ToughBuilt Industries Inc., I never get bored doing due diligence on this company

We are at market closed on July 3, 2024, with a long weekend ahead of us. I am happy to be able to relax with family, friends and fireworks to celebrate our nation.

I check the publicly available bills of lading on ToughBuilt, and boo-yah, another hit for ToughBuilt shipping StackTech TM products to Lowe's. July 2, 2024 on the Maersk Essen, we see 1,098 cartons weighing a combined 30,752 pounds shipped to Lowe's to fill two orders for a total of 1,722 units of StackTech. We found eight bills of lading showing shipments arriving on June 24, 2024, on both the CMS CGM Endurance and the Gustav Maersk to Lowe's both in Seattle and Los Angeles, and each BOL had about 550 cartons.

We generally see the first generation of StackTech products in Lowe's and occasionally they get in the 3-drawer large box which is what we would buy as the middle of our stack.

I have been buying product for personal use (and gifting) from Menards recently, mostly bags and tools. I also bought a Quickset Workbench which has been great for fixing interior doors. Solid and stable. I can plane and sand a large interior door on it with only two clamps. The product selection on the shelves is thinning out in Chicagoland, which means that Menards may not be restocking my local stores. They have been getting shipments to fill my orders, which I pick up in-store.

There is absolute silence in terms of press releases, SEC filings, and social media.

This stock has been at zero borrow (no shares available to short) since the run up in share price happened on June 20, 2024.  Consistently zero borrow, or the ability to borrow maybe 3000 shares, which goes to zero quickly. The cost of borrowing (the fee) now exceeds 100%, so shorting the stock for a year costs the full price anyway, plus what is paid when buying the stock to cover the short.

We have no available financial statements (10-K and 10-Q) since September of 2023. This has no immediate impact on investors, but if it continues then the stock moves to an over the counter listing, and is more costly to trade.

We remain optimistic on the stock and the company. Good luck to all.
Jeffrey Cohen
Happy Fourth of July Holiday for those who celebrate.