,400     $ 7,200  
#OrangeDominguez     228     $ 2,280     $ 650     $ 2,930  
#PaulPierce2010ASGJersey     300     $ 1,500     $ 1,000     $ 2,500  
#Ruth1914BaltimoreNewsSGC3     200     $ 600       -     $ 600  
#SatchelPaige48LeafSGC30     360     $ 1,800     $ 900     $ 2,700  
#TimDuncanPMGGreen     1,600     $ 8,000       -     $ 8,000  
#TrevorLawrenceLeafBasket     260     $ 1,300       -     $ 1,300  
#TROUTFINESTSUPERFRACTOR     1,000     $ 10,000     $ 12,500     $ 22,500  
#UnitasPSA8     240     $ 1,200       -     $ 1,200  
#03ExquisiteBox     500     $ 5,000     $ 4,000     $ 9,000  
#03ToppsChromeWax     160     $ 1,600       -     $ 1,600  
#18-19BASKETBALLGROWTHBASKET     36     $ 720     $ 1,428     $ 2,148  
#1964KOUFAXJERSEY     1,200     $ 12,000     $ 16,000     $ 28,000  
#1969TOPPSBASKETBALLSET     162     $ 4,050     $ 5,400     $ 9,450  
#1986WAX     434     $ 10,850       -     $ 10,850  
#2000PLAYOFFCONTENDERSWAX     140     $ 1,400       -     $ 1,400  
#AARON1954PSA8.5     440     $ 4,400     $ 4,400     $ 8,800  
#AcunaBowman10Basket     450     $ 4,500     $ 3,600     $ 8,100  
#ACUNAGOLD9.5     301     $ 1,505       -     $ 1,505  
#AliRookieCardBVG8     320     $ 3,200     $ 30     $ 3,230  
#ANDRE&HULKWRESTLINGBASKET     444     $ 4,440     $ 1,141     $ 5,581  
#ANDRETHEGIANT     72     $ 720     $ 960     $ 1,680  

 

14

 

 

