$TBLT
Toughbuilt Industries, Inc

2024 Q4 Form 10-K Financial Statement

#000121390024111385 Filed on December 23, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2023 Q4 2023 Q3
Revenue $20.63M
YoY Change -31.79%
Cost Of Revenue $15.72M
YoY Change -29.61%
Gross Profit $4.913M
YoY Change -37.95%
Gross Profit Margin 23.81%
Selling, General & Admin $12.57M
YoY Change -14.34%
% of Gross Profit 255.9%
Research & Development $2.916M
YoY Change 4.84%
% of Gross Profit 59.36%
Depreciation & Amortization $1.480M
YoY Change 27.07%
% of Gross Profit 30.12%
Operating Expenses $15.49M
YoY Change -11.28%
Operating Profit -$10.58M
YoY Change 10.85%
Interest Expense $146.9K
YoY Change -99.21%
% of Operating Profit
Other Income/Expense, Net -$3.673M
YoY Change -120.93%
Pretax Income -$14.25M
YoY Change -277.98%
Income Tax
% Of Pretax Income
Net Earnings -$14.25M
YoY Change -277.96%
Net Earnings / Revenue -69.07%
Basic Earnings Per Share -$0.46
Diluted Earnings Per Share -$0.46
COMMON SHARES
Basic Shares Outstanding 1.443M shares 36.92M 33.70M
Diluted Shares Outstanding 31.30M

Balance Sheet

Concept 2024 Q4 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.830M
YoY Change 15.21%
Cash & Equivalents $1.153M $1.834M
Short-Term Investments
Other Short-Term Assets $540.0K
YoY Change -81.13%
Inventory $21.94M $28.07M
Prepaid Expenses
Receivables $10.24M $8.993M
Other Receivables $0.00
Total Short-Term Assets $33.50M $39.44M
YoY Change -44.27% -41.88%
LONG-TERM ASSETS
Property, Plant & Equipment $13.78M $18.90M
YoY Change -21.28% 1.21%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.165M
YoY Change 28.64%
Total Long-Term Assets $18.29M $25.09M
YoY Change -23.18% 0.2%
TOTAL ASSETS
Total Short-Term Assets $33.50M $39.44M
Total Long-Term Assets $18.29M $25.09M
Total Assets $51.79M $64.53M
YoY Change -38.28% -30.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $46.95M $41.09M
YoY Change 58.25% 41.23%
Accrued Expenses $5.278M $4.462M
YoY Change 75.28% 62.49%
Deferred Revenue
YoY Change
Short-Term Debt $288.6K $707.6K
YoY Change -70.36% -49.12%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $60.12M $53.25M
YoY Change 18.51% 35.27%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $3.010M
YoY Change -19.17%
Total Long-Term Liabilities $3.010M
YoY Change -19.17%
TOTAL LIABILITIES
Total Short-Term Liabilities $60.12M $53.25M
Total Long-Term Liabilities $3.010M
Total Liabilities $61.51M $56.26M
YoY Change 13.47% 30.57%
SHAREHOLDERS EQUITY
Retained Earnings -$191.4M -$173.2M
YoY Change 32.0% 42.08%
Common Stock $57.00 $3.691K
YoY Change -95.95% 199.59%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$9.721M $8.271M
YoY Change
Total Liabilities & Shareholders Equity $51.79M $64.53M
YoY Change -38.28% -30.53%

Cashflow Statement

Concept 2024 Q4 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$14.25M
YoY Change -277.96%
Depreciation, Depletion And Amortization $1.480M
YoY Change 27.07%
Cash From Operating Activities -$1.960M
YoY Change -88.74%
INVESTING ACTIVITIES
Capital Expenditures $1.060M
YoY Change -119.9%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$1.060M
YoY Change -80.1%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.650M
YoY Change -88.05%
NET CHANGE
Cash From Operating Activities -1.960M
Cash From Investing Activities -1.060M
Cash From Financing Activities 2.650M
Net Change In Cash -370.0K
YoY Change -33.28%
FREE CASH FLOW
Cash From Operating Activities -$1.960M
Capital Expenditures $1.060M
Free Cash Flow -$3.020M
YoY Change -74.99%

Facts In Submission

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 1: NATURE OF OPERATIONS</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Nature of Operations</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In these notes, the terms “us”, “we”, “it”, “its”, “ToughBuilt”, the “Company” or “our” refer to ToughBuilt Industries, Inc. ToughBuilt was incorporated under the laws of the State of Nevada on April 9, 2012 under the name Phalanx, Inc., and on December 29, 2015, Phalanx, Inc. changed its name to ToughBuilt Industries, Inc.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company designs and distributes innovative and superior quality tools and accessories to the home improvement community and the building industry. The Company aspires to augment brand loyalty in part from the enlightened creativity of its end users throughout the global tool market industry. The Company holds exclusive licenses to develop, manufacture, market, and distribute various home improvement and construction product lines for both Do-it-Yourself and professional trade markets under the TOUGHBUILT® brand name.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">TOUGHBUILT® distributes products in the following categories, all designed and engineered in the United States and manufactured by third party vendors in China:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 24px"> </td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 24px">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">tool belts, tool bags and other personal tool organizer products;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 24px"> </td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 24px">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">complete line of knee pads for various construction applications; and</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px; text-align: justify; font-size: 10pt"> </td> <td style="width: 24px; text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">jobsite tools and material support products consisting of a full line of miter-saws and table saw stands, sawhorses/job site tables and roller stands.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 25, 2022, the Company effected a 1-for-150 reverse stock split (the “2022 Reverse Split”) of its issued and outstanding common stock. As a result of the 2022 Reverse Split, each one hundred fifty shares of issued and outstanding prior to the 2022 Reverse Split were converted into one share of common stock.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 2, 2024, the Company effected a 1-for-65 reverse stock split (the “2024 Reverse Split”) of its issued and outstanding common stock. As a result of the 2024 Reverse Split, each sixty-five shares of issued and outstanding prior to the 2024 Reverse Split were converted into one share of common stock. All share and per share numbers in the consolidated financial statements and notes below have been revised retroactively to reflect the 2024 Reverse Split.