United States
Securities And Exchange Commission
Washington, D.C. 20549
FORM 1-SA
☒ SEMIANNUAL REPORT PURSUANT TO REGULATION A
or
☐ SPECIAL FINANCIAL REPORT PURSUANT TO REGULATION A
For the fiscal semiannual period ended June 30, 2025
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 Dr., Suite 110, Lexington, KY 40509
(Full mailing address of principal executive offices)
888-697-2234
(Issuer’s telephone number, including area code)
MY RACEHORSE CA LLC
| SECTION | PAGE |
| ITEM 1. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | 1 |
| ITEM 2. OTHER INFORMATION | 55 |
| ITEM 3. FINANCIAL STATEMENTS | 56 |
| ITEM 4. EXHIBITS | 57 |
| i |
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. 024-12611) filed with the Securities and Exchange Commission (the “Commission”) on May 2, 2025, and qualified by the Commission on May 29, 2025, 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.
| ii |
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 220 wins since launching the stable in June of 2018 through June 2025. The wins have been achieved at the highest level in US horse racing including winning the Breeders’ Cup Classic, Breeders’ Cup Sprint, The Preakness Stakes 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, 2025, officers of the Manager have loaned the Company a total of $374,374 (excluding accrued interest) in connection with the acquisition of these Underlying Assets. See Note 4 to Unaudited Financial Statements as of June 30, 2025 – 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.
| 1 |
Operating Results
As of June 30, 2025, 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 | 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) | ||||||||||||||||||||||||
| Authentic | 12,500 | 12,500 | – | $ | 151.54 | $ | 23.56 | $ | 30.90 | $ | 0.00 | $ | 0.00 | $ | 386,250.00 | $ | 206.00 | $ | 2,575,000.00 | $ | 2,575,000.00 | $ | 0.00 | ||||||||||||||
| The Filly Four | 8,000 | 8,000 | – | $ | 105.00 | $ | 48.00 | $ | 27.00 | $ | 0.00 | $ | 0.00 | $ | 216,000.00 | $ | 180.00 | $ | 1,440,000.00 | $ | 1,440,000.00 | $ | 0.00 | ||||||||||||||
| Seize the Grey Broodmare Band | 5,000 | 5,000 | – | $ | 124.53 | $ | 49.37 | $ | 61.08 | $ | 0.00 | $ | 0.00 | $ | 305,400.00 | $ | 235.00 | $ | 1,175,000.00 | $ | 1,175,000.00 | $ | 0.00 | ||||||||||||||
| Chad Brown Bundle | 5,000 | 5,000 | – | $ | 120.69 | $ | 78.21 | $ | 35.10 | $ | 0.00 | $ | 0.00 | $ | 175,500.00 | $ | 234.00 | $ | 1,170,000.00 | $ | 1,170,000.00 | $ | 0.00 | ||||||||||||||
| The New York Bundle | 5,100 | 5,100 | – | $ | 90.90 | $ | 83.47 | $ | 50.63 | $ | 0.00 | $ | 0.00 | $ | 258,213.00 | $ | 225.00 | $ | 1,147,500.00 | $ | 1,147,500.00 | $ | 0.00 | ||||||||||||||
| Black Tie Optional | 5,000 | 5,000 | – | $ | 115.25 | $ | 47.77 | $ | 64.98 | $ | 0.00 | $ | 0.00 | $ | 324,900.00 | $ | 228.00 | $ | 1,140,000.00 | $ | 1,140,000.00 | $ | 0.00 | ||||||||||||||
| The Incredi-Bundle | 10,200 | 10,200 | – | $ | 60.38 | $ | 23.32 | $ | 24.30 | $ | 0.00 | $ | 0.00 | $ | 247,860.00 | $ | 108.00 | $ | 1,101,600.00 | $ | 1,101,600.00 | $ | 0.00 | ||||||||||||||
| Rosie's Alibi | 10,000 | 10,000 | – | $ | 62.50 | $ | 26.75 | $ | 15.75 | $ | 0.00 | $ | 0.00 | $ | 157,500.00 | $ | 105.00 | $ | 1,050,000.00 | $ | 1,050,000.00 | $ | 0.00 | ||||||||||||||
| The Royal Duet | 5,100 | 5,100 | – | $ | 113.78 | $ | 42.77 | $ | 45.45 | $ | 0.00 | $ | 0.00 | $ | 231,795.00 | $ | 202.00 | $ | 1,030,200.00 | $ | 1,030,200.00 | $ | 0.00 | ||||||||||||||
| Trust But Verify | 13,333 | 12,221 | 1,112 | $ | 37.46 | $ | 17.59 | $ | 21.95 | $ | 19,560.08 | $ | 41,655.52 | $ | 268,250.95 | $ | 77.00 | $ | 941,017.00 | $ | 1,026,641.00 | $ | 85,624.00 | ||||||||||||||
| Native Brew | 5,000 | 5,000 | – | $ | 81.03 | $ | 43.38 | $ | 49.59 | $ | 0.00 | $ | 0.00 | $ | 247,950.00 | $ | 174.00 | $ | 870,000.00 | $ | 870,000.00 | $ | 0.00 | ||||||||||||||
| Balletic | 10,000 | 10,000 | – | $ | 45.00 | $ | 23.00 | $ | 12.00 | $ | 0.00 | $ | 0.00 | $ | 120,000.00 | $ | 80.00 | $ | 800,000.00 | $ | 800,000.00 | $ | 0.00 | ||||||||||||||
| Munny Problem | 10,000 | 10,000 | – | $ | 34.65 | $ | 21.84 | $ | 22.51 | $ | 0.00 | $ | 0.00 | $ | 225,100.00 | $ | 79.00 | $ | 790,000.00 | $ | 790,000.00 | $ | 0.00 | ||||||||||||||
| Misstrial | 10,000 | 10,000 | – | $ | 34.58 | $ | 21.19 | $ | 22.23 | $ | 0.00 | $ | 0.00 | $ | 222,300.00 | $ | 78.00 | $ | 780,000.00 | $ | 780,000.00 | $ | 0.00 | ||||||||||||||
| Authentic Spirit | 9,000 | 9,000 | – | $ | 46.10 | $ | 19.78 | $ | 19.12 | $ | 0.00 | $ | 0.00 | $ | 172,080.00 | $ | 85.00 | $ | 765,000.00 | $ | 765,000.00 | $ | 0.00 | ||||||||||||||
| Collusion Illusion | 25,000 | 25,000 | – | $ | 22.00 | $ | 3.50 | $ | 4.50 | $ | 0.00 | $ | 0.00 | $ | 112,500.00 | $ | 30.00 | $ | 750,000.00 | $ | 750,000.00 | $ | 0.00 | ||||||||||||||
| Big Mel | 6,000 | 6,000 | – | $ | 89.00 | $ | 14.00 | $ | 18.00 | $ | 0.00 | $ | 0.00 | $ | 108,000.00 | $ | 121.00 | $ | 726,000.00 | $ | 726,000.00 | $ | 0.00 | ||||||||||||||
| Commissioned | 5,000 | 5,000 | – | $ | 62.24 | $ | 40.72 | $ | 41.04 | $ | 0.00 | $ | 0.00 | $ | 205,200.00 | $ | 144.00 | $ | 720,000.00 | $ | 720,000.00 | $ | 0.00 | ||||||||||||||
| Catalyst | 6,500 | 6,500 | – | $ | 58.28 | $ | 21.55 | $ | 23.17 | $ | 0.00 | $ | 0.00 | $ | 150,605.00 | $ | 103.00 | $ | 669,500.00 | $ | 669,500.00 | $ | 0.00 | ||||||||||||||
| Lady Blitz | 5,000 | 5,000 | – | $ | 67.20 | $ | 35.88 | $ | 29.92 | $ | 0.00 | $ | 0.00 | $ | 149,600.00 | $ | 133.00 | $ | 665,000.00 | $ | 665,000.00 | $ | 0.00 | ||||||||||||||
| Elite Heat | 5,000 | 5,000 | – | $ | 51.66 | $ | 42.72 | $ | 37.62 | $ | 0.00 | $ | 0.00 | $ | 188,100.00 | $ | 132.00 | $ | 660,000.00 | $ | 660,000.00 | $ | 0.00 | ||||||||||||||
| Legitify | 5,000 | 5,000 | – | $ | 63.39 | $ | 35.81 | $ | 28.80 | $ | 0.00 | $ | 0.00 | $ | 144,000.00 | $ | 128.00 | $ | 640,000.00 | $ | 640,000.00 | $ | 0.00 | ||||||||||||||
| Secret Crush | 10,000 | 10,000 | – | $ | 31.50 | $ | 18.10 | $ | 14.40 | $ | 0.00 | $ | 0.00 | $ | 144,000.00 | $ | 64.00 | $ | 640,000.00 | $ | 640,000.00 | $ | 0.00 | ||||||||||||||
| Seize the Grey | 5,000 | 5,000 | – | $ | 63.00 | $ | 35.43 | $ | 28.57 | $ | 0.00 | $ | 0.00 | $ | 142,850.00 | $ | 127.00 | $ | 635,000.00 | $ | 635,000.00 | $ | 0.00 | ||||||||||||||
| Simply Enchanting | 6,000 | 6,000 | – | $ | 54.74 | $ | 21.98 | $ | 22.28 | $ | 0.00 | $ | 0.00 | $ | 133,680.00 | $ | 99.00 | $ | 594,000.00 | $ | 594,000.00 | $ | 0.00 | ||||||||||||||
| Pioneer Prince | 4,000 | 4,000 | – | $ | 72.03 | $ | 43.97 | $ | 29.00 | $ | 0.00 | $ | 0.00 | $ | 116,000.00 | $ | 145.00 | $ | 580,000.00 | $ | 580,000.00 | $ | 0.00 | ||||||||||||||
| Seismic Beauty | 5,100 | 5,100 | – | $ | 63.39 | $ | 22.29 | $ | 26.32 | $ | 0.00 | $ | 0.00 | $ | 134,232.00 | $ | 112.00 | $ | 571,200.00 | $ | 571,200.00 | $ | 0.00 | ||||||||||||||
| Wayne O | 6,000 | 6,000 | – | $ | 75.00 | $ | 6.00 | $ | 14.00 | $ | 0.00 | $ | 0.00 | $ | 84,000.00 | $ | 95.00 | $ | 570,000.00 | $ | 570,000.00 | $ | 0.00 | ||||||||||||||
| Classic Colts Package | 40 | 40 | – | $ | 11,046.00 | $ | 1,983.00 | $ | 1,209.00 | $ | 0.00 | $ | 0.00 | $ | 48,360.00 | $ | 14,238.00 | $ | 569,520.00 | $ | 569,520.00 | $ | 0.00 | ||||||||||||||
| Real Savvy | 3,750 | 3,750 | – | $ | 75.60 | $ | 39.10 | $ | 33.30 | $ | 0.00 | $ | 0.00 | $ | 124,875.00 | $ | 148.00 | $ | 555,000.00 | $ | 555,000.00 | $ | 0.00 | ||||||||||||||
| Search Engine | 5,100 | 5,100 | – | $ | 62.50 | $ | 27.60 | $ | 15.90 | $ | 0.00 | $ | 0.00 | $ | 81,090.00 | $ | 106.00 | $ | 540,600.00 | $ | 540,600.00 | $ | 0.00 | ||||||||||||||
| Lane Way | 6,000 | 6,000 | – | $ | 61.00 | $ | 15.50 | $ | 13.50 | $ | 0.00 | $ | 0.00 | $ | 81,000.00 | $ | 90.00 | $ | 540,000.00 | $ | 540,000.00 | $ | 0.00 | ||||||||||||||
| 2 |
| Who Runs the World | 5,100 | 5,100 | – | $ | 60.00 | $ | 28.40 | $ | 15.60 | $ | 0.00 | $ | 0.00 | $ | 79,560.00 | $ | 104.00 | $ | 530,400.00 | $ | 530,400.00 | $ | 0.00 | ||||||||||||||
| Chasing Time | 10,000 | 10,000 | – | $ | 25.00 | $ | 19.20 | $ | 7.80 | $ | 0.00 | $ | 0.00 | $ | 78,000.00 | $ | 52.00 | $ | 520,000.00 | $ | 520,000.00 | $ | 0.00 | ||||||||||||||
| Here's the Kicker | 13,333 | 13,333 | – | $ | 19.69 | $ | 10.54 | $ | 8.77 | $ | 0.00 | $ | 0.00 | $ | 116,930.41 | $ | 39.00 | $ | 519,987.00 | $ | 519,987.00 | $ | 0.00 | ||||||||||||||
| Carrothers | 5,100 | 5,100 | – | $ | 60.20 | $ | 25.65 | $ | 15.15 | $ | 0.00 | $ | 0.00 | $ | 77,265.00 | $ | 101.00 | $ | 515,100.00 | $ | 515,100.00 | $ | 0.00 | ||||||||||||||
| Classic Cut | 10,000 | 10,000 | – | $ | 24.00 | $ | 19.35 | $ | 7.65 | $ | 0.00 | $ | 0.00 | $ | 76,500.00 | $ | 51.00 | $ | 510,000.00 | $ | 510,000.00 | $ | 0.00 | ||||||||||||||
| American Heiress | 5,100 | 5,100 | – | $ | 72.00 | $ | 13.00 | $ | 15.00 | $ | 0.00 | $ | 0.00 | $ | 76,500.00 | $ | 100.00 | $ | 510,000.00 | $ | 510,000.00 | $ | 0.00 | ||||||||||||||
| Future Stars Stable | 10,000 | 10,000 | – | $ | 33.55 | $ | 8.95 | $ | 7.50 | $ | 0.00 | $ | 0.00 | $ | 75,000.00 | $ | 50.00 | $ | 500,000.00 | $ | 500,000.00 | $ | 0.00 | ||||||||||||||
| Show Your Cards | 3,000 | 3,000 | – | $ | 92.20 | $ | 39.80 | $ | 33.00 | $ | 0.00 | $ | 0.00 | $ | 99,000.00 | $ | 165.00 | $ | 495,000.00 | $ | 495,000.00 | $ | 0.00 | ||||||||||||||
| Cable Boss | 5,100 | 5,100 | – | $ | 55.00 | $ | 27.45 | $ | 14.55 | $ | 0.00 | $ | 0.00 | $ | 74,205.00 | $ | 97.00 | $ | 494,700.00 | $ | 494,700.00 | $ | 0.00 | ||||||||||||||
| Tap the Gavel | 10,000 | 10,000 | – | $ | 23.00 | $ | 18.65 | $ | 7.35 | $ | 0.00 | $ | 0.00 | $ | 73,500.00 | $ | 49.00 | $ | 490,000.00 | $ | 490,000.00 | $ | 0.00 | ||||||||||||||
| Monomoy Girl | 10,200 | 10,200 | – | $ | 29.41 | $ | 9.69 | $ | 6.90 | $ | 0.00 | $ | 0.00 | $ | 70,380.00 | $ | 46.00 | $ | 469,200.00 | $ | 469,200.00 | $ | 0.00 | ||||||||||||||
| NY Exacta | 2,000 | 2,000 | – | $ | 107.50 | $ | 86.30 | $ | 34.20 | $ | 0.00 | $ | 0.00 | $ | 68,400.00 | $ | 228.00 | $ | 456,000.00 | $ | 456,000.00 | $ | 0.00 | ||||||||||||||
| Iron Works | 5,100 | 5,100 | – | $ | 55.00 | $ | 20.65 | $ | 13.35 | $ | 0.00 | $ | 0.00 | $ | 68,085.00 | $ | 89.00 | $ | 453,900.00 | $ | 453,900.00 | $ | 0.00 | ||||||||||||||
| Magical Ways | 6,000 | 6,000 | – | $ | 40.00 | $ | 23.75 | $ | 11.25 | $ | 0.00 | $ | 0.00 | $ | 67,500.00 | $ | 75.00 | $ | 450,000.00 | $ | 450,000.00 | $ | 0.00 | ||||||||||||||
| Going to Vegas | 5,100 | 5,100 | – | $ | 50.00 | $ | 23.10 | $ | 12.90 | $ | 0.00 | $ | 0.00 | $ | 65,790.00 | $ | 86.00 | $ | 438,600.00 | $ | 438,600.00 | $ | 0.00 | ||||||||||||||
| Kanthari | 5,100 | 5,100 | – | $ | 57.50 | $ | 14.75 | $ | 12.75 | $ | 0.00 | $ | 0.00 | $ | 65,025.00 | $ | 85.00 | $ | 433,500.00 | $ | 433,500.00 | $ | 0.00 | ||||||||||||||
| Adaay in Asia | 5,100 | 5,100 | – | $ | 42.00 | $ | 21.55 | $ | 18.45 | $ | 0.00 | $ | 0.00 | $ | 94,095.00 | $ | 82.00 | $ | 418,200.00 | $ | 418,200.00 | $ | 0.00 | ||||||||||||||
| Moonlit Courage | 5,000 | 5,000 | – | $ | 23.05 | $ | 37.13 | $ | 22.82 | $ | 0.00 | $ | 0.00 | $ | 114,100.00 | $ | 83.00 | $ | 415,000.00 | $ | 415,000.00 | $ | 0.00 | ||||||||||||||
| Isle Blue | 5,100 | 5,100 | – | $ | 41.34 | $ | 21.43 | $ | 18.23 | $ | 0.00 | $ | 0.00 | $ | 92,973.00 | $ | 81.00 | $ | 413,100.00 | $ | 413,100.00 | $ | 0.00 | ||||||||||||||
| Love Like Lucy | 5,100 | 5,100 | – | $ | 31.50 | $ | 23.55 | $ | 21.95 | $ | 0.00 | $ | 0.00 | $ | 111,945.00 | $ | 77.00 | $ | 392,700.00 | $ | 392,700.00 | $ | 0.00 | ||||||||||||||
| A Day to Remember | 5,500 | 5,500 | – | $ | 34.57 | $ | 20.45 | $ | 15.98 | $ | 0.00 | $ | 0.00 | $ | 87,890.00 | $ | 71.00 | $ | 390,500.00 | $ | 390,500.00 | $ | 0.00 | ||||||||||||||
| Solar Strike | 6,000 | 6,000 | – | $ | 40.30 | $ | 14.69 | $ | 10.01 | $ | 0.00 | $ | 0.00 | $ | 60,060.00 | $ | 65.00 | $ | 390,000.00 | $ | 390,000.00 | $ | 0.00 | ||||||||||||||
| Mo Mischief | 5,100 | 5,100 | – | $ | 50.00 | $ | 14.00 | $ | 11.00 | $ | 0.00 | $ | 0.00 | $ | 56,100.00 | $ | 75.00 | $ | 382,500.00 | $ | 382,500.00 | $ | 0.00 | ||||||||||||||
| Micro Share | 5,100 | 5,100 | – | $ | 45.00 | $ | 17.90 | $ | 11.10 | $ | 0.00 | $ | 0.00 | $ | 56,610.00 | $ | 74.00 | $ | 377,400.00 | $ | 377,400.00 | $ | 0.00 | ||||||||||||||
| Provocateur | 4,100 | 4,100 | – | $ | 60.00 | $ | 17.35 | $ | 13.65 | $ | 0.00 | $ | 0.00 | $ | 55,965.00 | $ | 91.00 | $ | 373,100.00 | $ | 373,100.00 | $ | 0.00 | ||||||||||||||
| Star Six Nine | 10,000 | 10,000 | – | $ | 14.00 | $ | 17.45 | $ | 5.55 | $ | 0.00 | $ | 0.00 | $ | 55,500.00 | $ | 37.00 | $ | 370,000.00 | $ | 370,000.00 | $ | 0.00 | ||||||||||||||
| Mystical Belle | 300 | 300 | – | $ | 567.00 | $ | 381.00 | $ | 252.00 | $ | 0.00 | $ | 0.00 | $ | 75,600.00 | $ | 1,200.00 | $ | 360,000.00 | $ | 360,000.00 | $ | 0.00 | ||||||||||||||
| Vow | 2,000 | 2,000 | – | $ | 70.00 | $ | 82.15 | $ | 26.85 | $ | 0.00 | $ | 0.00 | $ | 53,700.00 | $ | 179.00 | $ | 358,000.00 | $ | 358,000.00 | $ | 0.00 | ||||||||||||||
| Laforgia | 10,200 | 10,200 | – | $ | 22.50 | $ | 7.25 | $ | 5.25 | $ | 0.00 | $ | 0.00 | $ | 53,550.00 | $ | 35.00 | $ | 357,000.00 | $ | 357,000.00 | $ | 0.00 | ||||||||||||||
| Sirius Pursuit | 3,000 | 2,997 | 3 | $ | 42.00 | $ | 42.37 | $ | 33.63 | $ | 127.11 | $ | 126.00 | $ | 100,789.11 | $ | 118.00 | $ | 353,646.00 | $ | 354,000.00 | $ | 354.00 | ||||||||||||||
| Fireball Birdie | 2,550 | 2,550 | – | $ | 66.60 | $ | 39.58 | $ | 30.82 | $ | 0.00 | $ | 0.00 | $ | 78,591.00 | $ | 137.00 | $ | 349,350.00 | $ | 349,350.00 | $ | 0.00 | ||||||||||||||
| Sweet Voyage | 3,750 | 3,750 | – | $ | 36.88 | $ | 35.20 | $ | 20.92 | $ | 0.00 | $ | 0.00 | $ | 78,450.00 | $ | 93.00 | $ | 348,750.00 | $ | 348,750.00 | $ | 0.00 | ||||||||||||||
| Hero Status | 6,000 | 6,000 | – | $ | 27.00 | $ | 22.30 | $ | 8.70 | $ | 0.00 | $ | 0.00 | $ | 52,200.00 | $ | 58.00 | $ | 348,000.00 | $ | 348,000.00 | $ | 0.00 | ||||||||||||||
| Fancy Quality | 3,000 | 3,000 | – | $ | 47.82 | $ | 39.75 | $ | 25.43 | $ | 0.00 | $ | 0.00 | $ | 76,290.00 | $ | 113.00 | $ | 339,000.00 | $ | 339,000.00 | $ | 0.00 | ||||||||||||||
| Cornice Traverse | 750 | 750 | – | $ | 200.00 | $ | 179.95 | $ | 67.05 | $ | 0.00 | $ | 0.00 | $ | 50,287.50 | $ | 447.00 | $ | 335,250.00 | $ | 335,250.00 | $ | 0.00 | ||||||||||||||
| Straight No Chaser | 2,000 | 2,000 | – | $ | 55.00 | $ | 86.10 | $ | 24.90 | $ | 0.00 | $ | 0.00 | $ | 49,800.00 | $ | 166.00 | $ | 332,000.00 | $ | 332,000.00 | $ | 0.00 | ||||||||||||||
| One Fast Dream | 2,000 | 2,000 | – | $ | 55.50 | $ | 76.50 | $ | 33.00 | $ | 0.00 | $ | 0.00 | $ | 66,000.00 | $ | 165.00 | $ | 330,000.00 | $ | 330,000.00 | $ | 0.00 | ||||||||||||||
| Regal Rebel | 2,000 | 2,000 | – | $ | 60.00 | $ | 80.25 | $ | 24.75 | $ | 0.00 | $ | 0.00 | $ | 49,500.00 | $ | 165.00 | $ | 330,000.00 | $ | 330,000.00 | $ | 0.00 |
| 3 |
| Miss Sakamoto | 6,000 | 6,000 | – | $ | 25.00 | $ | 20.90 | $ | 8.10 | $ | 0.00 | $ | 0.00 | $ | 48,600.00 | $ | 54.00 | $ | 324,000.00 | $ | 324,000.00 | $ | 0.00 | ||||||||||||||
| Storm Shooter | 2,000 | 2,000 | – | $ | 90.00 | $ | 48.00 | $ | 24.00 | $ | 0.00 | $ | 0.00 | $ | 48,000.00 | $ | 162.00 | $ | 324,000.00 | $ | 324,000.00 | $ | 0.00 | ||||||||||||||
| Tufnel | 5,200 | 5,200 | – | $ | 30.00 | $ | 22.70 | $ | 9.30 | $ | 0.00 | $ | 0.00 | $ | 48,360.00 | $ | 62.00 | $ | 322,400.00 | $ | 322,400.00 | $ | 0.00 | ||||||||||||||
| Action Bundle | 10,000 | 10,000 | – | $ | 4.50 | $ | 21.85 | $ | 4.65 | $ | 0.00 | $ | 0.00 | $ | 46,500.00 | $ | 31.00 | $ | 310,000.00 | $ | 310,000.00 | $ | 0.00 | ||||||||||||||
| Stay Fabulous | 2,500 | 2,500 | – | $ | 49.95 | $ | 49.25 | $ | 24.80 | $ | 0.00 | $ | 0.00 | $ | 62,000.00 | $ | 124.00 | $ | 310,000.00 | $ | 310,000.00 | $ | 0.00 | ||||||||||||||
| Mo Temptation | 3,500 | 3,500 | – | $ | 34.58 | $ | 35.02 | $ | 17.40 | $ | 0.00 | $ | 0.00 | $ | 60,900.00 | $ | 87.00 | $ | 304,500.00 | $ | 304,500.00 | $ | 0.00 | ||||||||||||||
| Naismith | 2,000 | 2,000 | – | $ | 75.00 | $ | 54.20 | $ | 22.80 | $ | 0.00 | $ | 0.00 | $ | 45,600.00 | $ | 152.00 | $ | 304,000.00 | $ | 304,000.00 | $ | 0.00 | ||||||||||||||
| Can't Hush This | 1,800 | 1,800 | – | $ | 110.00 | $ | 29.40 | $ | 24.60 | $ | 0.00 | $ | 0.00 | $ | 44,280.00 | $ | 164.00 | $ | 295,200.00 | $ | 295,200.00 | $ | 0.00 | ||||||||||||||
| War Safe | 2,000 | 2,000 | – | $ | 45.00 | $ | 79.10 | $ | 21.90 | $ | 0.00 | $ | 0.00 | $ | 43,800.00 | $ | 146.00 | $ | 292,000.00 | $ | 292,000.00 | $ | 0.00 | ||||||||||||||
| Duke of Love | 2,000 | 2,000 | – | $ | 42.50 | $ | 78.20 | $ | 21.30 | $ | 0.00 | $ | 0.00 | $ | 42,600.00 | $ | 142.00 | $ | 284,000.00 | $ | 284,000.00 | $ | 0.00 | ||||||||||||||
| Mrs Whistler | 2,000 | 2,000 | – | $ | 40.00 | $ | 76.45 | $ | 20.55 | $ | 0.00 | $ | 0.00 | $ | 41,100.00 | $ | 137.00 | $ | 274,000.00 | $ | 274,000.00 | $ | 0.00 | ||||||||||||||
| Salute to America | 1,000 | 1,000 | – | $ | 80.00 | $ | 152.05 | $ | 40.95 | $ | 0.00 | $ | 0.00 | $ | 40,950.00 | $ | 273.00 | $ | 273,000.00 | $ | 273,000.00 | $ | 0.00 | ||||||||||||||
| My Eyes On You | 5,100 | 3,307 | 1,793 | $ | 34.57 | $ | 21.91 | $ | 22.52 | $ | 39,284.63 | $ | 61,984.01 | $ | 74,473.64 | $ | 79.00 | $ | 261,253.00 | $ | 402,900.00 | $ | 141,647.00 | ||||||||||||||
| Phantom Ride | 3,000 | 3,000 | – | $ | 33.60 | $ | 33.60 | $ | 16.80 | $ | 0.00 | $ | 0.00 | $ | 50,400.00 | $ | 84.00 | $ | 252,000.00 | $ | 252,000.00 | $ | 0.00 | ||||||||||||||
| Malibu Mayhem | 650 | 650 | – | $ | 140.00 | $ | 188.10 | $ | 57.90 | $ | 0.00 | $ | 0.00 | $ | 37,635.00 | $ | 386.00 | $ | 250,900.00 | $ | 250,900.00 | $ | 0.00 | ||||||||||||||
| Edge Racing Summer Fun-d | 50 | 50 | – | $ | 3,400.00 | $ | 1,100.00 | $ | 500.00 | $ | 0.00 | $ | 0.00 | $ | 25,000.00 | $ | 5,000.00 | $ | 250,000.00 | $ | 250,000.00 | $ | 0.00 | ||||||||||||||
| Popular Demand | 1,020 | 1,020 | – | $ | 145.00 | $ | 63.00 | $ | 36.00 | $ | 0.00 | $ | 0.00 | $ | 36,720.00 | $ | 244.00 | $ | 248,880.00 | $ | 248,880.00 | $ | 0.00 | ||||||||||||||
| A Mo Reay | 820 | 820 | – | $ | 200.00 | $ | 55.85 | $ | 45.15 | $ | 0.00 | $ | 0.00 | $ | 37,023.00 | $ | 301.00 | $ | 246,820.00 | $ | 246,820.00 | $ | 0.00 | ||||||||||||||
| Inspector | 1,200 | 1,200 | – | $ | 78.75 | $ | 82.85 | $ | 40.40 | $ | 0.00 | $ | 0.00 | $ | 48,480.00 | $ | 202.00 | $ | 242,400.00 | $ | 242,400.00 | $ | 0.00 | ||||||||||||||
| Forbidden Kingdom | 1,020 | 1,020 | – | $ | 150.00 | $ | 44.65 | $ | 34.35 | $ | 0.00 | $ | 0.00 | $ | 35,037.00 | $ | 229.00 | $ | 233,580.00 | $ | 233,580.00 | $ | 0.00 | ||||||||||||||
| Celestial Moon | 20 | 20 | – | $ | 7,993.15 | $ | 2,056.85 | $ | 1,450.00 | $ | 0.00 | $ | 0.00 | $ | 29,000.00 | $ | 11,500.00 | $ | 230,000.00 | $ | 230,000.00 | $ | 0.00 | ||||||||||||||
| Got Stormy | 5,100 | 5,100 | – | $ | 24.51 | $ | 13.74 | $ | 6.75 | $ | 0.00 | $ | 0.00 | $ | 34,425.00 | $ | 45.00 | $ | 229,500.00 | $ | 229,500.00 | $ | 0.00 | ||||||||||||||
| Thirteen Stripes | 1,000 | 1,000 | – | $ | 100.00 | $ | 94.65 | $ | 34.35 | $ | 0.00 | $ | 0.00 | $ | 34,350.00 | $ | 229.00 | $ | 229,000.00 | $ | 229,000.00 | $ | 0.00 | ||||||||||||||
| Man Among Men | 820 | 820 | – | $ | 180.00 | $ | 52.05 | $ | 40.95 | $ | 0.00 | $ | 0.00 | $ | 33,579.00 | $ | 273.00 | $ | 223,860.00 | $ | 223,860.00 | $ | 0.00 | ||||||||||||||
| Infinite Empire | 820 | 820 | – | $ | 180.00 | $ | 52.05 | $ | 40.95 | $ | 0.00 | $ | 0.00 | $ | 33,579.00 | $ | 273.00 | $ | 223,860.00 | $ | 223,860.00 | $ | 0.00 | ||||||||||||||
| Normandy Queen | 15 | 15 | – | $ | 10,198.15 | $ | 2,451.85 | $ | 1,850.00 | $ | 0.00 | $ | 0.00 | $ | 27,750.00 | $ | 14,500.00 | $ | 217,500.00 | $ | 217,500.00 | $ | 0.00 | ||||||||||||||
| Cumberland Falls | 2,500 | 2,500 | – | $ | 21.69 | $ | 47.11 | $ | 17.20 | $ | 0.00 | $ | 0.00 | $ | 43,000.00 | $ | 86.00 | $ | 215,000.00 | $ | 215,000.00 | $ | 0.00 | ||||||||||||||
| Always Hopeful | 1,020 | 1,020 | – | $ | 80.00 | $ | 90.85 | $ | 30.15 | $ | 0.00 | $ | 0.00 | $ | 30,753.00 | $ | 201.00 | $ | 205,020.00 | $ | 205,020.00 | $ | 0.00 | ||||||||||||||
| Helicopter Money | 3,000 | 3,000 | – | $ | 13.13 | $ | 40.47 | $ | 13.40 | $ | 0.00 | $ | 0.00 | $ | 40,200.00 | $ | 67.00 | $ | 201,000.00 | $ | 201,000.00 | $ | 0.00 | ||||||||||||||
| Sixtythreecaliber | 1,000 | 1,000 | – | $ | 125.00 | $ | 39.05 | $ | 28.95 | $ | 0.00 | $ | 0.00 | $ | 28,950.00 | $ | 193.00 | $ | 193,000.00 | $ | 193,000.00 | $ | 0.00 | ||||||||||||||
| Carpe Vinum | 600 | 600 | – | $ | 200.00 | $ | 72.00 | $ | 48.00 | $ | 0.00 | $ | 0.00 | $ | 28,800.00 | $ | 320.00 | $ | 192,000.00 | $ | 192,000.00 | $ | 0.00 | ||||||||||||||
| Tizamagician | 600 | 600 | – | $ | 185.00 | $ | 87.00 | $ | 48.00 | $ | 0.00 | $ | 0.00 | $ | 28,800.00 | $ | 320.00 | $ | 192,000.00 | $ | 192,000.00 | $ | 0.00 | ||||||||||||||
| Celebrity News | 1,200 | 1,200 | – | $ | 50.00 | $ | 82.60 | $ | 23.40 | $ | 0.00 | $ | 0.00 | $ | 28,080.00 | $ | 156.00 | $ | 187,200.00 | $ | 187,200.00 | $ | 0.00 | ||||||||||||||
| Time is Magic | 12 | 12 | – | $ | 10,500.00 | $ | 2,400.00 | $ | 2,100.00 | $ | 0.00 | $ | 0.00 | $ | 25,200.00 | $ | 15,000.00 | $ | 180,000.00 | $ | 180,000.00 | $ | 0.00 | ||||||||||||||
| Deep Cover | 800 | 800 | – | $ | 100.00 | $ | 87.00 | $ | 33.00 | $ | 0.00 | $ | 0.00 | $ | 26,400.00 | $ | 220.00 | $ | 176,000.00 | $ | 176,000.00 | $ | 0.00 | ||||||||||||||
| Frosted Oats | 4,100 | 4,100 | – | $ | 25.00 | $ | 10.70 | $ | 6.30 | $ | 0.00 | $ | 0.00 | $ | 25,830.00 | $ | 42.00 | $ | 172,200.00 | $ | 172,200.00 | $ | 0.00 | ||||||||||||||
| Tepeu | 20 | 20 | – | $ | 5,500.00 | $ | 1,846.00 | $ | 1,154.00 | $ | 0.00 | $ | 0.00 | $ | 23,080.00 | $ | 8,500.00 | $ | 170,000.00 | $ | 170,000.00 | $ | 0.00 | ||||||||||||||
| Amandrea | 550 | 550 | – | $ | 210.00 | $ | 40.00 | $ | 45.00 | $ | 0.00 | $ | 0.00 | $ | 24,750.00 | $ | 295.00 | $ | 162,250.00 | $ | 162,250.00 | $ | 0.00 | ||||||||||||||
| Bajan Bashert | 16 | 16 | – | $ | 7,000.00 | $ | 1,600.00 | $ | 1,400.00 | $ | 0.00 | $ | 0.00 | $ | 22,400.00 | $ | 10,000.00 | $ | 160,000.00 | $ | 160,000.00 | $ | 0.00 | ||||||||||||||
| Gentleman Gerry | 20 | 20 | – | $ | 5,000.00 | $ | 1,750.00 | $ | 1,000.00 | $ | 0.00 | $ | 0.00 | $ | 20,000.00 | $ | 7,750.00 | $ | 155,000.00 | $ | 155,000.00 | $ | 0.00 |
| 4 |
| In Due Time | 20 | 20 | – | $ | 4,750.00 | $ | 1,739.00 | $ | 1,011.00 | $ | 0.00 | $ | 0.00 | $ | 20,220.00 | $ | 7,500.00 | $ | 150,000.00 | $ | 150,000.00 | $ | 0.00 | ||||||||||||||
| Tonality | 20 | 20 | – | $ | 3,975.00 | $ | 2,730.00 | $ | 795.00 | $ | 0.00 | $ | 0.00 | $ | 15,900.00 | $ | 7,500.00 | $ | 150,000.00 | $ | 150,000.00 | $ | 0.00 | ||||||||||||||
| Heaven Street | 20 | 20 | – | $ | 5,300.00 | $ | 1,200.00 | $ | 1,000.00 | $ | 0.00 | $ | 0.00 | $ | 20,000.00 | $ | 7,500.00 | $ | 150,000.00 | $ | 150,000.00 | $ | 0.00 | ||||||||||||||
| Lazy Daisy | 1,250 | 1,250 | – | $ | 90.00 | $ | 7.00 | $ | 18.00 | $ | 0.00 | $ | 0.00 | $ | 22,500.00 | $ | 115.00 | $ | 143,750.00 | $ | 143,750.00 | $ | 0.00 | ||||||||||||||
| Inalattetrouble | 4,100 | 4,100 | – | $ | 19.50 | $ | 10.25 | $ | 5.25 | $ | 0.00 | $ | 0.00 | $ | 21,525.00 | $ | 35.00 | $ | 143,500.00 | $ | 143,500.00 | $ | 0.00 | ||||||||||||||
| National Road | 20 | 20 | – | $ | 5,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 0.00 | $ | 0.00 | $ | 20,000.00 | $ | 7,000.00 | $ | 140,000.00 | $ | 140,000.00 | $ | 0.00 | ||||||||||||||
| Pep Rally | 20 | 20 | – | $ | 4,500.00 | $ | 1,600.00 | $ | 900.00 | $ | 0.00 | $ | 0.00 | $ | 18,000.00 | $ | 7,000.00 | $ | 140,000.00 | $ | 140,000.00 | $ | 0.00 | ||||||||||||||
| Golden Quality | 20 | 20 | – | $ | 4,500.00 | $ | 1,550.00 | $ | 950.00 | $ | 0.00 | $ | 0.00 | $ | 19,000.00 | $ | 7,000.00 | $ | 140,000.00 | $ | 140,000.00 | $ | 0.00 | ||||||||||||||
| Above Suspicion | 820 | 820 | – | $ | 105.00 | $ | 38.65 | $ | 25.35 | $ | 0.00 | $ | 0.00 | $ | 20,787.00 | $ | 169.00 | $ | 138,580.00 | $ | 138,580.00 | $ | 0.00 | ||||||||||||||
| Jai Ho | 10 | 10 | – | $ | 9,646.90 | $ | 1,923.70 | $ | 1,929.40 | $ | 0.00 | $ | 0.00 | $ | 19,294.00 | $ | 13,500.00 | $ | 135,000.00 | $ | 135,000.00 | $ | 0.00 | ||||||||||||||
| Annahilate | 450 | 450 | – | $ | 165.00 | $ | 90.00 | $ | 45.00 | $ | 0.00 | $ | 0.00 | $ | 20,250.00 | $ | 300.00 | $ | 135,000.00 | $ | 135,000.00 | $ | 0.00 | ||||||||||||||
| Flamekeeper | 13 | 13 | – | $ | 6,360.00 | $ | 2,368.00 | $ | 1,272.00 | $ | 0.00 | $ | 0.00 | $ | 16,536.00 | $ | 10,000.00 | $ | 130,000.00 | $ | 130,000.00 | $ | 0.00 | ||||||||||||||
| Yes This Time | 10 | 10 | – | $ | 10,000.00 | $ | 793.00 | $ | 2,159.00 | $ | 0.00 | $ | 0.00 | $ | 21,590.00 | $ | 12,952.00 | $ | 129,520.00 | $ | 129,520.00 | $ | 0.00 | ||||||||||||||
| Demogorgon | 20 | 20 | – | $ | 4,500.00 | $ | 917.00 | $ | 983.00 | $ | 0.00 | $ | 0.00 | $ | 19,660.00 | $ | 6,400.00 | $ | 128,000.00 | $ | 128,000.00 | $ | 0.00 | ||||||||||||||
| Walk the Talk | 12 | 12 | – | $ | 7,000.00 | $ | 1,987.00 | $ | 1,513.00 | $ | 0.00 | $ | 0.00 | $ | 18,156.00 | $ | 10,500.00 | $ | 126,000.00 | $ | 126,000.00 | $ | 0.00 | ||||||||||||||
| Vertical Threat | 600 | 600 | – | $ | 100.00 | $ | 78.50 | $ | 31.50 | $ | 0.00 | $ | 0.00 | $ | 18,900.00 | $ | 210.00 | $ | 126,000.00 | $ | 126,000.00 | $ | 0.00 | ||||||||||||||
| Ancient Royalty | 900 | 900 | – | $ | 85.00 | $ | 33.15 | $ | 20.85 | $ | 0.00 | $ | 0.00 | $ | 18,765.00 | $ | 139.00 | $ | 125,100.00 | $ | 125,100.00 | $ | 0.00 | ||||||||||||||
| Dancing Crane | 20 | 20 | – | $ | 4,250.00 | $ | 926.00 | $ | 924.00 | $ | 0.00 | $ | 0.00 | $ | 18,480.00 | $ | 6,100.00 | $ | 122,000.00 | $ | 122,000.00 | $ | 0.00 | ||||||||||||||
| Dolce Notte | 820 | 820 | – | $ | 90.00 | $ | 35.80 | $ | 22.20 | $ | 0.00 | $ | 0.00 | $ | 18,204.00 | $ | 148.00 | $ | 121,360.00 | $ | 121,360.00 | $ | 0.00 | ||||||||||||||
| Vino Grigio | 20 | 20 | – | $ | 2,782.00 | $ | 2,661.60 | $ | 556.40 | $ | 0.00 | $ | 0.00 | $ | 11,128.00 | $ | 6,000.00 | $ | 120,000.00 | $ | 120,000.00 | $ | 0.00 | ||||||||||||||
| Power Up Paynter | 600 | 600 | – | $ | 100.00 | $ | 61.00 | $ | 29.00 | $ | 0.00 | $ | 0.00 | $ | 17,400.00 | $ | 190.00 | $ | 114,000.00 | $ | 114,000.00 | $ | 0.00 | ||||||||||||||
| Sweet as Sin | 110 | 110 | – | $ | 410.00 | $ | 390.58 | $ | 232.41 | $ | 0.00 | $ | 0.00 | $ | 25,565.10 | $ | 1,032.99 | $ | 113,628.90 | $ | 113,628.90 | $ | 0.00 | ||||||||||||||
| Captain Sparrow | 10 | 10 | – | $ | 7,717.50 | $ | 1,939.00 | $ | 1,543.50 | $ | 0.00 | $ | 0.00 | $ | 15,435.00 | $ | 11,200.00 | $ | 112,000.00 | $ | 112,000.00 | $ | 0.00 | ||||||||||||||
| Daddy's Joy | 600 | 600 | – | $ | 80.00 | $ | 73.00 | $ | 27.00 | $ | 0.00 | $ | 0.00 | $ | 16,200.00 | $ | 180.00 | $ | 108,000.00 | $ | 108,000.00 | $ | 0.00 | ||||||||||||||
| Howboutdemapples | 600 | 600 | – | $ | 100.00 | $ | 47.05 | $ | 25.95 | $ | 0.00 | $ | 0.00 | $ | 15,570.00 | $ | 173.00 | $ | 103,800.00 | $ | 103,800.00 | $ | 0.00 | ||||||||||||||
| Boppy | 750 | 750 | – | $ | 60.00 | $ | 54.75 | $ | 20.25 | $ | 0.00 | $ | 0.00 | $ | 15,187.50 | $ | 135.00 | $ | 101,250.00 | $ | 101,250.00 | $ | 0.00 | ||||||||||||||
| Spun Intended | 10 | 10 | – | $ | 6,890.60 | $ | 1,731.30 | $ | 1,378.10 | $ | 0.00 | $ | 0.00 | $ | 13,781.00 | $ | 10,000.00 | $ | 100,000.00 | $ | 100,000.00 | $ | 0.00 | ||||||||||||||
| Halofied | 20 | 20 | – | $ | 2,750.00 | $ | 1,660.00 | $ | 590.00 | $ | 0.00 | $ | 0.00 | $ | 11,800.00 | $ | 5,000.00 | $ | 100,000.00 | $ | 100,000.00 | $ | 0.00 | ||||||||||||||
| Sunsanddrinkinhand | 20 | 20 | – | $ | 3,500.00 | $ | 781.10 | $ | 718.90 | $ | 0.00 | $ | 0.00 | $ | 14,378.00 | $ | 5,000.00 | $ | 100,000.00 | $ | 100,000.00 | $ | 0.00 | ||||||||||||||
| Interstellar | 12 | 12 | – | $ | 5,000.00 | $ | 1,750.00 | $ | 1,000.00 | $ | 0.00 | $ | 0.00 | $ | 12,000.00 | $ | 7,750.00 | $ | 93,000.00 | $ | 93,000.00 | $ | 0.00 | ||||||||||||||
| Sun Valley Road | 750 | 750 | – | $ | 50.00 | $ | 52.85 | $ | 18.15 | $ | 0.00 | $ | 0.00 | $ | 13,612.50 | $ | 121.00 | $ | 90,750.00 | $ | 90,750.00 | $ | 0.00 | ||||||||||||||
| Blue Devil | 5,100 | 1,112 | 3,988 | $ | 36.75 | $ | 21.38 | $ | 16.87 | $ | 85,263.44 | $ | 146,559.00 | $ | 18,759.44 | $ | 75.00 | $ | 89,100.00 | $ | 382,500.00 | $ | 293,400.00 | ||||||||||||||
| Motion Emotion | 1,020 | 1,020 | – | $ | 24.51 | $ | 46.89 | $ | 12.60 | $ | 0.00 | $ | 0.00 | $ | 12,852.00 | $ | 84.00 | $ | 85,680.00 | $ | 85,680.00 | $ | 0.00 | ||||||||||||||
| Social Dilemma | 510 | 510 | – | $ | 49.02 | $ | 92.93 | $ | 25.05 | $ | 0.00 | $ | 0.00 | $ | 12,775.50 | $ | 167.00 | $ | 85,170.00 | $ | 85,170.00 | $ | 0.00 | ||||||||||||||
| Quantum Theory | 1,800 | 1,800 | – | $ | 25.00 | $ | 14.95 | $ | 7.05 | $ | 0.00 | $ | 0.00 | $ | 12,690.00 | $ | 47.00 | $ | 84,600.00 | $ | 84,600.00 | $ | 0.00 | ||||||||||||||
| Lookwhogotlucky | 410 | 410 | – | $ | 115.00 | $ | 59.25 | $ | 30.75 | $ | 0.00 | $ | 0.00 | $ | 12,607.50 | $ | 205.00 | $ | 84,050.00 | $ | 84,050.00 | $ | 0.00 | ||||||||||||||
| Sacred Beauty | 410 | 410 | – | $ | 80.00 | $ | 53.45 | $ | 23.55 | $ | 0.00 | $ | 0.00 | $ | 9,655.50 | $ | 157.00 | $ | 64,370.00 | $ | 64,370.00 | $ | 0.00 | ||||||||||||||
| Escape Route | 10 | 10 | – | $ | 4,512.80 | $ | 733.00 | $ | 1,049.20 | $ | 0.00 | $ | 0.00 | $ | 10,492.00 | $ | 6,295.00 | $ | 62,950.00 | $ | 62,950.00 | $ | 0.00 | ||||||||||||||
| Madiera Wine | 20 | 20 | – | $ | 1,750.00 | $ | 375.50 | $ | 374.50 | $ | 0.00 | $ | 0.00 | $ | 7,490.00 | $ | 2,500.00 | $ | 50,000.00 | $ | 50,000.00 | $ | 0.00 | ||||||||||||||
| Squared Straight | 150 | 150 | – | $ | 150.00 | $ | 79.50 | $ | 40.50 | $ | 0.00 | $ | 0.00 | $ | 6,075.00 | $ | 270.00 | $ | 40,500.00 | $ | 40,500.00 | $ | 0.00 |
| 5 |
| Bella Chica | 100 | 100 | – | $ | 250.00 | $ | 73.00 | $ | 57.00 | $ | 0.00 | $ | 0.00 | $ | 5,700.00 | $ | 380.00 | $ | 38,000.00 | $ | 38,000.00 | $ | 0.00 | ||||||||||||||
| Miss Puzzle | 125 | 125 | – | $ | 109.84 | $ | 102.66 | $ | 37.50 | $ | 0.00 | $ | 0.00 | $ | 4,687.50 | $ | 250.00 | $ | 31,250.00 | $ | 31,250.00 | $ | 0.00 | ||||||||||||||
| Two Trail Sioux 17K | 1 | 1 | – | $ | 24,750.00 | $ | 4,970.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 29,720.00 | $ | 29,720.00 | $ | 29,720.00 | $ | 0.00 | ||||||||||||||
| Kichiro | 200 | 200 | – | $ | 77.50 | $ | 33.00 | $ | 19.50 | $ | 0.00 | $ | 0.00 | $ | 3,900.00 | $ | 130.00 | $ | 26,000.00 | $ | 26,000.00 | $ | 0.00 | ||||||||||||||
| Sigesmund | 200 | 200 | – | $ | 50.00 | $ | 35.00 | $ | 15.00 | $ | 0.00 | $ | 0.00 | $ | 3,000.00 | $ | 100.00 | $ | 20,000.00 | $ | 20,000.00 | $ | 0.00 | ||||||||||||||
| Forever Rose | 0 | – | 0 | $ | 99.24 | $ | 50.36 | $ | 37.40 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 187.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||||||
| Ishvana 21 | – | – | – | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||||||
| Restless Rider 23 | – | – | – | $ | 60.51 | $ | 24.57 | $ | 33.92 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 119.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||||||
| Stirred 23 | – | – | – | $ | 64.38 | $ | 42.87 | $ | 42.75 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 150.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||||||
| Wildcat Gaze 23 | – | – | – | $ | 55.50 | $ | 84.64 | $ | 55.86 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 196.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||||||
| Raging Inferno | – | – | – | $ | 587.78 | $ | 518.22 | $ | 294.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 1,400.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||||||
| Palace Foal | – | – | – | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||||||
| Amers | 75 | 75 | – | $ | 82.00 | $ | 37.00 | $ | 21.00 | $ | 0.00 | $ | 0.00 | $ | 1,575.00 | $ | 140.00 | $ | 10,500.00 | $ | 10,500.00 | $ | 0.00 | ||||||||||||||
| Bullion | 25 | 25 | – | $ | 240.00 | $ | 0.00 | $ | 230.00 | $ | 0.00 | $ | 0.00 | $ | 5,750.00 | $ | 470.00 | $ | 11,750.00 | $ | 11,750.00 | $ | 0.00 | ||||||||||||||
| Cairo Kiss | 80 | 80 | – | $ | 347.50 | $ | 124.25 | $ | 83.25 | $ | 0.00 | $ | 0.00 | $ | 6,660.00 | $ | 555.00 | $ | 44,400.00 | $ | 44,400.00 | $ | 0.00 | ||||||||||||||
| Dancing Destroyer | 250 | 250 | – | $ | 71.50 | $ | 47.50 | $ | 21.00 | $ | 0.00 | $ | 0.00 | $ | 5,250.00 | $ | 140.00 | $ | 35,000.00 | $ | 35,000.00 | $ | 0.00 | ||||||||||||||
| Kiana's Love | 200 | 200 | – | $ | 55.00 | $ | 47.00 | $ | 18.00 | $ | 0.00 | $ | 0.00 | $ | 3,600.00 | $ | 120.00 | $ | 24,000.00 | $ | 24,000.00 | $ | 0.00 | ||||||||||||||
| Madarnas | 50 | 50 | – | $ | 204.00 | $ | 93.00 | $ | 53.00 | $ | 0.00 | $ | 0.00 | $ | 2,650.00 | $ | 350.00 | $ | 17,500.00 | $ | 17,500.00 | $ | 0.00 | ||||||||||||||
| Major Implications | 20 | 20 | – | $ | 128.00 | $ | 67.00 | $ | 35.00 | $ | 0.00 | $ | 0.00 | $ | 700.00 | $ | 230.00 | $ | 4,600.00 | $ | 4,600.00 | $ | 0.00 | ||||||||||||||
| Moonless Sky | 200 | 200 | – | $ | 60.00 | $ | 33.50 | $ | 16.50 | $ | 0.00 | $ | 0.00 | $ | 3,300.00 | $ | 110.00 | $ | 22,000.00 | $ | 22,000.00 | $ | 0.00 | ||||||||||||||
| Night of Idiots | 80 | 80 | – | $ | 112.00 | $ | 100.00 | $ | 38.00 | $ | 0.00 | $ | 0.00 | $ | 3,040.00 | $ | 250.00 | $ | 20,000.00 | $ | 20,000.00 | $ | 0.00 | ||||||||||||||
| Nileist | 45 | 45 | – | $ | 260.00 | $ | 190.00 | $ | 80.00 | $ | 0.00 | $ | 0.00 | $ | 3,600.00 | $ | 530.00 | $ | 23,850.00 | $ | 23,850.00 | $ | 0.00 | ||||||||||||||
| Noble Goddess | 300 | 300 | – | $ | 62.00 | $ | 31.00 | $ | 17.00 | $ | 0.00 | $ | 0.00 | $ | 5,100.00 | $ | 110.00 | $ | 33,000.00 | $ | 33,000.00 | $ | 0.00 | ||||||||||||||
| Sauce on Side | 125 | 125 | – | $ | 130.00 | $ | 74.00 | $ | 36.00 | $ | 0.00 | $ | 0.00 | $ | 4,500.00 | $ | 240.00 | $ | 30,000.00 | $ | 30,000.00 | $ | 0.00 | ||||||||||||||
| Shake It Up Baby | 250 | 250 | – | $ | 44.00 | $ | 66.50 | $ | 19.50 | $ | 0.00 | $ | 0.00 | $ | 4,875.00 | $ | 130.00 | $ | 32,500.00 | $ | 32,500.00 | $ | 0.00 | ||||||||||||||
| Soul Beam | 65 | 65 | – | $ | 355.00 | $ | 163.50 | $ | 91.50 | $ | 0.00 | $ | 0.00 | $ | 5,947.50 | $ | 610.00 | $ | 39,650.00 | $ | 39,650.00 | $ | 0.00 | ||||||||||||||
| Street Band | 50 | 50 | – | $ | 918.00 | $ | 127.00 | $ | 185.00 | $ | 0.00 | $ | 0.00 | $ | 9,250.00 | $ | 1,230.00 | $ | 61,500.00 | $ | 61,500.00 | $ | 0.00 | ||||||||||||||
| Swiss Minister | 50 | 50 | – | $ | 150.00 | $ | 88.00 | $ | 42.00 | $ | 0.00 | $ | 0.00 | $ | 2,100.00 | $ | 280.00 | $ | 14,000.00 | $ | 14,000.00 | $ | 0.00 | ||||||||||||||
| Takeo Squared | 100 | 100 | – | $ | 153.00 | $ | 76.00 | $ | 41.00 | $ | 0.00 | $ | 0.00 | $ | 4,100.00 | $ | 270.00 | $ | 27,000.00 | $ | 27,000.00 | $ | 0.00 | ||||||||||||||
| Tavasco Road | 80 | 80 | – | $ | 128.00 | $ | 67.00 | $ | 35.00 | $ | 0.00 | $ | 0.00 | $ | 2,800.00 | $ | 230.00 | $ | 18,400.00 | $ | 18,400.00 | $ | 0.00 | ||||||||||||||
| Utalknboutpractice | 100 | 100 | – | $ | 165.00 | $ | 90.00 | $ | 45.00 | $ | 0.00 | $ | 0.00 | $ | 4,500.00 | $ | 300.00 | $ | 30,000.00 | $ | 30,000.00 | $ | 0.00 | ||||||||||||||
| Zestful | 100 | 100 | – | $ | 194.00 | $ | 78.00 | $ | 48.00 | $ | 0.00 | $ | 0.00 | $ | 4,800.00 | $ | 320.00 | $ | 32,000.00 | $ | 32,000.00 | $ | 0.00 | ||||||||||||||
| New York Claiming Package | 510 | 510 | – | $ | 72.00 | $ | 54.00 | $ | 14.00 | $ | 0.00 | $ | 0.00 | $ | 7,140.00 | $ | 140.00 | $ | 71,400.00 | $ | 71,400.00 | $ | 0.00 |
| (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. |
Revenues
Revenues are generated at the Series level. During the six-month periods ended June 30, 2025, and June 30, 2024, the Company generated $1,597,555 and $2,238,531 in revenues, respectively. The decrease in revenue is attributed to certain Series’ Underlying Asset winning horse race purse winnings. In this period, the significant winnings of the Series Straight No Chaser generated total revenue of $1,214,965 which did not fully offset Series Smart Shopping 2024 winnings of $1,740,570. 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, 2025, and June 30, 2024, the Company incurred costs of revenue – horse expenses of $1,555,318 and $2,098,097 respectively. The decrease in costs of revenue of $542,779 – horse expenses is attributed to the Company’s 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.
| 6 |
The revenues generated, and costs of revenue incurred, on a series-by-series basis as of June 30, 2025, and June 30, 2024 are as follows:
| Revenues | Cost of Revenues | |||||||||||||||
| Series Name | 30-Jun-25 | 30-Jun-24 | 30-Jun-25 | 30-Jun-24 | ||||||||||||
| Series Action Bundle | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Adaay in Asia | $ | – | $ | 4,896 | $ | – | $ | (28,322 | ) | |||||||
| Series Adjust 20 | $ | – | $ | 3,900 | $ | – | $ | (12,627 | ) | |||||||
| Series Alliford Bay 21 | $ | 22,896 | $ | 375 | $ | (23,313 | ) | $ | (12,773 | ) | ||||||
| Series Amandrea | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Ambleside Park 19 | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Amers | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Apple Down Under 19 | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Arch Support 20 | $ | 780 | $ | – | $ | (13,691 | ) | $ | (9,661 | ) | ||||||
| Series Ari the Adventurer 19 | $ | – | $ | 49,930 | $ | – | $ | (45,252 | ) | |||||||
| Series Athenian Beauty 19 | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Authentic | $ | – | $ | – | $ | (19,046 | ) | $ | (62,979 | ) | ||||||
| Series Awe Hush 19 | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Bajan Bashert | $ | – | $ | – | $ | – | $ | (13,556 | ) | |||||||
| Series Balletic | $ | – | $ | – | $ | – | $ | (17,715 | ) | |||||||
| Series Bella Chica | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Big Mel | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Black Escort 19 | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Blip Says Bye 23 | $ | – | $ | – | $ | (38,958 | ) | $ | – | |||||||
| Series Blue Curl 22 | $ | – | $ | – | $ | (13,540 | ) | $ | (18,286 | ) | ||||||
| Series Blue Devil | $ | 27,675 | $ | – | $ | (30,512 | ) | $ | (15,829 | ) | ||||||
| Series Brandy 22 | $ | – | $ | – | $ | (9,808 | ) | $ | (38,185 | ) | ||||||
| Series Bullion | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Cairo Kiss | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Carrothers | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Cayala 19 | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Celestial Moon | $ | – | $ | – | $ | – | $ | (19,898 | ) | |||||||
| Series Chad Brown Bundle | $ | – | $ | – | $ | – | $ | (27,824 | ) | |||||||
| Series Claire De Lune 22 | $ | 3,100 | $ | – | $ | (43,128 | ) | $ | (10,565 | ) | ||||||
| Series Classic Cut | $ | – | $ | 20,040 | $ | (20,670 | ) | $ | (29,907 | ) | ||||||
| Series Classofsixtythree 19 | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Co Cola 19 | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Collusion Illusion | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Consecrate 19 | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Courtisane 19 | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Crown It 21 | $ | 25,050 | $ | 4,860 | $ | (34,499 | ) | $ | (24,008 | ) | ||||||
| 7 |
| Series Daddys Joy | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Dancing Crane | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Daring Dancer 20 | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series De Mystique 17 | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Deep Cover | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Demogorgon | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Desire Street 19 | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Echo Warrior 19 | $ | – | $ | 23,000 | $ | – | $ | (30,551 | ) | |||||||
| Series Edge Classic Colts Package | $ | 30,089 | $ | 1,631 | $ | (35,721 | ) | $ | (31,168 | ) | ||||||
| Series Edge Racing Summer Fun-d | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Elarose 21 | $ | – | $ | 27,375 | $ | (19,326 | ) | $ | (48,208 | ) | ||||||
| Series Enchante 21 | $ | 4,388 | $ | 54,460 | $ | (12,161 | ) | $ | (46,365 | ) | ||||||
| Series Escape Route | $ | – | $ | 18,440 | $ | – | $ | (27,322 | ) | |||||||
| Series Essential Rose 20 | $ | – | $ | 43,170 | $ | – | $ | (61,038 | ) | |||||||
| Series Exonerated 19 | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Eyepopnruby 23 | $ | – | $ | – | $ | (11,014 | ) | $ | – | |||||||
| Series Fenwick Hall 20 | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Flora Dora 20 | $ | – | $ | – | $ | – | $ | (8,857 | ) | |||||||
| Series Forever Rose | $ | – | $ | 4,881 | $ | – | $ | (6,289 | ) | |||||||
| Series Formidable Kitt 22 | $ | 7,420 | $ | – | $ | (47,460 | ) | $ | – | |||||||
| Series Frosted Oats | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Future Stars Stable | $ | – | $ | 5,042 | $ | – | $ | (9,523 | ) | |||||||
| Series Gentleman Gerry | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Giant Mover 21 | $ | 2,638 | $ | 138 | $ | 1,707 | $ | (5,370 | ) | |||||||
| Series Going to Vegas | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Got Stormy | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Grand Traverse Bay 19 | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Grand Traverse Bay 20 | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Great Hot 23 | $ | – | $ | – | $ | (7,444 | ) | $ | – | |||||||
| Series Heaven Street | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Helicopter Money | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series High Speed Goldie 21 | $ | – | $ | – | $ | – | $ | (21,213 | ) | |||||||
| Series Im A Looker 20 | $ | – | $ | 31,680 | $ | – | $ | (42,336 | ) | |||||||
| Series Into Summer 19 | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Ishvana 21 | $ | – | $ | – | $ | – | $ | (1,378 | ) | |||||||
| Series Just Like Lucy 23 | $ | – | $ | – | $ | (10,083 | ) | $ | – | |||||||
| Series Just Louise 19 | $ | – | $ | 255 | $ | – | $ | (24,177 | ) | |||||||
| Series Keertana 18 | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Kiana's Love | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Kichiro | $ | – | $ | – | $ | – | $ | – |
| 8 |
| Series Kindle 21 | $ | 26,400 | $ | – | $ | (22,685 | ) | $ | (16,772 | ) | ||||||
| Series Knarsdale 21 | $ | 90,188 | $ | – | $ | (60,478 | ) | $ | (18,768 | ) | ||||||
| Series Lane Way | $ | – | $ | 26,000 | $ | – | $ | (46,609 | ) | |||||||
| Series Latte Da 19 | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Lazy Daisy | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Le Relais 20 | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Lost Empire 19 | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Lovesick 21 | $ | 32,163 | $ | – | $ | (35,366 | ) | $ | (25,224 | ) | ||||||
| Series Madarnas | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Madiera Wine | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Magic Belle 23 | $ | – | $ | – | $ | (19,818 | ) | $ | – | |||||||
| Series Major Implications | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Malibu Bonnie 23 | $ | – | $ | – | $ | (32,253 | ) | $ | – | |||||||
| Series Man Among Men | $ | – | $ | 20,672 | $ | – | $ | (16,840 | ) | |||||||
| Series Margaret Reay 19 | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Margarita Friday 19 | $ | 1,214,965 | $ | 10,770 | $ | (432,789 | ) | $ | (61,577 | ) | ||||||
| Series Martita Sangrita 17 | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Mayan Milagra 19 | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Midnight Sweetie 19 | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Miss Puzzle | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Miss Sakamoto | $ | – | $ | 432 | $ | – | $ | (7,761 | ) | |||||||
| Series Mo Mischief | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Mo Temptation | $ | – | $ | – | $ | – | $ | (22,946 | ) | |||||||
| Series Monomoy Girl | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Moonbow 20 | $ | – | $ | 16,358 | $ | – | $ | (22,802 | ) | |||||||
| Series Moonless Sky | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series More Than Magic 21 | $ | 384 | $ | – | $ | (6,256 | ) | $ | (9,462 | ) | ||||||
| Series Motion Emotion | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Mrs Whistler | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series My Fast One 20 | $ | – | $ | 1,900 | $ | – | $ | (3,890 | ) | |||||||
| Series Naismith | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series National Road | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series New York Claiming Package | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Night of Idiots | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Nileist | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Noble Goddess | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Northern Smile 20 | $ | – | $ | 1,140 | $ | – | $ | (10,117 | ) | |||||||
| Series NY Exacta | $ | – | $ | – | $ | – | $ | – |
| 9 |
| Series Ocean Magic 18 | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series One Last Night 21 | $ | – | $ | – | $ | (9,300 | ) | $ | (14,769 | ) | ||||||
| Series Our Jenny B 21 | $ | 8,030 | $ | – | $ | (32,116 | ) | $ | (19,763 | ) | ||||||
| Series Our Miss Jones 19 | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Patsys Kim 21 | $ | – | $ | – | $ | – | $ | (33,032 | ) | |||||||
| Series Popular Demand | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Power Up Paynter | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Queen Amira 19 | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Race Hunter 19 | $ | 20,565 | $ | 23,588 | $ | (32,573 | ) | $ | (34,709 | ) | ||||||
| Series Restless Rider 23 | $ | – | $ | – | $ | (2,877 | ) | $ | – | |||||||
| Series Salute to America | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Sarrocchi 21 | $ | – | $ | 2,800 | $ | – | $ | (30,542 | ) | |||||||
| Series Sauce on Side | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Savvy Sassy 22 | $ | – | $ | – | $ | (30,705 | ) | $ | (24,804 | ) | ||||||
| Series Seeking a Star 23 | $ | – | $ | – | $ | (17,664 | ) | $ | – | |||||||
| Series Shake It Up Baby | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Sigesmund | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Silverpocketsfull 19 | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Smart Shopping 21 | $ | – | $ | 1,740,570 | $ | (32,939 | ) | $ | (550,990 | ) | ||||||
| Series Social Dilemma | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Song of Bernadette 20 | $ | – | $ | 556 | $ | – | $ | (10,116 | ) | |||||||
| Series Song of the Lark 21 | $ | 1,262 | $ | 15,288 | $ | (14,952 | ) | $ | (20,446 | ) | ||||||
| Series Soul Beam | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Spanxamillion 23 | $ | – | $ | – | $ | (42,811 | ) | $ | – | |||||||
| Series Speightstown Belle 19 | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Spirit 20 | $ | – | $ | 61,748 | $ | – | $ | (28,910 | ) | |||||||
| Series Squared Straight | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Stay Fabulous | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series STG Broodmare Band | $ | – | $ | – | $ | (77,638 | ) | $ | – | |||||||
| Series Stirred 23 | $ | – | $ | – | $ | (1,782 | ) | $ | – | |||||||
| Series Storm Shooter | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Street Band | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Stylishly 23 | $ | – | $ | – | $ | (40,077 | ) | $ | – | |||||||
| Series Sunny 18 | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Sunsanddrinkinhand | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Sweet Sweet Annie 19 | $ | – | $ | – | $ | – | $ | (8,861 | ) | |||||||
| Series Swiss Minister | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Takeo Squared | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Tamboz 21 | $ | 21,752 | $ | 5,685 | $ | (24,112 | ) | $ | (26,527 | ) | ||||||
| Series Tapitry 19 | $ | – | $ | – | $ | – | $ | – |
| 10 |
| Series Tavasco Road | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Tell All 19 | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Tell the Duchess 19 | $ | 3,855 | $ | – | $ | (43,211 | ) | $ | (44,113 | ) | ||||||
| Series Thank You Note 23 | $ | – | $ | – | $ | (24,187 | ) | $ | – | |||||||
| Series The Filly Four | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series The Incredi-Bundle | $ | 31,064 | $ | – | $ | (41,097 | ) | $ | (51,872 | ) | ||||||
| Series The New York Bundle | $ | 22,991 | $ | – | $ | (66,495 | ) | $ | (79,526 | ) | ||||||
| Series The Royal Duet | $ | – | $ | 4,700 | $ | – | $ | (48,427 | ) | |||||||
| Series Thirteen Stripes | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Timeless Trick 20 | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Tizamagician | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Trust But Verify | $ | – | $ | – | $ | (18,487 | ) | $ | – | |||||||
| Series Tufnel | $ | – | $ | 11,060 | $ | – | $ | (35,147 | ) | |||||||
| Series Twirl Girl 21 | $ | – | $ | 675 | $ | – | $ | (21,050 | ) | |||||||
| Series Two Trail Sioux 17 | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Two Trail Sioux 17K | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Utalknboutpractice | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Vertical Threat | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Vow | $ | – | $ | 517 | $ | – | $ | (694 | ) | |||||||
| Series War Safe | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Wayne O | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Who Runs the World | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Whosbeeninmybed 19 | $ | – | $ | – | $ | – | $ | 147 | ||||||||
| Series Wildcat Gaze 23 | $ | – | $ | – | $ | (285 | ) | $ | – | |||||||
| Series Without Delay 19 | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Wonder Upon a Star 19 | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Yes This Time | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series You Make Luvin Fun 19 | $ | – | $ | – | $ | – | $ | – | ||||||||
| Series Zestful | $ | – | $ | – | $ | – | $ | – | ||||||||
| $ | 1,597,655 | $ | 2,238,531 | $ | (1,555,319 | ) | $ | (2,098,097 | ) |
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 ending June 30, 2025, and June 30, 2024, the Company incurred $2,076,204 and $2,996,765 in operating expenses, respectively, a decrease of $920,560, related to depreciation, and loss/(gain) on horse retirement. The decrease was primarily driven by a significant gain on the retirement of Series Margarita Friday, and a decrease in depreciation expense during the period offset by increased diligence fees behind an increase in Series sales in 2025.
| 11 |
Operating Expenses for the Company including all of the Series for the six-month periods ended June 30, 2025, and June 30, 2024, are as follows:
| Total Operating Expense | ||||||||||||||||
| 30-Jun-25 | 30-Jun-24 | Difference | Change | |||||||||||||
| General and Administrative (1) | $ | 292,816 | $ | 292,699 | $ | 117 | 0% | |||||||||
| Management Fees | $ | 1,632,711 | $ | 890,060 | $ | 742,650 | 83% | |||||||||
| Depreciation | $ | 1,202,956 | $ | 1,808,784 | $ | (605,827) | ) | -33% | ||||||||
| Loss/(Gain) on Horse Retirement | $ | (1,052,279 | ) | $ | 5,221 | $ | (1,057,501 | ) | -20253% | |||||||
| Total: | $ | 2,076,204 | $ | 2,996,765 | $ | (920,561 | ) | -31% | ||||||||
Operating Expenses - Overview
During the six-month periods ended June 30, 2025, and June 30, 2024, 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-25 | 30-Jun-24 | |||||||
| Series Action Bundle | Action Bundle | $ | – | $ | – | |||||
| Series Adaay in Asia | Adaay in Asia | $ | – | $ | 74,415 | |||||
| Series Adjust 20 | Jai Ho | $ | – | $ | 28,447 | |||||
| Series Alliford Bay 21 | Sweet Voyage | $ | 24,600 | $ | 26,450 | |||||
| Series Amandrea | Amandrea | $ | – | $ | – | |||||
| Series Ambleside Park 19 | Lookwhogotlucky | $ | – | $ | – | |||||
| Series Amers | Amers | $ | – | $ | – | |||||
| Series Apple Down Under 19 | Howboutdemapples | $ | – | $ | – | |||||
| Series Arch Support 20 | Captain Sparrow | $ | 12,058 | $ | 12,467 | |||||
| Series Ari the Adventurer 19 | Kanthari | $ | – | $ | 31,697 | |||||
| Series Athenian Beauty 19 | Quantum Theory | $ | – | $ | – | |||||
| Series Authentic | Authentic | $ | 1,959 | $ | 159,910 | |||||
| Series Awe Hush 19 | Can't Hush This | $ | – | $ | – | |||||
| Series Bajan Bashert | Bajan Bashert | $ | – | $ | 20,617 | |||||
| Series Balletic | Balletic | $ | – | $ | 84,200 | |||||
| Series Bella Chica | Bella Chica | $ | – | $ | – | |||||
| Series Big Mel | Big Mel | $ | – | $ | – | |||||
| Series Black Escort 19 | Halofied | $ | – | $ | – | |||||
| Series Blip Says Bye 23 | Misstrial | $ | 103,861 | $ | – | |||||
| Series Blue Curl 22 | Isle Blue | $ | 38,711 | $ | 65,457 | |||||
| Series Blue Devil | Blue Devil | $ | 36,120 | $ | 54,789 | |||||
| Series Brandy 22 | Authentic Spirit | $ | 207,284 | $ | 70,850 | |||||
| 12 |
| Series Bullion | Bullion | $ | – | $ | – | |||||
| Series Cairo Kiss | Cairo Kiss | $ | – | $ | – | |||||
| Series Carrothers | Carrothers | $ | – | $ | – | |||||
| Series Cayala 19 | Provocateur | $ | – | $ | – | |||||
| Series Celestial Moon | Celestial Moon | $ | – | $ | 28,594 | |||||
| Series Chad Brown Bundle | Chad Brown Bundle | $ | – | $ | 50,479 | |||||
| Series Claire De Lune 22 | Moonlit Courage | $ | 23,715 | $ | 13,303 | |||||
| Series Classic Cut | Classic Cut | $ | 3,600 | $ | 45,600 | |||||
| Series Classofsixtythree 19 | Sixtythreecaliber | $ | – | $ | – | |||||
| Series Co Cola 19 | Search Engine | $ | – | $ | – | |||||
| Series Collusion Illusion | Collusion Illusion | $ | – | $ | – | |||||
| Series Consecrate 19 | Sacred Beauty | $ | – | $ | – | |||||
| Series Courtisane 19 | Tap the Gavel | $ | – | $ | – | |||||
| Series Crown It 21 | Normandy Queen | $ | 26,895 | $ | 27,795 | |||||
| Series Daddys Joy | Daddy's Joy | $ | – | $ | – | |||||
| Series Dancing Crane | Dancing Crane | $ | – | $ | – | |||||
| Series Daring Dancer 20 | Boppy | $ | – | $ | – | |||||
| Series De Mystique 17 | Dancing Destroyer | $ | – | $ | – | |||||
| Series Deep Cover | Deep Cover | $ | – | $ | – | |||||
| Series Demogorgon | Demogorgon | $ | – | $ | – | |||||
| Series Desire Street 19 | Always Hopeful | $ | – | $ | – | |||||
| Series Echo Warrior 19 | Hero Status | $ | – | $ | 17,789 | |||||
| Series Edge Classic Colts Package | The Classic Colt Package | $ | 70,625 | $ | 66,658 | |||||
| Series Edge Racing Summer Fun-d | Summer Fun | $ | – | $ | – | |||||
| Series Elarose 21 | Secret Crush | $ | 78,400 | $ | 57,950 | |||||
| Series Enchante 21 | Simply Enchanting | $ | 54,445 | $ | 53,598 | |||||
| Series Escape Route | Escape Route | $ | – | $ | 100 | |||||
| Series Essential Rose 20 | Rosie's Alibi | $ | – | $ | 113,388 | |||||
| Series Exonerated 19 | Above Suspicion | $ | – | $ | – | |||||
| Series Eyepopnruby 23 | My Eyes on You | $ | 92,640 | $ | – | |||||
| Series Fenwick Hall 20 | Inspector | $ | – | $ | – | |||||
| Series Flora Dora 20 | Spun Intended | $ | – | $ | 12,717 | |||||
| Series Forever Rose | Forever Rose | $ | – | $ | 22,090 | |||||
| Series Formidable Kitt 22 | Elite Heat | $ | 47,543 | $ | – | |||||
| Series Frosted Oats | Frosted Oats | $ | – | $ | – | |||||
| Series Future Stars Stable | Future Stars Stable | $ | – | $ | 25,338 | |||||
| Series Gentleman Gerry | Gentleman Gerry | $ | – | $ | – | |||||
| Series Giant Mover 21 | Giant Mover 21 | $ | 21,250 | $ | 10,293 |
| 13 |
| Series Going to Vegas | Going to Vegas | $ | – | $ | – | |||||
| Series Got Stormy | Got Stormy | $ | – | $ | – | |||||
| Series Grand Traverse Bay 19 | Cornice Traverse | $ | – | $ | – | |||||
| Series Grand Traverse Bay 20 | Sun Valley Road | $ | – | $ | – | |||||
| Series Great Hot 23 | Raging Inferno | $ | 10,327 | $ | – | |||||
| Series Heaven Street | Heaven Street | $ | – | $ | – | |||||
| Series Helicopter Money | Helicopter Money | $ | – | $ | – | |||||
| Series High Speed Goldie 21 | Flamekeeper | $ | – | $ | 16,880 | |||||
| Series Im A Looker 20 | Pioneer Prince | $ | – | $ | 49,235 | |||||
| Series Into Summer 19 | Malibu Mayhem | $ | – | $ | – | |||||
| Series Ishvana 21 | Ishvana 21 | $ | – | $ | (66,015 | ) | ||||
| Series Just Like Lucy 23 | Love Like Lucy | $ | 128,690 | $ | – | |||||
| Series Just Louise 19 | Forbidden Kingdom | $ | – | $ | 152,010 | |||||
| Series Keertana 18 | American Heiress | $ | – | $ | – | |||||
| Series Kiana's Love | Kiana's Love | $ | – | $ | – | |||||
| Series Kichiro | Kichiro | $ | – | $ | – | |||||
| Series Kindle 21 | A Day to Remember | $ | 29,557 | $ | 30,500 | |||||
| Series Knarsdale 21 | Seismic Beauty | $ | 56,400 | $ | 57,343 | |||||
| Series Lane Way | Lane Way | $ | – | $ | 4,900 | |||||
| Series Latte Da 19 | Inalattetrouble | $ | – | $ | – | |||||
| Series Lazy Daisy | Lazy Daisy | $ | – | $ | – | |||||
| Series Le Relais 20 | Show Your Cards | $ | – | $ | – | |||||
| Series Lost Empire 19 | Laforgia | $ | – | $ | – | |||||
| Series Lovesick 21 | Here's the Kicker | $ | 47,352 | $ | 49,360 | |||||
| Series Madarnas | Madamas | $ | – | $ | – | |||||
| Series Madiera Wine | Madiera Wine | $ | – | $ | – | |||||
| Series Magic Belle 23 | Mystical Belle | $ | 99,411 | $ | – | |||||
| Series Major Implications | Major Implications | $ | – | $ | – | |||||
| Series Malibu Bonnie 23 | Munny Problem | $ | 93,681 | $ | – | |||||
| Series Man Among Men | Man Among Men | $ | – | $ | 90,217 | |||||
| Series Margaret Reay 19 | A Mo Reay | $ | – | $ | – | |||||
| Series Margarita Friday 19 | Straight No Chaser | $ | (971,566 | ) | $ | 18,784 | ||||
| Series Martita Sangrita 17 | Carpe Vinum | $ | – | $ | – | |||||
| Series Mayan Milagra 19 | Tepeu | $ | – | $ | – | |||||
| Series Midnight Sweetie 19 | Dolce Notte | $ | – | $ | – | |||||
| Series Miss Puzzle | Miss Puzzle | $ | – | $ | – | |||||
| Series Miss Sakamoto | Miss Sakamoto | $ | – | $ | 41,860 | |||||
| Series Mo Mischief | Mo Mischief | $ | – | $ | – | |||||
| Series Mo Temptation | Mo Temptation | $ | – | $ | (23,411 | ) | ||||
| Series Monomoy Girl | Monomoy Girl | $ | – | $ | – |
| 14 |
| Series Moonbow 20 | Cumberland Falls | $ | – | $ | 10,483 | |||||
| Series Moonless Sky | Moonless Sky | $ | – | $ | – | |||||
| Series More Than Magic 21 | Time is Magic | $ | 39,083 | $ | 23,650 | |||||
| Series Motion Emotion | Motion Emotion | $ | – | $ | – | |||||
| Series Mrs Whistler | Mrs Whistler | $ | – | $ | – | |||||
| Series My Fast One 20 | One Fast Dream | $ | – | $ | (34,488 | ) | ||||
| Series Naismith | Naismith | $ | – | $ | – | |||||
| Series National Road | National Road | $ | – | $ | – | |||||
| Series New York Claiming Package | New York Claiming Package | $ | – | $ | – | |||||
| Series Night of Idiots | Night of Idiots | $ | – | $ | – | |||||
| Series Nileist | Neleist | $ | – | $ | – | |||||
| Series Noble Goddess | Noble Goddess | $ | – | $ | – | |||||
| Series Northern Smile 20 | Pep Rally | $ | – | $ | (24,971 | ) | ||||
| Series NY Exacta | NY Exacta | $ | – | $ | – | |||||
| Series One Last Night 21 | Fancy Quality | $ | 21,379 | $ | 32,816 | |||||
| Series Our Jenny B 21 | Vino Grigio | $ | 11,167 | $ | 8,667 | |||||
| Series Our Miss Jones 19 | Celebrity News | $ | – | $ | – | |||||
| Series Palace Foal | Palace Foal | $ | – | $ | – | |||||
| Series Patsys Kim 21 | Lady Blitz | $ | – | $ | 61,475 | |||||
| Series Popular Demand | Popular Demand | $ | – | $ | – | |||||
| Series Power Up Paynter | Power Up Paynter | $ | – | $ | – | |||||
| Series Queen Amira 19 | Regal Rebel | $ | – | $ | – | |||||
| Series Race Hunter 19 | Chasing Time | $ | (36,400 | ) | $ | 32,696 | ||||
| Series Restless Rider 23 | Restless Rider | $ | 36,750 | $ | – | |||||
| Series Salute to America | Salute to America | $ | – | $ | – | |||||
| Series Sarrocchi 21 | Legitify | $ | – | $ | (63,183 | ) | ||||
| Series Sauce on Side | Sauce on Side | $ | – | $ | – | |||||
| Series Savvy Sassy 22 | Real Savvy | $ | 50,885 | $ | 55,100 | |||||
| Series Seeking a Star 23 | Sirius Pursuit | $ | 43,578 | $ | – | |||||
| Series Shake It Up Baby | Shake IT Up Baby | $ | – | $ | – | |||||
| Series Sigesmund | Sigesmund | $ | – | $ | – | |||||
| Series Silverpocketsfull 19 | Iron Works | $ | – | $ | – | |||||
| Series Smart Shopping 21 | Seize the Grey | $ | 32,916 | $ | 225,965 | |||||
| Series Social Dilemma | Social Dilemma | $ | – | $ | – | |||||
| Series Song of Bernadette 20 | Cable Boss | $ | – | $ | 54,538 | |||||
| Series Song of the Lark 21 | Fireball Birdie | $ | 30,393 | $ | 32,225 | |||||
| Series Soul Beam | Soul Beam | $ | – | $ | – | |||||
| Series Spanxamillion 23 | Native Brew | $ | 164,208 | $ | – | |||||
| Series Speightstown Belle 19 | Ancient Royalty | $ | – | $ | – | |||||
| Series Spirit 20 | Phantom Ride | $ | – | $ | 20,253 |
| 15 |
| Series Squared Straight | Squared Straight | $ | – | $ | – | |||||
| Series Stay Fabulous | Stay Fabulous | $ | – | $ | (6,750 | ) | ||||
| Series STG Broodmare Band | The STG Broodmare Band | $ | 419,924 | $ | – | |||||
| Series Stirred 23 | Stirred 23 | $ | 14,210 | $ | – | |||||
| Series Storm Shooter | Storm Shooter | $ | – | $ | – | |||||
| Series Street Band | Street Band | $ | – | $ | – | |||||
| Series Stylishly 23 | Black Tie Optional | $ | 87,040 | $ | – | |||||
| Series Sunny 18 | Solar Strike | $ | – | $ | – | |||||
| Series Sunsanddrinkinhand | Sunsanddrinkinhand | $ | – | $ | – | |||||
| Series Sweet Sweet Annie 19 | In Due Time | $ | – | $ | 7,105 | |||||
| Series Swiss Minister | Swiss Minister | $ | – | $ | – | |||||
| Series Takeo Squared | Takeo Squared | $ | – | $ | – | |||||
| Series Tamboz 21 | Catalyst | $ | 63,319 | $ | 65,169 | |||||
| Series Tapitry 19 | Infinite Empire | $ | – | $ | – | |||||
| Series Tavasco Road | Tavasco Road | $ | – | $ | – | |||||
| Series Tell All 19 | Walk the Talk | $ | – | $ | – | |||||
| Series Tell the Duchess 19 | Duke of Love | $ | 2,400 | $ | 31,855 | |||||
| Series Thank You Note 23 | Commissioned | $ | 247,747 | $ | – | |||||
| Series The Filly Four | The Filly Four | $ | – | $ | – | |||||
| Series The Incredi-Bundle | The Incredi-Bundle | $ | 107,146 | $ | 355,948 | |||||
| Series The New York Bundle | The New York Bundle | $ | 67,989 | $ | 281,487 | |||||
| Series The Royal Duet | The Royal Duet | $ | – | $ | 96,945 | |||||
| Series Thirteen Stripes | Thirteen Stripes | $ | – | $ | – | |||||
| Series Timeless Trick 20 | Interstellar | $ | – | $ | – | |||||
| Series Tizamagician | Tizamagician | $ | – | $ | – | |||||
| Series Trust But Verify | Trust But Verify | $ | 330,792 | $ | – | |||||
| Series Tufnel | Tufnel | $ | – | $ | 38,150 | |||||
| Series Twirl Girl 21 | Tonality | $ | – | $ | 12,500 | |||||
| Series Two Trail Sioux 17 | Annahilate | $ | – | $ | – | |||||
| Series Two Trail Sioux 17K | Two Trail Sioux 17K | $ | – | $ | – | |||||
| Series Utalknboutpractice | Utalknboutpractice | $ | – | $ | – | |||||
| Series Vertical Threat | Vertical Threat | $ | – | $ | – | |||||
| Series Vow | Vow | $ | – | $ | 15,038 | |||||
| Series War Safe | War Safe | $ | – | $ | – | |||||
| Series Wayne O | Wayne O | $ | – | $ | – | |||||
| Series Who Runs the World | Who Runs the World | $ | – | $ | – | |||||
| Series Whosbeeninmybed 19 | Micro Share | $ | – | $ | 67,443 | |||||
| Series Wildcat Gaze 23 | Wildcat Gaze 23 | $ | 3,850 | $ | – | |||||
| Series Without Delay 19 | Golden Quality | $ | – | $ | – | |||||
| Series Wonder Upon a Star 19 | Star Six Nine | $ | – | $ | – | |||||
| Series Yes This Time | Yes This Time | $ | – | $ | – | |||||
| Series You Make Luvin Fun 19 | Magical Ways | $ | – | $ | – | |||||
| Series Zestful | Zestfull | $ | – | $ | – | |||||
| $ | 2,076,204 | $ | 2,996,764 |
| 16 |
Operating Expenses – General and Administrative
For the six-months period ended June 30, 2025, and June 30, 2024, the Company incurred general and administrative fees of $292,816 and $292,699, respectively, an increase of $117.