#BANKS1954PSA9     197     $ 4,925       -     $ 4,925  
#BettsBlueRefractorBasket     135     $ 1,350     $ 810     $ 2,160  
#BETTSGOLDREFRACTORBASKET     274     $ 2,740     $ 1,643     $ 4,383  
#BradyBowman10     140     $ 1,400       -     $ 1,400  
#BradyChampionshipTicket     16,200     $ 162,000       -     $ 162,000  
#BRADYPLAYOFFCONTENDERSBASKET     660     $ 3,300     $ 2,475     $ 5,775  
#BRADYREEBOKFLAWLESS     67     $ 804     $ 1,600     $ 2,404  
#BRADYROOKIE     321     $ 3,210       -     $ 3,210  
#CHAMBERLAINHSUNIFORM     360     $ 9,000     $ 9,000     $ 18,000  
#ChamberlainPhilaJersey59-60     6,000     $ 60,000     $ 36,000     $ 96,000  
#ChicagoBullsDynastyHardwood     3,250     $ 16,250     $ 16,250     $ 32,500  
#Clemente1955PSA8     500     $ 5,000     $ 1,752     $ 6,752  
#Clemente65-68Bat     350     $ 1,750     $ 750     $ 2,500  
#CLEMENTEWHITE&GRAYBASKET     500     $ 5,000     $ 4,000     $ 9,000  
#COBBMINTE98     825     $ 8,250     $ 8,250     $ 16,500  
#COBBVINTAGET206PHOTO     326     $ 3,260       -     $ 3,260  
#CristianoRonaldoRC1of1     2,250     $ 11,250     $ 11,250     $ 22,500  
#CROSBYTHECUPBASKET     570     $ 5,700     $ 11,400     $ 17,100  
#CURRYRPABGS9.5     450     $ 4,500     $ 36,000     $ 40,500  
#DeversSuperfractor     120     $ 1,200     $ 1,500     $ 2,700  
#DIMAGGIO1933BAT     255     $ 2,550     $ 4,250     $ 6,800  
#DONCICBLUEPSA10     220     $ 2,200     $ 1,650     $ 3,850  
#DonovanMitchellNT9.5     150     $ 1,500     $ 750     $ 2,250  
#DURANTCHROMEREFRACTORPSA10     60     $ 600       -     $ 600  
#DWADEULTIMATE     259     $ 2,590       -     $ 2,590  
#EddiePlankT206PSA4     3,840     $ 19,200     $ 4,200     $ 23,400  
#ELWAY1984ROOKIECARDPSA10BASKET     150     $ 1,500     $ 753     $ 2,253  
#EMMITTSMITH10KJERSEY     150     $ 1,500     $ 2,500     $ 4,000  
#EMMITTSMITHMVPBASKET     150     $ 3,000     $ 5,000     $ 8,000  
#FRANKROBINSON1957PSA9BASKET     278     $ 2,780     $ 2,085     $ 4,865  
#FRANKROBINSON500HRBAT     450     $ 4,500       -     $ 4,500  
#GaryCarter1975PSA10Basket     175     $ 1,750     $ 953     $ 2,703  
#GIANNISGOLDIMMACULATE     170     $ 1,700     $ 1,275     $ 2,975  
#GIANNISRPA     648     $ 6,480       -     $ 6,480  
#GLEYBERTORRESORANGE9.5     119     $ 1,190       -     $ 1,190  
#GRETZKYOPEECHEE1979     378     $ 3,780       -     $ 3,780  
#JackieRobinson1952ToppsPSA8.5     3,605     $ 36,050     $ 15,450     $ 51,500  
#JETERFOILRCBASKETBGS9.5     360     $ 3,600     $ 4,500     $ 8,100  
#JokicRefractor1of1     111     $ 1,110     $ 555     $ 1,665  
#JORDAN85NIKEBASKET     253     $ 2,530     $ 5,060     $ 7,590  
#JORDANEXQUISITEBGS8     280     $ 2,800     $ 3,500     $ 6,300  
#JordanLeBronMagicTripleSigs     375     $ 3,750     $ 3,000     $ 6,750  
#JordanLeBronSignoftheTimes     600     $ 6,000     $ 7,500     $ 13,500  
#JordanMagicLeBronTripleAutoJersey     1,380     $ 6,900     $ 4,600     $ 11,500  
#JORDANROOKIEJERSEY     450     $ 4,500     $ 9,000     $ 13,500  
#JORDANSIGNEDPROFESSIONALBAT     315     $ 3,150     $ 450     $ 3,600  
#JoshAllenGoldBGS9.5     125     $ 1,250     $ 750     $ 2,000  
#KAWHIBASKET     42     $ 1,260     $ 1,040     $ 2,300  
#KOBEREEBOKIVERSONRETROS     500     $ 4,000     $ 1,600     $ 5,600  
#KOUFAX1955PSA8.5     192     $ 1,920       -     $ 1,920  
#KOUFAX55PSA9     2,250     $ 22,500     $ 18,000     $ 40,500  
#LEBRONBLACKREFRACTOR     645     $ 6,450     $ 1,210     $ 7,660  
#LEBRONEMBLEMSOFENDORSEMENT     300     $ 6,000     $ 8,000     $ 14,000  
#LeBronMeloBosh2008TripleLogoMan     2,750     $ 13,750     $ 8,865     $ 22,615  
#LeBronMeloDualLogoman     4,000     $ 40,000     $ 50,000     $ 90,000  
#LEBRONMELOWADETRIORC     2,112     $ 21,120       -     $ 21,120  
#LEBRONULTIMATE     495     $ 4,950     $ 9,900     $ 14,850  
#LukaRookieJersey     2,325     $ 23,250     $ 13,950     $ 37,200  
#LukaWhiteSparkle     3,900     $ 39,000     $ 19,500     $ 58,500  