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Going Concern </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has incurred substantial operating losses since its inception. As reflected in the consolidated financial statements, the Company reported cash on hand of $1,152,540, working capital deficit of $26,621,598, and accumulated deficit of $191,402,366 at December 31, 2023. The Company reported a net loss of $46,449,313, and net cash used in operating activities of $5,086,789 for the year ended December 31, 2023. The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The 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 result from the outcome of this uncertainty. The Company anticipates incurring additional losses until such time, if ever, that it can obtain marketing approval to sell, and then generate significant sales, of its technology that is currently in development. As such it is likely that additional financing will be needed by the Company to fund its operations and to develop and commercialize its technology. These factors raise substantial doubt about the Company’s ability to continue as a going concern for the next twelve months from the issuance of this Annual Report on Form 10-K. The Company will seek to obtain additional capital through the sale of debt or equity financings or other arrangements to fund operations; however, there can be no assurance that the Company will be able to raise needed capital under acceptable terms, if at all. The sale of additional equity may dilute existing stockholders, and newly issued shares may contain senior rights and preferences compared to currently outstanding shares of common stock. Issued debt securities may contain covenants and limit the Company’s ability to pay dividends or make other distributions to stockholders. If the Company is unable to obtain such additional financing, future operations would need to be scaled back or discontinued.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Basis of Presentation and Preparation</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the United States Securities and Exchange Commission (“SEC”). The consolidated financial statements and accompanying notes are the representations of the Company’s management, who is responsible for their integrity and objectivity. In the opinion of the Company’s management, the consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Principles of Consolidation</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, ToughBuilt Industries UK Limited, ToughBuilt Brazil, ToughBuilt Columbia, ToughBuilt Armenia and ToughBuilt Mexico. All intercompany balances and transactions are eliminated.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Use of Estimates</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related recognition of revenue, valuation of accounts receivable, valuation of long-lived assets, fair value of financial instruments and fair value measurements, and revenue recognition. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.</p>
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CY2023 tblt Provision For Inducement Expense
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CY2022 us-gaap Gain Loss On Sale Of Property Plant Equipment
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CY2022 us-gaap Derivative Gain Loss On Derivative Net
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CY2022 us-gaap Issuance Of Stock And Warrants For Services Or Claims
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CY2022 us-gaap Increase Decrease In Accounts Receivable
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CY2022 us-gaap Increase Decrease In Prepaid Expense
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CY2022 us-gaap Increase Decrease In Other Current Assets
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CY2023 us-gaap Increase Decrease In Accounts Payable
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CY2022 us-gaap Increase Decrease In Accounts Payable
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CY2023 us-gaap Increase Decrease In Accrued Liabilities
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CY2022 us-gaap Increase Decrease In Accrued Liabilities
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CY2023 tblt Increase Decrease In Related Party Payables
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CY2023 tblt Increase Decrease In Lease Liability
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CY2022 tblt Increase Decrease In Lease Liability
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CY2022 us-gaap Net Cash Provided By Used In Operating Activities
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CY2023 us-gaap Payments To Acquire Property Plant And Equipment
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CY2022 us-gaap Payments To Acquire Property Plant And Equipment
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CY2023 us-gaap Net Cash Provided By Used In Investing Activities
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CY2022 us-gaap Net Cash Provided By Used In Investing Activities
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CY2022 us-gaap Proceeds From Warrant Exercises
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CY2023 us-gaap Proceeds From Issuance Of Common Stock
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CY2022 us-gaap Proceeds From Issuance Of Common Stock
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CY2022 us-gaap Payments For Repurchase Of Warrants
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CY2023 us-gaap Proceeds From Short Term Debt
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CY2022 us-gaap Proceeds From Short Term Debt
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CY2023 us-gaap Repayments Of Short Term Debt
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CY2022 us-gaap Repayments Of Short Term Debt
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CY2023 us-gaap Net Cash Provided By Used In Financing Activities
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CY2022 us-gaap Net Cash Provided By Used In Financing Activities
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CY2023 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2023 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2023 us-gaap Interest Paid Net
InterestPaidNet
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CY2023 tblt Purchase Of Property And Equipment Included In Accounts Payable
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CY2022 tblt Purchase Of Property And Equipment Included In Accounts Payable
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CY2023 tblt Repayment Of Shortterm Loan Payable In Exchange For New Shortterm Loan Payable
RepaymentOfShorttermLoanPayableInExchangeForNewShorttermLoanPayable
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CY2023 tblt Initial Fair Value Of Lease Liability
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CY2022 tblt Initial Fair Value Of Lease Liability
InitialFairValueOfLeaseLiability
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CY2023 tblt Initial Fair Value Of Warrants
InitialFairValueOfWarrants
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CY2022 tblt Initial Fair Value Of Warrants
