Did you buy it? The strap and binding along the edges and bottom appear to have some serious issues. It also looks like there might be splits in the binding at the bottom. If so, those are not easy repairs. I'm not sure what you can do for all the cracking. It may be beyond trying to fix.
My twin to Catbird9's Dinky has a similar cracking strap problem. I've put umpteen coats of Leather Therapy & Leather Honey on without much success. Like you, I think it might be beyond help - 'Once it cracks, you can never go back!'
I considered trying to carefully sand it but chickened out...?