$TBLT
Toughbuilt Industries, Inc

2023 Q2 Form 10-Q Financial Statement

#000157587223000816 Filed on May 22, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $18.88M $20.21M $17.22M
YoY Change 5.55% 17.37% 40.23%
Cost Of Revenue $13.04M $16.66M $14.22M
YoY Change 0.77% 17.15% 61.2%
Gross Profit $5.841M $3.557M $3.003M
YoY Change 18.04% 18.45% -13.2%
Gross Profit Margin 30.94% 17.6% 17.44%
Selling, General & Admin $14.97M $15.09M $15.93M
YoY Change 3.24% -5.3% 100.43%
% of Gross Profit 256.25% 424.2% 530.58%
Research & Development $2.913M $3.528M $2.514M
YoY Change 5.77% 40.31% 78.3%
% of Gross Profit 49.88% 99.16% 83.71%
Depreciation & Amortization $1.456M $1.152M $933.7K
YoY Change 44.95% 23.41% 211.24%
% of Gross Profit 24.93% 32.39% 31.09%
Operating Expenses $17.88M $18.62M $18.45M
YoY Change 3.65% 0.92% 97.09%
Operating Profit -$12.04M -$15.06M -$15.44M
YoY Change -2.14% -2.49% 161.78%
Interest Expense $576.4K $6.785M $3.616M
YoY Change 70.98% 87.64% -2360.1%
% of Operating Profit
Other Income/Expense, Net $6.314M $6.785M -$275.1K
YoY Change 3684.97% -2566.18%
Pretax Income -$5.725M -$8.275M -$12.10M
YoY Change -52.82% -31.63% 100.07%
Income Tax
% Of Pretax Income
Net Earnings -$5.725M -$8.300M -$12.10M
YoY Change -52.82% -31.43% 99.94%
Net Earnings / Revenue -30.33% -41.06% -70.29%
Basic Earnings Per Share -$0.36 -$0.56 -$14.04
Diluted Earnings Per Share -$0.36 -$0.56 -$14.04M
COMMON SHARES
Basic Shares Outstanding 14.95M 14.95M 862.0K
Diluted Shares Outstanding 15.79M 14.72M 862.0K

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.207M $2.357M $936.8K
YoY Change 2.97% 151.62% -97.12%
Cash & Equivalents $2.207M $2.357M $936.8K
Short-Term Investments
Other Short-Term Assets $48.16K $921.2K $1.075M
YoY Change -98.12% -14.34% -21.51%
Inventory $31.41M $32.66M $41.34M
Prepaid Expenses
Receivables $7.821M $12.47M $15.06M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $41.49M $48.42M $58.41M
YoY Change -30.74% -17.12% -3.99%
LONG-TERM ASSETS
Property, Plant & Equipment $19.62M $18.56M $17.65M
YoY Change 18.56% 5.13% 324.33%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.059M $2.786M $1.399M
YoY Change 35.68% 99.17% 278.08%
Total Long-Term Assets $26.06M $25.49M $19.05M
YoY Change 13.5% 33.82% 321.48%
TOTAL ASSETS
Total Short-Term Assets $41.49M $48.42M $58.41M
Total Long-Term Assets $26.06M $25.49M $19.05M
Total Assets $67.55M $73.91M $77.46M
YoY Change -18.48% -4.59% 18.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $36.86M $34.98M $21.95M
YoY Change 17.4% 59.32% 258.12%
Accrued Expenses $3.433M $3.311M $2.495M
YoY Change 46.31% 32.69% 283.84%
Deferred Revenue
YoY Change
Short-Term Debt $1.214M $1.241M $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $47.68M $49.14M $28.28M
YoY Change 26.31% 73.75% 286.34%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.384M $3.225M $1.448M
YoY Change -10.89% 122.7%
Total Long-Term Liabilities $3.384M $3.225M $1.448M
YoY Change -10.89% 122.7%
TOTAL LIABILITIES
Total Short-Term Liabilities $47.68M $49.14M $28.28M
Total Long-Term Liabilities $3.384M $3.225M $1.448M
Total Liabilities $51.06M $52.36M $29.73M
YoY Change 22.91% 76.14% 306.12%
SHAREHOLDERS EQUITY
Retained Earnings -$159.0M -$153.2M
YoY Change 29.9%
Common Stock $2.592K $1.495K
YoY Change 353.15%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $16.49M $21.55M $47.74M
YoY Change
Total Liabilities & Shareholders Equity $67.55M $73.91M $77.46M
YoY Change -18.48% -4.59% 18.52%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$5.725M -$8.300M -$12.10M
YoY Change -52.82% -31.43% 99.94%
Depreciation, Depletion And Amortization $1.456M $1.152M $933.7K
YoY Change 44.95% 23.41% 211.24%
Cash From Operating Activities -$2.928M $782.9K -$10.06M
YoY Change 3.42% -107.78% -28.08%
INVESTING ACTIVITIES
Capital Expenditures $991.7K $1.258M -$728.3K
YoY Change -193.73% -272.68% -24.92%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $50.00K
YoY Change -100.0%
Cash From Investing Activities -$991.7K -$1.258M -$678.3K
YoY Change -6.27% 85.41% -30.07%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.769M 267.7K 4.205M
YoY Change -26.03% -93.63% -90.71%
NET CHANGE
Cash From Operating Activities -2.928M 782.9K -10.06M
Cash From Investing Activities -991.7K -1.258M -678.3K
Cash From Financing Activities 3.769M 267.7K 4.205M
Net Change In Cash -150.6K -207.0K -6.535M
YoY Change -112.49% -96.83% -121.56%
FREE CASH FLOW
Cash From Operating Activities -$2.928M $782.9K -$10.06M
Capital Expenditures $991.7K $1.258M -$728.3K
Free Cash Flow -$3.920M -$474.7K -$9.334M
YoY Change 121.03% -94.91% -28.31%