The general and administrative fees incurred on a series-by-series basis as of June 30, 2025, and June 30, 2024 are as follows:
| Series Name | Underlying Asset | 30-Jun-25 | 30-Jun-24 | |||||||
| Series Action Bundle | Action Bundle | $ | – | $ | – | |||||
| Series Adaay in Asia | Adaay in Asia | $ | – | $ | 5,450 | |||||
| Series Adjust 20 | Jai Ho | $ | – | $ | 1,950 | |||||
| Series Alliford Bay 21 | Sweet Voyage | $ | 3,600 | $ | 5,450 | |||||
| Series Amandrea | Amandrea | $ | – | $ | – | |||||
| Series Ambleside Park 19 | Lookwhogotlucky | $ | – | $ | – | |||||
| Series Amers | Amers | $ | – | $ | – | |||||
| Series Apple Down Under 19 | Howboutdemapples | $ | – | $ | – | |||||
| Series Arch Support 20 | Captain Sparrow | $ | 2,900 | $ | 800 | |||||
| Series Ari the Adventurer 19 | Kanthari | $ | – | $ | 3,600 | |||||
| Series Athenian Beauty 19 | Quantum Theory | $ | – | $ | – | |||||
| Series Authentic | Authentic | $ | 1,959 | $ | 21,000 | |||||
| Series Awe Hush 19 | Can't Hush This | $ | – | $ | – | |||||
| Series Bajan Bashert | Bajan Bashert | $ | – | $ | 1,950 | |||||
| Series Balletic | Balletic | $ | – | $ | 5,450 | |||||
| Series Bella Chica | Bella Chica | $ | – | $ | – | |||||
| Series Big Mel | Big Mel | $ | – | $ | – | |||||
| Series Black Escort 19 | Halofied | $ | – | $ | – | |||||
| Series Blip Says Bye 23 | Misstrial | $ | 3,707 | $ | – | |||||
| Series Blue Curl 22 | Isle Blue | $ | 3,600 | $ | 7,850 | |||||
| Series Blue Devil | Blue Devil | $ | 3,600 | $ | 5,450 | |||||
| Series Brandy 22 | Authentic Spirit | $ | 5,752 | $ | 7,850 | |||||
| Series Bullion | Bullion | $ | – | $ | – | |||||
| Series Cairo Kiss | Cairo Kiss | $ | – | $ | – | |||||
| Series Carrothers | Carrothers | $ | – | $ | – | |||||
| Series Cayala 19 | Provocateur | $ | – | $ | – | |||||
| Series Celestial Moon | Celestial Moon | $ | – | $ | 1,950 | |||||
| Series Chad Brown Bundle | Chad Brown Bundle | $ | – | $ | 5,450 | |||||
| 17 |
| Series Claire De Lune 22 | Moonlit Courage | $ | 4,507 | $ | 2,450 | |||||
| Series Classic Cut | Classic Cut | $ | 3,600 | $ | 3,600 | |||||
| Series Classofsixtythree 19 | Sixtythreecaliber | $ | – | $ | – | |||||
| Series Co Cola 19 | Search Engine | $ | – | $ | – | |||||
| Series Collusion Illusion | Collusion Illusion | $ | – | $ | – | |||||
| Series Consecrate 19 | Sacred Beauty | $ | – | $ | – | |||||
| Series Courtisane 19 | Tap the Gavel | $ | – | $ | – | |||||
| Series Crown It 21 | Normandy Queen | $ | 1,400 | $ | 2,300 | |||||
| Series Daddys Joy | Daddy's Joy | $ | – | $ | – | |||||
| Series Dancing Crane | Dancing Crane | $ | – | $ | – | |||||
| Series Daring Dancer 20 | Boppy | $ | – | $ | – | |||||
| Series De Mystique 17 | Dancing Destroyer | $ | – | $ | – | |||||
| Series Deep Cover | Deep Cover | $ | – | $ | – | |||||
| Series Demogorgon | Demogorgon | $ | – | $ | – | |||||
| Series Desire Street 19 | Always Hopeful | $ | – | $ | – | |||||
| Series Echo Warrior 19 | Hero Status | $ | – | $ | 3,600 | |||||
| Series Edge Classic Colts Package | The Classic Colt Package | $ | 575 | $ | 1,325 | |||||
| Series Edge Racing Summer Fun-d | Summer Fun | $ | – | $ | – | |||||
| Series Elarose 21 | Secret Crush | $ | 4,900 | $ | 5,450 | |||||
| Series Enchante 21 | Simply Enchanting | $ | 4,575 | $ | 3,728 | |||||
| Series Escape Route | Escape Route | $ | – | $ | 100 | |||||
| Series Essential Rose 20 | Rosie's Alibi | $ | – | $ | 4,013 | |||||
| Series Exonerated 19 | Above Suspicion | $ | – | $ | – | |||||
| Series Eyepopnruby 23 | My Eyes on You | $ | 1,200 | $ | – | |||||
| Series Fenwick Hall 20 | Inspector | $ | – | $ | – | |||||
| Series Flora Dora 20 | Spun Intended | $ | – | $ | 2,300 | |||||
| Series Forever Rose | Forever Rose | $ | – | $ | 2,400 | |||||
| Series Formidable Kitt 22 | Elite Heat | $ | 3,600 | $ | – | |||||
| Series Frosted Oats | Frosted Oats | $ | – | $ | – | |||||
| Series Future Stars Stable | Future Stars Stable | $ | – | $ | 5,268 | |||||
| Series Gentleman Gerry | Gentleman Gerry | $ | – | $ | – | |||||
| Series Giant Mover 21 | Sweet as Sin | $ | 1,450 | $ | 2,400 | |||||
| Series Going to Vegas | Going to Vegas | $ | – | $ | – | |||||
| Series Got Stormy | Got Stormy | $ | – | $ | – | |||||
| Series Grand Traverse Bay 19 | Cornice Traverse | $ | – | $ | – | |||||
| Series Grand Traverse Bay 20 | Sun Valley Road | $ | – | $ | – | |||||
| Series Great Hot 23 | Raging Inferno | $ | 400 | $ | – | |||||
| Series Heaven Street | Heaven Street | $ | – | $ | – | |||||
| Series Helicopter Money | Helicopter Money | $ | – | $ | – | |||||
| Series High Speed Goldie 21 | Flamekeeper | $ | – | $ | 3,100 |
| 18 |
| Series Im A Looker 20 | Pioneer Prince | $ | – | $ | 5,485 | |||||
| Series Into Summer 19 | Malibu Mayhem | $ | – | $ | – | |||||
| Series Ishvana 21 | Ishvana 21 | $ | – | $ | 1,200 | |||||
| Series Just Like Lucy 23 | Love Like Lucy | $ | 1,200 | $ | – | |||||
| Series Just Louise 19 | Forbidden Kingdom | $ | – | $ | 10,041 | |||||
| Series Keertana 18 | American Heiress | $ | – | $ | – | |||||
| Series Kiana's Love | Kiana's Love | $ | – | $ | – | |||||
| Series Kichiro | Kichiro | $ | – | $ | – | |||||
| Series Kindle 21 | A Day to Remember | $ | 3,307 | $ | 4,250 | |||||
| Series Knarsdale 21 | Seismic Beauty | $ | 4,507 | $ | 5,450 | |||||
| Series Lane Way | Lane Way | $ | – | $ | 3,500 | |||||
| Series Latte Da 19 | Inalattetrouble | $ | – | $ | – | |||||
| Series Lazy Daisy | Lazy Daisy | $ | – | $ | – | |||||
| Series Le Relais 20 | Show Your Cards | $ | – | $ | – | |||||
| Series Lost Empire 19 | Laforgia | $ | – | $ | – | |||||
| Series Lovesick 21 | Here's the Kicker | $ | 3,600 | $ | 5,450 | |||||
| Series Madarnas | Madamas | $ | – | $ | – | |||||
| Series Madiera Wine | Madiera Wine | $ | – | $ | – | |||||
| Series Magic Belle 23 | Mystical Belle | $ | 1,200 | $ | – | |||||
| Series Major Implications | Major Implications | $ | – | $ | – | |||||
| Series Malibu Bonnie 23 | Munny Problem | $ | 3,600 | $ | – | |||||
| Series Man Among Men | Man Among Men | $ | – | $ | 7,230 | |||||
| Series Margaret Reay 19 | A Mo Reay | $ | – | $ | – | |||||
| Series Margarita Friday 19 | Straight No Chaser | $ | 155,309 | $ | 4,250 | |||||
| Series Martita Sangrita 17 | Carpe Vinum | $ | – | $ | – | |||||
| Series Mayan Milagra 19 | Tepeu | $ | – | $ | – | |||||
| Series Midnight Sweetie 19 | Dolce Notte | $ | – | $ | – | |||||
| Series Miss Puzzle | Miss Puzzle | $ | – | $ | – | |||||
| Series Miss Sakamoto | Miss Sakamoto | $ | – | $ | 3,195 | |||||
| Series Mo Mischief | Mo Mischief | $ | – | $ | – | |||||
| Series Mo Temptation | Mo Temptation | $ | – | $ | 5,450 | |||||
| Series Monomoy Girl | Monomoy Girl | $ | – | $ | – | |||||
| Series Moonbow 20 | Cumberland Falls | $ | – | $ | 4,119 | |||||
| Series Moonless Sky | Moonless Sky | $ | – | $ | – | |||||
| Series More Than Magic 21 | Time is Magic | $ | 4,550 | $ | 2,650 | |||||
| Series Motion Emotion | Motion Emotion | $ | – | $ | – | |||||
| Series Mrs Whistler | Mrs Whistler | $ | – | $ | – | |||||
| Series My Fast One 20 | One Fast Dream | $ | – | $ | 1,200 | |||||
| Series Naismith | Naismith | $ | – | $ | – | |||||
| Series National Road | National Road | $ | – | $ | – |
| 19 |
| Series New York Claiming Package | New York Claiming Package | $ | – | $ | – | |||||
| Series Night of Idiots | Night of Idiots | $ | – | $ | – | |||||
| Series Nileist | Neleist | $ | – | $ | – | |||||
| Series Noble Goddess | Noble Goddess | $ | – | $ | – | |||||
| Series Northern Smile 20 | Pep Rally | $ | – | $ | 3,135 | |||||
| Series NY Exacta | NY Exacta | $ | – | $ | – | |||||
| Series One Last Night 21 | Fancy Quality | $ | 2,400 | $ | 5,450 | |||||
| Series Our Jenny B 21 | Vino Grigio | $ | 2,500 | $ | – | |||||
| Series Our Miss Jones 19 | Celebrity News | $ | – | $ | – | |||||
| Series Palace Foal | Palace Foal | $ | – | $ | – | |||||
| Series Patsys Kim 21 | Lady Blitz | $ | – | $ | 5,475 | |||||
| Series Popular Demand | Popular Demand | $ | – | $ | – | |||||
| Series Power Up Paynter | Power Up Paynter | $ | – | $ | – | |||||
| Series Queen Amira 19 | Regal Rebel | $ | – | $ | – | |||||
| Series Race Hunter 19 | Chasing Time | $ | 3,600 | $ | 3,775 | |||||
| Series Restless Rider 23 | Restless Rider | $ | – | $ | – | |||||
| Series Salute to America | Salute to America | $ | – | $ | – | |||||
| Series Sarrocchi 21 | Legitify | $ | – | $ | 6,776 | |||||
| Series Sauce on Side | Sauce on Side | $ | – | $ | – | |||||
| Series Savvy Sassy 22 | Real Savvy | $ | 3,635 | $ | 7,850 | |||||
| Series Seeking a Star 23 | Sirius Pursuit | $ | 3,600 | $ | – | |||||
| Series Shake It Up Baby | Shake IT Up Baby | $ | – | $ | – | |||||
| Series Sigesmund | Sigesmund | $ | – | $ | – | |||||
| Series Silverpocketsfull 19 | Iron Works | $ | – | $ | – | |||||
| Series Smart Shopping 21 | Seize the Grey | $ | 19,109 | $ | 8,428 | |||||
| Series Social Dilemma | Social Dilemma | $ | – | $ | – | |||||
| Series Song of Bernadette 20 | Cable Boss | $ | – | $ | 5,450 | |||||
| Series Song of the Lark 21 | Fireball Birdie | $ | 3,618 | $ | 5,450 | |||||
| Series Soul Beam | Soul Beam | $ | – | $ | – | |||||
| Series Spanxamillion 23 | Native Brew | $ | 3,600 | $ | – | |||||
| Series Speightstown Belle 19 | Ancient Royalty | $ | – | $ | – | |||||
| Series Spirit 20 | Phantom Ride | $ | – | $ | 5,993 | |||||
| Series Squared Straight | Squared Straight | $ | – | $ | – | |||||
| Series Stay Fabulous | Stay Fabulous | $ | – | $ | – | |||||
| Series STG Broodmare Band | The STG Broodmare Band | $ | 3,000 | $ | – | |||||
| Series Stirred 23 | Stirred 23 | $ | – | $ | – | |||||
| Series Storm Shooter | Storm Shooter | $ | – | $ | – | |||||
| Series Street Band | Street Band | $ | – | $ | – | |||||
| Series Stylishly 23 | Black Tie Optional | $ | 3,707 | $ | – | |||||
| Series Sunny 18 | Solar Strike | $ | – | $ | – |
| 20 |
| Series Sunsanddrinkinhand | Sunsanddrinkinhand | $ | – | $ | – | |||||
| Series Sweet Sweet Annie 19 | In Due Time | $ | – | $ | (350 | ) | ||||
| Series Swiss Minister | Swiss Minister | $ | – | $ | – | |||||
| Series Takeo Squared | Takeo Squared | $ | – | $ | – | |||||
| Series Tamboz 21 | Catalyst | $ | 3,600 | $ | 5,450 | |||||
| Series Tapitry 19 | Infinite Empire | $ | – | $ | – | |||||
| Series Tavasco Road | Tavasco Road | $ | – | $ | – | |||||
| Series Tell All 19 | Walk the Talk | $ | – | $ | – | |||||
| Series Tell the Duchess 19 | Duke of Love | $ | 2,400 | $ | 20,625 | |||||
| Series Thank You Note 23 | Commissioned | $ | 107 | $ | – | |||||
| Series The Filly Four | The Filly Four | $ | – | $ | – | |||||
| Series The Incredi-Bundle | The Incredi-Bundle | $ | 4,508 | $ | 5,450 | |||||
| Series The New York Bundle | The New York Bundle | $ | 3,635 | $ | 5,450 | |||||
| Series The Royal Duet | The Royal Duet | $ | – | $ | 5,450 | |||||
| Series Thirteen Stripes | Thirteen Stripes | $ | – | $ | – | |||||
| Series Timeless Trick 20 | Interstellar | $ | – | $ | – | |||||
| Series Tizamagician | Tizamagician | $ | – | $ | – | |||||
| Series Trust But Verify | Trust But Verify | $ | 1,200 | $ | – | |||||
| Series Tufnel | Tufnel | $ | – | $ | 5,450 | |||||
| Series Twirl Girl 21 | Tonality | $ | – | $ | – | |||||
| Series Two Trail Sioux 17 | Annahilate | $ | – | $ | – | |||||
| Series Two Trail Sioux 17K | Two Trail Sioux 17K | $ | – | $ | – | |||||
| Series Utalknboutpractice | Utalknboutpractice | $ | – | $ | – | |||||
| Series Vertical Threat | Vertical Threat | $ | – | $ | – | |||||
| Series Vow | Vow | $ | – | $ | 2,857 | |||||
| Series War Safe | War Safe | $ | – | $ | – | |||||
| Series Wayne O | Wayne O | $ | – | $ | – | |||||
| Series Who Runs the World | Who Runs the World | $ | – | $ | – | |||||
| Series Whosbeeninmybed 19 | Micro Share | $ | – | $ | 4,831 | |||||
| Series Wildcat Gaze 23 | Wildcat Gaze 23 | $ | – | $ | – | |||||
| Series Without Delay 19 | Golden Quality | $ | – | $ | – | |||||
| Series Wonder Upon a Star 19 | Star Six Nine | $ | – | $ | – | |||||
| Series Yes This Time | Yes This Time | $ | – | $ | – | |||||
| Series You Make Luvin Fun 19 | Magical Ways | $ | – | $ | – | |||||
| Series Zestful | Zestfull | $ | – | $ | – | |||||
| $ | 292,816 | $ | 292,699 |
| 21 |
Operating Expenses – Management Fee
For the six-months period ended June 30, 2025, and June 30, 2024, the Company incurred Management Fee expenses of $1,632,711 and $890,061, respectively, an increase of $742,650. The increase is due primarily to the increase of offerings in this period relative to the prior period.
The Management Fee expenses on a series-by-series basis as of June 30, 2025, and June 30, 2024 are as follows:
| Series Name | Underlying Asset | 30-Jun-25 | 30-Jun-24 | |||||||
| Series Action Bundle | Action Bundle | $ | – | $ | – | |||||
| Series Adaay in Asia | Adaay in Asia | $ | – | $ | 33,265 | |||||
| Series Adjust 20 | Jai Ho | $ | – | $ | – | |||||
| Series Alliford Bay 21 | Sweet Voyage | $ | – | $ | – | |||||
| Series Amandrea | Amandrea | $ | – | $ | – | |||||
| Series Ambleside Park 19 | Lookwhogotlucky | $ | – | $ | – | |||||
| Series Amers | Amers | $ | – | $ | – | |||||
| Series Apple Down Under 19 | Howboutdemapples | $ | – | $ | – | |||||
| Series Arch Support 20 | Captain Sparrow | $ | – | $ | – | |||||
| Series Ari the Adventurer 19 | Kanthari | $ | – | $ | 4,645 | |||||
| Series Athenian Beauty 19 | Quantum Theory | $ | – | $ | – | |||||
| Series Authentic | Authentic | $ | – | $ | 138,910 | |||||
| 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 Blip Says Bye 23 | Misstrial | $ | 100,154 | $ | – | |||||
| Series Blue Curl 22 | Isle Blue | $ | – | $ | 22,496 | |||||
| Series Blue Devil | Blue Devil | $ | 1,282 | $ | 18,102 | |||||
| Series Brandy 22 | Authentic Spirit | $ | – | $ | – | |||||
| Series Bullion | Bullion | $ | – | $ | – | |||||
| Series Cairo Kiss | Cairo Kiss | $ | – | $ | – | |||||
| Series Carrothers | Carrothers | $ | – | $ | – | |||||
| Series Cayala 19 | Provocateur | $ | – | $ | – | |||||
| Series Celestial Moon | Celestial Moon | $ | – | $ | – | |||||
| Series Chad Brown Bundle | Chad Brown Bundle | $ | – | $ | – | |||||
| Series Claire De Lune 22 | Moonlit Courage | $ | – | $ | 7,000 | |||||
| Series Classic Cut | Classic Cut | $ | – | $ | – | |||||
| Series Classofsixtythree 19 | Sixtythreecaliber | $ | – | $ | – | |||||
| Series Co Cola 19 | Search Engine | $ | – | $ | – | |||||
| Series Collusion Illusion | Collusion Illusion | $ | – | $ | – | |||||
| Series Consecrate 19 | Sacred Beauty | $ | – | $ | – | |||||
| 22 |
| Series Courtisane 19 | Tap the Gavel | $ | – | $ | – | |||||
| Series Crown It 21 | Normandy Queen | $ | – | $ | – | |||||
| Series Daddys Joy | Daddy's Joy | $ | – | $ | – | |||||
| Series Dancing Crane | Dancing Crane | $ | – | $ | – | |||||
| Series Daring Dancer 20 | Boppy | $ | – | $ | – | |||||
| Series De Mystique 17 | Dancing Destroyer | $ | – | $ | – | |||||
| Series Deep Cover | Deep Cover | $ | – | $ | – | |||||
| Series Demogorgon | Demogorgon | $ | – | $ | – | |||||
| Series Desire Street 19 | Always Hopeful | $ | – | $ | – | |||||
| Series Echo Warrior 19 | Hero Status | $ | – | $ | 2,300 | |||||
| Series Edge Classic Colts Package | The Classic Colt Package | $ | – | $ | – | |||||
| Series Edge Racing Summer Fun-d | Summer Fun | $ | – | $ | – | |||||
| 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 | $ | – | $ | – | |||||
| Series Eyepopnruby 23 | My Eyes on You | $ | 82,940 | $ | – | |||||
| Series Fenwick Hall 20 | Inspector | $ | – | $ | – | |||||
| Series Flora Dora 20 | Spun Intended | $ | – | $ | – | |||||
| Series Forever Rose | Forever Rose | $ | – | $ | – | |||||
| Series Formidable Kitt 22 | Elite Heat | $ | – | $ | – | |||||
| Series Frosted Oats | Frosted Oats | $ | – | $ | – | |||||
| Series Future Stars Stable | Future Stars Stable | $ | – | $ | 494 | |||||
| Series Gentleman Gerry | Gentleman Gerry | $ | – | $ | – | |||||
| Series Giant Mover 21 | Sweet as Sin | $ | – | $ | – | |||||
| Series Going to Vegas | Going to Vegas | $ | – | $ | – | |||||
| Series Got Stormy | Got Stormy | $ | – | $ | – | |||||
| Series Grand Traverse Bay 19 | Cornice Traverse | $ | – | $ | – | |||||
| Series Grand Traverse Bay 20 | Sun Valley Road | $ | – | $ | – | |||||
| Series Great Hot 23 | Raging Inferno | $ | 6,375 | $ | – | |||||
| Series Heaven Street | Heaven Street | $ | – | $ | – | |||||
| Series Helicopter Money | Helicopter Money | $ | – | $ | – | |||||
| Series High Speed Goldie 21 | Flamekeeper | $ | – | $ | – | |||||
| Series Im A Looker 20 | Pioneer Prince | $ | – | $ | – | |||||
| Series Into Summer 19 | Malibu Mayhem | $ | – | $ | – | |||||
| Series Ishvana 21 | Ishvana 21 | $ | – | $ | – | |||||
| Series Just Like Lucy 23 | Love Like Lucy | $ | 118,962 | $ | – |
| 23 |
| Series Just Louise 19 | Forbidden Kingdom | $ | – | $ | 25 | |||||
| Series Keertana 18 | American Heiress | $ | – | $ | – | |||||
| Series Kiana's Love | Kiana's Love | $ | – | $ | – | |||||
| Series Kichiro | Kichiro | $ | – | $ | – | |||||
| Series Kindle 21 | A Day to Remember | $ | – | $ | – | |||||
| Series Knarsdale 21 | Seismic Beauty | $ | – | $ | – | |||||
| Series Lane Way | Lane Way | $ | – | $ | 1,400 | |||||
| Series Latte Da 19 | Inalattetrouble | $ | – | $ | – | |||||
| Series Lazy Daisy | Lazy Daisy | $ | – | $ | – | |||||
| Series Le Relais 20 | Show Your Cards | $ | – | $ | – | |||||
| Series Lost Empire 19 | Laforgia | $ | – | $ | – | |||||
| Series Lovesick 21 | Here's the Kicker | $ | – | $ | 158 | |||||
| Series Madarnas | Madamas | $ | – | $ | – | |||||
| Series Madiera Wine | Madiera Wine | $ | – | $ | – | |||||
| Series Magic Belle 23 | Mystical Belle | $ | 80,100 | $ | – | |||||
| Series Major Implications | Major Implications | $ | – | $ | – | |||||
| Series Malibu Bonnie 23 | Munny Problem | $ | 35,081 | $ | – | |||||
| Series Man Among Men | Man Among Men | $ | – | $ | 2,067 | |||||
| Series Margaret Reay 19 | A Mo Reay | $ | – | $ | – | |||||
| Series Margarita Friday 19 | Straight No Chaser | $ | 185,625 | $ | – | |||||
| Series Martita Sangrita 17 | Carpe Vinum | $ | – | $ | – | |||||
| Series Mayan Milagra 19 | Tepeu | $ | – | $ | – | |||||
| Series Midnight Sweetie 19 | Dolce Notte | $ | – | $ | – | |||||
| Series Miss Puzzle | Miss Puzzle | $ | – | $ | – | |||||
| Series Miss Sakamoto | Miss Sakamoto | $ | – | $ | 72 | |||||
| Series Mo Mischief | Mo Mischief | $ | – | $ | – | |||||
| Series Mo Temptation | Mo Temptation | $ | – | $ | – | |||||
| Series Monomoy Girl | Monomoy Girl | $ | – | $ | – | |||||
| Series Moonbow 20 | Cumberland Falls | $ | – | $ | – | |||||
| Series Moonless Sky | Moonless Sky | $ | – | $ | – | |||||
| Series More Than Magic 21 | Time is Magic | $ | – | $ | – | |||||
| Series Motion Emotion | Motion Emotion | $ | – | $ | – | |||||
| Series Mrs Whistler | Mrs Whistler | $ | – | $ | – | |||||
| Series My Fast One 20 | One Fast Dream | $ | – | $ | (420 | ) | ||||
| Series Naismith | Naismith | $ | – | $ | – | |||||
| Series National Road | National Road | $ | – | $ | – | |||||
| Series New York Claiming Package | New York Claiming Package | $ | – | $ | – | |||||
| Series Night of Idiots | Night of Idiots | $ | – | $ | – | |||||
| Series Nileist | Neleist | $ | – | $ | – | |||||
| Series Noble Goddess | Noble Goddess | $ | – | $ | – |
| 24 |
| Series Northern Smile 20 | Pep Rally | $ | – | $ | – | |||||
| Series NY Exacta | NY Exacta | $ | – | $ | – | |||||
| Series One Last Night 21 | Fancy Quality | $ | – | $ | – | |||||
| Series Our Jenny B 21 | Vino Grigio | $ | – | $ | – | |||||
| Series Our Miss Jones 19 | Celebrity News | $ | – | $ | – | |||||
| Series Palace Foal | Palace Foal | $ | – | $ | – | |||||
| Series Patsys Kim 21 | Lady Blitz | $ | – | $ | – | |||||
| Series Popular Demand | Popular Demand | $ | – | $ | – | |||||
| Series Power Up Paynter | Power Up Paynter | $ | – | $ | – | |||||
| Series Queen Amira 19 | Regal Rebel | $ | – | $ | – | |||||
| Series Race Hunter 19 | Chasing Time | $ | – | $ | 2,359 | |||||
| Series Restless Rider 23 | Restless Rider | $ | 36,750 | $ | – | |||||
| Series Salute to America | Salute to America | $ | – | $ | – | |||||
| Series Sarrocchi 21 | Legitify | $ | – | $ | – | |||||
| Series Sauce on Side | Sauce on Side | $ | – | $ | – | |||||
| Series Savvy Sassy 22 | Real Savvy | $ | – | $ | – | |||||
| Series Seeking a Star 23 | Sirius Pursuit | $ | 39,978 | $ | – | |||||
| Series Shake It Up Baby | Shake IT Up Baby | $ | – | $ | – | |||||
| Series Sigesmund | Sigesmund | $ | – | $ | – | |||||
| Series Silverpocketsfull 19 | Iron Works | $ | – | $ | – | |||||
| Series Smart Shopping 21 | Seize the Grey | $ | – | $ | 165,037 | |||||
| Series Social Dilemma | Social Dilemma | $ | – | $ | – | |||||
| Series Song of Bernadette 20 | Cable Boss | $ | – | $ | – | |||||
| Series Song of the Lark 21 | Fireball Birdie | $ | – | $ | – | |||||
| Series Soul Beam | Soul Beam | $ | – | $ | – | |||||
| Series Spanxamillion 23 | Native Brew | $ | 99,775 | $ | – | |||||
| Series Speightstown Belle 19 | Ancient Royalty | $ | – | $ | – | |||||
| Series Spirit 20 | Phantom Ride | $ | – | $ | – | |||||
| Series Squared Straight | Squared Straight | $ | – | $ | – | |||||
| Series Stay Fabulous | Stay Fabulous | $ | – | $ | – | |||||
| Series STG Broodmare Band | The STG Broodmare Band | $ | 318,091 | $ | – | |||||
| Series Stirred 23 | Stirred 23 | $ | 14,210 | $ | – | |||||
| Series Storm Shooter | Storm Shooter | $ | – | $ | – | |||||
| Series Street Band | Street Band | $ | – | $ | – | |||||
| Series Stylishly 23 | Black Tie Optional | $ | – | $ | – | |||||
| Series Sunny 18 | Solar Strike | $ | – | $ | – | |||||
| Series Sunsanddrinkinhand | Sunsanddrinkinhand | $ | – | $ | – | |||||
| Series Sweet Sweet Annie 19 | In Due Time | $ | – | $ | – | |||||
| Series Swiss Minister | Swiss Minister | $ | – | $ | – | |||||
| Series Takeo Squared | Takeo Squared | $ | – | $ | – |
| 25 |
| Series Tamboz 21 | Catalyst | $ | – | $ | – | |||||
| Series Tapitry 19 | Infinite Empire | $ | – | $ | – | |||||
| Series Tavasco Road | Tavasco Road | $ | – | $ | – | |||||
| Series Tell All 19 | Walk the Talk | $ | – | $ | – | |||||
| Series Tell the Duchess 19 | Duke of Love | $ | – | $ | – | |||||
| Series Thank You Note 23 | Commissioned | $ | 217,529 | $ | – | |||||
| Series The Filly Four | The Filly Four | $ | – | $ | – | |||||
| Series The Incredi-Bundle | The Incredi-Bundle | $ | – | $ | 247,860 | |||||
| Series The New York Bundle | The New York Bundle | $ | (0 | ) | $ | 244,239 | ||||
| Series The Royal Duet | The Royal Duet | $ | – | $ | – | |||||
| Series Thirteen Stripes | Thirteen Stripes | $ | – | $ | – | |||||
| Series Timeless Trick 20 | Interstellar | $ | – | $ | – | |||||
| Series Tizamagician | Tizamagician | $ | – | $ | – | |||||
| Series Trust But Verify | Trust But Verify | $ | 292,008 | $ | – | |||||
| Series Tufnel | Tufnel | $ | – | $ | – | |||||
| Series Twirl Girl 21 | Tonality | $ | – | $ | – | |||||
| Series Two Trail Sioux 17 | Annahilate | $ | – | $ | – | |||||
| Series Two Trail Sioux 17K | Two Trail Sioux 17K | $ | – | $ | – | |||||
| Series Utalknboutpractice | Utalknboutpractice | $ | – | $ | – | |||||
| Series Vertical Threat | Vertical Threat | $ | – | $ | – | |||||
| Series Vow | Vow | $ | – | $ | 52 | |||||
| Series War Safe | War Safe | $ | – | $ | – | |||||
| Series Wayne O | Wayne O | $ | – | $ | – | |||||
| Series Who Runs the World | Who Runs the World | $ | – | $ | – | |||||
| Series Whosbeeninmybed 19 | Micro Share | $ | – | $ | – | |||||
| Series Wildcat Gaze 23 | Wildcat Gaze 23 | $ | 3,850 | $ | – | |||||
| Series Without Delay 19 | Golden Quality | $ | – | $ | – | |||||
| Series Wonder Upon a Star 19 | Star Six Nine | $ | – | $ | – | |||||
| Series Yes This Time | Yes This Time | $ | – | $ | – | |||||
| Series You Make Luvin Fun 19 | Magical Ways | $ | – | $ | – | |||||
| Series Zestful | Zestfull | $ | – | $ | – | |||||
| $ | 1,632,711 | $ | 890,060 |
Operating Expenses – Depreciation
For the six-months period ended June 30, 2025, and June 30, 2024, the depreciation was $1,202,956and $1,808,784, respectively, a decrease of $605,827. The decrease 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.
| 26 |
The depreciation on a series-by-series basis as of June 30, 2025 and June 30, 2024 are as follows:
| Series Name | Underlying Asset | 30-Jun-25 | 30-Jun-24 | |||||||
| Series Action Bundle | Action Bundle | $ | – | $ | – | |||||
| Series Adaay in Asia | Adaay in Asia | $ | – | $ | 35,700 | |||||
| Series Adjust 20 | Jai Ho | $ | – | $ | 11,055 | |||||
| Series Alliford Bay 21 | Sweet Voyage | $ | 21,000 | $ | 21,000 | |||||
| Series Amandrea | Amandrea | $ | – | $ | – | |||||
| Series Ambleside Park 19 | Lookwhogotlucky | $ | – | $ | – | |||||
| Series Amers | Amers | $ | – | $ | – | |||||
| Series Apple Down Under 19 | Howboutdemapples | $ | – | $ | – | |||||
| Series Arch Support 20 | Captain Sparrow | $ | 9,158 | $ | 11,667 | |||||
| Series Ari the Adventurer 19 | Kanthari | $ | – | $ | 23,452 | |||||
| Series Athenian Beauty 19 | Quantum Theory | $ | – | $ | – | |||||
| Series Authentic | Authentic | $ | – | $ | – | |||||
| Series Awe Hush 19 | Can't Hush This | $ | – | $ | – | |||||
| Series Bajan Bashert | Bajan Bashert | $ | – | $ | 18,667 | |||||
| Series Balletic | Balletic | $ | – | $ | 78,750 | |||||
| Series Bella Chica | Bella Chica | $ | – | $ | – | |||||
| Series Big Mel | Big Mel | $ | – | $ | – | |||||
| Series Black Escort 19 | Halofied | $ | – | $ | – | |||||
| Series Blip Says Bye 23 | Misstrial | $ | – | $ | – | |||||
| Series Blue Curl 22 | Isle Blue | $ | 35,111 | $ | 35,111 | |||||
| Series Blue Devil | Blue Devil | $ | 31,238 | $ | 31,238 | |||||
| Series Brandy 22 | Authentic Spirit | $ | 52,500 | $ | 63,000 | |||||
| Series Bullion | Bullion | $ | – | $ | – | |||||
| Series Cairo Kiss | Cairo Kiss | $ | – | $ | – | |||||
| Series Carrothers | Carrothers | $ | – | $ | – | |||||
| Series Cayala 19 | Provocateur | $ | – | $ | – | |||||
| Series Celestial Moon | Celestial Moon | $ | – | $ | 26,644 | |||||
| Series Chad Brown Bundle | Chad Brown Bundle | $ | – | $ | 45,029 | |||||
| Series Claire De Lune 22 | Moonlit Courage | $ | 19,208 | $ | 3,853 | |||||
| Series Classic Cut | Classic Cut | $ | – | $ | 42,000 | |||||
| Series Classofsixtythree 19 | Sixtythreecaliber | $ | – | $ | – | |||||
| Series Co Cola 19 | Search Engine | $ | – | $ | – | |||||
| Series Collusion Illusion | Collusion Illusion | $ | – | $ | – | |||||
| Series Consecrate 19 | Sacred Beauty | $ | – | $ | – | |||||
| Series Courtisane 19 | Tap the Gavel | $ | – | $ | – | |||||
| Series Crown It 21 | Normandy Queen | $ | 25,495 | $ | 25,495 | |||||
| Series Daddys Joy | Daddy's Joy | $ | – | $ | – | |||||
| Series Dancing Crane | Dancing Crane | $ | – | $ | – | |||||
| 27 |
| Series Daring Dancer 20 | Boppy | $ | – | $ | – | |||||
| Series De Mystique 17 | Dancing Destroyer | $ | – | $ | – | |||||
| Series Deep Cover | Deep Cover | $ | – | $ | – | |||||
| Series Demogorgon | Demogorgon | $ | – | $ | – | |||||
| Series Desire Street 19 | Always Hopeful | $ | – | $ | – | |||||
| Series Echo Warrior 19 | Hero Status | $ | – | $ | 11,889 | |||||
| Series Edge Classic Colts Package | The Classic Colt Package | $ | 21,620 | $ | 65,333 | |||||
| Series Edge Racing Summer Fun-d | Summer Fun | $ | – | $ | – | |||||
| Series Elarose 21 | Secret Crush | $ | 33,833 | $ | 52,500 | |||||
| Series Enchante 21 | Simply Enchanting | $ | 49,870 | $ | 49,870 | |||||
| Series Escape Route | Escape Route | $ | – | $ | – | |||||
| Series Essential Rose 20 | Rosie's Alibi | $ | – | $ | 109,375 | |||||
| Series Exonerated 19 | Above Suspicion | $ | – | $ | – | |||||
| Series Eyepopnruby 23 | My Eyes on You | $ | 8,500 | $ | – | |||||
| Series Fenwick Hall 20 | Inspector | $ | – | $ | – | |||||
| Series Flora Dora 20 | Spun Intended | $ | – | $ | 10,417 | |||||
| Series Forever Rose | Forever Rose | $ | – | $ | 19,690 | |||||
| Series Formidable Kitt 22 | Elite Heat | $ | 43,943 | $ | – | |||||
| Series Frosted Oats | Frosted Oats | $ | – | $ | – | |||||
| Series Future Stars Stable | Future Stars Stable | $ | – | $ | (0 | ) | ||||
| Series Gentleman Gerry | Gentleman Gerry | $ | – | $ | – | |||||
| Series Giant Mover 21 | Sweet as Sin | $ | 2,970 | $ | 7,893 | |||||
| Series Going to Vegas | Going to Vegas | $ | – | $ | – | |||||
| Series Got Stormy | Got Stormy | $ | – | $ | – | |||||
| Series Grand Traverse Bay 19 | Cornice Traverse | $ | – | $ | – | |||||
| Series Grand Traverse Bay 20 | Sun Valley Road | $ | – | $ | – | |||||
| Series Great Hot 23 | Raging Inferno | $ | 3,552 | $ | – | |||||
| Series Heaven Street | Heaven Street | $ | – | $ | – | |||||
| Series Helicopter Money | Helicopter Money | $ | – | $ | – | |||||
| Series High Speed Goldie 21 | Flamekeeper | $ | – | $ | 13,780 | |||||
| Series Im A Looker 20 | Pioneer Prince | $ | – | $ | 43,750 | |||||
| Series Into Summer 19 | Malibu Mayhem | $ | – | $ | – | |||||
| Series Ishvana 21 | Ishvana 21 | $ | – | $ | 1,245 | |||||
| Series Just Like Lucy 23 | Love Like Lucy | $ | 8,528 | $ | – | |||||
| Series Just Louise 19 | Forbidden Kingdom | $ | – | $ | – | |||||
| Series Keertana 18 | American Heiress | $ | – | $ | – | |||||
| Series Kiana's Love | Kiana's Love | $ | – | $ | – | |||||
| Series Kichiro | Kichiro | $ | – | $ | – | |||||
| Series Kindle 21 | A Day to Remember | $ | 26,250 | $ | 26,250 | |||||
| Series Knarsdale 21 | Seismic Beauty | $ | 51,893 | $ | 51,893 |
| 28 |
| Series Lane Way | Lane Way | $ | – | $ | – | |||||
| Series Latte Da 19 | Inalattetrouble | $ | – | $ | – | |||||
| Series Lazy Daisy | Lazy Daisy | $ | – | $ | – | |||||
| Series Le Relais 20 | Show Your Cards | $ | – | $ | – | |||||
| Series Lost Empire 19 | Laforgia | $ | – | $ | – | |||||
| Series Lovesick 21 | Here's the Kicker | $ | 43,752 | $ | 43,752 | |||||
| Series Madarnas | Madamas | $ | – | $ | – | |||||
| Series Madiera Wine | Madiera Wine | $ | – | $ | – | |||||
| Series Magic Belle 23 | Mystical Belle | $ | 18,111 | $ | – | |||||
| Series Major Implications | Major Implications | $ | – | $ | – | |||||
| Series Malibu Bonnie 23 | Munny Problem | $ | 55,000 | $ | – | |||||
| Series Man Among Men | Man Among Men | $ | – | $ | – | |||||
| Series Margaret Reay 19 | A Mo Reay | $ | – | $ | – | |||||
| Series Margarita Friday 19 | Straight No Chaser | $ | – | $ | 14,534 | |||||
| Series Martita Sangrita 17 | Carpe Vinum | $ | – | $ | – | |||||
| Series Mayan Milagra 19 | Tepeu | $ | – | $ | – | |||||
| Series Midnight Sweetie 19 | Dolce Notte | $ | – | $ | – | |||||
| Series Miss Puzzle | Miss Puzzle | $ | – | $ | – | |||||
| Series Miss Sakamoto | Miss Sakamoto | $ | – | $ | 10,585 | |||||
| Series Mo Mischief | Mo Mischief | $ | – | $ | – | |||||
| Series Mo Temptation | Mo Temptation | $ | – | $ | 16,538 | |||||
| Series Monomoy Girl | Monomoy Girl | $ | – | $ | – | |||||
| Series Moonbow 20 | Cumberland Falls | $ | – | $ | 8,334 | |||||
| Series Moonless Sky | Moonless Sky | $ | – | $ | – | |||||
| Series More Than Magic 21 | Time is Magic | $ | 5,717 | $ | 21,000 | |||||
| Series Motion Emotion | Motion Emotion | $ | – | $ | – | |||||
| Series Mrs Whistler | Mrs Whistler | $ | – | $ | – | |||||
| Series My Fast One 20 | One Fast Dream | $ | – | $ | 4,824 | |||||
| Series Naismith | Naismith | $ | – | $ | – | |||||
| Series National Road | National Road | $ | – | $ | – | |||||
| Series New York Claiming Package | New York Claiming Package | $ | – | $ | – | |||||
| Series Night of Idiots | Night of Idiots | $ | – | $ | – | |||||
| Series Nileist | Neleist | $ | – | $ | – | |||||
| Series Noble Goddess | Noble Goddess | $ | – | $ | – | |||||
| Series Northern Smile 20 | Pep Rally | $ | – | $ | 4,052 | |||||
| Series NY Exacta | NY Exacta | $ | – | $ | – | |||||
| Series One Last Night 21 | Fancy Quality | $ | 10,361 | $ | 27,366 | |||||
| Series Our Jenny B 21 | Vino Grigio | $ | 8,667 | $ | 8,667 | |||||
| Series Our Miss Jones 19 | Celebrity News | $ | – | $ | – | |||||
| Series Palace Foal | Palace Foal | $ | – | $ | – |
| 29 |
| 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 | $ | – | $ | – | |||||
| Series Race Hunter 19 | Chasing Time | $ | – | $ | 26,562 | |||||
| Series Restless Rider 23 | Restless Rider | $ | – | $ | – | |||||
| Series Salute to America | Salute to America | $ | – | $ | – | |||||
| Series Sarrocchi 21 | Legitify | $ | – | $ | 38,293 | |||||
| Series Sauce on Side | Sauce on Side | $ | – | $ | – | |||||
| Series Savvy Sassy 22 | Real Savvy | $ | 47,250 | $ | 47,250 | |||||
| Series Seeking a Star 23 | Sirius Pursuit | $ | – | $ | – | |||||
| Series Shake It Up Baby | Shake IT Up Baby | $ | – | $ | – | |||||
| Series Sigesmund | Sigesmund | $ | – | $ | – | |||||
| Series Silverpocketsfull 19 | Iron Works | $ | – | $ | – | |||||
| Series Smart Shopping 21 | Seize the Grey | $ | 5,250 | $ | 52,500 | |||||
| Series Social Dilemma | Social Dilemma | $ | – | $ | – | |||||
| Series Song of Bernadette 20 | Cable Boss | $ | – | $ | 49,088 | |||||
| Series Song of the Lark 21 | Fireball Birdie | $ | 26,775 | $ | 26,775 | |||||
| Series Soul Beam | Soul Beam | $ | – | $ | – | |||||
| Series Spanxamillion 23 | Native Brew | $ | 60,833 | $ | – | |||||
| Series Speightstown Belle 19 | Ancient Royalty | $ | – | $ | – | |||||
| Series Spirit 20 | Phantom Ride | $ | – | $ | 13,910 | |||||
| Series Squared Straight | Squared Straight | $ | – | $ | – | |||||
| Series Stay Fabulous | Stay Fabulous | $ | – | $ | – | |||||
| Series STG Broodmare Band | The STG Broodmare Band | $ | 98,833 | $ | – | |||||
| Series Stirred 23 | Stirred 23 | $ | – | $ | – | |||||
| Series Storm Shooter | Storm Shooter | $ | – | $ | – | |||||
| Series Street Band | Street Band | $ | – | $ | – | |||||
| Series Stylishly 23 | Black Tie Optional | $ | 83,333 | $ | – | |||||
| Series Sunny 18 | Solar Strike | $ | – | $ | – | |||||
| Series Sunsanddrinkinhand | Sunsanddrinkinhand | $ | – | $ | – | |||||
| Series Sweet Sweet Annie 19 | In Due Time | $ | – | $ | 7,455 | |||||
| Series Swiss Minister | Swiss Minister | $ | – | $ | – | |||||
| Series Takeo Squared | Takeo Squared | $ | – | $ | – | |||||
| Series Tamboz 21 | Catalyst | $ | 59,719 | $ | 59,719 | |||||
| Series Tapitry 19 | Infinite Empire | $ | – | $ | – | |||||
| Series Tavasco Road | Tavasco Road | $ | – | $ | – | |||||
| Series Tell All 19 | Walk the Talk | $ | – | $ | – | |||||
| Series Tell the Duchess 19 | Duke of Love | $ | – | $ | 11,230 | |||||
| Series Thank You Note 23 | Commissioned | $ | 30,111 | $ | – |
| 30 |
| Series The Filly Four | The Filly Four | $ | – | $ | – | |||||
| Series The Incredi-Bundle | The Incredi-Bundle | $ | 102,638 | $ | 102,638 | |||||
| Series The New York Bundle | The New York Bundle | $ | 64,354 | $ | 74,417 | |||||
| Series The Royal Duet | The Royal Duet | $ | – | $ | 91,495 | |||||
| Series Thirteen Stripes | Thirteen Stripes | $ | – | $ | – | |||||
| Series Timeless Trick 20 | Interstellar | $ | – | $ | – | |||||
| Series Tizamagician | Tizamagician | $ | – | $ | – | |||||
| Series Trust But Verify | Trust But Verify | $ | 37,583 | $ | – | |||||
| Series Tufnel | Tufnel | $ | – | $ | 32,700 | |||||
| Series Twirl Girl 21 | Tonality | $ | – | $ | 12,500 | |||||
| Series Two Trail Sioux 17 | Annahilate | $ | – | $ | – | |||||
| Series Two Trail Sioux 17K | Two Trail Sioux 17K | $ | – | $ | – | |||||
| Series Utalknboutpractice | Utalknboutpractice | $ | – | $ | – | |||||
| Series Vertical Threat | Vertical Threat | $ | – | $ | – | |||||
| Series Vow | Vow | $ | – | $ | 132 | |||||
| Series War Safe | War Safe | $ | – | $ | – | |||||
| Series Wayne O | Wayne O | $ | – | $ | – | |||||
| Series Who Runs the World | Who Runs the World | $ | – | $ | – | |||||
| Series Whosbeeninmybed 19 | Micro Share | $ | – | $ | 9,925 | |||||
| Series Wildcat Gaze 23 | Wildcat Gaze 23 | $ | – | $ | – | |||||
| Series Without Delay 19 | Golden Quality | $ | – | $ | – | |||||
| Series Wonder Upon a Star 19 | Star Six Nine | $ | – | $ | – | |||||
| Series Yes This Time | Yes This Time | $ | – | $ | – | |||||
| Series You Make Luvin Fun 19 | Magical Ways | $ | – | $ | – | |||||
| Series Zestful | Zestfull | $ | – | $ | – | |||||
| $ | 1,202,956 | $ | 1,808,784 |
Operating Expenses – Loss on Horse Retirement
For the six-months period ended June 30, 2025, and June 30, 2024, the loss/(gain) on horse retirement was $(1,052,279) and $5,221, respectively, a decrease of $1,057,500 The decrease is due primarily to a gain on the sale of breeding rights for Series Margarita Friday 19 for
| 31 |
The loss on horse retirement on a series-by-series basis as of June 30, 2025, and June 30, 2024 are as follows:
| Series Name | Underlying Asset | 30-Jun-25 | 30-Jun-24 | |||||||
| Series Action Bundle | Action Bundle | $ | – | $ | – | |||||
| Series Adaay in Asia | Adaay in Asia | $ | – | $ | – | |||||
| Series Adjust 20 | Jai Ho | $ | – | $ | 15,441 | |||||
| Series Alliford Bay 21 | Sweet Voyage | $ | – | $ | – | |||||
| Series Amandrea | Amandrea | $ | – | $ | – | |||||
| Series Ambleside Park 19 | Lookwhogotlucky | $ | – | $ | – | |||||
| Series Amers | Amers | $ | – | $ | – | |||||
| Series Apple Down Under 19 | Howboutdemapples | $ | – | $ | – | |||||
| Series Arch Support 20 | Captain Sparrow | $ | – | $ | – | |||||
| Series Ari the Adventurer 19 | Kanthari | $ | – | $ | – | |||||
| Series Athenian Beauty 19 | Quantum Theory | $ | – | $ | – | |||||
| 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 Blip Says Bye 23 | Misstrial | $ | – | $ | – | |||||
| Series Blue Curl 22 | Isle Blue | $ | – | $ | – | |||||
| Series Blue Devil | Blue Devil | $ | – | $ | – | |||||
| Series Brandy 22 | Authentic Spirit | $ | 149,032 | $ | – | |||||
| Series Bullion | Bullion | $ | – | $ | – | |||||
| Series Cairo Kiss | Cairo Kiss | $ | – | $ | – | |||||
| Series Carrothers | Carrothers | $ | – | $ | – | |||||
| Series Cayala 19 | Provocateur | $ | – | $ | – | |||||
| Series Celestial Moon | Celestial Moon | $ | – | $ | – | |||||
| Series Chad Brown Bundle | Chad Brown Bundle | $ | – | $ | – | |||||
| Series Claire De Lune 22 | Moonlit Courage | $ | – | $ | – | |||||
| Series Classic Cut | Classic Cut | $ | – | $ | – | |||||
| Series Classofsixtythree 19 | Sixtythreecaliber | $ | – | $ | – | |||||
| Series Co Cola 19 | Search Engine | $ | – | $ | – | |||||
| Series Collusion Illusion | Collusion Illusion | $ | – | $ | – | |||||
| Series Consecrate 19 | Sacred Beauty | $ | – | $ | – | |||||
| Series Courtisane 19 | Tap the Gavel | $ | – | $ | – | |||||
| Series Crown It 21 | Normandy Queen | $ | – | $ | – | |||||
| Series Daddys Joy | Daddy's Joy | $ | – | $ | – | |||||
| Series Dancing Crane | Dancing Crane | $ | – | $ | – | |||||
| 32 |
| Series Daring Dancer 20 | Boppy | $ | – | $ | – | |||||
| Series De Mystique 17 | Dancing Destroyer | $ | – | $ | – | |||||
| Series Deep Cover | Deep Cover | $ | – | $ | – | |||||
| Series Demogorgon | Demogorgon | $ | – | $ | – | |||||
| Series Desire Street 19 | Always Hopeful | $ | – | $ | – | |||||
| Series Echo Warrior 19 | Hero Status | $ | – | $ | – | |||||
| Series Edge Classic Colts Package | The Classic Colt Package | $ | 48,430 | $ | – | |||||
| Series Edge Racing Summer Fun-d | Summer Fun | $ | – | $ | – | |||||
| Series Elarose 21 | Secret Crush | $ | 39,667 | $ | – | |||||
| Series Enchante 21 | Simply Enchanting | $ | – | $ | – | |||||
| Series Escape Route | Escape Route | $ | – | $ | – | |||||
| Series Essential Rose 20 | Rosie's Alibi | $ | – | $ | – | |||||
| Series Exonerated 19 | Above Suspicion | $ | – | $ | – | |||||
| Series Eyepopnruby 23 | My Eyes on You | $ | – | $ | – | |||||
| Series Fenwick Hall 20 | Inspector | $ | – | $ | – | |||||
| Series Flora Dora 20 | Spun Intended | $ | – | $ | – | |||||
| Series Forever Rose | Forever Rose | $ | – | $ | – | |||||
| Series Formidable Kitt 22 | Elite Heat | $ | – | $ | – | |||||
| Series Frosted Oats | Frosted Oats | $ | – | $ | – | |||||
| Series Future Stars Stable | Future Stars Stable | $ | – | $ | 19,577 | |||||
| Series Gentleman Gerry | Gentleman Gerry | $ | – | $ | – | |||||
| Series Giant Mover 21 | Sweet as Sin | $ | 17,100 | $ | – | |||||
| Series Going to Vegas | Going to Vegas | $ | – | $ | – | |||||
| Series Got Stormy | Got Stormy | $ | – | $ | – | |||||
| Series Grand Traverse Bay 19 | Cornice Traverse | $ | – | $ | – | |||||
| Series Grand Traverse Bay 20 | Sun Valley Road | $ | – | $ | – | |||||
| Series Great Hot 23 | Raging Inferno | $ | – | $ | – | |||||
| Series Heaven Street | Heaven Street | $ | – | $ | – | |||||
| Series Helicopter Money | Helicopter Money | $ | – | $ | – | |||||
| Series High Speed Goldie 21 | Flamekeeper | $ | – | $ | – | |||||
| Series Im A Looker 20 | Pioneer Prince | $ | – | $ | – | |||||
| Series Into Summer 19 | Malibu Mayhem | $ | – | $ | – | |||||
| Series Ishvana 21 | Ishvana 21 | $ | – | $ | (68,460 | ) | ||||
| Series Just Like Lucy 23 | Love Like Lucy | $ | – | $ | – | |||||
| Series Just Louise 19 | Forbidden Kingdom | $ | – | $ | 141,943 | |||||
| Series Keertana 18 | American Heiress | $ | – | $ | – | |||||
| Series Kiana's Love | Kiana's Love | $ | – | $ | – | |||||
| Series Kichiro | Kichiro | $ | – | $ | – | |||||
| Series Kindle 21 | A Day to Remember | $ | – | $ | – | |||||
| Series Knarsdale 21 | Seismic Beauty | $ | – | $ | – |
| 33 |
| Series Lane Way | Lane Way | $ | – | $ | – | |||||
| Series Latte Da 19 | Inalattetrouble | $ | – | $ | – | |||||
| Series Lazy Daisy | Lazy Daisy | $ | – | $ | – | |||||
| Series Le Relais 20 | Show Your Cards | $ | – | $ | – | |||||
| Series Lost Empire 19 | Laforgia | $ | – | $ | – | |||||
| Series Lovesick 21 | Here's the Kicker | $ | – | $ | – | |||||
| Series Madarnas | Madamas | $ | – | $ | – | |||||
| Series Madiera Wine | Madiera Wine | $ | – | $ | – | |||||
| Series Magic Belle 23 | Mystical Belle | $ | – | $ | – | |||||
| Series Major Implications | Major Implications | $ | – | $ | – | |||||
| Series Malibu Bonnie 23 | Munny Problem | $ | – | $ | – | |||||
| Series Man Among Men | Man Among Men | $ | – | $ | 80,920 | |||||
| Series Margaret Reay 19 | A Mo Reay | $ | – | $ | – | |||||
| Series Margarita Friday 19 | Straight No Chaser | $ | (1,312,500 | ) | $ | – | ||||
| Series Martita Sangrita 17 | Carpe Vinum | $ | – | $ | – | |||||
| Series Mayan Milagra 19 | Tepeu | $ | – | $ | – | |||||
| Series Midnight Sweetie 19 | Dolce Notte | $ | – | $ | – | |||||
| Series Miss Puzzle | Miss Puzzle | $ | – | $ | – | |||||
| Series Miss Sakamoto | Miss Sakamoto | $ | – | $ | 28,008 | |||||
| Series Mo Mischief | Mo Mischief | $ | – | $ | – | |||||
| Series Mo Temptation | Mo Temptation | $ | – | $ | (45,398 | ) | ||||
| Series Monomoy Girl | Monomoy Girl | $ | – | $ | – | |||||
| Series Moonbow 20 | Cumberland Falls | $ | – | $ | (1,970 | ) | ||||
| Series Moonless Sky | Moonless Sky | $ | – | $ | – | |||||
| Series More Than Magic 21 | Time is Magic | $ | 28,817 | $ | – | |||||
| Series Motion Emotion | Motion Emotion | $ | – | $ | – | |||||
| Series Mrs Whistler | Mrs Whistler | $ | – | $ | – | |||||
| Series My Fast One 20 | One Fast Dream | $ | – | $ | (40,092 | ) | ||||
| Series Naismith | Naismith | $ | – | $ | – | |||||
| Series National Road | National Road | $ | – | $ | – | |||||
| Series New York Claiming Package | New York Claiming Package | $ | – | $ | – | |||||
| Series Night of Idiots | Night of Idiots | $ | – | $ | – | |||||
| Series Nileist | Neleist | $ | – | $ | – | |||||
| Series Noble Goddess | Noble Goddess | $ | – | $ | – | |||||
| Series Northern Smile 20 | Pep Rally | $ | – | $ | (32,158 | ) | ||||
| Series NY Exacta | NY Exacta | $ | – | $ | – | |||||
| Series One Last Night 21 | Fancy Quality | $ | 8,618 | $ | – | |||||
| Series Our Jenny B 21 | Vino Grigio | $ | – | $ | – | |||||
| Series Our Miss Jones 19 | Celebrity News | $ | – | $ | – | |||||
| Series Palace Foal | Palace Foal | $ | – | $ | – |
| 34 |
| Series Patsys Kim 21 | Lady Blitz | $ | – | $ | – | |||||
| Series Popular Demand | Popular Demand | $ | – | $ | – | |||||
| Series Power Up Paynter | Power Up Paynter | $ | – | $ | – | |||||
| Series Queen Amira 19 | Regal Rebel | $ | – | $ | – | |||||
| Series Race Hunter 19 | Chasing Time | $ | (40,000 | ) | $ | – | ||||
| Series Restless Rider 23 | Restless Rider | $ | – | $ | – | |||||
| Series Salute to America | Salute to America | $ | – | $ | – | |||||
| Series Sarrocchi 21 | Legitify | $ | – | $ | (108,252 | ) | ||||
| Series Sauce on Side | Sauce on Side | $ | – | $ | – | |||||
| Series Savvy Sassy 22 | Real Savvy | $ | – | $ | – | |||||
| Series Seeking a Star 23 | Sirius Pursuit | $ | – | $ | – | |||||
| Series Shake It Up Baby | Shake IT Up Baby | $ | – | $ | – | |||||
| Series Sigesmund | Sigesmund | $ | – | $ | – | |||||
| Series Silverpocketsfull 19 | Iron Works | $ | – | $ | – | |||||
| Series Smart Shopping 21 | Seize the Grey | $ | 8,558 | $ | – | |||||
| Series Social Dilemma | Social Dilemma | $ | – | $ | – | |||||
| Series Song of Bernadette 20 | Cable Boss | $ | – | $ | – | |||||
| Series Song of the Lark 21 | Fireball Birdie | $ | – | $ | – | |||||
| Series Soul Beam | Soul Beam | $ | – | $ | – | |||||
| Series Spanxamillion 23 | Native Brew | $ | – | $ | – | |||||
| Series Speightstown Belle 19 | Ancient Royalty | $ | – | $ | – | |||||
| Series Spirit 20 | Phantom Ride | $ | – | $ | 350 | |||||
| Series Squared Straight | Squared Straight | $ | – | $ | – | |||||
| Series Stay Fabulous | Stay Fabulous | $ | – | $ | (6,750 | ) | ||||
| Series STG Broodmare Band | The STG Broodmare Band | $ | – | $ | – | |||||
| Series Stirred 23 | Stirred 23 | $ | – | $ | – | |||||
| Series Storm Shooter | Storm Shooter | $ | – | $ | – | |||||
| Series Street Band | Street Band | $ | – | $ | – | |||||
| Series Stylishly 23 | Black Tie Optional | $ | – | $ | – | |||||
| Series Sunny 18 | Solar Strike | $ | – | $ | – | |||||
| Series Sunsanddrinkinhand | Sunsanddrinkinhand | $ | – | $ | – | |||||
| Series Sweet Sweet Annie 19 | In Due Time | $ | – | $ | – | |||||
| Series Swiss Minister | Swiss Minister | $ | – | $ | – | |||||
| Series Takeo Squared | Takeo Squared | $ | – | $ | – | |||||
| Series Tamboz 21 | Catalyst | $ | – | $ | – | |||||
| Series Tapitry 19 | Infinite Empire | $ | – | $ | – | |||||
| Series Tavasco Road | Tavasco Road | $ | – | $ | – | |||||
| Series Tell All 19 | Walk the Talk | $ | – | $ | – | |||||
| Series Tell the Duchess 19 | Duke of Love | $ | – | $ | – | |||||
| Series Thank You Note 23 | Commissioned | $ | – | $ | – |
| 35 |
| Series The Filly Four | The Filly Four | $ | – | $ | – | |||||
| Series The Incredi-Bundle | The Incredi-Bundle | $ | – | $ | – | |||||
| Series The New York Bundle | The New York Bundle | $ | – | $ | (42,620 | ) | ||||
| Series The Royal Duet | The Royal Duet | $ | – | $ | – | |||||
| Series Thirteen Stripes | Thirteen Stripes | $ | – | $ | – | |||||
| Series Timeless Trick 20 | Interstellar | $ | – | $ | – | |||||
| Series Tizamagician | Tizamagician | $ | – | $ | – | |||||
| Series Trust But Verify | Trust But Verify | $ | – | $ | – | |||||
| Series Tufnel | Tufnel | $ | – | $ | – | |||||
| Series Twirl Girl 21 | Tonality | $ | – | $ | – | |||||
| Series Two Trail Sioux 17 | Annahilate | $ | – | $ | – | |||||
| Series Two Trail Sioux 17K | Two Trail Sioux 17K | $ | – | $ | – | |||||
| Series Utalknboutpractice | Utalknboutpractice | $ | – | $ | – | |||||
| Series Vertical Threat | Vertical Threat | $ | – | $ | – | |||||
| Series Vow | Vow | $ | – | $ | 11,997 | |||||
| Series War Safe | War Safe | $ | – | $ | – | |||||
| Series Wayne O | Wayne O | $ | – | $ | – | |||||
| Series Who Runs the World | Who Runs the World | $ | – | $ | – | |||||
| Series Whosbeeninmybed 19 | Micro Share | $ | – | $ | 52,687 | |||||
| Series Wildcat Gaze 23 | Wildcat Gaze 23 | $ | – | $ | – | |||||
| Series Without Delay 19 | Golden Quality | $ | – | $ | – | |||||
| Series Wonder Upon a Star 19 | Star Six Nine | $ | – | $ | – | |||||
| Series Yes This Time | Yes This Time | $ | – | $ | – | |||||
| Series You Make Luvin Fun 19 | Magical Ways | $ | – | $ | – | |||||
| Series Zestful | Zestfull | $ | – | $ | – | |||||
| $ | (1,052,279 | ) | $ | 5,221 |
As a result, the Company’s aggregate net loss across all series for the six-month periods ended June 30, 2025, and June 30, 2024 was
$2.029.683 and $2,545,468, respectively.
Liquidity and Capital Resources
During the six-month periods ended June 30, 2025, and June 30, 2024, 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 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.
| 36 |
Of the horses that were part of an offering as of June 30, 2025 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 Blip Says Bye 23 | Misstrial | 8/2/2025 |
| Series Eypopnruby 23 | My Eyes on You | 1/1/2026 |
| Series Just Like Lucy 23 | Love Like Lucy | 8/8/2025 |
| Series Magic Belle 23 | Mystical Belle | 7/27/2025 |
| Series Malibu Bonnie 23 | Munny Problem | 12/1/2025 |
| Series Restless Rider 23 | Restless Rider 23 | 4/1/2026 |
| Series Spanxamillion 23 | Native Brew | 8/8/2025 |
| Series Stirred 23 | Stirred 23 | 4/1/2026 |
| Series Thank you Note 23 | Commissioned | 1/1/2026 |
| Series Trust But Verify | Trust But Verify | 10/25/2025 |
| Series Wildcat Gaze 23 | Wildcat Gaze 23 | 4/1/2026 |
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, Convertible Promissory Note With Original Issue Discount, 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, 2025, 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, 2025, and June 30, 2024, the Company had a total of $2,575,065 and $1,805,562, respectively, in reserve funds held by the Manager for each series of an Underlying Asset as outlined below.
| 37 |
As of June 30, 2025, 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 | $ | – | $ | – | $ | – | - | ||||||||
| Series Adjust 20 | Jai Ho | $ | – | $ | – | $ | – | - | ||||||||
| Series Alliford Bay 21 | Sweet Voyage | $ | 43,680 | $ | – | $ | 43,680 | 7/30/2025 | ||||||||
| Series Arch Support 20 | Captain Sparrow | $ | 4,860 | $ | – | $ | 4,860 | - | ||||||||
| Series Ari the Adventurer 19 | Kanthari | $ | – | $ | – | $ | – | - | ||||||||
| Series Authentic | Authentic | $ | (187,724 | ) | $ | – | $ | (187,724 | ) | - | ||||||
| Series Bajan Bashert | Bajan Bashert | $ | – | $ | – | $ | – | - | ||||||||
| Series Balletic | Balletic | $ | – | $ | – | $ | – | - | ||||||||
| Series Blip Says Bye 23 | Misstrial | $ | 126,988 | $ | – | $ | 126,988 | 6/30/2027 | ||||||||
| Series Blue Curl 22 | Isle Blue | $ | 32,961 | $ | – | $ | 32,961 | 12/31/2025 | ||||||||
| Series Blue Devil | Blue Devil | $ | 44,901 | $ | (227,379 | ) | $ | (182,479 | ) | 12/31/2025 | ||||||
| Series Brandy 22 | Authentic Spirit | $ | – | $ | – | $ | – | - | ||||||||
| Series Celestial Moon | Celestial Moon | $ | – | $ | – | $ | – | - | ||||||||
| Series Chad Brown Bundle | Chad Brown Bundle | $ | – | $ | – | $ | – | - | ||||||||
| Series Claire De Lune 22 | Moonlit Courage | $ | 91,353 | $ | – | $ | 91,353 | 12/31/2026 | ||||||||
| Series Classic Cut | Classic Cut | $ | 4,103 | $ | – | $ | 4,103 | 7/30/2025 | ||||||||
| Series Classofsixtythree 19 | Sixtythreecaliber | $ | – | $ | – | $ | – | - | ||||||||
| Series Co Cola 19 | Search Engine | $ | – | $ | – | $ | – | - | ||||||||
| Series Courtisane 19 | Tap the Gavel | $ | – | $ | – | $ | – | - | ||||||||
| Series Crown It 21 | Normandy Queen | $ | (4,050 | ) | $ | – | $ | (4,050 | ) | - | ||||||
| Series Daring Dancer 20 | Dancing Crane | $ | – | $ | – | $ | – | - | ||||||||
| Series Deep Cover | Deep Cover | $ | – | $ | – | $ | – | - | ||||||||
| Series Demogorgon | Demogorgon | $ | – | $ | – | $ | – | - | ||||||||
| Series Desire Street 19 | Always Hopeful | $ | – | $ | – | $ | – | - | ||||||||
| Series Echo Warrior 19 | Hero Status | $ | – | $ | – | $ | – | - | ||||||||
| Series Edge Classic Colts Package | The Classic Colt Package | $ | 14,993 | $ | – | $ | 14,993 | 9/30/2025 | ||||||||
| Series Edge Racing Summer Fun-d | Summer Fun | $ | – | $ | – | $ | – | - | ||||||||
| Series Elarose 21 | Secret Crush | $ | – | $ | – | $ | – | - | ||||||||
| Series Enchante 21 | Simply Enchanting | $ | 24,749 | $ | – | $ | 24,749 | 11/30/2025 | ||||||||
| Series Escape Route | Escape Route | $ | – | $ | – | $ | – | - | ||||||||
| Series Essential Rose 20 | Rosie's Alibi | $ | – | $ | – | $ | – | - | ||||||||
| Series Exonerated 19 | Above Suspicion | $ | – | $ | – | $ | – | - | ||||||||
| Series Eyepopnruby 23 | My Eyes on You | $ | 92,460 | $ | (102,694 | ) | $ | (10,234 | ) | 5/30/2027 | ||||||
| Series Fenwick Hall 20 | Inspector | $ | – | $ | – | $ | – | - | ||||||||
| Series Flora Dora 20 | Spun Intended | $ | – | $ | – | $ | – | - | ||||||||
| 38 |
| Series Forever Rose | Forever Rose | $ | – | $ | – | $ | – | - | ||||||||
| Series Formidable Kitt 22 | Elite Heat | $ | 88,987 | $ | – | $ | 88,987 | 12/31/2026 | ||||||||
| Series Frosted Oats | Frosted Oats | $ | – | $ | – | $ | – | - | ||||||||
| Series Future Stars Stable | Future Stars Stable | $ | – | $ | – | $ | – | - | ||||||||
| Series Gentleman Gerry | Gentleman Gerry | $ | – | $ | – | $ | – | - | ||||||||
| Series Giant Mover 21 | Sweet as Sin | $ | – | $ | – | - | ||||||||||
| Series Grand Traverse Bay 20 | Cornice Traverse | $ | – | $ | – | $ | – | - | ||||||||
| Series Great Hot 23 | Raging Inferno | $ | 116,719 | $ | (280,000 | ) | $ | (163,281 | ) | 5/30/2027 | ||||||
| Series Heaven Street | Heaven Street | $ | – | $ | – | $ | – | - | ||||||||
| Series Helicopter Money | Helicopter Money | $ | – | $ | – | $ | – | - | ||||||||
| Series High Speed Goldie 21 | Flamekeeper | $ | – | $ | – | $ | – | - | ||||||||
| Series Im A Looker 20 | Pioneer Prince | $ | – | $ | – | $ | – | - | ||||||||
| Series Ishvana 21 | Ishvana 21 | $ | – | $ | – | $ | – | - | ||||||||
| Series Just Like Lucy 23 | Love Like Lucy | $ | 101,525 | $ | (255 | ) | $ | 101,270 | 5/30/2027 | |||||||
| Series Just Louise 19 | Forbidden Kingdom | $ | – | $ | – | $ | – | - | ||||||||
| Series Kindle 21 | A Day to Remember | $ | 53,341 | $ | – | $ | 53,341 | 3/31/2026 | ||||||||
| Series Knarsdale 21 | Seismic Beauty | $ | 19,362 | $ | – | $ | 19,362 | 7/30/2025 | ||||||||
| Series Lane Way | Lane Way | $ | – | $ | – | $ | – | - | ||||||||
| Series Lovesick 21 | Here's the Kicker | $ | 29,758 | $ | – | $ | 29,758 | 12/31/2025 | ||||||||
| Series Magic Belle 23 | Mystical Belle | $ | 88,782 | $ | – | $ | 88,782 | 5/30/2027 | ||||||||
| Series Malibu Bonnie 23 | Munny Problem | $ | 132,079 | $ | 0 | $ | 132,079 | 6/30/2027 | ||||||||
| Series Man Among Men | Man Among Men | $ | – | $ | – | $ | – | - | ||||||||
| Series Margarita Friday 19 | Straight No Chaser | $ | 155,005 | $ | – | $ | 155,005 | 7/30/2025 | ||||||||
| Series Mayan Milagra 19 | Tepeu | $ | – | $ | – | $ | – | - | ||||||||
| Series Miss Sakamoto | Miss Sakamoto | $ | – | $ | – | $ | – | - | ||||||||
| Series Mo Temptation | Mo Temptation | $ | – | $ | – | $ | – | - | ||||||||
| Series Moonbow 20 | Cumberland Falls | $ | – | $ | – | $ | – | - | ||||||||
| Series More Than Magic 21 | Time is Magic | $ | (3,700 | ) | $ | – | $ | (3,700 | ) | - | ||||||
| Series Mrs Whistler | Mrs Whistler | $ | – | $ | – | $ | – | - | ||||||||
| Series My Fast One 20 | One Fast Dream | $ | – | $ | – | $ | – | - | ||||||||
| Series Naismith | Naismith | $ | – | $ | – | $ | – | - | ||||||||
| Series National Road | National Road | $ | – | $ | – | $ | – | - | ||||||||
| Series Northern Smile 20 | Pep Rally | $ | – | $ | – | $ | – | - | ||||||||
| Series NY Exacta | NY Exacta | $ | – | $ | – | $ | – | - | ||||||||
| Series Ocean Magic 18 | Palace Foal | $ | (6,171 | ) | $ | – | $ | (6,171 | ) | - | ||||||
| Series One Last Night 21 | Fancy Quality | $ | – | $ | – | $ | – | - | ||||||||
| Series Our Jenny B 21 | Vino Grigio | $ | 6,451 | $ | – | $ | 6,451 | 7/30/2025 | ||||||||
| Series Our Miss Jones 19 | Celebrity News | $ | – | $ | – | $ | – | - | ||||||||
| Series Patsys Kim 21 | Lady Blitz | $ | – | $ | – | $ | – | - | ||||||||
| Series Race Hunter 19 | Chasing Time | $ | – | $ | – | $ | – | - | ||||||||
| Series Salute to America | Salute to America | $ | – | $ | – | $ | – | - | ||||||||
| Series Restless Rider 23 | Restless Rider 23 | $ | 216,869 | $ | (862,750 | ) | $ | (645,881 | ) | 6/30/2027 | ||||||
| Series Sarrocchi 21 | Legitify | $ | – | $ | – | $ | – | - | ||||||||
| Series Savvy Sassy 22 | Real Savvy | $ | 26,479 | $ | – | $ | 26,479 | 8/31/2025 |
| 39 |
| Series Seeking a Star 23 | Sirius Pursuit | $ | 85,015 | $ | (4,257 | ) | $ | 80,758 | 9/30/2026 | |||||||
| Series Silverpocketsfull 19 | Iron Works | $ | – | $ | – | $ | – | - | ||||||||
| Series Smart Shopping 21 | Seize the Grey | $ | 94,832 | $ | – | $ | 94,832 | 9/28/2026 | ||||||||
| Series Song of Bernadette 20 | Cable Boss | $ | – | $ | – | $ | – | - | ||||||||
| Series Song of the Lark 21 | Fireball Birdie | $ | 18,059 | $ | – | $ | 18,059 | 9/30/2025 | ||||||||
| Series Spanxamillion 23 | Native Brew | $ | 116,553 | $ | – | $ | 116,553 | 6/30/2027 | ||||||||
| Series Spirit 20 | Phantom Ride | $ | – | $ | – | $ | – | - | ||||||||
| Series Stay Fabulous | Stay Fabulous | $ | – | $ | – | $ | – | - | ||||||||
| Series STG Broodmare Band | The STG Broodmare Band | $ | 141,025 | $ | – | $ | 141,025 | 11/30/2026 | ||||||||
| Series Stirred 23 | Stirred 23 | $ | 138,112 | $ | (380,625 | ) | $ | (242,513 | ) | 6/30/2027 | ||||||
| Series Stylishly 23 | Black Tie Optional | $ | 131,193 | $ | – | $ | 131,193 | 6/30/2027 | ||||||||
| Series Sweet Sweet Annie 19 | In Due Time | $ | – | $ | – | $ | – | - | ||||||||
| Series Tamboz 21 | Catalyst | $ | 49,147 | $ | – | $ | 49,147 | 3/31/2026 | ||||||||
| Series Tapitry 19 | Infinite Empire | $ | – | $ | – | $ | – | - | ||||||||
| Series Tell the Duchess 19 | Duke of Love | $ | (138,322 | ) | $ | – | $ | (138,322 | ) | - | ||||||
| Series Thank You Note 23 | Commissioned | $ | 163,302 | $ | – | $ | 163,302 | 6/30/2027 | ||||||||
| Series The Filly Four | The Filly Four | $ | – | $ | – | $ | – | - | ||||||||
| Series The Incredi-Bundle | The Incredi-Bundle | $ | 81,612 | $ | – | $ | 81,612 | 12/31/2025 | ||||||||
| Series The New York Bundle | The New York Bundle | $ | 119,413 | $ | – | $ | 119,413 | 12/31/2025 | ||||||||
| Series The Royal Duet | The Royal Duet | $ | – | $ | – | $ | – | - | ||||||||
| Series Thirteen Stripes | Thirteen Stripes | $ | – | $ | – | $ | – | - | ||||||||
| Series Timeless Trick 20 | Interstellar | $ | – | $ | – | $ | – | - | ||||||||
| Series Trust But Verify | Trust But Verify | $ | 191,899 | $ | (62,077 | ) | $ | 129,821 | 4/30/2027 | |||||||
| Series Tufnel | Tufnel | $ | – | $ | – | $ | – | - | ||||||||
| Series Twirl Girl 21 | Tonality | $ | – | $ | – | $ | – | - | ||||||||
| Series Vow | Vow | $ | – | $ | – | $ | – | - | ||||||||
| Series War Safe | War Safe | $ | – | $ | – | $ | – | - | ||||||||
| Series Who Runs the World | Who Runs the World | $ | – | $ | – | $ | – | - | ||||||||
| Series Whosbeeninmybed 19 | Micro Share | $ | – | $ | – | $ | – | - | ||||||||
| Series Wildcat Gaze 23 | Wildcat Gaze 23 | $ | 89,933 | $ | (156,310 | ) | $ | (66,377 | ) | 6/30/2027 | ||||||
| Series Yes This Time | Yes This Time | $ | – | $ | – | $ | – | - | ||||||||
| Series You Make Luvin Fun 19 | Magical Ways | $ | – | $ | – | $ | – | - | ||||||||
| Totals | $ | 2,596,534 | $ | (2,076,348 | ) | $ | 520,187 |
| 40 |
The cash reserves for Operating Expenses, including Upkeep Fees, for each Series are estimated to last through the time period set forth in the table above in “Liquidity and Capital Resources”. The purchase price of such Underlying Assets typically includes such reserves for Operating Expenses through at least through the time period set forth in the table above. In the Offerings, 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.
Series Interests
As of June 30, 2025, the Company raised a total of $57,993,025 in gross proceeds in exchange for series interests in various Underlying Assets (See our financial statements and “Note 6 – Members’ Equity” for more detail):
| Underlying Asset | Shares Offered | Shares Tendered | Series Subscriptions |
| Authentic | 12,500 | 12,500 | 2,575,000 |
| The Filly Four | 8,000 | 8,000 | 1,440,000 |
| The STG Broodmare Band | 5,000 | 5,000 | 1,175,000 |
| Chad Brown Bundle | 5,000 | 5,000 | 1,170,000 |
| The New York Bundle | 5,100 | 5,100 | 1,147,500 |
| Black Tie Optional | 5,000 | 5,000 | 1,140,000 |
| The Incredi-Bundle | 10,200 | 10,200 | 1,101,600 |
| Rosie's Alibi | 10,000 | 10,000 | 1,050,000 |
| The Royal Duet | 5,100 | 5,100 | 1,030,200 |
| Trust But Verify | 13,333 | 12,221 | 941,017 |
| Native Brew | 5,000 | 5,000 | 870,000 |
| Balletic | 10,000 | 10,000 | 800,000 |
| Munny Problem | 10,000 | 10,000 | 790,000 |
| Misstrial | 10,000 | 10,000 | 780,000 |
| Authentic Spirit | 9,000 | 9,000 | 765,000 |
| Collusion Illusion | 25,000 | 25,000 | 750,000 |
| Big Mel | 6,000 | 6,000 | 726,000 |
| Commissioned | 5,000 | 5,000 | 720,000 |
| Catalyst | 6,500 | 6,500 | 669,500 |
| Lady Blitz | 5,000 | 5,000 | 665,000 |
| Elite Heat | 5,000 | 5,000 | 660,000 |
| Legitify | 5,000 | 5,000 | 640,000 |
| Secret Crush | 10,000 | 10,000 | 640,000 |
| Seize the Grey | 5,000 | 5,000 | 635,000 |
| Simply Enchanting | 6,000 | 6,000 | 594,000 |
| Pioneer Prince | 4,000 | 4,000 | 580,000 |
| Seismic Beauty | 5,100 | 5,100 | 571,200 |
| Wayne O | 6,000 | 6,000 | 570,000 |
| 41 |
| The Classic Colt Package | 40 | 40 | 569,520 |
| Real Savvy | 3,750 | 3,750 | 555,000 |
| Search Engine | 5,100 | 5,100 | 540,600 |
| Lane Way | 6,000 | 6,000 | 540,000 |
| Who Runs the World | 5,100 | 5,100 | 530,400 |
| Chasing Time | 10,000 | 10,000 | 520,000 |
| Here's the Kicker | 13,333 | 13,333 | 519,987 |
| Carrothers | 5,100 | 5,100 | 515,100 |
| Classic Cut | 10,000 | 10,000 | 510,000 |
| American Heiress | 5,100 | 5,100 | 510,000 |
| Future Stars Stable | 10,000 | 10,000 | 500,000 |
| Show Your Cards | 3,000 | 3,000 | 495,000 |
| Cable Boss | 5,100 | 5,100 | 494,700 |
| Tap the Gavel | 10,000 | 10,000 | 490,000 |
| Monomoy Girl | 10,200 | 10,200 | 469,200 |
| NY Exacta | 2,000 | 2,000 | 456,000 |
| Iron Works | 5,100 | 5,100 | 453,900 |
| Magical Ways | 6,000 | 6,000 | 450,000 |
| Going to Vegas | 5,100 | 5,100 | 438,600 |
| Kanthari | 5,100 | 5,100 | 433,500 |
| Adaay in Asia | 5,100 | 5,100 | 418,200 |
| Moonlit Courage | 5,000 | 5,000 | 415,000 |
| Isle Blue | 5,100 | 5,100 | 413,100 |
| Love Like Lucy | 5,100 | 5,100 | 392,700 |
| A Day to Remember | 5,500 | 5,500 | 390,500 |
| Solar Strike | 6,000 | 6,000 | 390,000 |
| Mo Mischief | 5,100 | 5,100 | 382,500 |
| Micro Share | 5,100 | 5,100 | 377,400 |
| Provocateur | 4,100 | 4,100 | 373,100 |
| Star Six Nine | 10,000 | 10,000 | 370,000 |
| Mystical Belle | 300 | 300 | 360,000 |
| Vow | 2,000 | 2,000 | 358,000 |
| Laforgia | 10,200 | 10,200 | 357,000 |
| Sirius Pursuit | 3,000 | 2,997 | 353,646 |
| Fireball Birdie | 2,550 | 2,550 | 349,350 |
| Sweet Voyage | 3,750 | 3,750 | 348,750 |
| Hero Status | 6,000 | 6,000 | 348,000 |
| Fancy Quality | 3,000 | 3,000 | 339,000 |
| Cornice Traverse | 750 | 750 | 335,250 |
| Straight No Chaser | 2,000 | 2,000 | 332,000 |
| 42 |
| One Fast Dream | 2,000 | 2,000 | 330,000 |
| Regal Rebel | 2,000 | 2,000 | 330,000 |
| Miss Sakamoto | 6,000 | 6,000 | 324,000 |
| Storm Shooter | 2,000 | 2,000 | 324,000 |
| Tufnel | 5,200 | 5,200 | 322,400 |
| Action Bundle | 10,000 | 10,000 | 310,000 |
| Stay Fabulous | 2,500 | 2,500 | 310,000 |
| Mo Temptation | 3,500 | 3,500 | 304,500 |
| Naismith | 2,000 | 2,000 | 304,000 |
| Can't Hush This | 1,800 | 1,800 | 295,200 |
| War Safe | 2,000 | 2,000 | 292,000 |
| Duke of Love | 2,000 | 2,000 | 284,000 |
| Mrs Whistler | 2,000 | 2,000 | 274,000 |
| Salute to America | 1,000 | 1,000 | 273,000 |
| My Eyes on You | 5,100 | 3,307 | 261,253 |
| Phantom Ride | 3,000 | 3,000 | 252,000 |
| Malibu Mayhem | 650 | 650 | 250,900 |
| Summer Fun | 50 | 50 | 250,000 |
| Popular Demand | 1,020 | 1,020 | 248,880 |
| A Mo Reay | 820 | 820 | 246,820 |
| Inspector | 1,200 | 1,200 | 242,400 |
| Forbidden Kingdom | 1,020 | 1,020 | 233,580 |
| Celestial Moon | 20 | 20 | 230,000 |
| Got Stormy | 5,100 | 5,100 | 229,500 |
| Thirteen Stripes | 1,000 | 1,000 | 229,000 |
| Man Among Men | 820 | 820 | 223,860 |
| Infinite Empire | 820 | 820 | 223,860 |
| Normandy Queen | 15 | 15 | 217,500 |
| Cumberland Falls | 2,500 | 2,500 | 215,000 |
| Always Hopeful | 1,020 | 1,020 | 205,020 |
| Helicopter Money | 3,000 | 3,000 | 201,000 |
| Sixtythreecaliber | 1,000 | 1,000 | 193,000 |
| Carpe Vinum | 600 | 600 | 192,000 |
| Tizamagician | 600 | 600 | 192,000 |
| Celebrity News | 1,200 | 1,200 | 187,200 |
| Time is Magic | 12 | 12 | 180,000 |
| Deep Cover | 800 | 800 | 176,000 |
| Frosted Oats | 4,100 | 4,100 | 172,200 |
| Tepeu | 20 | 20 | 170,000 |
| Amandrea | 550 | 550 | 162,250 |
| 43 |
| Bajan Bashert | 16 | 16 | 160,000 |
| Gentleman Gerry | 20 | 20 | 155,000 |
| In Due Time | 20 | 20 | 150,000 |
| Tonality | 20 | 20 | 150,000 |
| Heaven Street | 20 | 20 | 150,000 |
| Lazy Daisy | 1,250 | 1,250 | 143,750 |
| Inalattetrouble | 4,100 | 4,100 | 143,500 |
| National Road | 20 | 20 | 140,000 |
| Pep Rally | 20 | 20 | 140,000 |
| Golden Quality | 20 | 20 | 140,000 |
| Above Suspicion | 820 | 820 | 138,580 |
| Jai Ho | 10 | 10 | 135,000 |
| Annahilate | 450 | 450 | 135,000 |
| Flamekeeper | 13 | 13 | 130,000 |
| Yes This Time | 10 | 10 | 129,520 |
| Demogorgon | 20 | 20 | 128,000 |
| Walk the Talk | 12 | 12 | 126,000 |
| Vertical Threat | 600 | 600 | 126,000 |
| Ancient Royalty | 900 | 900 | 125,100 |
| Dancing Crane | 20 | 20 | 122,000 |
| Dolce Notte | 820 | 820 | 121,360 |
| Vino Grigio | 20 | 20 | 120,000 |
| Power Up Paynter | 600 | 600 | 114,000 |
| Sweet as Sin | 110 | 110 | 113,630 |
| Captain Sparrow | 10 | 10 | 112,000 |
| Daddy's Joy | 600 | 600 | 108,000 |
| Howboutdemapples | 600 | 600 | 103,800 |
| Boppy | 750 | 750 | 101,250 |
| Spun Intended | 10 | 10 | 100,000 |
| Halofied | 20 | 20 | 100,000 |
| Sunsanddrinkinhand | 20 | 20 | 100,000 |
| Interstellar | 12 | 12 | 93,000 |
| Sun Valley Road | 750 | 750 | 90,750 |
| Blue Devil | 5,100 | 1,112 | 89,100 |
| Motion Emotion | 1,020 | 1,020 | 85,680 |
| Social Dilemma | 510 | 510 | 85,170 |
| Quantum Theory | 1,800 | 1,800 | 84,600 |
| Lookwhogotlucky | 410 | 410 | 84,050 |
| New York Claiming Package | 510 | 510 | 71,400 |
| Sacred Beauty | 410 | 410 | 64,370 |
| 44 |
| Escape Route | 10 | 10 | 62,952 |
| Street Band | 50 | 50 | 61,500 |
| Madiera Wine | 20 | 20 | 50,000 |
| Cairo Kiss | 80 | 80 | 44,400 |
| Squared Straight | 150 | 150 | 40,500 |
| Soul Beam | 65 | 65 | 39,650 |
| Bella Chica | 100 | 100 | 38,000 |
| Dancing Destroyer | 250 | 250 | 35,000 |
| Noble Goddess | 300 | 300 | 33,000 |
| Shake It Up Baby | 250 | 250 | 32,500 |
| Zestful | 100 | 100 | 32,000 |
| Miss Puzzle | 125 | 125 | 31,250 |
| Sauce on Side | 125 | 125 | 30,000 |
| Utalknboutpractice | 100 | 100 | 30,000 |
| Two Trail Sioux 17K | 1 | 1 | 29,720 |
| Takeo Squared | 100 | 100 | 27,000 |
| Kichiro | 200 | 200 | 26,000 |
| Kiana's Love | 200 | 200 | 24,000 |
| Nileist | 45 | 45 | 23,850 |
| Moonless Sky | 200 | 200 | 22,000 |
| Sigesmund | 200 | 200 | 20,000 |
| Night of Idiots | 80 | 80 | 20,000 |
| Tavasco Road | 80 | 80 | 18,400 |
| Madarnas | 50 | 50 | 17,500 |
| Swiss Minister | 50 | 50 | 14,000 |
| Bullion | 25 | 25 | 11,750 |
| Amers | 75 | 75 | 10,500 |
| Major Implications | 20 | 20 | 4,600 |
| Forever Rose | 1,250 | – | – |
| Ishvana 21 | – | – | – |
| Restless Rider | – | – | – |
| Stirred 23 | – | – | – |
| Wildcat Gaze 23 | – | – | – |
| Raging Inferno | – | – | – |
| Palace Foal | – | – | – |
| Total | 538,262 | 530,116 | 57,993,025 |
| 45 |
Advances From Manager
To fund its organizational and start-up activities as well as to advance funds on behalf of a series to purchase horse assets, the Manager has covered the expenses and costs of the Company and its series thus far on a non-interest-bearing extension of revolving credit. The Company will evaluate when is best to repay the Manager depending on operations and fundraising ability. In general, the Company will repay the Manager for funds extended to acquire horse assets from the series subscription proceeds (less the applicable management fee), as they are received.
