ToughBuilt Industries, Inc. Auditor Raises 'Going Concern' Doubt
March 30, 2023
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ToughBuilt Industries, Inc. filed its 10-K on Mar 31, 2023 for the period ending Dec 31, 2022. In this report its auditor, Marcum LLP, gave an unqualified opinion expressing doubt that the company can continue as a going concern.
Toughbuilt Industries, Inc. is engaged in designing, manufacturing, and distributing tools and accessories to the building industry. The Company markets and distributes various home improvement and construction product lines for both Do-It-Yourself (DIY) and professional markets under the TOUGHBUILT brand name. Its business is based on development of products, primarily in tools and hardware category, with particular focus on building and construction industry. Its three categories contain a total of approximately 19 product lines, consists of soft goods, which includes kneepads, tool bags, pouches and tool belts; metal goods, which consists of sawhorses, tool stands and workbench; and utility products, which includes utility knives, aviation snips, shears, lasers and levels, tape measures and chalk reels, striking tools, garden and landscaping tools, and pliers and clamps. It also has various additional categories and product lines in various stages of development.