$TBLT
Toughbuilt Industries, Inc

2023 Q3 Form 10-Q Financial Statement

#000157587223001341 Filed on August 21, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $20.63M $18.88M
YoY Change -31.79% 5.55%
Cost Of Revenue $15.72M $13.04M
YoY Change -29.61% 0.77%
Gross Profit $4.913M $5.841M
YoY Change -37.95% 18.04%
Gross Profit Margin 23.81% 30.94%
Selling, General & Admin $12.57M $14.97M
YoY Change -14.34% 3.24%
% of Gross Profit 255.9% 256.25%
Research & Development $2.916M $2.913M
YoY Change 4.84% 5.77%
% of Gross Profit 59.36% 49.88%
Depreciation & Amortization $1.480M $1.456M
YoY Change 27.07% 44.95%
% of Gross Profit 30.12% 24.93%
Operating Expenses $15.49M $17.88M
YoY Change -11.28% 3.65%
Operating Profit -$10.58M -$12.04M
YoY Change 10.85% -2.14%
Interest Expense $146.9K $576.4K
YoY Change -99.21% 70.98%
% of Operating Profit
Other Income/Expense, Net -$3.673M $6.314M
YoY Change -120.93% 3684.97%
Pretax Income -$14.25M -$5.725M
YoY Change -277.98% -52.82%
Income Tax
% Of Pretax Income
Net Earnings -$14.25M -$5.725M
YoY Change -277.96% -52.82%
Net Earnings / Revenue -69.07% -30.33%
Basic Earnings Per Share -$0.46 -$0.36
Diluted Earnings Per Share -$0.46 -$0.36
COMMON SHARES
Basic Shares Outstanding 33.70M 14.95M
Diluted Shares Outstanding 31.30M 15.79M

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.830M $2.207M
YoY Change 15.21% 2.97%
Cash & Equivalents $1.834M $2.207M
Short-Term Investments
Other Short-Term Assets $540.0K $48.16K
YoY Change -81.13% -98.12%
Inventory $28.07M $31.41M
Prepaid Expenses
Receivables $8.993M $7.821M
Other Receivables $0.00 $0.00
Total Short-Term Assets $39.44M $41.49M
YoY Change -41.88% -30.74%
LONG-TERM ASSETS
Property, Plant & Equipment $18.90M $19.62M
YoY Change 1.21% 18.56%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.165M $2.059M
YoY Change 28.64% 35.68%
Total Long-Term Assets $25.09M $26.06M
YoY Change 0.2% 13.5%
TOTAL ASSETS
Total Short-Term Assets $39.44M $41.49M
Total Long-Term Assets $25.09M $26.06M
Total Assets $64.53M $67.55M
YoY Change -30.53% -18.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $41.09M $36.86M
YoY Change 41.23% 17.4%
Accrued Expenses $4.462M $3.433M
YoY Change 62.49% 46.31%
Deferred Revenue
YoY Change
Short-Term Debt $707.6K $1.214M
YoY Change -49.12%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $53.25M $47.68M
YoY Change 35.27% 26.31%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.010M $3.384M
YoY Change -19.17% -10.89%
Total Long-Term Liabilities $3.010M $3.384M
YoY Change -19.17% -10.89%
TOTAL LIABILITIES
Total Short-Term Liabilities $53.25M $47.68M
Total Long-Term Liabilities $3.010M $3.384M
Total Liabilities $56.26M $51.06M
YoY Change 30.57% 22.91%
SHAREHOLDERS EQUITY
Retained Earnings -$173.2M -$159.0M
YoY Change 42.08% 29.9%
Common Stock $3.691K $2.592K
YoY Change 199.59% 353.15%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $8.271M $16.49M
YoY Change
Total Liabilities & Shareholders Equity $64.53M $67.55M
YoY Change -30.53% -18.48%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$14.25M -$5.725M
YoY Change -277.96% -52.82%
Depreciation, Depletion And Amortization $1.480M $1.456M
YoY Change 27.07% 44.95%
Cash From Operating Activities -$1.960M -$2.928M
YoY Change -88.74% 3.42%
INVESTING ACTIVITIES
Capital Expenditures $1.060M $991.7K
YoY Change -119.9% -193.73%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$1.060M -$991.7K
YoY Change -80.1% -6.27%
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 3.769M
YoY Change -88.05% -26.03%
NET CHANGE
Cash From Operating Activities -1.960M -2.928M
Cash From Investing Activities -1.060M -991.7K
Cash From Financing Activities 2.650M 3.769M
Net Change In Cash -370.0K -150.6K
YoY Change -33.28% -112.49%
FREE CASH FLOW
Cash From Operating Activities -$1.960M -$2.928M
Capital Expenditures $1.060M $991.7K
Free Cash Flow -$3.020M -$3.920M
YoY Change -74.99% 121.03%