Additionally, the Manager maintains cash reserves on behalf of each of the series of the Company to cover expenses of the series’ operations (See Note 4).
Related Party Transactions
The Company’s Manager has advanced funds to and holds cash reserves on behalf of various of the Company’s series funds. See Note 4, Note 5, and Note 7 to Financial Statements as of June 30, 2025 for further discussions. Additionally, the Manager maintains cash reserves on behalf of each of the series of the Company to cover expenses of the series’ operations.
Series Cash Reserves
During the six-month period ended June 30, 2025, the Company had a total of $1,458,507 in reserve held by the Manager for each series of an Underlying Asset as outlined below. In addition, the Manager is owed $1,746,019 for acquisition loans made by the Manager as outlined below.
As of June 30, 2025, the Company’s positions of reserve funds and borrowings 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 | ||||||||||
| Series Action Bundle | Action Bundle | $ | – | $ | – | $ | – | |||||||
| Series Adaay in Asia | Adaay in Asia | $ | – | $ | – | $ | – | |||||||
| Series Adjust 20 | Jai Ho | $ | – | $ | – | $ | – | |||||||
| Series Alliford Bay 21 | Sweet Voyage | $ | 43,680 | $ | – | $ | 43,680 | |||||||
| Series Arch Support 20 | Captain Sparrow | $ | 4,860 | $ | – | $ | 4,860 | |||||||
| Series Ari the Adventurer 19 | Kanthari | $ | – | $ | – | $ | – | |||||||
| Series Authentic | Authentic | $ | (187,724 | ) | $ | – | $ | (187,724 | ) | |||||
| Series Bajan Bashert | Bajan Bashert | $ | – | $ | – | $ | – | |||||||
| Series Balletic | Balletic | $ | – | $ | – | $ | – | |||||||
| Series Blip Says Bye 23 | Misstrial | $ | 126,988 | $ | – | $ | 126,988 | |||||||
| Series Blue Curl 22 | Isle Blue | $ | 32,961 | $ | – | $ | 32,961 | |||||||
| Series Blue Devil | Blue Devil | $ | 44,901 | $ | (227,379 | ) | $ | (182,479 | ) | |||||
| Series Brandy 22 | Authentic Spirit | $ | – | $ | – | $ | – | |||||||
| Series Celestial Moon | Celestial Moon | $ | – | $ | – | $ | – | |||||||
| Series Chad Brown Bundle | Chad Brown Bundle | $ | – | $ | – | $ | – | |||||||
| Series Claire De Lune 22 | Moonlit Courage | $ | 91,353 | $ | – | $ | 91,353 | |||||||
| Series Classic Cut | Classic Cut | $ | 4,103 | $ | – | $ | 4,103 | |||||||
| Series Classofsixtythree 19 | Sixtythreecaliber | $ | – | $ | – | $ | – | |||||||
| Series Co Cola 19 | Search Engine | $ | – | $ | – | $ | – | |||||||
| Series Courtisane 19 | Tap the Gavel | $ | – | $ | – | $ | – | |||||||
| Series Crown It 21 | Normandy Queen | $ | (4,050 | ) | $ | – | $ | (4,050 | ) | |||||
| 46 |
| Series Daring Dancer 20 | Dancing Crane | $ | – | $ | – | $ | – | |||||||
| Series Deep Cover | Deep Cover | $ | – | $ | – | $ | – | |||||||
| Series Demogorgon | Demogorgon | $ | – | $ | – | $ | – | |||||||
| Series Desire Street 19 | Always Hopeful | $ | – | $ | – | $ | – | |||||||
| Series Echo Warrior 19 | Hero Status | $ | – | $ | – | $ | – | |||||||
| Series Edge Classic Colts Package | The Classic Colt Package | $ | 14,993 | $ | – | $ | 14,993 | |||||||
| Series Edge Racing Summer Fun-d | Summer Fun | $ | – | $ | – | $ | – | |||||||
| Series Elarose 21 | Secret Crush | $ | – | $ | – | $ | – | |||||||
| Series Enchante 21 | Simply Enchanting | $ | 24,749 | $ | – | $ | 24,749 | |||||||
| Series Escape Route | Escape Route | $ | – | $ | – | $ | – | |||||||
| Series Essential Rose 20 | Rosie's Alibi | $ | – | $ | – | $ | – | |||||||
| Series Exonerated 19 | Above Suspicion | $ | – | $ | – | $ | – | |||||||
| Series Eyepopnruby 23 | My Eyes on You | $ | 92,460 | $ | (102,694 | ) | $ | (10,234 | ) | |||||
| Series Fenwick Hall 20 | Inspector | $ | – | $ | – | $ | – | |||||||
| Series Flora Dora 20 | Spun Intended | $ | – | $ | – | $ | – | |||||||
| Series Forever Rose | Forever Rose | $ | – | $ | – | $ | – | |||||||
| Series Formidable Kitt 22 | Elite Heat | $ | 88,987 | $ | – | $ | 88,987 | |||||||
| Series Frosted Oats | Frosted Oats | $ | – | $ | – | $ | – | |||||||
| Series Future Stars Stable | Future Stars Stable | $ | – | $ | – | $ | – | |||||||
| Series Gentleman Gerry | Gentleman Gerry | $ | – | $ | – | $ | – | |||||||
| Series Giant Mover 21 | Sweet as Sin | $ | – | $ | – | |||||||||
| Series Grand Traverse Bay 20 | Cornice Traverse | $ | – | $ | – | $ | – | |||||||
| Series Great Hot 23 | Raging Inferno | $ | 116,719 | $ | (280,000 | ) | $ | (163,281 | ) | |||||
| Series Heaven Street | Heaven Street | $ | – | $ | – | $ | – | |||||||
| Series Helicopter Money | Helicopter Money | $ | – | $ | – | $ | – | |||||||
| Series High Speed Goldie 21 | Flamekeeper | $ | – | $ | – | $ | – | |||||||
| Series Im A Looker 20 | Pioneer Prince | $ | – | $ | – | $ | – | |||||||
| Series Ishvana 21 | Ishvana 21 | $ | – | $ | – | $ | – | |||||||
| Series Just Like Lucy 23 | Love Like Lucy | $ | 101,525 | $ | (255 | ) | $ | 101,270 | ||||||
| Series Just Louise 19 | Forbidden Kingdom | $ | – | $ | – | $ | – | |||||||
| Series Kindle 21 | A Day to Remember | $ | 53,341 | $ | – | $ | 53,341 | |||||||
| Series Knarsdale 21 | Seismic Beauty | $ | 19,362 | $ | – | $ | 19,362 | |||||||
| Series Lane Way | Lane Way | $ | – | $ | – | $ | – | |||||||
| Series Lovesick 21 | Here's the Kicker | $ | 29,758 | $ | – | $ | 29,758 | |||||||
| Series Magic Belle 23 | Mystical Belle | $ | 88,782 | $ | – | $ | 88,782 | |||||||
| Series Malibu Bonnie 23 | Munny Problem | $ | 132,079 | $ | 0 | $ | 132,079 |
| 47 |
| Series Man Among Men | Man Among Men | $ | – | $ | – | $ | – | |||||||
| Series Margarita Friday 19 | Straight No Chaser | $ | 155,005 | $ | – | $ | 155,005 | |||||||
| Series Mayan Milagra 19 | Tepeu | $ | – | $ | – | $ | – | |||||||
| Series Miss Sakamoto | Miss Sakamoto | $ | – | $ | – | $ | – | |||||||
| Series Mo Temptation | Mo Temptation | $ | – | $ | – | $ | – | |||||||
| Series Moonbow 20 | Cumberland Falls | $ | – | $ | – | $ | – | |||||||
| Series More Than Magic 21 | Time is Magic | $ | (3,700 | ) | $ | – | $ | (3,700 | ) | |||||
| Series Mrs Whistler | Mrs Whistler | $ | – | $ | – | $ | – | |||||||
| Series My Fast One 20 | One Fast Dream | $ | – | $ | – | $ | – | |||||||
| Series Naismith | Naismith | $ | – | $ | – | $ | – | |||||||
| Series National Road | National Road | $ | – | $ | – | $ | – | |||||||
| Series Northern Smile 20 | Pep Rally | $ | – | $ | – | $ | – | |||||||
| Series NY Exacta | NY Exacta | $ | – | $ | – | $ | – | |||||||
| Series Ocean Magic 18 | Palace Foal | $ | (6,171 | ) | $ | – | $ | (6,171 | ) | |||||
| Series One Last Night 21 | Fancy Quality | $ | – | $ | – | $ | – | |||||||
| Series Our Jenny B 21 | Vino Grigio | $ | 6,451 | $ | – | $ | 6,451 | |||||||
| Series Our Miss Jones 19 | Celebrity News | $ | – | $ | – | $ | – | |||||||
| Series Patsys Kim 21 | Lady Blitz | $ | – | $ | – | $ | – | |||||||
| Series Race Hunter 19 | Chasing Time | $ | – | $ | – | $ | – | |||||||
| Series Salute to America | Salute to America | $ | – | $ | – | $ | – | |||||||
| Series Restless Rider 23 | Restless Rider 23 | $ | 216,869 | $ | (862,750 | ) | $ | (645,881 | ) | |||||
| Series Sarrocchi 21 | Legitify | $ | – | $ | – | $ | – | |||||||
| Series Savvy Sassy 22 | Real Savvy | $ | 26,479 | $ | – | $ | 26,479 | |||||||
| Series Seeking a Star 23 | Sirius Pursuit | $ | 85,015 | $ | (4,257 | ) | $ | 80,758 | ||||||
| Series Silverpocketsfull 19 | Iron Works | $ | – | $ | – | $ | – | |||||||
| Series Smart Shopping 21 | Seize the Grey | $ | 94,832 | $ | – | $ | 94,832 | |||||||
| Series Song of Bernadette 20 | Cable Boss | $ | – | $ | – | $ | – | |||||||
| Series Song of the Lark 21 | Fireball Birdie | $ | 18,059 | $ | – | $ | 18,059 | |||||||
| Series Spanxamillion 23 | Native Brew | $ | 116,553 | $ | – | $ | 116,553 | |||||||
| Series Spirit 20 | Phantom Ride | $ | – | $ | – | $ | – | |||||||
| Series Stay Fabulous | Stay Fabulous | $ | – | $ | – | $ | – | |||||||
| Series STG Broodmare Band | The STG Broodmare Band | $ | 141,025 | $ | – | $ | 141,025 | |||||||
| Series Stirred 23 | Stirred 23 | $ | 138,112 | $ | (380,625 | ) | $ | (242,513 | ) | |||||
| Series Stylishly 23 | Black Tie Optional | $ | 131,193 | $ | – | $ | 131,193 | |||||||
| Series Sweet Sweet Annie 19 | In Due Time | $ | – | $ | – | $ | – | |||||||
| Series Tamboz 21 | Catalyst | $ | 49,147 | $ | – | $ | 49,147 | |||||||
| Series Tapitry 19 | Infinite Empire | $ | – | $ | – | $ | – | |||||||
| Series Tell the Duchess 19 | Duke of Love | $ | (138,322 | ) | $ | – | $ | (138,322 | ) | |||||
| Series Thank You Note 23 | Commissioned | $ | 163,302 | $ | – | $ | 163,302 |
| 48 |
| Series The Filly Four | The Filly Four | $ | – | $ | – | $ | – | |||||||
| Series The Incredi-Bundle | The Incredi-Bundle | $ | 81,612 | $ | – | $ | 81,612 | |||||||
| Series The New York Bundle | The New York Bundle | $ | 119,413 | $ | – | $ | 119,413 | |||||||
| Series The Royal Duet | The Royal Duet | $ | – | $ | – | $ | – | |||||||
| Series Thirteen Stripes | Thirteen Stripes | $ | – | $ | – | $ | – | |||||||
| Series Timeless Trick 20 | Interstellar | $ | – | $ | – | $ | – | |||||||
| Series Trust But Verify | Trust But Verify 100% | $ | 191,899 | $ | (62,077 | ) | $ | 129,821 | ||||||
| Series Tufnel | Tufnel | $ | – | $ | – | $ | – | |||||||
| Series Twirl Girl 21 | Tonality | $ | – | $ | – | $ | – | |||||||
| Series Vow | Vow | $ | – | $ | – | $ | – | |||||||
| Series War Safe | War Safe | $ | – | $ | – | $ | – | |||||||
| Series Who Runs the World | Who Runs the World | $ | – | $ | – | $ | – | |||||||
| Series Whosbeeninmybed 19 | Micro Share | $ | – | $ | – | $ | – | |||||||
| Series Wildcat Gaze 23 | Wildcat Gaze 23 | $ | 89,933 | $ | (156,310 | ) | $ | (66,377 | ) | |||||
| Series Yes This Time | Yes This Time | $ | – | $ | – | $ | – | |||||||
| Series You Make Luvin Fun 19 | Magical Ways | $ | – | $ | – | $ | – | |||||||
| Totals | $ | 2,596,534 | $ | (2,076,348 | ) | $ | 520,187 |
In order to fund the Company’s activities as well as to advance funds on behalf of a Series in order to acquire an Underlying Asset prior to establishing and issuing securities in the Series for holding such Underlying Asset, the Company has borrowed a total of $47,570,865, as of June 30, 2025, from the Manager in the form of profit participation convertible promissory notes as follows:
| Series Name | Underlying Asset | Principal Borrowed From Manager | ||||
| Series Authentic | Authentic | $ | 2,188,750 | |||
| Series The Filly Four | The Filly Four | $ | 1,224,000 | |||
| Series STG Broodmare Band | Seize the Grey Broodmare Band | $ | 869,500 | |||
| Series Chad Brown Bundle | Chad Brown Bundle | $ | 994,500 | |||
| Series The New York Bundle | The New York Bundle | $ | 889,287 | |||
| Series Stylishly 23 | Black Tie Optional | $ | 815,100 | |||
| Series The Incredi-Bundle | The Incredi-Bundle | $ | 853,740 | |||
| Series Essential Rose 20 | Rosie's Alibi | $ | 892,500 | |||
| Series The Royal Duet | The Royal Duet | $ | 798,405 | |||
| Series Trust But Verify | Trust But Verify | $ | 716,735 | |||
| Series Spanxamillion 23 | Native Brew | $ | 622,050 | |||
| Series Balletic | Balletic | $ | 680,000 | |||
| Series Malibu Bonnie 23 | Munny Problem | $ | 564,900 | |||
| Series Blip Says Bye 23 | Misstrial | $ | 557,700 | |||
| Series Brandy 22 | Authentic Spirit | $ | 592,920 | |||
| Series Collusion Illusion | Collusion Illusion | $ | 637,500 | |||
| Series Big Mel | Big Mel | $ | 618,000 | |||
| Series Thank You Note 23 | Commissioned | $ | 514,800 | |||
| 49 |
| Series Tamboz 21 | Catalyst | $ | 518,895 | |||
| Series Patsys Kim 21 | Lady Blitz | $ | 515,400 | |||
| Series Formidable Kitt 22 | Elite Heat | $ | 471,900 | |||
| Series Sarrocchi 21 | Legitify | $ | 496,000 | |||
| Series Elarose 21 | Secret Crush | $ | 496,000 | |||
| Series Smart Shopping 21 | Seize the Grey | $ | 492,150 | |||
| Series Enchante 21 | Simply Enchanting | $ | 460,320 | |||
| Series Im A Looker 20 | Pioneer Prince | $ | 464,000 | |||
| Series Knarsdale 21 | Seismic Beauty | $ | 436,968 | |||
| Series Wayne O | Wayne O | $ | 486,000 | |||
| Series Edge Classic Colts Package | Classic Colts Package | $ | 521,160 | |||
| Series Savvy Sassy 22 | Real Savvy | $ | 430,125 | |||
| Series Co Cola 19 | Search Engine | $ | 459,510 | |||
| Series Lane Way | Lane Way | $ | 459,000 | |||
| Series Who Runs the World | Who Runs the World | $ | 450,840 | |||
| Series Race Hunter 19 | Chasing Time | $ | 442,000 | |||
| Series Lovesick 21 | Here's the Kicker | $ | 403,057 | |||
| Series Carrothers | Carrothers | $ | 437,835 | |||
| Series Classic Cut | Classic Cut | $ | 433,500 | |||
| Series Keertana 18 | American Heiress | $ | 433,500 | |||
| Series Future Stars Stable | Future Stars Stable | $ | 425,000 | |||
| Series Le Relais 20 | Show Your Cards | $ | 396,000 | |||
| Series Song of Bernadette 20 | Cable Boss | $ | 420,495 | |||
| Series Courtisane 19 | Tap the Gavel | $ | 416,500 | |||
| Series Monomoy Girl | Monomoy Girl | $ | 398,820 | |||
| Series NY Exacta | NY Exacta | $ | 387,600 | |||
| Series Silverpocketsfull 19 | Iron Works | $ | 385,815 | |||
| Series You Make Luvin Fun 19 | Magical Ways | $ | 382,500 | |||
| Series Going to Vegas | Going to Vegas | $ | 372,810 | |||
| Series Ari the Adventurer 19 | Kanthari | $ | 368,475 | |||
| Series Adaay in Asia | Adaay in Asia | $ | 324,105 | |||
| Series Claire De Lune 22 | Moonlit Courage | $ | 300,900 | |||
| Series Blue Curl 22 | Isle Blue | $ | 320,127 | |||
| Series Just Like Lucy 23 | Love Like Lucy | $ | 280,755 | |||
| Series Kindle 21 | A Day to Remember | $ | 302,610 | |||
| Series Sunny 18 | Solar Strike | $ | 329,940 | |||
| Series Mo Mischief | Mo Mischief | $ | 326,400 | |||
| Series Whosbeeninmybed 19 | Micro Share | $ | 320,790 |
| 50 |
| Series Cayala 19 | Provocateur | $ | 317,135 | |||
| Series Wonder Upon a Star 19 | Star Six Nine | $ | 314,500 | |||
| Series Magic Belle 23 | Mystical Belle | $ | 284,400 | |||
| Series Vow | Vow | $ | 304,300 | |||
| Series Lost Empire 19 | Laforgia | $ | 303,450 | |||
| Series Seeking a Star 23 | Sirius Pursuit | $ | 253,085 | |||
| Series Song of the Lark 21 | Fireball Birdie | $ | 270,759 | |||
| Series Alliford Bay 21 | Sweet Voyage | $ | 270,300 | |||
| Series Echo Warrior 19 | Hero Status | $ | 295,800 | |||
| Series One Last Night 21 | Fancy Quality | $ | 262,710 | |||
| Series Grand Traverse Bay 19 | Cornice Traverse | $ | 284,963 | |||
| Series Margarita Friday 19 | Straight No Chaser | $ | 282,200 | |||
| Series My Fast One 20 | One Fast Dream | $ | 264,000 | |||
| Series Queen Amira 19 | Regal Rebel | $ | 280,500 | |||
| Series Miss Sakamoto | Miss Sakamoto | $ | 275,400 | |||
| Series Storm Shooter | Storm Shooter | $ | 276,000 | |||
| Series Tufnel | Tufnel | $ | 274,040 | |||
| Series Action Bundle | Action Bundle | $ | 263,500 | |||
| Series Stay Fabulous | Stay Fabulous | $ | 248,000 | |||
| Series Mo Temptation | Mo Temptation | $ | 243,600 | |||
| Series Naismith | Naismith | $ | 258,400 | |||
| Series Awe Hush 19 | Can't Hush This | $ | 250,920 | |||
| Series War Safe | War Safe | $ | 248,200 | |||
| Series Tell the Duchess 19 | Duke of Love | $ | 241,400 | |||
| Series Mrs Whistler | Mrs Whistler | $ | 232,900 | |||
| Series Salute to America | Salute to America | $ | 232,050 | |||
| Series Eyepopnruby 23 | My Eyes On You | $ | 266,442 | |||
| Series Spirit 20 | Phantom Ride | $ | 201,600 | |||
| Series Into Summer 19 | Malibu Mayhem | $ | 213,265 | |||
| Series Edge Racing Summer Fun-d | Edge Racing Summer Fun-d | $ | 225,000 | |||
| Series Popular Demand | Popular Demand | $ | 212,160 | |||
| Series Margaret Reay 19 | A Mo Reay | $ | 209,797 | |||
| Series Fenwick Hall 20 | Inspector | $ | 193,920 | |||
| Series Just Louise 19 | Forbidden Kingdom | $ | 198,543 | |||
| Series Celestial Moon | Celestial Moon | $ | 201,000 | |||
| Series Got Stormy | Got Stormy | $ | 195,075 | |||
| Series Thirteen Stripes | Thirteen Stripes | $ | 194,650 | |||
| Series Man Among Men | Man Among Men | $ | 190,281 | |||
| Series Tapitry 19 | Infinite Empire | $ | 190,281 | |||
| Series Crown It 21 | Normandy Queen | $ | 189,750 | |||
| Series Moonbow 20 | Cumberland Falls | $ | 172,000 | |||
| Series Desire Street 19 | Always Hopeful | $ | 174,267 |
| 51 |
| Series Helicopter Money | Helicopter Money | $ | 160,800 | |||
| Series Classofsixtythree 19 | Sixtythreecaliber | $ | 164,050 | |||
| Series Martita Sangrita 17 | Carpe Vinum | $ | 163,200 | |||
| Series Tizamagician | Tizamagician | $ | 163,200 | |||
| Series Our Miss Jones 19 | Celebrity News | $ | 159,120 | |||
| Series More Than Magic 21 | Time is Magic | $ | 154,800 | |||
| Series Deep Cover | Deep Cover | $ | 149,600 | |||
| Series Frosted Oats | Frosted Oats | $ | 146,370 | |||
| Series Mayan Milagra 19 | Tepeu | $ | 146,920 | |||
| Series Amandrea | Amandrea | $ | 137,500 | |||
| Series Bajan Bashert | Bajan Bashert | $ | 137,600 | |||
| Series Gentleman Gerry | Gentleman Gerry | $ | 135,000 | |||
| Series Sweet Sweet Annie 19 | In Due Time | $ | 129,780 | |||
| Series Twirl Girl 21 | Tonality | $ | 134,100 | |||
| Series Heaven Street | Heaven Street | $ | 130,000 | |||
| Series Lazy Daisy | Lazy Daisy | $ | 121,250 | |||
| Series Latte Da 19 | Inalattetrouble | $ | 121,975 | |||
| Series National Road | National Road | $ | 120,000 | |||
| Series Northern Smile 20 | Pep Rally | $ | 122,000 | |||
| Series Without Delay 19 | Golden Quality | $ | 121,000 | |||
| Series Exonerated 19 | Above Suspicion | $ | 117,793 | |||
| Series Adjust 20 | Jai Ho | $ | 115,706 | |||
| Series Two Trail Sioux 17 | Annahilate | $ | 114,750 | |||
| Series High Speed Goldie 21 | Flamekeeper | $ | 113,464 | |||
| Series Yes This Time | Yes This Time | $ | 107,930 | |||
| Series Demogorgon | Demogorgon | $ | 108,340 | |||
| Series Tell All 19 | Walk the Talk | $ | 107,844 | |||
| Series Vertical Threat | Vertical Threat | $ | 107,100 | |||
| Series Speightstown Belle 19 | Ancient Royalty | $ | 106,335 | |||
| Series Dancing Crane | Dancing Crane | $ | 103,520 | |||
| Series Midnight Sweetie 19 | Dolce Notte | $ | 103,156 | |||
| Series Our Jenny B 21 | Vino Grigio | $ | 108,872 | |||
| Series Power Up Paynter | Power Up Paynter | $ | 96,600 | |||
| Series Giant Mover 21 | Sweet as Sin | $ | 88,064 | |||
| Series Arch Support 20 | Captain Sparrow | $ | 96,565 | |||
| Series Daddys Joy | Daddy's Joy | $ | 91,800 | |||
| Series Apple Down Under 19 | Howboutdemapples | $ | 88,230 | |||
| Series Daring Dancer 20 | Boppy | $ | 86,063 | |||
| Series Flora Dora 20 | Spun Intended | $ | 86,219 | |||
| Series Black Escort 19 | Halofied | $ | 88,200 | |||
| Series Sunsanddrinkinhand | Sunsanddrinkinhand | $ | 85,622 | |||
| Series Timeless Trick 20 | Interstellar | $ | 81,000 |
| 52 |
| Series Grand Traverse Bay 20 | Sun Valley Road | $ | 77,138 | |||
| Series Blue Devil | Blue Devil | $ | 218,692 | |||
| Series Motion Emotion | Motion Emotion | $ | 72,828 | |||
| Series Social Dilemma | Social Dilemma | $ | 72,395 | |||
| Series Athenian Beauty 19 | Quantum Theory | $ | 71,910 | |||
| Series Ambleside Park 19 | Lookwhogotlucky | $ | 71,443 | |||
| Series Consecrate 19 | Sacred Beauty | $ | 54,715 | |||
| Series Escape Route | Escape Route | $ | 52,458 | |||
| Series Madiera Wine | Madiera Wine | $ | 42,510 | |||
| Series Squared Straight | Squared Straight | $ | 34,425 | |||
| Series Bella Chica | Bella Chica | $ | 32,300 | |||
| Series Miss Puzzle | Miss Puzzle | $ | 26,563 | |||
| Series Two Trail Sioux 17K | Two Trail Sioux 17K | $ | 29,720 | |||
| Series Kichiro | Kichiro | $ | 22,100 | |||
| Series Sigesmund | Sigesmund | $ | 17,000 | |||
| Series Forever Rose | Forever Rose | $ | 109,700 | |||
| Series Ishvana 21 | Ishvana 21 | $ | – | |||
| Series Restless Rider 23 | Restless Rider 23 | $ | – | |||
| Series Stirred 23 | Stirred 23 | $ | – | |||
| Series Wildcat Gaze 23 | Wildcat Gaze 23 | $ | – | |||
| Series Great Hot 23 | Raging Inferno | $ | – | |||
| Series Ocean Magic 18 | Palace Foal | $ | – | |||
| Series Amers | Amers | $ | 8,925 | |||
| Series Bullion | Bullion | $ | 6,000 | |||
| Series Cairo Kiss | Cairo Kiss | $ | 37,740 | |||
| Series De Mystique 17 | Dancing Destroyer | $ | 29,750 | |||
| Series Kiana's Love | Kiana's Love | $ | 20,400 | |||
| Series Madarnas | Madarnas | $ | 14,850 | |||
| Series Major Implications | Major Implications | $ | 3,900 | |||
| Series Moonless Sky | Moonless Sky | $ | 18,700 | |||
| Series Night of Idiots | Night of Idiots | $ | 16,960 | |||
| Series Nileist | Nileist | $ | 20,250 | |||
| Series Noble Goddess | Noble Goddess | $ | 27,900 | |||
| Series Sauce on Side | Sauce on Side | $ | – | |||
| Series Shake It Up Baby | Shake It Up Baby | $ | 27,625 | |||
| Series Soul Beam | Soul Beam | $ | 33,703 | |||
| Series Street Band | Street Band | $ | 52,250 | |||
| Series Swiss Minister | Swiss Minister | $ | 11,900 | |||
| Series Takeo Squared | Takeo Squared | $ | 22,900 | |||
| Series Tavasco Road | Tavasco Road | $ | 15,600 |
| 53 |
| Series Utalknboutpractice | Utalknboutpractice | $ | 25,500 | |||
| Series Zestful | Zestful | $ | 27,200 | |||
| Series New York Claiming Pakage | New York Claiming Package | $ | 64,260 | |||
| $ | 47,597,876 |
As of June 30, 2025 the Company owes the following to related parties:
– $247,284 to Spendthrift in connection with Series Authentic associated with the “kicker” balance due.
– $273,447 to the Manager in connection with Series Authentic.
The Company acquired the horse asset in Series Palace Foal via a $15,606 convertible profit participating loan from Michael Behrens, a principal of the Manager of the Company. The profit participation convertible promissory note bears a 2.38 percent per annum interest rate and is due either when Series Palace Foal is fully subscribed or converted into the unsold units of Series Palace Foal. During the time the profit participation convertible promissory note is outstanding, the underlying cash flow of Series Palace Foal series accrues to the loan holder.
Because these are related party transactions, no guarantee can be made that the terms of the arrangements are at arm’s length.
Trend Information
The Company’s main focus over the next twelve months is to continue to launch subsequent Offerings of Series Interests. The table below shows the launched and closed Offerings for the year as of June 30, 2025:
| # of Offerings Launched | # of Offerings Closed | |
| As of June 30, 2025 | 11 | 16 |
(1) data represents number of Offerings for Series Interests of each state of offering process in the given period.
(2) offerings launched as of June 30, 2025 are through Regulation A.
The Company plans to launch approximately 15 additional offerings in the next twelve months, as of the date of this filing, including offerings for increasingly higher value underlying assets. The Company will commence such offerings within two calendar days of qualification with the SEC as provided in Rule 251(d)(3)(i)(F). The proceeds from any offerings closed during the next twelve months will be used to acquire additional race horses. We believe that launching a larger number of offerings in 2025-2026 and beyond will help us from a number of perspectives:
1) Continue to grow the user base on the Platform by attracting more Investors into our ecosystem.
2) Enable the Company to reduce operating expenses for each series, as we negotiate better contracts for training, upkeep, insurance and other operating expenses with a larger collection of underlying assets.
3) Attract a larger community of Horse Sellers with high quality underlying assets to the Platform who may view us as a more efficient method of transacting than the traditional syndication processes.
In addition to more offerings, we also intend to continue to develop Membership Experience Programs, which allow Investors to enjoy the collection of racehorses acquired and managed by the Company through events, race day visits and other programs.
| 54 |
Outside of the trends mentioned above, we believe that the Company is also dependent on the general economic environment and investing climate, the horse racing industry at large (including ongoing concerns of horse safety), in particular in the United States. In addition, since we are reliant on our Manager to support the Company and the Series, we are dependent on the general fundraising environment and our Manager’s continued ability to raise capital.
Off-Balance Sheet Arrangements
As of June 30, 2025, we did not have any off-balance sheet arrangements.
Critical Accounting Policies
The preparation of financial statements in accordance with GAAP requires management to use judgement in the application of accounting policies, including making estimates and assumptions. These assumptions will affect the reported amounts of assets and liabilities and our disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. With different estimates or assumptions, materially different amounts could be reported in our financial statements. Additionally, other companies may utilize different estimates that may impact the comparability of our results of operations to those of companies in similar businesses.
Please refer to “Note 2 — Summary of Significant Accounting Policies” to our financial statements included in this Semiannual Report for more discussion of our accounting policies and procedures.
We have no information to disclose that was required to be in a report on Form 1-U during the semiannual period covered by this Form 1-SA, but was not reported.
| 55 |
Index to Financial Statements
My Racehorse CA LLC
A Nevada Series Limited Liability Company
Consolidated and Consolidating Financial Statements (Unaudited)
As of June 30, 2025 and December 31, 2024
and for the six-month periods ended June 30, 2025 and 2024
| 56 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING BALANCE SHEETS (UNAUDITED)
As of June 30, 2025
| Series Action Bundle | Series Adjust 20 | Series Amandrea | Series Ambleside Park 19 | Series Amers | Series Apple Down Under 19 | Series Ari the Adventurer 19 | Series Ashlees Empire 20 | |||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accounts receivable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Horse reserve funds receivable from Manager (see Note 4) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Prepaid expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Non-Current Assets: | ||||||||||||||||||||||||||||||||
| Horse assets, net of accumulated depreciation (see Note 2) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Non-Current Assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| TOTAL ASSETS | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | ||||||||||||||||||||||||||||||||
| Liabilities: | ||||||||||||||||||||||||||||||||
| Current Liabilities: | ||||||||||||||||||||||||||||||||
| Acquisition advances payable to Manager (see Note 4) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accrued expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Long-term Liabilities: | ||||||||||||||||||||||||||||||||
| Long-term debt - related party | – | – | – | – | – | – | 1,734 | – | ||||||||||||||||||||||||
| Total Long-term Liabilities | – | – | – | – | – | – | 1,734 | – | ||||||||||||||||||||||||
| Total Liabilities | – | – | – | – | – | – | 1,734 | – | ||||||||||||||||||||||||
| Members' Equity/(Deficit): | ||||||||||||||||||||||||||||||||
| Membership in My Racehorse CA, LLC | – | 68,705 | 24,272 | 33,786 | – | – | 38,228 | – | ||||||||||||||||||||||||
| Subscriptions in series, net of distributions (See Note 6) | 147,299 | 83,659 | 157,908 | 74,719 | 8,998 | 77,255 | 407,286 | 125,935 | ||||||||||||||||||||||||
| Retained earnings/(Accumulated deficit) | (147,299 | ) | (152,364 | ) | (182,180 | ) | (108,505 | ) | (8,998 | ) | (77,255 | ) | (447,248 | ) | (125,935 | ) | ||||||||||||||||
| Total Members' Equity/(Deficit) | – | – | – | – | – | – | (1,734 | ) | – | |||||||||||||||||||||||
| TOTAL LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements.
| F-1 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING BALANCE SHEETS (UNAUDITED)
As of June 30, 2025 (Continued)
| Series Athenian Beauty 19 | Series Authentic | Series Awe Hush 19 | Series Bajan Bashert | Series Balletic | Series Bella Chica | Series Big Mel | Series Black Escort 19 | |||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accounts receivable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Horse reserve funds receivable from Manager (see Note 4) | – | (187,724 | ) | – | – | – | – | – | – | |||||||||||||||||||||||
| Prepaid expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Assets | – | (187,724 | ) | – | – | – | – | – | – | |||||||||||||||||||||||
| Non-Current Assets: | ||||||||||||||||||||||||||||||||
| Horse assets, net of accumulated depreciation (see Note 2) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Non-Current Assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| TOTAL ASSETS | $ | – | $ | (187,724 | ) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | |||||||||||||||
| LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | ||||||||||||||||||||||||||||||||
| Liabilities: | ||||||||||||||||||||||||||||||||
| Current Liabilities: | ||||||||||||||||||||||||||||||||
| Acquisition advances payable to Manager (see Note 4) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accrued expense | – | 1,892 | – | – | – | – | – | – | ||||||||||||||||||||||||
| Deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Liabilities | – | 1,892 | – | – | – | – | – | – | ||||||||||||||||||||||||
| Long-term Liabilities: | ||||||||||||||||||||||||||||||||
| Long-term debt - related party | – | 520,732 | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Long-term Liabilities | – | 520,732 | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Liabilities | – | 522,624 | – | – | – | – | – | – | ||||||||||||||||||||||||
| Members' Equity/(Deficit): | ||||||||||||||||||||||||||||||||
| Membership in My Racehorse CA, LLC | 24,527 | – | 40,192 | 64,280 | – | 16,469 | 48,373 | 36,000 | ||||||||||||||||||||||||
| Subscriptions in series, net of distributions (See Note 6) | 66,401 | 1,813,083 | 264,846 | 110,544 | 730,557 | 38,000 | 726,000 | 84,467 | ||||||||||||||||||||||||
| Retained earnings/(Accumulated deficit) | (90,928 | ) | (2,523,431 | ) | (305,037 | ) | (174,824 | ) | (730,557 | ) | (54,469 | ) | (774,373 | ) | (120,467 | ) | ||||||||||||||||
| Total Members' Equity/(Deficit) | – | (710,348 | ) | – | – | – | – | – | – | |||||||||||||||||||||||
| TOTAL LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | $ | – | $ | (187,724 | ) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | |||||||||||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements.
| F-2 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING BALANCE SHEETS (UNAUDITED)
As of June 30, 2025 (Continued)
| Series Bullion | Series Cable Boss | Series Cairo Kiss | Series Carrothers | Series Cayala 19 | Series Arch Support 20 | Series Chad Brown Bundle | Series Chasing the Moon 20 | |||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accounts receivable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Horse reserve funds receivable from Manager (see Note 4) | – | – | – | – | – | 4,860 | – | – | ||||||||||||||||||||||||
| Prepaid expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Assets | – | – | – | – | – | 4,860 | – | – | ||||||||||||||||||||||||
| Non-Current Assets: | ||||||||||||||||||||||||||||||||
| Horse assets, net of accumulated depreciation (see Note 2) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Non-Current Assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| TOTAL ASSETS | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 4,860 | $ | – | $ | – | ||||||||||||||||
| LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | ||||||||||||||||||||||||||||||||
| Liabilities: | ||||||||||||||||||||||||||||||||
| Current Liabilities: | ||||||||||||||||||||||||||||||||
| Acquisition advances payable to Manager (see Note 4) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accrued expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Long-term Liabilities: | ||||||||||||||||||||||||||||||||
| Long-term debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Long-term Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Members' Equity/(Deficit): | ||||||||||||||||||||||||||||||||
| Membership in My Racehorse CA, LLC | – | – | – | – | – | 77,318 | 27,877 | 45,000 | ||||||||||||||||||||||||
| Subscriptions in series, net of distributions (See Note 6) | 11,750 | 483,670 | 44,400 | 470,927 | 283,931 | 91,290 | 967,950 | 117,532 | ||||||||||||||||||||||||
| Retained earnings/(Accumulated deficit) | (11,750 | ) | (483,670 | ) | (44,400 | ) | (470,927 | ) | (283,931 | ) | (163,748 | ) | (995,827 | ) | (162,532 | ) | ||||||||||||||||
| Total Members' Equity/(Deficit) | – | – | – | – | – | 4,860 | – | – | ||||||||||||||||||||||||
| TOTAL LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 4,860 | $ | – | $ | – | ||||||||||||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements.
| F-3 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING BALANCE SHEETS (UNAUDITED)
As of June 30, 2025 (Continued)
| Series Classic Cut | Series Classof- sixtythree 19 | Series Co Cola 19 | Series Collusion Illusion | Series Consecrate 19 | Series Courtisane 19 | Series Daddy's Joy | Series Dancing Crane | |||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accounts receivable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Horse reserve funds receivable from Manager (see Note 4) | 4,103 | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Prepaid expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Assets | 4,103 | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Non-Current Assets: | ||||||||||||||||||||||||||||||||
| Horse assets, net of accumulated depreciation (see Note 2) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Non-Current Assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| TOTAL ASSETS | $ | 4,103 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | ||||||||||||||||||||||||||||||||
| Liabilities: | ||||||||||||||||||||||||||||||||
| Current Liabilities: | ||||||||||||||||||||||||||||||||
| Acquisition advances payable to Manager (see Note 4) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accrued expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Long-term Liabilities: | ||||||||||||||||||||||||||||||||
| Long-term debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Long-term Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Members' Equity/(Deficit): | ||||||||||||||||||||||||||||||||
| Membership in My Racehorse CA, LLC | – | – | – | – | – | – | – | 60,000 | ||||||||||||||||||||||||
| Subscriptions in series, net of distributions (See Note 6) | 496,800 | (6,679 | ) | 453,179 | 686,309 | 46,629 | 456,841 | 106,872 | 39,711 | |||||||||||||||||||||||
| Retained earnings/(Accumulated deficit) | (492,697 | ) | 6,679 | (453,179 | ) | (686,309 | ) | (46,629 | ) | (456,841 | ) | (106,872 | ) | (99,711 | ) | |||||||||||||||||
| Total Members' Equity/(Deficit) | 4,103 | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| TOTAL LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | $ | 4,103 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements.
| F-4 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING BALANCE SHEETS (UNAUDITED)
As of June 30, 2025 (Continued)
| Series Daring Dancer 20 | Series De Mystique 17 | Series Deep Cover | Series Demogorgon | Series Desire Street 19 | Series Echo Warrior 19 | Series Edge Racing Summer Fun | Series Enchante 21 | |||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accounts receivable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Horse reserve funds receivable from Manager (see Note 4) | – | – | – | – | – | – | – | 24,749 | ||||||||||||||||||||||||
| Prepaid expense | – | – | – | – | – | – | – | 1,638 | ||||||||||||||||||||||||
| Total Current Assets | – | – | – | – | – | – | – | 26,387 | ||||||||||||||||||||||||
| Non-Current Assets: | ||||||||||||||||||||||||||||||||
| Horse assets, net of accumulated depreciation (see Note 2) | – | – | – | – | – | – | – | 20,225 | ||||||||||||||||||||||||
| Total Non-Current Assets | – | – | – | – | – | – | – | 20,225 | ||||||||||||||||||||||||
| TOTAL ASSETS | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 46,612 | ||||||||||||||||
| LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | ||||||||||||||||||||||||||||||||
| Liabilities: | ||||||||||||||||||||||||||||||||
| Current Liabilities: | ||||||||||||||||||||||||||||||||
| Acquisition advances payable to Manager (see Note 4) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accrued expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Long-term Liabilities: | ||||||||||||||||||||||||||||||||
| Long-term debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Long-term Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Members' Equity/(Deficit): | ||||||||||||||||||||||||||||||||
| Membership in My Racehorse CA, LLC | – | – | – | 48,000 | – | – | – | – | ||||||||||||||||||||||||
| Subscriptions in series, net of distributions (See Note 6) | 84,118 | 26,026 | 176,000 | 84,305 | 188,980 | 267,068 | 164,938 | 560,520 | ||||||||||||||||||||||||
| Retained earnings/(Accumulated deficit) | (84,118 | ) | (26,026 | ) | (176,000 | ) | (132,305 | ) | (188,980 | ) | (267,068 | ) | (164,938 | ) | (513,908 | ) | ||||||||||||||||
| Total Members' Equity/(Deficit) | – | – | – | – | – | – | – | 46,612 | ||||||||||||||||||||||||
| TOTAL LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 46,612 | ||||||||||||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements.
| F-5 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING BALANCE SHEETS (UNAUDITED)
As of June 30, 2025 (Continued)
| Series Elarose 21 | Series Escape Route | Series Exonerated 19 | Series Fenwick Hall 20 | Series Forever Rose | Series Flora Dora 20 | Series Frosted Oats | Series Future Stars Stable | |||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accounts receivable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Horse reserve funds receivable from Manager (see Note 4) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Prepaid expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Non-Current Assets: | ||||||||||||||||||||||||||||||||
| Horse assets, net of accumulated depreciation (see Note 2) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Non-Current Assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| TOTAL ASSETS | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | ||||||||||||||||||||||||||||||||
| Liabilities: | ||||||||||||||||||||||||||||||||
| Current Liabilities: | ||||||||||||||||||||||||||||||||
| Acquisition advances payable to Manager (see Note 4) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accrued expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Long-term Liabilities: | ||||||||||||||||||||||||||||||||
| Long-term debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Long-term Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Members' Equity/(Deficit): | ||||||||||||||||||||||||||||||||
| Membership in My Racehorse CA, LLC | – | 153,823 | – | – | – | 57,086 | – | – | ||||||||||||||||||||||||
| Subscriptions in series, net of distributions (See Note 6) | 622,200 | (77,420 | ) | 129,991 | 176,843 | – | 74,753 | 126,676 | 369,790 | |||||||||||||||||||||||
| Retained earnings/(Accumulated deficit) | (622,200 | ) | (76,404 | ) | (129,991 | ) | (176,843 | ) | – | (131,840 | ) | (126,676 | ) | (369,790 | ) | |||||||||||||||||
| Total Members' Equity/(Deficit) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| TOTAL LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements.
| F-6 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING BALANCE SHEETS (UNAUDITED)
As of June 30, 2025 (Continued)
| Series Gentleman Gerry | Series Going to Vegas | Series Got Stormy | Series Grand Traverse Bay 19 | Series Grand Traverse Bay 20 | Series Heaven Street | Series Kindle 21 | Series Knarsdale 21 | |||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accounts receivable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Horse reserve funds receivable from Manager (see Note 4) | – | – | – | – | – | – | 53,341 | 19,362 | ||||||||||||||||||||||||
| Prepaid expense | – | – | – | – | – | – | 347 | 2,088 | ||||||||||||||||||||||||
| Total Current Assets | – | – | – | – | – | – | 53,687 | 21,450 | ||||||||||||||||||||||||
| Non-Current Assets: | ||||||||||||||||||||||||||||||||
| Horse assets, net of accumulated depreciation (see Note 2) | – | – | – | – | – | – | 10,792 | 21,377 | ||||||||||||||||||||||||
| Total Non-Current Assets | – | – | – | – | – | – | 10,792 | 21,377 | ||||||||||||||||||||||||
| TOTAL ASSETS | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 64,479 | $ | 42,827 | ||||||||||||||||
| LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | ||||||||||||||||||||||||||||||||
| Liabilities: | ||||||||||||||||||||||||||||||||
| Current Liabilities: | ||||||||||||||||||||||||||||||||
| Acquisition advances payable to Manager (see Note 4) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accrued expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Long-term Liabilities: | ||||||||||||||||||||||||||||||||
| Long-term debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Long-term Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Members' Equity/(Deficit): | ||||||||||||||||||||||||||||||||
| Membership in My Racehorse CA, LLC | 12,000 | – | – | – | – | 7,500 | – | – | ||||||||||||||||||||||||
| Subscriptions in series, net of distributions (See Note 6) | 107,144 | (236,882 | ) | 70,877 | 268,087 | 71,626 | 21,121 | 378,305 | 543,252 | |||||||||||||||||||||||
| Retained earnings/(Accumulated deficit) | (119,144 | ) | 236,882 | (70,877 | ) | (268,087 | ) | (71,626 | ) | (28,621 | ) | (313,826 | ) | (500,425 | ) | |||||||||||||||||
| Total Members' Equity/(Deficit) | – | – | – | – | – | – | 64,479 | 42,827 | ||||||||||||||||||||||||
| TOTAL LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 64,479 | $ | 42,827 | ||||||||||||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements.
| F-7 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING BALANCE SHEETS (UNAUDITED)
As of June 30, 2025 (Continued)
| Series I'm a Looker 20 | Series Into Summer 19 | Series Ishvana 21 | Series Jeanne's Speight 20 | Series Just Louise 19 | Series Keertana 18 | Series Kiana's Love | Series Kichiro | |||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accounts receivable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Horse reserve funds receivable from Manager (see Note 4) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Prepaid expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Non-Current Assets: | ||||||||||||||||||||||||||||||||
| Horse assets, net of accumulated depreciation (see Note 2) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Non-Current Assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| TOTAL ASSETS | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | ||||||||||||||||||||||||||||||||
| Liabilities: | ||||||||||||||||||||||||||||||||
| Current Liabilities: | ||||||||||||||||||||||||||||||||
| Acquisition advances payable to Manager (see Note 4) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accrued expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Long-term Liabilities: | ||||||||||||||||||||||||||||||||
| Long-term debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Long-term Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Members' Equity/(Deficit): | ||||||||||||||||||||||||||||||||
| Membership in My Racehorse CA, LLC | – | – | – | – | – | – | – | 10,973 | ||||||||||||||||||||||||
| Subscriptions in series, net of distributions (See Note 6) | 504,956 | 199,520 | – | 204,850 | 44,768 | 426,088 | 20,025 | 26,000 | ||||||||||||||||||||||||
| Retained earnings/(Accumulated deficit) | (504,956 | ) | (199,520 | ) | – | (204,850 | ) | (44,768 | ) | (426,088 | ) | (20,025 | ) | (36,973 | ) | |||||||||||||||||
| Total Members' Equity/(Deficit) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| TOTAL LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements.
| F-8 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING BALANCE SHEETS (UNAUDITED)
As of June 30, 2025 (Continued)
| Series Lane Way | Series Latte Da 19 | Series Lazy Daisy | Series Le Relais 20 | Series Lost Empire 19 | Series Madarnas | Series Madiera Wine | Series Major Implications | |||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accounts receivable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Horse reserve funds receivable from Manager (see Note 4) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Prepaid expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Non-Current Assets: | ||||||||||||||||||||||||||||||||
| Horse assets, net of accumulated depreciation (see Note 2) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Non-Current Assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| TOTAL ASSETS | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | ||||||||||||||||||||||||||||||||
| Liabilities: | ||||||||||||||||||||||||||||||||
| Current Liabilities: | ||||||||||||||||||||||||||||||||
| Acquisition advances payable to Manager (see Note 4) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accrued expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Long-term Liabilities: | ||||||||||||||||||||||||||||||||
| Long-term debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Long-term Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Members' Equity/(Deficit): | ||||||||||||||||||||||||||||||||
| Membership in My Racehorse CA, LLC | – | – | 6,446 | – | – | – | – | – | ||||||||||||||||||||||||
| Subscriptions in series, net of distributions (See Note 6) | 475,346 | 127,231 | 143,750 | 141,076 | 327,772 | 9,294 | 7,075 | 3,824 | ||||||||||||||||||||||||
| Retained earnings/(Accumulated deficit) | (475,346 | ) | (127,231 | ) | (150,196 | ) | (141,076 | ) | (327,772 | ) | (9,294 | ) | (7,075 | ) | (3,824 | ) | ||||||||||||||||
| Total Members' Equity/(Deficit) | – | – | – | – | – | (0 | ) | – | – | |||||||||||||||||||||||
| TOTAL LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | (0 | ) | $ | – | $ | – | |||||||||||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements.
| F-9 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING BALANCE SHEETS (UNAUDITED)
As of June 30, 2025 (Continued)
| Series Man Among Men | Series Margaret Reay 19 | Series Margarita Friday 19 | Series Martita Sangrita 17 | Series Mayan Milagra 19 | Series Midnight Sweetie 19 | Series Miss Puzzle | Series Miss Sakamoto | |||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accounts receivable | – | – | 656,250 | – | – | – | – | – | ||||||||||||||||||||||||
| Horse reserve funds receivable from Manager (see Note 4) | – | – | 155,005 | – | – | – | – | – | ||||||||||||||||||||||||
| Prepaid expense | – | – | 10,080 | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Assets | – | – | 821,335 | – | – | – | – | – | ||||||||||||||||||||||||
| Non-Current Assets: | ||||||||||||||||||||||||||||||||
| Horse assets, net of accumulated depreciation (see Note 2) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Non-Current Assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| TOTAL ASSETS | $ | – | $ | – | $ | 821,335 | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | ||||||||||||||||||||||||||||||||
| Liabilities: | ||||||||||||||||||||||||||||||||
| Current Liabilities: | ||||||||||||||||||||||||||||||||
| Acquisition advances payable to Manager (see Note 4) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accrued expense | – | – | 7,756 | – | – | – | – | – | ||||||||||||||||||||||||
| Deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Liabilities | – | – | 7,756 | – | – | – | – | – | ||||||||||||||||||||||||
| Long-term Liabilities: | ||||||||||||||||||||||||||||||||
| Long-term debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Long-term Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Liabilities | – | – | 7,756 | – | – | – | – | – | ||||||||||||||||||||||||
| Members' Equity/(Deficit): | ||||||||||||||||||||||||||||||||
| Membership in My Racehorse CA, LLC | – | – | – | – | 93,000 | – | 734 | – | ||||||||||||||||||||||||
| Subscriptions in series, net of distributions (See Note 6) | 198,842 | 132,253 | (1,200,980 | ) | 179,649 | (22,517 | ) | 83,877 | 31,250 | 285,394 | ||||||||||||||||||||||
| Retained earnings/(Accumulated deficit) | (198,842 | ) | (132,253 | ) | 2,014,559 | (179,649 | ) | (70,484 | ) | (83,877 | ) | (31,984 | ) | (285,394 | ) | |||||||||||||||||
| Total Members' Equity/(Deficit) | – | – | 813,579 | – | – | – | – | – | ||||||||||||||||||||||||
| TOTAL LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | $ | – | $ | – | $ | 821,335 | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements.
| F-10 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING BALANCE SHEETS (UNAUDITED)
As of June 30, 2025 (Continued)
| Series Mo Mischief | Series Mo Temptation | Series Monomoy Girl | Series Moonbow 20 | Series Moonless Sky | Series Motion Emotion | Series Mrs Whistler | Series My Fast One 20 | |||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accounts receivable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Horse reserve funds receivable from Manager (see Note 4) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Prepaid expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Non-Current Assets: | ||||||||||||||||||||||||||||||||
| Horse assets, net of accumulated depreciation (see Note 2) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Non-Current Assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| TOTAL ASSETS | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | ||||||||||||||||||||||||||||||||
| Liabilities: | ||||||||||||||||||||||||||||||||
| Current Liabilities: | ||||||||||||||||||||||||||||||||
| Acquisition advances payable to Manager (see Note 4) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accrued expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Long-term Liabilities: | ||||||||||||||||||||||||||||||||
| Long-term debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Long-term Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Members' Equity/(Deficit): | ||||||||||||||||||||||||||||||||
| Membership in My Racehorse CA, LLC | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Subscriptions in series, net of distributions (See Note 6) | 355,378 | 296,127 | 223,434 | 151,682 | 21,628 | 26,129 | 240,886 | 238,466 | ||||||||||||||||||||||||
| Retained earnings/(Accumulated deficit) | (355,378 | ) | (296,127 | ) | (223,434 | ) | (151,682 | ) | (21,628 | ) | (26,129 | ) | (240,886 | ) | (238,466 | ) | ||||||||||||||||
| Total Members' Equity/(Deficit) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| TOTAL LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements.
| F-11 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING BALANCE SHEETS (UNAUDITED)
As of June 30, 2025 (Continued)
| Series Naismith | Series National Road | Series New York Claiming Package | Series Night of Idiots | Series Nileist | Series Noble Goddess | Series Northern Smile 20 | Series NY Exacta | |||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accounts receivable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Horse reserve funds receivable from Manager (see Note 4) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Prepaid expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Non-Current Assets: | ||||||||||||||||||||||||||||||||
| Horse assets, net of accumulated depreciation (see Note 2) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Non-Current Assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| TOTAL ASSETS | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | ||||||||||||||||||||||||||||||||
| Liabilities: | ||||||||||||||||||||||||||||||||
| Current Liabilities: | ||||||||||||||||||||||||||||||||
| Acquisition advances payable to Manager (see Note 4) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accrued expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Long-term Liabilities: | ||||||||||||||||||||||||||||||||
| Long-term debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Long-term Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Members' Equity/(Deficit): | ||||||||||||||||||||||||||||||||
| Membership in My Racehorse CA, LLC | 16,634 | 83,294 | – | – | – | – | 66,747 | 55,909 | ||||||||||||||||||||||||
| Subscriptions in series, net of distributions (See Note 6) | 304,000 | 84,613 | 21,100 | 20,000 | 23,850 | 33,000 | 136,250 | 454,720 | ||||||||||||||||||||||||
| Retained earnings/(Accumulated deficit) | (320,634 | ) | (167,907 | ) | (21,100 | ) | (20,000 | ) | (23,850 | ) | (33,000 | ) | (202,997 | ) | (510,629 | ) | ||||||||||||||||
| Total Members' Equity/(Deficit) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| TOTAL LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements.
| F-12 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING BALANCE SHEETS (UNAUDITED)
As of June 30, 2025 (Continued)
| Series One Last Night 21 | Series Our Miss Jones 19 | Series Our Jenny B | Series Palace Foal | Series Patsys Kim 21 | Series Popular Demand | Series Power Up Paynter | Series Queen Amira 19 | |||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accounts receivable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Horse reserve funds receivable from Manager (see Note 4) | – | – | 6,451 | (6,171 | ) | – | – | – | – | |||||||||||||||||||||||
| Prepaid expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Assets | – | – | 6,451 | (6,171 | ) | – | – | – | – | |||||||||||||||||||||||
| Non-Current Assets: | ||||||||||||||||||||||||||||||||
| Horse assets, net of accumulated depreciation (see Note 2) | – | – | 3,804 | – | – | – | – | – | ||||||||||||||||||||||||
| Total Non-Current Assets | – | – | 3,804 | – | – | – | – | – | ||||||||||||||||||||||||
| TOTAL ASSETS | $ | – | $ | – | $ | 10,255 | $ | (6,171 | ) | $ | – | $ | – | $ | – | $ | – | |||||||||||||||
| LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | ||||||||||||||||||||||||||||||||
| Liabilities: | ||||||||||||||||||||||||||||||||
| Current Liabilities: | ||||||||||||||||||||||||||||||||
| Acquisition advances payable to Manager (see Note 4) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accrued expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest payable | – | – | – | 23 | – | – | – | – | ||||||||||||||||||||||||
| Total Current Liabilities | – | – | – | 23 | – | – | – | – | ||||||||||||||||||||||||
| Long-term Liabilities: | ||||||||||||||||||||||||||||||||
| Long-term debt - related party | – | – | – | 15,606 | – | – | – | – | ||||||||||||||||||||||||
| Total Long-term Liabilities | – | – | – | 15,606 | – | – | – | – | ||||||||||||||||||||||||
| Total Liabilities | – | – | – | 15,629 | – | – | – | – | ||||||||||||||||||||||||
| Members' Equity/(Deficit): | ||||||||||||||||||||||||||||||||
| Membership in My Racehorse CA, LLC | – | – | 91,555 | – | – | 1,741 | 30,389 | – | ||||||||||||||||||||||||
| Subscriptions in series, net of distributions (See Note 6) | 325,624 | 158,462 | 101,452 | – | 642,618 | 248,880 | 95,535 | 219,885 | ||||||||||||||||||||||||
| Retained earnings/(Accumulated deficit) | (325,624 | ) | (158,462 | ) | (182,752 | ) | (21,801 | ) | (642,618 | ) | (250,621 | ) | (125,924 | ) | (219,885 | ) | ||||||||||||||||
| Total Members' Equity/(Deficit) | – | – | 10,255 | (21,801 | ) | – | – | – | – | |||||||||||||||||||||||
| TOTAL LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | $ | – | $ | – | $ | 10,255 | $ | (6,171 | ) | $ | – | $ | – | $ | – | $ | – | |||||||||||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements.
| F-13 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING BALANCE SHEETS (UNAUDITED)
As of June 30, 2025 (Continued)
| Series Race Hunter 19 | Series Rosie's Alibi | Series Salute to America | Series Sarrocchi 21 | Series Sauce On Side | Series Shake It Up Baby | Series Sigesmund | Series Silver- pocketsfull 19 | |||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accounts receivable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Horse reserve funds receivable from Manager (see Note 4) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Prepaid expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Non-Current Assets: | ||||||||||||||||||||||||||||||||
| Horse assets, net of accumulated depreciation (see Note 2) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Non-Current Assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| TOTAL ASSETS | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | ||||||||||||||||||||||||||||||||
| Liabilities: | ||||||||||||||||||||||||||||||||
| Current Liabilities: | ||||||||||||||||||||||||||||||||
| Acquisition advances payable to Manager (see Note 4) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accrued expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Long-term Liabilities: | ||||||||||||||||||||||||||||||||
| Long-term debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Long-term Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Members' Equity/(Deficit): | ||||||||||||||||||||||||||||||||
| Membership in My Racehorse CA, LLC | – | – | – | – | – | – | 22,953 | – | ||||||||||||||||||||||||
| Subscriptions in series, net of distributions (See Note 6) | 294,400 | 434,766 | 170,755 | 555,927 | 23,290 | 19,776 | 20,000 | 386,662 | ||||||||||||||||||||||||
| Retained earnings/(Accumulated deficit) | (294,400 | ) | (434,766 | ) | (170,755 | ) | (555,927 | ) | (23,290 | ) | (19,776 | ) | (42,953 | ) | (386,662 | ) | ||||||||||||||||
| Total Members' Equity/(Deficit) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| TOTAL LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements.
| F-14 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING BALANCE SHEETS (UNAUDITED)
As of June 30, 2025 (Continued)
| Series Smart Shopping 21 | Series Social Dilemma | Series Song of Lark 21 | Series Soul Beam | Series Speightstown Belle 19 | Series Spirit 20 | Series Squared Straight | Series Storm Shooter | |||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accounts receivable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Horse reserve funds receivable from Manager (see Note 4) | 94,832 | – | 18,059 | – | – | – | – | – | ||||||||||||||||||||||||
| Prepaid expense | 700 | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Assets | 95,532 | – | 18,059 | – | – | – | – | – | ||||||||||||||||||||||||
| Non-Current Assets: | ||||||||||||||||||||||||||||||||
| Horse assets, net of accumulated depreciation (see Note 2) | 1,073 | – | 10,859 | – | – | – | – | – | ||||||||||||||||||||||||
| Total Non-Current Assets | 1,073 | – | 10,859 | – | – | – | – | – | ||||||||||||||||||||||||
| TOTAL ASSETS | $ | 96,605 | $ | – | $ | 28,918 | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | ||||||||||||||||||||||||||||||||
| Liabilities: | ||||||||||||||||||||||||||||||||
| Current Liabilities: | ||||||||||||||||||||||||||||||||
| Acquisition advances payable to Manager (see Note 4) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accrued expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Long-term Liabilities: | ||||||||||||||||||||||||||||||||
| Long-term debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Long-term Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Members' Equity/(Deficit): | ||||||||||||||||||||||||||||||||
| Membership in My Racehorse CA, LLC | – | – | – | – | – | – | 25,979 | – | ||||||||||||||||||||||||
| Subscriptions in series, net of distributions (See Note 6) | (3,382,000 | ) | 28,570 | 339,533 | 34,881 | 44,555 | 138,110 | 40,500 | 265,079 | |||||||||||||||||||||||
| Retained earnings/(Accumulated deficit) | 3,478,605 | (28,570 | ) | (310,615 | ) | (34,881 | ) | (44,555 | ) | (138,110 | ) | (66,479 | ) | (265,079 | ) | |||||||||||||||||
| Total Members' Equity/(Deficit) | 96,605 | – | 28,918 | – | – | – | – | – | ||||||||||||||||||||||||
| TOTAL LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | $ | 96,605 | $ | – | $ | 28,918 | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements.
| F-15 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING BALANCE SHEETS (UNAUDITED)
As of June 30, 2025 (Continued)
| Series Street Band | Series Sunny 18 | Series Sunsand- drinkinhand | Series Sweet Sweet Annie 19 | Series Swiss Minister | Series Takeo Squared | Series Tapitry 19 | Series Tavasco Road | |||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accounts receivable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Horse reserve funds receivable from Manager (see Note 4) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Prepaid expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Non-Current Assets: | ||||||||||||||||||||||||||||||||
| Horse assets, net of accumulated depreciation (see Note 2) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Non-Current Assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| TOTAL ASSETS | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | ||||||||||||||||||||||||||||||||
| Liabilities: | ||||||||||||||||||||||||||||||||
| Current Liabilities: | ||||||||||||||||||||||||||||||||
| Acquisition advances payable to Manager (see Note 4) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accrued expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Long-term Liabilities: | ||||||||||||||||||||||||||||||||
| Long-term debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Long-term Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Members' Equity/(Deficit): | ||||||||||||||||||||||||||||||||
| Membership in My Racehorse CA, LLC | – | – | 12,000 | 105,050 | – | – | – | – | ||||||||||||||||||||||||
| Subscriptions in series, net of distributions (See Note 6) | (3,317 | ) | 373,619 | 98,606 | (203,093 | ) | 14,000 | 11,983 | 210,745 | 16,483 | ||||||||||||||||||||||
| Retained earnings/(Accumulated deficit) | 3,317 | (373,619 | ) | (110,606 | ) | 98,044 | (14,000 | ) | (11,983 | ) | (210,745 | ) | (16,483 | ) | ||||||||||||||||||
| Total Members' Equity/(Deficit) | – | – | – | – | – | 0 | – | – | ||||||||||||||||||||||||
| TOTAL LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 0 | $ | – | $ | – | ||||||||||||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements.
| F-16 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING BALANCE SHEETS (UNAUDITED)
As of June 30, 2025 (Continued)
| Series Tell All 19 | Series Tell the Duchess 19 | Series The Filly Four | Series The Royal Duet | Series Thirteen Stripes | Series Timeless Trick 20 | Series Tizamagician | Series Tufnel | |||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accounts receivable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Horse reserve funds receivable from Manager (see Note 4) | – | (138,322 | ) | – | – | – | – | – | – | |||||||||||||||||||||||
| Prepaid expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Assets | – | (138,322 | ) | – | – | – | – | – | – | |||||||||||||||||||||||
| Non-Current Assets: | ||||||||||||||||||||||||||||||||
| Horse assets, net of accumulated depreciation (see Note 2) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Non-Current Assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| TOTAL ASSETS | $ | – | $ | (138,322 | ) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | |||||||||||||||
| LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | ||||||||||||||||||||||||||||||||
| Liabilities: | ||||||||||||||||||||||||||||||||
| Current Liabilities: | ||||||||||||||||||||||||||||||||
| Acquisition advances payable to Manager (see Note 4) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accrued expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Long-term Liabilities: | ||||||||||||||||||||||||||||||||
| Long-term debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Long-term Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Members' Equity/(Deficit): | ||||||||||||||||||||||||||||||||
| Membership in My Racehorse CA, LLC | 21,600 | – | – | – | – | 27,000 | – | 39,490 | ||||||||||||||||||||||||
| Subscriptions in series, net of distributions (See Note 6) | 126,000 | 106,360 | 995,885 | 955,355 | 229,000 | 84,954 | 16,165 | 322,400 | ||||||||||||||||||||||||
| Retained earnings/(Accumulated deficit) | (147,600 | ) | (244,682 | ) | (995,885 | ) | (955,355 | ) | (229,000 | ) | (111,954 | ) | (16,165 | ) | (361,890 | ) | ||||||||||||||||
| Total Members' Equity/(Deficit) | – | (138,322 | ) | – | – | – | – | – | – | |||||||||||||||||||||||
| TOTAL LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | $ | – | $ | (138,322 | ) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | |||||||||||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements.
| F-17 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING BALANCE SHEETS (UNAUDITED)
As of June 30, 2025 (Continued)
| Series Twirl Girl 21 | Series Two Trail Sioux 17 | Series Two Trail Sioux 17K | Series Utalknbout- practice | Series Vertical Threat | Series Vow | Series War Safe | Series Wayne O | |||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accounts receivable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Horse reserve funds receivable from Manager (see Note 4) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Prepaid expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Non-Current Assets: | ||||||||||||||||||||||||||||||||
| Horse assets, net of accumulated depreciation (see Note 2) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Non-Current Assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| TOTAL ASSETS | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | ||||||||||||||||||||||||||||||||
| Liabilities: | ||||||||||||||||||||||||||||||||
| Current Liabilities: | ||||||||||||||||||||||||||||||||
| Acquisition advances payable to Manager (see Note 4) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accrued expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Long-term Liabilities: | ||||||||||||||||||||||||||||||||
| Long-term debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Long-term Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Members' Equity/(Deficit): | ||||||||||||||||||||||||||||||||
| Membership in My Racehorse CA, LLC | 28,359 | 7,724 | – | – | – | – | – | 33,825 | ||||||||||||||||||||||||
| Subscriptions in series, net of distributions (See Note 6) | 140,927 | 135,000 | 40,069 | 21,569 | (35,487 | ) | 272,397 | 242,990 | 550,381 | |||||||||||||||||||||||
| Retained earnings/(Accumulated deficit) | (169,286 | ) | (142,724 | ) | (40,069 | ) | (21,569 | ) | 35,487 | (272,397 | ) | (242,990 | ) | (584,206 | ) | |||||||||||||||||
| Total Members' Equity/(Deficit) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| TOTAL LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements.
| F-18 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING BALANCE SHEETS (UNAUDITED)
As of June 30, 2025 (Continued)
| Series Who Runs the World | Series Who'sbeen- inmybed 19 | Series Without Delay | Series Wonder Upon a Star 19 | Series Yes This Time | Series You Make Luvin Fun 19 | Series Zestful | My Racehorse CA | |||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accounts receivable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Horse reserve funds receivable from Manager (see Note 4) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Prepaid expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Non-Current Assets: | ||||||||||||||||||||||||||||||||
| Horse assets, net of accumulated depreciation (see Note 2) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Non-Current Assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| TOTAL ASSETS | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | ||||||||||||||||||||||||||||||||
| Liabilities: | ||||||||||||||||||||||||||||||||
| Current Liabilities: | ||||||||||||||||||||||||||||||||
| Acquisition advances payable to Manager (see Note 4) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accrued expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Long-term Liabilities: | ||||||||||||||||||||||||||||||||
| Long-term debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Long-term Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Members' Equity/(Deficit): | ||||||||||||||||||||||||||||||||
| Membership in My Racehorse CA, LLC | – | – | 36,000 | – | 99,000 | – | – | 11,843 | ||||||||||||||||||||||||
| Subscriptions in series, net of distributions (See Note 6) | 478,235 | 291,049 | 110,389 | 261,791 | (197,843 | ) | 382,204 | 25,194 | – | |||||||||||||||||||||||
| Retained earnings/(Accumulated deficit) | (478,235 | ) | (291,049 | ) | (146,389 | ) | (261,791 | ) | 98,843 | (382,204 | ) | (25,194 | ) | (11,843 | ) | |||||||||||||||||
| Total Members' Equity/(Deficit) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| TOTAL LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements.
| F-19 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING BALANCE SHEETS (UNAUDITED)
As of June 30, 2025 (Continued)
| Classic Colt Package | Series Edge Crown It 21 | Series Edge High Speed Goldie 21 | Series Edge More Than Magic 21 | Series MRH Adaay in Asia | Series MRH Alliford Bay 21 | Series MRH Blues Corner 21 | Series MRH Bullish Sentiment 21 | |||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accounts receivable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Horse reserve funds receivable from Manager (see Note 4) | 14,993 | (4,050 | ) | – | (3,700 | ) | – | – | – | – | ||||||||||||||||||||||
| Prepaid expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Assets | 14,993 | (4,050 | ) | – | (3,700 | ) | – | – | – | – | ||||||||||||||||||||||
| Non-Current Assets: | ||||||||||||||||||||||||||||||||
| Horse assets, net of accumulated depreciation (see Note 2) | 16,330 | 41,642 | – | – | – | – | – | |||||||||||||||||||||||||
| Total Non-Current Assets | 16,330 | 41,642 | – | – | – | – | – | – | ||||||||||||||||||||||||
| TOTAL ASSETS | $ | 31,323 | $ | 37,592 | $ | – | $ | (3,700 | ) | $ | – | $ | – | $ | – | $ | – | |||||||||||||||
| LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | ||||||||||||||||||||||||||||||||
| Liabilities: | ||||||||||||||||||||||||||||||||
| Current Liabilities: | ||||||||||||||||||||||||||||||||
| Acquisition advances payable to Manager (see Note 4) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accrued expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Long-term Liabilities: | ||||||||||||||||||||||||||||||||
| Long-term debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Long-term Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Members' Equity/(Deficit): | ||||||||||||||||||||||||||||||||
| Membership in My Racehorse CA, LLC | 82,600 | 69,097 | 35,374 | 47,528 | – | – | – | – | ||||||||||||||||||||||||
| Subscriptions in series, net of distributions (See Note 6) | 328,752 | 138,676 | 126,369 | 147,108 | 363,072 | – | – | – | ||||||||||||||||||||||||
| Retained earnings/(Accumulated deficit) | (380,029 | ) | (170,181 | ) | (161,743 | ) | (198,336 | ) | (363,072 | ) | – | – | – | |||||||||||||||||||
| Total Members' Equity/(Deficit) | 31,323 | 37,592 | – | (3,700 | ) | – | – | – | – | |||||||||||||||||||||||
| TOTAL LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | $ | 31,323 | $ | 37,592 | $ | – | $ | (3,700 | ) | $ | – | $ | – | $ | – | $ | – | |||||||||||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements.
| F-20 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING BALANCE SHEETS (UNAUDITED)
As of June 30, 2025 (Continued)
| Series MRH Giant Mover 21 | MRH Blue Devil | MRH Brandy 22 | MRH Catalyst | MRH Here's the Kicker | MRH Incredi- Bundle | |||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||
| Cash and cash equivalents | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||
| Accounts receivable | – | – | – | – | – | 1,714 | ||||||||||||||||||
| Horse reserve funds receivable from Manager (see Note 4) | – | 44,901 | – | 49,147 | 29,758 | 81,612 | ||||||||||||||||||
| Prepaid expense | – | – | – | – | – | – | ||||||||||||||||||
| Total Current Assets | – | 44,901 | – | 49,147 | 29,758 | 83,326 | ||||||||||||||||||
| Non-Current Assets: | ||||||||||||||||||||||||
| Horse assets, net of accumulated depreciation (see Note 2) | – | 89,346 | – | 98,536 | 71,948 | 293,565 | ||||||||||||||||||
| Total Non-Current Assets | – | 89,346 | – | 98,536 | 71,948 | 293,565 | ||||||||||||||||||
| TOTAL ASSETS | $ | – | $ | 134,247 | $ | – | $ | 147,683 | $ | 101,706 | $ | 376,891 | ||||||||||||
| LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | ||||||||||||||||||||||||
| Liabilities: | ||||||||||||||||||||||||
| Current Liabilities: | ||||||||||||||||||||||||
| Acquisition advances payable to Manager (see Note 4) | $ | – | $ | 227,379 | $ | – | $ | – | $ | – | $ | – | ||||||||||||
| Accrued expense | – | – | – | – | – | – | ||||||||||||||||||
| Deferred revenue | – | – | – | – | – | – | ||||||||||||||||||
| Distributions payable | – | – | – | – | – | – | ||||||||||||||||||
| Interest payable | – | – | – | – | – | – | ||||||||||||||||||
| Total Current Liabilities | – | 227,379 | – | – | – | – | ||||||||||||||||||
| Long-term Liabilities: | ||||||||||||||||||||||||
| Long-term debt - related party | – | – | – | – | – | – | ||||||||||||||||||
| Total Long-term Liabilities | – | – | – | – | – | – | ||||||||||||||||||
| Total Liabilities | – | 227,379 | – | – | – | – | ||||||||||||||||||
| Members' Equity/(Deficit): | ||||||||||||||||||||||||
| Membership in My Racehorse CA, LLC | – | – | – | – | – | – | ||||||||||||||||||
| Subscriptions in series, net of distributions (See Note 6) | – | 76,197 | 680,328 | 658,320 | 497,988 | 1,083,240 | ||||||||||||||||||
| Retained earnings/(Accumulated deficit) | – | (169,330 | ) | (680,328 | ) | (510,637 | ) | (396,281 | ) | (706,349 | ) | |||||||||||||
| Total Members' Equity/(Deficit) | – | (93,133 | ) | – | 147,683 | 101,706 | 376,891 | |||||||||||||||||
| TOTAL LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | $ | – | $ | 134,247 | $ | – | $ | 147,683 | $ | 101,706 | $ | 376,891 | ||||||||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements.
| F-21 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING BALANCE SHEETS (UNAUDITED)
As of June 30, 2025 (Continued)
| MRH Isle Blue | MRH New York Bundle | MRH Real Savvy | MRH Sweet as Sin | MRH Sweet Voyage | Series Stylishly 23 | Series Formidable Kitt | Series Blip Says Bye | |||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accounts receivable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Horse reserve funds receivable from Manager (see Note 4) | 32,961 | 119,413 | 26,479 | – | 43,680 | 131,193 | 88,987 | 126,988 | ||||||||||||||||||||||||
| Prepaid expense | – | – | – | – | 26 | – | – | – | ||||||||||||||||||||||||
| Total Current Assets | 32,961 | 119,413 | 26,479 | – | 43,706 | 131,193 | 88,987 | 126,988 | ||||||||||||||||||||||||
| Non-Current Assets: | ||||||||||||||||||||||||||||||||
| Horse assets, net of accumulated depreciation (see Note 2) | 77,206 | 184,066 | 105,677 | – | 34,300 | 415,980 | 176,243 | 312,600 | ||||||||||||||||||||||||
| Total Non-Current Assets | 77,206 | 184,066 | 105,677 | – | 34,300 | 415,980 | 176,243 | 312,600 | ||||||||||||||||||||||||
| TOTAL ASSETS | $ | 110,167 | $ | 303,479 | $ | 132,156 | $ | – | $ | 78,006 | $ | 547,173 | $ | 265,230 | $ | 439,588 | ||||||||||||||||
| LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | ||||||||||||||||||||||||||||||||
| Liabilities: | ||||||||||||||||||||||||||||||||
| Current Liabilities: | ||||||||||||||||||||||||||||||||
| Acquisition advances payable to Manager (see Note 4) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accrued expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Long-term Liabilities: | ||||||||||||||||||||||||||||||||
| Long-term debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Long-term Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Members' Equity/(Deficit): | ||||||||||||||||||||||||||||||||
| Membership in My Racehorse CA, LLC | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Subscriptions in series, net of distributions (See Note 6) | 413,100 | 1,002,252 | 521,700 | 92,722 | 336,975 | 1,140,000 | 646,500 | 780,000 | ||||||||||||||||||||||||
| Retained earnings/(Accumulated deficit) | (302,933 | ) | (698,773 | ) | (389,544 | ) | (92,722 | ) | (258,969 | ) | (592,827 | ) | (381,270 | ) | (340,412 | ) | ||||||||||||||||
| Total Members' Equity/(Deficit) | 110,167 | 303,479 | 132,156 | – | 78,006 | 547,173 | 265,230 | 439,588 | ||||||||||||||||||||||||
| TOTAL LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | $ | 110,167 | $ | 303,479 | $ | 132,156 | $ | – | $ | 78,006 | $ | 547,173 | $ | 265,230 | $ | 439,588 | ||||||||||||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements.
| F-22 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING BALANCE SHEETS (UNAUDITED)
As of June 30, 2025 (Continued)
| Series Clair de Lune 22 | Series Malibu Bonnie 23 | Series Spanxa- million | Series Sirius Pursuit | MRH STG Broodmare Band | MRH Commissioned | MRH Love Like Lucy | MRH My Eyes on You | |||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accounts receivable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Horse reserve funds receivable from Manager (see Note 4) | 91,353 | 132,079 | 116,553 | 85,015 | 141,025 | 163,302 | 101,525 | 92,460 | ||||||||||||||||||||||||
| Prepaid expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Assets | 91,353 | 132,079 | 116,553 | 85,015 | 141,025 | 163,302 | 101,525 | 92,460 | ||||||||||||||||||||||||
| Non-Current Assets: | ||||||||||||||||||||||||||||||||
| Horse assets, net of accumulated depreciation (see Note 2) | 72,393 | 244,927 | 293,148 | 117,536 | 497,375 | 281,064 | 152,657 | 167,833 | ||||||||||||||||||||||||
| Total Non-Current Assets | 72,393 | 244,927 | 293,148 | 117,536 | 497,375 | 281,064 | 152,657 | 167,833 | ||||||||||||||||||||||||
| TOTAL ASSETS | $ | 163,746 | $ | 377,007 | $ | 409,701 | $ | 202,550 | $ | 638,400 | $ | 444,366 | $ | 254,182 | $ | 260,292 | ||||||||||||||||
| LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | ||||||||||||||||||||||||||||||||
| Liabilities: | ||||||||||||||||||||||||||||||||
| Current Liabilities: | ||||||||||||||||||||||||||||||||
| Acquisition advances payable to Manager (see Note 4) | $ | – | $ | – | $ | – | $ | 4,257 | $ | – | $ | – | $ | 255 | $ | 102,694 | ||||||||||||||||
| Accrued expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Liabilities | – | – | – | 4,257 | – | – | 255 | 102,694 | ||||||||||||||||||||||||
| Long-term Liabilities: | ||||||||||||||||||||||||||||||||
| Long-term debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Long-term Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Liabilities | – | – | – | 4,257 | – | – | 255 | 102,694 | ||||||||||||||||||||||||
| Members' Equity/(Deficit): | ||||||||||||||||||||||||||||||||
| Membership in My Racehorse CA, LLC | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Subscriptions in series, net of distributions (See Note 6) | 415,000 | 790,000 | 870,000 | 353,646 | 1,175,000 | 720,000 | 392,700 | 261,253 | ||||||||||||||||||||||||
| Retained earnings/(Accumulated deficit) | (251,254 | ) | (412,993 | ) | (460,299 | ) | (155,352 | ) | (536,600 | ) | (275,634 | ) | (138,773 | ) | (103,655 | ) | ||||||||||||||||
| Total Members' Equity/(Deficit) | 163,746 | 377,007 | 409,701 | 198,294 | 638,400 | 444,366 | 253,927 | 157,598 | ||||||||||||||||||||||||
| TOTAL LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | $ | 163,746 | $ | 377,007 | $ | 409,701 | $ | 202,550 | $ | 638,400 | $ | 444,366 | $ | 254,182 | $ | 260,292 | ||||||||||||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements.
| F-23 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING BALANCE SHEETS (UNAUDITED)
As of June 30, 2025 (Continued)
| MRH Mystical Belle | MRH Raging Inferno | MRH Restless Rider 23 | MRH Stirred 23 | MRH Trust But Verify | MRH Wildcat Gaze 23 | 06.30.2025 Consolidated Total | ||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
| Accounts receivable | – | – | – | – | – | – | 657,964 | |||||||||||||||||||||
| Horse reserve funds receivable from Manager (see Note 4) | 88,782 | 116,719 | 216,869 | 138,112 | 191,899 | 89,933 | 2,596,534 | |||||||||||||||||||||
| Prepaid expense | – | – | – | – | – | – | 14,879 | |||||||||||||||||||||
| Total Current Assets | 88,782 | 116,719 | 216,869 | 138,112 | 191,899 | 89,933 | 3,269,377 | |||||||||||||||||||||
| Non-Current Assets: | ||||||||||||||||||||||||||||
| Horse assets, net of accumulated depreciation (see Note 2) | 151,989 | 145,511 | 606,254 | 226,522 | 461,917 | 62,242 | 5,466,934 | |||||||||||||||||||||
| Total Non-Current Assets | 151,989 | 145,511 | 606,254 | 226,522 | 461,917 | 62,242 | 5,466,934 | |||||||||||||||||||||
| TOTAL ASSETS | $ | 240,771 | $ | 262,229 | $ | 823,123 | $ | 364,633 | $ | 653,815 | $ | 152,175 | $ | 8,736,311 | ||||||||||||||
| LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | ||||||||||||||||||||||||||||
| Liabilities: | ||||||||||||||||||||||||||||
| Current Liabilities: | ||||||||||||||||||||||||||||
| Acquisition advances payable to Manager (see Note 4) | $ | – | $ | 280,000 | $ | 862,750 | $ | 380,625 | $ | 62,077 | $ | 156,310 | $ | 2,076,348 | ||||||||||||||
| Accrued expense | – | – | – | – | – | – | 9,648 | |||||||||||||||||||||
| Deferred revenue | – | – | – | – | – | – | – | |||||||||||||||||||||
| Distributions payable | – | – | – | – | – | – | – | |||||||||||||||||||||
| Interest payable | – | – | – | – | – | – | 23 | |||||||||||||||||||||
| Total Current Liabilities | – | 280,000 | 862,750 | 380,625 | 62,077 | 156,310 | 2,086,019 | |||||||||||||||||||||
| Long-term Liabilities: | ||||||||||||||||||||||||||||
| Long-term debt - related party | – | – | – | – | – | – | 538,073 | |||||||||||||||||||||
| Total Long-term Liabilities | – | – | – | – | – | – | 538,073 | |||||||||||||||||||||
| Total Liabilities | – | 280,000 | 862,750 | 380,625 | 62,077 | 156,310 | 2,624,092 | |||||||||||||||||||||
| Members' Equity/(Deficit): | ||||||||||||||||||||||||||||
| Membership in My Racehorse CA, LLC | – | – | – | – | – | – | 2,046,279 | |||||||||||||||||||||
| Subscriptions in series, net of distributions (See Note 6) | 360,000 | – | – | – | 941,017 | – | 41,440,181 | |||||||||||||||||||||
| Retained earnings/(Accumulated deficit) | (119,229 | ) | (17,771 | ) | (39,627 | ) | (15,992 | ) | (349,279 | ) | (4,135 | ) | (37,374,241 | ) | ||||||||||||||
| Total Members' Equity/(Deficit) | 240,771 | (17,771 | ) | (39,627 | ) | (15,992 | ) | 591,738 | (4,135 | ) | 6,112,219 | |||||||||||||||||
| TOTAL LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | $ | 240,771 | $ | 262,229 | $ | 823,123 | $ | 364,633 | $ | 653,815 | $ | 152,175 | $ | 8,736,311 | ||||||||||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements.
