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ToughBuilt Industries, Inc. WT EXP 110923 (TBLTW)
Chart Events
Performance Outlook
| Previous Close | 0.2000 |
| Open | 0.2280 |
| Bid | 0.2000 x 21500 |
| Ask | 0.2003 x 1000 |
| Day's Range | 0.2000 - 0.2395 |
| 52 Week Range | 0.0230 - 0.9090 |
| Volume | 9,432 |
| Avg. Volume | 43,472 |
| Market Cap | N/A |
| Beta (5Y Monthly) | N/A |
| PE Ratio (TTM) | N/A |
| EPS (TTM) | N/A |
| Earnings Date | N/A |
| Forward Dividend & Yield | N/A (N/A) |
| Ex-Dividend Date | N/A |
| 1y Target Est | N/A |
Fair Value
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- GlobeNewswire
TOUGHBUILT™ LAUNCHES 64 PRODUCTS WITH CANADIAN BASED RONA
LAKE FOREST, Calif, Aug. 25, 2020 (GLOBE NEWSWIRE) -- ToughBuilt Industries, Inc. (“ToughBuilt”) (NASDAQ: TBLT; TBLTW), an advanced product design, manufacture and international distributor with emphasis on innovative products currently focused on tools and other accessories for the professional and do-it-yourself construction industries, today announced their products have been accepted for immediate placement on www.rona.ca. Rona.ca will carry 64 SKU’s of ToughBuilt products, including but not limited to Cliptech tool belts, bags and totes, knee pads, sawhorses, and Miter Saw Stands. Rona Canadian customers will now have the option to purchase ToughBuilt products while they shop online at www.rona.ca.Michael Panosian, Chief Executive Officer of ToughBuilt, commented, “We are pleased to announce this new cooperation with Rona and look forward to adding more new items in fourth quarter. Rona’s great distribution throughout Canada allows us to expand our brand awareness and increase our market share in this growing market. We also believe and look forward to a significant growth in both professional and DIY business in Canada within the second quarter and beyond.”www.rona.ca is the online arm of Rona, Inc.Created in 1939, RONA is a banner of Lowe’s Canada, one of Canada’s leading home improvement companies with head office located in Boucherville, Quebec. Spanning the entire country, RONA’s vast network of more than 375 stores includes both corporate stores and independent affiliated dealers. Known for its large in-store and online product selection as well as for its installation services, RONA also provides expert support and advice to its retail and pro customers for their building and renovation projects.ABOUT TOUGHBUILT INDUSTRIES, INC.:ToughBuilt is an advanced product design, manufacturer and distributor with emphasis on innovative products. Currently focused on tools and other accessories for the professional and do-it-yourself construction industries. We market and distribute various home improvement and construction product lines for both the do-it-yourself and professional markets under the TOUGHBUILT brand name, within the global multibillion dollar per year tool market industry. All of our products are designed by our in-house design team. Since launching product sales in 2013, we have experienced significant annual sales growth. Our current product line includes three major categories, with several additional categories in various stages of development, consisting of Soft Goods & Kneepads and Sawhorses & Work Products. Our mission is to provide products to the building and home improvement communities that are innovative, of superior quality derived in part from enlightened creativity for our end users while enhancing performance, improving well-being and building high brand loyalty. Additional information about the Company is available at: https://www.toughbuilt.com/.Forward-Looking StatementsThis press release contains “forward-looking statements.” Such statements may be preceded by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential” or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company’s control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) market acceptance of our existing and new products, (ii) delays in bringing products to key markets, (iii) an inability to secure regulatory approvals for the ability to sell our products in certain markets, (iv) intense competition in the industry from much larger, multinational companies, (v) product liability claims, (vi) product malfunctions, (vii) our limited manufacturing capabilities and reliance on subcontractors for assistance, (viii) our efforts to successfully obtain and maintain intellectual property protection covering our products, which may not be successful, (ix) our reliance on single suppliers for certain product components, (x) the fact that we will need to raise additional capital to meet our business requirements in the future and that such capital raising may be costly, dilutive or difficult to obtain and (xi) the fact that we conduct business in multiple foreign jurisdictions, exposing us to foreign currency exchange rate fluctuations, logistical and communications challenges, burdens and costs of compliance with foreign laws and political and economic instability in each jurisdiction. More detailed information about the Company and the risk factors that may affect the realization of forward looking statements is set forth in the Company’s filings with the Securities and Exchange Commission (SEC), including the Company’s Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC’s web site at http://www.sec.gov. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.Investor Relations Contact: Andrew J. Barwicki Investor Relations: 516-662-9461 Andrew@barwicki.com