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CY2023 us-gaap Nature Of Operations
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 1: NATURE OF OPERATIONS</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Nature of Operations</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In these notes, the terms “us”, “we”, “it”, “its”, “ToughBuilt”, the “Company” or “our” refer to ToughBuilt Industries, Inc. ToughBuilt was incorporated under the laws of the State of Nevada on April 9, 2012 under the name Phalanx, Inc., and on December 29, 2015, Phalanx, Inc. changed its name to ToughBuilt Industries, Inc.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company designs and distributes innovative and superior quality tools and accessories to the home improvement community and the building industry. The Company aspires to augment brand loyalty in part from the enlightened creativity of its end users throughout the global tool market industry. The Company holds exclusive licenses to develop, manufacture, market, and distribute various home improvement and construction product lines for both Do-it-Yourself and professional trade markets under the TOUGHBUILT® brand name.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">TOUGHBUILT® distributes products in the following categories, all designed and engineered in the United States and manufactured by third party vendors in China:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 24px"> </td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 24px">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">tool belts, tool bags and other personal tool organizer products;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 24px"> </td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 24px">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">complete line of knee pads for various construction applications; and</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px; text-align: justify; font-size: 10pt"> </td> <td style="width: 24px; text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">jobsite tools and material support products consisting of a full line of miter-saws and table saw stands, sawhorses/job site tables and roller stands.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 25, 2022, the Company effected a 1-for-150 reverse stock split (the “2022 Reverse Split”) of its issued and outstanding common stock. As a result of the 2022 Reverse Split, each one hundred fifty shares of issued and outstanding prior to the 2022 Reverse Split were converted into one share of common stock.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 2, 2024, the Company effected a 1-for-65 reverse stock split (the “2024 Reverse Split”) of its issued and outstanding common stock. As a result of the 2024 Reverse Split, each sixty-five shares of issued and outstanding prior to the 2024 Reverse Split were converted into one share of common stock. All share and per share numbers in the consolidated financial statements and notes below have been revised retroactively to reflect the 2024 Reverse Split.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Going Concern </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has incurred substantial operating losses since its inception. As reflected in the consolidated financial statements, the Company reported cash on hand of $1,152,540, working capital deficit of $26,621,598, and accumulated deficit of $191,402,366 at December 31, 2023. The Company reported a net loss of $46,449,313, and net cash used in operating activities of $5,086,789 for the year ended December 31, 2023. The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The 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 result from the outcome of this uncertainty. The Company anticipates incurring additional losses until such time, if ever, that it can obtain marketing approval to sell, and then generate significant sales, of its technology that is currently in development. As such it is likely that additional financing will be needed by the Company to fund its operations and to develop and commercialize its technology. These factors raise substantial doubt about the Company’s ability to continue as a going concern for the next twelve months from the issuance of this Annual Report on Form 10-K. The Company will seek to obtain additional capital through the sale of debt or equity financings or other arrangements to fund operations; however, there can be no assurance that the Company will be able to raise needed capital under acceptable terms, if at all. The sale of additional equity may dilute existing stockholders, and newly issued shares may contain senior rights and preferences compared to currently outstanding shares of common stock. Issued debt securities may contain covenants and limit the Company’s ability to pay dividends or make other distributions to stockholders. If the Company is unable to obtain such additional financing, future operations would need to be scaled back or discontinued.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Basis of Presentation and Preparation</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the United States Securities and Exchange Commission (“SEC”). The consolidated financial statements and accompanying notes are the representations of the Company’s management, who is responsible for their integrity and objectivity. In the opinion of the Company’s management, the consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Principles of Consolidation</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, ToughBuilt Industries UK Limited, ToughBuilt Brazil, ToughBuilt Columbia, ToughBuilt Armenia and ToughBuilt Mexico. All intercompany balances and transactions are eliminated.</p>
CY2022Q2 us-gaap Stock Issued During Period Shares Reverse Stock Splits
StockIssuedDuringPeriodSharesReverseStockSplits
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CY2023 tblt Working Capital Deficit
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CY2023Q4 us-gaap Retained Earnings Accumulated Deficit
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CY2023 us-gaap Net Income Loss
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CY2023 tblt Net Cash Provided By Operating Activities
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CY2023 us-gaap Use Of Estimates
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Use of Estimates</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related recognition of revenue, valuation of accounts receivable, valuation of long-lived assets, fair value of financial instruments and fair value measurements, and revenue recognition. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.</p>
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
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CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