| F-24 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING BALANCE SHEETS
As of December 31, 2024
| Series Action Bundle | Series Adjust 20 | Series Amandrea | Series Amble- side Park 19 | Series Amers | Series Apple Down Under 19 | Series Ari the Adventurer 19 | Series Ashlees Empire 20 | |||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accounts receivable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Horse reserve funds receivable from Manager (see Note 4) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Prepaid expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Non-Current Assets: | ||||||||||||||||||||||||||||||||
| Horse assets, net of accumulated depreciation (see Note 2) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Non-Current Assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| TOTAL ASSETS | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | ||||||||||||||||||||||||||||||||
| Liabilities: | ||||||||||||||||||||||||||||||||
| Current Liabilities: | ||||||||||||||||||||||||||||||||
| Acquisition advances payable to Manager (see Note 4) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accrued expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Long-term Liabilities: | ||||||||||||||||||||||||||||||||
| Long-term debt - related party | – | – | – | – | – | – | 1,734 | – | ||||||||||||||||||||||||
| Total Long-term Liabilities | – | – | – | – | – | – | 1,734 | – | ||||||||||||||||||||||||
| Total Liabilities | – | – | – | – | – | – | 1,734 | – | ||||||||||||||||||||||||
| Members' Equity/(Deficit): | ||||||||||||||||||||||||||||||||
| Membership in My Racehorse CA, LLC | – | 68,705 | 24,272 | 33,786 | – | – | 38,228 | – | ||||||||||||||||||||||||
| Subscriptions in series, net of distributions (See Note 6) | 147,299 | 83,659 | 157,908 | 74,719 | 8,998 | 77,255 | 407,286 | 125,935 | ||||||||||||||||||||||||
| Retained earnings/(Accumulated deficit) | (147,299 | ) | (152,364 | ) | (182,180 | ) | (108,505 | ) | (8,998 | ) | (77,255 | ) | (447,248 | ) | (125,935 | ) | ||||||||||||||||
| Total Members' Equity/(Deficit) | – | – | – | – | – | – | (1,734 | ) | – | |||||||||||||||||||||||
| TOTAL LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
See Independent Auditor’s Report and accompanying
notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-25 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING BALANCE SHEETS
As of December 31, 2024 (Continued)
| Series Athenian Beauty 19 | Series Authentic | Series Awe Hush 19 | Series Bajan Bashert | Series Balletic | Series Bella Chica | Series Big Mel | Series Black Escort 19 | |||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accounts receivable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Horse reserve funds receivable from Manager (see Note 4) | – | (164,256 | ) | – | – | 27,143 | – | – | – | |||||||||||||||||||||||
| Prepaid expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Assets | – | (164,256 | ) | – | – | 27,143 | – | – | – | |||||||||||||||||||||||
| Non-Current Assets: | ||||||||||||||||||||||||||||||||
| Horse assets, net of accumulated depreciation (see Note 2) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Non-Current Assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| TOTAL ASSETS | $ | – | $ | (164,256 | ) | $ | – | $ | – | $ | 27,143 | $ | – | $ | – | $ | – | |||||||||||||||
| LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | ||||||||||||||||||||||||||||||||
| Liabilities: | ||||||||||||||||||||||||||||||||
| Current Liabilities: | ||||||||||||||||||||||||||||||||
| Acquisition advances payable to Manager (see Note 4) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accrued expense | – | 1,892 | – | – | – | – | – | – | ||||||||||||||||||||||||
| Deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions payable | – | – | – | – | 27,143 | – | – | – | ||||||||||||||||||||||||
| Interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Liabilities | – | 1,892 | – | – | 27,143 | – | – | – | ||||||||||||||||||||||||
| Long-term Liabilities: | ||||||||||||||||||||||||||||||||
| Long-term debt - related party | – | 520,732 | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Long-term Liabilities | – | 520,732 | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Liabilities | – | 522,624 | – | – | 27,143 | – | – | – | ||||||||||||||||||||||||
| Members' Equity/(Deficit): | ||||||||||||||||||||||||||||||||
| Membership in My Racehorse CA, LLC | 24,527 | – | 40,192 | 64,280 | – | 16,469 | 48,373 | 36,000 | ||||||||||||||||||||||||
| Subscriptions in series, net of distributions (See Note 6) | 66,401 | 1,813,083 | 264,846 | 110,544 | 730,557 | 38,000 | 726,000 | 84,467 | ||||||||||||||||||||||||
| Retained earnings/(Accumulated deficit) | (90,928 | ) | (2,499,963 | ) | (305,037 | ) | (174,824 | ) | (730,557 | ) | (54,469 | ) | (774,373 | ) | (120,467 | ) | ||||||||||||||||
| Total Members' Equity/(Deficit) | – | (686,881 | ) | – | – | – | – | – | – | |||||||||||||||||||||||
| TOTAL LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | $ | – | $ | (164,256 | ) | $ | – | $ | – | $ | 27,143 | $ | – | $ | – | $ | – | |||||||||||||||
See Independent Auditor’s Report and accompanying
notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-26 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING BALANCE SHEETS
As of December 31, 2024 (Continued)
| Series Bullion | Series Cable Boss | Series Cairo Kiss | Series Carrothers | Series Cayala 19 | Series Arch Support 20 | Series Chad Brown Bundle | Series Chasing the Moon 20 | |||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accounts receivable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Horse reserve funds receivable from Manager (see Note 4) | – | 8,786 | – | – | – | 9,296 | – | – | ||||||||||||||||||||||||
| Prepaid expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Assets | – | 8,786 | – | – | – | 9,296 | – | – | ||||||||||||||||||||||||
| Non-Current Assets: | ||||||||||||||||||||||||||||||||
| Horse assets, net of accumulated depreciation (see Note 2) | – | – | – | – | – | 9,158 | – | – | ||||||||||||||||||||||||
| Total Non-Current Assets | – | – | – | – | – | 9,158 | – | – | ||||||||||||||||||||||||
| TOTAL ASSETS | $ | – | $ | 8,786 | $ | – | $ | – | $ | – | $ | 18,454 | $ | – | $ | – | ||||||||||||||||
| LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | ||||||||||||||||||||||||||||||||
| Liabilities: | ||||||||||||||||||||||||||||||||
| Current Liabilities: | ||||||||||||||||||||||||||||||||
| Acquisition advances payable to Manager (see Note 4) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accrued expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions payable | – | 8,786 | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Liabilities | – | 8,786 | – | – | – | – | – | – | ||||||||||||||||||||||||
| Long-term Liabilities: | ||||||||||||||||||||||||||||||||
| Long-term debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Long-term Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Liabilities | – | 8,786 | – | – | – | – | – | – | ||||||||||||||||||||||||
| Members' Equity/(Deficit): | ||||||||||||||||||||||||||||||||
| Membership in My Racehorse CA, LLC | – | – | – | – | – | 62,318 | 27,877 | 45,000 | ||||||||||||||||||||||||
| Subscriptions in series, net of distributions (See Note 6) | 11,750 | 483,670 | 44,400 | 470,927 | 283,931 | 94,915 | 967,950 | 117,532 | ||||||||||||||||||||||||
| Retained earnings/(Accumulated deficit) | (11,750 | ) | (483,670 | ) | (44,400 | ) | (470,927 | ) | (283,931 | ) | (138,780 | ) | (995,827 | ) | (162,532 | ) | ||||||||||||||||
| Total Members' Equity/(Deficit) | – | – | – | – | – | 18,454 | – | – | ||||||||||||||||||||||||
| TOTAL LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | $ | – | $ | 8,786 | $ | – | $ | – | $ | – | $ | 18,454 | $ | – | $ | – | ||||||||||||||||
See Independent Auditor’s Report and accompanying
notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-27 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING BALANCE SHEETS
As of December 31, 2024 (Continued)
| Series Classic Cut | Series Classof- sixtythree 19 | Series Co Cola 19 | Series Collusion Illusion | Series Consecrate 19 | Series Courtisane 19 | Series Daddy's Joy | Series Dancing Crane | |||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accounts receivable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Horse reserve funds receivable from Manager (see Note 4) | 28,373 | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Prepaid expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Assets | 28,373 | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Non-Current Assets: | ||||||||||||||||||||||||||||||||
| Horse assets, net of accumulated depreciation (see Note 2) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Non-Current Assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| TOTAL ASSETS | $ | 28,373 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | ||||||||||||||||||||||||||||||||
| Liabilities: | ||||||||||||||||||||||||||||||||
| Current Liabilities: | ||||||||||||||||||||||||||||||||
| Acquisition advances payable to Manager (see Note 4) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accrued expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Long-term Liabilities: | ||||||||||||||||||||||||||||||||
| Long-term debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Long-term Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Members' Equity/(Deficit): | ||||||||||||||||||||||||||||||||
| Membership in My Racehorse CA, LLC | – | – | – | – | – | – | – | 60,000 | ||||||||||||||||||||||||
| Subscriptions in series, net of distributions (See Note 6) | 496,800 | (6,679 | ) | 453,179 | 686,309 | 46,629 | 456,841 | 106,872 | 39,711 | |||||||||||||||||||||||
| Retained earnings/(Accumulated deficit) | (468,427 | ) | 6,679 | (453,179 | ) | (686,309 | ) | (46,629 | ) | (456,841 | ) | (106,872 | ) | (99,711 | ) | |||||||||||||||||
| Total Members' Equity/(Deficit) | 28,373 | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| TOTAL LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | $ | 28,373 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
See Independent Auditor’s Report and accompanying
notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-28 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING BALANCE SHEETS
As of December 31, 2024 (Continued)
| Series Daring Dancer 20 | Series De Mystique 17 | Series Deep Cover | Series Demogorgon | Series Desire Street 19 | Series Echo Warrior 19 | Series Edge Racing Summer Fun | Series Enchante 21 | |||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accounts receivable | – | – | – | – | – | – | – | 1,638 | ||||||||||||||||||||||||
| Horse reserve funds receivable from Manager (see Note 4) | – | – | – | – | – | 4,972 | – | 37,098 | ||||||||||||||||||||||||
| Prepaid expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Assets | – | – | – | – | – | 4,972 | – | 38,736 | ||||||||||||||||||||||||
| Non-Current Assets: | ||||||||||||||||||||||||||||||||
| Horse assets, net of accumulated depreciation (see Note 2) | – | – | – | – | – | – | – | 70,095 | ||||||||||||||||||||||||
| Total Non-Current Assets | – | – | – | – | – | – | – | 70,095 | ||||||||||||||||||||||||
| TOTAL ASSETS | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 4,972 | $ | – | $ | 108,831 | ||||||||||||||||
| LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | ||||||||||||||||||||||||||||||||
| Liabilities: | ||||||||||||||||||||||||||||||||
| Current Liabilities: | ||||||||||||||||||||||||||||||||
| Acquisition advances payable to Manager (see Note 4) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accrued expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions payable | – | – | – | – | – | 4,972 | – | – | ||||||||||||||||||||||||
| Interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Liabilities | – | – | – | – | – | 4,972 | – | – | ||||||||||||||||||||||||
| Long-term Liabilities: | ||||||||||||||||||||||||||||||||
| Long-term debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Long-term Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Liabilities | – | – | – | – | – | 4,972 | – | – | ||||||||||||||||||||||||
| Members' Equity/(Deficit): | ||||||||||||||||||||||||||||||||
| Membership in My Racehorse CA, LLC | – | – | – | 48,000 | – | – | – | – | ||||||||||||||||||||||||
| Subscriptions in series, net of distributions (See Note 6) | 84,118 | 26,026 | 176,000 | 84,305 | 188,980 | 267,068 | 164,938 | 560,520 | ||||||||||||||||||||||||
| Retained earnings/(Accumulated deficit) | (84,118 | ) | (26,026 | ) | (176,000 | ) | (132,305 | ) | (188,980 | ) | (267,068 | ) | (164,938 | ) | (451,689 | ) | ||||||||||||||||
| Total Members' Equity/(Deficit) | – | – | – | – | – | – | – | 108,831 | ||||||||||||||||||||||||
| TOTAL LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 4,972 | $ | – | $ | 108,831 | ||||||||||||||||
See Independent Auditor’s Report and accompanying
notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-29 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING BALANCE SHEETS
As of December 31, 2024 (Continued)
| Series Elarose 21 | Series Escape Route | Series Exonerated 19 | Series Fenwick Hall 20 | Series Forever Rose | Series Flora Dora 20 | Series Frosted Oats | Series Future Stars Stable | |||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accounts receivable | – | – | – | – | – | 5,000 | – | – | ||||||||||||||||||||||||
| Horse reserve funds receivable from Manager (see Note 4) | 21,585 | – | – | – | – | (5,000 | ) | – | – | |||||||||||||||||||||||
| Prepaid expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Assets | 21,585 | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Non-Current Assets: | ||||||||||||||||||||||||||||||||
| Horse assets, net of accumulated depreciation (see Note 2) | 73,500 | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Non-Current Assets | 73,500 | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| TOTAL ASSETS | $ | 95,085 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | ||||||||||||||||||||||||||||||||
| Liabilities: | ||||||||||||||||||||||||||||||||
| Current Liabilities: | ||||||||||||||||||||||||||||||||
| Acquisition advances payable to Manager (see Note 4) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accrued expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Long-term Liabilities: | ||||||||||||||||||||||||||||||||
| Long-term debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Long-term Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Members' Equity/(Deficit): | ||||||||||||||||||||||||||||||||
| Membership in My Racehorse CA, LLC | – | 153,823 | – | – | – | 57,086 | – | – | ||||||||||||||||||||||||
| Subscriptions in series, net of distributions (See Note 6) | 622,200 | (77,420 | ) | 129,991 | 176,843 | – | 74,753 | 126,676 | 369,790 | |||||||||||||||||||||||
| Retained earnings/(Accumulated deficit) | (527,115 | ) | (76,404 | ) | (129,991 | ) | (176,843 | ) | – | (131,840 | ) | (126,676 | ) | (369,790 | ) | |||||||||||||||||
| Total Members' Equity/(Deficit) | 95,085 | – | – | – | – | – | – | (0 | ) | |||||||||||||||||||||||
| TOTAL LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | $ | 95,085 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | (0 | ) | |||||||||||||||
See Independent Auditor’s Report and accompanying
notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-30 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING BALANCE SHEETS
As of December 31, 2024 (Continued)
| Series Gentleman Gerry | Series Going to Vegas | Series Got Stormy | Series Grand Traverse Bay 19 | Series Grand Traverse Bay 20 | Series Heaven Street | Series Kindle 21 | Series Knarsdale 21 | |||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accounts receivable | – | – | – | – | – | – | 347 | – | ||||||||||||||||||||||||
| Horse reserve funds receivable from Manager (see Note 4) | – | – | – | – | – | – | 52,933 | 15,882 | ||||||||||||||||||||||||
| Prepaid expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Assets | – | – | – | – | – | – | 53,279 | 15,882 | ||||||||||||||||||||||||
| Non-Current Assets: | ||||||||||||||||||||||||||||||||
| Horse assets, net of accumulated depreciation (see Note 2) | – | – | – | – | – | – | 37,042 | 73,270 | ||||||||||||||||||||||||
| Total Non-Current Assets | – | – | – | – | – | – | 37,042 | 73,270 | ||||||||||||||||||||||||
| TOTAL ASSETS | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 90,321 | $ | 89,152 | ||||||||||||||||
| LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | ||||||||||||||||||||||||||||||||
| Liabilities: | ||||||||||||||||||||||||||||||||
| Current Liabilities: | ||||||||||||||||||||||||||||||||
| Acquisition advances payable to Manager (see Note 4) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accrued expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Long-term Liabilities: | ||||||||||||||||||||||||||||||||
| Long-term debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Long-term Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Members' Equity/(Deficit): | ||||||||||||||||||||||||||||||||
| Membership in My Racehorse CA, LLC | 12,000 | – | – | – | – | 7,500 | – | – | ||||||||||||||||||||||||
| Subscriptions in series, net of distributions (See Note 6) | 107,144 | (236,882 | ) | 70,877 | 268,087 | 71,626 | 21,121 | 378,305 | 562,887 | |||||||||||||||||||||||
| Retained earnings/(Accumulated deficit) | (119,144 | ) | 236,882 | (70,877 | ) | (268,087 | ) | (71,626 | ) | (28,621 | ) | (287,984 | ) | (473,735 | ) | |||||||||||||||||
| Total Members' Equity/(Deficit) | – | – | – | – | – | – | 90,321 | 89,152 | ||||||||||||||||||||||||
| TOTAL LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 90,321 | $ | 89,152 | ||||||||||||||||
See Independent Auditor’s Report and accompanying
notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-31 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING BALANCE SHEETS
As of December 31, 2024 (Continued)
| Series I'm a Looker 20 | Series Into Summer 19 | Series Ishvana 21 | Series Jeanne's Speight 20 | Series Just Louise 19 | Series Keertana 18 | Series Kiana's Love | Series Kichiro | |||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accounts receivable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Horse reserve funds receivable from Manager (see Note 4) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Prepaid expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Non-Current Assets: | ||||||||||||||||||||||||||||||||
| Horse assets, net of accumulated depreciation (see Note 2) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Non-Current Assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| TOTAL ASSETS | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | ||||||||||||||||||||||||||||||||
| Liabilities: | ||||||||||||||||||||||||||||||||
| Current Liabilities: | ||||||||||||||||||||||||||||||||
| Acquisition advances payable to Manager (see Note 4) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accrued expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Long-term Liabilities: | ||||||||||||||||||||||||||||||||
| Long-term debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Long-term Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Members' Equity/(Deficit): | ||||||||||||||||||||||||||||||||
| Membership in My Racehorse CA, LLC | – | – | – | – | – | – | – | 10,973 | ||||||||||||||||||||||||
| Subscriptions in series, net of distributions (See Note 6) | 504,956 | 199,520 | – | 204,850 | 44,768 | 426,088 | 20,025 | 26,000 | ||||||||||||||||||||||||
| Retained earnings/(Accumulated deficit) | (504,956 | ) | (199,520 | ) | – | (204,850 | ) | (44,768 | ) | (426,088 | ) | (20,025 | ) | (36,973 | ) | |||||||||||||||||
| Total Members' Equity/(Deficit) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| TOTAL LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
See Independent Auditor’s Report and accompanying
notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-32 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING BALANCE SHEETS
As of December 31, 2024 (Continued)
| Series Lane Way | Series Latte Da 19 | Series Lazy Daisy | Series Le Relais 20 | Series Lost Empire 19 | Series Madarnas | Series Madiera Wine | Series Major Implications | |||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accounts receivable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Horse reserve funds receivable from Manager (see Note 4) | 12,895 | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Prepaid expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Assets | 12,895 | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Non-Current Assets: | ||||||||||||||||||||||||||||||||
| Horse assets, net of accumulated depreciation (see Note 2) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Non-Current Assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| TOTAL ASSETS | $ | 12,895 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | ||||||||||||||||||||||||||||||||
| Liabilities: | ||||||||||||||||||||||||||||||||
| Current Liabilities: | ||||||||||||||||||||||||||||||||
| Acquisition advances payable to Manager (see Note 4) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accrued expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions payable | 12,895 | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Liabilities | 12,895 | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Long-term Liabilities: | ||||||||||||||||||||||||||||||||
| Long-term debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Long-term Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Liabilities | 12,895 | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Members' Equity/(Deficit): | ||||||||||||||||||||||||||||||||
| Membership in My Racehorse CA, LLC | – | – | 6,446 | – | – | – | – | – | ||||||||||||||||||||||||
| Subscriptions in series, net of distributions (See Note 6) | 475,346 | 127,231 | 143,750 | 141,076 | 327,772 | 9,294 | 7,075 | 3,824 | ||||||||||||||||||||||||
| Retained earnings/(Accumulated deficit) | (475,346 | ) | (127,231 | ) | (150,196 | ) | (141,076 | ) | (327,772 | ) | (9,294 | ) | (7,075 | ) | (3,824 | ) | ||||||||||||||||
| Total Members' Equity/(Deficit) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| TOTAL LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | $ | 12,895 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
See Independent Auditor’s Report and accompanying
notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-33 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING BALANCE SHEETS
As of December 31, 2024 (Continued)
| Series Man Among Men | Series Margaret Reay 19 | Series Margarita Friday 19 | Series Martita Sangrita 17 | Series Mayan Milagra 19 | Series Midnight Sweetie 19 | Series Miss Puzzle | Series Miss Sakamoto | |||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accounts receivable | – | – | 10,080 | – | – | – | – | – | ||||||||||||||||||||||||
| Horse reserve funds receivable from Manager (see Note 4) | – | – | 33,512 | – | – | – | – | – | ||||||||||||||||||||||||
| Prepaid expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Assets | – | – | 43,592 | – | – | – | – | – | ||||||||||||||||||||||||
| Non-Current Assets: | ||||||||||||||||||||||||||||||||
| Horse assets, net of accumulated depreciation (see Note 2) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Non-Current Assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| TOTAL ASSETS | $ | – | $ | – | $ | 43,592 | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | ||||||||||||||||||||||||||||||||
| Liabilities: | ||||||||||||||||||||||||||||||||
| Current Liabilities: | ||||||||||||||||||||||||||||||||
| Acquisition advances payable to Manager (see Note 4) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accrued expense | – | – | 7,756 | – | – | – | – | – | ||||||||||||||||||||||||
| Deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Liabilities | – | – | 7,756 | – | – | – | – | – | ||||||||||||||||||||||||
| Long-term Liabilities: | ||||||||||||||||||||||||||||||||
| Long-term debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Long-term Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Liabilities | – | – | 7,756 | – | – | – | – | – | ||||||||||||||||||||||||
| Members' Equity/(Deficit): | ||||||||||||||||||||||||||||||||
| Membership in My Racehorse CA, LLC | – | – | – | – | 93,000 | – | 734 | – | ||||||||||||||||||||||||
| Subscriptions in series, net of distributions (See Note 6) | 198,842 | 132,253 | (224,980 | ) | 179,649 | (22,517 | ) | 83,877 | 31,250 | 285,394 | ||||||||||||||||||||||
| Retained earnings/(Accumulated deficit) | (198,842 | ) | (132,253 | ) | 260,816 | (179,649 | ) | (70,484 | ) | (83,877 | ) | (31,984 | ) | (285,394 | ) | |||||||||||||||||
| Total Members' Equity/(Deficit) | – | – | 35,836 | – | – | – | – | – | ||||||||||||||||||||||||
| TOTAL LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | $ | – | $ | – | $ | 43,592 | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
See Independent Auditor’s Report and accompanying
notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-34 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING BALANCE SHEETS
As of December 31, 2024 (Continued)
| Series Mo Mischief | Series Mo Temptation | Series Monomoy Girl | Series Moonbow 20 | Series Moonless Sky | Series Motion Emotion | Series Mrs Whistler | Series My Fast One 20 | |||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accounts receivable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Horse reserve funds receivable from Manager (see Note 4) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Prepaid expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Non-Current Assets: | ||||||||||||||||||||||||||||||||
| Horse assets, net of accumulated depreciation (see Note 2) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Non-Current Assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| TOTAL ASSETS | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | ||||||||||||||||||||||||||||||||
| Liabilities: | ||||||||||||||||||||||||||||||||
| Current Liabilities: | ||||||||||||||||||||||||||||||||
| Acquisition advances payable to Manager (see Note 4) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accrued expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Long-term Liabilities: | ||||||||||||||||||||||||||||||||
| Long-term debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Long-term Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Members' Equity/(Deficit): | ||||||||||||||||||||||||||||||||
| Membership in My Racehorse CA, LLC | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Subscriptions in series, net of distributions (See Note 6) | 355,378 | 296,127 | 223,434 | 151,682 | 21,628 | 26,129 | 240,886 | 238,466 | ||||||||||||||||||||||||
| Retained earnings/(Accumulated deficit) | (355,378 | ) | (296,127 | ) | (223,434 | ) | (151,682 | ) | (21,628 | ) | (26,129 | ) | (240,886 | ) | (238,466 | ) | ||||||||||||||||
| Total Members' Equity/(Deficit) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| TOTAL LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
See Independent Auditor’s Report and accompanying
notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-35 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING BALANCE SHEETS
As of December 31, 2024 (Continued)
| Series Naismith | Series National Road | Series New York Claiming Package | Series Night of Idiots | Series Nileist | Series Noble Goddess | Series Northern Smile 20 | Series NY Exacta | |||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accounts receivable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Horse reserve funds receivable from Manager (see Note 4) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Prepaid expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Non-Current Assets: | ||||||||||||||||||||||||||||||||
| Horse assets, net of accumulated depreciation (see Note 2) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Non-Current Assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| TOTAL ASSETS | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | ||||||||||||||||||||||||||||||||
| Liabilities: | ||||||||||||||||||||||||||||||||
| Current Liabilities: | ||||||||||||||||||||||||||||||||
| Acquisition advances payable to Manager (see Note 4) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accrued expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Long-term Liabilities: | ||||||||||||||||||||||||||||||||
| Long-term debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Long-term Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Members' Equity/(Deficit): | ||||||||||||||||||||||||||||||||
| Membership in My Racehorse CA, LLC | 16,634 | 83,294 | – | – | – | – | 66,747 | 55,909 | ||||||||||||||||||||||||
| Subscriptions in series, net of distributions (See Note 6) | 304,000 | 84,613 | 21,100 | 20,000 | 23,850 | 33,000 | 136,250 | 454,720 | ||||||||||||||||||||||||
| Retained earnings/(Accumulated deficit) | (320,634 | ) | (167,907 | ) | (21,100 | ) | (20,000 | ) | (23,850 | ) | (33,000 | ) | (202,997 | ) | (510,629 | ) | ||||||||||||||||
| Total Members' Equity/(Deficit) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| TOTAL LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
See Independent Auditor’s Report and accompanying
notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-36 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING BALANCE SHEETS
As of December 31, 2024 (Continued)
| Series One Last Night 21 | Series Our Miss Jones 19 | Series Our Jenny B | Series Palace Foal | Series Patsys Kim 21 | Series Popular Demand | Series Power Up Paynter | Series Queen Amira 19 | |||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accounts receivable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Horse reserve funds receivable from Manager (see Note 4) | 15,092 | – | (2,989 | ) | (6,171 | ) | – | – | – | – | ||||||||||||||||||||||
| Prepaid expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Assets | 15,092 | – | (2,989 | ) | (6,171 | ) | – | – | – | – | ||||||||||||||||||||||
| Non-Current Assets: | ||||||||||||||||||||||||||||||||
| Horse assets, net of accumulated depreciation (see Note 2) | 28,962 | – | 12,470 | – | – | – | – | – | ||||||||||||||||||||||||
| Total Non-Current Assets | 28,962 | – | 12,470 | – | – | – | – | – | ||||||||||||||||||||||||
| TOTAL ASSETS | $ | 44,054 | $ | – | $ | 9,481 | $ | (6,171 | ) | $ | – | $ | – | $ | – | $ | – | |||||||||||||||
| LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | ||||||||||||||||||||||||||||||||
| Liabilities: | ||||||||||||||||||||||||||||||||
| Current Liabilities: | ||||||||||||||||||||||||||||||||
| Acquisition advances payable to Manager (see Note 4) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accrued expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest payable | – | – | – | 23 | – | – | – | – | ||||||||||||||||||||||||
| Total Current Liabilities | – | – | – | 23 | – | – | – | – | ||||||||||||||||||||||||
| Long-term Liabilities: | ||||||||||||||||||||||||||||||||
| Long-term debt - related party | – | – | – | 15,606 | – | – | – | – | ||||||||||||||||||||||||
| Total Long-term Liabilities | – | – | – | 15,606 | – | – | – | – | ||||||||||||||||||||||||
| Total Liabilities | – | – | – | 15,629 | – | – | – | – | ||||||||||||||||||||||||
| Members' Equity/(Deficit): | ||||||||||||||||||||||||||||||||
| Membership in My Racehorse CA, LLC | – | – | 54,926 | – | – | 1,741 | 30,389 | – | ||||||||||||||||||||||||
| Subscriptions in series, net of distributions (See Note 6) | 339,000 | 158,462 | 102,055 | – | 642,618 | 248,880 | 95,535 | 219,885 | ||||||||||||||||||||||||
| Retained earnings/(Accumulated deficit) | (294,946 | ) | (158,462 | ) | (147,499 | ) | (21,801 | ) | (642,618 | ) | (250,621 | ) | (125,924 | ) | (219,885 | ) | ||||||||||||||||
| Total Members' Equity/(Deficit) | 44,054 | – | 9,481 | (21,801 | ) | – | – | – | – | |||||||||||||||||||||||
| TOTAL LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | $ | 44,054 | $ | – | $ | 9,481 | $ | (6,171 | ) | $ | – | $ | – | $ | – | $ | – | |||||||||||||||
See Independent Auditor’s Report and accompanying
notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-37 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING BALANCE SHEETS
As of December 31, 2024 (Continued)
| Series Race Hunter 19 | Series Rosie's Alibi | Series Salute to America | Series Sarrocchi 21 | Series Sauce On Side | Series Shake It Up Baby | Series Sigesmund | Series Silver- pocketsfull 19 | |||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accounts receivable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Horse reserve funds receivable from Manager (see Note 4) | (30,534 | ) | – | – | – | – | – | – | – | |||||||||||||||||||||||
| Prepaid expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Assets | (30,534 | ) | – | – | – | – | – | – | – | |||||||||||||||||||||||
| Non-Current Assets: | ||||||||||||||||||||||||||||||||
| Horse assets, net of accumulated depreciation (see Note 2) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Non-Current Assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| TOTAL ASSETS | $ | (30,534 | ) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | |||||||||||||||
| LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | ||||||||||||||||||||||||||||||||
| Liabilities: | ||||||||||||||||||||||||||||||||
| Current Liabilities: | ||||||||||||||||||||||||||||||||
| Acquisition advances payable to Manager (see Note 4) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accrued expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Long-term Liabilities: | ||||||||||||||||||||||||||||||||
| Long-term debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Long-term Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Members' Equity/(Deficit): | ||||||||||||||||||||||||||||||||
| Membership in My Racehorse CA, LLC | – | – | – | – | – | – | 22,953 | – | ||||||||||||||||||||||||
| Subscriptions in series, net of distributions (See Note 6) | 294,400 | 434,766 | 170,755 | 555,927 | 23,290 | 19,776 | 20,000 | 386,662 | ||||||||||||||||||||||||
| Retained earnings/(Accumulated deficit) | (324,934 | ) | (434,766 | ) | (170,755 | ) | (555,927 | ) | (23,290 | ) | (19,776 | ) | (42,953 | ) | (386,662 | ) | ||||||||||||||||
| Total Members' Equity/(Deficit) | (30,534 | ) | – | – | – | – | – | – | – | |||||||||||||||||||||||
| TOTAL LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | $ | (30,534 | ) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | |||||||||||||||
See Independent Auditor’s Report and accompanying
notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-38 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING BALANCE SHEETS
As of December 31, 2024 (Continued)
| Series Smart Shopping 21 | Series Social Dilemma | Series Song of Lark 21 | Series Soul Beam | Series Speights- town Belle 19 | Series Spirit 20 | Series Squared Straight | Series Storm Shooter | |||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accounts receivable | 700 | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Horse reserve funds receivable from Manager (see Note 4) | 157,573 | – | 35,367 | – | – | – | – | – | ||||||||||||||||||||||||
| Prepaid expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Assets | 158,273 | – | 35,367 | – | – | – | – | – | ||||||||||||||||||||||||
| Non-Current Assets: | ||||||||||||||||||||||||||||||||
| Horse assets, net of accumulated depreciation (see Note 2) | 6,323 | – | 37,634 | – | – | – | – | – | ||||||||||||||||||||||||
| Total Non-Current Assets | 6,323 | – | 37,634 | – | – | – | – | – | ||||||||||||||||||||||||
| TOTAL ASSETS | $ | 164,596 | $ | – | $ | 73,001 | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | ||||||||||||||||||||||||||||||||
| Liabilities: | ||||||||||||||||||||||||||||||||
| Current Liabilities: | ||||||||||||||||||||||||||||||||
| Acquisition advances payable to Manager (see Note 4) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accrued expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Long-term Liabilities: | ||||||||||||||||||||||||||||||||
| Long-term debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Long-term Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Members' Equity/(Deficit): | ||||||||||||||||||||||||||||||||
| Membership in My Racehorse CA, LLC | – | – | – | – | – | – | 25,979 | – | ||||||||||||||||||||||||
| Subscriptions in series, net of distributions (See Note 6) | (3,382,000 | ) | 28,570 | 339,533 | 34,881 | 44,555 | 138,110 | 40,500 | 265,079 | |||||||||||||||||||||||
| Retained earnings/(Accumulated deficit) | 3,546,596 | (28,570 | ) | (266,532 | ) | (34,881 | ) | (44,555 | ) | (138,110 | ) | (66,479 | ) | (265,079 | ) | |||||||||||||||||
| Total Members' Equity/(Deficit) | 164,596 | – | 73,001 | – | – | – | – | – | ||||||||||||||||||||||||
| TOTAL LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | $ | 164,596 | $ | – | $ | 73,001 | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
See Independent Auditor’s Report and accompanying
notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-39 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING BALANCE SHEETS
As of December 31, 2024 (Continued)
| Series Street Band | Series Sunny 18 | Series Sunsand- drinkinhand | Series Sweet Sweet Annie 19 | Series Swiss Minister | Series Takeo Squared | Series Tapitry 19 | Series Tavasco Road | |||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accounts receivable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Horse reserve funds receivable from Manager (see Note 4) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Prepaid expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Non-Current Assets: | ||||||||||||||||||||||||||||||||
| Horse assets, net of accumulated depreciation (see Note 2) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Non-Current Assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| TOTAL ASSETS | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | ||||||||||||||||||||||||||||||||
| Liabilities: | ||||||||||||||||||||||||||||||||
| Current Liabilities: | ||||||||||||||||||||||||||||||||
| Acquisition advances payable to Manager (see Note 4) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accrued expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Long-term Liabilities: | ||||||||||||||||||||||||||||||||
| Long-term debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Long-term Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Members' Equity/(Deficit): | ||||||||||||||||||||||||||||||||
| Membership in My Racehorse CA, LLC | – | – | 12,000 | 105,050 | – | – | – | – | ||||||||||||||||||||||||
| Subscriptions in series, net of distributions (See Note 6) | (3,317 | ) | 373,619 | 98,606 | (203,093 | ) | 14,000 | 11,983 | 210,745 | 16,483 | ||||||||||||||||||||||
| Retained earnings/(Accumulated deficit) | 3,317 | (373,619 | ) | (110,606 | ) | 98,044 | (14,000 | ) | (11,983 | ) | (210,745 | ) | (16,483 | ) | ||||||||||||||||||
| Total Members' Equity/(Deficit) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| TOTAL LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
See Independent Auditor’s Report and accompanying
notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-40 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING BALANCE SHEETS
As of December 31, 2024 (Continued)
| Series Tell All 19 | Series Tell the Duchess 19 | Series The Filly Four | Series The Royal Duet | Series Thirteen Stripes | Series Timeless Trick 20 | Series Tiza- magician | Series Tufnel | |||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accounts receivable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Horse reserve funds receivable from Manager (see Note 4) | – | (96,566 | ) | – | 72,219 | – | – | – | – | |||||||||||||||||||||||
| Prepaid expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Assets | – | (96,566 | ) | – | 72,219 | – | – | – | – | |||||||||||||||||||||||
| Non-Current Assets: | ||||||||||||||||||||||||||||||||
| Horse assets, net of accumulated depreciation (see Note 2) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Non-Current Assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| TOTAL ASSETS | $ | – | $ | (96,566 | ) | $ | – | $ | 72,219 | $ | – | $ | – | $ | – | $ | – | |||||||||||||||
| LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | ||||||||||||||||||||||||||||||||
| Liabilities: | ||||||||||||||||||||||||||||||||
| Current Liabilities: | ||||||||||||||||||||||||||||||||
| Acquisition advances payable to Manager (see Note 4) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accrued expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions payable | – | – | – | 72,219 | – | – | – | – | ||||||||||||||||||||||||
| Interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Liabilities | – | – | – | 72,219 | – | – | – | – | ||||||||||||||||||||||||
| Long-term Liabilities: | ||||||||||||||||||||||||||||||||
| Long-term debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Long-term Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Liabilities | – | – | – | 72,219 | – | – | – | – | ||||||||||||||||||||||||
| Members' Equity/(Deficit): | ||||||||||||||||||||||||||||||||
| Membership in My Racehorse CA, LLC | 21,600 | – | – | – | – | 27,000 | – | 39,490 | ||||||||||||||||||||||||
| Subscriptions in series, net of distributions (See Note 6) | 126,000 | 106,360 | 995,885 | 955,355 | 229,000 | 84,954 | 16,165 | 322,400 | ||||||||||||||||||||||||
| Retained earnings/(Accumulated deficit) | (147,600 | ) | (202,926 | ) | (995,885 | ) | (955,355 | ) | (229,000 | ) | (111,954 | ) | (16,165 | ) | (361,890 | ) | ||||||||||||||||
| Total Members' Equity/(Deficit) | – | (96,566 | ) | – | – | – | – | – | – | |||||||||||||||||||||||
| TOTAL LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | $ | – | $ | (96,566 | ) | $ | – | $ | 72,219 | $ | – | $ | – | $ | – | $ | – | |||||||||||||||
See Independent Auditor’s Report and accompanying
notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-41 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING BALANCE SHEETS
As of December 31, 2024 (Continued)
| Series Twirl Girl 21 | Series Two Trail Sioux 17 | Series Two Trail Sioux 17K | Series Utalknbout- practice | Series Vertical Threat | Series Vow | Series War Safe | Series Wayne O | |||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accounts receivable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Horse reserve funds receivable from Manager (see Note 4) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Prepaid expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Non-Current Assets: | ||||||||||||||||||||||||||||||||
| Horse assets, net of accumulated depreciation (see Note 2) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Non-Current Assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| TOTAL ASSETS | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | ||||||||||||||||||||||||||||||||
| Liabilities: | ||||||||||||||||||||||||||||||||
| Current Liabilities: | ||||||||||||||||||||||||||||||||
| Acquisition advances payable to Manager (see Note 4) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accrued expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Long-term Liabilities: | ||||||||||||||||||||||||||||||||
| Long-term debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Long-term Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Members' Equity/(Deficit): | ||||||||||||||||||||||||||||||||
| Membership in My Racehorse CA, LLC | 28,359 | 7,724 | – | – | – | – | – | 33,825 | ||||||||||||||||||||||||
| Subscriptions in series, net of distributions (See Note 6) | 140,927 | 135,000 | 40,069 | 21,569 | (35,487 | ) | 272,397 | 242,990 | 550,381 | |||||||||||||||||||||||
| Retained earnings/(Accumulated deficit) | (169,286 | ) | (142,724 | ) | (40,069 | ) | (21,569 | ) | 35,487 | (272,397 | ) | (242,990 | ) | (584,206 | ) | |||||||||||||||||
| Total Members' Equity/(Deficit) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| TOTAL LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
See Independent Auditor’s Report and accompanying
notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-42 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING BALANCE SHEETS
As of December 31, 2024 (Continued)
| Series Who Runs the World | Series Who'sbeen- inmybed 19 | Series Without Delay | Series Wonder Upon a Star 19 | Series Yes This Time | Series You Make Luvin Fun 19 | Series Zestful | My Racehorse CA | |||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accounts receivable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Horse reserve funds receivable from Manager (see Note 4) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Prepaid expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Non-Current Assets: | ||||||||||||||||||||||||||||||||
| Horse assets, net of accumulated depreciation (see Note 2) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Non-Current Assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| TOTAL ASSETS | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | ||||||||||||||||||||||||||||||||
| Liabilities: | ||||||||||||||||||||||||||||||||
| Current Liabilities: | ||||||||||||||||||||||||||||||||
| Acquisition advances payable to Manager (see Note 4) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accrued expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Long-term Liabilities: | ||||||||||||||||||||||||||||||||
| Long-term debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Long-term Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Members' Equity/(Deficit): | ||||||||||||||||||||||||||||||||
| Membership in My Racehorse CA, LLC | – | – | 36,000 | – | 99,000 | – | – | 11,843 | ||||||||||||||||||||||||
| Subscriptions in series, net of distributions (See Note 6) | 478,235 | 291,049 | 110,389 | 261,791 | (197,843 | ) | 382,204 | 25,194 | – | |||||||||||||||||||||||
| Retained earnings/(Accumulated deficit) | (478,235 | ) | (291,049 | ) | (146,389 | ) | (261,791 | ) | 98,843 | (382,204 | ) | (25,194 | ) | (11,843 | ) | |||||||||||||||||
| Total Members' Equity/(Deficit) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| TOTAL LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
See Independent Auditor’s Report and accompanying
notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-43 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING BALANCE SHEETS
As of December 31, 2024 (Continued)
| Classic Colt Package | Series Edge Crown It 21 | Series Edge High Speed Goldie 21 | Series Edge More Than Magic 21 | Series MRH Adaay in Asia | Series MRH Alliford Bay 21 | Series MRH Blues Corner 21 | Series MRH Bullish Sentiment 21 | |||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accounts receivable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Horse reserve funds receivable from Manager (see Note 4) | 9,961 | 176 | – | (2,528 | ) | – | – | – | – | |||||||||||||||||||||||
| Prepaid expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Assets | 9,961 | 176 | – | (2,528 | ) | – | – | – | – | |||||||||||||||||||||||
| Non-Current Assets: | ||||||||||||||||||||||||||||||||
| Horse assets, net of accumulated depreciation (see Note 2) | 94,380 | 67,138 | – | 55,533 | – | – | – | – | ||||||||||||||||||||||||
| Total Non-Current Assets | 94,380 | 67,138 | – | 55,533 | – | – | – | – | ||||||||||||||||||||||||
| TOTAL ASSETS | $ | 104,341 | $ | 67,314 | $ | – | $ | 53,006 | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | ||||||||||||||||||||||||||||||||
| Liabilities: | ||||||||||||||||||||||||||||||||
| Current Liabilities: | ||||||||||||||||||||||||||||||||
| Acquisition advances payable to Manager (see Note 4) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accrued expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Long-term Liabilities: | ||||||||||||||||||||||||||||||||
| Long-term debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Long-term Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Members' Equity/(Deficit): | ||||||||||||||||||||||||||||||||
| Membership in My Racehorse CA, LLC | 69,400 | 46,773 | 35,374 | 36,000 | – | – | – | – | ||||||||||||||||||||||||
| Subscriptions in series, net of distributions (See Note 6) | 338,714 | 154,377 | 126,369 | 170,386 | 363,072 | – | – | – | ||||||||||||||||||||||||
| Retained earnings/(Accumulated deficit) | (303,773 | ) | (133,837 | ) | (161,743 | ) | (153,381 | ) | (363,072 | ) | – | – | – | |||||||||||||||||||
| Total Members' Equity/(Deficit) | 104,341 | 67,314 | – | 53,006 | – | – | – | – | ||||||||||||||||||||||||
| TOTAL LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | $ | 104,341 | $ | 67,314 | $ | – | $ | 53,006 | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
See Independent Auditor’s Report and accompanying
notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-44 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING BALANCE SHEETS
As of December 31, 2024 (Continued)
| Series MRH Giant Mover 21 | MRH Blue Devil | MRH Brandy 22 | MRH Catalyst | MRH Here's the Kicker | MRH Incredi- Bundle | |||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||
| Cash and cash equivalents | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||
| Accounts receivable | – | – | 32 | – | – | – | ||||||||||||||||||
| Horse reserve funds receivable from Manager (see Note 4) | – | 64,241 | 103,823 | 66,286 | 36,561 | 116,227 | ||||||||||||||||||
| Prepaid expense | – | – | – | – | – | – | ||||||||||||||||||
| Total Current Assets | – | 64,241 | 103,854 | 66,286 | 36,561 | 116,227 | ||||||||||||||||||
| Non-Current Assets: | ||||||||||||||||||||||||
| Horse assets, net of accumulated depreciation (see Note 2) | – | 120,583 | 201,532 | 158,255 | 115,700 | 396,203 | ||||||||||||||||||
| Total Non-Current Assets | – | 120,583 | 201,532 | 158,255 | 115,700 | 396,203 | ||||||||||||||||||
| TOTAL ASSETS | $ | – | $ | 184,824 | $ | 305,386 | $ | 224,541 | $ | 152,261 | $ | 512,430 | ||||||||||||
| LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | ||||||||||||||||||||||||
| Liabilities: | ||||||||||||||||||||||||
| Current Liabilities: | ||||||||||||||||||||||||
| Acquisition advances payable to Manager (see Note 4) | $ | – | $ | 231,797 | $ | – | $ | – | $ | – | $ | – | ||||||||||||
| Accrued expense | – | – | 3,622 | – | – | – | ||||||||||||||||||
| Deferred revenue | – | – | – | – | – | – | ||||||||||||||||||
| Distributions payable | – | – | – | – | – | – | ||||||||||||||||||
| Interest payable | – | – | – | – | – | – | ||||||||||||||||||
| Total Current Liabilities | – | 231,797 | 3,622 | – | – | – | ||||||||||||||||||
| Long-term Liabilities: | ||||||||||||||||||||||||
| Long-term debt - related party | – | – | – | – | – | – | ||||||||||||||||||
| Total Long-term Liabilities | – | – | – | – | – | – | ||||||||||||||||||
| Total Liabilities | – | 231,797 | 3,622 | – | – | – | ||||||||||||||||||
| Members' Equity/(Deficit): | ||||||||||||||||||||||||
| Membership in My Racehorse CA, LLC | – | – | – | – | – | – | ||||||||||||||||||
| Subscriptions in series, net of distributions (See Note 6) | – | 83,400 | 765,000 | 669,500 | 497,988 | 1,101,600 | ||||||||||||||||||
| Retained earnings/(Accumulated deficit) | – | (130,373 | ) | (463,236 | ) | (444,959 | ) | (345,726 | ) | (589,170 | ) | |||||||||||||
| Total Members' Equity/(Deficit) | – | (46,973 | ) | 301,764 | 224,541 | 152,261 | 512,430 | |||||||||||||||||
| TOTAL LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | $ | – | $ | 184,824 | $ | 305,386 | $ | 224,541 | $ | 152,261 | $ | 512,430 | ||||||||||||
See Independent Auditor’s Report and accompanying
notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-45 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING BALANCE SHEETS
As of December 31, 2024 (Continued)
| MRH Isle Blue | MRH New York Bundle | MRH Real Savvy | MRH Sweet as Sin | MRH Sweet Voyage | Series Stylishly 23 | Series Formidable Kitt | Series Blip Says Bye | |||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Accounts receivable | – | – | – | – | 26 | – | – | – | ||||||||||||||||||||||||
| Horse reserve funds receivable from Manager (see Note 4) | 50,101 | 182,310 | 60,819 | 17,080 | 59,472 | 187,876 | 137,427 | 170,837 | ||||||||||||||||||||||||
| Prepaid expense | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Total Current Assets | 50,101 | 182,310 | 60,819 | 17,080 | 59,499 | 187,876 | 137,427 | 170,837 | ||||||||||||||||||||||||
| Non-Current Assets: | ||||||||||||||||||||||||||||||||
| Horse assets, net of accumulated depreciation (see Note 2) | 112,317 | 248,420 | 152,927 | 19,264 | 55,300 | 499,313 | 220,185 | 312,600 | ||||||||||||||||||||||||
| Total Non-Current Assets | 112,317 | 248,420 | 152,927 | 19,264 | 55,300 | 499,313 | 220,185 | 312,600 | ||||||||||||||||||||||||
| TOTAL ASSETS | $ | 162,419 | $ | 430,730 | $ | 213,746 | $ | 36,345 | $ | 114,799 | $ | 687,189 | $ | 357,612 | $ | 483,437 | ||||||||||||||||
| LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | ||||||||||||||||||||||||||||||||
| Liabilities: | ||||||||||||||||||||||||||||||||
| Current Liabilities: | ||||||||||||||||||||||||||||||||
| Acquisition advances payable to Manager (see Note 4) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 12,899 | $ | – | $ | 260,922 | ||||||||||||||||
| Accrued expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Current Liabilities | – | – | – | – | – | 12,899 | – | 260,922 | ||||||||||||||||||||||||
| Long-term Liabilities: | ||||||||||||||||||||||||||||||||
| Long-term debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Long-term Liabilities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Liabilities | – | – | – | – | – | 12,899 | – | 260,922 | ||||||||||||||||||||||||
| Members' Equity/(Deficit): | ||||||||||||||||||||||||||||||||
| Membership in My Racehorse CA, LLC | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Subscriptions in series, net of distributions (See Note 6) | 413,100 | 1,018,011 | 521,700 | 111,891 | 348,750 | 1,140,000 | 651,300 | 420,108 | ||||||||||||||||||||||||
| Retained earnings/(Accumulated deficit) | (250,681 | ) | (587,281 | ) | (307,954 | ) | (75,546 | ) | (233,951 | ) | (465,710 | ) | (293,688 | ) | (197,593 | ) | ||||||||||||||||
| Total Members' Equity/(Deficit) | 162,419 | 430,730 | 213,746 | 36,345 | 114,799 | 674,290 | 357,612 | 222,515 | ||||||||||||||||||||||||
| TOTAL LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | $ | 162,419 | $ | 430,730 | $ | 213,746 | $ | 36,345 | $ | 114,799 | $ | 687,189 | $ | 357,612 | $ | 483,437 | ||||||||||||||||
See Independent Auditor’s Report and accompanying
notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-46 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING BALANCE SHEETS
As of December 31, 2024 (Continued)
| Series Clair de Lune 22 | Series Malibu Bonnie 23 | Series Spanx- amillion | Series Sirius Pursuit | MRH STG Broodmare Band | 12.31.2024 Consolidated Total | |||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||
| Cash and cash equivalents | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||
| Accounts receivable | – | – | – | – | – | 17,822 | ||||||||||||||||||
| Horse reserve funds receivable from Manager (see Note 4) | 135,889 | 167,932 | 164,216 | 106,278 | (12,596 | ) | 2,049,599 | |||||||||||||||||
| Prepaid expense | – | – | – | – | – | – | ||||||||||||||||||
| Total Current Assets | 135,889 | 167,932 | 164,216 | 106,278 | (12,596 | ) | 2,067,421 | |||||||||||||||||
| Non-Current Assets: | ||||||||||||||||||||||||
| Horse assets, net of accumulated depreciation (see Note 2) | 91,601 | 299,927 | 332,081 | 117,536 | 566,558 | 4,585,808 | ||||||||||||||||||
| Total Non-Current Assets | 91,601 | 299,927 | 332,081 | 117,536 | 566,558 | 4,585,808 | ||||||||||||||||||
| TOTAL ASSETS | $ | 227,490 | $ | 467,860 | $ | 496,297 | $ | 223,814 | $ | 553,962 | $ | 6,653,229 | ||||||||||||
| LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | ||||||||||||||||||||||||
| Liabilities: | ||||||||||||||||||||||||
| Current Liabilities: | ||||||||||||||||||||||||
| Acquisition advances payable to Manager (see Note 4) | $ | – | $ | 92,820 | $ | 237,843 | $ | 109,654 | $ | 593,000 | $ | 1,538,933 | ||||||||||||
| Accrued expense | – | – | – | – | – | 13,270 | ||||||||||||||||||
| Deferred revenue | – | – | – | – | – | – | ||||||||||||||||||
| Distributions payable | – | – | – | – | – | 126,015 | ||||||||||||||||||
| Interest payable | – | – | – | – | – | 23 | ||||||||||||||||||
| Total Current Liabilities | – | 92,820 | 237,843 | 109,654 | 593,000 | 1,678,241 | ||||||||||||||||||
| Long-term Liabilities: | ||||||||||||||||||||||||
| Long-term debt - related party | – | – | – | – | – | 538,073 | ||||||||||||||||||
| Total Long-term Liabilities | – | – | – | – | – | 538,073 | ||||||||||||||||||
| Total Liabilities | – | 92,820 | 237,843 | 109,654 | 593,000 | 2,216,314 | ||||||||||||||||||
| Members' Equity/(Deficit): | ||||||||||||||||||||||||
| Membership in My Racehorse CA, LLC | – | – | – | – | – | 1,947,598 | ||||||||||||||||||
| Subscriptions in series, net of distributions (See Note 6) | 415,000 | 662,099 | 511,734 | 208,270 | – | 37,833,875 | ||||||||||||||||||
| Retained earnings/(Accumulated deficit) | (187,510 | ) | (287,059 | ) | (253,279 | ) | (94,110 | ) | (39,038 | ) | (35,344,558 | ) | ||||||||||||
| Total Members' Equity/(Deficit) | 227,490 | 375,040 | 258,455 | 114,160 | (39,038 | ) | 4,436,915 | |||||||||||||||||
| TOTAL LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | $ | 227,490 | $ | 467,860 | $ | 496,297 | $ | 223,814 | $ | 553,962 | $ | 6,653,229 | ||||||||||||
See Independent Auditor’s Report and accompanying notes, which are
an integral part of these
consolidated and consolidating financial statements.
| F-47 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF OPERATIONS
(UNAUDITED)
For the six-month period ended June 30, 2025
| Series Action Bundle | Series Adjust 20 | Series Amandrea | Series Ambleside Park 19 | Series Amers | Series Apple Down Under 19 | Series Ari the Adventurer 19 | Series Ashlees Empire 20 | |||||||||||||||||||||||||
| Revenues | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Cost of revenues | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Gross Profit/(Loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Operating Expenses: | ||||||||||||||||||||||||||||||||
| Depreciation | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Management charges | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| General and administrative | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Sales and marketing | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Operating Expenses | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Income/(Loss) from Operations | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Other Income/(Expense): | ||||||||||||||||||||||||||||||||
| Gain/(loss) on disposition of horses | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Debt forgiveness | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Other Income/(Expenses) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Provision for Income Taxes | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Income/(Loss) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – |
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements.
| F-48 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF OPERATIONS
(UNAUDITED)
For the six-month period ended June 30, 2025 (Continued)
| Series Athenian Beauty 19 | Series Authentic | Series Awe Hush 19 | Series Bajan Bashert | Series Balletic | Series Bella Chica | Series Big Mel | Series Black Escort 19 | |||||||||||||||||||||||||
| Revenues | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Cost of revenues | – | (19,046 | ) | – | – | – | – | – | – | |||||||||||||||||||||||
| Gross Profit/(Loss) | – | (19,046 | ) | – | – | – | – | – | – | |||||||||||||||||||||||
| Operating Expenses: | ||||||||||||||||||||||||||||||||
| Depreciation | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Management charges | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| General and administrative | – | 1,959 | – | – | – | – | – | – | ||||||||||||||||||||||||
| Sales and marketing | – | 2,463 | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Operating Expenses | – | 4,422 | – | – | – | – | – | – | ||||||||||||||||||||||||
| Income/(Loss) from Operations | – | (23,468 | ) | – | – | – | – | – | – | |||||||||||||||||||||||
| Other Income/(Expense): | ||||||||||||||||||||||||||||||||
| Gain/(loss) on disposition of horses | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Debt forgiveness | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Other Income/(Expenses) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Provision for Income Taxes | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Income/(Loss) | $ | – | $ | (23,468 | ) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | |||||||||||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements.
| F-49 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF OPERATIONS
(UNAUDITED)
For the six-month period ended June 30, 2025 (Continued)
| Series Bullion | Series Cable Boss | Series Cairo Kiss | Series Carrothers | Series Cayala 19 | Series Arch Support 20 | Series Chad Brown Bundle | Series Chasing the Moon 20 | |||||||||||||||||||||||||
| Revenues | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 780 | $ | – | $ | – | ||||||||||||||||
| Cost of revenues | – | – | – | – | – | (13,691 | ) | – | – | |||||||||||||||||||||||
| Gross Profit/(Loss) | – | – | – | – | – | (12,911 | ) | – | – | |||||||||||||||||||||||
| Operating Expenses: | ||||||||||||||||||||||||||||||||
| Depreciation | – | – | – | – | – | 9,158 | – | – | ||||||||||||||||||||||||
| Management charges | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| General and administrative | – | – | – | – | – | 2,900 | – | – | ||||||||||||||||||||||||
| Sales and marketing | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Operating Expenses | – | – | – | – | – | 12,058 | – | – | ||||||||||||||||||||||||
| Income/(Loss) from Operations | – | – | – | – | – | $ | (24,968.72 | ) | – | – | ||||||||||||||||||||||
| Other Income/(Expense): | ||||||||||||||||||||||||||||||||
| Gain/(loss) on disposition of horses | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Debt forgiveness | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Other Income/(Expenses) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Provision for Income Taxes | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Income/(Loss) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | (24,968.7200 | ) | $ | – | $ | – | |||||||||||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements.
| F-50 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF OPERATIONS
(UNAUDITED)
For the six-month period ended June 30, 2025 (Continued)
| Series Classic Cut | Series Classof- sixtythree 19 | Series Co Cola 19 | Series Collusion Illusion | Series Consecrate 19 | Series Courtisane 19 | Series Daddy's Joy | Series Dancing Crane | |||||||||||||||||||||||||
| Revenues | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Cost of revenues | (20,670 | ) | – | – | – | – | – | – | – | |||||||||||||||||||||||
| Gross Profit/(Loss) | (20,670 | ) | – | – | – | – | – | – | – | |||||||||||||||||||||||
| Operating Expenses: | ||||||||||||||||||||||||||||||||
| Depreciation | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Management charges | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| General and administrative | 3,600 | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Sales and marketing | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Operating Expenses | 3,600 | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Income/(Loss) from Operations | (24,270 | ) | – | – | – | – | – | – | – | |||||||||||||||||||||||
| Other Income/(Expense): | ||||||||||||||||||||||||||||||||
| Gain/(loss) on disposition of horses | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Debt forgiveness | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Other Income/(Expenses) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Provision for Income Taxes | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Income/(Loss) | $ | (24,270 | ) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | |||||||||||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements.
| F-51 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF OPERATIONS
(UNAUDITED)
For the six-month period ended June 30, 2025 (Continued)
| Series Daring Dancer 20 | Series De Mystique 17 | Series Deep Cover | Series Demogorgon | Series Desire Street 19 | Series Echo Warrior 19 | Series Edge Racing Summer Fun | Series Enchante 21 | |||||||||||||||||||||||||
| Revenues | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 4,388 | ||||||||||||||||
| Cost of revenues | – | – | – | – | – | – | – | (12,161 | ) | |||||||||||||||||||||||
| Gross Profit/(Loss) | – | – | – | – | – | – | – | (7,773 | ) | |||||||||||||||||||||||
| Operating Expenses: | ||||||||||||||||||||||||||||||||
| Depreciation | – | – | – | – | – | – | – | 49,870 | ||||||||||||||||||||||||
| Management charges | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| General and administrative | – | – | – | – | – | – | – | 4,575 | ||||||||||||||||||||||||
| Sales and marketing | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Operating Expenses | – | – | – | – | – | – | – | 54,445 | ||||||||||||||||||||||||
| Income/(Loss) from Operations | – | – | – | – | – | – | – | (62,218 | ) | |||||||||||||||||||||||
| Other Income/(Expense): | ||||||||||||||||||||||||||||||||
| Gain/(loss) on disposition of horses | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Debt forgiveness | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Other Income/(Expenses) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Provision for Income Taxes | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Income/(Loss) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | (62,218 | ) | |||||||||||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements.
| F-52 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF OPERATIONS
(UNAUDITED)
For the six-month period ended June 30, 2025 (Continued)
| Series Elarose 21 | Series Escape Route | Series Exonerated 19 | Series Fenwick Hall 20 | Series Forever Rose | Series Flora Dora 20 | Series Frosted Oats | Series Future Stars Stable | |||||||||||||||||||||||||
| Revenues | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Cost of revenues | (19,326 | ) | – | – | – | – | – | – | – | |||||||||||||||||||||||
| Gross Profit/(Loss) | (19,326 | ) | – | – | – | – | – | – | – | |||||||||||||||||||||||
| Operating Expenses: | ||||||||||||||||||||||||||||||||
| Depreciation | 33,833 | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Management charges | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| General and administrative | 4,900 | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Sales and marketing | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Operating Expenses | 38,733 | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Income/(Loss) from Operations | (58,060 | ) | – | – | – | – | – | – | – | |||||||||||||||||||||||
| Other Income/(Expense): | ||||||||||||||||||||||||||||||||
| Gain/(loss) on disposition of horses | (39,667 | ) | – | – | – | – | – | – | – | |||||||||||||||||||||||
| Debt forgiveness | 2,642 | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Other Income/(Expenses) | (37,025 | ) | – | – | – | – | – | – | – | |||||||||||||||||||||||
| Provision for Income Taxes | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Income/(Loss) | $ | (95,085 | ) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | |||||||||||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements.
| F-53 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF OPERATIONS
(UNAUDITED)
For the six-month period ended June 30, 2025 (Continued)
| Series Gentleman Gerry | Series Going to Vegas | Series Got Stormy | Series Grand Traverse Bay 19 | Series Grand Traverse Bay 20 | Series Heaven Street | Series Kindle 21 | Series Knarsdale 21 | |||||||||||||||||||||||||
| Revenues | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 26,400 | $ | 90,188 | ||||||||||||||||
| Cost of revenues | – | – | – | – | – | – | (22,685 | ) | (60,478 | ) | ||||||||||||||||||||||
| Gross Profit/(Loss) | – | – | – | – | – | – | 3,715 | 29,710 | ||||||||||||||||||||||||
| Operating Expenses: | ||||||||||||||||||||||||||||||||
| Depreciation | – | – | – | – | – | – | 26,250 | 51,893 | ||||||||||||||||||||||||
| Management charges | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| General and administrative | – | – | – | – | – | – | 3,307 | 4,507 | ||||||||||||||||||||||||
| Sales and marketing | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Operating Expenses | – | – | – | – | – | – | 29,557 | 56,400 | ||||||||||||||||||||||||
| Income/(Loss) from Operations | – | – | – | – | – | – | (25,842 | ) | (26,689 | ) | ||||||||||||||||||||||
| Other Income/(Expense): | ||||||||||||||||||||||||||||||||
| Gain/(loss) on disposition of horses | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Debt forgiveness | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Other Income/(Expenses) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Provision for Income Taxes | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Income/(Loss) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | (25,842 | ) | $ | (26,689 | ) | ||||||||||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements.
| F-54 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF OPERATIONS
(UNAUDITED)
For the six-month period ended June 30, 2025 (Continued)
| Series I'm a Looker 20 | Series Into Summer 19 | Series Ishvana 21 | Series Jeanne's Speight 20 | Series Just Louise 19 | Series Keertana 18 | Series Kiana's Love | Series Kichiro | |||||||||||||||||||||||||
| Revenues | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Cost of revenues | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Gross Profit/(Loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Operating Expenses: | ||||||||||||||||||||||||||||||||
| Depreciation | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Management charges | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| General and administrative | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Sales and marketing | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Operating Expenses | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Income/(Loss) from Operations | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Other Income/(Expense): | ||||||||||||||||||||||||||||||||
| Gain/(loss) on disposition of horses | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Debt forgiveness | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Other Income/(Expenses) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Provision for Income Taxes | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Income/(Loss) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – |
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements.
| F-55 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF OPERATIONS
(UNAUDITED)
For the six-month period ended June 30, 2025 (Continued)
| Series Lane Way | Series Latte Da 19 | Series Lazy Daisy | Series Le Relais 20 | Series Lost Empire 19 | Series Madarnas | Series Madiera Wine | Series Major Implications | |||||||||||||||||||||||||
| Revenues | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Cost of revenues | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Gross Profit/(Loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Operating Expenses: | ||||||||||||||||||||||||||||||||
| Depreciation | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Management charges | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| General and administrative | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Sales and marketing | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Operating Expenses | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Income/(Loss) from Operations | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Other Income/(Expense): | ||||||||||||||||||||||||||||||||
| Gain/(loss) on disposition of horses | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Debt forgiveness | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Other Income/(Expenses) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Provision for Income Taxes | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Income/(Loss) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – |
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements.
| F-56 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF OPERATIONS
(UNAUDITED)
For the six-month period ended June 30, 2025 (Continued)
| Series Man Among Men | Series Margaret Reay 19 | Series Margarita Friday 19 | Series Martita Sangrita 17 | Series Mayan Milagra 19 | Series Midnight Sweetie 19 | Series Miss Puzzle | Series Miss Sakamoto | |||||||||||||||||||||||||
| Revenues | $ | – | $ | – | $ | 1,214,965 | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Cost of revenues | – | – | (432,789 | ) | – | – | – | – | – | |||||||||||||||||||||||
| Gross Profit/(Loss) | – | – | 782,176 | – | – | – | – | – | ||||||||||||||||||||||||
| Operating Expenses: | ||||||||||||||||||||||||||||||||
| Depreciation | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Management charges | – | – | 185,625 | – | – | – | – | – | ||||||||||||||||||||||||
| General and administrative | – | – | 155,309 | – | – | – | – | – | ||||||||||||||||||||||||
| Sales and marketing | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Operating Expenses | – | – | 340,934 | – | – | – | – | – | ||||||||||||||||||||||||
| Income/(Loss) from Operations | – | – | 441,242 | – | – | – | – | – | ||||||||||||||||||||||||
| Other Income/(Expense): | ||||||||||||||||||||||||||||||||
| Gain/(loss) on disposition of horses | – | – | 1,312,500 | – | – | – | – | – | ||||||||||||||||||||||||
| Debt forgiveness | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Other Income/(Expenses) | – | – | 1,312,500 | – | – | – | – | – | ||||||||||||||||||||||||
| Provision for Income Taxes | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Income/(Loss) | $ | – | $ | – | $ | 1,753,742 | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements.
| F-57 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF OPERATIONS
(UNAUDITED)
For the six-month period ended June 30, 2025 (Continued)
| Series Mo Mischief | Series Mo Temptation | Series Monomoy Girl | Series Moonbow 20 | Series Moonless Sky | Series Motion Emotion | Series Mrs Whistler | Series My Fast One 20 | |||||||||||||||||||||||||
| Revenues | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Cost of revenues | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Gross Profit/(Loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Operating Expenses: | ||||||||||||||||||||||||||||||||
| Depreciation | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Management charges | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| General and administrative | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Sales and marketing | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Operating Expenses | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Income/(Loss) from Operations | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Other Income/(Expense): | ||||||||||||||||||||||||||||||||
| Gain/(loss) on disposition of horses | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Debt forgiveness | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Other Income/(Expenses) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Provision for Income Taxes | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Income/(Loss) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – |
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements.
| F-58 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF OPERATIONS
(UNAUDITED)
For the six-month period ended June 30, 2025 (Continued)
| Series Naismith | Series National Road | Series New York Claiming Package | Series Night of Idiots | Series Nileist | Series Noble Goddess | Series Northern Smile 20 | Series NY Exacta | |||||||||||||||||||||||||
| Revenues | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Cost of revenues | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Gross Profit/(Loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Operating Expenses: | ||||||||||||||||||||||||||||||||
| Depreciation | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Management charges | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| General and administrative | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Sales and marketing | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Operating Expenses | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Income/(Loss) from Operations | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Other Income/(Expense): | ||||||||||||||||||||||||||||||||
| Gain/(loss) on disposition of horses | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Debt forgiveness | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Other Income/(Expenses) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Provision for Income Taxes | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Income/(Loss) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – |
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements.
| F-59 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF OPERATIONS
(UNAUDITED)
For the six-month period ended June 30, 2025 (Continued)
| Series One Last Night 21 | Series Our Miss Jones 19 | Series Our Jenny B | Series Palace Foal | Series Patsys Kim 21 | Series Popular Demand | Series Power Up Paynter | Series Queen Amira 19 | |||||||||||||||||||||||||
| Revenues | $ | – | $ | – | $ | 8,030 | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Cost of revenues | (9,300 | ) | – | (32,116 | ) | – | – | – | – | – | ||||||||||||||||||||||
| Gross Profit/(Loss) | (9,300 | ) | – | (24,086 | ) | – | – | – | – | – | ||||||||||||||||||||||
| Operating Expenses: | ||||||||||||||||||||||||||||||||
| Depreciation | 10,361 | – | 8,667 | – | – | – | – | – | ||||||||||||||||||||||||
| Management charges | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| General and administrative | 2,400 | – | 2,500 | – | – | – | – | – | ||||||||||||||||||||||||
| Sales and marketing | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Operating Expenses | 12,761 | – | 11,167 | – | – | – | – | – | ||||||||||||||||||||||||
| Income/(Loss) from Operations | (22,061 | ) | – | (35,253 | ) | – | – | – | – | – | ||||||||||||||||||||||
| Other Income/(Expense): | ||||||||||||||||||||||||||||||||
| Gain/(loss) on disposition of horses | (8,618 | ) | – | – | – | – | – | – | – | |||||||||||||||||||||||
| Debt forgiveness | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Other Income/(Expenses) | (8,618 | ) | – | – | – | – | – | – | – | |||||||||||||||||||||||
| Provision for Income Taxes | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Income/(Loss) | $ | (30,678 | ) | $ | – | $ | (35,253 | ) | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements.
| F-60 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF OPERATIONS
(UNAUDITED)
For the six-month period ended June 30, 2025 (Continued)
| Series Race Hunter 19 | Series Rosie's Alibi | Series Salute to America | Series Sarrocchi 21 | Series Sauce On Side | Series Shake It Up Baby | Series Sigesmund | Series Silver- pocketsfull 19 | |||||||||||||||||||||||||
| Revenues | $ | 20,565 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Cost of revenues | (32,573 | ) | – | – | – | – | – | – | – | |||||||||||||||||||||||
| Gross Profit/(Loss) | (12,008 | ) | – | – | – | – | – | – | – | |||||||||||||||||||||||
| Operating Expenses: | ||||||||||||||||||||||||||||||||
| Depreciation | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Management charges | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| General and administrative | 3,600 | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Sales and marketing | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Operating Expenses | 3,600 | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Income/(Loss) from Operations | (15,608 | ) | – | – | – | – | – | – | – | |||||||||||||||||||||||
| Other Income/(Expense): | ||||||||||||||||||||||||||||||||
| Gain/(loss) on disposition of horses | 40,000 | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Debt forgiveness | 6,142 | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Other Income/(Expenses) | 46,142 | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Provision for Income Taxes | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Income/(Loss) | $ | 30,534 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements.
| F-61 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF OPERATIONS
(UNAUDITED)
For the six-month period ended June 30, 2025 (Continued)
| Series Smart Shopping 21 | Series Social Dilemma | Series Song of Lark 21 | Series Soul Beam | Series Speights- town Belle 19 | Series Spirit 20 | Series Squared Straight | Series Storm Shooter | |||||||||||||||||||||||||
| Revenues | $ | – | $ | – | $ | 1,262 | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Cost of revenues | (32,939 | ) | – | (14,952 | ) | – | – | – | – | – | ||||||||||||||||||||||
| Gross Profit/(Loss) | (32,939 | ) | – | (13,690 | ) | – | – | – | – | – | ||||||||||||||||||||||
| Operating Expenses: | ||||||||||||||||||||||||||||||||
| Depreciation | 5,250 | – | 26,775 | – | – | – | – | – | ||||||||||||||||||||||||
| Management charges | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| General and administrative | 19,109 | – | 3,618 | – | – | – | – | – | ||||||||||||||||||||||||
| Sales and marketing | 2,136 | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Operating Expenses | 26,495 | – | 30,393 | – | – | – | – | – | ||||||||||||||||||||||||
| Income/(Loss) from Operations | (59,434 | ) | – | (44,083 | ) | – | – | – | – | – | ||||||||||||||||||||||
| Other Income/(Expense): | ||||||||||||||||||||||||||||||||
| Gain/(loss) on disposition of horses | (8,558 | ) | – | – | – | – | – | – | – | |||||||||||||||||||||||
| Debt forgiveness | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Other Income/(Expenses) | (8,558 | ) | – | – | – | – | – | – | – | |||||||||||||||||||||||
| Provision for Income Taxes | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Income/(Loss) | $ | (67,991 | ) | $ | – | $ | (44,083 | ) | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements.
| F-62 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF OPERATIONS
(UNAUDITED)
For the six-month period ended June 30, 2025 (Continued)
| Series Street Band | Series Sunny 18 | Series Sunsand- drinkinhand | Series Sweet Sweet Annie 19 | Series Swiss Minister | Series Takeo Squared | Series Tapitry 19 | Series Tavasco Road | |||||||||||||||||||||||||
| Revenues | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Cost of revenues | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Gross Profit/(Loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Operating Expenses: | ||||||||||||||||||||||||||||||||
| Depreciation | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Management charges | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| General and administrative | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Sales and marketing | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Operating Expenses | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Income/(Loss) from Operations | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Other Income/(Expense): | ||||||||||||||||||||||||||||||||
| Gain/(loss) on disposition of horses | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Debt forgiveness | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Other Income/(Expenses) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Provision for Income Taxes | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Income/(Loss) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – |
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements.
| F-63 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF OPERATIONS
(UNAUDITED)
For the six-month period ended June 30, 2025 (Continued)
| Series Tell All 19 | Series Tell the Duchess 19 | Series The Filly Four | Series The Royal Duet | Series Thirteen Stripes | Series Timeless Trick 20 | Series Tizamagician | Series Tufnel | |||||||||||||||||||||||||
| Revenues | $ | – | $ | 3,855 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Cost of revenues | – | (43,211 | ) | – | – | – | – | – | – | |||||||||||||||||||||||
| Gross Profit/(Loss) | – | (39,356 | ) | – | – | – | – | – | – | |||||||||||||||||||||||
| Operating Expenses: | ||||||||||||||||||||||||||||||||
| Depreciation | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Management charges | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| General and administrative | – | 2,400 | – | – | – | – | – | – | ||||||||||||||||||||||||
| Sales and marketing | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Operating Expenses | – | 2,400 | – | – | – | – | – | – | ||||||||||||||||||||||||
| Income/(Loss) from Operations | – | (41,756 | ) | – | – | – | – | – | – | |||||||||||||||||||||||
| Other Income/(Expense): | ||||||||||||||||||||||||||||||||
| Gain/(loss) on disposition of horses | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Debt forgiveness | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Other Income/(Expenses) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Provision for Income Taxes | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Income/(Loss) | $ | – | $ | (41,756 | ) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | |||||||||||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements.
| F-64 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF OPERATIONS
(UNAUDITED)
For the six-month period ended June 30, 2025 (Continued)
| Series Twirl Girl 21 | Series Two Trail Sioux 17 | Series Two Trail Sioux 17K | Series Utalknbout- practice | Series Vertical Threat | Series Vow | Series War Safe | Series Wayne O | |||||||||||||||||||||||||
| Revenues | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Cost of revenues | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Gross Profit/(Loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Operating Expenses: | ||||||||||||||||||||||||||||||||
| Depreciation | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Management charges | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| General and administrative | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Sales and marketing | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Operating Expenses | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Income/(Loss) from Operations | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Other Income/(Expense): | ||||||||||||||||||||||||||||||||
| Gain/(loss) on disposition of horses | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Debt forgiveness | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Other Income/(Expenses) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Provision for Income Taxes | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Income/(Loss) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – |
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements.
| F-65 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF OPERATIONS
(UNAUDITED)
For the six-month period ended June 30, 2025 (Continued)
| Series Who Runs the World | Series Who'sbeen- inmybed 19 | Series Without Delay | Series Wonder Upon a Star 19 | Series Yes This Time | Series You Make Luvin Fun 19 | Series Zestful | My Racehorse CA | |||||||||||||||||||||||||
| Revenues | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Cost of revenues | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Gross Profit/(Loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Operating Expenses: | ||||||||||||||||||||||||||||||||
| Depreciation | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Management charges | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| General and administrative | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Sales and marketing | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Operating Expenses | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Income/(Loss) from Operations | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Other Income/(Expense): | ||||||||||||||||||||||||||||||||
| Gain/(loss) on disposition of horses | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Debt forgiveness | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Other Income/(Expenses) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Provision for Income Taxes | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Income/(Loss) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – |
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements.
| F-66 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF OPERATIONS
(UNAUDITED)
For the six-month period ended June 30, 2025 (Continued)
| Classic Colt Package | Series Edge Crown It 21 | Series Edge High Speed Goldie 21 | Series Edge More Than Magic 21 | Series MRH Adaay in Asia | Series MRH Alliford Bay 21 | Series MRH Blues Corner 21 | Series MRH Bullish Sentiment 21 | |||||||||||||||||||||||||
| Revenues | $ | 30,089 | $ | 25,050 | $ | – | $ | 384 | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Cost of revenues | (35,721 | ) | (34,499 | ) | – | (6,256 | ) | – | – | – | – | |||||||||||||||||||||
| Gross Profit/(Loss) | (5,632 | ) | (9,449 | ) | – | (5,872 | ) | – | – | – | – | |||||||||||||||||||||
| Operating Expenses: | ||||||||||||||||||||||||||||||||
| Depreciation | 21,620 | 25,495 | – | 5,717 | – | – | – | – | ||||||||||||||||||||||||
| Management charges | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| General and administrative | 575 | 1,400 | – | 4,550 | – | – | – | – | ||||||||||||||||||||||||
| Sales and marketing | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Operating Expenses | 22,195 | 26,895 | – | 10,267 | – | – | – | – | ||||||||||||||||||||||||
| Income/(Loss) from Operations | (27,827 | ) | (36,344 | ) | – | (16,139 | ) | – | – | – | – | |||||||||||||||||||||
| Other Income/(Expense): | ||||||||||||||||||||||||||||||||
| Gain/(loss) on disposition of horses | (48,430 | ) | – | – | (28,817 | ) | – | – | – | – | ||||||||||||||||||||||
| Debt forgiveness | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Other Income/(Expenses) | (48,430 | ) | – | – | (28,817 | ) | – | – | – | – | ||||||||||||||||||||||
| Provision for Income Taxes | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Income/(Loss) | $ | (76,257 | ) | $ | (36,344 | ) | $ | – | $ | (44,955 | ) | $ | – | $ | – | $ | – | $ | – | |||||||||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements.
| F-67 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF OPERATIONS
(UNAUDITED)
For the six-month period ended June 30, 2025 (Continued)
| Series MRH Giant Mover 21 | MRH Blue Devil | MRH Brandy 22 | MRH Catalyst | MRH Here's the Kicker | MRH Incredi- Bundle | |||||||||||||||||||
| Revenues | $ | – | $ | 27,675 | $ | – | $ | 21,752 | $ | 32,163 | $ | 31,064 | ||||||||||||
| Cost of revenues | – | (30,512 | ) | (9,808 | ) | (24,112 | ) | (35,366 | ) | (41,097 | ) | |||||||||||||
| Gross Profit/(Loss) | – | (2,837 | ) | (9,808 | ) | (2,360 | ) | (3,203 | ) | (10,033 | ) | |||||||||||||
| Operating Expenses: | ||||||||||||||||||||||||
| Depreciation | – | 31,238 | 52,500 | 59,719 | 43,752 | 102,638 | ||||||||||||||||||
| Management charges | – | 1,282 | – | – | – | – | ||||||||||||||||||
| General and administrative | – | 3,600 | 5,752 | 3,600 | 3,600 | 4,508 | ||||||||||||||||||
| Sales and marketing | – | – | – | – | – | – | ||||||||||||||||||
| Total Operating Expenses | – | 36,120 | 58,252 | 63,319 | 47,352 | 107,146 | ||||||||||||||||||
| Income/(Loss) from Operations | – | (38,957 | ) | (68,060 | ) | (65,678 | ) | (50,555 | ) | (117,178 | ) | |||||||||||||
| Other Income/(Expense): | ||||||||||||||||||||||||
| Gain/(loss) on disposition of horses | – | – | (149,032 | ) | – | – | – | |||||||||||||||||
| Debt forgiveness | – | – | – | – | – | – | ||||||||||||||||||
| Interest expense | – | – | – | – | – | – | ||||||||||||||||||
| Total Other Income/(Expenses) | – | – | (149,032 | ) | – | – | – | |||||||||||||||||
| Provision for Income Taxes | – | – | – | – | – | – | ||||||||||||||||||
| Net Income/(Loss) | $ | – | $ | (38,957 | ) | $ | (217,092 | ) | $ | (65,678 | ) | $ | (50,555 | ) | $ | (117,178 | ) | |||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements.
| F-68 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF OPERATIONS
(UNAUDITED)
For the six-month period ended June 30, 2025 (Continued)
| MRH Isle Blue | MRH New York Bundle | MRH Real Savvy | MRH Sweet as Sin | MRH Sweet Voyage | Series Stylishly 23 | Series Formidable Kitt | Series Blip Says Bye | |||||||||||||||||||||||||
| Revenues | $ | – | $ | 22,991 | $ | – | $ | 2,638 | $ | 22,896 | $ | – | $ | 7,420 | $ | – | ||||||||||||||||
| Cost of revenues | (13,540 | ) | (66,495 | ) | (30,705 | ) | 1,707 | (23,313 | ) | (40,077 | ) | (47,460 | ) | (38,958 | ) | |||||||||||||||||
| Gross Profit/(Loss) | (13,540 | ) | (43,503 | ) | (30,705 | ) | 4,345 | (418 | ) | (40,077 | ) | (40,040 | ) | (38,958 | ) | |||||||||||||||||
| Operating Expenses: | ||||||||||||||||||||||||||||||||
| Depreciation | 35,111 | 64,354 | 47,250 | 2,970 | 21,000 | 83,333 | 43,943 | – | ||||||||||||||||||||||||
| Management charges | – | (0 | ) | – | – | – | – | – | 100,154 | |||||||||||||||||||||||
| General and administrative | 3,600 | 3,635 | 3,635 | 1,450 | 3,600 | 3,707 | 3,600 | 3,707 | ||||||||||||||||||||||||
| Sales and marketing | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Operating Expenses | 38,711 | 67,989 | 50,885 | 4,420 | 24,600 | 87,040 | 47,543 | 103,861 | ||||||||||||||||||||||||
| Income/(Loss) from Operations | (52,251 | ) | (111,492 | ) | (81,590 | ) | (75 | ) | (25,018 | ) | (127,117 | ) | (87,582 | ) | (142,819 | ) | ||||||||||||||||
| Other Income/(Expense): | ||||||||||||||||||||||||||||||||
| Gain/(loss) on disposition of horses | – | – | – | (17,100 | ) | – | – | – | – | |||||||||||||||||||||||
| Debt forgiveness | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Other Income/(Expenses) | – | – | – | (17,100 | ) | – | – | – | – | |||||||||||||||||||||||
| Provision for Income Taxes | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Income/(Loss) | $ | (52,251 | ) | $ | (111,492 | ) | $ | (81,590 | ) | $ | (17,175 | ) | $ | (25,018 | ) | $ | (127,117 | ) | $ | (87,582 | ) | $ | (142,819 | ) | ||||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements.
| F-69 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF OPERATIONS
(UNAUDITED)
For the six-month period ended June 30, 2025 (Continued)
| Series Clair de Lune 22 | Series Malibu Bonnie 23 | Series Spanxa- million | Series Sirius Pursuit | MRH STG Broodmare Band | MRH Commissioned | MRH Love Like Lucy | MRH My Eyes on You | |||||||||||||||||||||||||
| Revenues | $ | 3,100 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Cost of revenues | (43,128 | ) | (32,253 | ) | (42,811 | ) | (17,664 | ) | (77,638 | ) | (27,887 | ) | (10,083 | ) | (11,014 | ) | ||||||||||||||||
| Gross Profit/(Loss) | (40,028 | ) | (32,253 | ) | (42,811 | ) | (17,664 | ) | (77,638 | ) | (27,887 | ) | (10,083 | ) | (11,014 | ) | ||||||||||||||||
| Operating Expenses: | ||||||||||||||||||||||||||||||||
| Depreciation | 19,208 | 55,000 | 60,833 | – | 98,833 | 30,111 | 8,528 | 8,500 | ||||||||||||||||||||||||
| Management charges | – | 35,081 | 99,775 | 39,978 | 318,091 | 217,529 | 118,962 | 82,940 | ||||||||||||||||||||||||
| General and administrative | 4,507 | 3,600 | 3,600 | 3,600 | 3,000 | 107 | 1,200 | 1,200 | ||||||||||||||||||||||||
| Sales and marketing | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Operating Expenses | 23,715 | 93,681 | 164,208 | 43,578 | 419,924 | 247,747 | 128,690 | 92,640 | ||||||||||||||||||||||||
| Income/(Loss) from Operations | (63,744 | ) | (125,934 | ) | (207,019 | ) | (61,242 | ) | (497,562 | ) | (275,634 | ) | (138,773 | ) | (103,655 | ) | ||||||||||||||||
| Other Income/(Expense): | ||||||||||||||||||||||||||||||||
| Gain/(loss) on disposition of horses | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Debt forgiveness | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Other Income/(Expenses) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Provision for Income Taxes | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Income/(Loss) | $ | (63,744 | ) | $ | (125,934 | ) | $ | (207,019 | ) | $ | (61,242 | ) | $ | (497,562 | ) | $ | (275,634 | ) | $ | (138,773 | ) | $ | (103,655 | ) | ||||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements.