 

15

 

 

#MAGICBIRDDRJ     41     $ 3,280     $ 16,250     $ 19,530  
#MAGICBIRDDRJPSA8BASKET     66     $ 660     $ 1,100     $ 1,760  
#MAGICBIRDLOGOMAN     1,380     $ 13,800     $ 27,600     $ 41,400  
#MahomesBronzeBasket     1,000     $ 5,000     $ 5,000     $ 10,000  
#MAHOMESEMERALDRPABGS9     142     $ 2,840     $ 1,420     $ 4,260  
#MahomesImmaculate1of1     800     $ 8,000     $ 10,000     $ 18,000  
#MahomesNT1of1     18,000     $ 90,000     $ 60,000     $ 150,000  
#MahomesNT8.5     590     $ 5,900     $ 7,375     $ 13,275  
#MANTLE1952BOWMANPSA8     40     $ 600       -     $ 600  
#MANTLE1952TOPPSPSA8     1,401     $ 14,010     $ 13,800     $ 27,810  
#MANTLE1953BOWMAN8BASKET     360     $ 3,600     $ 450     $ 4,050  
#Mantle1953Topps8     550     $ 5,500       -     $ 5,500  
#MANTLE1956PSA8BASKET     235     $ 1,175     $ 705     $ 1,880  
#MANTLE1960PSA9     252     $ 2,520       -     $ 2,520  
#Mantle1968PSA9Basket(2x)     170     $ 1,700     $ 1,360     $ 3,060  
#Mantle54BowmanBasket     270     $ 2,700     $ 900     $ 3,600  
#MARINOMANNINGFAVREJERSEYS     123     $ 1,230     $ 1,640     $ 2,870  
#MAYS1951BOWMAN7     600     $ 6,000     $ 3,000     $ 9,000  
#MAYS1951PHOTO     326     $ 3,260       -     $ 3,260  
#MAYS1952PSA8     1,375     $ 13,750     $ 11,000     $ 24,750  
#Mays1956GrayPSA9     200     $ 2,000     $ 2,500     $ 4,500  
#MAYS1959PSA9BASKET     291     $ 1,455       -     $ 1,455  
#MAYS1960PSA9     508     $ 1,016       -     $ 1,016  
#MessiMegacracks#71PSA9     400     $ 4,000     $ 1,090     $ 5,090  
#MESSIROOKIEBASKET     246     $ 2,460     $ 4,920     $ 7,380  
#MichaelPorterJrBasket     616     $ 3,080       -     $ 3,080  
#MIKANRCPHOTO     350     $ 3,500       -     $ 3,500  
#MLBHALLOFFAMEBASEBALL     840     $ 8,400     $ 11,200     $ 19,600  
#MONTANARCPSA10     232     $ 2,320     $ 1,490     $ 3,810  
#MOOKIEBETTSGLOVE     336     $ 3,360       -     $ 3,360  
#MPJChampionshipTicket     150     $ 1,500     $ 1,000     $ 2,500  
#OVECHKINTHECUPBGS8.5     175     $ 1,750     $ 1,400     $ 3,150  
#OZZIESMITHRCBGS9.5     432     $ 4,320     $ 386     $ 4,706  
#PeytonManningMVPHelmet     2,004     $ 10,020     $ 6,680     $ 16,700  
#RICKEYHENDERSONRCPSA10     720     $ 7,200     $ 1,594     $ 8,794  
#RODGERSPLAYOFFCONTENDERSGREEN     238     $ 1,190       -     $ 1,190  
#Ruth33GoudeySGC8     625     $ 6,250     $ 3,750     $ 10,000  
#SadaharuOhBat     320     $ 1,600     $ 400     $ 2,000  
#SeagerOrangeRefractorBasket     88     $ 880       -     $ 880  
#Serena03NetProPSA10Basket     210     $ 1,050       -     $ 1,050  
#StephCurrySneakers     350     $ 3,500     $ 3,500     $ 7,000  
#TATISBOWMANBLACKLABEL     800     $ 8,000     $ 8,000     $ 16,000  
#TATUMFLAWLESS10     160     $ 1,600     $ 1,200     $ 2,800  
#TEDWILLIAMS1939PLAYBALL     196     $ 1,960       -     $ 1,960  
#TheRockBumbleBeePSA10     640     $ 3,200     $ 800     $ 4,000  
#TIGERPUTTER     586     $ 5,860     $ 5,859     $ 11,719  
#TIGERSIFORKIDS     140     $ 1,400       -     $ 1,400  
#TIGERSPAUTHENTICBGS9.5     90     $ 900     $ 1,505     $ 2,405  
#TRAEYOUNGFLAWLESSBGS9     84     $ 840       -     $ 840  
#TraeYoungFlawlessGreenBGS9     84     $ 840       -     $ 840  
#TysonRCBGS9Basket     240     $ 2,400     $ 85     $ 2,485  
#UNITAS1965JERSEY     150     $ 1,500     $ 7,500     $ 9,000  
#WILTCHAMBERLAIN61PSA9     740     $ 7,400     $ 9,250     $ 16,650  
#YASTRZEMSKIRC9BASKET     247     $ 2,470       -     $ 2,470  
#ZionPrizmsBlueBGS10     512     $ 2,560       -     $ 2,560  
#ZIONRPABGS9     236     $ 4,720     $ 2,360     $ 7,080  
      142,713       1,187,183       696,926       1,884,109  

