2022-08-20 02:18:06 By : Ms. Judy Lee

? the impact of the worldwide COVID-19 pandemic and government actions, on our

? our ability to manufacture, market and sell our products;

? our ability to maintain or protect the validity of our U.S. and other patents

? our ability to launch and penetrate markets;

? our ability to retain key executive members;

? our ability to internally develop new inventions and intellectual property;

? interpretations of current laws and the passages of future laws; and

? acceptance of our business model by investors.

The foregoing does not represent an exhaustive list of matters that may be covered by the forward-looking statements contained herein or risk factors that we are faced with that may cause our actual results to differ from those anticipated in our forward-looking statements.

· On February 17, 2021, we announced that we have grown our business from four

stock keeping units (SKUs) to 25 SKUs with Toolstation, a Netherlands based

company with over 60 stores in the Netherlands, Belgium and Luxembourg and one

of the highly respected single-source suppliers of tools, accessories, and

building products for professionals and serious do-it-yourselfers. These SKUs

include current ranges of ToughBuilt's steel sawhorse line, soft-sided tool

storage, and kneepads and have been slotted for immediate placement in all

stores and in Toolstation's catalog;

· In November 2021, we launched two new product lines, ToughBuilt lasers and

levels, and fully integrated with our mobile application, ToughBuilt Connect,

allowing professional and DIY builders to quickly measure rooms, seamlessly

upload information to a smartphone, and create shareable information with the

· In December 2021, we launched a new product line, the ToughBuilt Workbench,

available for purchase across our strategic global partners and buying groups

· In August 2021, we launched a new product line, the ToughBuilt utility knives;

· In September 2021, we launched ToughBuilt Brazil;

· In 2021, our total revenues, net of allowances, totaled approximately $70.0

million as compared to approximately $39.4 million in 2020, including a 71%

increase in online sales through from $7 million for 2020 to $12

· We have raised a total of approximately

Private Placement of Shares of Common Stock and Warrants

Sawhorses and Work Support Products

· A commitment to technological innovation achieved through consumer insight,

creativity, and speed to market;

· A broad selection of products in both brand and private labels;

· Superior customer service; and

We will continue to consider other market opportunities while focusing on our customers' specific requirements to increase sales.

• United States: Lowe's, Home Depot, Menards, GM products, Fire Safety, Hartville

Hardware, ORR, Pooley, Wesco, Buzzi, and Western Pacific Building Materials.

• United Kingdom distribution throughout the UK and online selling for Europe.

• Australia: Kincrome, and Bunnings.

• New Zealand: Kincrome, and Bunnings.

• South Korea: Dong Shin Tool PIA Co., Ltd.

We are actively expanding into markets in Mexico and other Latin American countries, the Middle East, and South Africa.

In 2021, we launched the following product lines:

In late 2024, we also intend to launch applications for our mobile phones relating to the following topics:

? Significantly greater financial resources than we have;

? Longer-standing relationships with suppliers, manufacturers, and retailers;

? Stronger brand recognition and loyalty; and

? The ability to invest substantially more in product advertising and sales.

Key factors affecting our performance

The three months ended June 30, 2022 compared to the three months ended June 30, 2021.

Due to factors set forth above, we recorded a net loss of $ 12,136,051

for the three months ended June 30, 2022 as compared to a net loss of $7,422,426 for the three months ended June 30, 2021.

The six months ended June 30, 2022 compared to the six months ended June 30, 2021.

Liquidity and Capital Resources; Going Concern

The Company plans to use its cash within the twelve months from June 30, 2022 and beyond for working capital and research and development.

© Edgar Online, source Glimpses