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CY2023 tblt Allowance For Doubtful Accounts Receivable Additions
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CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
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CY2022 tblt Allowance For Doubtful Accounts Receivable Additions
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CY2023 tblt Allowance For Doubtful Accounts Receivable Additions
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CY2023 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
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CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
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CY2023 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
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CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
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CY2023 us-gaap Operating Lease Impairment Loss
OperatingLeaseImpairmentLoss
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CY2022 us-gaap Operating Lease Impairment Loss
OperatingLeaseImpairmentLoss
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CY2023 us-gaap Operating Lease Impairment Loss
OperatingLeaseImpairmentLoss
5583290000000 usd
CY2022 us-gaap Operating Lease Impairment Loss
OperatingLeaseImpairmentLoss
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CY2023 tblt Allowance For Returned Goods
AllowanceForReturnedGoods
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CY2022 tblt Allowance For Returned Goods
AllowanceForReturnedGoods
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CY2023 us-gaap Advertising Expense
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CY2022 us-gaap Advertising Expense
AdvertisingExpense
4680366 usd
CY2023 tblt Allowance For Returned Goods
AllowanceForReturnedGoods
600092 usd
CY2022 tblt Allowance For Returned Goods
AllowanceForReturnedGoods
0 usd
CY2023 us-gaap Advertising Expense
AdvertisingExpense
1016530 usd
CY2022 us-gaap Advertising Expense
AdvertisingExpense
4680366 usd
CY2023 us-gaap Payments For Legal Settlements
PaymentsForLegalSettlements
2500 usd
CY2023 tblt Writedown Of Patents
WritedownOfPatents
237434 usd
CY2022 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
0 usd
CY2023 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
546536 shares
CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
199629 shares
CY2023 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 pure
CY2023 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Reclassification of Prior Year Balances</b></span> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain prior year balances are reclassified to conform with current year balances for presentation purposes, resulting in no changes in assets, liabilities and stockholders’ equity.</p>
CY2023 us-gaap Payments For Legal Settlements
PaymentsForLegalSettlements
2500 usd
CY2023 tblt Writedown Of Patents
WritedownOfPatents
237434 usd
CY2023 us-gaap Payments To Acquire Other Productive Assets
PaymentsToAcquireOtherProductiveAssets
82797 usd
CY2022 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
0 usd
CY2023 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
108998 usd
CY2023 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
11996000 usd
CY2022 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
11296948 usd
CY2023 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
546536 shares
CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
199629 shares
CY2023 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 pure
CY2023 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Reclassification of Prior Year Balances</b></span> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain prior year balances are reclassified to conform with current year balances for presentation purposes, resulting in no changes in assets, liabilities and stockholders’ equity.</p>
CY2023Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
21941803 usd
CY2022Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
40365286 usd
CY2023Q4 us-gaap Inventory Net
InventoryNet
21941803 usd
CY2022Q4 us-gaap Inventory Net
InventoryNet
40365286 usd
CY2023Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
21941803 usd
CY2023Q4 us-gaap Inventory Net
InventoryNet
21941803 usd
CY2022Q4 us-gaap Inventory Net
InventoryNet
40365286 usd
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
26663546 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
24631299 usd
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
12886874 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
7130916 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
13776672 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
17500383 usd
CY2023 us-gaap Depreciation
Depreciation
5764732 usd
CY2023 us-gaap Other Research And Development Expense
OtherResearchAndDevelopmentExpense
1058000 usd
CY2022 us-gaap Other Research And Development Expense
OtherResearchAndDevelopmentExpense
2210000 usd
CY2019Q1 tblt Convention Fixed Fee
ConventionFixedFee
57500 usd
CY2023 us-gaap Other Expenses
OtherExpenses
230000 usd
CY2022 us-gaap Other Expenses
OtherExpenses
230000 usd
CY2023Q4 tblt Bonus Expense
BonusExpense
800000 usd
CY2023Q4 tblt Bonus Payable
BonusPayable
1680000 usd
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
26663546 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
24631299 usd
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
12886874 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
7130916 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
13776672 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
17500383 usd
CY2023 us-gaap Depreciation
Depreciation
5764732 usd
CY2022 us-gaap Depreciation
Depreciation
4162153 usd
CY2023 us-gaap Other Research And Development Expense
OtherResearchAndDevelopmentExpense
1058000 usd
CY2019Q1 tblt Convention Fixed Fee
ConventionFixedFee
57500 usd
CY2023 us-gaap Other Expenses
OtherExpenses
230000 usd
CY2022 us-gaap Other Expenses
OtherExpenses
230000 usd
CY2023Q4 tblt Bonus Expense
BonusExpense
800000 usd
CY2022Q4 tblt Bonus Expense
BonusExpense
880000 usd
CY2023Q4 tblt Bonus Payable
BonusPayable
1680000 usd
CY2022Q4 tblt Bonus Payable
BonusPayable
880000 usd
CY2023 us-gaap Lessee Operating Lease Description
LesseeOperatingLeaseDescription
The lease commenced on December 1, 2019 for a term of 5 years, with no rent due and payable until April 1, 2020. From April 1, 2020 through March 31, 2025, base rent due on the first day of each month amounted to $25,200, escalating annually on December 1 of each year thereafter, to $29,480 beginning December 1, 2023. The Company paid an initial amount of $68,128 comprising the rent for April 2020, a security deposit and the amount due for property taxes, insurance and association fees.