 

As consideration for managing each Underlying Asset, the Manager or Asset Manager may be paid an annual Management Fee pursuant to the Asset Management Agreement. On applicable Offerings, the Manager will assess a Management Fee of approximately 1% and not more than 2% of the Carrying Value of the Collectable Asset. To date, no Management Fees have been paid by any Series but the Manager does intend to begin making payments in fiscal year 2022.

 

16

 

 

Item 4. Security Ownership of Management and Certain Securityholders

 

The Company is managed by the Manager. The address of the Manager is 333 Westchester Avenue, Suite W2100, White Plains, NY 10604. As of the date of this filing, the Company has no voting securities issued and outstanding.

 

The following table sets forth information with respect to the number of units of each of our Series beneficially owned by our officers as of May 2, 2022.

 

Title of Class   Name of beneficial owner   # of units     % (* less than 1%)  
#03ExquisiteBox   Ezra Levine     10       *  
#03ToppsChromeWax   Ezra Levine     1       *  
#18-19BASKETBALLGROWTHBASKET   Ezra Levine     11       *  
#18-19BASKETBALLGROWTHBASKET   Jason Epstein     15       *  
#1909E95SGCSet   Ezra Levine     60       *  
#1909E95SGCSet   Jason Epstein     100       1.4 %
#1964KOUFAXJERSEY   Ezra Levine     11       *  
#1964KOUFAXJERSEY   Jason Epstein     70       *  
#1969TOPPSBASKETBALLSET   Matthew Demchyk     10       *  
#1969TOPPSBASKETBALLSET   Ezra Levine     22       *  
#1986WAX   Ezra Levine     7       *  
#1986WAX   Jason Epstein     15       *  
#1986WAX   Matthew Demchyk     426       5.8 %
#2000PLAYOFFCONTENDERSWAX   Jason Epstein     9       *  
#2000PLAYOFFCONTENDERSWAX   Ezra Levine     17       *  
#48LeafRuthSGC8   Ezra Levine     20       *  
#AARON1954PSA8.5   Ezra Levine     44       *  
#AcunaBowman10Basket   Ezra Levine     20       *  
#ACUNAGOLD9.5   Ezra Levine     26       *  
#AliRookieCardBVG8   Jason Epstein     10       *  
#ALIWBCBELT   Ezra Levine     125       *  
#ALIWBCBELT   Jason Epstein     500       1.2 %
#ANDRE&HULKWRESTLINGBASKET   Ezra Levine     8       *  
#ANDRETHEGIANT   Ezra Levine     17       *  
#BANKS1954PSA9   Ezra Levine     154       4.4 %
#BANKS1954PSA9   Jason Epstein     261       7.5 %
#BettsBlueRefractorBasket   Ezra Levine     1       *  