| F-70 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF OPERATIONS
(UNAUDITED)
For the six-month period ended June 30, 2025 (Continued)
| MRH Mystical Belle | MRH Raging Inferno | MRH Restless Rider 23 | MRH Stirred 23 | MRH Trust But Verify | MRH Wildcat Gaze 23 | 06.30.2025 Consolidated Total | ||||||||||||||||||||||
| Revenues | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 1,597,655 | ||||||||||||||
| Cost of revenues | (19,818 | ) | (7,444 | ) | (2,877 | ) | (1,782 | ) | (18,487 | ) | (285 | ) | (1,555,318 | ) | ||||||||||||||
| Gross Profit/(Loss) | (19,818 | ) | (7,444 | ) | (2,877 | ) | (1,782 | ) | (18,487 | ) | (285 | ) | 42,337 | |||||||||||||||
| Operating Expenses: | ||||||||||||||||||||||||||||
| Depreciation | 18,111 | 3,552 | – | – | 37,583 | – | 1,202,956 | |||||||||||||||||||||
| Management charges | 80,100 | 6,375 | 36,750 | 14,210 | 292,008 | 3,850 | 1,632,711 | |||||||||||||||||||||
| General and administrative | 1,200 | 400 | – | – | 1,200 | – | 292,816 | |||||||||||||||||||||
| Sales and marketing | – | – | – | – | – | – | 4,599 | |||||||||||||||||||||
| Total Operating Expenses | 99,411 | 10,327 | 36,750 | 14,210 | 330,792 | 3,850 | 3,133,082 | |||||||||||||||||||||
| Income/(Loss) from Operations | (119,229 | ) | (17,771 | ) | (39,627 | ) | (15,992 | ) | (349,279 | ) | (4,135 | ) | (3,090,745 | ) | ||||||||||||||
| Other Income/(Expense): | ||||||||||||||||||||||||||||
| Gain/(loss) on disposition of horses | – | – | – | – | – | – | 1,052,279 | |||||||||||||||||||||
| Debt forgiveness | – | – | – | – | – | – | 8,783 | |||||||||||||||||||||
| Interest expense | – | – | – | – | – | – | – | |||||||||||||||||||||
| Total Other Income/(Expenses) | – | – | – | – | – | – | 1,061,062 | |||||||||||||||||||||
| Provision for Income Taxes | – | – | – | – | – | – | – | |||||||||||||||||||||
| Net Income/(Loss) | $ | (119,229 | ) | $ | (17,771 | ) | $ | (39,627 | ) | $ | (15,992 | ) | $ | (349,279 | ) | $ | (4,135 | ) | $ | (2,029,683 | ) | |||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements.
| F-71 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF OPERATIONS
For the year ended December 31, 2024
| Series Action Bundle | Series Adjust 20 | Series Amandrea | Series Ambleside Park 19 | Series Amers | Series Apple Down Under 19 | Series Ari the Adventurer 19 | Series Ashlees Empire 20 | |||||||||||||||||||||||||
| Revenues | $ | – | $ | 3,900 | $ | – | $ | – | $ | – | $ | – | $ | 49,930 | $ | – | ||||||||||||||||
| Cost of revenues | – | (12,627 | ) | – | – | – | – | (55,847 | ) | – | ||||||||||||||||||||||
| Gross Profit/(Loss) | – | (8,727 | ) | – | – | – | – | (5,917 | ) | – | ||||||||||||||||||||||
| Operating Expenses: | ||||||||||||||||||||||||||||||||
| Depreciation | – | 11,055 | – | – | – | – | 23,452 | – | ||||||||||||||||||||||||
| Management charges | – | – | – | – | – | – | 4,645 | – | ||||||||||||||||||||||||
| General and administrative | – | 4,850 | – | – | – | – | 6,000 | – | ||||||||||||||||||||||||
| Sales and marketing | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Operating Expenses | – | 15,905 | – | – | – | – | 34,097 | – | ||||||||||||||||||||||||
| Income/(Loss) from Operations | – | (24,632 | ) | – | – | – | – | (40,014 | ) | – | ||||||||||||||||||||||
| Other Income/(Expense): | ||||||||||||||||||||||||||||||||
| Gain/(loss) on disposition of horses | – | (16,027 | ) | – | – | – | – | – | – | |||||||||||||||||||||||
| Debt forgiveness | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Other Income/(Expenses) | – | (16,027 | ) | – | – | – | – | – | – | |||||||||||||||||||||||
| Provision for Income Taxes | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Income/(Loss) | $ | – | $ | (40,660 | ) | $ | – | $ | – | $ | – | $ | – | $ | (40,014 | ) | $ | – | ||||||||||||||
See Independent auditor’s report and accompanying
notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-72 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF OPERATIONS
For the year ended December 31, 2024 (Continued)
| Series Athenian Beauty 19 | Series Authentic | Series Awe Hush 19 | Series Bajan Bashert | Series Balletic | Series Bella Chica | Series Big Mel | Series Black Escort 19 | |||||||||||||||||||||||||
| Revenues | $ | – | $ | 837,224 | $ | – | $ | 1,872 | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Cost of revenues | – | (88,391 | ) | – | (23,497 | ) | (28,977 | ) | – | – | – | |||||||||||||||||||||
| Gross Profit/(Loss) | – | 748,833 | – | (21,625 | ) | (28,977 | ) | – | – | – | ||||||||||||||||||||||
| Operating Expenses: | ||||||||||||||||||||||||||||||||
| Depreciation | – | – | – | 28,000 | 95,685 | – | – | – | ||||||||||||||||||||||||
| Management charges | – | 243,563 | – | – | – | – | – | – | ||||||||||||||||||||||||
| General and administrative | – | 22,500 | – | 4,250 | 4,335 | – | – | – | ||||||||||||||||||||||||
| Sales and marketing | – | 16,441 | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Operating Expenses | – | 282,503 | – | 32,250 | 100,020 | – | – | – | ||||||||||||||||||||||||
| Income/(Loss) from Operations | – | 466,330 | – | (53,875 | ) | (128,997 | ) | – | – | – | ||||||||||||||||||||||
| Other Income/(Expense): | ||||||||||||||||||||||||||||||||
| Gain/(loss) on disposition of horses | – | – | – | (44,158 | ) | 37,503 | – | – | – | |||||||||||||||||||||||
| Debt forgiveness | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest expense | – | (25,390 | ) | – | – | – | – | – | – | |||||||||||||||||||||||
| Total Other Income/(Expenses) | – | (25,390 | ) | – | (44,158 | ) | 37,503 | – | – | – | ||||||||||||||||||||||
| Provision for Income Taxes | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Income/(Loss) | $ | – | $ | 440,939 | $ | – | $ | (98,033 | ) | $ | (91,495 | ) | $ | – | $ | – | $ | – | ||||||||||||||
See Independent auditor’s report and accompanying
notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-73 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF OPERATIONS
For the year ended December 31, 2024 (Continued)
| Series Bullion | Series Cable Boss | Series Cairo Kiss | Series Carrothers | Series Cayala 19 | Series Arch Support 20 | Series Chad Brown Bundle | Series Chasing the Moon 20 | |||||||||||||||||||||||||
| Revenues | $ | – | $ | 556 | $ | – | $ | – | $ | – | $ | 8,350 | $ | 600 | $ | 3,490 | ||||||||||||||||
| Cost of revenues | – | (15,188 | ) | – | – | – | (22,054 | ) | (41,903 | ) | (30,184 | ) | ||||||||||||||||||||
| Gross Profit/(Loss) | – | (14,632 | ) | – | – | – | (13,704 | ) | (41,303 | ) | (26,694 | ) | ||||||||||||||||||||
| Operating Expenses: | ||||||||||||||||||||||||||||||||
| Depreciation | – | 59,644 | – | – | – | 23,333 | 65,492 | 36,117 | ||||||||||||||||||||||||
| Management charges | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| General and administrative | – | 560 | – | – | – | 3,700 | 4,460 | 5,251 | ||||||||||||||||||||||||
| Sales and marketing | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Operating Expenses | – | 60,204 | – | – | – | 27,033 | 69,952 | 41,368 | ||||||||||||||||||||||||
| Income/(Loss) from Operations | – | (74,836 | ) | – | – | – | (40,737 | ) | (111,256 | ) | (68,062 | ) | ||||||||||||||||||||
| Other Income/(Expense): | ||||||||||||||||||||||||||||||||
| Gain/(loss) on disposition of horses | – | – | – | – | – | – | – | (67,991 | ) | |||||||||||||||||||||||
| Debt forgiveness | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Other Income/(Expenses) | – | – | – | – | – | – | – | (67,991 | ) | |||||||||||||||||||||||
| Provision for Income Taxes | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Income/(Loss) | $ | – | $ | (74,836 | ) | $ | – | $ | – | $ | – | $ | (40,737 | ) | $ | (111,256 | ) | $ | (136,053 | ) | ||||||||||||
See Independent auditor’s report and accompanying
notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-74 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF OPERATIONS
For the year ended December 31, 2024 (Continued)
| Series Classic Cut | Series Classof- 19 | Series Co Cola 19 | Series Collusion Illusion | Series Consecrate 19 | Series Courtisane 19 | Series Daddy's Joy | Series Dancing Crane | |||||||||||||||||||||||||
| Revenues | $ | 61,305 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Cost of revenues | (68,621 | ) | – | – | – | – | – | – | – | |||||||||||||||||||||||
| Gross Profit/(Loss) | (7,316 | ) | – | – | – | – | – | – | – | |||||||||||||||||||||||
| Operating Expenses: | ||||||||||||||||||||||||||||||||
| Depreciation | 50,806 | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Management charges | 2,160 | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| General and administrative | 7,200 | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Sales and marketing | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Operating Expenses | 60,166 | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Income/(Loss) from Operations | (67,483 | ) | – | – | – | – | – | – | – | |||||||||||||||||||||||
| Other Income/(Expense): | ||||||||||||||||||||||||||||||||
| Gain/(loss) on disposition of horses | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Debt forgiveness | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Other Income/(Expenses) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Provision for Income Taxes | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Income/(Loss) | $ | (67,483 | ) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | |||||||||||||||
See Independent auditor’s report and accompanying
notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-75 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF OPERATIONS
For the year ended December 31, 2024 (Continued)
| Series Daring Dancer 20 | Series De Mystique 17 | Series Deep Cover | Series Demogorgon | Series Desire Street 19 | Series Echo Warrior 19 | Series Edge Racing Summer Fun | Series Enchante 21 | |||||||||||||||||||||||||
| Revenues | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 34,215 | $ | – | $ | 67,540 | ||||||||||||||||
| Cost of revenues | – | – | – | – | – | (50,314 | ) | – | (79,753 | ) | ||||||||||||||||||||||
| Gross Profit/(Loss) | – | – | – | – | – | (16,099 | ) | – | (12,213 | ) | ||||||||||||||||||||||
| Operating Expenses: | ||||||||||||||||||||||||||||||||
| Depreciation | – | – | – | – | – | 11,889 | – | 99,740 | ||||||||||||||||||||||||
| Management charges | – | – | – | – | – | 3,236 | – | – | ||||||||||||||||||||||||
| General and administrative | – | – | – | – | – | 7,215 | – | 7,966 | ||||||||||||||||||||||||
| Sales and marketing | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Operating Expenses | – | – | – | – | – | 22,340 | – | 107,707 | ||||||||||||||||||||||||
| Income/(Loss) from Operations | – | – | – | – | – | (38,439 | ) | – | (119,920 | ) | ||||||||||||||||||||||
| Other Income/(Expense): | ||||||||||||||||||||||||||||||||
| Gain/(loss) on disposition of horses | – | – | – | – | – | 28,995 | – | – | ||||||||||||||||||||||||
| Debt forgiveness | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Other Income/(Expenses) | – | – | – | – | – | 28,995 | – | – | ||||||||||||||||||||||||
| Provision for Income Taxes | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Income/(Loss) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | (9,444 | ) | $ | – | $ | (119,920 | ) | ||||||||||||||
See Independent auditor’s report and accompanying
notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-76 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF OPERATIONS
For the year ended December 31, 2024 (Continued)
| Series Elarose 21 | Series Escape Route | Series Exonerated 19 | Series Fenwick Hall 20 | Series Forever Rose | Series Flora Dora 20 | Series Frosted Oats | Series Future Stars Stable | |||||||||||||||||||||||||
| Revenues | $ | 27,375 | $ | 18,440 | $ | – | $ | – | $ | (80 | ) | $ | – | $ | – | $ | 5,042 | |||||||||||||||
| Cost of revenues | (65,886 | ) | (39,876 | ) | – | – | 32,098 | (7,624 | ) | – | (9,523 | ) | ||||||||||||||||||||
| Gross Profit/(Loss) | (38,511 | ) | (21,436 | ) | – | – | 32,018 | (7,624 | ) | – | (4,481 | ) | ||||||||||||||||||||
| Operating Expenses: | ||||||||||||||||||||||||||||||||
| Depreciation | 105,000 | – | – | – | (62,008 | ) | 15,625 | – | – | |||||||||||||||||||||||
| Management charges | – | – | – | – | – | – | – | 494 | ||||||||||||||||||||||||
| General and administrative | 9,050 | 3,000 | – | – | (8,600 | ) | 4,800 | – | 7,068 | |||||||||||||||||||||||
| Sales and marketing | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Operating Expenses | 114,050 | 3,000 | – | – | (70,608 | ) | 20,425 | – | 7,562 | |||||||||||||||||||||||
| Income/(Loss) from Operations | (152,561 | ) | (24,436 | ) | – | – | 102,626 | (28,049 | ) | – | (12,043 | ) | ||||||||||||||||||||
| Other Income/(Expense): | ||||||||||||||||||||||||||||||||
| Gain/(loss) on disposition of horses | – | – | – | – | – | (16,207 | ) | – | 19,577 | |||||||||||||||||||||||
| Debt forgiveness | – | – | – | – | – | – | – | 9,793 | ||||||||||||||||||||||||
| Interest expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Other Income/(Expenses) | – | – | – | – | – | (16,207 | ) | – | 29,370 | |||||||||||||||||||||||
| Provision for Income Taxes | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Income/(Loss) | $ | (152,561 | ) | $ | (24,436 | ) | $ | – | $ | – | $ | 102,626 | $ | (44,256 | ) | $ | – | $ | 17,327 | |||||||||||||
See Independent auditor’s report and accompanying
notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-77 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF OPERATIONS
For the year ended December 31, 2024 (Continued)
| Series Gentleman Gerry | Series Going to Vegas | Series Got Stormy | Series Grand Traverse Bay 19 | Series Grand Traverse Bay 20 | Series Heaven Street | Series Kindle 21 | Series Knarsdale 21 | |||||||||||||||||||||||||
| Revenues | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 4,950 | $ | 31,365 | ||||||||||||||||
| Cost of revenues | – | – | – | – | – | – | (31,630 | ) | (49,004 | ) | ||||||||||||||||||||||
| Gross Profit/(Loss) | – | – | – | – | – | – | (26,680 | ) | (17,639 | ) | ||||||||||||||||||||||
| Operating Expenses: | ||||||||||||||||||||||||||||||||
| Depreciation | – | – | – | – | – | – | 52,500 | 103,785 | ||||||||||||||||||||||||
| Management charges | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| General and administrative | – | – | – | – | – | – | 6,650 | 11,246 | ||||||||||||||||||||||||
| Sales and marketing | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Operating Expenses | – | – | – | – | – | – | 59,150 | 115,031 | ||||||||||||||||||||||||
| Income/(Loss) from Operations | – | – | – | – | – | – | (85,830 | ) | (132,670 | ) | ||||||||||||||||||||||
| Other Income/(Expense): | ||||||||||||||||||||||||||||||||
| Gain/(loss) on disposition of horses | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Debt forgiveness | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Other Income/(Expenses) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Provision for Income Taxes | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Income/(Loss) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | (85,830 | ) | $ | (132,670 | ) | ||||||||||||||
See Independent auditor’s report and accompanying notes, which are
an integral part of these
consolidated and consolidating financial statements.
| F-78 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF OPERATIONS
For the year ended December 31, 2024 (Continued)
| Series I'm a Looker 20 | Series Into Summer 19 | Series Ishvana 21 | Series Jeanne's Speight 20 | Series Just Louise 19 | Series Keertana 18 | Series Kiana's Love | Series Kichiro | |||||||||||||||||||||||||
| Revenues | $ | 49,680 | $ | – | $ | – | $ | – | $ | 255 | $ | – | $ | – | $ | – | ||||||||||||||||
| Cost of revenues | (52,321 | ) | – | 37,379 | – | (24,177 | ) | – | – | – | ||||||||||||||||||||||
| Gross Profit/(Loss) | (2,641 | ) | – | 37,379 | – | (23,922 | ) | – | – | – | ||||||||||||||||||||||
| Operating Expenses: | ||||||||||||||||||||||||||||||||
| Depreciation | 51,277 | – | (53,091 | ) | – | – | – | – | – | |||||||||||||||||||||||
| Management charges | (50 | ) | – | – | – | 25 | – | – | – | |||||||||||||||||||||||
| General and administrative | 9,070 | – | (7,600 | ) | – | 10,041 | – | – | – | |||||||||||||||||||||||
| Sales and marketing | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Operating Expenses | 60,297 | – | (60,691 | ) | – | 10,066 | – | – | – | |||||||||||||||||||||||
| Income/(Loss) from Operations | (62,937 | ) | – | 98,070 | – | (33,988 | ) | – | – | – | ||||||||||||||||||||||
| Other Income/(Expense): | ||||||||||||||||||||||||||||||||
| Gain/(loss) on disposition of horses | (69,851 | ) | – | – | (6,750 | ) | 141,943 | – | – | – | ||||||||||||||||||||||
| Debt forgiveness | – | – | – | – | 12,055 | – | – | – | ||||||||||||||||||||||||
| Interest expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Other Income/(Expenses) | (69,851 | ) | – | – | (6,750 | ) | 153,998 | – | – | – | ||||||||||||||||||||||
| Provision for Income Taxes | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Income/(Loss) | $ | (132,788 | ) | $ | – | $ | 98,070 | $ | (6,750 | ) | $ | 120,010 | $ | – | $ | – | $ | – | ||||||||||||||
See Independent auditor’s report and accompanying
notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-79 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF OPERATIONS
For the year ended December 31, 2024 (Continued)
| Series Lane Way | Series Latte Da 19 | Series Lazy Daisy | Series Le Relais 20 | Series Lost Empire 19 | Series Madarnas | Series Madiera Wine | Series Major Implications | |||||||||||||||||||||||||
| Revenues | $ | 26,000 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Cost of revenues | (56,360 | ) | – | – | – | – | – | – | – | |||||||||||||||||||||||
| Gross Profit/(Loss) | (30,360 | ) | – | – | – | – | – | – | – | |||||||||||||||||||||||
| Operating Expenses: | ||||||||||||||||||||||||||||||||
| Depreciation | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Management charges | 2,600 | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| General and administrative | 3,500 | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Sales and marketing | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Operating Expenses | 6,100 | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Income/(Loss) from Operations | (36,460 | ) | – | – | – | – | – | – | – | |||||||||||||||||||||||
| Other Income/(Expense): | ||||||||||||||||||||||||||||||||
| Gain/(loss) on disposition of horses | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Debt forgiveness | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Other Income/(Expenses) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Provision for Income Taxes | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Income/(Loss) | $ | (36,460 | ) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | |||||||||||||||
See Independent auditor’s report and accompanying
notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-80 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF OPERATIONS
For the year ended December 31, 2024 (Continued)
| Series Man Among Men | Series Margaret Reay 19 | Series Margarita Friday 19 | Series Martita Sangrita 17 | Series Mayan Milagra 19 | Series Midnight Sweetie 19 | Series Miss Puzzle | Series Miss Sakamoto | |||||||||||||||||||||||||
| Revenues | $ | 20,672 | $ | – | $ | 1,170,770 | $ | – | $ | – | $ | – | $ | – | $ | 432 | ||||||||||||||||
| Cost of revenues | (16,840 | ) | – | (410,301 | ) | – | – | – | – | (7,761 | ) | |||||||||||||||||||||
| Gross Profit/(Loss) | 3,832 | – | 760,469 | – | – | – | – | (7,329 | ) | |||||||||||||||||||||||
| Operating Expenses: | ||||||||||||||||||||||||||||||||
| Depreciation | – | – | 14,534 | – | – | – | – | 10,585 | ||||||||||||||||||||||||
| Management charges | 2,067 | – | 117,077 | – | – | – | – | 72 | ||||||||||||||||||||||||
| General and administrative | 7,230 | – | 178,911 | – | – | – | – | 3,195 | ||||||||||||||||||||||||
| Sales and marketing | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Operating Expenses | 9,297 | – | 310,521 | – | – | – | – | 13,851 | ||||||||||||||||||||||||
| Income/(Loss) from Operations | (5,465 | ) | – | 449,947 | – | – | – | – | (21,180 | ) | ||||||||||||||||||||||
| Other Income/(Expense): | ||||||||||||||||||||||||||||||||
| Gain/(loss) on disposition of horses | 80,920 | – | – | – | – | – | – | 28,008 | ||||||||||||||||||||||||
| Debt forgiveness | 1,654 | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Other Income/(Expenses) | 82,574 | – | – | – | – | – | – | 28,008 | ||||||||||||||||||||||||
| Provision for Income Taxes | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Income/(Loss) | $ | 77,109 | $ | – | $ | 449,947 | $ | – | $ | – | $ | – | $ | – | $ | 6,828 | ||||||||||||||||
See Independent auditor’s report and accompanying
notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-81 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF OPERATIONS
For the year ended December 31, 2024 (Continued)
| Series Mo Mischief | Series Mo Temptation | Series Monomoy Girl | Series Moonbow 20 | Series Moonless Sky | Series Motion Emotion | Series Mrs Whistler | Series My Fast One 20 | |||||||||||||||||||||||||
| Revenues | $ | – | $ | 350 | $ | – | $ | 16,358 | $ | – | $ | – | $ | – | $ | 1,900 | ||||||||||||||||
| Cost of revenues | – | (23,226 | ) | – | (23,230 | ) | – | – | – | (3,890 | ) | |||||||||||||||||||||
| Gross Profit/(Loss) | – | (22,876 | ) | – | (6,873 | ) | – | – | – | (1,990 | ) | |||||||||||||||||||||
| Operating Expenses: | ||||||||||||||||||||||||||||||||
| Depreciation | – | 16,538 | – | 8,334 | – | – | – | 4,824 | ||||||||||||||||||||||||
| Management charges | – | – | – | – | – | – | – | (420 | ) | |||||||||||||||||||||||
| General and administrative | – | 7,700 | – | 9,134 | – | – | – | 1,200 | ||||||||||||||||||||||||
| Sales and marketing | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Operating Expenses | – | 24,238 | – | 17,468 | – | – | – | 5,604 | ||||||||||||||||||||||||
| Income/(Loss) from Operations | – | (47,113 | ) | – | (24,341 | ) | – | – | – | (7,594 | ) | |||||||||||||||||||||
| Other Income/(Expense): | ||||||||||||||||||||||||||||||||
| Gain/(loss) on disposition of horses | – | (45,398 | ) | – | (4,267 | ) | – | – | – | (40,092 | ) | |||||||||||||||||||||
| Debt forgiveness | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Other Income/(Expenses) | – | (45,398 | ) | – | (4,267 | ) | – | – | – | (40,092 | ) | |||||||||||||||||||||
| Provision for Income Taxes | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Income/(Loss) | $ | – | $ | (92,511 | ) | $ | – | $ | (28,608 | ) | $ | – | $ | – | $ | – | $ | (47,686 | ) | |||||||||||||
See Independent auditor’s report and accompanying
notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-82 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF OPERATIONS
For the year ended December 31, 2024 (Continued)
| Series Naismith | Series National Road | Series New York Claiming Package | Series Night of Idiots | Series Nileist | Series Noble Goddess | Series Northern Smile 20 | Series NY Exacta | |||||||||||||||||||||||||
| Revenues | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 1,140 | $ | – | ||||||||||||||||
| Cost of revenues | – | – | – | – | – | – | (10,117 | ) | – | |||||||||||||||||||||||
| Gross Profit/(Loss) | – | – | – | – | – | – | (8,977 | ) | – | |||||||||||||||||||||||
| Operating Expenses: | ||||||||||||||||||||||||||||||||
| Depreciation | – | – | – | – | – | – | 4,052 | – | ||||||||||||||||||||||||
| Management charges | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| General and administrative | – | – | – | – | – | – | 3,135 | – | ||||||||||||||||||||||||
| Sales and marketing | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Operating Expenses | – | – | – | – | – | – | 7,187 | – | ||||||||||||||||||||||||
| Income/(Loss) from Operations | – | – | – | – | – | – | (16,164 | ) | – | |||||||||||||||||||||||
| Other Income/(Expense): | ||||||||||||||||||||||||||||||||
| Gain/(loss) on disposition of horses | – | – | – | – | – | – | (32,158 | ) | – | |||||||||||||||||||||||
| Debt forgiveness | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Other Income/(Expenses) | – | – | – | – | – | – | (32,158 | ) | – | |||||||||||||||||||||||
| Provision for Income Taxes | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Income/(Loss) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | (48,322 | ) | $ | – | |||||||||||||||
See Independent auditor’s report and accompanying
notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-83 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF OPERATIONS
For the year ended December 31, 2024 (Continued)
| Series One Last Night 21 | Series Our Miss Jones 19 | Series Our Jenny B | Series Palace Foal | Series Patsys Kim 21 | Series Popular Demand | Series Power Up Paynter | Series Queen Amira 19 | |||||||||||||||||||||||||
| Revenues | $ | 7,524 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Cost of revenues | (35,432 | ) | – | (39,184 | ) | – | (38,643 | ) | – | – | – | |||||||||||||||||||||
| Gross Profit/(Loss) | (27,908 | ) | – | (39,184 | ) | – | (38,643 | ) | – | – | – | |||||||||||||||||||||
| Operating Expenses: | ||||||||||||||||||||||||||||||||
| Depreciation | 51,276 | – | 17,333 | – | 61,720 | – | – | – | ||||||||||||||||||||||||
| Management charges | – | – | – | – | (1,408 | ) | – | – | – | |||||||||||||||||||||||
| General and administrative | 9,092 | – | 2,500 | – | 7,450 | – | – | – | ||||||||||||||||||||||||
| Sales and marketing | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Operating Expenses | 60,368 | – | 19,833 | – | 67,763 | – | – | – | ||||||||||||||||||||||||
| Income/(Loss) from Operations | (88,276 | ) | – | (59,017 | ) | – | (106,406 | ) | – | – | – | |||||||||||||||||||||
| Other Income/(Expense): | ||||||||||||||||||||||||||||||||
| Gain/(loss) on disposition of horses | – | – | – | – | (117,721 | ) | – | – | – | |||||||||||||||||||||||
| Debt forgiveness | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Other Income/(Expenses) | – | – | – | – | (117,721 | ) | – | – | – | |||||||||||||||||||||||
| Provision for Income Taxes | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Income/(Loss) | $ | (88,276 | ) | $ | – | $ | (59,017 | ) | $ | – | $ | (224,126 | ) | $ | – | $ | – | $ | – | |||||||||||||
See Independent auditor’s report and accompanying
notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-84 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF OPERATIONS
For the year ended December 31, 2024 (Continued)
| Series Race Hunter 19 | Series Rosie's Alibi | Series Salute to America | Series Sarrocchi 21 | Series Sauce On Side | Series Shake It Up Baby | Series Sigesmund | Series Silverpocketsfull 19 | |||||||||||||||||||||||||
| Revenues | $ | 28,028 | $ | 100,670 | $ | – | $ | 2,800 | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Cost of revenues | (67,553 | ) | (98,912 | ) | – | (26,785 | ) | – | – | – | – | |||||||||||||||||||||
| Gross Profit/(Loss) | (39,526 | ) | 1,758 | – | (23,985 | ) | – | – | – | – | ||||||||||||||||||||||
| Operating Expenses: | ||||||||||||||||||||||||||||||||
| Depreciation | 26,562 | 132,308 | – | 38,293 | – | – | – | – | ||||||||||||||||||||||||
| Management charges | 2,359 | 10,067 | – | – | – | – | – | – | ||||||||||||||||||||||||
| General and administrative | 7,472 | 39,453 | – | 6,650 | – | – | – | – | ||||||||||||||||||||||||
| Sales and marketing | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Operating Expenses | 36,394 | 181,828 | – | 44,943 | – | – | – | – | ||||||||||||||||||||||||
| Income/(Loss) from Operations | (75,919 | ) | (180,071 | ) | – | (68,928 | ) | – | – | – | – | |||||||||||||||||||||
| Other Income/(Expense): | ||||||||||||||||||||||||||||||||
| Gain/(loss) on disposition of horses | – | 589,742 | – | (105,752 | ) | – | – | – | – | |||||||||||||||||||||||
| Debt forgiveness | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Other Income/(Expenses) | – | 589,742 | – | (105,752 | ) | – | – | – | – | |||||||||||||||||||||||
| Provision for Income Taxes | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Income/(Loss) | $ | (75,919 | ) | $ | 409,672 | $ | – | $ | (174,680 | ) | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
See Independent auditor’s report and accompanying
notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-85 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF OPERATIONS
For the year ended December 31, 2024 (Continued)
| Series Smart Shopping 21 | Series Social Dilemma | Series Song of Lark 21 | Series Soul Beam | Series Speightstown Belle 19 | Series Spirit 20 | Series Squared Straight | Series Storm Shooter | |||||||||||||||||||||||||
| Revenues | $ | 2,376,660 | $ | – | $ | 35,746 | $ | – | $ | – | $ | 61,748 | $ | – | $ | – | ||||||||||||||||
| Cost of revenues | (814,939 | ) | – | (39,784 | ) | – | – | (29,170 | ) | – | – | |||||||||||||||||||||
| Gross Profit/(Loss) | 1,561,721 | – | (4,038 | ) | – | – | 32,578 | – | – | |||||||||||||||||||||||
| Operating Expenses: | ||||||||||||||||||||||||||||||||
| Depreciation | 97,125 | – | 53,550 | – | – | 13,910 | – | – | ||||||||||||||||||||||||
| Management charges | 222,637 | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| General and administrative | 1,252,629 | – | 9,050 | – | – | 6,393 | – | – | ||||||||||||||||||||||||
| Sales and marketing | 1,433 | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Operating Expenses | 1,573,824 | – | 62,600 | – | – | 20,303 | – | – | ||||||||||||||||||||||||
| Income/(Loss) from Operations | (12,104 | ) | – | (66,638 | ) | – | – | 12,275 | – | – | ||||||||||||||||||||||
| Other Income/(Expense): | ||||||||||||||||||||||||||||||||
| Gain/(loss) on disposition of horses | 3,879,483 | – | – | – | – | 350 | – | – | ||||||||||||||||||||||||
| Debt forgiveness | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Other Income/(Expenses) | 3,879,483 | – | – | – | – | 350 | – | – | ||||||||||||||||||||||||
| Provision for Income Taxes | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Income/(Loss) | $ | 3,867,379 | $ | – | $ | (66,638 | ) | $ | – | $ | – | $ | 12,625 | $ | – | $ | – | |||||||||||||||
See Independent auditor’s report and accompanying
notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-86 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF OPERATIONS
For the year ended December 31, 2024 (Continued)
| Series Street Band | Series Sunny 18 | Series Sunsand- drinkinhand | Series Sweet Sweet Annie 19 | Series Swiss Minister | Series Takeo Squared | Series Tapitry 19 | Series Tavasco Road | |||||||||||||||||||||||||
| Revenues | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Cost of revenues | – | – | – | (15,737 | ) | – | – | – | – | |||||||||||||||||||||||
| Gross Profit/(Loss) | – | – | – | (15,737 | ) | – | – | – | – | |||||||||||||||||||||||
| Operating Expenses: | ||||||||||||||||||||||||||||||||
| Depreciation | – | – | – | 7,455 | – | – | – | – | ||||||||||||||||||||||||
| Management charges | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| General and administrative | – | – | – | 2,390 | – | – | – | – | ||||||||||||||||||||||||
| Sales and marketing | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Operating Expenses | – | – | – | 9,845 | – | – | – | – | ||||||||||||||||||||||||
| Income/(Loss) from Operations | – | – | – | (25,583 | ) | – | – | – | – | |||||||||||||||||||||||
| Other Income/(Expense): | ||||||||||||||||||||||||||||||||
| Gain/(loss) on disposition of horses | – | – | – | 4,000 | – | – | – | – | ||||||||||||||||||||||||
| Debt forgiveness | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Other Income/(Expenses) | – | – | – | 4,000 | – | – | – | – | ||||||||||||||||||||||||
| Provision for Income Taxes | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Income/(Loss) | $ | – | $ | – | $ | – | $ | (21,583 | ) | $ | – | $ | – | $ | – | $ | – | |||||||||||||||
See Independent auditor’s report and accompanying
notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-87 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF OPERATIONS
For the year ended December 31, 2024 (Continued)
| Series Tell All 19 | Series Tell the Duchess 19 | Series The Filly Four | Series The Royal Duet | Series Thirteen Stripes | Series Timeless Trick 20 | Series Tizamagician | Series Tufnel | |||||||||||||||||||||||||
| Revenues | $ | – | $ | (116,200 | ) | $ | – | $ | 15,475 | $ | – | $ | – | $ | – | $ | 11,060 | |||||||||||||||
| Cost of revenues | – | (58,660 | ) | – | (85,525 | ) | – | – | – | (38,514 | ) | |||||||||||||||||||||
| Gross Profit/(Loss) | – | (174,860 | ) | – | (70,051 | ) | – | – | – | (27,454 | ) | |||||||||||||||||||||
| Operating Expenses: | ||||||||||||||||||||||||||||||||
| Depreciation | – | 11,230 | – | 157,613 | – | – | – | 40,875 | ||||||||||||||||||||||||
| Management charges | – | (11,620 | ) | – | – | – | – | – | – | |||||||||||||||||||||||
| General and administrative | – | 23,499 | – | 9,050 | – | – | – | 2,060 | ||||||||||||||||||||||||
| Sales and marketing | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Operating Expenses | – | 23,109 | – | 166,663 | – | – | – | 42,935 | ||||||||||||||||||||||||
| Income/(Loss) from Operations | – | (197,969 | ) | – | (236,714 | ) | – | – | – | (70,389 | ) | |||||||||||||||||||||
| Other Income/(Expense): | ||||||||||||||||||||||||||||||||
| Gain/(loss) on disposition of horses | – | – | – | (113,563 | ) | – | – | – | – | |||||||||||||||||||||||
| Debt forgiveness | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Other Income/(Expenses) | – | – | – | (113,563 | ) | – | – | – | – | |||||||||||||||||||||||
| Provision for Income Taxes | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Income/(Loss) | $ | – | $ | (197,969 | ) | $ | – | $ | (350,277 | ) | $ | – | $ | – | $ | – | $ | (70,389 | ) | |||||||||||||
See Independent auditor’s report and accompanying
notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-88 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF OPERATIONS
For the year ended December 31, 2024 (Continued)
| Series Twirl Girl 21 | Series Two Trail Sioux 17 | Series Two Trail Sioux 17K | Series Utalkn- boutpractice | Series Vertical Threat | Series Vow | Series War Safe | Series Wayne O | |||||||||||||||||||||||||
| Revenues | $ | 675 | $ | – | $ | – | $ | – | $ | – | $ | 517 | $ | – | $ | – | ||||||||||||||||
| Cost of revenues | (23,955 | ) | – | – | – | – | (694 | ) | – | – | ||||||||||||||||||||||
| Gross Profit/(Loss) | (23,280 | ) | – | – | – | – | (177 | ) | – | – | ||||||||||||||||||||||
| Operating Expenses: | ||||||||||||||||||||||||||||||||
| Depreciation | 14,046 | – | – | – | – | 132 | – | – | ||||||||||||||||||||||||
| Management charges | – | – | – | – | – | 52 | – | – | ||||||||||||||||||||||||
| General and administrative | 2,300 | – | – | – | – | 2,857 | – | – | ||||||||||||||||||||||||
| Sales and marketing | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Operating Expenses | 16,346 | – | – | – | – | 3,040 | – | – | ||||||||||||||||||||||||
| Income/(Loss) from Operations | (39,625 | ) | – | – | – | – | (3,217 | ) | – | – | ||||||||||||||||||||||
| Other Income/(Expense): | ||||||||||||||||||||||||||||||||
| Gain/(loss) on disposition of horses | (33,510 | ) | – | – | – | – | 11,997 | – | – | |||||||||||||||||||||||
| Debt forgiveness | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Other Income/(Expenses) | (33,510 | ) | – | – | – | – | 11,997 | – | – | |||||||||||||||||||||||
| Provision for Income Taxes | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Income/(Loss) | $ | (73,135 | ) | $ | – | $ | – | $ | – | $ | – | $ | 8,780 | $ | – | $ | – | |||||||||||||||
See Independent auditor’s report and accompanying
notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-89 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF OPERATIONS
For the year ended December 31, 2024 (Continued)
| Series Who Runs the World | Series Who'sbeen- inmybed 19 | Series Without Delay | Series Wonder Upon a Star 19 | Series Yes This Time | Series You Make Luvin Fun 19 | Series Zestful | My Racehorse CA | |||||||||||||||||||||||||
| Revenues | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Cost of revenues | – | 147 | – | – | – | – | – | – | ||||||||||||||||||||||||
| Gross Profit/(Loss) | – | 147 | – | – | – | – | – | – | ||||||||||||||||||||||||
| Operating Expenses: | ||||||||||||||||||||||||||||||||
| Depreciation | – | 9,925 | – | – | – | – | – | – | ||||||||||||||||||||||||
| Management charges | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| General and administrative | – | 4,831 | – | – | – | – | – | – | ||||||||||||||||||||||||
| Sales and marketing | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Operating Expenses | – | 14,756 | – | – | – | – | – | – | ||||||||||||||||||||||||
| Income/(Loss) from Operations | – | (14,609 | ) | – | – | – | – | – | – | |||||||||||||||||||||||
| Other Income/(Expense): | ||||||||||||||||||||||||||||||||
| Gain/(loss) on disposition of horses | – | 52,687 | – | – | – | – | – | – | ||||||||||||||||||||||||
| Debt forgiveness | – | 3,802 | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Other Income/(Expenses) | – | 56,488 | – | – | – | – | – | – | ||||||||||||||||||||||||
| Provision for Income Taxes | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Income/(Loss) | $ | – | $ | 41,879 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
See Independent auditor’s report and accompanying
notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-90 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF OPERATIONS
For the year ended December 31, 2024 (Continued)
| Classic Colt Package | Series Edge Crown It 21 | Series Edge High Speed Goldie 21 | Series Edge More Than Magic 21 | Series MRH Adaay in Asia | Series MRH Alliford Bay 21 | Series MRH Blues Corner 21 | Series MRH Bullish Sentiment 21 | |||||||||||||||||||||||||
| Revenues | $ | 20,494 | $ | 79,560 | $ | – | $ | 2,562 | $ | 8,400 | $ | – | $ | – | $ | – | ||||||||||||||||
| Cost of revenues | (65,220 | ) | (62,182 | ) | (29,974 | ) | (32,219 | ) | (32,257 | ) | – | – | – | |||||||||||||||||||
| Gross Profit/(Loss) | (44,727 | ) | 17,378 | (29,974 | ) | (29,657 | ) | (23,858 | ) | – | – | – | ||||||||||||||||||||
| Operating Expenses: | ||||||||||||||||||||||||||||||||
| Depreciation | 112,746 | 50,991 | 17,188 | 42,000 | 40,498 | – | – | – | ||||||||||||||||||||||||
| Management charges | 768 | 6,795 | – | – | 33,265 | – | – | – | ||||||||||||||||||||||||
| General and administrative | 4,651 | 5,200 | 5,400 | 6,350 | 7,881 | – | – | – | ||||||||||||||||||||||||
| Sales and marketing | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Operating Expenses | 118,165 | 62,986 | 22,588 | 48,350 | 81,644 | – | – | – | ||||||||||||||||||||||||
| Income/(Loss) from Operations | (162,892 | ) | (45,607 | ) | (52,562 | ) | (78,007 | ) | (105,502 | ) | – | – | – | |||||||||||||||||||
| Other Income/(Expense): | ||||||||||||||||||||||||||||||||
| Gain/(loss) on disposition of horses | 51,857 | – | (44,674 | ) | – | (107,028 | ) | – | – | – | ||||||||||||||||||||||
| Debt forgiveness | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Other Income/(Expenses) | 51,857 | – | (44,674 | ) | – | (107,028 | ) | – | – | – | ||||||||||||||||||||||
| Provision for Income Taxes | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Income/(Loss) | $ | (111,035 | ) | $ | (45,607 | ) | $ | (97,236 | ) | $ | (78,007 | ) | $ | (212,530 | ) | $ | – | $ | – | $ | – | |||||||||||
See Independent auditor’s report and accompanying
notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-91 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF OPERATIONS
For the year ended December 31, 2024 (Continued)
| Series MRH Giant Mover 21 | MRH Blue Devil | MRH Brandy 22 | MRH Catalyst | MRH Here's the Kicker | MRH Incredi-Bundle | |||||||||||||||||||
| Revenues | $ | – | $ | 2,450 | $ | 900 | $ | 6,281 | $ | 30,829 | $ | 745 | ||||||||||||
| Cost of revenues | – | (34,595 | ) | (67,084 | ) | (49,248 | ) | (51,465 | ) | (107,793 | ) | |||||||||||||
| Gross Profit/(Loss) | – | (32,145 | ) | (66,184 | ) | (42,967 | ) | (20,636 | ) | (107,049 | ) | |||||||||||||
| Operating Expenses: | ||||||||||||||||||||||||
| Depreciation | – | 62,475 | 126,000 | 119,438 | 87,504 | 205,275 | ||||||||||||||||||
| Management charges | – | 18,759 | – | – | 158 | 247,860 | ||||||||||||||||||
| General and administrative | – | 9,070 | 11,450 | 9,050 | 9,104 | 9,050 | ||||||||||||||||||
| Sales and marketing | – | – | – | – | – | – | ||||||||||||||||||
| Total Operating Expenses | – | 90,305 | 137,450 | 128,488 | 96,766 | 462,185 | ||||||||||||||||||
| Income/(Loss) from Operations | – | (122,450 | ) | (203,634 | ) | (171,455 | ) | (117,402 | ) | (569,234 | ) | |||||||||||||
| Other Income/(Expense): | ||||||||||||||||||||||||
| Gain/(loss) on disposition of horses | – | – | – | – | – | – | ||||||||||||||||||
| Debt forgiveness | – | – | – | – | – | – | ||||||||||||||||||
| Interest expense | – | – | – | – | – | – | ||||||||||||||||||
| Total Other Income/(Expenses) | – | – | – | – | – | – | ||||||||||||||||||
| Provision for Income Taxes | – | – | – | – | – | – | ||||||||||||||||||
| Net Income/(Loss) | $ | – | $ | (122,450 | ) | $ | (203,634 | ) | $ | (171,455 | ) | $ | (117,402 | ) | $ | (569,234 | ) | |||||||
See Independent auditor’s report and accompanying
notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-92 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF OPERATIONS
For the year ended December 31, 2024 (Continued)
| MRH Isle Blue | MRH New York Bundle | MRH Real Savvy | MRH Sweet as Sin | MRH Sweet Voyage | Series Stylishly 23 | Series Formidable Kitt | Series Blip Says Bye | |||||||||||||||||||||||||
| Revenues | $ | – | $ | 47,507 | $ | 46,530 | $ | 5,081 | $ | 1,185 | $ | – | $ | 11,600 | $ | – | ||||||||||||||||
| Cost of revenues | (33,303 | ) | (168,001 | ) | (61,611 | ) | (10,049 | ) | (38,898 | ) | (37,079 | ) | (54,801 | ) | (22,775 | ) | ||||||||||||||||
| Gross Profit/(Loss) | (33,303 | ) | (120,494 | ) | (15,081 | ) | (4,968 | ) | (37,713 | ) | (37,079 | ) | (43,201 | ) | (22,775 | ) | ||||||||||||||||
| Operating Expenses: | ||||||||||||||||||||||||||||||||
| Depreciation | 70,222 | 138,771 | 94,500 | 15,785 | 42,000 | 76,937 | 43,470 | 33,150 | ||||||||||||||||||||||||
| Management charges | 22,496 | 260,738 | – | – | – | 348,694 | 202,837 | 139,268 | ||||||||||||||||||||||||
| General and administrative | 11,450 | 9,688 | 11,450 | 4,807 | 9,050 | 3,000 | 4,180 | 2,400 | ||||||||||||||||||||||||
| Sales and marketing | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Operating Expenses | 104,168 | 409,196 | 105,950 | 20,592 | 51,050 | 428,631 | 250,487 | 174,818 | ||||||||||||||||||||||||
| Income/(Loss) from Operations | (137,470 | ) | (529,691 | ) | (121,031 | ) | (25,560 | ) | (88,763 | ) | (465,710 | ) | (293,688 | ) | (197,593 | ) | ||||||||||||||||
| Other Income/(Expense): | ||||||||||||||||||||||||||||||||
| Gain/(loss) on disposition of horses | – | (42,620 | ) | – | – | – | – | – | – | |||||||||||||||||||||||
| Debt forgiveness | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Other Income/(Expenses) | – | (42,620 | ) | – | – | – | – | – | – | |||||||||||||||||||||||
| Provision for Income Taxes | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Income/(Loss) | $ | (137,470 | ) | $ | (572,310 | ) | $ | (121,031 | ) | $ | (25,560 | ) | $ | (88,763 | ) | $ | (465,710 | ) | $ | (293,688 | ) | $ | (197,593 | ) | ||||||||
See Independent auditor’s report and accompanying
notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-93 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF OPERATIONS
For the year ended December 31, 2024 (Continued)
| Series Clair de Lune 22 | Series Malibu Bonnie 23 | Series Spanxamillion | Series Sirius Pursuit | MRH STG Broodmare Band | 12.31.2024 Consolidated Total | |||||||||||||||||||
| Revenues | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 5,232,455 | ||||||||||||
| Cost of revenues | (36,731 | ) | (30,324 | ) | (29,586 | ) | (11,722 | ) | (11,596 | ) | (3,771,498 | ) | ||||||||||||
| Gross Profit/(Loss) | (36,731 | ) | (30,324 | ) | (29,586 | ) | (11,722 | ) | (11,596 | ) | 1,460,957 | |||||||||||||
| Operating Expenses: | ||||||||||||||||||||||||
| Depreciation | 23,649 | 46,573 | 51,169 | 12,464 | 26,442 | 3,049,768 | ||||||||||||||||||
| Management charges | 121,080 | 207,163 | 169,525 | 67,524 | – | 2,444,486 | ||||||||||||||||||
| General and administrative | 6,050 | 3,000 | 3,000 | 2,400 | 1,000 | 1,873,374 | ||||||||||||||||||
| Sales and marketing | – | – | – | – | – | 17,874 | ||||||||||||||||||
| Total Operating Expenses | 150,779 | 256,736 | 223,694 | 82,388 | 27,442 | 7,385,502 | ||||||||||||||||||
| Income/(Loss) from Operations | (187,510 | ) | (287,059 | ) | (253,279 | ) | (94,110 | ) | (39,038 | ) | (5,924,545 | ) | ||||||||||||
| Other Income/(Expense): | ||||||||||||||||||||||||
| Gain/(loss) on disposition of horses | – | – | – | – | – | 4,019,295 | ||||||||||||||||||
| Debt forgiveness | – | – | – | – | – | 27,304 | ||||||||||||||||||
| Interest expense | – | – | – | – | – | (25,390 | ) | |||||||||||||||||
| Total Other Income/(Expenses) | – | – | – | – | – | 4,021,209 | ||||||||||||||||||
| Provision for Income Taxes | – | – | – | – | – | – | ||||||||||||||||||
| Net Income/(Loss) | $ | (187,510 | ) | $ | (287,059 | ) | $ | (253,279 | ) | $ | (94,110 | ) | $ | (39,038 | ) | $ | (1,903,336 | ) | ||||||
See Independent auditor’s report and accompanying
notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-94 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CHANGES IN MEMBERS’ EQUITY (DEFICIT) (UNAUDITED)
For the year ended December 31, 2024 and the six-month period ended June 30, 2025
| Series Action Bundle | Series Adjust 20 | Series Amandrea | Series Ambleside Park 19 | Series Amers | Series Apple Down Under 19 | Series Ari the Adventurer 19 | Series Ashlees Empire 20 | |||||||||||||||||||||||||
| Membership in My Racehorse CA LLC | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | – | $ | 68,705 | $ | 24,272 | $ | 33,786 | $ | – | $ | – | $ | 38,228 | $ | – | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at June 30, 2025 | $ | – | $ | 68,705 | $ | 24,272 | $ | 33,786 | $ | – | $ | – | $ | 38,228 | $ | – | ||||||||||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Subscriptions in Series | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | 147,299 | $ | 83,659 | $ | 157,908 | $ | 74,719 | $ | 8,998 | $ | 77,255 | $ | 407,286 | $ | 125,935 | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at June 30, 2025 | $ | 147,299 | $ | 83,659 | $ | 157,908 | $ | 74,719 | $ | 8,998 | $ | 77,255 | $ | 407,286 | $ | 125,935 | ||||||||||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Retained Earnings/ (Accumulated Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | (147,299 | ) | $ | (152,364 | ) | $ | (182,180 | ) | $ | (108,505 | ) | $ | (8,998 | ) | $ | (77,255 | ) | $ | (447,248 | ) | $ | (125,935 | ) | ||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at June 30, 2025 | $ | (147,299 | ) | $ | (152,364 | ) | $ | (182,180 | ) | $ | (108,505 | ) | $ | (8,998 | ) | $ | (77,255 | ) | $ | (447,248 | ) | $ | (125,935 | ) | ||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Total Members' Equity/(Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | 0 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | (1,734 | ) | $ | – | |||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at June 30, 2025 | $ | 0 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | (1,734 | ) | $ | – | |||||||||||||||
| F-95 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CHANGES IN MEMBERS’ EQUITY (DEFICIT) (UNAUDITED)
For the year ended December 31, 2024 and the six-month period ended June 30, 2025 (Continued)
| Series Athenian Beauty 19 | Series Authentic | Series Awe Hush 19 | Series Bajan Bashert | Series Balletic | Series Bella Chica | Series Big Mel | Series Black Escort 19 | |||||||||||||||||||||||||
| Membership in My Racehorse CA LLC | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | 24,527 | $ | – | $ | 40,192 | $ | 64,280 | $ | – | $ | 16,469 | $ | 48,373 | $ | 36,000 | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at June 30, 2025 | $ | 24,527 | $ | – | $ | 40,192 | $ | 64,280 | $ | – | $ | 16,469 | $ | 48,373 | $ | 36,000 | ||||||||||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Subscriptions in Series | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | 66,401 | $ | 1,813,083 | $ | 264,846 | $ | 110,544 | $ | 730,557 | $ | 38,000 | $ | 726,000 | $ | 84,467 | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at June 30, 2025 | $ | 66,401 | $ | 1,813,083 | $ | 264,846 | $ | 110,544 | $ | 730,557 | $ | 38,000 | $ | 726,000 | $ | 84,467 | ||||||||||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Retained Earnings/ (Accumulated Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | (90,928 | ) | $ | (2,499,963 | ) | $ | (305,037 | ) | $ | (174,824 | ) | $ | (730,557 | ) | $ | (54,469 | ) | $ | (774,373 | ) | $ | (120,467 | ) | ||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | (23,468 | ) | – | – | – | – | – | – | |||||||||||||||||||||||
| Balance at June 30, 2025 | $ | (90,928 | ) | $ | (2,523,431 | ) | $ | (305,037 | ) | $ | (174,824 | ) | $ | (730,557 | ) | $ | (54,469 | ) | $ | (774,373 | ) | $ | (120,467 | ) | ||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Total Members' Equity/(Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | – | $ | (686,881 | ) | $ | – | $ | – | $ | 0 | $ | – | $ | – | $ | – | |||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | (23,468 | ) | – | – | – | – | – | – | |||||||||||||||||||||||
| Balance at June 30, 2025 | $ | – | $ | (710,348 | ) | $ | – | $ | – | $ | 0 | $ | – | $ | – | $ | – | |||||||||||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements
| F-96 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CHANGES IN MEMBERS’ EQUITY (DEFICIT) (UNAUDITED)
For the year ended December 31, 2024 and the six-month period ended June 30, 2025 (Continued)
| Series Bullion | Series Cable Boss | Series Cairo Kiss | Series Carrothers | Series Cayala 19 | Series Arch Support 20 | Series Chad Brown Bundle | Series Chasing the Moon 20 | |||||||||||||||||||||||||
| Membership in My Racehorse CA LLC | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 62,318 | $ | 27,877 | $ | 45,000 | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | 15,000 | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at June 30, 2025 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 77,318 | $ | 27,877 | $ | 45,000 | ||||||||||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Subscriptions in Series | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | 11,750 | $ | 483,670 | $ | 44,400 | $ | 470,927 | $ | 283,931 | $ | 94,915 | $ | 967,950 | $ | 117,532 | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | (3,625 | ) | – | – | |||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at June 30, 2025 | $ | 11,750 | $ | 483,670 | $ | 44,400 | $ | 470,927 | $ | 283,931 | $ | 91,290 | $ | 967,950 | $ | 117,532 | ||||||||||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Retained Earnings/ (Accumulated Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | (11,750 | ) | $ | (483,670 | ) | $ | (44,400 | ) | $ | (470,927 | ) | $ | (283,931 | ) | $ | (138,780 | ) | $ | (995,827 | ) | $ | (162,532 | ) | ||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | (24,969 | ) | – | – | |||||||||||||||||||||||
| Balance at June 30, 2025 | $ | (11,750 | ) | $ | (483,670 | ) | $ | (44,400 | ) | $ | (470,927 | ) | $ | (283,931 | ) | $ | (163,749 | ) | $ | (995,827 | ) | $ | (162,532 | ) | ||||||||
| – | – | – | – | – | (0 | ) | – | – | ||||||||||||||||||||||||
| Total Members' Equity/(Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | – | $ | – | $ | – | $ | 0 | $ | – | $ | 18,454 | $ | 0 | $ | – | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | (3,625 | ) | – | – | |||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | 15,000 | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | (24,969 | ) | – | – | |||||||||||||||||||||||
| Balance at June 30, 2025 | $ | – | $ | – | $ | – | $ | 0 | $ | – | $ | 4,860 | $ | 0 | $ | – | ||||||||||||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements
| F-97 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CHANGES IN MEMBERS’ EQUITY (DEFICIT) (UNAUDITED)
For the year ended December 31, 2024 and the six-month period ended June 30, 2025 (Continued)
| Series Classic Cut | Series Classof- sixtythree 19 | Series Co Cola 19 | Series Collusion Illusion | Series Consecrate 19 | Series Courtisane 19 | Series Daddy's Joy | Series Dancing Crane | |||||||||||||||||||||||||
| Membership in My Racehorse CA LLC | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 60,000 | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at June 30, 2025 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 60,000 | ||||||||||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Subscriptions in Series | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | 496,800 | $ | (6,679 | ) | $ | 453,179 | $ | 686,309 | $ | 46,629 | $ | 456,841 | $ | 106,872 | $ | 39,711 | |||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at June 30, 2025 | $ | 496,800 | $ | (6,679 | ) | $ | 453,179 | $ | 686,309 | $ | 46,629 | $ | 456,841 | $ | 106,872 | $ | 39,711 | |||||||||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Retained Earnings/ (Accumulated Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | (468,427 | ) | $ | 6,679 | $ | (453,179 | ) | $ | (686,309 | ) | $ | (46,629 | ) | $ | (456,841 | ) | $ | (106,872 | ) | $ | (99,711 | ) | |||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | (24,270 | ) | – | – | – | – | – | – | – | |||||||||||||||||||||||
| Balance at June 30, 2025 | $ | (492,697 | ) | $ | 6,679 | $ | (453,179 | ) | $ | (686,309 | ) | $ | (46,629 | ) | $ | (456,841 | ) | $ | (106,872 | ) | $ | (99,711 | ) | |||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Total Members' Equity/(Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | 28,373 | $ | 0 | $ | (0 | ) | $ | – | $ | – | $ | 0 | $ | – | $ | – | |||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | (24,270 | ) | – | – | – | – | – | – | – | |||||||||||||||||||||||
| Balance at June 30, 2025 | $ | 4,103 | $ | 0 | $ | (0 | ) | $ | – | $ | – | $ | 0 | $ | – | $ | – | |||||||||||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements
| F-98 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CHANGES IN MEMBERS’ EQUITY (DEFICIT) (UNAUDITED)
For the year ended December 31, 2024 and the six-month period ended June 30, 2025 (Continued)
| Series Daring Dancer 20 | Series De Mystique 17 | Series Deep Cover | Series Demogorgon | Series Desire Street 19 | Series Echo Warrior 19 | Series Edge Racing Summer Fun | Series Enchante 21 | |||||||||||||||||||||||||
| Membership in My Racehorse CA LLC | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | – | $ | – | $ | – | $ | 48,000 | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at June 30, 2025 | $ | – | $ | – | $ | – | $ | 48,000 | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Subscriptions in Series | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | 84,118 | $ | 26,026 | $ | 176,000 | $ | 84,305 | $ | 188,980 | $ | 267,068 | $ | 164,938 | $ | 560,520 | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at June 30, 2025 | $ | 84,118 | $ | 26,026 | $ | 176,000 | $ | 84,305 | $ | 188,980 | $ | 267,068 | $ | 164,938 | $ | 560,520 | ||||||||||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Retained Earnings/ (Accumulated Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | (84,118 | ) | $ | (26,026 | ) | $ | (176,000 | ) | $ | (132,305 | ) | $ | (188,980 | ) | $ | (267,068 | ) | $ | (164,938 | ) | $ | (451,689 | ) | ||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | (62,218 | ) | |||||||||||||||||||||||
| Balance at June 30, 2025 | $ | (84,118 | ) | $ | (26,026 | ) | $ | (176,000 | ) | $ | (132,305 | ) | $ | (188,980 | ) | $ | (267,068 | ) | $ | (164,938 | ) | $ | (513,908 | ) | ||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Total Members' Equity/(Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | – | $ | – | $ | (0 | ) | $ | – | $ | – | $ | – | $ | – | $ | 108,831 | |||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | (62,218 | ) | |||||||||||||||||||||||
| Balance at June 30, 2025 | $ | – | $ | – | $ | (0 | ) | $ | – | $ | – | $ | – | $ | – | $ | 46,612 | |||||||||||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements
| F-99 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CHANGES IN MEMBERS’ EQUITY (DEFICIT) (UNAUDITED)
For the year ended December 31, 2024 and the six-month period ended June 30, 2025 (Continued)
| Series Elarose 21 | Series Escape Route | Series Exonerated 19 | Series Fenwick Hall 20 | Series Forever Rose | Series Flora Dora 20 | Series Frosted Oats | Series Future Stars Stable | |||||||||||||||||||||||||
| Membership in My Racehorse CA LLC | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | – | $ | 153,823 | $ | – | $ | – | $ | – | $ | 57,086 | $ | – | $ | – | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at June 30, 2025 | $ | – | $ | 153,823 | $ | – | $ | – | $ | – | $ | 57,086 | $ | – | $ | – | ||||||||||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Subscriptions in Series | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | 622,200 | $ | (77,420 | ) | $ | 129,991 | $ | 176,843 | $ | – | $ | 74,753 | $ | 126,676 | $ | 369,790 | |||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at June 30, 2025 | $ | 622,200 | $ | (77,420 | ) | $ | 129,991 | $ | 176,843 | $ | – | $ | 74,753 | $ | 126,676 | $ | 369,790 | |||||||||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Retained Earnings/ (Accumulated Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | (527,115 | ) | $ | (76,404 | ) | $ | (129,991 | ) | $ | (176,843 | ) | $ | – | $ | (131,840 | ) | $ | (126,676 | ) | $ | (369,790 | ) | |||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | (95,085 | ) | – | – | – | – | – | – | – | |||||||||||||||||||||||
| Balance at June 30, 2025 | $ | (622,200 | ) | $ | (76,404 | ) | $ | (129,991 | ) | $ | (176,843 | ) | $ | – | $ | (131,840 | ) | $ | (126,676 | ) | $ | (369,790 | ) | |||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Total Members' Equity/(Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | 95,085 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | (0 | ) | $ | (0 | ) | ||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | (95,085 | ) | – | – | – | – | – | – | – | |||||||||||||||||||||||
| Balance at June 30, 2025 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | (0 | ) | $ | (0 | ) | ||||||||||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements
| F-100 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CHANGES IN MEMBERS’ EQUITY (DEFICIT) (UNAUDITED)
For the year ended December 31, 2024 and the six-month period ended June 30, 2025 (Continued)
| Series Gentleman Gerry | Series Going to Vegas | Series Got Stormy | Series Grand Traverse Bay 19 | Series Grand Traverse Bay 20 | Series Heaven Street | Series Kindle 21 | Series Knarsdale 21 | |||||||||||||||||||||||||
| Membership in My Racehorse CA LLC | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | 12,000 | $ | – | $ | – | $ | – | $ | – | $ | 7,500 | $ | – | $ | – | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at June 30, 2025 | $ | 12,000 | $ | – | $ | – | $ | – | $ | – | $ | 7,500 | $ | – | $ | – | ||||||||||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Subscriptions in Series | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | 107,144 | $ | (236,882 | ) | $ | 70,877 | $ | 268,087 | $ | 71,626 | $ | 21,121 | $ | 378,305 | $ | 562,887 | |||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | (19,635 | ) | |||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at June 30, 2025 | $ | 107,144 | $ | (236,882 | ) | $ | 70,877 | $ | 268,087 | $ | 71,626 | $ | 21,121 | $ | 378,305 | $ | 543,252 | |||||||||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Retained Earnings/ (Accumulated Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | (119,144 | ) | $ | 236,882 | $ | (70,877 | ) | $ | (268,087 | ) | $ | (71,626 | ) | $ | (28,621 | ) | $ | (287,984 | ) | $ | (473,735 | ) | |||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | (25,842 | ) | (26,689 | ) | ||||||||||||||||||||||
| Balance at June 30, 2025 | $ | (119,144 | ) | $ | 236,882 | $ | (70,877 | ) | $ | (268,087 | ) | $ | (71,626 | ) | $ | (28,621 | ) | $ | (313,826 | ) | $ | (500,425 | ) | |||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Total Members' Equity/(Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | 0 | $ | (0 | ) | $ | (0 | ) | $ | – | $ | 0 | $ | – | $ | 90,321 | $ | 89,152 | ||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | (19,635 | ) | |||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | (25,842 | ) | (26,689 | ) | ||||||||||||||||||||||
| Balance at June 30, 2025 | $ | 0 | $ | (0 | ) | $ | (0 | ) | $ | – | $ | 0 | $ | – | $ | 64,479 | $ | 42,827 | ||||||||||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements
| F-101 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CHANGES IN MEMBERS’ EQUITY (DEFICIT) (UNAUDITED)
For the year ended December 31, 2024 and the six-month period ended June 30, 2025 (Continued)
| Series I'm a Looker 20 | Series Into Summer 19 | Series Ishvana 21 | Series Jeanne's Speight 20 | Series Just Louise 19 | Series Keertana 18 | Series Kiana's Love | Series Kichiro | |||||||||||||||||||||||||
| Membership in My Racehorse CA LLC | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 10,973 | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at June 30, 2025 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 10,973 | ||||||||||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Subscriptions in Series | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | 504,956 | $ | 199,520 | $ | – | $ | 204,850 | $ | 44,768 | $ | 426,088 | $ | 20,025 | $ | 26,000 | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at June 30, 2025 | $ | 504,956 | $ | 199,520 | $ | – | $ | 204,850 | $ | 44,768 | $ | 426,088 | $ | 20,025 | $ | 26,000 | ||||||||||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Retained Earnings/ (Accumulated Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | (504,956 | ) | $ | (199,520 | ) | $ | – | $ | (204,850 | ) | $ | (44,768 | ) | $ | (426,088 | ) | $ | (20,025 | ) | $ | (36,973 | ) | |||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at June 30, 2025 | $ | (504,956 | ) | $ | (199,520 | ) | $ | – | $ | (204,850 | ) | $ | (44,768 | ) | $ | (426,088 | ) | $ | (20,025 | ) | $ | (36,973 | ) | |||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Total Members' Equity/(Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | – | $ | – | $ | – | $ | – | $ | (0 | ) | $ | – | $ | – | $ | – | |||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at June 30, 2025 | $ | – | $ | – | $ | – | $ | – | $ | (0 | ) | $ | – | $ | – | $ | – | |||||||||||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements
| F-102 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CHANGES IN MEMBERS’ EQUITY (DEFICIT) (UNAUDITED)
For the year ended December 31, 2024 and the six-month period ended June 30, 2025 (Continued)
| Series Lane Way | Series Latte Da 19 | Series Lazy Daisy | Series Le Relais 20 | Series Lost Empire 19 | Series Madarnas | Series Madiera Wine | Series Major Implications | |||||||||||||||||||||||||
| Membership in My Racehorse CA LLC | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | – | $ | – | $ | 6,446 | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at June 30, 2025 | $ | – | $ | – | $ | 6,446 | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Subscriptions in Series | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | 475,346 | $ | 127,231 | $ | 143,750 | $ | 141,076 | $ | 327,772 | $ | 9,294 | $ | 7,075 | $ | 3,824 | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at June 30, 2025 | $ | 475,346 | $ | 127,231 | $ | 143,750 | $ | 141,076 | $ | 327,772 | $ | 9,294 | $ | 7,075 | $ | 3,824 | ||||||||||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Retained Earnings/ (Accumulated Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | (475,346 | ) | $ | (127,231 | ) | $ | (150,196 | ) | $ | (141,076 | ) | $ | (327,772 | ) | $ | (9,294 | ) | $ | (7,075 | ) | $ | (3,824 | ) | ||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at June 30, 2025 | $ | (475,346 | ) | $ | (127,231 | ) | $ | (150,196 | ) | $ | (141,076 | ) | $ | (327,772 | ) | $ | (9,294 | ) | $ | (7,075 | ) | $ | (3,824 | ) | ||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Total Members' Equity/(Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | 0 | $ | – | $ | (0 | ) | $ | – | $ | – | $ | (0 | ) | $ | 0 | $ | – | ||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at June 30, 2025 | $ | 0 | $ | – | $ | (0 | ) | $ | – | $ | – | $ | (0 | ) | $ | 0 | $ | – | ||||||||||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements
| F-103 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CHANGES IN MEMBERS’ EQUITY (DEFICIT) (UNAUDITED)
For the year ended December 31, 2024 and the six-month period ended June 30, 2025 (Continued)
| Series Man Among Men | Series Margaret Reay 19 | Series Margarita Friday 19 | Series Martita Sangrita 17 | Series Mayan Milagra 19 | Series Midnight Sweetie 19 | Series Miss Puzzle | Series Miss Sakamoto | |||||||||||||||||||||||||
| Membership in My Racehorse CA LLC | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | – | $ | – | $ | – | $ | – | $ | 93,000 | $ | – | $ | 734 | $ | – | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at June 30, 2025 | $ | – | $ | – | $ | – | $ | – | $ | 93,000 | $ | – | $ | 734 | $ | – | ||||||||||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Subscriptions in Series | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | 198,842 | $ | 132,253 | $ | (224,980 | ) | $ | 179,649 | $ | (22,517 | ) | $ | 83,877 | $ | 31,250 | $ | 285,394 | ||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | (976,000 | ) | – | – | – | – | – | |||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at June 30, 2025 | $ | 198,842 | $ | 132,253 | $ | (1,200,980 | ) | $ | 179,649 | $ | (22,517 | ) | $ | 83,877 | $ | 31,250 | $ | 285,394 | ||||||||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Retained Earnings/ (Accumulated Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | (198,842 | ) | $ | (132,253 | ) | $ | 260,816 | $ | (179,649 | ) | $ | (70,484 | ) | $ | (83,877 | ) | $ | (31,984 | ) | $ | (285,394 | ) | |||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | 1,753,742 | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at June 30, 2025 | $ | (198,842 | ) | $ | (132,253 | ) | $ | 2,014,559 | $ | (179,649 | ) | $ | (70,484 | ) | $ | (83,877 | ) | $ | (31,984 | ) | $ | (285,394 | ) | |||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Total Members' Equity/(Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | 0 | $ | – | $ | 35,836 | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | (976,000 | ) | – | – | – | – | – | |||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | 1,753,742 | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at June 30, 2025 | $ | 0 | $ | – | $ | 813,579 | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements
| F-104 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CHANGES IN MEMBERS’ EQUITY (DEFICIT) (UNAUDITED)
For the year ended December 31, 2024 and the six-month period ended June 30, 2025 (Continued)
| Series Mo Mischief | Series Mo Temptation | Series Monomoy Girl | Series Moonbow 20 | Series Moonless Sky | Series Motion Emotion | Series Mrs Whistler | Series My Fast One 20 | |||||||||||||||||||||||||
| Membership in My Racehorse CA LLC | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at June 30, 2025 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Subscriptions in Series | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | 355,378 | $ | 296,127 | $ | 223,434 | $ | 151,682 | $ | 21,628 | $ | 26,129 | $ | 240,886 | $ | 238,466 | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at June 30, 2025 | $ | 355,378 | $ | 296,127 | $ | 223,434 | $ | 151,682 | $ | 21,628 | $ | 26,129 | $ | 240,886 | $ | 238,466 | ||||||||||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Retained Earnings/ (Accumulated Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | (355,378 | ) | $ | (296,127 | ) | $ | (223,434 | ) | $ | (151,682 | ) | $ | (21,628 | ) | $ | (26,129 | ) | $ | (240,886 | ) | $ | (238,466 | ) | ||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at June 30, 2025 | $ | (355,378 | ) | $ | (296,127 | ) | $ | (223,434 | ) | $ | (151,682 | ) | $ | (21,628 | ) | $ | (26,129 | ) | $ | (240,886 | ) | $ | (238,466 | ) | ||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Total Members' Equity/(Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | – | $ | 0 | $ | – | $ | (0 | ) | $ | – | $ | 0 | $ | – | $ | – | |||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at June 30, 2025 | $ | – | $ | 0 | $ | – | $ | (0 | ) | $ | – | $ | 0 | $ | – | $ | – | |||||||||||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements
| F-105 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CHANGES IN MEMBERS’ EQUITY (DEFICIT) (UNAUDITED)
For the year ended December 31, 2024 and the six-month period ended June 30, 2025 (Continued)
| Series Naismith | Series National Road | Series New York Claiming Package | Series Night of Idiots | Series Nileist | Series Noble Goddess | Series Northern Smile 20 | Series NY Exacta | |||||||||||||||||||||||||
| Membership in My Racehorse CA LLC | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | 16,634 | $ | 83,294 | $ | – | $ | – | $ | – | $ | – | $ | 66,747 | $ | 55,909 | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at June 30, 2025 | $ | 16,634 | $ | 83,294 | $ | – | $ | – | $ | – | $ | – | $ | 66,747 | $ | 55,909 | ||||||||||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Subscriptions in Series | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | 304,000 | $ | 84,613 | $ | 21,100 | $ | 20,000 | $ | 23,850 | $ | 33,000 | $ | 136,250 | $ | 454,720 | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at June 30, 2025 | $ | 304,000 | $ | 84,613 | $ | 21,100 | $ | 20,000 | $ | 23,850 | $ | 33,000 | $ | 136,250 | $ | 454,720 | ||||||||||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Retained Earnings/ (Accumulated Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | (320,634 | ) | $ | (167,907 | ) | $ | (21,100 | ) | $ | (20,000 | ) | $ | (23,850 | ) | $ | (33,000 | ) | $ | (202,997 | ) | $ | (510,629 | ) | ||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at June 30, 2025 | $ | (320,634 | ) | $ | (167,907 | ) | $ | (21,100 | ) | $ | (20,000 | ) | $ | (23,850 | ) | $ | (33,000 | ) | $ | (202,997 | ) | $ | (510,629 | ) | ||||||||
| – | – | – | – | – | – | – | 0 | |||||||||||||||||||||||||
| Total Members' Equity/(Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | – | $ | – | $ | (0 | ) | $ | – | $ | – | $ | – | $ | – | $ | 0 | |||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at June 30, 2025 | $ | – | $ | – | $ | (0 | ) | $ | – | $ | – | $ | – | $ | – | $ | 0 | |||||||||||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements
| F-106 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CHANGES IN MEMBERS’ EQUITY (DEFICIT) (UNAUDITED)
For the year ended December 31, 2024 and the six-month period ended June 30, 2025 (Continued)
| Series One Last Night 21 | Series Our Miss Jones 19 | Series Our Jenny B | Series Palace Foal | Series Patsys Kim 21 | Series Popular Demand | Series Power Up Paynter | Series Queen Amira 19 | |||||||||||||||||||||||||
| Membership in My Racehorse CA LLC | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | – | $ | – | $ | 54,926 | $ | – | $ | – | $ | 1,741 | $ | 30,389 | $ | – | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | 36,629 | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at June 30, 2025 | $ | – | $ | – | $ | 91,555 | $ | – | $ | – | $ | 1,741 | $ | 30,389 | $ | – | ||||||||||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Subscriptions in Series | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | 339,000 | $ | 158,462 | $ | 102,055 | $ | – | $ | 642,618 | $ | 248,880 | $ | 95,535 | $ | 219,885 | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | (13,376 | ) | – | (602 | ) | – | – | – | – | – | ||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at June 30, 2025 | $ | 325,624 | $ | 158,462 | $ | 101,452 | $ | – | $ | 642,618 | $ | 248,880 | $ | 95,535 | $ | 219,885 | ||||||||||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Retained Earnings/ (Accumulated Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | (294,946 | ) | $ | (158,462 | ) | $ | (147,499 | ) | $ | (21,801 | ) | $ | (642,618 | ) | $ | (250,621 | ) | $ | (125,924 | ) | $ | (219,885 | ) | ||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | (30,678 | ) | – | (35,253 | ) | – | – | – | – | – | ||||||||||||||||||||||
| Balance at June 30, 2025 | $ | (325,624 | ) | $ | (158,462 | ) | $ | (182,752 | ) | $ | (21,801 | ) | $ | (642,618 | ) | $ | (250,621 | ) | $ | (125,924 | ) | $ | (219,885 | ) | ||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Total Members' Equity/(Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | 44,054 | $ | – | $ | 9,481 | $ | (21,801 | ) | $ | – | $ | (0 | ) | $ | – | $ | (0 | ) | |||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | (13,376 | ) | – | (602 | ) | – | – | – | – | – | ||||||||||||||||||||||
| Contributions by manager | – | – | 36,629 | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | (30,678 | ) | – | (35,253 | ) | – | – | – | – | – | ||||||||||||||||||||||
| Balance at June 30, 2025 | $ | – | $ | – | $ | 10,255 | $ | (21,801 | ) | $ | – | $ | (0 | ) | $ | – | $ | (0 | ) | |||||||||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements
| F-107 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CHANGES IN MEMBERS’ EQUITY (DEFICIT) (UNAUDITED)
For the year ended December 31, 2024 and the six-month period ended June 30, 2025 (Continued)
| Series Race Hunter 19 | Series Rosie's Alibi | Series Salute to America | Series Sarrocchi 21 | Series Sauce On Side | Series Shake It Up Baby | Series Sigesmund | Series Silver- pocketsfull 19 | |||||||||||||||||||||||||
| Membership in My Racehorse CA LLC | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 22,953 | $ | – | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at June 30, 2025 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 22,953 | $ | – | ||||||||||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Subscriptions in Series | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | 294,400 | $ | 434,766 | $ | 170,755 | $ | 555,927 | $ | 23,290 | $ | 19,776 | $ | 20,000 | $ | 386,662 | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at June 30, 2025 | $ | 294,400 | $ | 434,766 | $ | 170,755 | $ | 555,927 | $ | 23,290 | $ | 19,776 | $ | 20,000 | $ | 386,662 | ||||||||||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Retained Earnings/ (Accumulated Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | (324,934 | ) | $ | (434,766 | ) | $ | (170,755 | ) | $ | (555,927 | ) | $ | (23,290 | ) | $ | (19,776 | ) | $ | (42,953 | ) | $ | (386,662 | ) | ||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | 30,534 | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at June 30, 2025 | $ | (294,400 | ) | $ | (434,766 | ) | $ | (170,755 | ) | $ | (555,927 | ) | $ | (23,290 | ) | $ | (19,776 | ) | $ | (42,953 | ) | $ | (386,662 | ) | ||||||||
| 0 | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Total Members' Equity/(Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | (30,534 | ) | $ | 0 | $ | (0 | ) | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | 30,534 | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at June 30, 2025 | $ | 0 | $ | 0 | $ | (0 | ) | $ | – | $ | – | $ | – | $ | – | $ | – | |||||||||||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements
| F-108 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CHANGES IN MEMBERS’ EQUITY (DEFICIT) (UNAUDITED)
For the year ended December 31, 2024 and the six-month period ended June 30, 2025 (Continued)
| Series Smart Shopping 21 | Series Social Dilemma | Series Song of Lark 21 | Series Soul Beam | Series Speights- town Belle 19 | Series Spirit 20 | Series Squared Straight | Series Storm Shooter | |||||||||||||||||||||||||
| Membership in My Racehorse CA LLC | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 25,979 | $ | – | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at June 30, 2025 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 25,979 | $ | – | ||||||||||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Subscriptions in Series | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | (3,382,000 | ) | $ | 28,570 | $ | 339,533 | $ | 34,881 | $ | 44,555 | $ | 138,110 | $ | 40,500 | $ | 265,079 | |||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at June 30, 2025 | $ | (3,382,000 | ) | $ | 28,570 | $ | 339,533 | $ | 34,881 | $ | 44,555 | $ | 138,110 | $ | 40,500 | $ | 265,079 | |||||||||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Retained Earnings/ (Accumulated Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | 3,546,596 | $ | (28,570 | ) | $ | (266,532 | ) | $ | (34,881 | ) | $ | (44,555 | ) | $ | (138,110 | ) | $ | (66,479 | ) | $ | (265,079 | ) | |||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | (67,991 | ) | – | (44,083 | ) | – | – | – | – | – | ||||||||||||||||||||||
| Balance at June 30, 2025 | $ | 3,478,605 | $ | (28,570 | ) | $ | (310,615 | ) | $ | (34,881 | ) | $ | (44,555 | ) | $ | (138,110 | ) | $ | (66,479 | ) | $ | (265,079 | ) | |||||||||
| (0 | ) | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Total Members' Equity/(Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | 164,596 | $ | (0 | ) | $ | 73,001 | $ | – | $ | (0 | ) | $ | – | $ | – | $ | – | ||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | (67,991 | ) | – | (44,083 | ) | – | – | – | – | – | ||||||||||||||||||||||
| Balance at June 30, 2025 | $ | 96,605 | $ | (0 | ) | $ | 28,918 | $ | – | $ | (0 | ) | $ | – | $ | – | $ | – | ||||||||||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements
| F-109 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CHANGES IN MEMBERS’ EQUITY (DEFICIT) (UNAUDITED)
For the year ended December 31, 2024 and the six-month period ended June 30, 2025 (Continued)
| Series Street Band | Series Sunny 18 | Series Sunsand- drinkinhand | Series Sweet Sweet Annie 19 | Series Swiss Minister | Series Takeo Squared | Series Tapitry 19 | Series Tavasco Road | |||||||||||||||||||||||||
| Membership in My Racehorse CA LLC | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | – | $ | – | $ | 12,000 | $ | 105,050 | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at June 30, 2025 | $ | – | $ | – | $ | 12,000 | $ | 105,050 | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Subscriptions in Series | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | (3,317 | ) | $ | 373,619 | $ | 98,606 | $ | (203,093 | ) | $ | 14,000 | $ | 11,983 | $ | 210,745 | $ | 16,483 | ||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at June 30, 2025 | $ | (3,317 | ) | $ | 373,619 | $ | 98,606 | $ | (203,093 | ) | $ | 14,000 | $ | 11,983 | $ | 210,745 | $ | 16,483 | ||||||||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Retained Earnings/ (Accumulated Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | 3,317 | $ | (373,619 | ) | $ | (110,606 | ) | $ | 98,044 | $ | (14,000 | ) | $ | (11,983 | ) | $ | (210,745 | ) | $ | (16,483 | ) | ||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at June 30, 2025 | $ | 3,317 | $ | (373,619 | ) | $ | (110,606 | ) | $ | 98,044 | $ | (14,000 | ) | $ | (11,983 | ) | $ | (210,745 | ) | $ | (16,483 | ) | ||||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Total Members' Equity/(Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | 0 | $ | – | $ | – | $ | – | $ | – | $ | 0 | $ | (0 | ) | $ | – | |||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at June 30, 2025 | $ | 0 | $ | – | $ | – | $ | – | $ | – | $ | 0 | $ | (0 | ) | $ | – | |||||||||||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements
| F-110 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CHANGES IN MEMBERS’ EQUITY (DEFICIT) (UNAUDITED)
For the year ended December 31, 2024 and the six-month period ended June 30, 2025 (Continued)
| Series Tell All 19 | Series Tell the Duchess 19 | Series The Filly Four | Series The Royal Duet | Series Thirteen Stripes | Series Timeless Trick 20 | Series Tizamagician | Series Tufnel | |||||||||||||||||||||||||
| Membership in My Racehorse CA LLC | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | 21,600 | $ | – | $ | – | $ | – | $ | – | $ | 27,000 | $ | – | $ | 39,490 | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at June 30, 2025 | $ | 21,600 | $ | – | $ | – | $ | – | $ | – | $ | 27,000 | $ | – | $ | 39,490 | ||||||||||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Subscriptions in Series | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | 126,000 | $ | 106,360 | $ | 995,885 | $ | 955,355 | $ | 229,000 | $ | 84,954 | $ | 16,165 | $ | 322,400 | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at June 30, 2025 | $ | 126,000 | $ | 106,360 | $ | 995,885 | $ | 955,355 | $ | 229,000 | $ | 84,954 | $ | 16,165 | $ | 322,400 | ||||||||||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Retained Earnings/ (Accumulated Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | (147,600 | ) | $ | (202,926 | ) | $ | (995,885 | ) | $ | (955,355 | ) | $ | (229,000 | ) | $ | (111,954 | ) | $ | (16,165 | ) | $ | (361,890 | ) | ||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | (41,756 | ) | – | – | – | – | – | – | |||||||||||||||||||||||
| Balance at June 30, 2025 | $ | (147,600 | ) | $ | (244,682 | ) | $ | (995,885 | ) | $ | (955,355 | ) | $ | (229,000 | ) | $ | (111,954 | ) | $ | (16,165 | ) | $ | (361,890 | ) | ||||||||
| – | – | – | – | – | – | 0 | – | |||||||||||||||||||||||||
| Total Members' Equity/(Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | – | $ | (96,566 | ) | $ | – | $ | – | $ | – | $ | – | $ | 0 | $ | – | |||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | (41,756 | ) | – | – | – | – | – | – | |||||||||||||||||||||||
| Balance at June 30, 2025 | $ | – | $ | (138,322 | ) | $ | – | $ | – | $ | – | $ | – | $ | 0 | $ | – | |||||||||||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements
| F-111 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CHANGES IN MEMBERS’ EQUITY (DEFICIT) (UNAUDITED)
For the year ended December 31, 2024 and the six-month period ended June 30, 2025 (Continued)
| Series Twirl Girl 21 | Series Two Trail Sioux 17 | Series Two Trail Sioux 17K | Series Utalknbout- practice | Series Vertical Threat | Series Vow | Series War Safe | Series Wayne O | |||||||||||||||||||||||||
| Membership in My Racehorse CA LLC | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | 28,359 | $ | 7,724 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 33,825 | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at June 30, 2025 | $ | 28,359 | $ | 7,724 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 33,825 | ||||||||||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Subscriptions in Series | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | 140,927 | $ | 135,000 | $ | 40,069 | $ | 21,569 | $ | (35,487 | ) | $ | 272,397 | $ | 242,990 | $ | 550,381 | |||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at June 30, 2025 | $ | 140,927 | $ | 135,000 | $ | 40,069 | $ | 21,569 | $ | (35,487 | ) | $ | 272,397 | $ | 242,990 | $ | 550,381 | |||||||||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Retained Earnings/ (Accumulated Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | (169,286 | ) | $ | (142,724 | ) | $ | (40,069 | ) | $ | (21,569 | ) | $ | 35,487 | $ | (272,397 | ) | $ | (242,990 | ) | $ | (584,206 | ) | |||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at June 30, 2025 | $ | (169,286 | ) | $ | (142,724 | ) | $ | (40,069 | ) | $ | (21,569 | ) | $ | 35,487 | $ | (272,397 | ) | $ | (242,990 | ) | $ | (584,206 | ) | |||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Total Members' Equity/(Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | – | $ | (0 | ) | $ | – | $ | – | $ | 0 | $ | 0 | $ | – | $ | – | |||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at June 30, 2025 | $ | – | $ | (0 | ) | $ | – | $ | – | $ | 0 | $ | 0 | $ | – | $ | – | |||||||||||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements
| F-112 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CHANGES IN MEMBERS’ EQUITY (DEFICIT) (UNAUDITED)
For the year ended December 31, 2024 and the six-month period ended June 30, 2025 (Continued)
| Series Who Runs the World | Series Who'sbeen- inmybed 19 | Series Without Delay | Series Wonder Upon a Star 19 | Series Yes This Time | Series You Make Luvin Fun 19 | Series Zestful | My Racehorse CA | |||||||||||||||||||||||||
| Membership in My Racehorse CA LLC | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | – | $ | – | $ | 36,000 | $ | – | $ | 99,000 | $ | – | $ | – | $ | 11,843 | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at June 30, 2025 | $ | – | $ | – | $ | 36,000 | $ | – | $ | 99,000 | $ | – | $ | – | $ | 11,843 | ||||||||||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Subscriptions in Series | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | 478,235 | $ | 291,049 | $ | 110,389 | $ | 261,791 | $ | (197,843 | ) | $ | 382,204 | $ | 25,194 | $ | – | |||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at June 30, 2025 | $ | 478,235 | $ | 291,049 | $ | 110,389 | $ | 261,791 | $ | (197,843 | ) | $ | 382,204 | $ | 25,194 | $ | – | |||||||||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Retained Earnings/ (Accumulated Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | (478,235 | ) | $ | (291,049 | ) | $ | (146,389 | ) | $ | (261,791 | ) | $ | 98,843 | $ | (382,204 | ) | $ | (25,194 | ) | $ | (11,843 | ) | |||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at June 30, 2025 | $ | (478,235 | ) | $ | (291,049 | ) | $ | (146,389 | ) | $ | (261,791 | ) | $ | 98,843 | $ | (382,204 | ) | $ | (25,194 | ) | $ | (11,843 | ) | |||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Total Members' Equity/(Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | (0 | ) | $ | – | |||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at June 30, 2025 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | (0 | ) | $ | – | |||||||||||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements
| F-113 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CHANGES IN MEMBERS’ EQUITY (DEFICIT) (UNAUDITED)
For the year ended December 31, 2024 and the six-month period ended June 30, 2025 (Continued)
| Classic Colt Package | Series Edge Crown It 21 | Series Edge High Speed Goldie 21 | Series Edge More Than Magic 21 | Series MRH Adaay in Asia | Series MRH Alliford Bay 21 | Series MRH Blues Corner 21 | Series MRH Bullish Sentiment 21 | |||||||||||||||||||||||||
| Membership in My Racehorse CA LLC | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | 69,400 | $ | 46,773 | $ | 35,374 | $ | 36,000 | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | 13,200 | 22,324 | – | 11,528 | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at June 30, 2025 | $ | 82,600 | $ | 69,097 | $ | 35,374 | $ | 47,528 | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Subscriptions in Series | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | 338,714 | $ | 154,377 | $ | 126,369 | $ | 170,386 | $ | 363,072 | $ | – | $ | – | $ | – | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | (9,961 | ) | (15,701 | ) | – | (23,278 | ) | – | – | – | – | |||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at June 30, 2025 | $ | 328,752 | $ | 138,676 | $ | 126,369 | $ | 147,108 | $ | 363,072 | $ | – | $ | – | $ | – | ||||||||||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Retained Earnings/ (Accumulated Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | (303,773 | ) | $ | (133,837 | ) | $ | (161,743 | ) | $ | (153,381 | ) | $ | (363,072 | ) | $ | – | $ | – | $ | – | |||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | (76,257 | ) | (36,344 | ) | – | (44,955 | ) | – | – | – | – | |||||||||||||||||||||
| Balance at June 30, 2025 | $ | (380,029 | ) | $ | (170,181 | ) | $ | (161,743 | ) | $ | (198,336 | ) | $ | (363,072 | ) | $ | – | $ | – | $ | – | |||||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Total Members' Equity/(Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | 104,341 | $ | 67,314 | $ | – | $ | 53,006 | $ | 0 | $ | – | $ | – | $ | – | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | (9,961 | ) | (15,701 | ) | – | (23,278 | ) | – | – | – | – | |||||||||||||||||||||
| Contributions by manager | 13,200 | 22,324 | – | 11,528 | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | (76,257 | ) | (36,344 | ) | – | (44,955 | ) | – | – | – | – | |||||||||||||||||||||
| Balance at June 30, 2025 | $ | 31,323 | $ | 37,592 | $ | – | $ | (3,700 | ) | $ | 0 | $ | – | $ | – | $ | – | |||||||||||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements
| F-114 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CHANGES IN MEMBERS’ EQUITY (DEFICIT) (UNAUDITED)
For the year ended December 31, 2024 and the six-month period ended June 30, 2025 (Continued)
| Series MRH Giant Mover 21 | MRH Blue Devil | MRH Brandy 22 | MRH Catalyst | MRH Here's the Kicker | MRH Incredi- Bundle | |||||||||||||||||||
| Membership in My Racehorse CA LLC | ||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | ||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | ||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | ||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | ||||||||||||||||||
| Balance at June 30, 2025 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||
| – | – | – | – | – | – | |||||||||||||||||||
| Subscriptions in Series | ||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | – | $ | 83,400 | $ | 765,000 | $ | 669,500 | $ | 497,988 | $ | 1,101,600 | ||||||||||||
| Subscriptions received in horse series | – | 5,700 | – | – | – | – | ||||||||||||||||||
| Distributions from horse series | – | (12,903 | ) | (84,672 | ) | (11,180 | ) | – | (18,360 | ) | ||||||||||||||
| Contributions by manager | – | – | – | – | – | – | ||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | ||||||||||||||||||
| Balance at June 30, 2025 | $ | – | $ | 76,197 | $ | 680,328 | $ | 658,320 | $ | 497,988 | $ | 1,083,240 | ||||||||||||
| – | – | – | – | – | – | |||||||||||||||||||
| Retained Earnings/ (Accumulated Deficit) | ||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | – | $ | (130,373 | ) | $ | (463,236 | ) | $ | (444,959 | ) | $ | (345,726 | ) | $ | (589,170 | ) | |||||||
| Subscriptions received in horse series | – | – | – | – | – | – | ||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | ||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | ||||||||||||||||||
| Net income/(loss) | – | (38,957 | ) | (217,092 | ) | (65,678 | ) | (50,555 | ) | (117,178 | ) | |||||||||||||
| Balance at June 30, 2025 | $ | – | $ | (169,330 | ) | $ | (680,328 | ) | $ | (510,637 | ) | $ | (396,281 | ) | $ | (706,349 | ) | |||||||
| – | – | – | – | – | – | |||||||||||||||||||
| Total Members' Equity/(Deficit) | ||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | – | $ | (46,973 | ) | $ | 301,764 | $ | 224,541 | $ | 152,261 | $ | 512,430 | |||||||||||
| Subscriptions received in horse series | – | 5,700 | – | – | – | – | ||||||||||||||||||
| Distributions from horse series | – | (12,903 | ) | (84,672 | ) | (11,180 | ) | – | (18,360 | ) | ||||||||||||||
| Contributions by manager | – | – | – | – | – | – | ||||||||||||||||||
| Net income/(loss) | – | (38,957 | ) | (217,092 | ) | (65,678 | ) | (50,555 | ) | (117,178 | ) | |||||||||||||
| Balance at June 30, 2025 | $ | – | $ | (93,133 | ) | $ | – | $ | 147,683 | $ | 101,706 | $ | 376,891 | |||||||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements
| F-115 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CHANGES IN MEMBERS’ EQUITY (DEFICIT) (UNAUDITED)
For the year ended December 31, 2024 and the six-month period ended June 30, 2025 (Continued)
| MRH Isle Blue | MRH New York Bundle | MRH Real Savvy | MRH Sweet as Sin | MRH Sweet Voyage | Series Stylishly 23 | Series Formidable Kitt | Series Blip Says Bye | |||||||||||||||||||||||||
| Membership in My Racehorse CA LLC | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at June 30, 2025 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Subscriptions in Series | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | 413,100 | $ | 1,018,011 | $ | 521,700 | $ | 111,891 | $ | 348,750 | $ | 1,140,000 | $ | 651,828 | $ | 420,108 | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | (528 | ) | 359,892 | |||||||||||||||||||||||
| Distributions from horse series | – | (15,759 | ) | – | (19,169 | ) | (11,775 | ) | – | (4,800 | ) | – | ||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at June 30, 2025 | $ | 413,100 | $ | 1,002,252 | $ | 521,700 | $ | 92,722 | $ | 336,975 | $ | 1,140,000 | $ | 646,500 | $ | 780,000 | ||||||||||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Retained Earnings/ (Accumulated Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | (250,681 | ) | $ | (587,281 | ) | $ | (307,954 | ) | $ | (75,546 | ) | $ | (233,951 | ) | $ | (465,710 | ) | $ | (293,606 | ) | $ | (197,593 | ) | ||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | (52,251 | ) | (111,492 | ) | (81,590 | ) | (17,175 | ) | (25,018 | ) | (127,117 | ) | (87,665 | ) | (142,819 | ) | ||||||||||||||||
| Balance at June 30, 2025 | $ | (302,933 | ) | $ | (698,773 | ) | $ | (389,544 | ) | $ | (92,722 | ) | $ | (258,969 | ) | $ | (592,827 | ) | $ | (381,271 | ) | $ | (340,412 | ) | ||||||||
| – | – | – | – | – | – | (0 | ) | – | ||||||||||||||||||||||||
| Total Members' Equity/(Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | 162,419 | $ | 430,730 | $ | 213,746 | $ | 36,345 | $ | 114,799 | $ | 674,290 | $ | 358,222 | $ | 222,515 | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | (528 | ) | 359,892 | |||||||||||||||||||||||
| Distributions from horse series | – | (15,759 | ) | – | (19,169 | ) | (11,775 | ) | – | (4,800 | ) | – | ||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | (52,251 | ) | (111,492 | ) | (81,590 | ) | (17,175 | ) | (25,018 | ) | (127,117 | ) | (87,665 | ) | (142,819 | ) | ||||||||||||||||
| Balance at June 30, 2025 | $ | 110,167 | $ | 303,479 | $ | 132,156 | $ | – | $ | 78,006 | $ | 547,173 | $ | 265,229 | $ | 439,588 | ||||||||||||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements
| F-116 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CHANGES IN MEMBERS’ EQUITY (DEFICIT) (UNAUDITED)
For the year ended December 31, 2024 and the six-month period ended June 30, 2025 (Continued)
| Series Clair de Lune 22 | Series Malibu Bonnie 23 | Series Spanxa- million | Series Sirius Pursuit | MRH STG Broodmare Band | MRH Commissioned | MRH Love Like Lucy | MRH My Eyes on You | |||||||||||||||||||||||||
| Membership in My Racehorse CA LLC | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at June 30, 2025 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Subscriptions in Series | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | 416,992 | $ | 662,099 | $ | 511,734 | $ | 208,270 | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Subscriptions received in horse series | (1,992 | ) | 127,901 | 358,266 | 145,376 | 1,175,000 | 720,000 | 392,700 | 261,253 | |||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at June 30, 2025 | $ | 415,000 | $ | 790,000 | $ | 870,000 | $ | 353,646 | $ | 1,175,000 | $ | 720,000 | $ | 392,700 | $ | 261,253 | ||||||||||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Retained Earnings/ (Accumulated Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | (191,287 | ) | $ | (216,899 | ) | $ | (220,653 | ) | $ | (202,105 | ) | $ | (39,038 | ) | $ | – | $ | – | $ | – | |||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | (63,744 | ) | (125,934 | ) | (207,019 | ) | (61,242 | ) | (497,562 | ) | (275,634 | ) | (138,773 | ) | (103,655 | ) | ||||||||||||||||
| Balance at June 30, 2025 | $ | (255,031 | ) | $ | (342,833 | ) | $ | (427,672 | ) | $ | (263,347 | ) | $ | (536,600 | ) | $ | (275,634 | ) | $ | (138,773 | ) | $ | (103,655 | ) | ||||||||
| (3,777 | ) | 70,160 | 32,626 | (107,995 | ) | – | – | – | – | |||||||||||||||||||||||
| Total Members' Equity/(Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | 225,705 | $ | 445,200 | $ | 291,081 | $ | 6,165 | $ | (39,038 | ) | $ | – | $ | – | $ | – | |||||||||||||||