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
16250 usd
CY2022Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
48379 usd
CY2022Q4 tblt Bonus Payable
BonusPayable
880000 usd
CY2023 us-gaap Lessee Operating Lease Description
LesseeOperatingLeaseDescription
The lease commenced on December 1, 2019 for a term of 5 years, with no rent due and payable until April 1, 2020. From April 1, 2020 through March 31, 2025, base rent due on the first day of each month amounted to $25,200, escalating annually on December 1 of each year thereafter, to $29,480 beginning December 1, 2023. The Company paid an initial amount of $68,128 comprising the rent for April 2020, a security deposit and the amount due for property taxes, insurance and association fees.
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
16250 usd
CY2022Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
48379 usd
CY2023Q4 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P5Y
CY2023Q4 us-gaap Lessee Finance Lease Lease Not Yet Commenced Renewal Term1
LesseeFinanceLeaseLeaseNotYetCommencedRenewalTerm1
P2Y
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
2833268 usd
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
4415859 usd
CY2023Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1512503 usd
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
959630 usd
CY2023Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
1387578 usd
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
3477380 usd
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
2900081 usd
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
4437010 usd
CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y10M28D
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y3D
CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.12 pure
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.04 pure
CY2023 us-gaap Operating Lease Payments
OperatingLeasePayments
1240368 usd
CY2022 us-gaap Operating Lease Payments
OperatingLeasePayments
1120081 usd
CY2023 us-gaap Payments For Participation Liabilities
PaymentsForParticipationLiabilities
1301300 usd
CY2022 us-gaap Payments For Participation Liabilities
PaymentsForParticipationLiabilities
681914 usd
CY2023 tblt Termination Intimation Prior Written Notice
TerminationIntimationPriorWrittenNotice
P90D
CY2023 us-gaap Officers Compensation
OfficersCompensation
300000 usd
CY2023Q4 us-gaap Deferred Compensation Arrangement With Individual Cash Award Granted Amount
DeferredCompensationArrangementWithIndividualCashAwardGrantedAmount
150000 usd
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Purchased For Award
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesPurchasedForAward
1731 shares
CY2023 us-gaap Loss Contingency Allegations
LossContingencyAllegations
In the complaint, the 2022 Plaintiff alleged a breach of the applicable 2022 Defendants’ fiduciary duties of loyalty, good faith, and due care owed to us and our shareholders, by negligently, willfully, recklessly and/or intentionally failing to perform their fiduciary duties primarily in connection with our registered direct offering of 2,500 shares of Series F preferred stock and 2,500 shares of Series G preferred stock in February 2022 and subsequent 1-for-150 reverse stock split effected in April 2022.
CY2022Q4 us-gaap Loss Contingency Damages Sought Value
LossContingencyDamagesSoughtValue
10000 usd
CY2023Q2 us-gaap Loss Contingency Damages Sought Value
LossContingencyDamagesSoughtValue
124800 usd
CY2023Q2 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
2374278 usd
CY2023Q4 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
375000 usd
CY2023Q4 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P5Y
CY2023Q4 us-gaap Lessee Finance Lease Lease Not Yet Commenced Renewal Term1
LesseeFinanceLeaseLeaseNotYetCommencedRenewalTerm1
P2Y
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
2833268 usd
CY2023Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1512503 usd
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
959630 usd
CY2023Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
1387578 usd
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
3477380 usd
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
2900081 usd
CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y10M28D
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.04 pure
CY2022 us-gaap Operating Lease Payments
OperatingLeasePayments
1120081 usd
CY2023 us-gaap Payments For Participation Liabilities
PaymentsForParticipationLiabilities
1301300 usd
CY2022 us-gaap Payments For Participation Liabilities
PaymentsForParticipationLiabilities
681914 usd
CY2023 tblt Termination Intimation Prior Written Notice
TerminationIntimationPriorWrittenNotice
P90D
CY2023 us-gaap Officers Compensation
OfficersCompensation
300000 usd
CY2023Q4 us-gaap Deferred Compensation Arrangement With Individual Cash Award Granted Amount
DeferredCompensationArrangementWithIndividualCashAwardGrantedAmount
150000 usd
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Purchased For Award
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesPurchasedForAward
1731 shares
CY2023 us-gaap Loss Contingency Allegations
LossContingencyAllegations
In the complaint, the 2022 Plaintiff alleged a breach of the applicable 2022 Defendants’ fiduciary duties of loyalty, good faith, and due care owed to us and our shareholders, by negligently, willfully, recklessly and/or intentionally failing to perform their fiduciary duties primarily in connection with our registered direct offering of 2,500 shares of Series F preferred stock and 2,500 shares of Series G preferred stock in February 2022 and subsequent 1-for-150 reverse stock split effected in April 2022.