#BETTSGOLDREFRACTORBASKET   Ezra Levine     3       *  
#BradyChampionshipTicket   Jason Epstein     100       *  
#BradyChampionshipTicket   Ezra Levine     126       *  
#BRADYPLAYOFFCONTENDERSBASKET   Ezra Levine     15       *  
#BRADYPLAYOFFCONTENDERSBASKET   Sheel Tyle     30       *  
#BRADYPLAYOFFCONTENDERSBASKET   Matthew Demchyk     200       1.1 %
#BRADYPLAYOFFCONTENDERSBASKET   Jason Epstein     4149       23.1 %
#BRADYROOKIE   Ezra Levine     15       *  
#BRADYROOKIE   Jason Epstein     20       *  
#CHAMBERLAINHSUNIFORM   Ezra Levine     104       *  
#CHAMBERLAINHSUNIFORM   Jason Epstein     400       3.2 %
#ChamberlainPhilaJersey59-60   Ezra Levine     455       *  
#ChamberlainPhilaJersey59-60   Jason Epstein     896       *  
#ChamberlainPhilaJersey59-60   Sheel Tyle     4338       3.4 %
#ChicagoBullsDynastyHardwood   Ezra Levine     22       *  
#Clemente1955PSA8   Ezra Levine     10       *  
#Clemente65-68Bat   Ezra Levine     1       *  
#CLEMENTEWHITE&GRAYBASKET   Ezra Levine     4       *  
#CLEMENTEWHITE&GRAYBASKET   Matthew Demchyk     35       *  
#COBBMINTE98   Jason Epstein     280       *  
#COBBMINTE98   Ezra Levine     494       1.6 %

 

17

 

 

#COBBVINTAGET206PHOTO   Ezra Levine     11       *  
#COBBVINTAGET206PHOTO   Jason Epstein     25       *  
#COBBVINTAGET206PHOTO   Matthew Demchyk     25       *  
#CristianoRonaldoRC1of1   Ezra Levine     228       *  
#CROSBYTHECUPBASKET   Ezra Levine     4369       21.1 %
#DIMAGGIO1933BAT   Ezra Levine     160       1.7 %
#DonovanMitchellNT9.5   Ezra Levine     126       4.2 %
#DURANTCHROMEREFRACTORPSA10   Ezra Levine     18       1.4 %
#DURANTCHROMEREFRACTORPSA10   Jason Epstein     23       1.8 %
#DWADEULTIMATE   Ezra Levine     3       *  
#DWADEULTIMATE   Jason Epstein     50       1.2 %
#EddiePlankT206PSA4   Ezra Levine     200       *  
#EMMITTSMITH10KJERSEY   Jason Epstein     1       *  
#EMMITTSMITH10KJERSEY   Ezra Levine     10       *  
#EMMITTSMITH10KJERSEY   Matthew Demchyk     226       3.8 %
#EMMITTSMITHMVPBASKET   Ezra Levine     21       *  
#EMMITTSMITHMVPBASKET   Jason Epstein     48       *  
#EMMITTSMITHMVPBASKET   Matthew Demchyk     430       7.5 %
#FRANKROBINSON1957PSA9BASKET   Ezra Levine     48       *  
#FRANKROBINSON1957PSA9BASKET   Jason Epstein     890       11.7 %
#GaryCarter1975PSA10Basket   Ezra Levine     10       *  
#Giannis48PointGameSneakers   Ezra Levine     20