- GlobeNewswire
TOUGHBUILT™ EXPANDS ON LOWES CANADA WEBSITE – lowes.ca
LAKE FOREST, Calif, Aug. 18, 2020 (GLOBE NEWSWIRE) -- ToughBuilt Industries, Inc. (“ToughBuilt”) (NASDAQ: TBLT; TBLTW), an advanced product design, manufacture and international distributor with emphasis on innovative products currently focused on tools and other accessories for the professional and do-it-yourself construction industries, today announced their products will be available on www.lowes.ca. Lowes.ca will carry a wide array of ToughBuilt products, including but not limited to Cliptech tool belts, bags and totes, knee pads, sawhorses, and Miter Saw Stands. Lowe’s Canadian customers will now have the option to purchase ToughBuilt products while they shop online at www.lowes.ca.Michael Panosian, Chief Executive Officer of ToughBuilt, stated, “We look forward to working closely with Lowe’s Canada to bring our unique products and solutions to Lowe’s professional and serious DIY clients. This launch represents a significant strategic milestone that expands our reach and helps increases our market share.”ABOUT TOUGHBUILT INDUSTRIES, INC.:ToughBuilt is an advanced product design, manufacturer and distributor with emphasis on innovative products. Currently focused on tools and other accessories for the professional and do-it-yourself construction industries. We market and distribute various home improvement and construction product lines for both the do-it-yourself and professional markets under the TOUGHBUILT brand name, within the global multibillion dollar per year tool market industry. All of our products are designed by our in-house design team. Since launching product sales in 2013, we have experienced significant annual sales growth. Our current product line includes three major categories, with several additional categories in various stages of development, consisting of Soft Goods & Kneepads and Sawhorses & Work Products. Our mission is to provide products to the building and home improvement communities that are innovative, of superior quality derived in part from enlightened creativity for our end users while enhancing performance, improving well-being and building high brand loyalty. Additional information about the Company is available at: https://www.toughbuilt.com/.Forward-Looking Statements:This press release contains “forward-looking statements.” Such statements may be preceded by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential” or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company’s control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) market acceptance of our existing and new products, (ii) delays in bringing products to key markets, (iii) an inability to secure regulatory approvals for the ability to sell our products in certain markets, (iv) intense competition in the industry from much larger, multinational companies, (v) product liability claims, (vi) product malfunctions, (vii) our limited manufacturing capabilities and reliance on subcontractors for assistance, (viii) our efforts to successfully obtain and maintain intellectual property protection covering our products, which may not be successful, (ix) our reliance on single suppliers for certain product components, (x) the fact that we will need to raise additional capital to meet our business requirements in the future and that such capital raising may be costly, dilutive or difficult to obtain and (xi) the fact that we conduct business in multiple foreign jurisdictions, exposing us to foreign currency exchange rate fluctuations, logistical and communications challenges, burdens and costs of compliance with foreign laws and political and economic instability in each jurisdiction. More detailed information about the Company and the risk factors that may affect the realization of forward looking statements is set forth in the Company’s filings with the Securities and Exchange Commission (SEC), including the Company’s Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC’s web site at http://www.sec.gov. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.Investor Relations Contact: Andrew J. Barwicki Investor Relations: 516-662-9461 Andrew@barwicki.com
- GlobeNewswire
ToughBuilt™ Reports Second Quarter 2020 Financial Results