CY2022Q4 us-gaap Loss Contingency Damages Sought Value
LossContingencyDamagesSoughtValue
10000 usd
CY2023Q2 us-gaap Loss Contingency Damages Sought Value
LossContingencyDamagesSoughtValue
124800 usd
CY2023Q2 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
2374278 usd
CY2023Q4 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
375000 usd
CY2023 us-gaap Short Term Debt Terms
ShortTermDebtTerms
February 2024
CY2023Q4 us-gaap Short Term Debt Percentage Bearing Fixed Interest Rate
ShortTermDebtPercentageBearingFixedInterestRate
0.0949 pure
CY2023Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
288588 usd
CY2023 us-gaap Short Term Debt Terms
ShortTermDebtTerms
February 2024
CY2023 us-gaap Interest Expense Short Term Borrowings
InterestExpenseShortTermBorrowings
95015 usd
CY2023Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000 shares
CY2022Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
1000 usd
CY2022Q1 us-gaap Convertible Preferred Stock Shares Issued Upon Conversion
ConvertiblePreferredStockSharesIssuedUponConversion
1282 shares
CY2022Q1 tblt Percentage Of Cash Fee Equal To Gross Proceeds
PercentageOfCashFeeEqualToGrossProceeds
0.07 pure
CY2022Q1 tblt Percentage Of Management Fee Equal To Gross Proceeds
PercentageOfManagementFeeEqualToGrossProceeds
0.005 pure
CY2023 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
4210000 usd
CY2023 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
795000 usd
CY2023 tblt Unit And Prefunded Description
UnitAndPrefundedDescription
the Company completed a public offering (the “June 2022 Offering”) to sell (i) 772,157 units (“Units”), each Unit consisting of 1/65th of common stock, par value $0.0001 per share (“Common Stock”), and one warrant to purchase 1/65th of Common Stock (each, a “June 2022 Warrant”) at a price of $1.90 per Unit; and (ii) 2,385,738 pre-funded units (“Pre-funded Units”), each Pre-funded Unit consisting of one pre-funded warrant (a “Pre-funded Warrant”) to purchase one share of Common Stock and one June 2022 Warrant, at a price of $1.90 per Pre-funded Unit.
CY2023 tblt Percentage Of Cash Fee Equal To Gross Proceeds
PercentageOfCashFeeEqualToGrossProceeds
0.07 pure
CY2023 tblt Percentage Of Management Fee Equal To Gross Proceed
PercentageOfManagementFeeEqualToGrossProceed
0.005 pure
CY2023 tblt Exercise Price Of Aggregate Gross Percentage
ExercisePriceOfAggregateGrossPercentage
0.07 pure
CY2023 tblt Percentage Of Management Fee Gross
PercentageOfManagementFeeGross
0.005 pure
CY2023 tblt Agreed Non Accountable Expenses
AgreedNonAccountableExpenses
25000 usd
CY2023 tblt Clearing Fee
ClearingFee
15950 usd
CY2023 tblt Fair Value Of Warrant Issue
FairValueOfWarrantIssue
6319909 usd
CY2023Q4 us-gaap Warrants And Rights Outstanding Maturity Date
WarrantsAndRightsOutstandingMaturityDate
2023-05-15
CY2023Q4 us-gaap Class Of Warrant Or Right Number Of Securities Called By Each Warrant Or Right
ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight
18412 shares
CY2022Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
18412 shares
CY2023Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
18412 shares
CY2022Q2 us-gaap Payments For Repurchase Of Warrants
PaymentsForRepurchaseOfWarrants
2500000 usd
CY2022Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
37.65
CY2023Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
325
CY2022Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
153.14
CY2023Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
18.85
CY2023 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
1-for-65
CY2023 tblt Exercise Price Of Aggregate Gross Percentage
ExercisePriceOfAggregateGrossPercentage
0.07 pure
CY2023 tblt Percentage Of Management Fee Gross
PercentageOfManagementFeeGross
0.005 pure
CY2023 tblt Percentage Of Common Stock
PercentageOfCommonStock
0.06 pure
CY2018Q3 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
10 shares
CY2023 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
453610 usd
CY2022Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
973583 usd
CY2023 us-gaap Interest Expense Short Term Borrowings
InterestExpenseShortTermBorrowings
95015 usd
CY2022 us-gaap Interest Expense Short Term Borrowings
InterestExpenseShortTermBorrowings
57817 usd
CY2023Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000 shares
CY2022Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
1000 usd
CY2022Q1 us-gaap Convertible Preferred Stock Shares Issued Upon Conversion
ConvertiblePreferredStockSharesIssuedUponConversion
1282 shares
CY2022Q1 tblt Percentage Of Cash Fee Equal To Gross Proceeds
PercentageOfCashFeeEqualToGrossProceeds
0.07 pure
CY2022Q1 tblt Percentage Of Management Fee Equal To Gross Proceeds
PercentageOfManagementFeeEqualToGrossProceeds
0.005 pure
CY2023 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
4210000 usd
CY2023 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
795000 usd
CY2023 tblt Percentage Of Cash Fee Equal To Gross Proceeds
PercentageOfCashFeeEqualToGrossProceeds
0.07 pure
CY2023Q4 tblt Percentage Of Management Fee Equal To Gross Proceeds
PercentageOfManagementFeeEqualToGrossProceeds
0.005 pure
CY2023 tblt Percentage Of Gross Proceeds
PercentageOfGrossProceeds
0.07 pure
CY2023 tblt Percentage Of Management Fee Equal To Gross Proceed
PercentageOfManagementFeeEqualToGrossProceed
0.005 pure
CY2023 tblt Exercise Price Of Aggregate Gross Percentage
ExercisePriceOfAggregateGrossPercentage
0.07 pure
CY2023 tblt Percentage Of Management Fee Gross
PercentageOfManagementFeeGross
0.005 pure
CY2023 tblt Agreed Non Accountable Expenses
AgreedNonAccountableExpenses
25000 usd
CY2023 tblt Clearing Fee
ClearingFee
15950 usd
CY2023 tblt Fair Value Of Warrant Issue
FairValueOfWarrantIssue
6319909 usd
CY2023Q4 us-gaap Warrants And Rights Outstanding Maturity Date
WarrantsAndRightsOutstandingMaturityDate
2023-05-15
CY2023Q4 us-gaap Class Of Warrant Or Right Number Of Securities Called By Each Warrant Or Right
ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight
18412 shares
CY2022Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
18412 shares
CY2023Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
18412 shares
CY2022Q2 us-gaap Payments For Repurchase Of Warrants
PaymentsForRepurchaseOfWarrants
2500000 usd
CY2022Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
37.65
CY2023Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
325
CY2022Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
153.14
CY2023Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
18.85
CY2023 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
1-for-65
CY2023 tblt Exercise Price Of Aggregate Gross Percentage
ExercisePriceOfAggregateGrossPercentage
0.07 pure
CY2023 tblt Percentage Of Management Fee Gross
PercentageOfManagementFeeGross