| Subscriptions received in horse series | (1,992 | ) | 127,901 | 358,266 | 145,376 | 1,175,000 | 720,000 | 392,700 | 261,253 | |||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | (63,744 | ) | (125,934 | ) | (207,019 | ) | (61,242 | ) | (497,562 | ) | (275,634 | ) | (138,773 | ) | (103,655 | ) | ||||||||||||||||
| Balance at June 30, 2025 | $ | 159,969 | $ | 447,167 | $ | 442,328 | $ | 90,299 | $ | 638,400 | $ | 444,366 | $ | 253,927 | $ | 157,598 | ||||||||||||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements
| F-117 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CHANGES IN MEMBERS’ EQUITY (DEFICIT) (UNAUDITED)
For the year ended December 31, 2024 and the six-month period ended June 30, 2025 (Continued)
| MRH Mystical Belle | MRH Raging Inferno | MRH Restless Rider 23 | MRH Stirred 23 | MRH Trust But Verify | MRH Wildcat Gaze 23 | 06.30.2025 Consolidated Total | ||||||||||||||||||||||
| Membership in My Racehorse CA LLC | ||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 1,947,598 | ||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | |||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | |||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | 98,681 | |||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | |||||||||||||||||||||
| Balance at June 30, 2025 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 2,046,279 | ||||||||||||||
| – | – | – | – | – | – | -0.18 | ||||||||||||||||||||||
| Subscriptions in Series | ||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 37,836,395 | ||||||||||||||
| Subscriptions received in horse series | 360,000 | – | – | – | 941,017 | – | 4,844,585 | |||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | (1,240,799 | ) | ||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | |||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | |||||||||||||||||||||
| Balance at June 30, 2025 | $ | 360,000 | $ | – | $ | – | $ | – | $ | 941,017 | $ | – | $ | 41,440,181 | ||||||||||||||
| – | – | – | – | – | – | 0 | ||||||||||||||||||||||
| Retained Earnings/ (Accumulated Deficit) | ||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | (35,353,461 | ) | |||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | |||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | |||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | |||||||||||||||||||||
| Net income/(loss) | (119,229 | ) | (17,771 | ) | (39,627 | ) | (15,992 | ) | (349,279 | ) | (4,135 | ) | (2,029,765 | ) | ||||||||||||||
| Balance at June 30, 2025 | $ | (119,229 | ) | $ | (17,771 | ) | $ | (39,627 | ) | $ | (15,992 | ) | $ | (349,279 | ) | $ | (4,135 | ) | $ | (37,383,226 | ) | |||||||
| – | – | – | – | – | – | (8,985 | ) | |||||||||||||||||||||
| Total Members' Equity/(Deficit) | ||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 4,430,532 | ||||||||||||||
| Subscriptions received in horse series | 360,000 | – | – | – | 941,017 | – | 4,844,585 | |||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | (1,240,799 | ) | ||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | 98,681 | |||||||||||||||||||||
| Net income/(loss) | (119,229 | ) | (17,771 | ) | (39,627 | ) | (15,992 | ) | (349,279 | ) | (4,135 | ) | (2,029,765 | ) | ||||||||||||||
| Balance at June 30, 2025 | $ | 240,771 | $ | (17,771 | ) | $ | (39,627 | ) | $ | (15,992 | ) | $ | 591,738 | $ | (4,135 | ) | $ | 6,103,234 | ||||||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements
| F-118 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CHANGES IN MEMBERS’ EQUITY/(DEFICIT)
For the years ended December 31, 2024 and 2023
| Series Action Bundle | Series Adjust 20 | Series Amandrea | Series Ambleside Park 19 | Series Amers | Series Apple Down Under 19 | Series Ari the Adventurer 19 | Series Ashlees Empire 20 | |||||||||||||||||||||||||
| Membership in My Racehorse CA LLC | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | – | $ | – | $ | 24,272 | $ | 33,786 | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | 22,500 | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2023 | – | 22,500 | 24,272 | 33,786 | – | – | – | – | ||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | 46,205 | – | – | – | – | 38,228 | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | – | $ | 68,705 | $ | 24,272 | $ | 33,786 | $ | – | $ | – | $ | 38,228 | $ | – | ||||||||||||||||
| Subscriptions in Series | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | 147,299 | $ | 135,000 | $ | 157,908 | $ | 74,719 | $ | 8,998 | $ | 77,255 | $ | 421,566 | $ | 200,850 | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | (3,469 | ) | – | – | – | – | (14,280 | ) | (74,915 | ) | |||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2023 | 147,299 | 131,531 | 157,908 | 74,719 | 8,998 | 77,255 | 407,286 | 125,935 | ||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | (47,872 | ) | – | – | – | – | – | – | |||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | 147,299 | $ | 83,659 | $ | 157,908 | $ | 74,719 | $ | 8,998 | $ | 77,255 | $ | 407,286 | $ | 125,935 | ||||||||||||||||
| Retained Earnings/(Accumulated Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | (147,299 | ) | $ | (52,782 | ) | $ | (182,180 | ) | $ | (108,505 | ) | $ | (8,998 | ) | $ | (77,255 | ) | $ | (325,393 | ) | $ | (76,777 | ) | ||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | (58,922 | ) | – | – | – | – | (81,840 | ) | (49,158 | ) | |||||||||||||||||||||
| Balance at December 31, 2023 | (147,299 | ) | (111,704 | ) | (182,180 | ) | (108,505 | ) | (8,998 | ) | (77,255 | ) | (407,233 | ) | (125,935 | ) | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | (40,660 | ) | – | – | – | – | (40,014 | ) | – | ||||||||||||||||||||||
| Balance at December 31, 2024 | $ | (147,299 | ) | $ | (152,364 | ) | $ | (182,180 | ) | $ | (108,505 | ) | $ | (8,998 | ) | $ | (77,255 | ) | $ | (447,248 | ) | $ | (125,935 | ) | ||||||||
| Total Members' Equity/(Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | – | $ | 82,218 | $ | – | $ | – | $ | – | $ | – | $ | 96,173 | $ | 124,073 | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | (3,469 | ) | – | – | – | – | (14,280 | ) | (74,915 | ) | |||||||||||||||||||||
| Contributions by manager | – | 22,500 | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | (58,922 | ) | – | – | – | – | (81,840 | ) | (49,158 | ) | |||||||||||||||||||||
| Balance at December 31, 2023 | – | 42,327 | – | – | – | – | 53 | – | ||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | (47,872 | ) | – | – | – | – | – | – | |||||||||||||||||||||||
| Contributions by manager | – | 46,205 | – | – | – | – | 38,228 | – | ||||||||||||||||||||||||
| Net income/(loss) | – | (40,660 | ) | – | – | – | – | (40,014 | ) | – | ||||||||||||||||||||||
| Balance at December 31, 2024 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | (1,734 | ) | $ | – | |||||||||||||||
See Independent auditor’s report and accompanying notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-119 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CHANGES IN MEMBERS’ EQUITY/(DEFICIT)
For the years ended December 31, 2024 and 2023 (Continued)
| Series Athenian Beauty 19 | Series Authentic | Series Awe Hush 19 | Series Bajan Bashert | Series Balletic | Series Bella Chica | Series Big Mel | Series Black Escort 19 | |||||||||||||||||||||||||
| Membership in My Racehorse CA LLC | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | 24,527 | $ | – | $ | 40,192 | $ | – | $ | – | $ | 16,469 | $ | 48,373 | $ | 36,000 | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | 24,000 | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2023 | 24,527 | – | 40,192 | 24,000 | – | 16,469 | 48,373 | 36,000 | ||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | 40,280 | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | 24,527 | $ | – | $ | 40,192 | $ | 64,280 | $ | – | $ | 16,469 | $ | 48,373 | $ | 36,000 | ||||||||||||||||
| Subscriptions in Series | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | 66,401 | $ | 2,099,833 | $ | 264,846 | $ | 130,000 | $ | 794,100 | $ | 38,000 | $ | 726,000 | $ | 84,467 | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | 30,000 | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | (142,125 | ) | – | (31,872 | ) | (36,400 | ) | – | – | – | |||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2023 | 66,401 | 1,957,708 | 264,846 | 128,128 | 757,700 | 38,000 | 726,000 | 84,467 | ||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | (144,625 | ) | – | (17,584 | ) | (27,143 | ) | – | – | – | |||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | 66,401 | $ | 1,813,083 | $ | 264,846 | $ | 110,544 | $ | 730,557 | $ | 38,000 | $ | 726,000 | $ | 84,467 | ||||||||||||||||
| Retained Earnings/(Accumulated Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | (90,928 | ) | $ | (3,161,443 | ) | $ | (305,037 | ) | $ | (25,416 | ) | $ | (453,666 | ) | $ | (54,469 | ) | $ | (774,373 | ) | $ | (120,467 | ) | ||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | 220,541 | – | (51,375 | ) | (185,396 | ) | – | – | – | ||||||||||||||||||||||
| Balance at December 31, 2023 | (90,928 | ) | (2,940,902 | ) | (305,037 | ) | (76,791 | ) | (639,062 | ) | (54,469 | ) | (774,373 | ) | (120,467 | ) | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | 440,939 | – | (98,033 | ) | (91,495 | ) | – | – | – | ||||||||||||||||||||||
| Balance at December 31, 2024 | $ | (90,928 | ) | $ | (2,499,963 | ) | $ | (305,037 | ) | $ | (174,824 | ) | $ | (730,557 | ) | $ | (54,469 | ) | $ | (774,373 | ) | $ | (120,467 | ) | ||||||||
| Total Members' Equity/(Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | – | $ | (1,061,611 | ) | $ | – | $ | 104,584 | $ | 340,434 | $ | – | $ | – | $ | – | |||||||||||||||
| Subscriptions received in horse series | – | – | – | 30,000 | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | (142,125 | ) | – | (31,872 | ) | (36,400 | ) | – | – | – | |||||||||||||||||||||
| Contributions by manager | – | – | – | 24,000 | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | 220,541 | – | (51,375 | ) | (185,396 | ) | – | – | – | ||||||||||||||||||||||
| Balance at December 31, 2023 | – | (983,195 | ) | – | 75,337 | 118,638 | – | – | – | |||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | (144,625 | ) | – | (17,584 | ) | (27,143 | ) | – | – | – | |||||||||||||||||||||
| Contributions by manager | – | – | – | 40,280 | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | 440,939 | – | (98,033 | ) | (91,495 | ) | – | – | – | ||||||||||||||||||||||
| Balance at December 31, 2024 | $ | – | $ | (686,881 | ) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | |||||||||||||||
See Independent auditor’s report and accompanying notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-120 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CHANGES IN MEMBERS’ EQUITY/(DEFICIT)
For the years ended December 31, 2024 and 2023 (Continued)
| Series Bullion | Series Cable Boss | Series Cairo Kiss | Series Carrothers | Series Cayala 19 | Series Arch Support 20 | Series Chad Brown Bundle | Series Chasing the Moon 20 | |||||||||||||||||||||||||
| Membership in My Racehorse CA LLC | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | 22,500 | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2023 | – | – | – | – | – | 22,500 | – | – | ||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | 39,818 | 27,877 | 45,000 | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 62,318 | $ | 27,877 | $ | 45,000 | ||||||||||||||||
| Subscriptions in Series | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | 11,750 | $ | 494,700 | $ | 44,400 | $ | 470,927 | $ | 283,931 | $ | 110,111 | $ | 1,170,000 | $ | – | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | 230,000 | ||||||||||||||||||||||||
| Distributions from horse series | – | (2,244 | ) | – | – | – | (540 | ) | (202,050 | ) | (61,700 | ) | ||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2023 | 11,750 | 492,456 | 44,400 | 470,927 | 283,931 | 109,571 | 967,950 | 168,300 | ||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | (8,786 | ) | – | – | – | (14,655 | ) | – | (50,768 | ) | |||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | 11,750 | $ | 483,670 | $ | 44,400 | $ | 470,927 | $ | 283,931 | $ | 94,915 | $ | 967,950 | $ | 117,532 | ||||||||||||||||
| Retained Earnings/(Accumulated Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | (11,750 | ) | $ | (273,774 | ) | $ | (44,400 | ) | $ | (470,927 | ) | $ | (283,931 | ) | $ | (46,571 | ) | $ | (603,289 | ) | $ | – | |||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | (135,061 | ) | – | – | – | (51,471 | ) | (281,282 | ) | (26,479 | ) | ||||||||||||||||||||
| Balance at December 31, 2023 | (11,750 | ) | (408,835 | ) | (44,400 | ) | (470,927 | ) | (283,931 | ) | (98,043 | ) | (884,572 | ) | (26,479 | ) | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | (74,836 | ) | – | – | – | (40,737 | ) | (111,256 | ) | (136,053 | ) | ||||||||||||||||||||
| Balance at December 31, 2024 | $ | (11,750 | ) | $ | (483,670 | ) | $ | (44,400 | ) | $ | (470,927 | ) | $ | (283,931 | ) | $ | (138,780 | ) | $ | (995,827 | ) | $ | (162,532 | ) | ||||||||
| Total Members' Equity/(Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | – | $ | 220,926 | $ | – | $ | – | $ | – | $ | 63,539 | $ | 566,711 | $ | – | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | 230,000 | ||||||||||||||||||||||||
| Distributions from horse series | – | (2,244 | ) | – | – | – | (540 | ) | (202,050 | ) | (61,700 | ) | ||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | 22,500 | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | (135,061 | ) | – | – | – | (51,471 | ) | (281,282 | ) | (26,479 | ) | ||||||||||||||||||||
| Balance at December 31, 2023 | – | 83,621 | – | – | – | 34,028 | 83,378 | 141,821 | ||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | (8,786 | ) | – | – | – | (14,655 | ) | – | (50,768 | ) | |||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | 39,818 | 27,877 | 45,000 | ||||||||||||||||||||||||
| Net income/(loss) | – | (74,836 | ) | – | – | – | (40,737 | ) | (111,256 | ) | (136,053 | ) | ||||||||||||||||||||
| Balance at December 31, 2024 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 18,454 | $ | 0 | $ | – | ||||||||||||||||
See Independent auditor’s report and accompanying notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-121 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CHANGES IN MEMBERS’ EQUITY/(DEFICIT)
For the years ended December 31, 2024 and 2023 (Continued)
| Series Classic Cut | Series Classofsixtythree 19 | Series Co Cola 19 | Series Collusion Illusion | Series Consecrate 19 | Series Courtisane 19 | Series Daddy's Joy | Series Dancing Crane | |||||||||||||||||||||||||
| Membership in My Racehorse CA LLC | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 60,000 | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2023 | – | – | – | – | – | – | – | 60,000 | ||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 60,000 | ||||||||||||||||
| Subscriptions in Series | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | 510,000 | $ | 58,960 | $ | 505,563 | $ | 686,309 | $ | 46,629 | $ | 457,099 | $ | 106,872 | $ | 39,711 | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | (13,200 | ) | (65,639 | ) | (52,384 | ) | – | – | (257 | ) | – | – | ||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2023 | 496,800 | (6,679 | ) | 453,179 | 686,309 | 46,629 | 456,841 | 106,872 | 39,711 | |||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | 496,800 | $ | (6,679 | ) | $ | 453,179 | $ | 686,309 | $ | 46,629 | $ | 456,841 | $ | 106,872 | $ | 39,711 | |||||||||||||||
| Retained Earnings/(Accumulated Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | (275,800 | ) | $ | (128,175 | ) | $ | (316,514 | ) | $ | (686,309 | ) | $ | (46,629 | ) | $ | (300,382 | ) | $ | (106,872 | ) | $ | (99,711 | ) | ||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | (125,144 | ) | 134,854 | (136,665 | ) | – | – | (156,459 | ) | – | – | |||||||||||||||||||||
| Balance at December 31, 2023 | (400,944 | ) | 6,679 | (453,179 | ) | (686,309 | ) | (46,629 | ) | (456,841 | ) | (106,872 | ) | (99,711 | ) | |||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | (67,483 | ) | – | – | – | – | – | – | – | |||||||||||||||||||||||
| Balance at December 31, 2024 | $ | (468,427 | ) | $ | 6,679 | $ | (453,179 | ) | $ | (686,309 | ) | $ | (46,629 | ) | $ | (456,841 | ) | $ | (106,872 | ) | $ | (99,711 | ) | |||||||||
| Total Members' Equity/(Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | 234,200 | $ | (69,215 | ) | $ | 189,049 | $ | – | $ | – | $ | 156,716 | $ | – | $ | – | |||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | (13,200 | ) | (65,639 | ) | (52,384 | ) | – | – | (257 | ) | – | – | ||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | (125,144 | ) | 134,854 | (136,665 | ) | – | – | (156,459 | ) | – | – | |||||||||||||||||||||
| Balance at December 31, 2023 | 95,856 | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | (67,483 | ) | – | – | – | – | – | – | – | |||||||||||||||||||||||
| Balance at December 31, 2024 | $ | 28,373 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
See Independent auditor’s report and accompanying notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-122 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CHANGES IN MEMBERS’ EQUITY/(DEFICIT)
For the years ended December 31, 2024 and 2023 (Continued)
| Series Daring Dancer 20 | Series De Mystique 17 | Series Deep Cover | Series Demogorgon | Series Desire Street 19 | Series Echo Warrior 19 | Series Edge Racing Summer Fun | Series Enchante 21 | |||||||||||||||||||||||||
| Membership in My Racehorse CA LLC | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | – | $ | – | $ | – | $ | 48,000 | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2023 | – | – | – | 48,000 | – | – | – | – | ||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | – | $ | – | $ | – | $ | 48,000 | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Subscriptions in Series | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | 101,250 | $ | 26,026 | $ | 176,000 | $ | 110,840 | $ | 197,798 | $ | 289,860 | $ | 250,000 | $ | 243,639 | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | 350,361 | ||||||||||||||||||||||||
| Distributions from horse series | (17,133 | ) | – | – | (26,535 | ) | (8,818 | ) | (17,820 | ) | (85,062 | ) | – | |||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2023 | 84,118 | 26,026 | 176,000 | 84,305 | 188,980 | 272,040 | 164,938 | 594,000 | ||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | (4,972 | ) | – | (33,480 | ) | ||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | 84,118 | $ | 26,026 | $ | 176,000 | $ | 84,305 | $ | 188,980 | $ | 267,068 | $ | 164,938 | $ | 560,520 | ||||||||||||||||
| Retained Earnings/(Accumulated Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | (52,683 | ) | $ | (26,026 | ) | $ | (166,774 | ) | $ | (95,714 | ) | $ | (132,253 | ) | $ | (179,267 | ) | $ | (77,962 | ) | $ | (102,745 | ) | ||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | (31,434 | ) | – | (9,226 | ) | (36,592 | ) | (56,728 | ) | (78,356 | ) | (86,976 | ) | (229,025 | ) | |||||||||||||||||
| Balance at December 31, 2023 | (84,118 | ) | (26,026 | ) | (176,000 | ) | (132,305 | ) | (188,980 | ) | (257,623 | ) | (164,938 | ) | (331,770 | ) | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | (9,444 | ) | – | (119,920 | ) | ||||||||||||||||||||||
| Balance at December 31, 2024 | $ | (84,118 | ) | $ | (26,026 | ) | $ | (176,000 | ) | $ | (132,305 | ) | $ | (188,980 | ) | $ | (267,068 | ) | $ | (164,938 | ) | $ | (451,689 | ) | ||||||||
| Total Members' Equity/(Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | 48,567 | $ | – | $ | 9,226 | $ | 63,126 | $ | 65,546 | $ | 110,593 | $ | 172,038 | $ | 140,894 | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | 350,361 | ||||||||||||||||||||||||
| Distributions from horse series | (17,133 | ) | – | – | (26,535 | ) | (8,818 | ) | (17,820 | ) | (85,062 | ) | – | |||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | (31,434 | ) | – | (9,226 | ) | (36,592 | ) | (56,728 | ) | (78,356 | ) | (86,976 | ) | (229,025 | ) | |||||||||||||||||
| Balance at December 31, 2023 | – | – | – | – | – | 14,417 | – | 262,230 | ||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | (4,972 | ) | – | (33,480 | ) | ||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | (9,444 | ) | – | (119,920 | ) | ||||||||||||||||||||||
| Balance at December 31, 2024 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 108,831 | ||||||||||||||||
See Independent auditor’s report and accompanying notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-123 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CHANGES IN MEMBERS’ EQUITY/(DEFICIT)
For the years ended December 31, 2024 and 2023 (Continued)
| Series Elarose 21 | Series Escape Route | Series Exonerated 19 | Series Fenwick Hall 20 | Series Forever Rose | Series Flora Dora 20 | Series Frosted Oats | Series Future Stars Stable | |||||||||||||||||||||||||
| Membership in My Racehorse CA LLC | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | – | $ | 72,000 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | 15,000 | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2023 | – | 87,000 | – | – | – | – | – | – | ||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | 66,823 | – | – | – | 57,086 | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | – | $ | 153,823 | $ | – | $ | – | $ | – | $ | 57,086 | $ | – | $ | – | ||||||||||||||||
| Subscriptions in Series | $ | 8,036 | ||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | 495,424 | $ | (38,426 | ) | $ | 137,137 | $ | 240,300 | $ | – | $ | 79,553 | $ | 144,402 | $ | 469,700 | |||||||||||||||
| Subscriptions received in horse series | 144,576 | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | (27,060 | ) | (7,146 | ) | (63,457 | ) | – | – | (17,726 | ) | (78,700 | ) | |||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2023 | 640,000 | (65,486 | ) | 129,991 | 176,843 | – | 79,553 | 126,676 | 391,000 | |||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | (17,800 | ) | (11,934 | ) | – | – | – | (4,800 | ) | – | (21,210 | ) | ||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | 622,200 | $ | (77,420 | ) | $ | 129,991 | $ | 176,843 | $ | – | $ | 74,753 | $ | 126,676 | $ | 369,790 | |||||||||||||||
| Retained Earnings/(Accumulated Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | (166,275 | ) | $ | (27,241 | ) | $ | (162,199 | ) | $ | (102,629 | ) | $ | (41,095 | ) | $ | (32,033 | ) | $ | (160,610 | ) | $ | (406,854 | ) | ||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | (208,280 | ) | (24,726 | ) | 32,208 | (74,214 | ) | (61,531 | ) | (55,551 | ) | 33,933 | 19,738 | |||||||||||||||||||
| Balance at December 31, 2023 | (374,554 | ) | (51,967 | ) | (129,991 | ) | (176,843 | ) | (102,626 | ) | (87,584 | ) | (126,676 | ) | (387,116 | ) | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | (152,561 | ) | (24,436 | ) | – | – | 102,626 | (44,256 | ) | – | 17,327 | |||||||||||||||||||||
| Balance at December 31, 2024 | $ | (527,115 | ) | $ | (76,404 | ) | $ | (129,991 | ) | $ | (176,843 | ) | $ | – | $ | (131,840 | ) | $ | (126,676 | ) | $ | (369,790 | ) | |||||||||
| Total Members' Equity/(Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | 329,149 | $ | 6,333 | $ | (25,062 | ) | $ | 137,671 | $ | (41,095 | ) | $ | 47,521 | $ | (16,208 | ) | $ | 62,846 | |||||||||||||
| Subscriptions received in horse series | 144,576 | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | (27,060 | ) | (7,146 | ) | (63,457 | ) | – | – | (17,726 | ) | (78,700 | ) | |||||||||||||||||||
| Contributions by manager | – | 15,000 | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | (208,280 | ) | (24,726 | ) | 32,208 | (74,214 | ) | (61,531 | ) | (55,551 | ) | 33,933 | 19,738 | |||||||||||||||||||
| Balance at December 31, 2023 | 265,446 | (30,453 | ) | – | – | (102,626 | ) | (8,030 | ) | – | 3,884 | |||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | (17,800 | ) | (11,934 | ) | – | – | – | (4,800 | ) | – | (21,210 | ) | ||||||||||||||||||||
| Contributions by manager | – | 66,823 | – | – | – | 57,086 | – | – | ||||||||||||||||||||||||
| Net income/(loss) | (152,561 | ) | (24,436 | ) | – | – | 102,626 | (44,256 | ) | – | 17,327 | |||||||||||||||||||||
| Balance at December 31, 2024 | $ | 95,085 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | (0 | ) | |||||||||||||||
See Independent auditor’s report and accompanying notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-124 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CHANGES IN MEMBERS’ EQUITY/(DEFICIT)
For the years ended December 31, 2024 and 2023 (Continued)
| Series Gentleman Gerry | Series Going to Vegas | Series Got Stormy | Series Grand Traverse Bay 19 | Series Grand Traverse Bay 20 | Series Heaven Street | Series Kindle 21 | Series Knarsdale 21 | |||||||||||||||||||||||||
| Membership in My Racehorse CA LLC | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | 12,000 | – | – | – | – | 7,500 | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2023 | 12,000 | – | – | – | – | 7,500 | – | – | ||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | 12,000 | $ | – | $ | – | $ | – | $ | – | $ | 7,500 | $ | – | $ | – | ||||||||||||||||
| Subscriptions in Series | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | 155,000 | $ | (236,882 | ) | $ | 70,877 | $ | 268,087 | $ | 90,729 | $ | 144,965 | $ | – | $ | – | |||||||||||||||
| Subscriptions received in horse series | – | – | – | – | (121 | ) | – | 390,500 | 571,200 | |||||||||||||||||||||||
| Distributions from horse series | (47,856 | ) | – | – | – | (18,981 | ) | (123,845 | ) | (7,700 | ) | – | ||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2023 | 107,144 | (236,882 | ) | 70,877 | 268,087 | 71,626 | 21,121 | 382,800 | 571,200 | |||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | (4,496 | ) | (8,313 | ) | ||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | 107,144 | $ | (236,882 | ) | $ | 70,877 | $ | 268,087 | $ | 71,626 | $ | 21,121 | $ | 378,305 | $ | 562,887 | |||||||||||||||
| Retained Earnings/(Accumulated Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | (80,096 | ) | $ | 236,882 | $ | (70,877 | ) | $ | (268,087 | ) | $ | (48,617 | ) | $ | (48,054 | ) | $ | (26,748 | ) | $ | (44,864 | ) | |||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | (39,047 | ) | – | – | – | (23,009 | ) | 19,433 | (175,406 | ) | (296,202 | ) | ||||||||||||||||||||
| Balance at December 31, 2023 | (119,144 | ) | 236,882 | (70,877 | ) | (268,087 | ) | (71,626 | ) | (28,621 | ) | (202,154 | ) | (341,066 | ) | |||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | (85,830 | ) | (132,670 | ) | ||||||||||||||||||||||
| Balance at December 31, 2024 | $ | (119,144 | ) | $ | 236,882 | $ | (70,877 | ) | $ | (268,087 | ) | $ | (71,626 | ) | $ | (28,621 | ) | $ | (287,984 | ) | $ | (473,735 | ) | |||||||||
| Total Members' Equity/(Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | 74,904 | $ | – | $ | – | $ | – | $ | 42,112 | $ | 96,911 | $ | (26,748 | ) | $ | (44,864 | ) | ||||||||||||||
| Subscriptions received in horse series | – | – | – | – | (121 | ) | – | 390,500 | 571,200 | |||||||||||||||||||||||
| Distributions from horse series | (47,856 | ) | – | – | – | (18,981 | ) | (123,845 | ) | (7,700 | ) | – | ||||||||||||||||||||
| Contributions by manager | 12,000 | – | – | – | – | 7,500 | – | – | ||||||||||||||||||||||||
| Net income/(loss) | (39,047 | ) | – | – | – | (23,009 | ) | 19,433 | (175,406 | ) | (296,202 | ) | ||||||||||||||||||||
| Balance at December 31, 2023 | – | – | – | – | – | – | 180,646 | 230,134 | ||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | (4,496 | ) | (8,313 | ) | ||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | (85,830 | ) | (132,670 | ) | ||||||||||||||||||||||
| Balance at December 31, 2024 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 90,321 | $ | 89,152 | ||||||||||||||||
See Independent auditor’s report and accompanying notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-125 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CHANGES IN MEMBERS’ EQUITY/(DEFICIT)
For the years ended December 31, 2024 and 2023 (Continued)
| Series I'm a Looker 20 | Series Into Summer 19 | Series Ishvana 21 | Series Jeanne's Speight 20 | Series Just Louise 19 | Series Keertana 18 | Series Kiana's Love | Series Kichiro | |||||||||||||||||||||||||
| Membership in My Racehorse CA LLC | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 10,973 | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2023 | – | – | – | – | – | – | – | 10,973 | ||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 10,973 | ||||||||||||||||
| Subscriptions in Series | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | 580,000 | $ | 199,520 | $ | – | $ | 307,333 | $ | 73,379 | $ | 426,088 | $ | 20,025 | $ | 26,000 | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | 992 | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | (103,475 | ) | (28,611 | ) | – | – | – | ||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2023 | 580,000 | 199,520 | – | 204,850 | 44,768 | 426,088 | 20,025 | 26,000 | ||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | (75,044 | ) | – | – | – | – | – | – | – | |||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | 504,956 | $ | 199,520 | $ | – | $ | 204,850 | $ | 44,768 | $ | 426,088 | $ | 20,025 | $ | 26,000 | ||||||||||||||||
| Retained Earnings/(Accumulated Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | (211,802 | ) | $ | (199,520 | ) | $ | (26,161 | ) | $ | (115,681 | ) | $ | (134,644 | ) | $ | (426,088 | ) | $ | (20,025 | ) | $ | (36,973 | ) | ||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | (160,366 | ) | – | (71,908 | ) | (82,419 | ) | (30,134 | ) | – | – | – | ||||||||||||||||||||
| Balance at December 31, 2023 | (372,167 | ) | (199,520 | ) | (98,070 | ) | (198,100 | ) | (164,778 | ) | (426,088 | ) | (20,025 | ) | (36,973 | ) | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | (132,788 | ) | – | 98,070 | (6,750 | ) | 120,010 | – | – | – | ||||||||||||||||||||||
| Balance at December 31, 2024 | $ | (504,956 | ) | $ | (199,520 | ) | $ | – | $ | (204,850 | ) | $ | (44,768 | ) | $ | (426,088 | ) | $ | (20,025 | ) | $ | (36,973 | ) | |||||||||
| Total Members' Equity/(Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | 368,198 | $ | – | $ | (26,161 | ) | $ | 191,652 | $ | (61,265 | ) | $ | – | $ | – | $ | – | ||||||||||||||
| Subscriptions received in horse series | – | – | – | 992 | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | (103,475 | ) | (28,611 | ) | – | – | – | ||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | (160,366 | ) | – | (71,908 | ) | (82,419 | ) | (30,134 | ) | – | – | – | ||||||||||||||||||||
| Balance at December 31, 2023 | 207,833 | – | (98,070 | ) | 6,750 | (120,010 | ) | – | – | – | ||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | (75,044 | ) | – | – | – | – | – | – | – | |||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | (132,788 | ) | – | 98,070 | (6,750 | ) | 120,010 | – | – | – | ||||||||||||||||||||||
| Balance at December 31, 2024 | $ | – | $ | – | $ | – | $ | (0 | ) | $ | – | $ | – | $ | – | $ | – | |||||||||||||||
See Independent auditor’s report and accompanying notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-126 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CHANGES IN MEMBERS’ EQUITY/(DEFICIT)
For the years ended December 31, 2024 and 2023 (Continued)
| Series Lane Way | Series Latte Da 19 | Series Lazy Daisy | Series Le Relais 20 | Series Lost Empire 19 | Series Madarnas | Series Madiera Wine | Series Major Implications | |||||||||||||||||||||||||
| Membership in My Racehorse CA LLC | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | – | $ | – | $ | 6,446 | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2023 | – | – | 6,446 | – | – | – | – | – | ||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | – | $ | – | $ | 6,446 | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Subscriptions in Series | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | 526,222 | $ | 127,231 | $ | 143,750 | $ | 141,076 | $ | 327,772 | $ | 9,294 | $ | 7,075 | $ | 3,824 | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | (37,980 | ) | – | – | – | – | – | – | – | |||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2023 | 488,242 | 127,231 | 143,750 | 141,076 | 327,772 | 9,294 | 7,075 | 3,824 | ||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | (12,895 | ) | – | – | – | – | – | – | – | |||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | 475,346 | $ | 127,231 | $ | 143,750 | $ | 141,076 | $ | 327,772 | $ | 9,294 | $ | 7,075 | $ | 3,824 | ||||||||||||||||
| Retained Earnings/(Accumulated Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | (481,910 | ) | $ | (127,231 | ) | $ | (150,196 | ) | $ | (141,076 | ) | $ | (327,772 | ) | $ | (9,294 | ) | $ | (7,075 | ) | $ | (3,824 | ) | ||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | 43,024 | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2023 | (438,887 | ) | (127,231 | ) | (150,196 | ) | (141,076 | ) | (327,772 | ) | (9,294 | ) | (7,075 | ) | (3,824 | ) | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | (36,460 | ) | – | – | – | – | – | – | – | |||||||||||||||||||||||
| Balance at December 31, 2024 | $ | (475,346 | ) | $ | (127,231 | ) | $ | (150,196 | ) | $ | (141,076 | ) | $ | (327,772 | ) | $ | (9,294 | ) | $ | (7,075 | ) | $ | (3,824 | ) | ||||||||
| Total Members' Equity/(Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | 44,311 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | (37,980 | ) | – | – | – | – | – | – | – | |||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | 43,024 | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2023 | 49,355 | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | (12,895 | ) | – | – | – | – | – | – | – | |||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | (36,460 | ) | – | – | – | – | – | – | – | |||||||||||||||||||||||
| Balance at December 31, 2024 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
See Independent auditor’s report and accompanying notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-127 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CHANGES IN MEMBERS’ EQUITY/(DEFICIT)
For the years ended December 31, 2024 and 2023 (Continued)
| Series Man Among Men | Series Margaret Reay 19 | Series Margarita Friday 19 | Series Martita Sangrita 17 | Series Mayan Milagra 19 | Series Midnight Sweetie 19 | Series Miss Puzzle | Series Miss Sakamoto | |||||||||||||||||||||||||
| Membership in My Racehorse CA LLC | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | – | $ | – | $ | – | $ | – | $ | 48,000 | $ | – | $ | 734 | $ | – | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | 45,000 | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2023 | – | – | – | – | 93,000 | – | 734 | – | ||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | – | $ | – | $ | – | $ | – | $ | 93,000 | $ | – | $ | 734 | $ | – | ||||||||||||||||
| Subscriptions in Series | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | 209,395 | $ | 132,253 | $ | 275,520 | $ | 179,649 | $ | 62,858 | $ | 83,877 | $ | 31,250 | $ | 304,314 | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | (59,420 | ) | – | (85,374 | ) | – | – | – | ||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2023 | 209,395 | 132,253 | 216,100 | 179,649 | (22,517 | ) | 83,877 | 31,250 | 304,314 | |||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | (54 | ) | |||||||||||||||||||||||
| Distributions from horse series | (10,553 | ) | – | (441,080 | ) | – | – | – | – | (18,866 | ) | |||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | 198,842 | $ | 132,253 | $ | (224,980 | ) | $ | 179,649 | $ | (22,517 | ) | $ | 83,877 | $ | 31,250 | $ | 285,394 | ||||||||||||||
| Retained Earnings/(Accumulated Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | (216,261 | ) | $ | (132,253 | ) | $ | (156,849 | ) | $ | (179,649 | ) | $ | (61,250 | ) | $ | (83,877 | ) | $ | (31,984 | ) | $ | (200,030 | ) | ||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | (59,690 | ) | – | (32,282 | ) | – | (9,233 | ) | – | – | (92,192 | ) | ||||||||||||||||||||
| Balance at December 31, 2023 | (275,951 | ) | (132,253 | ) | (189,131 | ) | (179,649 | ) | (70,484 | ) | (83,877 | ) | (31,984 | ) | (292,222 | ) | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | 77,109 | – | 449,947 | – | – | – | – | 6,828 | ||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | (198,842 | ) | $ | (132,253 | ) | $ | 260,816 | $ | (179,649 | ) | $ | (70,484 | ) | $ | (83,877 | ) | $ | (31,984 | ) | $ | (285,394 | ) | |||||||||
| Total Members' Equity/(Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | (6,865 | ) | $ | – | $ | 118,671 | $ | – | $ | 49,608 | $ | – | $ | – | $ | 104,284 | |||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | (59,420 | ) | – | (85,374 | ) | – | – | – | ||||||||||||||||||||||
| Contributions by manager | – | – | – | – | 45,000 | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | (59,690 | ) | – | (32,282 | ) | – | (9,233 | ) | – | – | (92,192 | ) | ||||||||||||||||||||
| Balance at December 31, 2023 | (66,556 | ) | – | 26,969 | – | – | – | – | 12,092 | |||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | (54 | ) | |||||||||||||||||||||||
| Distributions from horse series | (10,553 | ) | – | (441,080 | ) | – | – | – | – | (18,866 | ) | |||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | 77,109 | – | 449,947 | – | – | – | – | 6,828 | ||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | – | $ | – | $ | 35,836 | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
See Independent auditor’s report and accompanying notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-128 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CHANGES IN MEMBERS’ EQUITY/(DEFICIT)
For the years ended December 31, 2024 and 2023 (Continued)
| Series Mo Mischief | Series Mo Temptation | Series Monomoy Girl | Series Moonbow 20 | Series Moonless Sky | Series Motion Emotion | Series Mrs Whistler | Series My Fast One 20 | |||||||||||||||||||||||||
| Membership in My Racehorse CA LLC | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2023 | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Subscriptions in Series | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | 355,378 | $ | 304,500 | $ | 223,434 | $ | 214,925 | $ | 21,628 | $ | 26,129 | $ | 271,291 | $ | 330,000 | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | (411 | ) | – | |||||||||||||||||||||||
| Distributions from horse series | – | – | – | (19,100 | ) | – | – | (29,994 | ) | (20,840 | ) | |||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2023 | 355,378 | 304,500 | 223,434 | 195,825 | 21,628 | 26,129 | 240,886 | 309,160 | ||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | (8,373 | ) | – | (44,143 | ) | – | – | – | (70,694 | ) | |||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | 355,378 | $ | 296,127 | $ | 223,434 | $ | 151,682 | $ | 21,628 | $ | 26,129 | $ | 240,886 | $ | 238,466 | ||||||||||||||||
| Retained Earnings/(Accumulated Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | (355,378 | ) | $ | (120,177 | ) | $ | (223,434 | ) | $ | (84,342 | ) | $ | (21,628 | ) | $ | (26,129 | ) | $ | (176,995 | ) | $ | (119,121 | ) | ||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | (83,438 | ) | – | (38,733 | ) | – | – | (63,890 | ) | (71,659 | ) | ||||||||||||||||||||
| Balance at December 31, 2023 | (355,378 | ) | (203,616 | ) | (223,434 | ) | (123,074 | ) | (21,628 | ) | (26,129 | ) | (240,886 | ) | (190,780 | ) | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | (92,511 | ) | – | (28,608 | ) | – | – | – | (47,686 | ) | |||||||||||||||||||||
| Balance at December 31, 2024 | $ | (355,378 | ) | $ | (296,127 | ) | $ | (223,434 | ) | $ | (151,682 | ) | $ | (21,628 | ) | $ | (26,129 | ) | $ | (240,886 | ) | $ | (238,466 | ) | ||||||||
| Total Members' Equity/(Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | – | $ | 184,323 | $ | – | $ | 130,583 | $ | – | $ | – | $ | 94,296 | $ | 210,879 | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | (411 | ) | – | |||||||||||||||||||||||
| Distributions from horse series | – | – | – | (19,100 | ) | – | – | (29,994 | ) | (20,840 | ) | |||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | (83,438 | ) | – | (38,733 | ) | – | – | (63,890 | ) | (71,659 | ) | ||||||||||||||||||||
| Balance at December 31, 2023 | – | 100,884 | – | 72,751 | – | – | – | 118,380 | ||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | (8,373 | ) | – | (44,143 | ) | – | – | – | (70,694 | ) | |||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | (92,511 | ) | – | (28,608 | ) | – | – | – | (47,686 | ) | |||||||||||||||||||||
| Balance at December 31, 2024 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
See Independent auditor’s report and accompanying notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-129 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CHANGES IN MEMBERS’ EQUITY/(DEFICIT)
For the years ended December 31, 2024 and 2023 (Continued)
| Series Naismith | Series National Road | Series New York Claiming Package | Series Night of Idiots | Series Nileist | Series Noble Goddess | Series Northern Smile 20 | Series NY Exacta | |||||||||||||||||||||||||
| Membership in My Racehorse CA LLC | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | – | $ | 36,000 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | 16,634 | 15,000 | – | – | – | – | 45,000 | 55,909 | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2023 | 16,634 | 51,000 | – | – | – | – | 45,000 | 55,909 | ||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | 32,294 | – | – | – | – | 21,747 | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | 16,634 | $ | 83,294 | $ | – | $ | – | $ | – | $ | – | $ | 66,747 | $ | 55,909 | ||||||||||||||||
| Subscriptions in Series | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | 304,000 | $ | 103,963 | $ | 21,100 | $ | 20,000 | $ | 23,850 | $ | 33,000 | $ | 140,000 | $ | 454,720 | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | (19,350 | ) | – | – | – | – | – | – | |||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2023 | 304,000 | 84,613 | 21,100 | 20,000 | 23,850 | 33,000 | 140,000 | 454,720 | ||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | (3,750 | ) | – | |||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | 304,000 | $ | 84,613 | $ | 21,100 | $ | 20,000 | $ | 23,850 | $ | 33,000 | $ | 136,250 | $ | 454,720 | ||||||||||||||||
| Retained Earnings/(Accumulated Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | (307,739 | ) | $ | (81,625 | ) | $ | (21,100 | ) | $ | (20,000 | ) | $ | (23,850 | ) | $ | (33,000 | ) | $ | (81,781 | ) | $ | (471,685 | ) | ||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | (12,894 | ) | (86,283 | ) | – | – | – | – | (72,894 | ) | (38,944 | ) | ||||||||||||||||||||
| Balance at December 31, 2023 | (320,634 | ) | (167,907 | ) | (21,100 | ) | (20,000 | ) | (23,850 | ) | (33,000 | ) | (154,675 | ) | (510,629 | ) | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | (48,322 | ) | – | |||||||||||||||||||||||
| Balance at December 31, 2024 | $ | (320,634 | ) | $ | (167,907 | ) | $ | (21,100 | ) | $ | (20,000 | ) | $ | (23,850 | ) | $ | (33,000 | ) | $ | (202,997 | ) | $ | (510,629 | ) | ||||||||
| Total Members' Equity/(Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | (3,739 | ) | $ | 58,338 | $ | – | $ | – | $ | – | $ | – | $ | 58,219 | $ | (16,965 | ) | ||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | (19,350 | ) | – | – | – | – | – | – | |||||||||||||||||||||||
| Contributions by manager | 16,634 | 15,000 | – | – | – | – | 45,000 | 55,909 | ||||||||||||||||||||||||
| Net income/(loss) | (12,894 | ) | (86,283 | ) | – | – | – | – | (72,894 | ) | (38,944 | ) | ||||||||||||||||||||
| Balance at December 31, 2023 | – | (32,294 | ) | – | – | – | – | 30,325 | – | |||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | (3,750 | ) | – | |||||||||||||||||||||||
| Contributions by manager | – | 32,294 | – | – | – | – | 21,747 | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | (48,322 | ) | – | |||||||||||||||||||||||
| Balance at December 31, 2024 | $ | – | $ | 0 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
See Independent auditor’s report and accompanying notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-130 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CHANGES IN MEMBERS’ EQUITY/(DEFICIT)
For the years ended December 31, 2024 and 2023 (Continued)
| Series One Last Night 21 | Series Our Miss Jones 19 | Series Our Jenny B | Series Palace Foal | Series Patsys Kim 21 | Series Popular Demand | Series Power Up Paynter | Series Queen Amira 19 | |||||||||||||||||||||||||
| Membership in My Racehorse CA LLC | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 1,741 | $ | 30,389 | $ | – | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2023 | – | – | – | – | – | 1,741 | 30,389 | – | ||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | 54,926 | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | – | $ | – | $ | 54,926 | $ | – | $ | – | $ | 1,741 | $ | 30,389 | $ | – | ||||||||||||||||
| Subscriptions in Series | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | 152,324 | $ | 179,064 | $ | 54,000 | $ | – | $ | 528,409 | $ | 248,880 | $ | 95,535 | $ | 219,885 | ||||||||||||||||
| Subscriptions received in horse series | 186,676 | – | 66,000 | – | 136,591 | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | (20,602 | ) | – | – | (10,600 | ) | – | – | – | ||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2023 | 339,000 | 158,462 | 120,000 | – | 654,400 | 248,880 | 95,535 | 219,885 | ||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | (17,945 | ) | – | (11,782 | ) | – | – | – | ||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | 339,000 | $ | 158,462 | $ | 102,055 | $ | – | $ | 642,618 | $ | 248,880 | $ | 95,535 | $ | 219,885 | ||||||||||||||||
| Retained Earnings/(Accumulated Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | (74,563 | ) | $ | (126,243 | ) | $ | (18,704 | ) | $ | (21,801 | ) | $ | (193,010 | ) | $ | (250,621 | ) | $ | (125,924 | ) | $ | (219,885 | ) | ||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | (132,107 | ) | (32,220 | ) | (69,778 | ) | – | (225,482 | ) | – | – | – | ||||||||||||||||||||
| Balance at December 31, 2023 | (206,670 | ) | (158,462 | ) | (88,482 | ) | (21,801 | ) | (418,492 | ) | (250,621 | ) | (125,924 | ) | (219,885 | ) | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | (88,276 | ) | – | (59,017 | ) | – | (224,126 | ) | – | – | – | |||||||||||||||||||||
| Balance at December 31, 2024 | $ | (294,946 | ) | $ | (158,462 | ) | $ | (147,499 | ) | $ | (21,801 | ) | $ | (642,618 | ) | $ | (250,621 | ) | $ | (125,924 | ) | $ | (219,885 | ) | ||||||||
| Total Members' Equity/(Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | 77,761 | $ | 52,821 | $ | 35,296 | $ | (21,801 | ) | $ | 335,399 | $ | – | $ | – | $ | – | |||||||||||||||
| Subscriptions received in horse series | 186,676 | – | 66,000 | – | 136,591 | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | (20,602 | ) | – | – | (10,600 | ) | – | – | – | ||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | (132,107 | ) | (32,220 | ) | (69,778 | ) | – | (225,482 | ) | – | – | – | ||||||||||||||||||||
| Balance at December 31, 2023 | 132,330 | – | 31,518 | (21,801 | ) | 235,908 | – | – | – | |||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | (17,945 | ) | – | (11,782 | ) | – | – | – | ||||||||||||||||||||||
| Contributions by manager | – | – | 54,926 | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | (88,276 | ) | – | (59,017 | ) | – | (224,126 | ) | – | – | – | |||||||||||||||||||||
| Balance at December 31, 2024 | $ | 44,054 | $ | – | $ | 9,481 | $ | (21,801 | ) | $ | – | $ | – | $ | – | $ | – | |||||||||||||||
See Independent auditor’s report and accompanying notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-131 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CHANGES IN MEMBERS’ EQUITY/(DEFICIT)
For the years ended December 31, 2024 and 2023 (Continued)
| Series Race Hunter 19 | Series Rosie's Alibi | Series Salute to America | Series Sarrocchi 21 | Series Sauce On Side | Series Shake It Up Baby | Series Sigesmund | Series Silverpocketsfull 19 | |||||||||||||||||||||||||
| Membership in My Racehorse CA LLC | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 22,953 | $ | – | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2023 | – | – | – | – | – | – | 22,953 | – | ||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 22,953 | $ | – | ||||||||||||||||
| Subscriptions in Series | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | 357,900 | $ | 998,800 | $ | 233,910 | $ | 563,072 | $ | 23,290 | $ | 19,776 | $ | 20,000 | $ | 418,346 | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | 76,928 | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | (63,500 | ) | – | (63,155 | ) | – | – | – | – | (31,684 | ) | |||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2023 | 294,400 | 998,800 | 170,755 | 640,000 | 23,290 | 19,776 | 20,000 | 386,662 | ||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | (564,034 | ) | – | (84,073 | ) | – | – | – | – | ||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | 294,400 | $ | 434,766 | $ | 170,755 | $ | 555,927 | $ | 23,290 | $ | 19,776 | $ | 20,000 | $ | 386,662 | ||||||||||||||||
| Retained Earnings/(Accumulated Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | (218,755 | ) | $ | (552,015 | ) | $ | (148,393 | ) | $ | (179,690 | ) | $ | (23,290 | ) | $ | (19,776 | ) | $ | (42,953 | ) | $ | (291,132 | ) | ||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | (30,260 | ) | (292,422 | ) | (22,362 | ) | (201,557 | ) | – | – | – | (95,530 | ) | |||||||||||||||||||
| Balance at December 31, 2023 | (249,015 | ) | (844,438 | ) | (170,755 | ) | (381,247 | ) | (23,290 | ) | (19,776 | ) | (42,953 | ) | (386,662 | ) | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | (75,919 | ) | 409,672 | – | (174,680 | ) | – | – | – | – | ||||||||||||||||||||||
| Balance at December 31, 2024 | $ | (324,934 | ) | $ | (434,766 | ) | $ | (170,755 | ) | $ | (555,927 | ) | $ | (23,290 | ) | $ | (19,776 | ) | $ | (42,953 | ) | $ | (386,662 | ) | ||||||||
| Total Members' Equity/(Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | 139,145 | $ | 446,785 | $ | 85,517 | $ | 383,382 | $ | – | $ | – | $ | – | $ | 127,214 | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | 76,928 | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | (63,500 | ) | – | (63,155 | ) | – | – | – | – | (31,684 | ) | |||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | (30,260 | ) | (292,422 | ) | (22,362 | ) | (201,557 | ) | – | – | – | (95,530 | ) | |||||||||||||||||||
| Balance at December 31, 2023 | 45,385 | 154,362 | – | 258,753 | – | – | – | – | ||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | (564,034 | ) | – | (84,073 | ) | – | – | – | – | ||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | (75,919 | ) | 409,672 | – | (174,680 | ) | – | – | – | – | ||||||||||||||||||||||
| Balance at December 31, 2024 | $ | (30,534 | ) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | |||||||||||||||
See Independent auditor’s report and accompanying notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-132 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CHANGES IN MEMBERS’ EQUITY/(DEFICIT)
For the years ended December 31, 2024 and 2023 (Continued)
| Series Smart Shopping 21 | Series Social Dilemma | Series Song of Lark 21 | Series Soul Beam | Series Speightstown Belle 19 | Series Spirit 20 | Series Squared Straight | Series Storm Shooter | |||||||||||||||||||||||||
| Membership in My Racehorse CA LLC | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 25,979 | $ | – | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2023 | – | – | – | – | – | – | 25,979 | – | ||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 25,979 | $ | – | ||||||||||||||||
| Subscriptions in Series | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | 635,000 | $ | 28,570 | $ | 289,481 | $ | 34,881 | $ | 44,555 | $ | 242,070 | $ | 40,500 | $ | 265,079 | ||||||||||||||||
| Subscriptions received in horse series | – | – | 59,869 | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | (62,400 | ) | – | – | – | – | (18,570 | ) | – | – | ||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2023 | 572,600 | 28,570 | 349,350 | 34,881 | 44,555 | 223,500 | 40,500 | 265,079 | ||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | (3,954,600 | ) | – | (9,818 | ) | – | – | (85,390 | ) | – | – | |||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | (3,382,000 | ) | $ | 28,570 | $ | 339,533 | $ | 34,881 | $ | 44,555 | $ | 138,110 | $ | 40,500 | $ | 265,079 | |||||||||||||||
| Retained Earnings/(Accumulated Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | (217,769 | ) | $ | (28,570 | ) | $ | (95,240 | ) | $ | (34,881 | ) | $ | (44,555 | ) | $ | (93,935 | ) | $ | (66,479 | ) | $ | (265,079 | ) | ||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | (103,015 | ) | – | (104,654 | ) | – | – | (56,800 | ) | – | – | |||||||||||||||||||||
| Balance at December 31, 2023 | (320,783 | ) | (28,570 | ) | (199,894 | ) | (34,881 | ) | (44,555 | ) | (150,735 | ) | (66,479 | ) | (265,079 | ) | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | 3,867,379 | – | (66,638 | ) | – | – | 12,625 | – | – | |||||||||||||||||||||||
| Balance at December 31, 2024 | $ | 3,546,596 | $ | (28,570 | ) | $ | (266,532 | ) | $ | (34,881 | ) | $ | (44,555 | ) | $ | (138,110 | ) | $ | (66,479 | ) | $ | (265,079 | ) | |||||||||
| Total Members' Equity/(Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | 417,231 | $ | – | $ | 194,241 | $ | – | $ | – | $ | 148,135 | $ | – | $ | – | ||||||||||||||||
| Subscriptions received in horse series | – | – | 59,869 | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | (62,400 | ) | – | – | – | – | (18,570 | ) | – | – | ||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | (103,015 | ) | – | (104,654 | ) | – | – | (56,800 | ) | – | – | |||||||||||||||||||||
| Balance at December 31, 2023 | 251,817 | – | 149,456 | – | – | 72,765 | – | – | ||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | (3,954,600 | ) | – | (9,818 | ) | – | – | (85,390 | ) | – | – | |||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | 3,867,379 | – | (66,638 | ) | – | – | 12,625 | – | – | |||||||||||||||||||||||
| Balance at December 31, 2024 | $ | 164,596 | $ | – | $ | 73,001 | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
See Independent auditor’s report and accompanying notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-133 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CHANGES IN MEMBERS’ EQUITY/(DEFICIT)
For the years ended December 31, 2024 and 2023 (Continued)
| Series Street Band | Series Sunny 18 | Series Sunsanddrinkinhand | Series Sweet Sweet Annie 19 | Series Swiss Minister | Series Takeo Squared | Series Tapitry 19 | Series Tavasco Road | |||||||||||||||||||||||||
| Membership in My Racehorse CA LLC | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | – | $ | – | $ | 12,000 | $ | 48,000 | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | 27,000 | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2023 | – | – | 12,000 | 75,000 | – | – | – | – | ||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | 30,050 | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | – | $ | – | $ | 12,000 | $ | 105,050 | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Subscriptions in Series | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | (3,317 | ) | $ | 373,619 | $ | 98,606 | $ | (200,712 | ) | $ | 14,000 | $ | 11,983 | $ | 212,995 | $ | 16,483 | ||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | (624 | ) | – | – | (2,250 | ) | – | ||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2023 | (3,317 | ) | 373,619 | 98,606 | (201,336 | ) | 14,000 | 11,983 | 210,745 | 16,483 | ||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | (1,757 | ) | – | – | – | – | |||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | (3,317 | ) | $ | 373,619 | $ | 98,606 | $ | (203,093 | ) | $ | 14,000 | $ | 11,983 | $ | 210,745 | $ | 16,483 | ||||||||||||||
| Retained Earnings/(Accumulated Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | 3,317 | $ | (373,619 | ) | $ | (110,606 | ) | $ | 186,252 | $ | (14,000 | ) | $ | (11,983 | ) | $ | (218,945 | ) | $ | (16,483 | ) | ||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | (66,626 | ) | – | – | 8,199 | – | |||||||||||||||||||||||
| Balance at December 31, 2023 | 3,317 | (373,619 | ) | (110,606 | ) | 119,626 | (14,000 | ) | (11,983 | ) | (210,745 | ) | (16,483 | ) | ||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | (21,583 | ) | – | – | – | – | |||||||||||||||||||||||
| Balance at December 31, 2024 | $ | 3,317 | $ | (373,619 | ) | $ | (110,606 | ) | $ | 98,044 | $ | (14,000 | ) | $ | (11,983 | ) | $ | (210,745 | ) | $ | (16,483 | ) | ||||||||||
| Total Members' Equity/(Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | – | $ | – | $ | – | $ | 33,540 | $ | – | $ | – | $ | (5,950 | ) | $ | – | |||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | (624 | ) | – | – | (2,250 | ) | – | ||||||||||||||||||||||
| Contributions by manager | – | – | – | 27,000 | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | (66,626 | ) | – | – | 8,199 | – | |||||||||||||||||||||||
| Balance at December 31, 2023 | – | – | – | (6,710 | ) | – | – | – | – | |||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | (1,757 | ) | – | – | – | – | |||||||||||||||||||||||
| Contributions by manager | – | – | – | 30,050 | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | (21,583 | ) | – | – | – | – | |||||||||||||||||||||||
| Balance at December 31, 2024 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
See Independent auditor’s report and accompanying notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-134 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CHANGES IN MEMBERS’ EQUITY/(DEFICIT)
For the years ended December 31, 2024 and 2023 (Continued)
| Series Tell All 19 | Series Tell the Duchess 19 | Series The Filly Four | Series The Royal Duet | Series Thirteen Stripes | Series Timeless Trick 20 | Series Tizamagician | Series Tufnel | |||||||||||||||||||||||||
| Membership in My Racehorse CA LLC | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | 21,600 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | 27,000 | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2023 | 21,600 | – | – | – | – | 27,000 | – | – | ||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | 39,490 | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | 21,600 | $ | – | $ | – | $ | – | $ | – | $ | 27,000 | $ | – | $ | 39,490 | ||||||||||||||||
| Subscriptions in Series | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | 126,000 | $ | 106,360 | $ | 995,885 | $ | – | $ | 229,000 | $ | 93,000 | $ | 29,679 | $ | 322,400 | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | 1,030,200 | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | (8,046 | ) | (13,514 | ) | – | ||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2023 | 126,000 | 106,360 | 995,885 | 1,030,200 | 229,000 | 84,954 | 16,165 | 322,400 | ||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | (74,845 | ) | – | – | – | – | |||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | 126,000 | $ | 106,360 | $ | 995,885 | $ | 955,355 | $ | 229,000 | $ | 84,954 | $ | 16,165 | $ | 322,400 | ||||||||||||||||
| Retained Earnings/(Accumulated Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | (147,600 | ) | $ | (25,876 | ) | $ | (995,885 | ) | $ | (80,842 | ) | $ | (227,620 | ) | $ | (49,781 | ) | $ | (15,768 | ) | $ | (166,048 | ) | ||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | 20,920 | – | (524,236 | ) | (1,380 | ) | (62,174 | ) | (397 | ) | (125,453 | ) | |||||||||||||||||||
| Balance at December 31, 2023 | (147,600 | ) | (4,956 | ) | (995,885 | ) | (605,078 | ) | (229,000 | ) | (111,954 | ) | (16,165 | ) | (291,502 | ) | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | (197,969 | ) | – | (350,277 | ) | – | – | – | (70,389 | ) | |||||||||||||||||||||
| Balance at December 31, 2024 | $ | (147,600 | ) | $ | (202,926 | ) | $ | (995,885 | ) | $ | (955,355 | ) | $ | (229,000 | ) | $ | (111,954 | ) | $ | (16,165 | ) | $ | (361,890 | ) | ||||||||
| Total Members' Equity/(Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | – | $ | 80,484 | $ | – | $ | (80,842 | ) | $ | 1,380 | $ | 43,219 | $ | 13,911 | $ | 156,352 | |||||||||||||||
| Subscriptions received in horse series | – | – | – | 1,030,200 | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | (8,046 | ) | (13,514 | ) | – | ||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | 27,000 | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | 20,920 | – | (524,236 | ) | (1,380 | ) | (62,174 | ) | (397 | ) | (125,453 | ) | |||||||||||||||||||
| Balance at December 31, 2023 | – | 101,404 | – | 425,122 | – | – | – | 30,898 | ||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | (74,845 | ) | – | – | – | – | |||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | 39,490 | ||||||||||||||||||||||||
| Net income/(loss) | – | (197,969 | ) | – | (350,277 | ) | – | – | – | (70,389 | ) | |||||||||||||||||||||
| Balance at December 31, 2024 | $ | – | $ | (96,566 | ) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | |||||||||||||||
See Independent auditor’s report and accompanying notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-135 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CHANGES IN MEMBERS’ EQUITY/(DEFICIT)
For the years ended December 31, 2024 and 2023 (Continued)
| Series Twirl Girl 21 | Series Two Trail Sioux 17 | Series Two Trail Sioux 17K | Series Utalknboutpractice | Series Vertical Threat | Series Vow | Series War Safe | Series Wayne O | |||||||||||||||||||||||||
| Membership in My Racehorse CA LLC | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | – | $ | 7,724 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 33,825 | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2023 | – | 7,724 | – | – | – | – | – | 33,825 | ||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | 28,359 | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | 28,359 | $ | 7,724 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 33,825 | ||||||||||||||||
| Subscriptions in Series | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | 52,500 | $ | 135,000 | $ | 40,069 | $ | 21,569 | $ | (35,487 | ) | $ | 338,880 | $ | 281,700 | $ | 550,381 | |||||||||||||||
| Subscriptions received in horse series | 97,500 | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | (18,480 | ) | (38,710 | ) | – | ||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2023 | 150,000 | 135,000 | 40,069 | 21,569 | (35,487 | ) | 320,400 | 242,990 | 550,381 | |||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | (9,073 | ) | – | – | – | – | (48,003 | ) | – | – | ||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | 140,927 | $ | 135,000 | $ | 40,069 | $ | 21,569 | $ | (35,487 | ) | $ | 272,397 | $ | 242,990 | $ | 550,381 | |||||||||||||||
| Retained Earnings/(Accumulated Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | (21,774 | ) | $ | (142,724 | ) | $ | (40,069 | ) | $ | (21,569 | ) | $ | 35,487 | $ | (210,824 | ) | $ | (173,701 | ) | $ | (584,206 | ) | |||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | (74,377 | ) | – | – | – | – | (70,353 | ) | (69,290 | ) | – | |||||||||||||||||||||
| Balance at December 31, 2023 | (96,151 | ) | (142,724 | ) | (40,069 | ) | (21,569 | ) | 35,487 | (281,177 | ) | (242,990 | ) | (584,206 | ) | |||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | (73,135 | ) | – | – | – | – | 8,780 | – | – | |||||||||||||||||||||||
| Balance at December 31, 2024 | $ | (169,286 | ) | $ | (142,724 | ) | $ | (40,069 | ) | $ | (21,569 | ) | $ | 35,487 | $ | (272,397 | ) | $ | (242,990 | ) | $ | (584,206 | ) | |||||||||
| Total Members' Equity/(Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | 30,726 | $ | – | $ | – | $ | – | $ | – | $ | 128,056 | $ | 107,999 | $ | – | ||||||||||||||||
| Subscriptions received in horse series | 97,500 | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | (18,480 | ) | (38,710 | ) | – | ||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | (74,377 | ) | – | – | – | – | (70,353 | ) | (69,290 | ) | – | |||||||||||||||||||||
| Balance at December 31, 2023 | 53,849 | – | – | – | – | 39,223 | – | – | ||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | (9,073 | ) | – | – | – | – | (48,003 | ) | – | – | ||||||||||||||||||||||
| Contributions by manager | 28,359 | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | (73,135 | ) | – | – | – | – | 8,780 | – | – | |||||||||||||||||||||||
| Balance at December 31, 2024 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
See Independent auditor’s report and accompanying notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-136 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CHANGES IN MEMBERS’ EQUITY/(DEFICIT)
For the years ended December 31, 2024 and 2023 (Continued)
| Series Who Runs the World | Series Who'sbeeninmybed 19 | Series Without Delay | Series Wonder Upon a Star 19 | Series Yes This Time | Series You Make Luvin Fun 19 | Series Zestful | My Racehorse CA | |||||||||||||||||||||||||
| Membership in My Racehorse CA LLC | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | – | $ | – | $ | 36,000 | $ | – | $ | 84,000 | $ | – | $ | – | $ | 11,843 | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | 15,000 | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2023 | – | – | 36,000 | – | 99,000 | – | – | 11,843 | ||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | – | $ | – | $ | 36,000 | $ | – | $ | 99,000 | $ | – | $ | – | $ | 11,843 | ||||||||||||||||
| Subscriptions in Series | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | 530,400 | $ | 355,521 | $ | 110,389 | $ | 261,791 | $ | (117,343 | ) | $ | 448,440 | $ | 25,194 | $ | – | |||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | (52,165 | ) | (45,441 | ) | – | – | (80,500 | ) | (66,236 | ) | – | – | ||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2023 | 478,235 | 310,080 | 110,389 | 261,791 | (197,843 | ) | 382,204 | 25,194 | – | |||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | (19,031 | ) | – | – | – | – | – | – | |||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | 478,235 | $ | 291,049 | $ | 110,389 | $ | 261,791 | $ | (197,843 | ) | $ | 382,204 | $ | 25,194 | $ | – | |||||||||||||||
| Retained Earnings/(Accumulated Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | (288,023 | ) | $ | (254,089 | ) | $ | (146,389 | ) | $ | (261,791 | ) | $ | 59,135 | $ | (292,242 | ) | $ | (25,194 | ) | $ | (11,843 | ) | |||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | (190,212 | ) | (78,839 | ) | – | – | 39,708 | (89,962 | ) | – | – | |||||||||||||||||||||
| Balance at December 31, 2023 | (478,235 | ) | (332,929 | ) | (146,389 | ) | (261,791 | ) | 98,843 | (382,204 | ) | (25,194 | ) | (11,843 | ) | |||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | 41,879 | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | (478,235 | ) | $ | (291,049 | ) | $ | (146,389 | ) | $ | (261,791 | ) | $ | 98,843 | $ | (382,204 | ) | $ | (25,194 | ) | $ | (11,843 | ) | |||||||||
| Total Members' Equity/(Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | 242,377 | $ | 101,432 | $ | – | $ | – | $ | 25,792 | $ | 156,198 | $ | – | $ | – | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | (52,165 | ) | (45,441 | ) | – | – | (80,500 | ) | (66,236 | ) | – | – | ||||||||||||||||||||
| Contributions by manager | – | – | – | – | 15,000 | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | (190,212 | ) | (78,839 | ) | – | – | 39,708 | (89,962 | ) | – | – | |||||||||||||||||||||
| Balance at December 31, 2023 | – | (22,849 | ) | – | – | – | – | – | – | |||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | (19,031 | ) | – | – | – | – | – | – | |||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | 41,879 | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
See Independent auditor’s report and accompanying notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-137 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CHANGES IN MEMBERS’ EQUITY/(DEFICIT)
For the years ended December 31, 2024 and 2023 (Continued)
| Classic Colt Package | Series Edge Crown It 21 | Series Edge High Speed Goldie 21 | Series Edge More Than Magic 21 | Series MRH Adaay in Asia | Series MRH Alliford Bay 21 | Series MRH Blues Corner 21 | Series MRH Bullish Sentiment 21 | |||||||||||||||||||||||||
| Membership in My Racehorse CA LLC | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2023 | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | 69,400 | 46,773 | 35,374 | 36,000 | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | 69,400 | $ | 46,773 | $ | 35,374 | $ | 36,000 | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Subscriptions in Series | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Subscriptions received in horse series | 569,520 | 217,500 | 130,000 | 180,000 | 270,354 | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2023 | 569,520 | 217,500 | 130,000 | 180,000 | 270,354 | – | – | – | ||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | 147,846 | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | (230,806 | ) | (63,123 | ) | (3,631 | ) | (9,614 | ) | (55,128 | ) | – | – | – | |||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | 338,714 | $ | 154,377 | $ | 126,369 | $ | 170,386 | $ | 363,072 | $ | – | $ | – | $ | – | ||||||||||||||||
| Retained Earnings/(Accumulated Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | (192,738 | ) | (88,229 | ) | (64,508 | ) | (75,373 | ) | (150,543 | ) | – | – | – | |||||||||||||||||||
| Balance at December 31, 2023 | (192,738 | ) | (88,229 | ) | (64,508 | ) | (75,373 | ) | (150,543 | ) | – | – | – | |||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | (111,035 | ) | (45,607 | ) | (97,236 | ) | (78,007 | ) | (212,530 | ) | – | – | – | |||||||||||||||||||
| Balance at December 31, 2024 | $ | (303,773 | ) | $ | (133,837 | ) | $ | (161,743 | ) | $ | (153,381 | ) | $ | (363,072 | ) | $ | – | $ | – | $ | – | |||||||||||
| Total Members' Equity/(Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Subscriptions received in horse series | 569,520 | 217,500 | 130,000 | 180,000 | 270,354 | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | (192,738 | ) | (88,229 | ) | (64,508 | ) | (75,373 | ) | (150,543 | ) | – | – | – | |||||||||||||||||||
| Balance at December 31, 2023 | 376,782 | 129,271 | 65,492 | 104,627 | 119,811 | – | – | – | ||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | 147,846 | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | (230,806 | ) | (63,123 | ) | (3,631 | ) | (9,614 | ) | (55,128 | ) | – | – | – | |||||||||||||||||||
| Contributions by manager | 69,400 | 46,773 | 35,374 | 36,000 | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | (111,035 | ) | (45,607 | ) | (97,236 | ) | (78,007 | ) | (212,530 | ) | – | – | – | |||||||||||||||||||
| Balance at December 31, 2024 | $ | 104,341 | $ | 67,314 | $ | – | $ | 53,006 | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
See Independent auditor’s report and accompanying notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-138 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CHANGES IN MEMBERS’ EQUITY/(DEFICIT)
For the years ended December 31, 2024 and 2023 (Continued)
| Series MRH Giant Mover 21 | MRH Blue Devil | MRH Brandy 22 | MRH Catalyst | MRH Here's the Kicker | MRH Incredi-Bundle | |||||||||||||||||||
| Membership in My Racehorse CA LLC | ||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | ||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | ||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | ||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | ||||||||||||||||||
| Balance at December 31, 2023 | – | – | – | – | – | – | ||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | ||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | ||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | ||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | ||||||||||||||||||
| Balance at December 31, 2024 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||
| Subscriptions in Series | ||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||
| Subscriptions received in horse series | – | – | 765,000 | 669,500 | 519,285 | – | ||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | ||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | ||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | ||||||||||||||||||
| Balance at December 31, 2023 | – | – | 765,000 | 669,500 | 519,285 | – | ||||||||||||||||||
| Subscriptions received in horse series | – | 83,400 | – | – | 702 | 1,101,600 | ||||||||||||||||||
| Distributions from horse series | – | – | – | – | (21,999 | ) | – | |||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | ||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | ||||||||||||||||||
| Balance at December 31, 2024 | $ | – | $ | 83,400 | $ | 765,000 | $ | 669,500 | $ | 497,988 | $ | 1,101,600 | ||||||||||||
| Retained Earnings/(Accumulated Deficit) | ||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | ||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | ||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | ||||||||||||||||||
| Net income/(loss) | – | (7,923 | ) | (259,602 | ) | (273,504 | ) | (228,325 | ) | (19,937 | ) | |||||||||||||
| Balance at December 31, 2023 | – | (7,923 | ) | (259,602 | ) | (273,504 | ) | (228,325 | ) | (19,937 | ) | |||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | ||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | ||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | ||||||||||||||||||
| Net income/(loss) | – | (122,450 | ) | (203,634 | ) | (171,455 | ) | (117,402 | ) | (569,234 | ) | |||||||||||||
| Balance at December 31, 2024 | $ | – | $ | (130,373 | ) | $ | (463,236 | ) | $ | (444,959 | ) | $ | (345,726 | ) | $ | (589,170 | ) | |||||||
| Total Members' Equity/(Deficit) | ||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||
| Subscriptions received in horse series | – | – | 765,000 | 669,500 | 519,285 | – | ||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | ||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | ||||||||||||||||||
| Net income/(loss) | – | (7,923 | ) | (259,602 | ) | (273,504 | ) | (228,325 | ) | (19,937 | ) | |||||||||||||
| Balance at December 31, 2023 | – | (7,923 | ) | 505,398 | 395,996 | 290,960 | (19,937 | ) | ||||||||||||||||
| Subscriptions received in horse series | – | 83,400 | – | – | 702 | 1,101,600 | ||||||||||||||||||
| Distributions from horse series | – | – | – | – | (21,999 | ) | – | |||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | ||||||||||||||||||
| Net income/(loss) | – | (122,450 | ) | (203,634 | ) | (171,455 | ) | (117,402 | ) | (569,234 | ) | |||||||||||||
| Balance at December 31, 2024 | $ | – | $ | (46,973 | ) | $ | 301,764 | $ | 224,541 | $ | 152,261 | $ | 512,430 | |||||||||||
See Independent auditor’s report and accompanying notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-139 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CHANGES IN MEMBERS’ EQUITY/(DEFICIT)
For the years ended December 31, 2024 and 2023 (Continued)
| MRH Isle Blue | MRH New York Bundle | MRH Real Savvy | MRH Sweet as Sin | MRH Sweet Voyage | Series Stylishly 23 | Series Formidable Kitt | Series Blip Says Bye | |||||||||||||||||||||||||
| Membership in My Racehorse CA LLC | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2023 | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Subscriptions in Series | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Subscriptions received in horse series | 313,146 | – | 555,000 | 113,630 | 348,750 | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2023 | 313,146 | – | 555,000 | 113,630 | 348,750 | – | – | – | ||||||||||||||||||||||||
| Subscriptions received in horse series | 99,954 | 1,147,500 | – | – | – | 1,140,000 | 660,000 | 420,108 | ||||||||||||||||||||||||
| Distributions from horse series | – | (129,489 | ) | (33,300 | ) | (1,739 | ) | – | – | (8,700 | ) | – | ||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | 413,100 | $ | 1,018,011 | $ | 521,700 | $ | 111,891 | $ | 348,750 | $ | 1,140,000 | $ | 651,300 | $ | 420,108 | ||||||||||||||||
| Retained Earnings/(Accumulated Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | (113,211 | ) | (14,970 | ) | (186,922 | ) | (49,986 | ) | (145,189 | ) | – | – | – | |||||||||||||||||||
| Balance at December 31, 2023 | (113,211 | ) | (14,970 | ) | (186,922 | ) | (49,986 | ) | (145,189 | ) | – | – | – | |||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | (137,470 | ) | (572,310 | ) | (121,031 | ) | (25,560 | ) | (88,763 | ) | (465,710 | ) | (293,688 | ) | (197,593 | ) | ||||||||||||||||
| Balance at December 31, 2024 | $ | (250,681 | ) | $ | (587,281 | ) | $ | (307,954 | ) | $ | (75,546 | ) | $ | (233,951 | ) | $ | (465,710 | ) | $ | (293,688 | ) | $ | (197,593 | ) | ||||||||
| Total Members' Equity/(Deficit) | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Subscriptions received in horse series | 313,146 | – | 555,000 | 113,630 | 348,750 | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | (113,211 | ) | (14,970 | ) | (186,922 | ) | (49,986 | ) | (145,189 | ) | – | – | – | |||||||||||||||||||
| Balance at December 31, 2023 | 199,935 | (14,970 | ) | 368,078 | 63,644 | 203,561 | – | – | – | |||||||||||||||||||||||
| Subscriptions received in horse series | 99,954 | 1,147,500 | – | – | – | 1,140,000 | 660,000 | 420,108 | ||||||||||||||||||||||||
| Distributions from horse series | – | (129,489 | ) | (33,300 | ) | (1,739 | ) | – | – | (8,700 | ) | – | ||||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net income/(loss) | (137,470 | ) | (572,310 | ) | (121,031 | ) | (25,560 | ) | (88,763 | ) | (465,710 | ) | (293,688 | ) | (197,593 | ) | ||||||||||||||||
| Balance at December 31, 2024 | $ | 162,419 | $ | 430,730 | $ | 213,746 | $ | 36,345 | $ | 114,799 | $ | 674,290 | $ | 357,612 | $ | 222,515 | ||||||||||||||||
See Independent auditor’s report and accompanying notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-140 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CHANGES IN MEMBERS’ EQUITY/(DEFICIT)
For the years ended December 31, 2024 and 2023 (Continued)
| Series Clair de Lune 22 | Series Malibu Bonnie 23 | Series Spanxamillion | Series Sirius Pursuit | MRH STG Broodmare Band | 12.31.2024 Consolidated Total | |||||||||||||||||||
| Membership in My Racehorse CA LLC | ||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 841,824 | ||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | ||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | ||||||||||||||||||
| Contributions by manager | – | – | – | – | – | 350,042 | ||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | ||||||||||||||||||
| Balance at December 31, 2023 | – | – | – | – | – | 1,191,866 | ||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | ||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | ||||||||||||||||||
| Contributions by manager | – | – | – | – | – | 755,732 | ||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | ||||||||||||||||||
| Balance at December 31, 2024 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 1,947,598 | ||||||||||||
| Subscriptions in Series | ||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 32,004,419 | ||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | 8,022,546 | ||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | (2,249,533 | ) | |||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | ||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | ||||||||||||||||||
| Balance at December 31, 2023 | – | – | – | – | – | 37,777,432 | ||||||||||||||||||
| Subscriptions received in horse series | 415,000 | 662,099 | 511,734 | 208,270 | – | 6,598,157 | ||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | (6,541,714 | ) | |||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | ||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | – | ||||||||||||||||||
| Balance at December 31, 2024 | $ | 415,000 | $ | 662,099 | $ | 511,734 | $ | 208,270 | $ | – | $ | 37,833,875 | ||||||||||||
| Retained Earnings/(Accumulated Deficit) | ||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | (25,590,823 | ) | |||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | ||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | ||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | ||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | (7,850,400 | ) | |||||||||||||||||
| Balance at December 31, 2023 | – | – | – | – | – | (33,441,223 | ) | |||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | ||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | ||||||||||||||||||
| Contributions by manager | – | – | – | – | – | – | ||||||||||||||||||
| Net income/(loss) | (187,510 | ) | (287,059 | ) | (253,279 | ) | (94,110 | ) | (39,038 | ) | (1,903,335 | ) | ||||||||||||
| Balance at December 31, 2024 | $ | (187,510 | ) | $ | (287,059 | ) | $ | (253,279 | ) | $ | (94,110 | ) | $ | (39,038 | ) | $ | (35,344,558 | ) | ||||||
| Total Members' Equity/(Deficit) | ||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 7,255,420 | ||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | 8,022,546 | ||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | (2,249,533 | ) | |||||||||||||||||
| Contributions by manager | – | – | – | – | – | 350,042 | ||||||||||||||||||
| Net income/(loss) | – | – | – | – | – | (7,850,400 | ) | |||||||||||||||||
| Balance at December 31, 2023 | – | – | – | – | – | 5,528,075 | ||||||||||||||||||
| Subscriptions received in horse series | 415,000 | 662,099 | 511,734 | 208,270 | – | 6,598,157 | ||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | (6,541,714 | ) | |||||||||||||||||
| Contributions by manager | – | – | – | – | – | 755,732 | ||||||||||||||||||
| Net income/(loss) | (187,510 | ) | (287,059 | ) | (253,279 | ) | (94,110 | ) | (39,038 | ) | (1,903,335 | ) | ||||||||||||
| Balance at December 31, 2024 | $ | 227,490 | $ | 375,040 | $ | 258,455 | $ | 114,160 | $ | (39,038 | ) | $ | 4,436,915 | |||||||||||
See Independent auditor’s report and accompanying notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-141 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CASH FLOWS (UNAUDITED)
For the six-month period ended June 30, 2025
| Series Action Bundle | Series Adjust 20 | Series Amandrea | Series Ambleside Park 19 | Series Amers | Series Apple Down Under 19 | Series Ari the Adventurer 19 | Series Ashlees Empire 20 | |||||||||||||||||||||||||
| Cash Flows From Operating Activities | ||||||||||||||||||||||||||||||||
| Net Income/(Loss) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Adjustments to reconcile net income/(loss) to net cash used in operating activities: | ||||||||||||||||||||||||||||||||
| Depreciation | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Loss/(gain) on disposal of horse ownership | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Gain on debt forgiveness | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Expenses paid by related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest capitalized to loan | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||||
| Change in accounts receivable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in prepaid expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in other assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Operating Activities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash Flows From Investing Activities | ||||||||||||||||||||||||||||||||
| Purchase of horse assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Disposition of horse assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Proceeds from horse disposition | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Investing Activities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash Flows From Financing Activities | ||||||||||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Capital contributions | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Proceeds from debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Repayments on debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Horse revenues, net of expenses, applied to related party loans | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net advances/(repayments) in amount due to manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Financing Activities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Change in Cash | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at Beginning of Period | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at End of Period | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Supplemental Disclosure of Cash Flow Information | ||||||||||||||||||||||||||||||||
| Cash paid for interest | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Cash paid for income taxes | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Supplemental Disclosure of Non-Cash Activities: | ||||||||||||||||||||||||||||||||
| Horses purchased by issuance of related party notes payable | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Non-cash management fees | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – |
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements
| F-142 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CASH FLOWS (UNAUDITED)
For the six-month period ended June 30, 2025 (Continued)
| Series Athenian Beauty 19 | Series Authentic | Series Awe Hush 19 | Series Bajan Bashert | Series Balletic | Series Bella Chica | Series Big Mel | Series Black Escort 19 | |||||||||||||||||||||||||
| Cash Flows From Operating Activities | ||||||||||||||||||||||||||||||||
| Net Income/(Loss) | $ | – | $ | (23,468 | ) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | |||||||||||||||
| Adjustments to reconcile net income/(loss) to net cash used in operating activities: | ||||||||||||||||||||||||||||||||
| Depreciation | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Loss/(gain) on disposal of horse ownership | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Gain on debt forgiveness | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Expenses paid by related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest capitalized to loan | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||||
| Change in accounts receivable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in prepaid expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in other assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Operating Activities | – | (23,468 | ) | – | – | – | – | – | – | |||||||||||||||||||||||
| Cash Flows From Investing Activities | ||||||||||||||||||||||||||||||||
| Purchase of horse assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Disposition of horse assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Proceeds from horse disposition | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Investing Activities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash Flows From Financing Activities | ||||||||||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | (27,143 | ) | – | – | – | |||||||||||||||||||||||
| Capital contributions | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Proceeds from debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Repayments on debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Horse revenues, net of expenses, applied to related party loans | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net advances/(repayments) in amount due to manager | – | 23,468 | – | – | 27,143 | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Financing Activities | – | 23,468 | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Change in Cash | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at Beginning of Period | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at End of Period | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Supplemental Disclosure of Cash Flow Information | ||||||||||||||||||||||||||||||||
| Cash paid for interest | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Cash paid for income taxes | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Supplemental Disclosure of Non-Cash Activities: | ||||||||||||||||||||||||||||||||
| Horses purchased by issuance of related party notes payable | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Non-cash management fees | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements
| F-143 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CASH FLOWS (UNAUDITED)
For the six-month period ended June 30, 2025 (Continued)
| Series Bullion | Series Cable Boss | Series Cairo Kiss | Series Carrothers | Series Cayala 19 | Series Arch Support 20 | Series Chad Brown Bundle | Series Chasing the Moon 20 | |||||||||||||||||||||||||
| Cash Flows From Operating Activities | ||||||||||||||||||||||||||||||||
| Net Income/(Loss) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | (24,969 | ) | $ | – | $ | – | |||||||||||||||
| Adjustments to reconcile net income/(loss) to net cash used in operating activities: | ||||||||||||||||||||||||||||||||
| Depreciation | – | – | – | – | – | 9,158 | – | – | ||||||||||||||||||||||||
| Loss/(gain) on disposal of horse ownership | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Gain on debt forgiveness | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Expenses paid by related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest capitalized to loan | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||||
| Change in accounts receivable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in prepaid expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in other assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Operating Activities | – | – | – | – | – | (15,811 | ) | – | – | |||||||||||||||||||||||
| Cash Flows From Investing Activities | ||||||||||||||||||||||||||||||||
| Purchase of horse assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Disposition of horse assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Proceeds from horse disposition | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Investing Activities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash Flows From Financing Activities | ||||||||||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | (8,786 | ) | – | – | – | (3,625 | ) | – | – | ||||||||||||||||||||||
| Capital contributions | – | – | – | – | – | 15,000 | – | – | ||||||||||||||||||||||||
| Proceeds from debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Repayments on debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Horse revenues, net of expenses, applied to related party loans | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net advances/(repayments) in amount due to manager | – | 8,786 | – | – | – | 4,436 | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Financing Activities | – | – | – | – | – | 15,811 | – | – | ||||||||||||||||||||||||
| Net Change in Cash | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at Beginning of Period | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at End of Period | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Supplemental Disclosure of Cash Flow Information | ||||||||||||||||||||||||||||||||
| Cash paid for interest | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Cash paid for income taxes | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Supplemental Disclosure of Non-Cash Activities: | ||||||||||||||||||||||||||||||||
| Horses purchased by issuance of related party notes payable | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Non-cash management fees | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements
| F-144 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CASH FLOWS (UNAUDITED)
For the six-month period ended June 30, 2025 (Continued)
| Series Classic Cut | Series Classof- sixtythree 19 | Series Co Cola 19 | Series Collusion Illusion | Series Consecrate 19 | Series Courtisane 19 | Series Daddy's Joy | Series Dancing Crane | |||||||||||||||||||||||||
| Cash Flows From Operating Activities | ||||||||||||||||||||||||||||||||
| Net Income/(Loss) | $ | (24,270 | ) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | |||||||||||||||
| Adjustments to reconcile net income/(loss) to net cash used in operating activities: | ||||||||||||||||||||||||||||||||
| Depreciation | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Loss/(gain) on disposal of horse ownership | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Gain on debt forgiveness | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Expenses paid by related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest capitalized to loan | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||||
| Change in accounts receivable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in prepaid expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in other assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Operating Activities | (24,270 | ) | – | – | – | – | – | – | – | |||||||||||||||||||||||
| Cash Flows From Investing Activities | ||||||||||||||||||||||||||||||||
| Purchase of horse assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Disposition of horse assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Proceeds from horse disposition | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Investing Activities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash Flows From Financing Activities | ||||||||||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Capital contributions | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Proceeds from debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Repayments on debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Horse revenues, net of expenses, applied to related party loans | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net advances/(repayments) in amount due to manager | 24,270 | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Financing Activities | 24,270 | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Change in Cash | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at Beginning of Period | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at End of Period | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Supplemental Disclosure of Cash Flow Information | ||||||||||||||||||||||||||||||||
| Cash paid for interest | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Cash paid for income taxes | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Supplemental Disclosure of Non-Cash Activities: | ||||||||||||||||||||||||||||||||
| Horses purchased by issuance of related party notes payable | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Non-cash management fees | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements
| F-145 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CASH FLOWS (UNAUDITED)
For the six-month period ended June 30, 2025 (Continued)
| Series Daring Dancer 20 | Series De Mystique 17 | Series Deep Cover | Series Demogorgon | Series Desire Street 19 | Series Echo Warrior 19 | Series Edge Racing Summer Fun | Series Enchante 21 | |||||||||||||||||||||||||
| Cash Flows From Operating Activities | ||||||||||||||||||||||||||||||||
| Net Income/(Loss) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | (62,218 | ) | |||||||||||||||
| Adjustments to reconcile net income/(loss) to net cash used in operating activities: | ||||||||||||||||||||||||||||||||
| Depreciation | – | – | – | – | – | – | – | 49,870 | ||||||||||||||||||||||||
| Loss/(gain) on disposal of horse ownership | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Gain on debt forgiveness | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Expenses paid by related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest capitalized to loan | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||||
| Change in accounts receivable | – | – | – | – | – | – | – | 1,638 | ||||||||||||||||||||||||
| Change in prepaid expense | – | – | – | – | – | – | – | (1,638 | ) | |||||||||||||||||||||||
| Change in other assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Operating Activities | – | – | – | – | – | – | – | (12,348 | ) | |||||||||||||||||||||||
| Cash Flows From Investing Activities | ||||||||||||||||||||||||||||||||
| Purchase of horse assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Disposition of horse assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Proceeds from horse disposition | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Investing Activities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash Flows From Financing Activities | ||||||||||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | (4,972 | ) | – | – | |||||||||||||||||||||||