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CY2022Q2 us-gaap Stockholders Equity Reverse Stock Split
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the Company effected a 1-for-150 reverse stock split (the “2022 Reverse Split”) of its issued and outstanding common stock
CY2023Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-153200000
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-8300000
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; background: none;;text-indent: 0px;"><div style="font-weight:bold;display:inline;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Use of Estimates</div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; background: none;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; background: none;;text-indent: 0px;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The preparation of condensed 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 condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to the valuation<div style="text-indent: 0px; letter-spacing: 0px; top: 0px;;display:inline;"> and recognition of revenue<div style="display:inline;">,</div></div> accounts and factored receivables, valuation of long-lived assets, accrued liabilities, notes payable<div style="text-indent: 0px; letter-spacing: 0px; top: 0px;;display:inline;">, going concern assumptions,</div> and deferred income tax asset valuation allowances. 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.</div></div>
CY2022Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
CY2023Q1 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
2931869
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
2931869
CY2022Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
0
CY2023Q1 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
0
CY2023Q1 us-gaap Advertising Expense
AdvertisingExpense
381089
CY2022Q1 us-gaap Advertising Expense
AdvertisingExpense
1742438
CY2020 tblt Percentage Of Limitations On Net Operating Loss Carryforwards Was Removed According To Cares Act
PercentageOfLimitationsOnNetOperatingLossCarryforwardsWasRemovedAccordingToCaresAct
0.80
CY2019 tblt Percentage Of Limitations On Net Operating Loss Carryforwards Was Removed According To Cares Act
PercentageOfLimitationsOnNetOperatingLossCarryforwardsWasRemovedAccordingToCaresAct
0.80
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-8275162
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-12103938
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.56
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-14.04
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14720268
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
861997
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
12975794
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
418186
CY2023Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2023Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
8283269
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
7130916
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
18556882
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
17500383
CY2023Q1 us-gaap Depreciation Expense On Reclassified Assets
DepreciationExpenseOnReclassifiedAssets
1152353
CY2022Q1 us-gaap Depreciation Expense On Reclassified Assets
DepreciationExpenseOnReclassifiedAssets
933725
CY2017Q1 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P5Y
CY2017Q1 us-gaap Security Deposit
SecurityDeposit
29297
CY2017Q1 tblt Direct Costs Estimated Percentage
DirectCostsEstimatedPercentage
0.2254
CY2017Q1 us-gaap Lease Cost
LeaseCost
6201
CY2017Q1 tblt Lease Expired During The Period
LeaseExpiredDuringThePeriod
2022-02
CY2023Q1 us-gaap Lessee Operating Lease Description
LesseeOperatingLeaseDescription
The lease commenced on December 1, 2019 with no rent due until April 1, 2020. From April 1, 2020 through March 31, 2025, base rent is due on the first of each month in the amount of $25,200 escalating annually on December 1st of each year to $29,480 beginning December 1, 2023. The Company paid an initial amount of $68,128 comprising the rent for April 2020
CY2023Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
4150863
CY2023Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
979143
CY2023Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
3224770
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
4203913
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y7D
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.04
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
852815
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1271436
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1077415
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1013237
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
370171
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
4585074
CY2022Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
381161
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
4203913
CY2023Q1 us-gaap Payments For Rent
PaymentsForRent
327875
CY2022Q1 us-gaap Payments For Rent
PaymentsForRent
213654
CY2023Q1 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.
CY2022Q2 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
1-for-150
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000
CY2023Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
4268
CY2023Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
4268
CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022Q1 us-gaap Stock And Warrants Issued During Period Value Preferred Stock And Warrants
StockAndWarrantsIssuedDuringPeriodValuePreferredStockAndWarrants
5000000
CY2022Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
1000
CY2022Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
1000
CY2022Q1 tblt Percentage Of Cashfee Equal To Gross Proceeds
PercentageOfCashfeeEqualToGrossProceeds
0.07
CY2022Q1 tblt Percentage Of Management Fee Equal To Gross Proceeds
PercentageOfManagementFeeEqualToGrossProceeds
0.005
CY2022Q1 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
4205000
CY2022Q1 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
795000
CY2022Q1 tblt Initial Fair Value Of Warrants
InitialFairValueOfWarrants
2646135
CY2022 tblt Warrant Issuance Costs
WarrantIssuanceCosts
275130
CY2022Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
4589108
CY2022Q4 tblt Warrant Issuance Costs
WarrantIssuanceCosts
453537
CY2022Q4 tblt Number Of Warrants Issued
NumberOfWarrantsIssued
133
CY2023Q1 tblt Number Of Warrants Issued
NumberOfWarrantsIssued
133
CY2021Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
121.5
CY2022Q2 us-gaap Payments For Repurchase Of Warrants
PaymentsForRepurchaseOfWarrants
2500000
CY2022Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
37.65
CY2023Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
1.9
CY2022 tblt Revenue Recognition Reserve For Sales Returns And Allowances
RevenueRecognitionReserveForSalesReturnsAndAllowances
13000
CY2023Q1 tblt Revenue Recognition Reserve For Sales Returns And Allowances
RevenueRecognitionReserveForSalesReturnsAndAllowances
13000
CY2023Q1 us-gaap Cash Uninsured Amount
CashUninsuredAmount
1852707
CY2022Q4 us-gaap Cash Uninsured Amount
CashUninsuredAmount
2314237

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