0.005 pure
CY2023 tblt Percentage Of Common Stock
PercentageOfCommonStock
0.06 pure
CY2018Q3 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
10 shares
CY2023 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
453610 usd
CY2023 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-12315396 usd
CY2022 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-11457628 usd
CY2023 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-4095514 usd
CY2022 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-3810261 usd
CY2023 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
16410910 usd
CY2022 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
15267889 usd
CY2023 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-12315396 usd
CY2022 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-11457628 usd
CY2023 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-4095514 usd
CY2022 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-3810261 usd
CY2023 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
16410910 usd
CY2022 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
15267889 usd
CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2023 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.0698 pure
CY2023 tblt Effective Income Tax Rate Reconciliation Change In The Fair Value Of Warrant Percentages
EffectiveIncomeTaxRateReconciliationChangeInTheFairValueOfWarrantPercentages
0.1168 pure
CY2022 tblt Effective Income Tax Rate Reconciliation Change In The Fair Value Of Warrant Percentages
EffectiveIncomeTaxRateReconciliationChangeInTheFairValueOfWarrantPercentages
0.118 pure
CY2023 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.0384 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.0249 pure
CY2023 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.3572 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.422 pure
CY2023Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
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EarningsPerShareDiluted
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CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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Depreciation
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IncreaseDecreaseInAccountsPayable
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IncreaseDecreaseInAccruedLiabilities
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PaymentsToAcquireOtherPropertyPlantAndEquipment
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ProceedsFromIssuanceOfCommonStock
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ProceedsFromShortTermDebt
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tblt Repayments Of Shortterm Loan Payable
RepaymentsOfShorttermLoanPayable
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tblt Initial Fair Value Of Warrants And Preferred Investment Options
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CashFeeRate
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ManagementFeeRate
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CY2023Q4 tblt Aggregate Shares
AggregateShares
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CY2023 us-gaap Warrant Exercise Price Increase
WarrantExercisePriceIncrease
4.53
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LegalFees
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LegalFees
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361000 usd
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0.0001
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CY2023Q4 ecd Non Rule10b51 Arr Trmntd Flag
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CY2023Q4 ecd Non Rule10b51 Arr Adopted Flag
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false
CY2023Q4 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q4 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
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NonRule10b51ArrAdoptedFlag
false
CY2023Q4 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2022Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
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CY2022 us-gaap Asset Impairment Charges
AssetImpairmentCharges
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CY2022 us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
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CY2023 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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IncomeTaxExpenseBenefit
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CY2023 us-gaap Dividends Common Stock Stock
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CY2022 tblt Stock Issued During Period Value Cashless Warrants Exercised
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ProvisionForInducementExpense
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CY2022 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
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CY2022 tblt Gain On Abandonment Of Lease
GainOnAbandonmentOfLease
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InterestPaidOnShorttermLoan
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ProceedsFromSaleOfPropertyPlantAndEquipment
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CY2022 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022 us-gaap Interest Paid Net
InterestPaidNet
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IncomeTaxesPaidNet
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IncomeTaxesPaidNet
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CY2022Q2 tblt Number Of Shares In Each Unit
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CY2023Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
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CY2022Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
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CY2022 us-gaap Payments To Acquire Other Productive Assets
PaymentsToAcquireOtherProductiveAssets
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CY2022 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
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CY2023 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2023 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
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CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
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DeferredTaxAssetsInAllowanceForSalesDiscounts
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CY2022Q4 us-gaap Deferred Tax Assets Deferred Gain On Sale Leaseback Transaction
DeferredTaxAssetsDeferredGainOnSaleLeasebackTransaction
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CY2023Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