LAKE FOREST, California, Aug. 14, 2020 (GLOBE NEWSWIRE) -- ToughBuilt Industries, Inc. (“ToughBuilt®” or the “Company”) (NASDAQ: TBLT; TBLTW) is an advanced product design, manufacturer and distributor with emphasis on innovative products, announced today its financial results for the quarter ended June 30, 2020. Highlights of Second Quarter 2020 and 6-Month Financial ResultsOperating Results for the Three Months Ended June 30, 2020 -Net sales for three months ended June 30, 2020 were $6.8 million, an increase of 43% from $4.7 million in the same period of 2019. -Gross profit increased by 117% to $2.5 million in the three months ended June 30, 2020, compared to $1.1 million in the same period in 2019. -Net loss for the three months ended June 30, 2020 was $2.5 million, as compared to a profit of $7 thousand in the same period of 2019. Operating Results for the Six Months Ended June 30, 2020-Net sales for the six-month period ended June 30, 2020 were $10.7 million, an increase of 10% from $9.7 million in the same period 2019. -Gross profit increased by 73% to $4 million in the six months ended June 30, 2020, compared to $2.3 million in 2019. -Net loss for the six-month period ended June 30, 2020 was $6.2 million, as compared to a profit of $507 thousand in the same period of 2019. Michael Panosian, Chief Executive Officer of ToughBuilt, stated, “I am pleased with our accomplishments and believe our company to be in a good position to take advantage of global market opportunities as we are moving forward. We signed several new partnerships, including global distribution agreements and new sales channels that will be invaluable for the short and long term. Also, exceedingly proud of our team and global partners performance and would like to applaud everyone for always putting safety first. Our entire team has shown real dedication during this pandemic by quickly and effectively implementing new protocols to promote the safety and welfare of our employees and the communities in which we serve,” stated Mr. Panosian.ABOUT TOUGHBUILT INDUSTRIES, INC.ToughBuilt is an advanced product design, manufacturer and distributor with emphasis on innovative products. Currently focused on tools and other accessories for the professional and do-it-yourself construction industries. We market and distribute various home improvement and construction product lines for both the do-it-yourself and professional markets under the TOUGHBUILT brand name, within the global multibillion dollar per year tool market industry. All of our products are designed by our in-house design team. Since launching product sales in 2013, we have experienced significant annual sales growth. Our current product line includes three major categories, with several additional categories in various stages of development, consisting of Soft Goods & Kneepads and Sawhorses & Work Products. Our mission is to provide products to the building and home improvement communities that are innovative, of superior quality derived in part from enlightened creativity for our end users while enhancing performance, improving well-being and building high brand loyalty. Additional information about the Company is available at: https://www.toughbuilt.com/.FORWARD-LOOKING STATEMENTSThis press release contains “forward-looking statements.” Such statements may be preceded by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential” or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company’s control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) market acceptance of our existing and new products, (ii) delays in bringing products to key markets, (iii) an inability to secure regulatory approvals for the ability to sell our products in certain markets, (iv) intense competition in the industry from much larger, multinational companies, (v) product liability claims, (vi) product malfunctions, (vii) our limited manufacturing capabilities and reliance on subcontractors for assistance, (viii) our efforts to successfully obtain and maintain intellectual property protection covering our products, which may not be successful, (ix) our reliance on single suppliers for certain product components, (x) the fact that we will need to raise additional capital to meet our business requirements in the future and that such capital raising may be costly, dilutive or difficult to obtain and (xi) the fact that we conduct business in multiple foreign jurisdictions, exposing us to foreign currency exchange rate fluctuations, logistical and communications challenges, burdens and costs of compliance with foreign laws and political and economic instability in each jurisdiction. More detailed information about the Company and the risk factors that may affect the realization of forward looking statements is set forth in the Company’s filings with the Securities and Exchange Commission (SEC), including the Company’s Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC’s web site at http://www.sec.gov. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.Investor Relations Contact: Andrew J. Barwicki Investor Relations Tel: 516-662-9461 Andrew@barwicki.comTOUGHBUILT INDUSTRIES, INC. CONDENSED BALANCE SHEETS (UNAUDITED) June 30, December 31, 2020 2019 Assets Current Assets Cash $19,628,685 $25,063 Accounts receivable 3,086,402 2,075,380 Factor receivables, net 388,364 174,042 Inventory 1,855,595 2,215,497 Prepaid assets 1,792,666 254,070 Note receivable 1,480,000 4,480,000 Total Current Assets 28,231,712 9,224,052 Property and equipment, net 1,598,583 1,029,885 Other assets 470,688 215,688 Total Assets $30,300,983 $10,469,625 Liabilities and Shareholders’ Equity Current Liabilities Accounts payable $2,105,052 $2,536,871 Accrued expenses 404,197 364,309 Factor loan payable 294,868 125,645 Convertible notes payable, net of discount 1,759,081 4,216,307 Total Current Liabilities 4,563,198 7,243,132 Total Liabilities 4,563,198 7,243,132 Shareholders’ Equity Series D Preferred Stock, $1,000 par value, 5,775 shares authorized, 0 and 5,775 issued, and outstanding at June 30, 2020 and December 31, 2019, respectively. Liquidation preference of $5,775,000 at December 31, 2019. - 4,816,485 Common stock, $0.0001 par value, 200,000,000 shares authorized, 38,414,631 and 3,300,015 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively 3,842 330 Additional paid-in capital 75,421,130 41,823,048 Accumulated deficit (49,687,187) (43,413,370) Total Shareholders’ Equity 25,737,785 3,226,493 Total Liabilities and Shareholders’ Equity $30,300,983 $10,469,625 The accompanying notes are an integral part of these condensed unaudited financial statements.TOUGHBUILT INDUSTRIES, INC. CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED) Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Revenues, net of allowances Metal goods $3,374,066 $2,274,978 $5,456,846 $3,916,250 Soft goods 3,465,580 2,479,362 5,292,312 5,860,561 Total revenues, net of allowances 6,839,646 4,754,340 10,749,158 9,776,811 Cost of Goods Sold Metal goods 2,291,948 1,680,762 3,652,461 2,974,433 Soft goods 1,990,681 1,896,656 3,017,911 4,447,742 Total cost of goods sold 4,282,629 3,577,418 6,670,372 7,422,175 Gross profit 2,557,017 1,176,922 4,078,786 2,354,636 Operating expenses: Selling, general and administrative expenses 4,313,015 2,528,461 8,816,839 5,258,003 Research and development 422,072 666,448 946,239 1,130,043 Total operating expenses 4,735,087 3,194,909 9,763,078 6,388,046 Loss from operations (2,178,070) (2,017,987) (5,684,292) (4,033,410) Other income (expense) Interest expense (341,088) (86,275) (589,525) (168,538) Change in fair value of warrant derivative - 2,111,684 - 4,709,583 Total other income (expense) (341,088) 2,025,409 (589,525) 4,541,045 Net income (loss) $(2,519,158) $7,422 $(6,273,817) $507,635 Common stock deemed dividend - - - (2,137,190) Redemption of Series D Preferred Stock deemed dividend - - (1,295,294) - Net income (loss) attributable to common stockholders $(2,519,158) $7,422 $(7,569,111) $(1,629,555) Basic and diluted net loss per share attributed to common stockholders Basic net loss per common share $(0.11) $0.00 $(0.49) $(1.06) Basic weighted average common shares outstanding 22,209,152 1,904,270 15,440,558 1,538,834 Diluted net loss per common share $(0.11) $0.00 $(0.49) $(1.05) Diluted weighted average common shares outstanding 22,209,152 1,904,270 15,440,558 1,551,618 The accompanying notes are an integral part of these condensed unaudited financial statements.TOUGHBUILT INDUSTRIES, INC. CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) Six Months Ended June 30, 2020 2019 Cash flows from operating activities: Net income (loss) $(6,273,817) $507,635 Adjustments to reconcile from net income (loss) to net cash used in operating activities: Depreciation 217,631 101,911 Amortization of debt discount and debt issuance cost 448,908 - Change in fair value of warrant derivative - (4,709,583) Stock-based compensation expense 323,989 209,763 Changes in operating assets and liabilities Accounts receivable (1,011,022) (809,543) Factor receivables, net (214,322) 150,995 Inventory 359,902 (786,682) Prepaid assets (966,196) (75,848) Other assets (5,000) (3,537) Accounts payable (431,819) (157,002) Accrued expenses 39,888 (524,377) Deferred revenue - (33,665) Net cash used in operating activities (7,511,858) (6,129,933) Cash flows from investing activities: Proceeds from note receivable 3,000,000 - Advance for property and equipment (250,000) - Purchases of property and equipment (786,329) (276,554) Net cash provided by (used in) investing activities 1,963,671 (276,554) Cash flows from financing activities: Proceeds from sales of common stock and warrants, net of costs 28,122,740 - Proceeds from exercise of Series A warrants - 2,172,680 Proceeds from exercise of Placement Agent warrants - 16,818 Proceeds from factor loan payable 169,223 1,809,884 Repayments of factor loan payable - (2,028,866) Repayments of Series D Preferred Stock (3,140,154) - Net cash provided by financing activities 25,151,809 1,970,516 Net increase (decrease) increase in cash 19,603,622 (4,435,971) Cash, beginning of period 25,063 5,459,884 Cash, end of period $19,628,685 $1,023,913 Supplemental disclosure of cash flow information: Cash paid during the period for: Interest $- $- Income taxes $- $- Supplemental disclosure of non-cash investing and financing activities: Cashless exercise of warrants $244 $- Conversion of Series C Preferred Stock to common stock $13 $- Conversion of Series D Preferred Stock to common stock $2,971,311 $- Conversion of convertible notes payable to common stock $2,906,134 $- Issuance of common stock for prepaid services $572,400 $- Conversion of Series B warrants into common stock $- $13,369,232 Issuance of convertible preferred stock in exchange for warrants $- $3,671,024 The accompanying notes are an integral part of these condensed unaudited financial statements.