Facts In Submission

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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
2564237
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
7472224
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
2206565
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
2143012
us-gaap Interest Paid Net
InterestPaidNet
1261457
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0
tblt Purchase Of Property And Equipment Included In Accounts Payable
PurchaseOfPropertyAndEquipmentIncludedInAccountsPayable
2477816
tblt Purchase Of Property And Equipment Included In Accounts Payable
PurchaseOfPropertyAndEquipmentIncludedInAccountsPayable
3424416
tblt Initial Fair Value Of Lease Liability
InitialFairValueOfLeaseLiability
704960
tblt Initial Fair Value Of Lease Liability
InitialFairValueOfLeaseLiability
5140057
tblt Initial Fair Value Of Warrants And Preferred Investment Options
InitialFairValueOfWarrantsAndPreferredInvestmentOptions
3596484
tblt Initial Fair Value Of Warrants And Preferred Investment Options
InitialFairValueOfWarrantsAndPreferredInvestmentOptions
5631988
tblt Repayment Of Short Term Loan Payable In Exchange For New Short Term Loan Payable
RepaymentOfShortTermLoanPayableInExchangeForNewShortTermLoanPayable
714411
tblt Derecognition Of Warrant Liability Upon Conversion
DerecognitionOfWarrantLiabilityUponConversion
3427332
CY2020Q2 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
the Company effected a 1-for-10 reverse stock split (the “Reverse Split”) of its issued and outstanding common stock
CY2022Q2 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
the Company effected a 1-for-150 reverse stock split (the “2022 Reverse Split”) of its issued and outstanding common stock
CY2023Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-159000000
us-gaap Net Income Loss
NetIncomeLoss
-14000000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-2100000
us-gaap Use Of Estimates
UseOfEstimates
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif;;text-indent: 0px;"><div style="font-weight:bold;display:inline;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; color: rgb(0, 0, 0); line-height: 12pt; 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; line-height: 12pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; color: rgb(0, 0, 0); white-space: pre-wrap; line-height: 12pt; letter-spacing: 0px; top: 0px;;display:inline;;white-space:pre-wrap;"> </div></div> <div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;;text-indent: 0px;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; color: rgb(0, 0, 0); line-height: 12pt; 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 and recognition of revenue, accounts and factored receivables, valuation of long-lived assets, accrued liabilities, notes payable, going concern assumptions, and deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current<div style="letter-spacing: 0px; top: 0px;;display:inline;"> f</div>acts, 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>
CY2023Q2 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
CY2022Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
CY2023Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
1300000
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
2918869
CY2023Q2 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
0
CY2022Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
0
CY2023Q2 us-gaap Advertising Expense
AdvertisingExpense
102839
CY2022Q2 us-gaap Advertising Expense
AdvertisingExpense
548759
us-gaap Advertising Expense
AdvertisingExpense
483928
us-gaap Advertising Expense
AdvertisingExpense
2291197
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-5725370
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-12136051
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-14000532
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-24239990
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.36
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-9.45
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.92
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-22.57
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
15790720
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
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1284110
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
15258451
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1074220
us-gaap Depreciation Expense On Reclassified Assets
DepreciationExpenseOnReclassifiedAssets
2608776
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
24609883
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2212511
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2023Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
9730918
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
7130916
CY2023Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
19618726
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
17500383
CY2023Q2 us-gaap Depreciation Expense On Reclassified Assets
DepreciationExpenseOnReclassifiedAssets
1456423
CY2022Q2 us-gaap Depreciation Expense On Reclassified Assets
DepreciationExpenseOnReclassifiedAssets
1004802
us-gaap Depreciation Expense On Reclassified Assets
DepreciationExpenseOnReclassifiedAssets
1938527
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
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
CY2023Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
4386414
CY2023Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1182351
CY2023Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
3383967
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
4566318
CY2023Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y6M21D
CY2023Q2 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
743835
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1481667
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1245379
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1211105
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
333915
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
5015901
CY2022Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
449583
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
4566318
us-gaap Payments For Rent
PaymentsForRent
1011891
us-gaap Payments For Rent
PaymentsForRent
457906
CY2023Q2 us-gaap Payments For Rent
PaymentsForRent
684017
CY2022Q2 us-gaap Payments For Rent
PaymentsForRent
244252
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
CY2023Q2 us-gaap Loss Contingency Name Of Plaintiff
LossContingencyNameOfPlaintiff
PCS Properties 2, LLC
CY2023Q2 us-gaap Loss Contingency Allegations
LossContingencyAllegations
In the complaint, the Plaintiff is suing the Company for Breach of the Company’s lease agreement, dated December 10, 2021 (the “Lease”), for the real property located at 8687 Research Drive, Suites 100, 150, 250, Irvine, CA 92618 (collectively, the “Premises”).
CY2023Q2 us-gaap Loss Contingency Damages Sought Value
LossContingencyDamagesSoughtValue
124800
CY2023Q2 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
375000
CY2023Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000
CY2023Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
4268
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
4268
CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q2 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
CY2023Q2 tblt Number Of Warrants Issued
NumberOfWarrantsIssued
133
CY2022Q4 tblt Number Of Warrants Issued
NumberOfWarrantsIssued
133
CY2020Q2 tblt Warrants Exercisable Shares Description
WarrantsExercisableSharesDescription
the Company sold 138,000 warrants (each exercisable into 1 share of common stock for a total of 138,000 shares of common stock).
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
CY2023Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
1.9
CY2023Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
189474
tblt Revenue Recognition Reserve For Sales Returns And Allowances
RevenueRecognitionReserveForSalesReturnsAndAllowances
13000
CY2022 tblt Revenue Recognition Reserve For Sales Returns And Allowances
RevenueRecognitionReserveForSalesReturnsAndAllowances
13000
CY2023Q2 us-gaap Cash Uninsured Amount
CashUninsuredAmount
1810338
CY2022Q4 us-gaap Cash Uninsured Amount
CashUninsuredAmount
2314237

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