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CY2022Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
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CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2023Q1 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
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CY2023Q1 us-gaap Dividends Common Stock Stock
DividendsCommonStockStock
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CY2023Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2023Q2 us-gaap Dividends Common Stock Stock
DividendsCommonStockStock
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us-gaap Dividends Common Stock Stock
DividendsCommonStockStock
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CY2023Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2023Q3 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
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CY2023Q3 us-gaap Dividends Common Stock Stock
DividendsCommonStockStock
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CY2023Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
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us-gaap Income Taxes Paid
IncomeTaxesPaid
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CY2023 dei Amendment Flag
AmendmentFlag
false
CY2022Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
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CY2022 us-gaap Asset Impairment Charges
AssetImpairmentCharges
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CY2022 us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
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CY2023 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2023 us-gaap Dividends Common Stock Stock
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CY2022 tblt Stock Issued During Period Value Cashless Warrants Exercised
StockIssuedDuringPeriodValueCashlessWarrantsExercised
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CY2023 tblt Issuance Of Common Stock From Prefunded Warrants
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CY2022 us-gaap Asset Impairment Charges
AssetImpairmentCharges
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CY2022 tblt Provision For Inducement Expense
ProvisionForInducementExpense
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CY2022 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
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CY2022 tblt Gain On Abandonment Of Lease
GainOnAbandonmentOfLease
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CY2022 tblt Increase Decrease In Related Party Payables
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CY2023 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
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CY2022 us-gaap Payments To Acquire Other Productive Assets
PaymentsToAcquireOtherProductiveAssets
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CY2023 us-gaap Payments For Repurchase Of Warrants
PaymentsForRepurchaseOfWarrants
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CY2022 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022 us-gaap Interest Paid Net
InterestPaidNet
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CY2023 us-gaap Income Taxes Paid Net
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CY2022 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
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CY2022 tblt Repayment Of Shortterm Loan Payable In Exchange For New Shortterm Loan Payable
RepaymentOfShorttermLoanPayableInExchangeForNewShorttermLoanPayable
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CY2022Q2 tblt Number Of Shares In Each Unit
NumberOfSharesInEachUnit
150 shares
CY2023Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
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CY2022Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
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CY2023 us-gaap Effective Income Tax Rate Continuing Operations
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CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
pure
CY2022Q4 tblt Deferred Tax Assets In Allowance For Sales Discounts
DeferredTaxAssetsInAllowanceForSalesDiscounts
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CY2022Q4 tblt Deferred Tax Assets In Right Of Use Assets Net Of Liabilities
DeferredTaxAssetsInRightOfUseAssetsNetOfLiabilities
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CY2022Q4 us-gaap Deferred Tax Assets Deferred Gain On Sale Leaseback Transaction
DeferredTaxAssetsDeferredGainOnSaleLeasebackTransaction
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CY2023Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
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CY2022Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
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CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2023Q1 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
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CY2023Q1 us-gaap Dividends Common Stock Stock
DividendsCommonStockStock
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CY2023Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2023Q2 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
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us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
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CY2023Q2 us-gaap Dividends Common Stock Stock
DividendsCommonStockStock
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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2023Q3 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
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us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
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CY2023Q3 us-gaap Dividends Common Stock Stock
DividendsCommonStockStock
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us-gaap Dividends Common Stock Stock
DividendsCommonStockStock
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CY2023Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
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us-gaap Income Taxes Paid
IncomeTaxesPaid
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us-gaap Income Taxes Paid
IncomeTaxesPaid
usd
CY2023 dei Amendment Flag
AmendmentFlag
false
CY2023 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2023 dei Entity Central Index Key
EntityCentralIndexKey
0001668370
CY2023 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2023 dei Entity Central Index Key
EntityCentralIndexKey
0001668370

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