| Capital contributions | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Proceeds from debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Repayments on debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Horse revenues, net of expenses, applied to related party loans | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net advances/(repayments) in amount due to manager | – | – | – | – | – | 4,972 | – | 12,348 | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Financing Activities | – | – | – | – | – | – | – | 12,348 | ||||||||||||||||||||||||
| Net Change in Cash | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at Beginning of Period | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at End of Period | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Supplemental Disclosure of Cash Flow Information | ||||||||||||||||||||||||||||||||
| Cash paid for interest | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Cash paid for income taxes | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Supplemental Disclosure of Non-Cash Activities: | ||||||||||||||||||||||||||||||||
| Horses purchased by issuance of related party notes payable | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Non-cash management fees | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements
| F-146 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CASH FLOWS (UNAUDITED)
For the six-month period ended June 30, 2025 (Continued)
| Series Elarose 21 | Series Escape Route | Series Exonerated 19 | Series Fenwick Hall 20 | Series Forever Rose | Series Flora Dora 20 | Series Frosted Oats | Series Future Stars Stable | |||||||||||||||||||||||||
| Cash Flows From Operating Activities | ||||||||||||||||||||||||||||||||
| Net Income/(Loss) | $ | (95,085 | ) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | |||||||||||||||
| Adjustments to reconcile net income/(loss) to net cash used in operating activities: | ||||||||||||||||||||||||||||||||
| Depreciation | 33,833 | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Loss/(gain) on disposal of horse ownership | 39,667 | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Gain on debt forgiveness | (2,642 | ) | – | – | – | – | – | – | – | |||||||||||||||||||||||
| Expenses paid by related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest capitalized to loan | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||||
| Change in accounts receivable | – | – | – | – | – | 5,000 | – | – | ||||||||||||||||||||||||
| Change in prepaid expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in other assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Operating Activities | (24,226 | ) | – | – | – | – | 5,000 | – | – | |||||||||||||||||||||||
| Cash Flows From Investing Activities | ||||||||||||||||||||||||||||||||
| Purchase of horse assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Disposition of horse assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Proceeds from horse disposition | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Investing Activities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash Flows From Financing Activities | ||||||||||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Capital contributions | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Proceeds from debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Repayments on debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Horse revenues, net of expenses, applied to related party loans | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net advances/(repayments) in amount due to manager | 24,226 | – | – | – | – | (5,000 | ) | – | – | |||||||||||||||||||||||
| Net Cash Provided by/(Used in) Financing Activities | 24,226 | – | – | – | – | (5,000 | ) | – | – | |||||||||||||||||||||||
| Net Change in Cash | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at Beginning of Period | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at End of Period | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Supplemental Disclosure of Cash Flow Information | ||||||||||||||||||||||||||||||||
| Cash paid for interest | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Cash paid for income taxes | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Supplemental Disclosure of Non-Cash Activities: | ||||||||||||||||||||||||||||||||
| Horses purchased by issuance of related party notes payable | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Non-cash management fees | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements
| F-147 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CASH FLOWS (UNAUDITED)
For the six-month period ended June 30, 2025 (Continued)
| Series Gentleman Gerry | Series Going to Vegas | Series Got Stormy | Series Grand Traverse Bay 19 | Series Grand Traverse Bay 20 | Series Heaven Street | Series Kindle 21 | Series Knarsdale 21 | |||||||||||||||||||||||||
| Cash Flows From Operating Activities | ||||||||||||||||||||||||||||||||
| Net Income/(Loss) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | (25,842 | ) | $ | (26,689 | ) | ||||||||||||||
| Adjustments to reconcile net income/(loss) to net cash used in operating activities: | ||||||||||||||||||||||||||||||||
| Depreciation | – | – | – | – | – | – | 26,250 | 51,893 | ||||||||||||||||||||||||
| Loss/(gain) on disposal of horse ownership | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Gain on debt forgiveness | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Expenses paid by related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest capitalized to loan | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||||
| Change in accounts receivable | – | – | – | – | – | – | 347 | – | ||||||||||||||||||||||||
| Change in prepaid expense | – | – | – | – | – | – | (347 | ) | (2,088 | ) | ||||||||||||||||||||||
| Change in other assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Operating Activities | – | – | – | – | – | – | 408 | 23,115 | ||||||||||||||||||||||||
| Cash Flows From Investing Activities | ||||||||||||||||||||||||||||||||
| Purchase of horse assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Disposition of horse assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Proceeds from horse disposition | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Investing Activities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash Flows From Financing Activities | ||||||||||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | (19,635 | ) | |||||||||||||||||||||||
| Capital contributions | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Proceeds from debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Repayments on debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Horse revenues, net of expenses, applied to related party loans | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net advances/(repayments) in amount due to manager | – | – | – | – | – | – | (408 | ) | (3,480 | ) | ||||||||||||||||||||||
| Net Cash Provided by/(Used in) Financing Activities | – | – | – | – | – | – | (408 | ) | (23,115 | ) | ||||||||||||||||||||||
| Net Change in Cash | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at Beginning of Period | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at End of Period | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Supplemental Disclosure of Cash Flow Information | ||||||||||||||||||||||||||||||||
| Cash paid for interest | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Cash paid for income taxes | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Supplemental Disclosure of Non-Cash Activities: | ||||||||||||||||||||||||||||||||
| Horses purchased by issuance of related party notes payable | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Non-cash management fees | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements
| F-148 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CASH FLOWS (UNAUDITED)
For the six-month period ended June 30, 2025 (Continued)
| Series I'm a Looker 20 | Series Into Summer 19 | Series Ishvana 21 | Series Jeanne's Speight 20 | Series Just Louise 19 | Series Keertana 18 | Series Kiana's Love | Series Kichiro | |||||||||||||||||||||||||
| Cash Flows From Operating Activities | ||||||||||||||||||||||||||||||||
| Net Income/(Loss) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Adjustments to reconcile net income/(loss) to net cash used in operating activities: | ||||||||||||||||||||||||||||||||
| Depreciation | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Loss/(gain) on disposal of horse ownership | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Gain on debt forgiveness | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Expenses paid by related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest capitalized to loan | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||||
| Change in accounts receivable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in prepaid expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in other assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Operating Activities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash Flows From Investing Activities | ||||||||||||||||||||||||||||||||
| Purchase of horse assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Disposition of horse assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Proceeds from horse disposition | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Investing Activities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash Flows From Financing Activities | ||||||||||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Capital contributions | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Proceeds from debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Repayments on debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Horse revenues, net of expenses, applied to related party loans | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net advances/(repayments) in amount due to manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Financing Activities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Change in Cash | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at Beginning of Period | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at End of Period | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Supplemental Disclosure of Cash Flow Information | ||||||||||||||||||||||||||||||||
| Cash paid for interest | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Cash paid for income taxes | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Supplemental Disclosure of Non-Cash Activities: | ||||||||||||||||||||||||||||||||
| Horses purchased by issuance of related party notes payable | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Non-cash management fees | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – |
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements
| F-149 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CASH FLOWS (UNAUDITED)
For the six-month period ended June 30, 2025 (Continued)
| Series Lane Way | Series Latte Da 19 | Series Lazy Daisy | Series Le Relais 20 | Series Lost Empire 19 | Series Madarnas | Series Madiera Wine | Series Major Implications | |||||||||||||||||||||||||
| Cash Flows From Operating Activities | ||||||||||||||||||||||||||||||||
| Net Income/(Loss) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Adjustments to reconcile net income/(loss) to net cash used in operating activities: | ||||||||||||||||||||||||||||||||
| Depreciation | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Loss/(gain) on disposal of horse ownership | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Gain on debt forgiveness | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Expenses paid by related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest capitalized to loan | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||||
| Change in accounts receivable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in prepaid expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in other assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Operating Activities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash Flows From Investing Activities | ||||||||||||||||||||||||||||||||
| Purchase of horse assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Disposition of horse assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Proceeds from horse disposition | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Investing Activities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash Flows From Financing Activities | ||||||||||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | (12,895 | ) | – | – | – | – | – | – | – | |||||||||||||||||||||||
| Capital contributions | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Proceeds from debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Repayments on debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Horse revenues, net of expenses, applied to related party loans | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net advances/(repayments) in amount due to manager | 12,895 | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Financing Activities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Change in Cash | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at Beginning of Period | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at End of Period | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Supplemental Disclosure of Cash Flow Information | ||||||||||||||||||||||||||||||||
| Cash paid for interest | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Cash paid for income taxes | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Supplemental Disclosure of Non-Cash Activities: | ||||||||||||||||||||||||||||||||
| Horses purchased by issuance of related party notes payable | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Non-cash management fees | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements
| F-150 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CASH FLOWS (UNAUDITED)
For the six-month period ended June 30, 2025 (Continued)
| Series Man Among Men | Series Margaret Reay 19 | Series Margarita Friday 19 | Series Martita Sangrita 17 | Series Mayan Milagra 19 | Series Midnight Sweetie 19 | Series Miss Puzzle | Series Miss Sakamoto | |||||||||||||||||||||||||
| Cash Flows From Operating Activities | ||||||||||||||||||||||||||||||||
| Net Income/(Loss) | $ | – | $ | – | $ | 1,753,742 | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Adjustments to reconcile net income/(loss) to net cash used in operating activities: | ||||||||||||||||||||||||||||||||
| Depreciation | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Loss/(gain) on disposal of horse ownership | – | – | (1,312,500 | ) | – | – | – | – | – | |||||||||||||||||||||||
| Gain on debt forgiveness | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Expenses paid by related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest capitalized to loan | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||||
| Change in accounts receivable | – | – | (646,170 | ) | – | – | – | – | – | |||||||||||||||||||||||
| Change in prepaid expense | – | – | (10,080 | ) | – | – | – | – | – | |||||||||||||||||||||||
| Change in other assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Operating Activities | – | – | (215,008 | ) | – | – | – | – | – | |||||||||||||||||||||||
| Cash Flows From Investing Activities | ||||||||||||||||||||||||||||||||
| Purchase of horse assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Disposition of horse assets | – | – | 86,250 | – | – | – | – | – | ||||||||||||||||||||||||
| Proceeds from horse disposition | – | – | 1,226,250 | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Investing Activities | – | – | 1,312,500 | – | – | – | – | – | ||||||||||||||||||||||||
| Cash Flows From Financing Activities | ||||||||||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | (976,000 | ) | – | – | – | – | – | |||||||||||||||||||||||
| Capital contributions | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Proceeds from debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Repayments on debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Horse revenues, net of expenses, applied to related party loans | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net advances/(repayments) in amount due to manager | – | – | (121,492 | ) | – | – | – | – | – | |||||||||||||||||||||||
| Net Cash Provided by/(Used in) Financing Activities | – | – | (1,097,492 | ) | – | – | – | – | – | |||||||||||||||||||||||
| Net Change in Cash | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at Beginning of Period | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at End of Period | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Supplemental Disclosure of Cash Flow Information | ||||||||||||||||||||||||||||||||
| Cash paid for interest | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Cash paid for income taxes | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Supplemental Disclosure of Non-Cash Activities: | ||||||||||||||||||||||||||||||||
| Horses purchased by issuance of related party notes payable | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Non-cash management fees | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements
| F-151 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CASH FLOWS (UNAUDITED)
For the six-month period ended June 30, 2025 (Continued)
| Series Mo Mischief | Series Mo Temptation | Series Monomoy Girl | Series Moonbow 20 | Series Moonless Sky | Series Motion Emotion | Series Mrs Whistler | Series My Fast One 20 | |||||||||||||||||||||||||
| Cash Flows From Operating Activities | ||||||||||||||||||||||||||||||||
| Net Income/(Loss) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Adjustments to reconcile net income/(loss) to net cash used in operating activities: | ||||||||||||||||||||||||||||||||
| Depreciation | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Loss/(gain) on disposal of horse ownership | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Gain on debt forgiveness | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Expenses paid by related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest capitalized to loan | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||||
| Change in accounts receivable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in prepaid expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in other assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Operating Activities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash Flows From Investing Activities | ||||||||||||||||||||||||||||||||
| Purchase of horse assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Disposition of horse assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Proceeds from horse disposition | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Investing Activities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash Flows From Financing Activities | ||||||||||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Capital contributions | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Proceeds from debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Repayments on debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Horse revenues, net of expenses, applied to related party loans | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net advances/(repayments) in amount due to manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Financing Activities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Change in Cash | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at Beginning of Period | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at End of Period | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Supplemental Disclosure of Cash Flow Information | ||||||||||||||||||||||||||||||||
| Cash paid for interest | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Cash paid for income taxes | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Supplemental Disclosure of Non-Cash Activities: | ||||||||||||||||||||||||||||||||
| Horses purchased by issuance of related party notes payable | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Non-cash management fees | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – |
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements
| F-152 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CASH FLOWS (UNAUDITED)
For the six-month period ended June 30, 2025 (Continued)
| Series Naismith | Series National Road | Series New York Claiming Package | Series Night of Idiots | Series Nileist | Series Noble Goddess | Series Northern Smile 20 | Series NY Exacta | |||||||||||||||||||||||||
| Cash Flows From Operating Activities | ||||||||||||||||||||||||||||||||
| Net Income/(Loss) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Adjustments to reconcile net income/(loss) to net cash used in operating activities: | ||||||||||||||||||||||||||||||||
| Depreciation | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Loss/(gain) on disposal of horse ownership | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Gain on debt forgiveness | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Expenses paid by related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest capitalized to loan | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||||
| Change in accounts receivable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in prepaid expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in other assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Operating Activities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash Flows From Investing Activities | ||||||||||||||||||||||||||||||||
| Purchase of horse assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Disposition of horse assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Proceeds from horse disposition | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Investing Activities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash Flows From Financing Activities | ||||||||||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Capital contributions | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Proceeds from debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Repayments on debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Horse revenues, net of expenses, applied to related party loans | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net advances/(repayments) in amount due to manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Financing Activities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Change in Cash | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at Beginning of Period | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at End of Period | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Supplemental Disclosure of Cash Flow Information | ||||||||||||||||||||||||||||||||
| Cash paid for interest | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Cash paid for income taxes | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Supplemental Disclosure of Non-Cash Activities: | ||||||||||||||||||||||||||||||||
| Horses purchased by issuance of related party notes payable | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Non-cash management fees | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – |
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements
| F-153 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CASH FLOWS (UNAUDITED)
For the six-month period ended June 30, 2025 (Continued)
| Series One Last Night 21 | Series Our Miss Jones 19 | Series Our Jenny B | Series Palace Foal | Series Patsys Kim 21 | Series Popular Demand | Series Power Up Paynter | Series Queen Amira 19 | |||||||||||||||||||||||||
| Cash Flows From Operating Activities | ||||||||||||||||||||||||||||||||
| Net Income/(Loss) | $ | (30,678 | ) | $ | – | $ | (35,253 | ) | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
| Adjustments to reconcile net income/(loss) to net cash used in operating activities: | ||||||||||||||||||||||||||||||||
| Depreciation | 10,361 | – | 8,667 | – | – | – | – | – | ||||||||||||||||||||||||
| Loss/(gain) on disposal of horse ownership | 8,618 | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Gain on debt forgiveness | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Expenses paid by related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest capitalized to loan | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||||
| Change in accounts receivable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in prepaid expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in other assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Operating Activities | (11,700 | ) | – | (26,586 | ) | – | – | – | – | – | ||||||||||||||||||||||
| Cash Flows From Investing Activities | ||||||||||||||||||||||||||||||||
| Purchase of horse assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Disposition of horse assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Proceeds from horse disposition | 9,983 | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Investing Activities | 9,983 | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash Flows From Financing Activities | ||||||||||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | (13,376 | ) | – | (602 | ) | – | – | – | – | – | ||||||||||||||||||||||
| Capital contributions | – | – | 36,629 | – | – | – | – | – | ||||||||||||||||||||||||
| Proceeds from debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Repayments on debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Horse revenues, net of expenses, applied to related party loans | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net advances/(repayments) in amount due to manager | 15,093 | – | (9,441 | ) | – | – | – | – | – | |||||||||||||||||||||||
| Net Cash Provided by/(Used in) Financing Activities | 1,717 | – | 26,586 | – | – | – | – | – | ||||||||||||||||||||||||
| Net Change in Cash | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at Beginning of Period | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at End of Period | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Supplemental Disclosure of Cash Flow Information | ||||||||||||||||||||||||||||||||
| Cash paid for interest | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Cash paid for income taxes | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Supplemental Disclosure of Non-Cash Activities: | ||||||||||||||||||||||||||||||||
| Horses purchased by issuance of related party notes payable | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Non-cash management fees | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements
| F-154 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CASH FLOWS (UNAUDITED)
For the six-month period ended June 30, 2025 (Continued)
| Series Race Hunter 19 | Series Rosie's Alibi | Series Salute to America | Series Sarrocchi 21 | Series Sauce On Side | Series Shake It Up Baby | Series Sigesmund | Series Silver- pocketsfull 19 | |||||||||||||||||||||||||
| Cash Flows From Operating Activities | ||||||||||||||||||||||||||||||||
| Net Income/(Loss) | $ | 30,534 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Adjustments to reconcile net income/(loss) to net cash used in operating activities: | ||||||||||||||||||||||||||||||||
| Depreciation | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Loss/(gain) on disposal of horse ownership | (40,000 | ) | – | – | – | – | – | – | – | |||||||||||||||||||||||
| Gain on debt forgiveness | (6,142 | ) | – | – | – | – | – | – | – | |||||||||||||||||||||||
| Expenses paid by related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest capitalized to loan | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||||
| Change in accounts receivable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in prepaid expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in other assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Operating Activities | (15,608 | ) | – | – | – | – | – | – | – | |||||||||||||||||||||||
| Cash Flows From Investing Activities | ||||||||||||||||||||||||||||||||
| Purchase of horse assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Disposition of horse assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Proceeds from horse disposition | 40,000 | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Investing Activities | 40,000 | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash Flows From Financing Activities | ||||||||||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Capital contributions | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Proceeds from debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Repayments on debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Horse revenues, net of expenses, applied to related party loans | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net advances/(repayments) in amount due to manager | (24,392 | ) | – | – | – | – | – | – | – | |||||||||||||||||||||||
| Net Cash Provided by/(Used in) Financing Activities | (24,392 | ) | – | – | – | – | – | – | – | |||||||||||||||||||||||
| Net Change in Cash | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at Beginning of Period | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at End of Period | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Supplemental Disclosure of Cash Flow Information | ||||||||||||||||||||||||||||||||
| Cash paid for interest | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Cash paid for income taxes | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Supplemental Disclosure of Non-Cash Activities: | ||||||||||||||||||||||||||||||||
| Horses purchased by issuance of related party notes payable | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Non-cash management fees | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements
| F-155 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CASH FLOWS (UNAUDITED)
For the six-month period ended June 30, 2025 (Continued)
| Series Smart Shopping 21 | Series Social Dilemma | Series Song of Lark 21 | Series Soul Beam | Series Speights- town Belle 19 | Series Spirit 20 | Series Squared Straight | Series Storm Shooter | |||||||||||||||||||||||||
| Cash Flows From Operating Activities | ||||||||||||||||||||||||||||||||
| Net Income/(Loss) | $ | (67,991 | ) | $ | – | $ | (44,083 | ) | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
| Adjustments to reconcile net income/(loss) to net cash used in operating activities: | ||||||||||||||||||||||||||||||||
| Depreciation | 5,250 | – | 26,775 | – | – | – | – | – | ||||||||||||||||||||||||
| Loss/(gain) on disposal of horse ownership | 8,558 | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Gain on debt forgiveness | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Expenses paid by related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest capitalized to loan | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||||
| Change in accounts receivable | 700 | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in prepaid expense | (700 | ) | – | – | – | – | – | – | – | |||||||||||||||||||||||
| Change in other assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Operating Activities | (54,184 | ) | – | (17,308 | ) | – | – | – | – | – | ||||||||||||||||||||||
| Cash Flows From Investing Activities | ||||||||||||||||||||||||||||||||
| Purchase of horse assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Disposition of horse assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Proceeds from horse disposition | (8,557 | ) | – | – | – | – | – | – | – | |||||||||||||||||||||||
| Net Cash Provided by/(Used in) Investing Activities | (8,557 | ) | – | – | – | – | – | – | – | |||||||||||||||||||||||
| Cash Flows From Financing Activities | ||||||||||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Capital contributions | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Proceeds from debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Repayments on debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Horse revenues, net of expenses, applied to related party loans | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net advances/(repayments) in amount due to manager | 62,741 | – | 17,308 | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Financing Activities | 62,741 | – | 17,308 | – | – | – | – | – | ||||||||||||||||||||||||
| Net Change in Cash | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at Beginning of Period | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at End of Period | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| – | – | – | – | – | – | – | ||||||||||||||||||||||||||
| Supplemental Disclosure of Cash Flow Information | ||||||||||||||||||||||||||||||||
| Cash paid for interest | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Cash paid for income taxes | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Supplemental Disclosure of Non-Cash Activities: | ||||||||||||||||||||||||||||||||
| Horses purchased by issuance of related party notes payable | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Non-cash management fees | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements
| F-156 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CASH FLOWS (UNAUDITED)
For the six-month period ended June 30, 2025 (Continued)
| Series Street Band | Series Sunny 18 | Series Sunsand- drinkinhand | Series Sweet Sweet Annie 19 | Series Swiss Minister | Series Takeo Squared | Series Tapitry 19 | Series Tavasco Road | |||||||||||||||||||||||||
| Cash Flows From Operating Activities | ||||||||||||||||||||||||||||||||
| Net Income/(Loss) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Adjustments to reconcile net income/(loss) to net cash used in operating activities: | ||||||||||||||||||||||||||||||||
| Depreciation | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Loss/(gain) on disposal of horse ownership | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Gain on debt forgiveness | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Expenses paid by related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest capitalized to loan | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||||
| Change in accounts receivable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in prepaid expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in other assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Operating Activities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash Flows From Investing Activities | ||||||||||||||||||||||||||||||||
| Purchase of horse assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Disposition of horse assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Proceeds from horse disposition | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Investing Activities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash Flows From Financing Activities | ||||||||||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Capital contributions | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Proceeds from debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Repayments on debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Horse revenues, net of expenses, applied to related party loans | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net advances/(repayments) in amount due to manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Financing Activities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Change in Cash | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at Beginning of Period | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at End of Period | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Supplemental Disclosure of Cash Flow Information | ||||||||||||||||||||||||||||||||
| Cash paid for interest | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Cash paid for income taxes | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Supplemental Disclosure of Non-Cash Activities: | ||||||||||||||||||||||||||||||||
| Horses purchased by issuance of related party notes payable | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Non-cash management fees | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – |
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements
| F-157 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CASH FLOWS (UNAUDITED)
For the six-month period ended June 30, 2025 (Continued)
| Series Tell All 19 | Series Tell the Duchess 19 | Series The Filly Four | Series The Royal Duet | Series Thirteen Stripes | Series Timeless Trick 20 | Series Tizamagician | Series Tufnel | |||||||||||||||||||||||||
| Cash Flows From Operating Activities | ||||||||||||||||||||||||||||||||
| Net Income/(Loss) | $ | – | $ | (41,756 | ) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | |||||||||||||||
| Adjustments to reconcile net income/(loss) to net cash used in operating activities: | ||||||||||||||||||||||||||||||||
| Depreciation | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Loss/(gain) on disposal of horse ownership | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Gain on debt forgiveness | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Expenses paid by related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest capitalized to loan | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||||
| Change in accounts receivable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in prepaid expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in other assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Operating Activities | – | (41,756 | ) | – | – | – | – | – | – | |||||||||||||||||||||||
| Cash Flows From Investing Activities | ||||||||||||||||||||||||||||||||
| Purchase of horse assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Disposition of horse assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Proceeds from horse disposition | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Investing Activities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash Flows From Financing Activities | ||||||||||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | (72,219 | ) | – | – | – | – | |||||||||||||||||||||||
| Capital contributions | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Proceeds from debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Repayments on debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Horse revenues, net of expenses, applied to related party loans | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net advances/(repayments) in amount due to manager | – | 41,756 | – | 72,219 | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Financing Activities | – | 41,756 | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Change in Cash | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at Beginning of Period | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at End of Period | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Supplemental Disclosure of Cash Flow Information | ||||||||||||||||||||||||||||||||
| Cash paid for interest | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Cash paid for income taxes | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Supplemental Disclosure of Non-Cash Activities: | ||||||||||||||||||||||||||||||||
| Horses purchased by issuance of related party notes payable | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Non-cash management fees | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements
| F-158 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CASH FLOWS (UNAUDITED)
For the six-month period ended June 30, 2025 (Continued)
| Series Twirl Girl 21 | Series Two Trail Sioux 17 | Series Two Trail Sioux 17K | Series Utalknbout- practice | Series Vertical Threat | Series Vow | Series War Safe | Series Wayne O | |||||||||||||||||||||||||
| Cash Flows From Operating Activities | ||||||||||||||||||||||||||||||||
| Net Income/(Loss) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Adjustments to reconcile net income/(loss) to net cash used in operating activities: | ||||||||||||||||||||||||||||||||
| Depreciation | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Loss/(gain) on disposal of horse ownership | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Gain on debt forgiveness | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Expenses paid by related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest capitalized to loan | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||||
| Change in accounts receivable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in prepaid expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in other assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Operating Activities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash Flows From Investing Activities | ||||||||||||||||||||||||||||||||
| Purchase of horse assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Disposition of horse assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Proceeds from horse disposition | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Investing Activities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash Flows From Financing Activities | ||||||||||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Capital contributions | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Proceeds from debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Repayments on debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Horse revenues, net of expenses, applied to related party loans | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net advances/(repayments) in amount due to manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Financing Activities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Change in Cash | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at Beginning of Period | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at End of Period | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Supplemental Disclosure of Cash Flow Information | ||||||||||||||||||||||||||||||||
| Cash paid for interest | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Cash paid for income taxes | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Supplemental Disclosure of Non-Cash Activities: | ||||||||||||||||||||||||||||||||
| Horses purchased by issuance of related party notes payable | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Non-cash management fees | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – |
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements
| F-159 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CASH FLOWS (UNAUDITED)
For the six-month period ended June 30, 2025 (Continued)
| Series Who Runs the World | Series Who'sbeen- inmybed 19 | Series Without Delay | Series Wonder Upon a Star 19 | Series Yes This Time | Series You Make Luvin Fun 19 | Series Zestful | My Racehorse CA | |||||||||||||||||||||||||
| Cash Flows From Operating Activities | ||||||||||||||||||||||||||||||||
| Net Income/(Loss) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Adjustments to reconcile net income/(loss) to net cash used in operating activities: | ||||||||||||||||||||||||||||||||
| Depreciation | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Loss/(gain) on disposal of horse ownership | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Gain on debt forgiveness | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Expenses paid by related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest capitalized to loan | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||||
| Change in accounts receivable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in prepaid expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in other assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Operating Activities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash Flows From Investing Activities | ||||||||||||||||||||||||||||||||
| Purchase of horse assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Disposition of horse assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Proceeds from horse disposition | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Investing Activities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash Flows From Financing Activities | ||||||||||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Capital contributions | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Proceeds from debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Repayments on debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Horse revenues, net of expenses, applied to related party loans | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net advances/(repayments) in amount due to manager | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Financing Activities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Change in Cash | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at Beginning of Period | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at End of Period | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Supplemental Disclosure of Cash Flow Information | ||||||||||||||||||||||||||||||||
| Cash paid for interest | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Cash paid for income taxes | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Supplemental Disclosure of Non-Cash Activities: | ||||||||||||||||||||||||||||||||
| Horses purchased by issuance of related party notes payable | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Non-cash management fees | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – |
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements
| F-160 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CASH FLOWS (UNAUDITED)
For the six-month period ended June 30, 2025 (Continued)
| Classic Colt Package | Series Edge Crown It 21 | Series Edge High Speed Goldie 21 | Series Edge More Than Magic 21 | Series MRH Adaay in Asia | Series MRH Alliford Bay 21 | Series MRH Blues Corner 21 | Series MRH Bullish Sentiment 21 | |||||||||||||||||||||||||
| Cash Flows From Operating Activities | ||||||||||||||||||||||||||||||||
| Net Income/(Loss) | $ | (76,257 | ) | $ | (36,344 | ) | $ | – | $ | (44,955 | ) | $ | – | $ | – | $ | – | $ | – | |||||||||||||
| Adjustments to reconcile net income/(loss) to net cash used in operating activities: | ||||||||||||||||||||||||||||||||
| Depreciation | 21,620 | 25,495 | – | 5,717 | – | – | – | – | ||||||||||||||||||||||||
| Loss/(gain) on disposal of horse ownership | 48,430 | – | – | 28,817 | – | – | – | – | ||||||||||||||||||||||||
| Gain on debt forgiveness | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Expenses paid by related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest capitalized to loan | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||||
| Change in accounts receivable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in prepaid expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in other assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Operating Activities | (6,207 | ) | (10,849 | ) | – | (10,422 | ) | – | – | – | – | |||||||||||||||||||||
| Cash Flows From Investing Activities | ||||||||||||||||||||||||||||||||
| Purchase of horse assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Disposition of horse assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Proceeds from horse disposition | 8,000 | – | – | 21,000 | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Investing Activities | 8,000 | – | – | 21,000 | – | – | – | – | ||||||||||||||||||||||||
| Cash Flows From Financing Activities | ||||||||||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | (9,961 | ) | (15,701 | ) | – | (23,278 | ) | – | – | – | – | |||||||||||||||||||||
| Capital contributions | 13,200 | 22,324 | – | 11,528 | – | – | – | – | ||||||||||||||||||||||||
| Proceeds from debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Repayments on debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Horse revenues, net of expenses, applied to related party loans | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net advances/(repayments) in amount due to manager | (5,032 | ) | 4,226 | – | 1,172 | – | – | – | – | |||||||||||||||||||||||
| Net Cash Provided by/(Used in) Financing Activities | (1,793 | ) | 10,849 | – | (10,578 | ) | – | – | – | – | ||||||||||||||||||||||
| Net Change in Cash | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at Beginning of Period | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at End of Period | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Supplemental Disclosure of Cash Flow Information | ||||||||||||||||||||||||||||||||
| Cash paid for interest | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Cash paid for income taxes | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Supplemental Disclosure of Non-Cash Activities: | ||||||||||||||||||||||||||||||||
| Horses purchased by issuance of related party notes payable | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Non-cash management fees | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements
| F-161 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CASH FLOWS (UNAUDITED)
For the six-month period ended June 30, 2025 (Continued)
| Series MRH Giant Mover 21 | MRH Blue Devil | MRH Brandy 22 | MRH Catalyst | MRH Here's the Kicker | MRH Incredi- Bundle | |||||||||||||||||||
| Cash Flows From Operating Activities | ||||||||||||||||||||||||
| Net Income/(Loss) | $ | – | $ | (38,957 | ) | $ | (217,092 | ) | $ | (65,678 | ) | $ | (50,555 | ) | $ | (117,178 | ) | |||||||
| Adjustments to reconcile net income/(loss) to net cash used in operating activities: | ||||||||||||||||||||||||
| Depreciation | – | 31,238 | 52,500 | 59,719 | 43,752 | 102,638 | ||||||||||||||||||
| Loss/(gain) on disposal of horse ownership | – | – | 149,032 | – | – | – | ||||||||||||||||||
| Gain on debt forgiveness | – | – | – | – | – | – | ||||||||||||||||||
| Expenses paid by related party | – | – | – | – | – | – | ||||||||||||||||||
| Interest capitalized to loan | – | – | – | – | – | – | ||||||||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||||||||||
| Change in accounts receivable | – | – | 32 | – | – | (1,714 | ) | |||||||||||||||||
| Change in prepaid expense | – | – | – | – | – | – | ||||||||||||||||||
| Change in other assets | – | – | – | – | – | – | ||||||||||||||||||
| Change in accrued expense | – | – | (3,622 | ) | – | – | – | |||||||||||||||||
| Change in accrued interest payable | – | – | – | – | – | – | ||||||||||||||||||
| Change in deferred revenue | – | – | – | – | – | – | ||||||||||||||||||
| Net Cash Provided by/(Used in) Operating Activities | – | (7,719 | ) | (19,151 | ) | (5,960 | ) | (6,803 | ) | (16,255 | ) | |||||||||||||
| Cash Flows From Investing Activities | ||||||||||||||||||||||||
| Purchase of horse assets | – | – | – | – | – | – | ||||||||||||||||||
| Disposition of horse assets | – | – | – | – | – | – | ||||||||||||||||||
| Proceeds from horse disposition | – | – | – | – | – | – | ||||||||||||||||||
| Net Cash Provided by/(Used in) Investing Activities | – | – | – | – | – | – | ||||||||||||||||||
| Cash Flows From Financing Activities | ||||||||||||||||||||||||
| Subscriptions received in horse series | – | 5,700 | – | – | – | – | ||||||||||||||||||
| Distributions from horse series | – | (12,903 | ) | (84,672 | ) | (11,180 | ) | – | (18,360 | ) | ||||||||||||||
| Capital contributions | – | – | – | – | – | – | ||||||||||||||||||
| Proceeds from debt - related party | – | – | – | – | – | – | ||||||||||||||||||
| Repayments on debt - related party | – | – | – | – | – | – | ||||||||||||||||||
| Horse revenues, net of expenses, applied to related party loans | – | – | – | – | – | – | ||||||||||||||||||
| Net advances/(repayments) in amount due to manager | – | 14,922 | 103,823 | 17,140 | 6,803 | 34,615 | ||||||||||||||||||
| Net Cash Provided by/(Used in) Financing Activities | – | 7,719 | 19,151 | 5,960 | 6,803 | 16,255 | ||||||||||||||||||
| Net Change in Cash | – | – | – | – | – | – | ||||||||||||||||||
| Cash at Beginning of Period | – | – | – | – | – | – | ||||||||||||||||||
| Cash at End of Period | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||
| – | – | – | – | – | – | |||||||||||||||||||
| Supplemental Disclosure of Cash Flow Information | ||||||||||||||||||||||||
| Cash paid for interest | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||
| Cash paid for income taxes | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||
| Supplemental Disclosure of Non-Cash Activities: | ||||||||||||||||||||||||
| Horses purchased by issuance of related party notes payable | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||
| Non-cash management fees | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements
| F-162 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CASH FLOWS (UNAUDITED)
For the six-month period ended June 30, 2025 (Continued)
| MRH Isle Blue | MRH New York Bundle | MRH Real Savvy | MRH Sweet as Sin | MRH Sweet Voyage | Series Stylishly 23 | Series Formidable Kitt | Series Blip Says Bye | |||||||||||||||||||||||||
| Cash Flows From Operating Activities | ||||||||||||||||||||||||||||||||
| Net Income/(Loss) | $ | (52,251 | ) | $ | (111,492 | ) | $ | (81,590 | ) | $ | (17,175 | ) | $ | (25,018 | ) | $ | (127,117 | ) | $ | (87,665 | ) | $ | (142,819 | ) | ||||||||
| Adjustments to reconcile net income/(loss) to net cash used in operating activities: | ||||||||||||||||||||||||||||||||
| Depreciation | 35,111 | 64,354 | 47,250 | 2,970 | 21,000 | 83,333 | 43,943 | – | ||||||||||||||||||||||||
| Loss/(gain) on disposal of horse ownership | – | – | – | 17,100 | – | – | – | – | ||||||||||||||||||||||||
| Gain on debt forgiveness | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Expenses paid by related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest capitalized to loan | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||||
| Change in accounts receivable | – | – | – | – | 26 | – | – | – | ||||||||||||||||||||||||
| Change in prepaid expense | – | – | – | – | (26 | ) | – | – | – | |||||||||||||||||||||||
| Change in other assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Operating Activities | (17,140 | ) | (47,138 | ) | (34,340 | ) | 2,895 | (4,018 | ) | (43,784 | ) | (43,723 | ) | (142,819 | ) | |||||||||||||||||
| Cash Flows From Investing Activities | ||||||||||||||||||||||||||||||||
| Purchase of horse assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Disposition of horse assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Proceeds from horse disposition | – | – | – | (806 | ) | – | – | – | – | |||||||||||||||||||||||
| Net Cash Provided by/(Used in) Investing Activities | – | – | – | (806 | ) | – | – | – | – | |||||||||||||||||||||||
| Cash Flows From Financing Activities | ||||||||||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | (528 | ) | 359,892 | |||||||||||||||||||||||
| Distributions from horse series | – | (15,759 | ) | – | (19,169 | ) | (11,775 | ) | – | (4,800 | ) | – | ||||||||||||||||||||
| Capital contributions | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Proceeds from debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Repayments on debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Horse revenues, net of expenses, applied to related party loans | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net advances/(repayments) in amount due to manager | 17,140 | 62,897 | 34,340 | 17,080 | 15,793 | 43,784 | 49,051 | (217,073 | ) | |||||||||||||||||||||||
| Net Cash Provided by/(Used in) Financing Activities | 17,140 | 47,138 | 34,340 | (2,089 | ) | 4,018 | 43,784 | 43,723 | 142,819 | |||||||||||||||||||||||
| Net Change in Cash | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at Beginning of Period | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at End of Period | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Supplemental Disclosure of Cash Flow Information | ||||||||||||||||||||||||||||||||
| Cash paid for interest | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Cash paid for income taxes | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Supplemental Disclosure of Non-Cash Activities: | ||||||||||||||||||||||||||||||||
| Horses purchased by issuance of related party notes payable | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Non-cash management fees | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements
| F-163 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CASH FLOWS (UNAUDITED)
For the six-month period ended June 30, 2025 (Continued)
| Series Clair de Lune 22 | Series Malibu Bonnie 23 | Series Spanxa- million | Series Sirius Pursuit | MRH STG Broodmare Band | MRH Commissioned | MRH Love Like Lucy | MRH My Eyes on You | |||||||||||||||||||||||||
| Cash Flows From Operating Activities | ||||||||||||||||||||||||||||||||
| Net Income/(Loss) | $ | (63,744 | ) | $ | (125,934 | ) | $ | (207,019 | ) | $ | (61,242 | ) | $ | (497,562 | ) | $ | (275,634 | ) | $ | (138,773 | ) | $ | (103,655 | ) | ||||||||
| Adjustments to reconcile net income/(loss) to net cash used in operating activities: | ||||||||||||||||||||||||||||||||
| Depreciation | 19,208 | 55,000 | 60,833 | – | 98,833 | 30,111 | 8,528 | 8,500 | ||||||||||||||||||||||||
| Loss/(gain) on disposal of horse ownership | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Gain on debt forgiveness | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Expenses paid by related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest capitalized to loan | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||||
| Change in accounts receivable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in prepaid expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in other assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Operating Activities | (44,535 | ) | (70,934 | ) | (146,186 | ) | (61,242 | ) | (398,729 | ) | (245,523 | ) | (130,245 | ) | (95,155 | ) | ||||||||||||||||
| Cash Flows From Investing Activities | ||||||||||||||||||||||||||||||||
| Purchase of horse assets | – | – | (21,900 | ) | – | (29,650 | ) | (311,175 | ) | (161,185 | ) | (176,333 | ) | |||||||||||||||||||
| Disposition of horse assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Proceeds from horse disposition | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Investing Activities | – | – | (21,900 | ) | – | (29,650 | ) | (311,175 | ) | (161,185 | ) | (176,333 | ) | |||||||||||||||||||
| Cash Flows From Financing Activities | ||||||||||||||||||||||||||||||||
| Subscriptions received in horse series | (1,992 | ) | 127,901 | 358,266 | 145,376 | 1,175,000 | 720,000 | 392,700 | 261,253 | |||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Capital contributions | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Proceeds from debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Repayments on debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Horse revenues, net of expenses, applied to related party loans | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net advances/(repayments) in amount due to manager | 46,527 | (56,967 | ) | (190,180 | ) | (84,134 | ) | (746,621 | ) | (163,302 | ) | (101,270 | ) | 10,235 | ||||||||||||||||||
| Net Cash Provided by/(Used in) Financing Activities | 44,535 | 70,934 | 168,086 | 61,242 | 428,379 | 556,698 | 291,430 | 271,488 | ||||||||||||||||||||||||
| Net Change in Cash | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at Beginning of Period | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at End of Period | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| – | – | – | – | – | – | – | – | |||||||||||||||||||||||||
| Supplemental Disclosure of Cash Flow Information | ||||||||||||||||||||||||||||||||
| Cash paid for interest | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Cash paid for income taxes | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Supplemental Disclosure of Non-Cash Activities: | ||||||||||||||||||||||||||||||||
| Horses purchased by issuance of related party notes payable | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Non-cash management fees | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements
| F-164 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CASH FLOWS (UNAUDITED)
For the six-month period ended June 30, 2025 (Continued)
| MRH Mystical Belle | MRH Raging Inferno | MRH Restless Rider 23 | MRH Stirred 23 | MRH Trust But Verify | MRH Wildcat Gaze 23 | 06.30.2025 Consolidated Total | ||||||||||||||||||||||
| Cash Flows From Operating Activities | ||||||||||||||||||||||||||||
| Net Income/(Loss) | $ | (119,229 | ) | $ | (17,771 | ) | $ | (39,627 | ) | $ | (15,992 | ) | $ | (349,279 | ) | $ | (4,135 | ) | $ | (2,029,765 | ) | |||||||
| Adjustments to reconcile net income/(loss) to net cash used in operating activities: | ||||||||||||||||||||||||||||
| Depreciation | 18,111 | 3,552 | – | – | 37,583 | – | 1,202,956 | |||||||||||||||||||||
| Loss/(gain) on disposal of horse ownership | – | – | – | – | – | – | (1,052,279 | ) | ||||||||||||||||||||
| Gain on debt forgiveness | – | – | – | – | – | – | (8,783 | ) | ||||||||||||||||||||
| Expenses paid by related party | – | – | – | – | – | – | – | |||||||||||||||||||||
| Interest capitalized to loan | – | – | – | – | – | – | – | |||||||||||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||
| Change in accounts receivable | – | – | – | – | – | – | (640,142 | ) | ||||||||||||||||||||
| Change in prepaid expense | – | – | – | – | – | – | (14,879 | ) | ||||||||||||||||||||
| Change in other assets | – | – | – | – | – | – | – | |||||||||||||||||||||
| Change in accrued expense | – | – | – | – | – | – | (3,622 | ) | ||||||||||||||||||||
| Change in accrued interest payable | – | – | – | – | – | – | – | |||||||||||||||||||||
| Change in deferred revenue | – | – | – | – | – | – | – | |||||||||||||||||||||
| Net Cash Provided by/(Used in) Operating Activities | (101,118 | ) | (14,219 | ) | (39,627 | ) | (15,992 | ) | (311,696 | ) | (4,135 | ) | (2,546,514 | ) | ||||||||||||||
| Cash Flows From Investing Activities | ||||||||||||||||||||||||||||
| Purchase of horse assets | (170,100 | ) | (149,063 | ) | (606,254 | ) | (226,522 | ) | (499,500 | ) | (62,242 | ) | (2,413,924 | ) | ||||||||||||||
| Disposition of horse assets | – | – | – | – | – | – | 86,250 | |||||||||||||||||||||
| Proceeds from horse disposition | – | – | – | – | – | – | 1,295,870 | |||||||||||||||||||||
| Net Cash Provided by/(Used in) Investing Activities | (170,100 | ) | (149,063 | ) | (606,254 | ) | (226,522 | ) | (499,500 | ) | (62,242 | ) | (1,031,804 | ) | ||||||||||||||
| Cash Flows From Financing Activities | ||||||||||||||||||||||||||||
| Subscriptions received in horse series | 360,000 | – | – | – | 941,017 | – | 4,844,585 | |||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | (1,366,812 | ) | ||||||||||||||||||||
| Capital contributions | – | – | – | – | – | – | 98,681 | |||||||||||||||||||||
| Proceeds from debt - related party | – | – | – | – | – | – | – | |||||||||||||||||||||
| Repayments on debt - related party | – | – | – | – | – | – | – | |||||||||||||||||||||
| Horse revenues, net of expenses, applied to related party loans | – | – | – | – | – | – | – | |||||||||||||||||||||
| Net advances/(repayments) in amount due to manager | (88,782 | ) | 163,282 | 645,881 | 242,514 | (129,821 | ) | 66,377 | 1,864 | |||||||||||||||||||
| Net Cash Provided by/(Used in) Financing Activities | 271,218 | 163,282 | 645,881 | 242,514 | 811,196 | 66,377 | 3,578,318 | |||||||||||||||||||||
| Net Change in Cash | – | – | – | – | – | – | – | |||||||||||||||||||||
| Cash at Beginning of Period | – | – | – | – | – | – | – | |||||||||||||||||||||
| Cash at End of Period | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
| – | – | – | – | – | – | – | ||||||||||||||||||||||
| Supplemental Disclosure of Cash Flow Information | ||||||||||||||||||||||||||||
| Cash paid for interest | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
| Cash paid for income taxes | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
| Supplemental Disclosure of Non-Cash Activities: | ||||||||||||||||||||||||||||
| Horses purchased by issuance of related party notes payable | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
| Non-cash management fees | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
No assurance is provided.
See accompanying notes, which are an integral part of these consolidated and consolidating financial statements
| F-165 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CASH FLOWS
For the year ended December 31, 2024
| Series Action Bundle | Series Adjust 20 | Series Amandrea | Series Ambleside Park 19 | Series Amers | Series Apple Down Under 19 | Series Ari the Adventurer 19 | Series Ashlees Empire 20 | |||||||||||||||||||||||||
| Cash Flows From Operating Activities | ||||||||||||||||||||||||||||||||
| Net Income/(Loss) | $ | – | $ | (40,660 | ) | $ | – | $ | – | $ | – | $ | – | $ | (40,014 | ) | $ | – | ||||||||||||||
| Adjustments to reconcile net income/(loss) to net cash used in operating activities: | ||||||||||||||||||||||||||||||||
| Depreciation | – | 11,055 | – | – | – | – | 23,452 | – | ||||||||||||||||||||||||
| Loss/(gain) on disposal of horse ownership | – | 16,027 | – | – | – | – | – | – | ||||||||||||||||||||||||
| Gain on debt forgiveness | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Expenses paid by related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest capitalized to loan | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||||
| Change in accounts receivable | – | 3,000 | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in prepaid expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in other assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Operating Activities | – | (10,577 | ) | – | – | – | – | (16,562 | ) | – | ||||||||||||||||||||||
| Cash Flows From Investing Activities | ||||||||||||||||||||||||||||||||
| Purchase of horse assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Disposition of horse assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Proceeds from horse disposition | – | 13,531 | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Investing Activities | – | 13,531 | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash Flows From Financing Activities | ||||||||||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | (47,872 | ) | – | – | – | – | – | – | |||||||||||||||||||||||
| Capital contributions | – | 46,205 | – | – | – | – | 38,228 | – | ||||||||||||||||||||||||
| Proceeds from debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Repayments on debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Horse revenues, net of expenses, applied to related party loans | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net advances/(repayments) in amount due to manager | – | (1,287 | ) | – | – | – | – | (21,666 | ) | – | ||||||||||||||||||||||
| Net Cash Provided by/(Used in) Financing Activities | – | (2,954 | ) | – | – | – | – | 16,562 | – | |||||||||||||||||||||||
| Net Change in Cash | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at Beginning of Period | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at End of Period | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Supplemental Disclosure of Cash Flow Information | ||||||||||||||||||||||||||||||||
| Cash paid for interest | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Cash paid for income taxes | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Supplemental Disclosure of Non-Cash Activities: | ||||||||||||||||||||||||||||||||
| Horses purchased by issuance of related party notes payable | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Non-cash management fees | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
See Independent auditor’s report and accompanying notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-166 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CASH FLOWS
For the year ended December 31, 2024 (Continued)
| Series Athenian Beauty 19 | Series Authentic | Series Awe Hush 19 | Series Bajan Bashert | Series Balletic | Series Bella Chica | Series Big Mel | Series Black Escort 19 | |||||||||||||||||||||||||
| Cash Flows From Operating Activities | ||||||||||||||||||||||||||||||||
| Net Income/(Loss) | $ | – | $ | 440,939 | $ | – | $ | (98,033 | ) | $ | (91,495 | ) | $ | – | $ | – | $ | – | ||||||||||||||
| Adjustments to reconcile net income/(loss) to net cash used in operating activities: | ||||||||||||||||||||||||||||||||
| Depreciation | – | – | – | 28,000 | 95,685 | – | – | – | ||||||||||||||||||||||||
| Loss/(gain) on disposal of horse ownership | – | – | – | 44,158 | (37,503 | ) | – | – | – | |||||||||||||||||||||||
| Gain on debt forgiveness | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Expenses paid by related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest capitalized to loan | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||||
| Change in accounts receivable | – | – | – | 1,500 | – | – | – | – | ||||||||||||||||||||||||
| Change in prepaid expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in other assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Operating Activities | – | 440,939 | – | (24,375 | ) | (33,312 | ) | – | – | – | ||||||||||||||||||||||
| Cash Flows From Investing Activities | ||||||||||||||||||||||||||||||||
| Purchase of horse assets | – | – | – | – | (25,175 | ) | – | – | – | |||||||||||||||||||||||
| Disposition of horse assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Proceeds from horse disposition | – | – | – | – | 62,678 | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Investing Activities | – | – | – | – | 37,503 | – | – | – | ||||||||||||||||||||||||
| Cash Flows From Financing Activities | ||||||||||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | (144,625 | ) | – | (17,584 | ) | – | – | – | – | ||||||||||||||||||||||
| Capital contributions | – | – | – | 40,280 | – | – | – | – | ||||||||||||||||||||||||
| Proceeds from debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Repayments on debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Horse revenues, net of expenses, applied to related party loans | – | (440,794 | ) | – | – | – | – | – | – | |||||||||||||||||||||||
| Net advances/(repayments) in amount due to manager | – | 144,480 | – | 1,679 | (4,191 | ) | – | – | – | |||||||||||||||||||||||
| Net Cash Provided by/(Used in) Financing Activities | – | (440,939 | ) | – | 24,375 | (4,191 | ) | – | – | – | ||||||||||||||||||||||
| Net Change in Cash | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at Beginning of Period | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at End of Period | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Supplemental Disclosure of Cash Flow Information | ||||||||||||||||||||||||||||||||
| Cash paid for interest | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Cash paid for income taxes | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Supplemental Disclosure of Non-Cash Activities: | ||||||||||||||||||||||||||||||||
| Horses purchased by issuance of related party notes payable | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Non-cash management fees | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
See Independent auditor’s report and accompanying notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-167 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CASH FLOWS
For the year ended December 31, 2024 (Continued)
| Series Bullion | Series Cable Boss | Series Cairo Kiss | Series Carrothers | Series Cayala 19 | Series Arch Support 20 | Series Chad Brown Bundle | Series Chasing the Moon 20 | |||||||||||||||||||||||||
| Cash Flows From Operating Activities | ||||||||||||||||||||||||||||||||
| Net Income/(Loss) | $ | – | $ | (74,836 | ) | $ | – | $ | – | $ | – | $ | (40,737 | ) | $ | (111,256 | ) | $ | (136,053 | ) | ||||||||||||
| Adjustments to reconcile net income/(loss) to net cash used in operating activities: | ||||||||||||||||||||||||||||||||
| Depreciation | – | 59,644 | – | – | – | 23,333 | 65,492 | 36,117 | ||||||||||||||||||||||||
| Loss/(gain) on disposal of horse ownership | – | – | – | – | – | – | – | 67,991 | ||||||||||||||||||||||||
| Gain on debt forgiveness | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Expenses paid by related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest capitalized to loan | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||||
| Change in accounts receivable | – | – | – | – | – | 750 | – | 651 | ||||||||||||||||||||||||
| Change in prepaid expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in other assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Operating Activities | – | (15,192 | ) | – | – | – | (16,654 | ) | (45,763 | ) | (31,294 | ) | ||||||||||||||||||||
| Cash Flows From Investing Activities | ||||||||||||||||||||||||||||||||
| Purchase of horse assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Disposition of horse assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Proceeds from horse disposition | – | – | – | – | – | – | – | 30,400 | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Investing Activities | – | – | – | – | – | – | – | 30,400 | ||||||||||||||||||||||||
| Cash Flows From Financing Activities | ||||||||||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | (14,655 | ) | – | (50,768 | ) | ||||||||||||||||||||||
| Capital contributions | – | – | – | – | – | 39,818 | 27,877 | 45,000 | ||||||||||||||||||||||||
| Proceeds from debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Repayments on debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Horse revenues, net of expenses, applied to related party loans | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net advances/(repayments) in amount due to manager | – | 15,192 | – | – | – | (8,509 | ) | 17,886 | 6,662 | |||||||||||||||||||||||
| Net Cash Provided by/(Used in) Financing Activities | – | 15,192 | – | – | – | 16,654 | 45,763 | 894 | ||||||||||||||||||||||||
| Net Change in Cash | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at Beginning of Period | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at End of Period | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Supplemental Disclosure of Cash Flow Information | ||||||||||||||||||||||||||||||||
| Cash paid for interest | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Cash paid for income taxes | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Supplemental Disclosure of Non-Cash Activities: | ||||||||||||||||||||||||||||||||
| Horses purchased by issuance of related party notes payable | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Non-cash management fees | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
See Independent auditor’s report and accompanying notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-168 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CASH FLOWS
For the year ended December 31, 2024 (Continued)
| Series Classic Cut | Series Classof- sixtythree 19 | Series Co Cola 19 | Series Collusion Illusion | Series Consecrate 19 | Series Courtisane 19 | Series Daddy's Joy | Series Dancing Crane | |||||||||||||||||||||||||
| Cash Flows From Operating Activities | ||||||||||||||||||||||||||||||||
| Net Income/(Loss) | $ | (67,483 | ) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | |||||||||||||||
| Adjustments to reconcile net income/(loss) to net cash used in operating activities: | ||||||||||||||||||||||||||||||||
| Depreciation | 50,806 | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Loss/(gain) on disposal of horse ownership | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Gain on debt forgiveness | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Expenses paid by related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest capitalized to loan | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||||
| Change in accounts receivable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in prepaid expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in other assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Operating Activities | (16,676 | ) | – | – | – | – | – | – | – | |||||||||||||||||||||||
| Cash Flows From Investing Activities | ||||||||||||||||||||||||||||||||
| Purchase of horse assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Disposition of horse assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Proceeds from horse disposition | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Investing Activities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash Flows From Financing Activities | ||||||||||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | (12,579 | ) | (47,539 | ) | – | – | (257 | ) | – | – | |||||||||||||||||||||
| Capital contributions | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Proceeds from debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Repayments on debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Horse revenues, net of expenses, applied to related party loans | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net advances/(repayments) in amount due to manager | 16,676 | 12,579 | 47,539 | – | – | 257 | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Financing Activities | 16,676 | 0 | (0 | ) | – | – | – | – | – | |||||||||||||||||||||||
| Net Change in Cash | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at Beginning of Period | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at End of Period | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Supplemental Disclosure of Cash Flow Information | ||||||||||||||||||||||||||||||||
| Cash paid for interest | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Cash paid for income taxes | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Supplemental Disclosure of Non-Cash Activities: | ||||||||||||||||||||||||||||||||
| Horses purchased by issuance of related party notes payable | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Non-cash management fees | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
See Independent auditor’s report and accompanying notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-169 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CASH FLOWS
For the year ended December 31, 2024 (Continued)
| Series Daring Dancer 20 | Series De Mystique 17 | Series Deep Cover | Series Demogorgon | Series Desire Street 19 | Series Echo Warrior 19 | Series Edge Racing Summer Fun | Series Enchante 21 | |||||||||||||||||||||||||
| Cash Flows From Operating Activities | ||||||||||||||||||||||||||||||||
| Net Income/(Loss) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | (9,444 | ) | $ | – | $ | (119,920 | ) | ||||||||||||||
| Adjustments to reconcile net income/(loss) to net cash used in operating activities: | ||||||||||||||||||||||||||||||||
| Depreciation | – | – | – | – | – | 11,889 | – | 99,740 | ||||||||||||||||||||||||
| Loss/(gain) on disposal of horse ownership | – | – | – | – | – | (28,995 | ) | – | – | |||||||||||||||||||||||
| Gain on debt forgiveness | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Expenses paid by related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest capitalized to loan | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||||
| Change in accounts receivable | – | – | – | – | – | – | – | (1,638 | ) | |||||||||||||||||||||||
| Change in prepaid expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in other assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Operating Activities | – | – | – | – | – | (26,551 | ) | – | (21,818 | ) | ||||||||||||||||||||||
| Cash Flows From Investing Activities | ||||||||||||||||||||||||||||||||
| Purchase of horse assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Disposition of horse assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Proceeds from horse disposition | – | – | – | – | – | 28,995 | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Investing Activities | – | – | – | – | – | 28,995 | – | – | ||||||||||||||||||||||||
| Cash Flows From Financing Activities | ||||||||||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | (13,323 | ) | – | – | – | (8,818 | ) | – | (12,083 | ) | (33,480 | ) | ||||||||||||||||||||
| Capital contributions | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Proceeds from debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Repayments on debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Horse revenues, net of expenses, applied to related party loans | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net advances/(repayments) in amount due to manager | 13,323 | – | – | – | 8,818 | (2,444 | ) | 12,083 | 55,298 | |||||||||||||||||||||||
| Net Cash Provided by/(Used in) Financing Activities | – | – | – | – | – | (2,444 | ) | – | 21,818 | |||||||||||||||||||||||
| Net Change in Cash | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at Beginning of Period | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at End of Period | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Supplemental Disclosure of Cash Flow Information | ||||||||||||||||||||||||||||||||
| Cash paid for interest | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Cash paid for income taxes | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Supplemental Disclosure of Non-Cash Activities: | ||||||||||||||||||||||||||||||||
| Horses purchased by issuance of related party notes payable | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Non-cash management fees | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
See Independent auditor’s report and accompanying notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-170 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CASH FLOWS
For the year ended December 31, 2024 (Continued)
| Series Elarose 21 | Series Escape Route | Series Exonerated 19 | Series Fenwick Hall 20 | Series Forever Rose | Series Flora Dora 20 | Series Frosted Oats | Series Future Stars Stable | |||||||||||||||||||||||||
| Cash Flows From Operating Activities | ||||||||||||||||||||||||||||||||
| Net Income/(Loss) | $ | (152,561 | ) | $ | (24,436 | ) | $ | – | $ | – | $ | 102,626 | $ | (44,256 | ) | $ | – | $ | 17,327 | |||||||||||||
| Adjustments to reconcile net income/(loss) to net cash used in operating activities: | ||||||||||||||||||||||||||||||||
| Depreciation | 105,000 | – | – | – | (62,008 | ) | 15,625 | – | – | |||||||||||||||||||||||
| Loss/(gain) on disposal of horse ownership | – | – | – | – | – | 16,207 | – | (19,577 | ) | |||||||||||||||||||||||
| Gain on debt forgiveness | – | – | – | – | – | – | – | (9,793 | ) | |||||||||||||||||||||||
| Expenses paid by related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest capitalized to loan | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||||
| Change in accounts receivable | – | 3,900 | – | – | – | (5,000 | ) | – | 599 | |||||||||||||||||||||||
| Change in prepaid expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in other assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued expense | – | – | – | – | – | – | – | (599 | ) | |||||||||||||||||||||||
| Change in accrued interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Operating Activities | (47,561 | ) | (20,536 | ) | – | – | 40,618 | (17,424 | ) | – | (12,043 | ) | ||||||||||||||||||||
| Cash Flows From Investing Activities | ||||||||||||||||||||||||||||||||
| Purchase of horse assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Disposition of horse assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Proceeds from horse disposition | – | – | – | – | 118,142 | (6,406 | ) | – | 19,577 | |||||||||||||||||||||||
| Net Cash Provided by/(Used in) Investing Activities | – | – | – | – | 118,142 | (6,406 | ) | – | 19,577 | |||||||||||||||||||||||
| Cash Flows From Financing Activities | ||||||||||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | (17,800 | ) | (11,934 | ) | – | – | – | (4,800 | ) | (8,829 | ) | (21,210 | ) | |||||||||||||||||||
| Capital contributions | – | 66,823 | – | – | – | 57,086 | – | – | ||||||||||||||||||||||||
| Proceeds from debt - related party | – | – | – | – | – | – | – | 2,991 | ||||||||||||||||||||||||
| Repayments on debt - related party | – | – | – | – | – | – | – | (33,856 | ) | |||||||||||||||||||||||
| Horse revenues, net of expenses, applied to related party loans | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net advances/(repayments) in amount due to manager | 65,361 | (34,353 | ) | – | – | (158,760 | ) | (28,456 | ) | 8,829 | 44,542 | |||||||||||||||||||||
| Net Cash Provided by/(Used in) Financing Activities | 47,561 | 20,536 | – | – | (158,760 | ) | 23,830 | – | (7,533 | ) | ||||||||||||||||||||||
| Net Change in Cash | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at Beginning of Period | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at End of Period | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Supplemental Disclosure of Cash Flow Information | ||||||||||||||||||||||||||||||||
| Cash paid for interest | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Cash paid for income taxes | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Supplemental Disclosure of Non-Cash Activities: | ||||||||||||||||||||||||||||||||
| Horses purchased by issuance of related party notes payable | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Non-cash management fees | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
See Independent auditor’s report and accompanying notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-171 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CASH FLOWS
For the year ended December 31, 2024 (Continued)
| Series Gentleman Gerry | Series Going to Vegas | Series Got Stormy | Series Grand Traverse Bay 19 | Series Grand Traverse Bay 20 | Series Heaven Street | Series Kindle 21 | Series Knarsdale 21 | |||||||||||||||||||||||||
| Cash Flows From Operating Activities | ||||||||||||||||||||||||||||||||
| Net Income/(Loss) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | (85,830 | ) | $ | (132,670 | ) | ||||||||||||||
| Adjustments to reconcile net income/(loss) to net cash used in operating activities: | ||||||||||||||||||||||||||||||||
| Depreciation | – | – | – | – | – | – | 52,500 | 103,785 | ||||||||||||||||||||||||
| Loss/(gain) on disposal of horse ownership | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Gain on debt forgiveness | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Expenses paid by related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest capitalized to loan | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||||
| Change in accounts receivable | – | – | – | – | – | – | (347 | ) | – | |||||||||||||||||||||||
| Change in prepaid expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in other assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Operating Activities | – | – | – | – | – | – | (33,677 | ) | (28,885 | ) | ||||||||||||||||||||||
| Cash Flows From Investing Activities | ||||||||||||||||||||||||||||||||
| Purchase of horse assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Disposition of horse assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Proceeds from horse disposition | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Investing Activities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash Flows From Financing Activities | ||||||||||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | (18,981 | ) | – | (4,496 | ) | (8,313 | ) | |||||||||||||||||||||
| Capital contributions | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Proceeds from debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Repayments on debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Horse revenues, net of expenses, applied to related party loans | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net advances/(repayments) in amount due to manager | – | – | – | – | 18,981 | – | 38,172 | 37,198 | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Financing Activities | – | – | – | – | – | – | 33,677 | 28,885 | ||||||||||||||||||||||||
| Net Change in Cash | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at Beginning of Period | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at End of Period | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Supplemental Disclosure of Cash Flow Information | ||||||||||||||||||||||||||||||||
| Cash paid for interest | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Cash paid for income taxes | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Supplemental Disclosure of Non-Cash Activities: | ||||||||||||||||||||||||||||||||
| Horses purchased by issuance of related party notes payable | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Non-cash management fees | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
See Independent auditor’s report and accompanying notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-172 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CASH FLOWS
For the year ended December 31, 2024 (Continued)
| Series I'm a Looker 20 | Series Into Summer 19 | Series Ishvana 21 | Series Jeanne's Speight 20 | Series Just Louise 19 | Series Keertana 18 | Series Kiana's Love | Series Kichiro | |||||||||||||||||||||||||
| Cash Flows From Operating Activities | ||||||||||||||||||||||||||||||||
| Net Income/(Loss) | $ | (132,788 | ) | $ | – | $ | 98,070 | $ | (6,750 | ) | $ | 120,010 | $ | – | $ | – | $ | – | ||||||||||||||
| Adjustments to reconcile net income/(loss) to net cash used in operating activities: | ||||||||||||||||||||||||||||||||
| Depreciation | 51,277 | – | (53,091 | ) | – | – | – | – | – | |||||||||||||||||||||||
| Loss/(gain) on disposal of horse ownership | 69,851 | – | – | 6,750 | (141,943 | ) | – | – | – | |||||||||||||||||||||||
| Gain on debt forgiveness | – | – | – | – | (12,055 | ) | – | – | – | |||||||||||||||||||||||
| Expenses paid by related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest capitalized to loan | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||||
| Change in accounts receivable | 377 | – | – | – | 11,006 | – | – | – | ||||||||||||||||||||||||
| Change in prepaid expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in other assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued expense | (35 | ) | – | – | – | (7,716 | ) | – | – | – | ||||||||||||||||||||||
| Change in accrued interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Operating Activities | (11,319 | ) | – | 44,979 | – | (30,698 | ) | – | – | – | ||||||||||||||||||||||
| Cash Flows From Investing Activities | ||||||||||||||||||||||||||||||||
| Purchase of horse assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Disposition of horse assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Proceeds from horse disposition | 4,775 | – | 126,296 | (6,750 | ) | 141,943 | – | – | – | |||||||||||||||||||||||
| Net Cash Provided by/(Used in) Investing Activities | 4,775 | – | 126,296 | (6,750 | ) | 141,943 | – | – | – | |||||||||||||||||||||||
| Cash Flows From Financing Activities | ||||||||||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | (75,044 | ) | – | – | – | – | – | – | – | |||||||||||||||||||||||
| Capital contributions | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Proceeds from debt - related party | – | – | – | – | 20,576 | – | – | – | ||||||||||||||||||||||||
| Repayments on debt - related party | – | – | – | – | (144,343 | ) | – | – | – | |||||||||||||||||||||||
| Horse revenues, net of expenses, applied to related party loans | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net advances/(repayments) in amount due to manager | 81,588 | – | (171,275 | ) | 6,750 | 12,522 | – | – | – | |||||||||||||||||||||||
| Net Cash Provided by/(Used in) Financing Activities | 6,544 | – | (171,275 | ) | 6,750 | (111,245 | ) | – | – | – | ||||||||||||||||||||||
| Net Change in Cash | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at Beginning of Period | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at End of Period | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Supplemental Disclosure of Cash Flow Information | ||||||||||||||||||||||||||||||||
| Cash paid for interest | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Cash paid for income taxes | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Supplemental Disclosure of Non-Cash Activities: | ||||||||||||||||||||||||||||||||
| Horses purchased by issuance of related party notes payable | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Non-cash management fees | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
See Independent auditor’s report and accompanying notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-173 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CASH FLOWS
For the year ended December 31, 2024 (Continued)
| Series Lane Way | Series Latte Da 19 | Series Lazy Daisy | Series Le Relais 20 | Series Lost Empire 19 | Series Madarnas | Series Madiera Wine | Series Major Implications | |||||||||||||||||||||||||
| Cash Flows From Operating Activities | ||||||||||||||||||||||||||||||||
| Net Income/(Loss) | $ | (36,460 | ) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | |||||||||||||||
| Adjustments to reconcile net income/(loss) to net cash used in operating activities: | ||||||||||||||||||||||||||||||||
| Depreciation | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Loss/(gain) on disposal of horse ownership | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Gain on debt forgiveness | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Expenses paid by related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest capitalized to loan | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||||
| Change in accounts receivable | 24,906 | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in prepaid expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in other assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued expense | (24,906 | ) | – | – | – | – | – | – | – | |||||||||||||||||||||||
| Change in accrued interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Operating Activities | (36,460 | ) | – | – | – | – | – | – | – | |||||||||||||||||||||||
| Cash Flows From Investing Activities | ||||||||||||||||||||||||||||||||
| Purchase of horse assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Disposition of horse assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Proceeds from horse disposition | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Investing Activities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash Flows From Financing Activities | ||||||||||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Capital contributions | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Proceeds from debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Repayments on debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Horse revenues, net of expenses, applied to related party loans | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net advances/(repayments) in amount due to manager | 36,460 | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Financing Activities | 36,460 | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Change in Cash | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at Beginning of Period | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at End of Period | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Supplemental Disclosure of Cash Flow Information | ||||||||||||||||||||||||||||||||
| Cash paid for interest | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Cash paid for income taxes | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Supplemental Disclosure of Non-Cash Activities: | ||||||||||||||||||||||||||||||||
| Horses purchased by issuance of related party notes payable | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Non-cash management fees | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
See Independent auditor’s report and accompanying notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-174 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CASH FLOWS
For the year ended December 31, 2024 (Continued)
| Series Man Among Men | Series Margaret Reay 19 | Series Margarita Friday 19 | Series Martita Sangrita 17 | Series Mayan Milagra 19 | Series Midnight Sweetie 19 | Series Miss Puzzle | Series Miss Sakamoto | |||||||||||||||||||||||||
| Cash Flows From Operating Activities | ||||||||||||||||||||||||||||||||
| Net Income/(Loss) | $ | 77,109 | $ | – | $ | 449,947 | $ | – | $ | – | $ | – | $ | – | $ | 6,828 | ||||||||||||||||
| Adjustments to reconcile net income/(loss) to net cash used in operating activities: | ||||||||||||||||||||||||||||||||
| Depreciation | – | – | 14,534 | – | – | – | – | 10,585 | ||||||||||||||||||||||||
| Loss/(gain) on disposal of horse ownership | (80,920 | ) | – | – | – | – | – | – | (28,008 | ) | ||||||||||||||||||||||
| Gain on debt forgiveness | (1,654 | ) | – | – | – | – | – | – | – | |||||||||||||||||||||||
| Expenses paid by related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest capitalized to loan | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||||
| Change in accounts receivable | 1,515 | – | (2,324 | ) | – | – | – | – | – | |||||||||||||||||||||||
| Change in prepaid expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in other assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued expense | (1,515 | ) | – | (6,076 | ) | – | – | – | – | – | ||||||||||||||||||||||
| Change in accrued interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Operating Activities | (5,465 | ) | – | 456,081 | – | – | – | – | (10,596 | ) | ||||||||||||||||||||||
| Cash Flows From Investing Activities | ||||||||||||||||||||||||||||||||
| Purchase of horse assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Disposition of horse assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Proceeds from horse disposition | 80,920 | – | – | – | – | – | – | 33,500 | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Investing Activities | 80,920 | – | – | – | – | – | – | 33,500 | ||||||||||||||||||||||||
| Cash Flows From Financing Activities | ||||||||||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | (54 | ) | |||||||||||||||||||||||
| Distributions from horse series | (10,553 | ) | – | (441,080 | ) | – | (23,720 | ) | – | – | (18,866 | ) | ||||||||||||||||||||
| Capital contributions | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Proceeds from debt - related party | 12,264 | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Repayments on debt - related party | (82,510 | ) | – | – | – | – | – | – | – | |||||||||||||||||||||||
| Horse revenues, net of expenses, applied to related party loans | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net advances/(repayments) in amount due to manager | 5,345 | – | (15,001 | ) | – | 23,720 | – | – | (3,984 | ) | ||||||||||||||||||||||
| Net Cash Provided by/(Used in) Financing Activities | (75,455 | ) | – | (456,081 | ) | – | – | – | – | (22,904 | ) | |||||||||||||||||||||
| Net Change in Cash | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at Beginning of Period | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at End of Period | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Supplemental Disclosure of Cash Flow Information | ||||||||||||||||||||||||||||||||
| Cash paid for interest | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Cash paid for income taxes | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Supplemental Disclosure of Non-Cash Activities: | ||||||||||||||||||||||||||||||||
| Horses purchased by issuance of related party notes payable | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Non-cash management fees | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
See Independent auditor’s report and accompanying notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-175 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CASH FLOWS
For the year ended December 31, 2024 (Continued)
| Series Mo Mischief | Series Mo Temptation | Series Monomoy Girl | Series Moonbow 20 | Series Moonless Sky | Series Motion Emotion | Series Mrs Whistler | Series My Fast One 20 | |||||||||||||||||||||||||
| Cash Flows From Operating Activities | ||||||||||||||||||||||||||||||||
| Net Income/(Loss) | $ | – | $ | (92,511 | ) | $ | – | $ | (28,608 | ) | $ | – | $ | – | $ | – | $ | (47,686 | ) | |||||||||||||
| Adjustments to reconcile net income/(loss) to net cash used in operating activities: | ||||||||||||||||||||||||||||||||
| Depreciation | – | 16,538 | – | 8,334 | – | – | – | 4,824 | ||||||||||||||||||||||||
| Loss/(gain) on disposal of horse ownership | – | 45,398 | – | 4,267 | – | – | – | 40,092 | ||||||||||||||||||||||||
| Gain on debt forgiveness | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Expenses paid by related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest capitalized to loan | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||||
| Change in accounts receivable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in prepaid expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in other assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Operating Activities | – | (30,576 | ) | – | (16,006 | ) | – | – | – | (2,770 | ) | |||||||||||||||||||||
| Cash Flows From Investing Activities | ||||||||||||||||||||||||||||||||
| Purchase of horse assets | – | – | – | – | – | – | – | (6,000 | ) | |||||||||||||||||||||||
| Disposition of horse assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Proceeds from horse disposition | – | (10,763 | ) | – | 11,203 | – | – | – | 11,250 | |||||||||||||||||||||||
| Net Cash Provided by/(Used in) Investing Activities | – | (10,763 | ) | – | 11,203 | – | – | – | 5,250 | |||||||||||||||||||||||
| Cash Flows From Financing Activities | ||||||||||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | (8,373 | ) | – | (44,143 | ) | – | – | (25,454 | ) | (70,694 | ) | ||||||||||||||||||||
| Capital contributions | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Proceeds from debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Repayments on debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Horse revenues, net of expenses, applied to related party loans | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net advances/(repayments) in amount due to manager | – | 49,711 | – | 48,946 | – | – | 25,454 | 68,214 | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Financing Activities | – | 41,338 | – | 4,803 | – | – | – | (2,480 | ) | |||||||||||||||||||||||
| Net Change in Cash | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at Beginning of Period | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at End of Period | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Supplemental Disclosure of Cash Flow Information | ||||||||||||||||||||||||||||||||
| Cash paid for interest | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Cash paid for income taxes | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Supplemental Disclosure of Non-Cash Activities: | ||||||||||||||||||||||||||||||||
| Horses purchased by issuance of related party notes payable | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Non-cash management fees | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
See Independent auditor’s report and accompanying notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-176 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CASH FLOWS
For the year ended December 31, 2024 (Continued)
| Series Naismith | Series National Road | Series New York Claiming Package | Series Night of Idiots | Series Nileist | Series Noble Goddess | Series Northern Smile 20 | Series NY Exacta | |||||||||||||||||||||||||
| Cash Flows From Operating Activities | ||||||||||||||||||||||||||||||||
| Net Income/(Loss) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | (48,322 | ) | $ | – | |||||||||||||||
| Adjustments to reconcile net income/(loss) to net cash used in operating activities: | ||||||||||||||||||||||||||||||||
| Depreciation | – | – | – | – | – | – | 4,052 | – | ||||||||||||||||||||||||
| Loss/(gain) on disposal of horse ownership | – | – | – | – | – | – | 32,158 | – | ||||||||||||||||||||||||
| Gain on debt forgiveness | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Expenses paid by related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest capitalized to loan | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||||
| Change in accounts receivable | – | 3,750 | – | – | – | – | 18,750 | – | ||||||||||||||||||||||||
| Change in prepaid expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in other assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Operating Activities | – | 3,750 | – | – | – | – | 6,638 | – | ||||||||||||||||||||||||
| Cash Flows From Investing Activities | ||||||||||||||||||||||||||||||||
| Purchase of horse assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Disposition of horse assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Proceeds from horse disposition | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Investing Activities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash Flows From Financing Activities | ||||||||||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | – | (3,750 | ) | – | |||||||||||||||||||||||
| Capital contributions | – | 32,294 | – | – | – | – | 21,747 | – | ||||||||||||||||||||||||
| Proceeds from debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Repayments on debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Horse revenues, net of expenses, applied to related party loans | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net advances/(repayments) in amount due to manager | – | (36,044 | ) | – | – | – | – | (24,635 | ) | – | ||||||||||||||||||||||
| Net Cash Provided by/(Used in) Financing Activities | – | (3,750 | ) | – | – | – | – | (6,638 | ) | – | ||||||||||||||||||||||
| Net Change in Cash | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at Beginning of Period | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at End of Period | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Supplemental Disclosure of Cash Flow Information | ||||||||||||||||||||||||||||||||
| Cash paid for interest | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Cash paid for income taxes | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Supplemental Disclosure of Non-Cash Activities: | ||||||||||||||||||||||||||||||||
| Horses purchased by issuance of related party notes payable | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Non-cash management fees | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
See Independent auditor’s report and accompanying notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-177 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CASH FLOWS
For the year ended December 31, 2024 (Continued)
| Series One Last Night 21 | Series Our Miss Jones 19 | Series Our Jenny B | Series Palace Foal | Series Patsys Kim 21 | Series Popular Demand | Series Power Up Paynter | Series Queen Amira 19 | |||||||||||||||||||||||||
| Cash Flows From Operating Activities | ||||||||||||||||||||||||||||||||
| Net Income/(Loss) | $ | (88,276 | ) | $ | – | $ | (59,017 | ) | $ | – | $ | (224,126 | ) | $ | – | $ | – | $ | – | |||||||||||||
| Adjustments to reconcile net income/(loss) to net cash used in operating activities: | ||||||||||||||||||||||||||||||||
| Depreciation | 51,276 | – | 17,333 | – | 61,720 | – | – | – | ||||||||||||||||||||||||
| Loss/(gain) on disposal of horse ownership | – | – | – | – | 117,721 | – | – | – | ||||||||||||||||||||||||
| Gain on debt forgiveness | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Expenses paid by related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest capitalized to loan | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||||
| Change in accounts receivable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in prepaid expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in other assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Operating Activities | (37,000 | ) | – | (41,684 | ) | – | (44,685 | ) | – | – | – | |||||||||||||||||||||
| Cash Flows From Investing Activities | ||||||||||||||||||||||||||||||||
| Purchase of horse assets | (7,776 | ) | – | – | – | – | – | – | – | |||||||||||||||||||||||
| Disposition of horse assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Proceeds from horse disposition | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Investing Activities | (7,776 | ) | – | – | – | – | – | – | – | |||||||||||||||||||||||
| Cash Flows From Financing Activities | ||||||||||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | (20,602 | ) | (17,945 | ) | – | (11,782 | ) | – | – | – | |||||||||||||||||||||
| Capital contributions | – | – | 54,926 | – | – | – | – | – | ||||||||||||||||||||||||
| Proceeds from debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Repayments on debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Horse revenues, net of expenses, applied to related party loans | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net advances/(repayments) in amount due to manager | 44,776 | 20,602 | 4,703 | – | 56,467 | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Financing Activities | 44,776 | – | 41,684 | – | 44,685 | – | – | – | ||||||||||||||||||||||||
| Net Change in Cash | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at Beginning of Period | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at End of Period | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Supplemental Disclosure of Cash Flow Information | ||||||||||||||||||||||||||||||||
| Cash paid for interest | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Cash paid for income taxes | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Supplemental Disclosure of Non-Cash Activities: | ||||||||||||||||||||||||||||||||
| Horses purchased by issuance of related party notes payable | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Non-cash management fees | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
See Independent auditor’s report and accompanying notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-178 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CASH FLOWS
For the year ended December 31, 2024 (Continued)
| Series Race Hunter 19 | Series Rosie's Alibi | Series Salute to America | Series Sarrocchi 21 | Series Sauce On Side | Series Shake It Up Baby | Series Sigesmund | Series Silverpocketsfull 19 | |||||||||||||||||||||||||
| Cash Flows From Operating Activities | ||||||||||||||||||||||||||||||||
| Net Income/(Loss) | $ | (75,919 | ) | $ | 409,672 | $ | – | $ | (174,680 | ) | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
| Adjustments to reconcile net income/(loss) to net cash used in operating activities: | ||||||||||||||||||||||||||||||||
| Depreciation | 26,562 | 132,308 | – | 38,293 | – | – | – | – | ||||||||||||||||||||||||
| Loss/(gain) on disposal of horse ownership | – | (589,742 | ) | – | 105,752 | – | – | – | – | |||||||||||||||||||||||
| Gain on debt forgiveness | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Expenses paid by related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest capitalized to loan | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||||
| Change in accounts receivable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in prepaid expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in other assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Operating Activities | (49,357 | ) | (47,762 | ) | – | (30,635 | ) | – | – | – | – | |||||||||||||||||||||
| Cash Flows From Investing Activities | ||||||||||||||||||||||||||||||||
| Purchase of horse assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Disposition of horse assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Proceeds from horse disposition | – | 589,742 | – | 19,313 | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Investing Activities | – | 589,742 | – | 19,313 | – | – | – | – | ||||||||||||||||||||||||
| Cash Flows From Financing Activities | ||||||||||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | (564,034 | ) | – | (84,073 | ) | – | – | – | (29,032 | ) | |||||||||||||||||||||
| Capital contributions | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Proceeds from debt - related party | – | – | – | – | – | – | – | 12,750 | ||||||||||||||||||||||||
| Repayments on debt - related party | – | – | – | – | – | – | – | (12,750 | ) | |||||||||||||||||||||||
| Horse revenues, net of expenses, applied to related party loans | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net advances/(repayments) in amount due to manager | 49,357 | 22,054 | – | 95,396 | – | – | – | 29,032 | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Financing Activities | 49,357 | (541,980 | ) | – | 11,323 | – | – | – | – | |||||||||||||||||||||||
| Net Change in Cash | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at Beginning of Period | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at End of Period | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Supplemental Disclosure of Cash Flow Information | ||||||||||||||||||||||||||||||||
| Cash paid for interest | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Cash paid for income taxes | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Supplemental Disclosure of Non-Cash Activities: | ||||||||||||||||||||||||||||||||
| Horses purchased by issuance of related party notes payable | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Non-cash management fees | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
See Independent auditor’s report and accompanying notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-179 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CASH FLOWS
For the year ended December 31, 2024 (Continued)
| Series Smart Shopping 21 | Series Social Dilemma | Series Song of Lark 21 | Series Soul Beam | Series Speightstown Belle 19 | Series Spirit 20 | Series Squared Straight | Series Storm Shooter | |||||||||||||||||||||||||
| Cash Flows From Operating Activities | ||||||||||||||||||||||||||||||||
| Net Income/(Loss) | $ | 3,867,379 | $ | – | $ | (66,638 | ) | $ | – | $ | – | $ | 12,625 | $ | – | $ | – | |||||||||||||||
| Adjustments to reconcile net income/(loss) to net cash used in operating activities: | ||||||||||||||||||||||||||||||||
| Depreciation | 97,125 | – | 53,550 | – | – | 13,910 | – | – | ||||||||||||||||||||||||
| Loss/(gain) on disposal of horse ownership | (3,879,483 | ) | – | – | – | – | (350 | ) | – | – | ||||||||||||||||||||||
| Gain on debt forgiveness | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Expenses paid by related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest capitalized to loan | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||||
| Change in accounts receivable | (700 | ) | – | – | – | – | – | – | – | |||||||||||||||||||||||
| Change in prepaid expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in other assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Operating Activities | 84,321 | – | (13,088 | ) | – | – | 26,185 | – | – | |||||||||||||||||||||||
| Cash Flows From Investing Activities | ||||||||||||||||||||||||||||||||
| Purchase of horse assets | 283,501 | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Disposition of horse assets | (283,501 | ) | – | – | – | – | – | – | – | |||||||||||||||||||||||
| Proceeds from horse disposition | 3,944,261 | – | – | – | – | 30,400 | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Investing Activities | 3,944,261 | – | – | – | – | 30,400 | – | – | ||||||||||||||||||||||||
| Cash Flows From Financing Activities | ||||||||||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | (3,954,600 | ) | – | (9,818 | ) | – | – | (85,390 | ) | – | – | |||||||||||||||||||||
| Capital contributions | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Proceeds from debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Repayments on debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Horse revenues, net of expenses, applied to related party loans | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net advances/(repayments) in amount due to manager | (73,982 | ) | – | 22,906 | – | – | 28,805 | – | – | |||||||||||||||||||||||
| Net Cash Provided by/(Used in) Financing Activities | (4,028,582 | ) | – | 13,088 | – | – | (56,585 | ) | – | – | ||||||||||||||||||||||
| Net Change in Cash | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at Beginning of Period | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at End of Period | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Supplemental Disclosure of Cash Flow Information | ||||||||||||||||||||||||||||||||
| Cash paid for interest | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Cash paid for income taxes | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Supplemental Disclosure of Non-Cash Activities: | ||||||||||||||||||||||||||||||||
| Horses purchased by issuance of related party notes payable | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Non-cash management fees | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
See Independent auditor’s report and accompanying notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-180 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CASH FLOWS
For the year ended December 31, 2024 (Continued)
| Series Street Band | Series Sunny 18 | Series Sunsanddrinkinhand | Series Sweet Sweet Annie 19 | Series Swiss Minister | Series Takeo Squared | Series Tapitry 19 | Series Tavasco Road | |||||||||||||||||||||||||
| Cash Flows From Operating Activities | ||||||||||||||||||||||||||||||||
| Net Income/(Loss) | $ | – | $ | – | $ | – | $ | (21,583 | ) | $ | – | $ | – | $ | – | $ | – | |||||||||||||||
| Adjustments to reconcile net income/(loss) to net cash used in operating activities: | ||||||||||||||||||||||||||||||||
| Depreciation | – | – | – | 7,455 | – | – | – | – | ||||||||||||||||||||||||
| Loss/(gain) on disposal of horse ownership | – | – | – | (4,000 | ) | – | – | – | – | |||||||||||||||||||||||
| Gain on debt forgiveness | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Expenses paid by related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest capitalized to loan | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||||
| Change in accounts receivable | – | – | – | 15,600 | – | – | – | – | ||||||||||||||||||||||||
| Change in prepaid expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in other assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued expense | – | – | – | (1,800 | ) | – | – | – | – | |||||||||||||||||||||||
| Change in accrued interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Operating Activities | – | – | – | (4,327 | ) | – | – | – | – | |||||||||||||||||||||||
| Cash Flows From Investing Activities | ||||||||||||||||||||||||||||||||
| Purchase of horse assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Disposition of horse assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Proceeds from horse disposition | – | – | – | 4,000 | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Investing Activities | – | – | – | 4,000 | – | – | – | – | ||||||||||||||||||||||||
| Cash Flows From Financing Activities | ||||||||||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | (1,757 | ) | – | – | – | – | |||||||||||||||||||||||
| Capital contributions | – | – | – | 30,050 | – | – | – | – | ||||||||||||||||||||||||
| Proceeds from debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Repayments on debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Horse revenues, net of expenses, applied to related party loans | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net advances/(repayments) in amount due to manager | – | – | – | (27,965 | ) | – | – | – | – | |||||||||||||||||||||||
| Net Cash Provided by/(Used in) Financing Activities | – | – | – | 327 | – | – | – | – | ||||||||||||||||||||||||
| Net Change in Cash | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at Beginning of Period | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at End of Period | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Supplemental Disclosure of Cash Flow Information | ||||||||||||||||||||||||||||||||
| Cash paid for interest | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Cash paid for income taxes | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Supplemental Disclosure of Non-Cash Activities: | ||||||||||||||||||||||||||||||||
| Horses purchased by issuance of related party notes payable | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Non-cash management fees | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
See Independent auditor’s report and accompanying notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-181 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CASH FLOWS
For the year ended December 31, 2024 (Continued)
| Series Tell All 19 | Series Tell the Duchess 19 | Series The Filly Four | Series The Royal Duet | Series Thirteen Stripes | Series Timeless Trick 20 | Series Tizamagician | Series Tufnel | |||||||||||||||||||||||||
| Cash Flows From Operating Activities | ||||||||||||||||||||||||||||||||
| Net Income/(Loss) | $ | – | $ | (197,969 | ) | $ | – | $ | (350,277 | ) | $ | – | $ | – | $ | – | $ | (70,389 | ) | |||||||||||||
| Adjustments to reconcile net income/(loss) to net cash used in operating activities: | ||||||||||||||||||||||||||||||||
| Depreciation | – | 11,230 | – | 157,613 | – | – | – | 40,875 | ||||||||||||||||||||||||
| Loss/(gain) on disposal of horse ownership | – | – | – | 113,563 | – | – | – | – | ||||||||||||||||||||||||
| Gain on debt forgiveness | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Expenses paid by related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest capitalized to loan | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||||
| Change in accounts receivable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in prepaid expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in other assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Operating Activities | – | (186,739 | ) | – | (79,101 | ) | – | – | – | (29,514 | ) | |||||||||||||||||||||
| Cash Flows From Investing Activities | ||||||||||||||||||||||||||||||||
| Purchase of horse assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Disposition of horse assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Proceeds from horse disposition | – | – | – | 40,320 | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Investing Activities | – | – | – | 40,320 | – | – | – | – | ||||||||||||||||||||||||
| Cash Flows From Financing Activities | ||||||||||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | – | – | – | (2,626 | ) | – | (3,366 | ) | – | – | ||||||||||||||||||||||
| Capital contributions | – | – | – | – | – | – | – | 39,490 | ||||||||||||||||||||||||
| Proceeds from debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Repayments on debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Horse revenues, net of expenses, applied to related party loans | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net advances/(repayments) in amount due to manager | – | 186,739 | – | 41,407 | – | 3,366 | – | (9,977 | ) | |||||||||||||||||||||||
| Net Cash Provided by/(Used in) Financing Activities | – | 186,739 | – | 38,781 | – | – | – | 29,514 | ||||||||||||||||||||||||
| Net Change in Cash | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at Beginning of Period | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at End of Period | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Supplemental Disclosure of Cash Flow Information | ||||||||||||||||||||||||||||||||
| Cash paid for interest | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Cash paid for income taxes | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Supplemental Disclosure of Non-Cash Activities: | ||||||||||||||||||||||||||||||||
| Horses purchased by issuance of related party notes payable | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Non-cash management fees | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
See Independent auditor’s report and accompanying notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-182 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CASH FLOWS
For the year ended December 31, 2024 (Continued)
| Series Twirl Girl 21 | Series Two Trail Sioux 17 | Series Two Trail Sioux 17K | Series Utalknboutpractice | Series Vertical Threat | Series Vow | Series War Safe | Series Wayne O | |||||||||||||||||||||||||
| Cash Flows From Operating Activities | ||||||||||||||||||||||||||||||||
| Net Income/(Loss) | $ | (73,135 | ) | $ | – | $ | – | $ | – | $ | – | $ | 8,780 | $ | – | $ | – | |||||||||||||||
| Adjustments to reconcile net income/(loss) to net cash used in operating activities: | ||||||||||||||||||||||||||||||||
| Depreciation | 14,046 | – | – | – | – | 132 | – | – | ||||||||||||||||||||||||
| Loss/(gain) on disposal of horse ownership | 33,510 | – | – | – | – | (11,997 | ) | – | – | |||||||||||||||||||||||
| Gain on debt forgiveness | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Expenses paid by related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest capitalized to loan | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||||
| Change in accounts receivable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in prepaid expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in other assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Operating Activities | (25,580 | ) | – | – | – | – | (3,085 | ) | – | – | ||||||||||||||||||||||
| Cash Flows From Investing Activities | ||||||||||||||||||||||||||||||||
| Purchase of horse assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Disposition of horse assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Proceeds from horse disposition | (4,500 | ) | – | – | – | – | 27,000 | – | – | |||||||||||||||||||||||
| Net Cash Provided by/(Used in) Investing Activities | (4,500 | ) | – | – | – | – | 27,000 | – | – | |||||||||||||||||||||||
| Cash Flows From Financing Activities | ||||||||||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | (9,073 | ) | – | – | – | – | (48,003 | ) | – | – | ||||||||||||||||||||||
| Capital contributions | 28,359 | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Proceeds from debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Repayments on debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Horse revenues, net of expenses, applied to related party loans | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net advances/(repayments) in amount due to manager | 10,793 | – | – | – | – | 24,089 | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Financing Activities | 30,080 | – | – | – | – | (23,915 | ) | – | – | |||||||||||||||||||||||
| Net Change in Cash | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at Beginning of Period | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at End of Period | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Supplemental Disclosure of Cash Flow Information | ||||||||||||||||||||||||||||||||
| Cash paid for interest | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Cash paid for income taxes | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Supplemental Disclosure of Non-Cash Activities: | ||||||||||||||||||||||||||||||||
| Horses purchased by issuance of related party notes payable | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Non-cash management fees | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
See Independent auditor’s report and accompanying notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-183 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CASH FLOWS
For the year ended December 31, 2024 (Continued)
| Series Who Runs the World | Series Who'sbeeninmybed 19 | Series Without Delay | Series Wonder Upon a Star 19 | Series Yes This Time | Series You Make Luvin Fun 19 | Series Zestful | My Racehorse CA | |||||||||||||||||||||||||
| Cash Flows From Operating Activities | ||||||||||||||||||||||||||||||||
| Net Income/(Loss) | $ | – | $ | 41,879 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Adjustments to reconcile net income/(loss) to net cash used in operating activities: | ||||||||||||||||||||||||||||||||
| Depreciation | – | 9,925 | – | – | – | – | – | – | ||||||||||||||||||||||||
| Loss/(gain) on disposal of horse ownership | – | (52,687 | ) | – | – | – | – | – | – | |||||||||||||||||||||||
| Gain on debt forgiveness | – | (3,802 | ) | – | – | – | – | – | – | |||||||||||||||||||||||
| Expenses paid by related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest capitalized to loan | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||||
| Change in accounts receivable | – | 1,165 | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in prepaid expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in other assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued expense | – | (308 | ) | – | – | – | – | – | – | |||||||||||||||||||||||
| Change in accrued interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Operating Activities | – | (3,827 | ) | – | – | – | – | – | – | |||||||||||||||||||||||
| Cash Flows From Investing Activities | ||||||||||||||||||||||||||||||||
| Purchase of horse assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Disposition of horse assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Proceeds from horse disposition | – | 67,358 | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Investing Activities | – | 67,358 | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash Flows From Financing Activities | ||||||||||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | (46,708 | ) | (19,031 | ) | – | – | – | – | – | – | ||||||||||||||||||||||
| Capital contributions | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Proceeds from debt - related party | – | 4,067 | – | – | – | – | – | – | ||||||||||||||||||||||||
| Repayments on debt - related party | – | (93,400 | ) | – | – | – | – | – | – | |||||||||||||||||||||||
| Horse revenues, net of expenses, applied to related party loans | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net advances/(repayments) in amount due to manager | 46,708 | 44,832 | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Financing Activities | – | (63,531 | ) | – | – | – | – | – | – | |||||||||||||||||||||||
| Net Change in Cash | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at Beginning of Period | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at End of Period | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Supplemental Disclosure of Cash Flow Information | ||||||||||||||||||||||||||||||||
| Cash paid for interest | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Cash paid for income taxes | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Supplemental Disclosure of Non-Cash Activities: | ||||||||||||||||||||||||||||||||
| Horses purchased by issuance of related party notes payable | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Non-cash management fees | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
See Independent auditor’s report and accompanying notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-184 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CASH FLOWS
For the year ended December 31, 2024 (Continued)
| Classic Colt Package | Series Edge Crown It 21 | Series Edge High Speed Goldie 21 | Series Edge More Than Magic 21 | Series MRH Adaay in Asia | Series MRH Alliford Bay 21 | Series MRH Blues Corner 21 | Series MRH Bullish Sentiment 21 | |||||||||||||||||||||||||
| Cash Flows From Operating Activities | ||||||||||||||||||||||||||||||||
| Net Income/(Loss) | $ | (111,035 | ) | $ | (45,607 | ) | $ | (97,236 | ) | $ | (78,007 | ) | $ | (212,530 | ) | $ | – | $ | – | $ | – | |||||||||||
| Adjustments to reconcile net income/(loss) to net cash used in operating activities: | ||||||||||||||||||||||||||||||||
| Depreciation | 112,746 | 50,991 | 17,188 | 42,000 | 40,498 | – | – | – | ||||||||||||||||||||||||
| Loss/(gain) on disposal of horse ownership | (51,857 | ) | – | 44,674 | – | 107,028 | – | – | – | |||||||||||||||||||||||
| Gain on debt forgiveness | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Expenses paid by related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest capitalized to loan | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||||
| Change in accounts receivable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in prepaid expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in other assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Operating Activities | (50,146 | ) | 5,383 | (35,374 | ) | (36,007 | ) | (65,004 | ) | – | – | – | ||||||||||||||||||||
| Cash Flows From Investing Activities | ||||||||||||||||||||||||||||||||
| Purchase of horse assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Disposition of horse assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Proceeds from horse disposition | 140,000 | – | – | – | 15,504 | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Investing Activities | 140,000 | – | – | – | 15,504 | – | – | – | ||||||||||||||||||||||||
| Cash Flows From Financing Activities | ||||||||||||||||||||||||||||||||
| Subscriptions received in horse series | – | – | – | – | 147,846 | – | – | – | ||||||||||||||||||||||||
| Distributions from horse series | (230,806 | ) | (63,123 | ) | (3,631 | ) | (9,614 | ) | (55,128 | ) | – | – | – | |||||||||||||||||||
| Capital contributions | 69,400 | 46,773 | 35,374 | 36,000 | – | – | – | – | ||||||||||||||||||||||||
| Proceeds from debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Repayments on debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Horse revenues, net of expenses, applied to related party loans | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net advances/(repayments) in amount due to manager | 71,552 | 10,966 | 3,631 | 9,621 | (43,219 | ) | – | – | – | |||||||||||||||||||||||
| Net Cash Provided by/(Used in) Financing Activities | (89,854 | ) | (5,383 | ) | 35,374 | 36,007 | 49,500 | – | – | – | ||||||||||||||||||||||
| Net Change in Cash | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at Beginning of Period | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at End of Period | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Supplemental Disclosure of Cash Flow Information | ||||||||||||||||||||||||||||||||
| Cash paid for interest | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Cash paid for income taxes | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Supplemental Disclosure of Non-Cash Activities: | ||||||||||||||||||||||||||||||||
| Horses purchased by issuance of related party notes payable | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Non-cash management fees | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
See Independent auditor’s report and accompanying notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-185 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CASH FLOWS
For the year ended December 31, 2024 (Continued)
| Series MRH Giant Mover 21 | MRH Blue Devil | MRH Brandy 22 | MRH Catalyst | MRH Here's the Kicker | MRH Incredi-Bundle | |||||||||||||||||||
| Cash Flows From Operating Activities | ||||||||||||||||||||||||
| Net Income/(Loss) | $ | – | $ | (122,450 | ) | $ | (203,634 | ) | $ | (171,455 | ) | $ | (117,402 | ) | $ | (569,234 | ) | |||||||
| Adjustments to reconcile net income/(loss) to net cash used in operating activities: | ||||||||||||||||||||||||
| Depreciation | – | 62,475 | 126,000 | 119,438 | 87,504 | 205,275 | ||||||||||||||||||
| Loss/(gain) on disposal of horse ownership | – | – | – | – | – | – | ||||||||||||||||||
| Gain on debt forgiveness | – | – | – | – | – | – | ||||||||||||||||||
| Expenses paid by related party | – | – | – | – | – | – | ||||||||||||||||||
| Interest capitalized to loan | – | – | – | – | – | – | ||||||||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||||||||||
| Change in accounts receivable | – | – | (32 | ) | – | – | – | |||||||||||||||||
| Change in prepaid expense | – | – | – | – | – | – | ||||||||||||||||||
| Change in other assets | – | – | – | – | – | – | ||||||||||||||||||
| Change in accrued expense | – | – | – | – | – | – | ||||||||||||||||||
| Change in accrued interest payable | – | – | – | – | – | – | ||||||||||||||||||
| Change in deferred revenue | – | – | – | – | – | – | ||||||||||||||||||
| Net Cash Provided by/(Used in) Operating Activities | – | (59,975 | ) | (77,665 | ) | (52,017 | ) | (29,898 | ) | (363,959 | ) | |||||||||||||
| Cash Flows From Investing Activities | ||||||||||||||||||||||||
| Purchase of horse assets | – | – | – | – | – | – | ||||||||||||||||||
| Disposition of horse assets | – | – | – | – | – | – | ||||||||||||||||||
| Proceeds from horse disposition | – | – | – | – | – | – | ||||||||||||||||||
| Net Cash Provided by/(Used in) Investing Activities | – | – | – | – | – | – | ||||||||||||||||||
| Cash Flows From Financing Activities | ||||||||||||||||||||||||
| Subscriptions received in horse series | – | 83,400 | – | – | 702 | 1,101,600 | ||||||||||||||||||
| Distributions from horse series | – | – | – | – | (21,999 | ) | – | |||||||||||||||||
| Capital contributions | – | – | – | – | – | – | ||||||||||||||||||
| Proceeds from debt - related party | – | – | – | – | – | – | ||||||||||||||||||
| Repayments on debt - related party | – | – | – | – | – | – | ||||||||||||||||||
| Horse revenues, net of expenses, applied to related party loans | – | – | – | – | – | – | ||||||||||||||||||
| Net advances/(repayments) in amount due to manager | – | (23,425 | ) | 77,665 | 52,017 | 51,195 | (737,641 | ) | ||||||||||||||||
| Net Cash Provided by/(Used in) Financing Activities | – | 59,975 | 77,665 | 52,017 | 29,898 | 363,959 | ||||||||||||||||||
| Net Change in Cash | – | – | – | – | – | – | ||||||||||||||||||
| Cash at Beginning of Period | – | – | – | – | – | – | ||||||||||||||||||
| Cash at End of Period | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||
| Supplemental Disclosure of Cash Flow Information | ||||||||||||||||||||||||
| Cash paid for interest | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||
| Cash paid for income taxes | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||
| Supplemental Disclosure of Non-Cash Activities: | ||||||||||||||||||||||||
| Horses purchased by issuance of related party notes payable | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||
| Non-cash management fees | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||
See Independent auditor’s report and accompanying notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-186 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CASH FLOWS
For the year ended December 31, 2024 (Continued)
| MRH Isle Blue | MRH New York Bundle | MRH Real Savvy | MRH Sweet as Sin | MRH Sweet Voyage | Series Stylishly 23 | Series Formidable Kitt | Series Blip Says Bye | |||||||||||||||||||||||||
| Cash Flows From Operating Activities | ||||||||||||||||||||||||||||||||
| Net Income/(Loss) | $ | (137,470 | ) | $ | (572,310 | ) | $ | (121,031 | ) | $ | (25,560 | ) | $ | (88,763 | ) | $ | (465,710 | ) | $ | (293,688 | ) | $ | (197,593 | ) | ||||||||
| Adjustments to reconcile net income/(loss) to net cash used in operating activities: | ||||||||||||||||||||||||||||||||
| Depreciation | 70,222 | 138,771 | 94,500 | 15,785 | 42,000 | 76,937 | 43,470 | 33,150 | ||||||||||||||||||||||||
| Loss/(gain) on disposal of horse ownership | – | 42,620 | – | – | – | – | – | – | ||||||||||||||||||||||||
| Gain on debt forgiveness | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Expenses paid by related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Interest capitalized to loan | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||||
| Change in accounts receivable | – | – | – | – | (26 | ) | – | – | – | |||||||||||||||||||||||
| Change in prepaid expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in other assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued expense | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in accrued interest payable | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Change in deferred revenue | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Operating Activities | (67,248 | ) | (390,919 | ) | (26,531 | ) | (9,775 | ) | (46,789 | ) | (388,773 | ) | (250,218 | ) | (164,443 | ) | ||||||||||||||||
| Cash Flows From Investing Activities | ||||||||||||||||||||||||||||||||
| Purchase of horse assets | – | – | – | – | – | (576,250 | ) | (263,655 | ) | (345,750 | ) | |||||||||||||||||||||
| Disposition of horse assets | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Proceeds from horse disposition | – | 22,966 | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net Cash Provided by/(Used in) Investing Activities | – | 22,966 | – | – | – | (576,250 | ) | (263,655 | ) | (345,750 | ) | |||||||||||||||||||||
| Cash Flows From Financing Activities | ||||||||||||||||||||||||||||||||
| Subscriptions received in horse series | 99,954 | 1,147,500 | – | – | – | 1,140,000 | 660,000 | 420,108 | ||||||||||||||||||||||||
| Distributions from horse series | – | (129,489 | ) | (33,300 | ) | (1,739 | ) | – | – | (8,700 | ) | – | ||||||||||||||||||||
| Capital contributions | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Proceeds from debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Repayments on debt - related party | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Horse revenues, net of expenses, applied to related party loans | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net advances/(repayments) in amount due to manager | (32,706 | ) | (650,058 | ) | 59,831 | 11,514 | 46,789 | (174,977 | ) | (137,427 | ) | 90,085 | ||||||||||||||||||||
| Net Cash Provided by/(Used in) Financing Activities | 67,248 | 367,953 | 26,531 | 9,775 | 46,789 | 965,023 | 513,873 | 510,193 | ||||||||||||||||||||||||
| Net Change in Cash | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at Beginning of Period | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Cash at End of Period | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Supplemental Disclosure of Cash Flow Information | ||||||||||||||||||||||||||||||||
| Cash paid for interest | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Cash paid for income taxes | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Supplemental Disclosure of Non-Cash Activities: | ||||||||||||||||||||||||||||||||
| Horses purchased by issuance of related party notes payable | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Non-cash management fees | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
See Independent auditor’s report and accompanying notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-187 |
MY RACEHORSE CA LLC AND ITS SERIES
CONSOLIDATED AND CONSOLIDATING STATEMENTS OF CASH FLOWS
For the year ended December 31, 2024 (Continued)
| Series Clair de Lune 22 | Series Malibu Bonnie 23 | Series Spanxamillion | Series Sirius Pursuit | MRH STG Broodmare Band | 12.31.2024 Consolidated Total | |||||||||||||||||||
| Cash Flows From Operating Activities | ||||||||||||||||||||||||
| Net Income/(Loss) | $ | (187,510 | ) | $ | (287,059 | ) | $ | (253,279 | ) | $ | (94,110 | ) | $ | (39,038 | ) | $ | (1,903,335 | ) | ||||||
| Adjustments to reconcile net income/(loss) to net cash used in operating activities: | ||||||||||||||||||||||||
| Depreciation | 23,649 | 46,573 | 51,169 | 12,464 | 26,442 | 3,049,768 | ||||||||||||||||||
| Loss/(gain) on disposal of horse ownership | – | – | – | – | – | (4,019,295 | ) | |||||||||||||||||
| Gain on debt forgiveness | – | – | – | – | – | (27,304 | ) | |||||||||||||||||
| Expenses paid by related party | – | – | – | – | – | – | ||||||||||||||||||
| Interest capitalized to loan | – | – | – | – | – | – | ||||||||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||||||||||
| Change in accounts receivable | – | – | – | – | – | 77,403 | ||||||||||||||||||
| Change in prepaid expense | – | – | – | – | – | – | ||||||||||||||||||
| Change in other assets | – | – | – | – | – | – | ||||||||||||||||||
| Change in accrued expense | – | – | – | – | – | (42,956 | ) | |||||||||||||||||
| Change in accrued interest payable | – | – | – | – | – | – | ||||||||||||||||||
| Change in deferred revenue | – | – | – | – | – | – | ||||||||||||||||||
| Net Cash Provided by/(Used in) Operating Activities | (163,861 | ) | (240,487 | ) | (202,111 | ) | (81,646 | ) | (12,596 | ) | (2,865,719 | ) | ||||||||||||
| Cash Flows From Investing Activities | ||||||||||||||||||||||||
| Purchase of horse assets | (115,250 | ) | (346,500 | ) | (383,250 | ) | (130,000 | ) | (593,000 | ) | (2,509,105 | ) | ||||||||||||
| Disposition of horse assets | – | – | – | – | – | (283,501 | ) | |||||||||||||||||
| Proceeds from horse disposition | – | – | – | – | – | 5,555,656 | ||||||||||||||||||
| Net Cash Provided by/(Used in) Investing Activities | (115,250 | ) | (346,500 | ) | (383,250 | ) | (130,000 | ) | (593,000 | ) | 2,763,050 | |||||||||||||
| Cash Flows From Financing Activities | ||||||||||||||||||||||||
| Subscriptions received in horse series | 415,000 | 662,099 | 511,734 | 208,270 | – | 6,598,157 | ||||||||||||||||||
| Distributions from horse series | – | – | – | – | – | (6,686,990 | ) | |||||||||||||||||
| Capital contributions | – | – | – | – | – | 755,732 | ||||||||||||||||||
| Proceeds from debt - related party | – | – | – | – | – | 52,649 | ||||||||||||||||||
| Repayments on debt - related party | – | – | – | – | – | (366,860 | ) | |||||||||||||||||
| Horse revenues, net of expenses, applied to related party loans | – | – | – | – | – | (440,794 | ) | |||||||||||||||||
| Net advances/(repayments) in amount due to manager | (135,889 | ) | (75,112 | ) | 73,627 | 3,376 | 605,596 | 190,775 | ||||||||||||||||
| Net Cash Provided by/(Used in) Financing Activities | 279,111 | 586,987 | 585,361 | 211,646 | 605,596 | 102,669 | ||||||||||||||||||
| Net Change in Cash | – | – | – | – | – | – | ||||||||||||||||||
| Cash at Beginning of Period | – | – | – | – | – | – | ||||||||||||||||||
| Cash at End of Period | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||
| Supplemental Disclosure of Cash Flow Information | ||||||||||||||||||||||||
| Cash paid for interest | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||
| Cash paid for income taxes | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||
| Supplemental Disclosure of Non-Cash Activities: | ||||||||||||||||||||||||
| Horses purchased by issuance of related party notes payable | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||
| Non-cash management fees | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||
See Independent auditor’s report and accompanying notes, which are an integral part of these
consolidated and consolidating financial statements.
| F-188 |
MY RACEHORSE CA LLC AND ITS SERIES
NOTES TO THE CONSOLIDATED AND CONSOLIDATING FINANCIAL STATEMENTS (UNAUDITED)
As of June 30, 2025 and December 31, 2024 and for the six-month periods ended June 30, 2025 and 2024
NOTE 1: NATURE OF OPERATIONS
My Racehorse CA LLC d/b/a MyRaceHorse.com (the “Company”) is an early-stage investment series limited liability company established by the manager, Experiential Squared, Inc. (the “Manager”), to invest in individual interests in thoroughbred, quarter and Standardbred horses through underlying Series LLCs. The Company aims to democratize the ownership of racehorses through a self-developed web-based platform and allow fans to experience racehorse ownership by investing in Series LLCs with other like-minded fans. The Company is headquartered in Claremont, CA. The Company was formed in 2016.
As a Nevada Series limited liability company, the debts, liabilities, obligations, and expenses incurred, contracted for or otherwise existing with respect to a particular Series are segregated and enforceable only against the assets of such Series, as provided under Nevada law.
The following are the Series included under the Company which were formed under the laws of Nevada:
| Series Name |
| Series Action Bundle |
| Series Adjust 20 |
| Series Amandrea |
| Series Ambleside Park 19 |
| Series Amers |
| Series Apple Down Under 19 |
| Series Ari the Adventurer 19 |
| Series Ashlees Empire 20 |
| Series Athenian Beauty 19 |
| Series Authentic |
| Series Awe Hush 19 |
| Series Bajan Bashert |
| Series Balletic |
| Series Bella Chica |
| Series Big Mel |
| Series Black Escort 19 |
| Series Bullion |
| Series Cable Boss |
| Series Cairo Kiss |
| Series Carrothers |
| Series Cayala 19 |
| Series Arch Support 20 |
| Series Chad Brown Bundle |
| Series Chasing the Moon 20 |
| F-189 |
MY RACEHORSE CA LLC AND ITS SERIES
NOTES TO THE CONSOLIDATED AND CONSOLIDATING FINANCIAL STATEMENTS (UNAUDITED)
As of June 30, 2025 and December 31, 2024 and for the six-month periods ended June 30, 2025 and 2024
| Series Classic Cut |
| Series Classofsixtythree 19 |
| Series Co Cola 19 |
| Series Collusion Illusion |
| Series Consecrate 19 |
| Series Courtisane 19 |
| Series Daddy's Joy |
| Series Dancing Crane |
| Series Daring Dancer 20 |
| Series De Mystique 17 |
| Series Deep Cover |
| Series Demogorgon |
| Series Desire Street 19 |
| Series Echo Warrior 19 |
| Series Edge Racing Summer Fun |
| Series Enchante 21 |
| Series Elarose 21 |
| Series Escape Route |
| Series Exonerated 19 |
| Series Fenwick Hall 20 |
| Series Forever Rose |
| Series Flora Dora 20 |
| Series Frosted Oats |
| Series Future Stars Stable |
| Series Gentleman Gerry |
| Series Going to Vegas |
| Series Got Stormy |
| Series Grand Traverse Bay 19 |
| Series Grand Traverse Bay 20 |
| Series Heaven Street |
| Series Kindle 21 |
| Series Knarsdale 21 |
| Series I'm a Looker 20 |
| Series Into Summer 19 |
| Series Ishvana 21 |
| Series Jeanne's Speight 20 |
| Series Just Louise 19 |
| Series Keertana 18 |
| F-190 |
MY RACEHORSE CA LLC AND ITS SERIES
NOTES TO THE CONSOLIDATED AND CONSOLIDATING FINANCIAL STATEMENTS (UNAUDITED)
As of June 30, 2025 and December 31, 2024 and for the six-month periods ended June 30, 2025 and 2024
| Series Kiana's Love |
| Series Kichiro |
| Series Lane Way |
| Series Latte Da 19 |
| Series Lazy Daisy |
| Series Le Relais 20 |
| Series Lost Empire 19 |
| Series Madarnas |
| Series Madiera Wine |
| Series Major Implications |
| Series Man Among Men |
| Series Margaret Reay 19 |
| Series Margarita Friday 19 |
| Series Martita Sangrita 17 |
| Series Mayan Milagra 19 |
| Series Midnight Sweetie 19 |
| Series Miss Puzzle |
| Series Miss Sakamoto |
| Series Mo Mischief |
| Series Mo Temptation |
| Series Monomoy Girl |
| Series Moonbow 20 |
| Series Moonless Sky |
| Series Motion Emotion |
| Series Mrs Whistler |
| Series My Fast One 20 |
| Series Naismith |
| Series National Road |
| Series New York Claiming Package |
| Series Night of Idiots |
| Series Nileist |
| Series Noble Goddess |
| Series Northern Smile 20 |
| Series NY Exacta |
| Series One Last Night 21 |
| F-191 |
MY RACEHORSE CA LLC AND ITS SERIES
NOTES TO THE CONSOLIDATED AND CONSOLIDATING FINANCIAL STATEMENTS (UNAUDITED)
As of June 30, 2025 and December 31, 2024 and for the six-month periods ended June 30, 2025 and 2024
| Series Our Miss Jones 19 |
| Series Our Jenny B |
| Series Palace Foal |
| Series Patsys Kim 21 |
| Series Popular Demand |
| Series Power Up Paynter |
| Series Queen Amira 19 |
| Series Race Hunter 19 |
| Series Rosie's Alibi |
| Series Salute to America |
| Series Sarrocchi 21 |
| Series Sauce On Side |
| Series Shake It Up Baby |
| Series Sigesmund |
| Series Silverpocketsfull 19 |
| Series Smart Shopping 21 |
| Series Social Dilemma |
| Series Song of Lark 21 |
| Series Soul Beam |
| Series Speightstown Belle 19 |
| Series Spirit 20 |
| Series Squared Straight |
| Series Storm Shooter |
| Series Street Band |
| Series Sunny 18 |
| Series Sunsanddrinkinhand |
| Series Sweet Sweet Annie 19 |
| Series Swiss Minister |
| Series Takeo Squared |
| Series Tapitry 19 |
| Series Tavasco Road |
| Series Tell All 19 |
| Series Tell the Duchess 19 |
| Series The Filly Four |
| Series The Royal Duet |
| Series Thirteen Stripes |
| Series Timeless Trick 20 |
| Series Tizamagician |
| F-192 |
MY RACEHORSE CA LLC AND ITS SERIES
NOTES TO THE CONSOLIDATED AND CONSOLIDATING FINANCIAL STATEMENTS (UNAUDITED)
As of June 30, 2025 and December 31, 2024 and for the six-month periods ended June 30, 2025 and 2024
| Series Tufnel |
| Series Twirl Girl 21 |
| Series Two Trail Sioux 17 |
| Series Two Trail Sioux 17K |
| Series Utalknboutpractice |
| Series Vertical Threat |
| Series Vow |
| Series War Safe |
| Series Wayne O |
| Series Who Runs the World |
| Series Who'sbeeninmybed 19 |
| Series Without Delay |
| Series Wonder Upon a Star 19 |
| Series Yes This Time |
| Series You Make Luvin Fun 19 |
| Series Zestful |
| My Racehorse CA |
| Classic Colt Package |
| Series Edge Crown It 21 |
| Series Edge High Speed Goldie 21 |
| Series Edge More Than Magic 21 |
| Series MRH Adaay in Asia |
| Series MRH Alliford Bay 21 |
| Series MRH Blues Corner 21 |
| Series MRH Bullish Sentiment 21 |
| Series MRH Giant Mover 21 |
| MRH Blue Devil |
| MRH Brandy 22 |
| MRH Catalyst |
| MRH Here's the Kicker |
| MRH Incredi-Bundle |
| MRH Isle Blue |
| F-193 |
MY RACEHORSE CA LLC AND ITS SERIES
NOTES TO THE CONSOLIDATED AND CONSOLIDATING FINANCIAL STATEMENTS (UNAUDITED)
As of June 30, 2025 and December 31, 2024 and for the six-month periods ended June 30, 2025 and 2024
| MRH New York Bundle |
| MRH Real Savvy |
| MRH Sweet as Sin |
| MRH Sweet Voyage |
| Series Stylishly 23 |
| Series Formidable Kitt |
| Series Blip Says Bye |
| Series Clair de Lune 22 |
| Series Malibu Bonnie 23 |
| Series Spanxamillion |
| Series Sirius Pursuit |
| MRH STG Broodmare Band |
| MRH Commissioned |
| MRH Love Like Lucy |
| MRH My Eyes on You |
| MRH Mystical Belle |
| MRH Raging Inferno |
| MRH Restless Rider 23 |
| MRH Stirred 23 |
| MRH Trust But Verify |
| MRH Wildcat Gaze 23 |
Since inception, the Company has relied on advances from founders and raising capital to fund its operations. The Company will likely incur losses prior to generating positive working capital. These matters raise substantial doubt about the Company’s ability to continue as a going concern. During the next 12 months, the Company intends to fund its operations with funding from a Regulation A securities campaign (see Note 10), capital contributions from the founder, 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. These consolidated and consolidating financial statements and related notes thereto do not include any adjustments that might result from these uncertainties.
NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America (GAAP). The Company adopted the calendar year as its basis for reporting.
The Company is an emerging growth company as the term is used in The Jumpstart Our Business Startups Act, enacted on April 5, 2012, and has elected to comply with certain reduced public company reporting requirements, including delayed implementation dates from those applicable to public business entities.
Unaudited Interim Consolidated and Consolidating Financial Information
The accompanying consolidating and consolidated balance sheets as of June 30, 2025 and December 31, 2024 and the statements of operations, members’ equity/(deficit) and cash flows for the six-month periods ended June 30, 2025 and 2024 are unaudited. The unaudited interim consolidated and consolidating financial statements have been prepared on the same basis as the audited annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of June 30, 2025 and the results of its operations and its cash flows for the six-month periods ended June 30, 2025 and 2024. The financial data and other information disclosed in these notes related to the six-month periods ended June 30, 2025 and 2024 are also unaudited. The results for the six-month period ended June 30, 2025 are not necessarily indicative of results to be expected for the year ending December 31, 2025, any other interim periods, or any future year or period.
| F-194 |
MY RACEHORSE CA LLC AND ITS SERIES
NOTES TO THE CONSOLIDATED AND CONSOLIDATING FINANCIAL STATEMENTS (UNAUDITED)
As of June 30, 2025 and December 31, 2024 and for the six-month periods ended June 30, 2025 and 2024
Use of Estimates
The preparation of consolidated and consolidating financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated and consolidating financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Cash Equivalents and Concentration of Cash Balance
The Company and each of its listed Series consider short-term, highly liquid investments with original maturities of three months or less at the time of purchase to be cash equivalents. Cash consists of funds held in the Company’s checking account. As of June 30, 2025 and December 31, 2024, the Company and each of its listed Series had no cash on hand.
Receivables and Credit Policy
Trade receivables from customers are uncollateralized customer obligations due under normal trade terms, primarily requiring payment before services are rendered. Trade receivables are stated at the amount billed to the customer. Payments of trade receivables are allocated to the specific invoices identified on the customer’s remittance advice or, if unspecified, are applied to the earliest unpaid invoice. The Company, by policy, routinely assesses the financial strength of its customers. As a result, the Company and each of its listed Series believe that its accounts receivable credit risk exposure is limited, and it has not experienced significant write-downs in its accounts receivable balances. As of June 30, 2025 and December 31, 2024, the Company and its listed Series have $657,964 and $17,822 outstanding accounts receivable, respectively.
Property and Equipment
Property and equipment are recorded at cost. Expenditures for renewals and improvements that significantly add to the productive capacity or extend the useful life of an asset are capitalized. Expenditures for maintenance and repairs are expensed as incurred. When equipment is retired or sold, the cost and related accumulated depreciation are eliminated from the balance sheet accounts and the resultant gain or loss is reflected in income.
Depreciation is provided using the straight-line method, based on useful lives of the assets which range from three to five years. Horse assets are depreciated using the straight-line method over 36 months with no estimated salvage value. A horse is treated as placed in service upon its acquisition by the Company.
The Company and each of its listed Series review the carrying value of property and equipment for impairment whenever events and circumstances indicate that the carrying value of an asset may not be recoverable from the estimated future cash flows expected to result from its use and eventual disposition. In cases where undiscounted expected future cash flows are less than the carrying value, an impairment loss is recognized equal to an amount by which the carrying value exceeds the fair value of assets. The factors considered by management in performing this assessment include current operating results, trends and prospects, the manner in which the property is used, and the effects of obsolescence, demand, competition, and other economic factors.
As of June 30, 2025 and December 31, 2024, the Company and its listed Series have $8,831,140 and $7,661,031, respectively, recorded at cost in horse assets.
| F-195 |
MY RACEHORSE CA LLC AND ITS SERIES
NOTES TO THE CONSOLIDATED AND CONSOLIDATING FINANCIAL STATEMENTS (UNAUDITED)
As of June 30, 2025 and December 31, 2024 and for the six-month periods ended June 30, 2025 and 2024
As of June 30, 2025, property and equipment consisted of the following:
| Series Name | Horse Asset plus Acquisition Costs | Less: Depreciation | Total |
| Classic Colt Package | $68,000 | $(51,670) | $16,330 |
| Series Edge Crown It 21 | 152,972 | (111,330) | 41,642 |
| Series Our Jenny B | 52,000 | (48,196) | 3,804 |
| Series Kindle 21 | 157,500 | (146,708) | 10,792 |
| Series Stylishly 23 | 576,250 | (160,270) | 415,980 |
| MRH Blue Devil | 187,425 | (98,079) | 89,346 |
| MRH Catalyst | 358,313 | (259,777) | 98,536 |
| MRH Commissioned | 311,175 | (30,111) | 281,064 |
| Series Formidable Kitt | 263,655 | (87,413) | 176,243 |
| Series Song of Lark 21 | 160,650 | (149,791) | 10,859 |
| MRH Here's the Kicker | 262,513 | (190,565) | 71,948 |
| MRH Isle Blue | 210,666 | (133,459) | 77,206 |
| MRH Love Like Lucy | 161,185 | (8,528) | 152,657 |
| Series Blip Says Bye | 345,750 | (33,150) | 312,600 |
| Series Clair de Lune 22 | 115,250 | (42,857) | 72,393 |
| Series Malibu Bonnie 23 | 346,500 | (101,573) | 244,927 |
| MRH My Eyes on You | 176,333 | (8,500) | 167,833 |
| MRH Mystical Belle | 170,100 | (18,111) | 151,989 |
| Series Spanxamillion | 405,150 | (112,002) | 293,148 |
| MRH New York Bundle | 386,123 | (202,057) | 184,066 |
| MRH Raging Inferno | 149,063 | (3,552) | 145,511 |
| MRH Real Savvy | 283,500 | (177,823) | 105,677 |
| MRH Restless Rider 23 | 606,254 | – | 606,254 |
| Series Knarsdale 21 | 311,355 | (289,978) | 21,377 |
| Series Smart Shopping 21 | 31,501 | (30,428) | 1,073 |
| Series Enchante 21 | 299,220 | (278,995) | 20,225 |
| Series Sirius Pursuit | 130,000 | (12,464) | 117,536 |
| MRH STG Broodmare Band | 622,650 | (125,275) | 497,375 |
| MRH Stirred 23 | 226,522 | – | 226,522 |
| MRH Sweet Voyage | 126,000 | (91,700) | 34,300 |
| MRH Incredi-Bundle | 615,825 | (322,260) | 293,565 |
| MRH Trust But Verify | 499,500 | (37,583) | 461,917 |
| MRH Wildcat Gaze 23 | 62,242 | – | 62,242 |
| TOTAL | $8,831,140 | $(3,364,205) | $5,466,934 |
| F-196 |
MY RACEHORSE CA LLC AND ITS SERIES
NOTES TO THE CONSOLIDATED AND CONSOLIDATING FINANCIAL STATEMENTS (UNAUDITED)
As of June 30, 2025 and December 31, 2024 and for the six-month periods ended June 30, 2025 and 2024
Fair Value of Financial Instruments
Financial Accounting Standards Board (“FASB”) guidance specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect market assumptions. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The three levels of the fair value hierarchy are as follows:
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 1 primarily consists of financial instruments whose value is based on quoted market prices such as exchange-traded instruments and listed equities.
Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly (e.g., quoted prices of similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active).
Level 3 - Unobservable inputs for the asset or liability. Financial instruments are considered Level 3 when their fair values are determined using pricing models, discounted cash flows or similar techniques and at least one significant model assumption or input is unobservable.
The carrying amounts reported in the balance sheets approximate their fair value.
Revenue Recognition
The Company and each of its listed Series adopted ASU 2014-09, Revenue from Contracts with Customers, and its related amendments (collectively known as “ASC 606”), effective at inception using the modified retrospective transition approach applied to all contracts. There were no cumulative impacts that were made.
The Company and each of its listed Series determines revenue recognition through the following steps:
| · | Identification of a contract with a customer; | |
| · | Identification of the performance obligations in the contract; | |
| · | Determination of the transaction price; | |
| · | Allocation of the transaction price to the performance obligations in the contract; and | |
| · | Recognition of revenue when or as the performance obligations are satisfied. |
No adjustments to revenue recognition were required from the adoption of ASC 606, which was adopted January 1, 2019 and applied to the periods presented using the full retrospective method. The Company generally recognizes revenues upon earning income from its horses.
Certain of the Company’s Series are under contracts that require payments to be made in advance of future sales proceeds if and upon achievement of certain milestones. These payments will be recognized to realized gains/(losses) in the statements of operation upon sale of the associated horses. There is no deferred revenue as of both June 30, 2025 and December 31, 2024.
Cost of Revenues
Costs of revenues include horse-related expenses such as insurance, photography, stables and training, transportation and veterinary, depreciation, and gains/losses on horse disposals.
| F-197 |
MY RACEHORSE CA LLC AND ITS SERIES
NOTES TO THE CONSOLIDATED AND CONSOLIDATING FINANCIAL STATEMENTS (UNAUDITED)
As of June 30, 2025 and December 31, 2024 and for the six-month periods ended June 30, 2025 and 2024
Advertising Expenses
The Company expenses advertising costs as they are incurred.
Income Taxes
The Company is a limited liability company. Accordingly, under the Internal Revenue Code (IRC), all taxable income or loss flows through to its members. Therefore, no provision for income tax has been recorded in the statements. Income from the Company is reported and taxed to the members on their individual tax returns. However, the Company has elected, in accordance with IRC, to treat each of the individual series as separate subchapter C corporations for tax purposes. No tax provision has been recorded for any series through the balance sheet date as each is in a taxable loss position and no future tax benefits can be reasonably anticipated. The Company complies with FASB ASC 740 for accounting for uncertainty in income taxes recognized in a company’s financial statements, which prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. FASB ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. Based on the Company’s evaluation, it has been concluded that there are no significant uncertain tax positions requiring recognition in the Company’s consolidated and consolidating financial statements. The Company believes that its income tax positions would be sustained on audit and does not anticipate any adjustments that would result in a material change to its financial position.
The Company may in the future become subject to federal, state and local income taxation though it has not been since its inception. The Company is not presently subject to any income tax audit in any taxing jurisdiction.
NOTE 3: GOING CONCERN
The accompanying consolidated and consolidating financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company and each of its listed Series is a business that has not yet generated profits since inception, has sustained a net loss of $2,029,683 during the six-month period ended June 30, 2025, and is dependent upon its Manager for financing its operations. The Company’s and each of its listed Series’ financial performance is impacted by several key factors. Expenses such as training and care, veterinary, and depreciation are incurred from the date of acquisition; however, series revenues will not commence until the horses begin racing sometime during their two-year-old season. Additionally, as horses continue to mature, the series will have increased opportunities to generate greater revenue to offset their ongoing expenses. These factors, among others, raise substantial doubt about the ability of the Company and each of its listed Series to continue as a going concern for a reasonable period.
In making this assessment, management weighed the significance of the factors, conditions, and events considered. Management based the conclusion primarily on the inception-to-date cumulative losses. These factors were determined to be the primary drivers of the Company’s and each of its listed Series’ ability to sustain its operating costs in the near term. Management also performed an analysis of its operations through the issuance of these consolidated and consolidating financial statements and funding options currently available to it, including a line of credit available to its Manager and its Manager’s ability and intent to fund any operational needs for the coming year.
Management concluded that its plans successfully alleviate the substantial doubt to the ability of the Company and each of its listed Series to continue as a going concern within one year after the date that the consolidated and consolidating financial statements are issued. No assurance can be given that the Company and each of its listed Series will be successful in these efforts. The consolidated and consolidating financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company and each of its listed Series be unable to continue as a going concern.
| F-198 |
MY RACEHORSE CA LLC AND ITS SERIES
NOTES TO THE CONSOLIDATED AND CONSOLIDATING FINANCIAL STATEMENTS (UNAUDITED)
As of June 30, 2025 and December 31, 2024 and for the six-month periods ended June 30, 2025 and 2024
NOTE 4: ADVANCES FROM MANAGER
To fund its organizational and start-up activities as well as to advance funds on behalf of a series to purchase horse assets, the Manager has covered the expenses and costs of the Company and its series thus far on an interest-bearing revolving line of credit. The Manager is entitled to a stated interest rate on the unsold shares which is included on the promissory note. To date, the Manager has waived the interest due from the Series. The Company and each of its listed Series will evaluate when is best to repay the Manager depending on operations and fundraising ability. In general, the Company and each of its listed Series will repay the Manager for funds extended to acquire horse assets from the series subscription proceeds (less the applicable management fee), as they are received. Additionally, the Manager maintains cash reserves on behalf of each of the series of the Company to cover expenses of the series’ operations.
In the table below, the Company outlines the positions of borrowings and amounts owed to it by the Manager per Series:
| Series Name | Horse reserve account owed to/(by) Series |
(Horse acquisition loans owed to Manager) |
Net amount owed to/(by) Series |
| Series Authentic | $(187,724) | $ – | $(187,724) |
| Series Arch Support 20 | 4,860 | – | 4,860 |
| Series Classic Cut | 4,103 | – | 4,103 |
| Series Enchante 21 | 24,749 | – | 24,749 |
| Series Kindle 21 | 53,341 | – | 53,341 |
| Series Knarsdale 21 | 19,362 | – | 19,362 |
| Series Margarita Friday 19 | 155,005 | – | 155,005 |
| Series Our Jenny B | 6,451 | – | 6,451 |
| Series Palace Foal | (6,171) | – | (6,171) |
| Series Smart Shopping 21 | 94,832 | – | 94,832 |
| Series Song of Lark 21 | 18,059 | – | 18,059 |
| Series Tell the Duchess 19 | (138,322) | – | (138,322) |
| Classic Colt Package | 14,993 | – | 14,993 |
| Series Edge Crown It 21 | (4,050) | – | (4,050) |
| Series Edge More Than Magic 21 | (3,700) | – | (3,700) |
| MRH Blue Devil | 44,901 | 227,379 | (182,478) |
| MRH Catalyst | 49,147 | – | 49,147 |
| MRH Here's the Kicker | 29,758 | – | 29,758 |
| MRH Incredi-Bundle | 81,612 | – | 81,612 |
| MRH Isle Blue | 32,961 | – | 32,961 |
| MRH New York Bundle | 119,413 | – | 119,413 |
| MRH Real Savvy | 26,479 | – | 26,479 |
| MRH Sweet Voyage | 43,680 | – | 43,680 |
| Series Stylishly 23 | 131,193 | – | 131,193 |
| Series Formidable Kitt | 88,987 | – | 88,987 |
| Series Blip Says Bye | 126,988 | – | 126,988 |
| Series Clair de Lune 22 | 91,353 | – | 91,353 |
| Series Malibu Bonnie 23 | 132,079 | – | 132,079 |
| Series Spanxamillion | 116,553 | – | 116,553 |
| Series Sirius Pursuit | 85,015 | 4,257 | 80,758 |
| MRH STG Broodmare Band | 141,025 | – | 141,025 |
| MRH Commissioned | 163,302 | – | 163,302 |
| MRH Love Like Lucy | 101,525 | 255 | 101,270 |
| MRH My Eyes on You | 92,460 | 102,694 | (10,234) |
| MRH Mystical Belle | 88,782 | – | 88,782 |
| MRH Raging Inferno | 116,719 | 280,000 | (163,281) |
| MRH Restless Rider 23 | 216,869 | 862,750 | (645,881) |
| MRH Stirred 23 | 138,112 | 380,625 | (242,513) |
| MRH Trust But Verify | 191,899 | 62,077 | 129,822 |
| MRH Wildcat Gaze 23 | 89,933 | 156,310 | (66,377) |
| TOTAL | $2,596,534 | $2,076,348 | $520,186 |
All Series not presented in the table above had $0 balances due to/from the Manager as of June 30, 2025. During the six-month period ended June 30, 2025, the Manager forgave $8,783 of balances due to it.
| F-199 |
MY RACEHORSE CA LLC AND ITS SERIES
NOTES TO THE CONSOLIDATED AND CONSOLIDATING FINANCIAL STATEMENTS (UNAUDITED)
As of June 30, 2025 and December 31, 2024 and for the six-month periods ended June 30, 2025 and 2024
NOTE 5: LOANS PAYABLE – RELATED PARTY
The Company acquired the horse asset in the MRH Palace Foal series via a $15,606 convertible profit-participating loan from Michael Behrens, a principal of the Manager of the Company. The convertible profit-participating loan bears a 2.38 percent per annum interest rate and is due either when the MRH Palace Foal series is fully subscribed or converted into the unsold units of the MRH Palace Foal. During the time the convertible profit-participating loan is outstanding, the underlying cash flow of the MRH Palace Foal series accrues to the loan holder. $15,606 was outstanding on this loan as of both June 30, 2025 and December 31, 2024.
In 2020, with the purchase of the MRH Authentic horse asset the Company agreed to pay purchase (kickers) upon the achievement of certain milestones. Kickers of $2,443,750 were earned in 2020 and were recognized as a loan payable obligation to the co-owner Spendthrift Farm LLC, a related party, and capitalized as additional horse asset purchase costs. The loan is to be repaid out of the underlying horse income, net of expenses incurred by the co-owner resulting from the horse’s breeding career. The loan bears interest at 1.65%. No interest expense was recorded against this loan in both 2025 and 2024. No net horse income was applied as repayments against this loan in 2025 and 2024. As of both June 30, 2024 and December 31, 2023, the outstanding balance of the loan was $247,285.
The Company’s Manager was entitled to certain management fees related to the MRH Authentic horse which remained outstanding to the Manager for a total amount of $239,871 as of both June 30, 2025 and December 31, 2024. The net horse income applied as repayments against this loan in 2025 and 2024 were $0 and $49,086, respectively.
The Company’s Manager and another related party, Spendthrift Farm LLC paid certain training costs on behalf of the Company during
2021 and 2022. As of both June 30, 2025 and December 31, 2024, $1,734 remained outstanding on these agreements. The note will be
repaid at the close of the series from the residual value upon the sale of the horse. During the period ended June 30, 2025, no
loans balances were forgiven, repaid, and costs incurred against these loans.
Interest expense totaled $0 for both the six-month periods ended June 30, 2025 and 2024.
| F-200 |
MY RACEHORSE CA LLC AND ITS SERIES
NOTES TO THE CONSOLIDATED AND CONSOLIDATING FINANCIAL STATEMENTS (UNAUDITED)
As of June 30, 2025 and December 31, 2024 and for the six-month periods ended June 30, 2025 and 2024
NOTE 6: MEMBERS’ EQUITY/(DEFICIT)
Series Subscriptions
The Company has received membership subscriptions for the following LLC Series as of June 30, 2025.
| Series Name | Units Offered |
Units
Tendered |
Series
Subscriptions |
| Series Authentic | 12,500 | 12,500 | $2,575,000 |
| Series The Filly Four | 8,000 | 8,000 | 1,440,000 |
| MRH STG Broodmare Band | 5,000 | 5,000 | 1,175,000 |
| Series Chad Brown Bundle | 5,000 | 5,000 | 1,170,000 |
| MRH New York Bundle | 5,100 | 5,100 | 1,147,500 |
| Series Stylishly 23 | 5,000 | 5,000 | 1,140,000 |
| MRH Incredi-Bundle | 10,200 | 10,200 | 1,101,600 |
| Series Rosie's Alibi | 10,000 | 10,000 | 1,050,000 |
| Series The Royal Duet | 5,100 | 5,100 | 1,030,200 |
| MRH Trust But Verify | 13,333 | 12,221 | 941,017 |
| Series Spanxamillion | 5,000 | 5,000 | 870,000 |
| Series Balletic | 10,000 | 10,000 | 800,000 |
| Series Malibu Bonnie 23 | 10,000 | 10,000 | 790,000 |
| Series Blip Says Bye | 10,000 | 10,000 | 780,000 |
| MRH Brandy 22 | 9,000 | 9,000 | 765,000 |
| Series Collusion Illusion | 25,000 | 25,000 | 750,000 |
| Series Big Mel | 6,000 | 6,000 | 726,000 |
| MRH Commissioned | 5,000 | 5,000 | 720,000 |
| MRH Catalyst | 6,500 | 6,500 | 669,500 |
| Series Patsys Kim 21 | 5,000 | 5,000 | 665,000 |
| Series Formidable Kitt | 5,000 | 5,000 | 660,000 |
| Series Sarrocchi 21 | 5,000 | 5,000 | 640,000 |
| Series Elarose 21 | 10,000 | 10,000 | 640,000 |
| Series Smart Shopping 21 | 5,000 | 5,000 | 635,000 |
| Series Enchante 21 | 6,000 | 6,000 | 594,000 |
| Series I'm a Looker 20 | 4,000 | 4,000 | 580,000 |
| Series Knarsdale 21 | 5,100 | 5,100 | 571,200 |
| Series Wayne O | 6000 | 6000 | 570,000 |
| Classic Colt Package | 40 | 40 | 569,520 |
| F-201 |
MY RACEHORSE CA LLC AND ITS SERIES
NOTES TO THE CONSOLIDATED AND CONSOLIDATING FINANCIAL STATEMENTS (UNAUDITED)
As of June 30, 2025 and December 31, 2024 and for the six-month periods ended June 30, 2025 and 2024
| MRH Real Savvy | 3,750 | 3,750 | 555,000 |
| Series Co Cola 19 | 5,100 | 5,100 | 540,600 |
| Series Lane Way | 6,000 | 6,000 | 540,000 |
| Series Who Runs the World | 5,100 | 5,100 | 530,400 |
| Series Race Hunter 19 | 10,000 | 10,000 | 520,000 |
| MRH Here's the Kicker | 13,333 | 13,333 | 519,987 |
| Series Carrothers | 5,100 | 5,100 | 515,100 |
| Series Classic Cut | 10,000 | 10,000 | 510,000 |
| Series Keertana 18 | 5,100 | 5,100 | 510,000 |
| Series Future Stars Stable | 10,000 | 10,000 | 500,000 |
| Series Le Relais 20 | 3,000 | 3,000 | 495,000 |
| Series Cable Boss | 5,100 | 5,100 | 494,700 |
| Series Courtisane 19 | 10,000 | 10,000 | 490,000 |
| Series Monomoy Girl | 10,200 | 10,200 | 469,200 |
| Series NY Exacta | 2,000 | 2,000 | 456,000 |
| Series Silverpocketsfull 19 | 5,100 | 5,100 | 453,900 |
| Series You Make Luvin Fun 19 | 6,000 | 6,000 | 450,000 |
| Series Going to Vegas | 5,100 | 5,100 | 438,600 |
| Series Ari the Adventurer 19 | 5,100 | 5,100 | 433,500 |
| Series MRH Adaay in Asia | 5,100 | 5,100 | 418,200 |
| Series Clair de Lune 22 | 5,000 | 5,000 | 415,000 |
| MRH Isle Blue | 5,100 | 5,100 | 413,100 |
| MRH Love Like Lucy | 5,100 | 5,100 | 392,700 |
| Series Kindle 21 | 5,500 | 5,500 | 390,500 |
| Series Sunny 18 | 6,000 | 6,000 | 390,000 |
| Series Mo Mischief | 5,100 | 5,100 | 382,500 |
| Series Who'sbeeninmybed 19 | 5,100 | 5,100 | 377,400 |
| Series Cayala 19 | 4,100 | 4,100 | 373,100 |
| Series Wonder Upon a Star 19 | 10,000 | 10,000 | 370,000 |
| MRH Mystical Belle | 300 | 300 | 360,000 |
| Series Vow | 2,000 | 2,000 | 358,000 |
| Series Lost Empire 19 | 10,200 | 10,200 | 357,000 |
| Series Sirius Pursuit | 3,000 | 2,997 | 353,646 |
| Series Song of Lark 21 | 2,550 | 2,550 | 349,350 |
| MRH Sweet Voyage | 3,750 | 3,750 | 348,750 |
| Series Echo Warrior 19 | 6,000 | 6,000 | 348,000 |
| Series One Last Night 21 | 3,000 | 3,000 | 339,000 |
| Series Grand Traverse Bay 19 | 750 | 750 | 335,250 |
| Series Margarita Friday 19 | 2,000 | 2,000 | 332,000 |
| Series My Fast One 20 | 2,000 | 2,000 | 330,000 |
| F-202 |
MY RACEHORSE CA LLC AND ITS SERIES
NOTES TO THE CONSOLIDATED AND CONSOLIDATING FINANCIAL STATEMENTS (UNAUDITED)
As of June 30, 2025 and December 31, 2024 and for the six-month periods ended June 30, 2025 and 2024
| Series Queen Amira 19 | 2,000 | 2,000 | 330,000 |
| Series Miss Sakamoto | 6,000 | 6,000 | 324,000 |
| Series Storm Shooter | 2,000 | 2,000 | 324,000 |
| Series Tufnel | 5,200 | 5,200 | 322,400 |
| Series Action Bundle | 10,000 | 10,000 | 310,000 |
| Series Jeanne's Speight 20 | 2,500 | 2,500 | 310,000 |
| Series Mo Temptation | 3,500 | 3,500 | 304,500 |
| Series Naismith | 2,000 | 2,000 | 304,000 |
| Series Awe Hush 19 | 1,800 | 1,800 | 295,200 |
| Series War Safe | 2,000 | 2,000 | 292,000 |
| Series Tell the Duchess 19 | 2,000 | 2,000 | 284,000 |
| Series Mrs Whistler | 2,000 | 2,000 | 274,000 |
| Series Salute to America | 1,000 | 1,000 | 273,000 |
| MRH My Eyes on You | 5,100 | 3,307 | 261,253 |
| Series Spirit 20 | 3,000 | 3,000 | 252,000 |
| Series Into Summer 19 | 650 | 650 | 250,900 |
| Series Edge Racing Summer Fun | 50 | 50 | 250,000 |
| Series Popular Demand | 1,020 | 1,020 | 248,880 |
| Series Margaret Reay 19 | 820 | 820 | 246,820 |
| Series Fenwick Hall 20 | 1,200 | 1,200 | 242,400 |
| Series Just Louise 19 | 1,020 | 1,020 | 233,580 |
| Series Chasing the Moon 20 | 20 | 20 | 230,000 |
| Series Got Stormy | 5,100 | 5,100 | 229,500 |
| Series Thirteen Stripes | 1,000 | 1,000 | 229,000 |
| Series Man Among Men | 820 | 820 | 223,860 |
| Series Tapitry 19 | 820 | 820 | 223,860 |
| Series Edge Crown It 21 | 15 | 15 | 217,500 |
| Series Moonbow 20 | 2,500 | 2,500 | 215,000 |
| Series Desire Street 19 | 1,020 | 1,020 | 205,020 |
| Series Ashlees Empire 20 | 3,000 | 3,000 | 201,000 |
| Series Classofsixtythree 19 | 1,000 | 1,000 | 193,000 |
| Series Martita Sangrita 17 | 600 | 600 | 192,000 |
| Series Tizamagician | 600 | 600 | 192,000 |
| Series Our Miss Jones 19 | 1,200 | 1,200 | 187,200 |
| Series Edge More Than Magic 21 | 12 | 12 | 180,000 |
| Series Deep Cover | 800 | 800 | 176,000 |
| Series Frosted Oats | 4,100 | 4,100 | 172,200 |
| Series Mayan Milagra 19 | 20 | 20 | 170,000 |
| F-203 |
MY RACEHORSE CA LLC AND ITS SERIES
NOTES TO THE CONSOLIDATED AND CONSOLIDATING FINANCIAL STATEMENTS (UNAUDITED)
As of June 30, 2025 and December 31, 2024 and for the six-month periods ended June 30, 2025 and 2024
| Series Amandrea | 550 | 550 | 162,250 |
| Series Bajan Bashert | 16 | 16 | 160,000 |
| Series Gentleman Gerry | 20 | 20 | 155,000 |
| Series Sweet Sweet Annie 19 | 20 | 20 | 150,000 |
| Series Twirl Girl 21 | 20 | 20 | 150,000 |
| Series Heaven Street | 20 | 20 | 150,000 |
| Series Lazy Daisy | 1,250 | 1,250 | 143,750 |
| Series Latte Da 19 | 4,100 | 4,100 | 143,500 |
| Series National Road | 20 | 20 | 140,000 |
| Series Northern Smile 20 | 20 | 20 | 140,000 |
| Series Without Delay | 20 | 20 | 140,000 |
| Series Exonerated 19 | 820 | 820 | 138,580 |
| Series Adjust 20 | 10 | 10 | 135,000 |
| Series Two Trail Sioux 17 | 450 | 450 | 135,000 |
| Series Edge High Speed Goldie 21 | 13 | 13 | 130,000 |
| Series Yes This Time | 10 | 10 | 129,520 |
| Series Demogorgon | 20 | 20 | 128,000 |
| Series Tell All 19 | 12 | 12 | 126,000 |
| Series Vertical Threat | 600 | 600 | 126,000 |
| Series Speightstown Belle 19 | 900 | 900 | 125,100 |
| Series Dancing Crane | 20 | 20 | 122,000 |
| Series Midnight Sweetie 19 | 820 | 820 | 121,360 |
| Series Our Jenny B | 20 | 20 | 120,000 |
| Series Power Up Paynter | 600 | 600 | 114,000 |
| MRH Sweet as Sin | 110 | 110 | 113,630 |
| Series Arch Support 20 | 10 | 10 | 112,000 |
| Series Daddy's Joy | 600 | 600 | 108,000 |
| Series Apple Down Under 19 | 600 | 600 | 103,800 |
| Series Daring Dancer 20 | 750 | 750 | 101,250 |
| Series Flora Dora 20 | 10 | 10 | 100,000 |
| Series Black Escort 19 | 20 | 20 | 100,000 |
| Series Sunsanddrinkinhand | 20 | 20 | 100,000 |
| Series Timeless Trick 20 | 12 | 12 | 93,000 |
| Series Grand Traverse Bay 20 | 750 | 750 | 90,750 |
| MRH Blue Devil | 5,100 | 1,112 | 89,100 |
| Series Motion Emotion | 1,020 | 1,020 | 85,680 |
| Series Social Dilemma | 510 | 510 | 85,170 |
| F-204 |
MY RACEHORSE CA LLC AND ITS SERIES
NOTES TO THE CONSOLIDATED AND CONSOLIDATING FINANCIAL STATEMENTS (UNAUDITED)
As of June 30, 2025 and December 31, 2024 and for the six-month periods ended June 30, 2025 and 2024
| Series Athenian Beauty 19 | 1,800 | 1,800 | 84,600 |
| Series Ambleside Park 19 | 410 | 410 | 84,050 |
| Series New York Claiming Package | 510 | 510 | 71,400 |
| Series Consecrate 19 | 410 | 410 | 64,370 |
| Series Escape Route | 10 | 10 | 62,952 |
| Series Street Band | 50 | 50 | 61,500 |
| Series Madiera Wine | 20 | 20 | 50,000 |
| Series Cairo Kiss | 80 | 80 | 44,400 |
| Series Squared Straight | 150 | 150 | 40,500 |
| Series Soul Beam | 65 | 65 | 39,650 |
| Series Bella Chica | 100 | 100 | 38,000 |
| Series De Mystique 17 | 250 | 250 | 35,000 |
| Series Noble Goddess | 300 | 300 | 33,000 |
| Series Shake It Up Baby | 250 | 250 | 32,500 |
| Series Zestful | 100 | 100 | 32,000 |
| Series Miss Puzzle | 125 | 125 | 31,250 |
| Series Sauce On Side | 125 | 125 | 30,000 |
| Series Utalknboutpractice | 100 | 100 | 30,000 |
| Series Two Trail Sioux 17K | 1 | 1 | 29,720 |
| Series Takeo Squared | 100 | 100 | 27,000 |
| Series Kichiro | 200 | 200 | 26,000 |
| Series Kiana's Love | 200 | 200 | 24,000 |
| Series Nileist | 45 | 45 | 23,850 |
| Series Moonless Sky | 200 | 200 | 22,000 |
| Series Sigesmund | 200 | 200 | 20,000 |
| Series Night of Idiots | 80 | 80 | 20,000 |
| Series Tavasco Road | 80 | 80 | 18,400 |
| Series Madarnas | 50 | 50 | 17,500 |
| Series Swiss Minister | 50 | 50 | 14,000 |
| Series Bullion | 25 | 25 | 11,750 |
| Series Amers | 75 | 75 | 10,500 |
| Series Major Implications | 20 | 20 | 4,600 |
| MRH Raging Inferno | – | – | – |
| MRH Restless Rider 23 | – | – | – |
| MRH Stirred 23 | – | – | – |
| MRH Wildcat Gaze 23 | – | – | – |
| My Racehorse CA | – | – | – |
| Series Forever Rose | 1,250 | – | – |
| Series Ishvana 21 | – | – | – |
| Series Palace Foal | – | – | – |
| Total Subscriptions | 538,387 | 530,241 | $57,993,025 |
| Less: Distributions to Date | (16,552,844) | ||
| Net of Distributions | $41,440,181 |
The members of each of the Company’s series have certain rights with respect to the membership series they are subscribed to. Each series generally holds a single horse asset. A series member is entitled to their pro rata share of the net profits derived from the horse asset held in that series after deduction of expense allocations and direct expenses attributable to the underlying horse asset, based on their percentage of the total outstanding membership interests in that series.
Distributions are recorded when declared. When a declared distribution is not yet paid as of a balance sheet date, it is recorded as a distribution payable liability. Distributions payable amounted to $0 and $126,015 as of June 30, 2025 and December 31, 2024, respectively.
The debts, obligations, and liabilities of the Company, whether arising in contract, tort, or otherwise, are solely the debts, obligations, and liabilities of the Company, and no member of the Company is obligated personally for any such debt, obligation, or liability.
| F-205 |
MY RACEHORSE CA LLC AND ITS SERIES
NOTES TO THE CONSOLIDATED AND CONSOLIDATING FINANCIAL STATEMENTS (UNAUDITED)
As of June 30, 2025 and December 31, 2024 and for the six-month periods ended June 30, 2025 and 2024
NOTE 7: RELATED PARTY TRANSACTIONS
The Company’s Manager has advanced funds to and holds cash reserves on behalf of various of the Company’s series funds. See Note 4 for further discussions.
The Company has various loans outstanding with related parties, as described in Note 5.
Because these are related party transactions, no guarantee can be made that the terms of the arrangements are at arm’s length.
NOTE 8: RECENT ACCOUNTING PRONOUNCEMENTS
In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). This ASU requires a lessee to recognize a right-of-use asset and a lease liability under most operating leases in its balance sheet. The ASU is effective for annual and interim periods beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted. The Company and each of its listed Series adopted this standard in 2022 and it had no effect on the Company’s consolidated and consolidating financial statements.
Management does not believe that any other recently issued, but not yet effective, accounting standards could have a material effect on the accompanying consolidated and consolidating financial statements. As new accounting pronouncements are issued, the Company and each of its listed Series will adopt those that are applicable under the circumstances.
NOTE 9: COMMITMENTS, CONTINGENCIES, AND CONCENTRATIONS
Legal Matters
The Company and each of its listed Series is not currently involved with and does not know of any pending or threatening litigation against the Company, each of its listed Series, or its member.
Long-Term Debt
The Company acquired the horse asset in the MRH Palace Foal series via a $15,606 convertible profit participating loan from Michael Behrens, a principal of the Manager of the Company. The convertible profit participating loan that bears a 2.38 percent per annum interest rate is due either when the MRH Palace Foal series is fully subscribed or converted into the unsold units of the MRH Palace Foal.
During the time the convertible profit participating loan is outstanding, the underlying cash flow of the MRH Palace Foal series accrues to the loan holder.
NOTE 10: SUBSEQUENT EVENTS
Anticipated Crowdfunded Offering
The Company and each of its listed Series is planning to continue to raise capital through the issuance of securities exempt from registration under Regulation A in 2025.
Management’s Evaluation
Management has evaluated subsequent events through October 3, 2025, the date the consolidated and consolidating financial statements were available to be issued. Based on this evaluation, no additional material events were identified which require adjustment or disclosure in these consolidated and consolidating financial statements.
| F-206 |
| 57 |
| 58 |
__________________
| * | Filed herewith. |
| (1) | Filed with the Company’s Form 1–A dated September 10, 2018 and incorporated by reference herein. | |
| (2) | Filed with the Company’s Post Qualification Amendment No. 13 to Form 1–A dated July 15, 2020 and incorporated by reference herein. | |
| (3) | Filed with the Company’s Post Qualification Amendment No. 32 to Form 1–A dated January 11, 2022 and incorporated by reference herein. | |
| (4) | Filed with the Company’s Form 1–A dated February 22, 2022 and incorporated by reference herein. | |
| (5) | Filed with the Company’s Post Qualification Amendment No. 1 to Form 1–A dated May 6, 2022 and incorporated by reference herein. | |
| (6) | Filed with the Company’s Post Qualification Amendment No. 10 to Form 1–A, dated May 3, 2023 and incorporated by reference herein. | |
| (7) | Filed with the Company’s Post Qualification Amendment No. 14 to Form 1–A, dated October 13, 2023 and incorporated by reference herein. | |
| (8) | Filed with the Company’s Post Qualification Amendment No. 15 to Form 1-A, dated October 27, 2023 and incorporated by reference. | |
| (9) | Filed with the Company’s Post Qualification Amendment No. 16 to Form 1-A, dated December 12, 2023 and incorporated by reference. | |
| (10) | Filed with the Company’s Post Qualification Amendment No. 18 to Form 1-A, dated June 24, 2024 and incorporated by reference. | |
| (11) | Filed with the Company’s Post Qualification Amendment No. 19 to Form 1-A, dated July 29, 2024 and incorporated by reference herein. | |
| (12) | Filed with the Company’s Post Qualification Amendment No. 20 to Form 1-A, dated August 22, 2024 and incorporated by reference herein. | |
| (13) | Filed with the Company’s Post Qualification Amendment No. 21 to Form 1-A, dated November 13, 2024 and incorporated by reference herein. | |
| (14) | Filed with the Company’s Post Qualification Amendment No. 22 to Form 1-A, dated December 11, 2024 and incorporated by reference herein. | |
| (15) | Filed with the Company’s Post Qualification Amendment No. 23 to Form 1-A, dated January 14, 2025 and incorporated by reference herein. | |
| (16) | Filed with the Company’s Post Qualification Amendment No. 24 to Form 1-A, dated March 19, 2025 and incorporated by reference herein. | |
| (17) | Filed with the Company’s Current Report on Form 1-U, dated April 3, 2025 and incorporated by reference herein. | |
| (18) | Filed with the Company’s Current Report on Form 1-U/A, dated July 15, 2024 and incorporated by reference herein. | |
| (19) | Filed with the Company’s Post Qualification Amendment No. 25 to Form 1-A, dated April 28, 2025 and incorporated by reference herein. | |
| (20) | Filed with the Company’s Post Qualification Amendment No. 1 to Form 1-A, dated June 18, 2025 and incorporated by reference herein. | |
| (21) | Filed with the Company’s Post Qualification Amendment No. 2 to Form 1-A, dated July 11, 2025 and incorporated by reference herein. | |
| (22) | Filed with the Company’s Post Qualification Amendment No. 3 to Form 1-A, dated August 19, 2025 and incorporated by reference herein. | |
| (23) | Filed with the Company’s Post Qualification Amendment No. 4 to Form 1-A, dated September 24, 2025 and incorporated by reference herein. |
| 59 |
Pursuant to the requirements of Regulation A, the issuer has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Dated: October 6, 2025 | MY RACEHORSE CA LLC |
| By: Experiential Squared, Inc., its Manager | |
| By: /s/ Michael Behrens | |
| Name: Michael Behrens | |
| Title: Chief Executive Officer |
Pursuant to the requirements of Regulation A, this report has been signed below by the following persons on behalf of the issuer and in the capacities and on the dates indicated.
| Signature | Title | Date | ||
/s/ Michael Behrens Name: Michael Behrens |
Chief Executive Officer and Secretary of Experiential Squared, Inc. (Principal Executive Officer) |
October 6, 2025 | ||
/s/ Matthew Hendricks Name: Matthew Hendricks |
Chief Financial Officer of Experiential Squared, Inc. (Principal Financial Officer and Principal Accounting Officer) |
October 6, 2025 | ||
MY RACEHORSE CA LLC
By: /s/ Michael Behrens Name: Michael Behrens Title: Chief Executive Officer |
Manager | October 6, 2025 |
| 60 |