CAPC - Capstone Companies Reports First Quarter 2021 Performance
Capstone Companies, Inc. (OTC: CAPC) (“Capstone” or the “Company”), a designer, manufacturer and marketer of consumer inspired products that simplify daily living through technology reported its first quarter 2021 financial results.
Gerry McClinton, Capstone’s Chief Financial Officer, commented, “With equity funding now in place, we can focus on the Smart Mirror rollout, inventory build and social media expansion.”
Stewart Wallach, Capstone’s Chairman and Chief Executive Officer, added, “While financial performance has improved minimally as revenues increased, we will be updating our shareholder community on the progress of the Company’s Smart Mirror program which is its future core business.”
Webcast and Teleconference to Review Results and Outlook
Tuesday, May 18, 2021
10:30 a.m. Eastern Time
Phone: (201) 689-8562
Internet webcast link available at: www.capstonecompaniesinc.com
A telephonic replay will be available from 1:30 p.m. ET the day of the call until Tuesday, May 25, 2021. To listen to the archived call, dial (412) 317-6671 and enter conference ID number 13718602. Alternatively, the archive of the webcast will be available on the Company’s website at www.capstonecompaniesinc.com , along with a transcript once available.
About Capstone Companies, Inc.
Capstone Companies, Inc. is a public holding company that engages, through its wholly owned subsidiaries, Capstone Industries, Inc., Capstone Lighting Technologies, LLC, and Capstone International HK, Ltd., in the development, manufacturing and marketing of consumer products to retail channels throughout North America and certain international markets.
Visit our websites; www.capstonecompaniesinc.com for more information about the Company and www.capstoneindustries.com and www.capstoneconnected.com for information on our current product offerings. Contents of referenced URL’s are not incorporated herein.
Forward Looking Statements. This press release contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this press release regarding strategy, future operations, and plans, including assumptions underlying such statements, are forward-looking statements, and should not be relied upon as representing Company’s views as of any subsequent date. Such forward-looking statements are based on information available to the Company as of the date of this press release and involve a number of risks and uncertainties, some beyond the Company’s control or ability to foresee, that could cause actual results to differ materially from those anticipated by these forward-looking statements, including, including the impact of Coronavirus/COVID-19 pandemic on the Smart Mirror product line, any difficulty in marketing Company products in its target markets, competition in the market, and impact of evolving technologies in Smart Mirrors on Company’s prospects and products. Additional information that could lead to material changes in Company’s performance is contained in its filings with the Securities and Exchange Commission.
Company is under no obligation to, and expressly disclaims any responsibility to, update or alter forward-looking statements contained in this release, whether as a result of current information, future events or otherwise. Any investment in the Company’s common stock, which is a “penny stock,” is highly risky and not suitable for investors who require liquidity and are unable to withstand the loss of their investment. Investors should only rely on public information in our filings with the SEC, especially disclosures of Risk Factors, as a basis for investment decisions about Company common stock. Company’s SEC filings can be accessed through SEC website: www.sec.gov or the corporate website listed below.
FINANCIAL TABLES FOLLOW. THE FOLLOWING SUMMARY FINANCIAL STATEMENT SHOULD BE READ ALONG WITH THE FORM 10K FINANCIAL STATEMENT FILED BY THE COMPANY WITH THE SECURITIES AND EXCHANGE COMMISSION.
| CAPSTONE COMPANIES, INC. AND SUBSIDIARIES |
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|
| CONDENSED CONSOLIDATED BALANCE SHEETS |
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| March 31, |
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| December 31, |
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|
|
|
|
| 2021 |
|
|
|
|
| 2020 |
|
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| Assets: |
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| (Unaudited) |
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| Current Assets: |
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| Cash |
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| $ |
| 1,461,968 |
|
|
|
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| $ |
| 1,223,770 |
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| Accounts receivable, net |
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|
| 167,102 |
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|
|
| 120,064 |
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| Inventories |
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| 8,775 |
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| 8,775 |
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| Prepaid expenses |
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|
|
| 67,787 |
|
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|
|
|
|
| 75,622 |
|
|
| Income tax refundable |
|
|
|
|
| 285,673 |
|
|
|
|
|
|
| 861,318 |
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| Total Current Assets |
|
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|
|
| 1,991,305 |
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|
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|
|
| 2,289,549 |
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| Property and equipment, net |
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| 52,388 |
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|
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| 54,852 |
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| Operating lease – right of use asset |
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|
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| 143,950 |
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|
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| 158,504 |
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| Deposit |
|
|
|
|
| 25,560 |
|
|
|
|
|
|
| 25,560 |
|
|
| Goodwill |
|
|
|
|
| 1,312,482 |
|
|
|
|
|
|
| 1,312,482 |
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| Total Assets |
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| $ |
| 3,525,685 |
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|
|
| $ |
| 3,840,947 |
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| Liabilities and Stockholders’ Equity: |
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| Current Liabilities: |
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| Accounts payable and accrued liabilities |
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| $ |
| 971,366 |
|
|
|
|
| $ |
| 825,690 |
|
|
| Operating lease – current portion |
|
|
|
|
| 64,967 |
|
|
|
|
|
|
| 63,307 |
|
|
| Total Current Liabilities |
|
|
|
|
| 1,036,333 |
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|
|
|
|
|
| 888,997 |
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| Long-Term Liabilities: |
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|
|
|
|
|
|
|
|
|
|
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|
|
| Operating lease – long-term portion |
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|
|
| 90,882 |
|
|
|
|
|
|
| 107,690 |
|
|
| Deferred tax liabilities-long-term |
|
|
|
|
| 259,699 |
|
|
|
|
|
|
| 259,699 |
|
|
| Total Long-Term Liabilities |
|
|
|
|
| 350,581 |
|
|
|
|
|
|
| 367,389 |
|
|
| Total Liabilities |
|
|
|
|
| 1,386,914 |
|
|
|
|
|
|
| 1,256,386 |
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|
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| Commitments and Contingencies (Note 5) |
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Stockholders' Equity: |
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| Preferred Stock, Series A, par value $.001 per share, authorized 6,666,667 shares, issued -0- shares |
|
|
|
|
| - |
|
|
|
|
|
|
| - |
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|
| Preferred Stock, Series B-1, par value $.0001 per share, authorized 3,333,333 shares, issued 15,000 shares at March 31, 2021 |
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| 2 |
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| - |
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| Preferred Stock, Series C, par value $1.00 per share, authorized 67 shares, issued -0- shares |
|
|
|
|
| - |
|
|
|
|
|
|
| - |
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|
| Common Stock, par value $.0001 per share, authorized 56,666,667 shares, `outstanding 46,296,364 shares at March 31, 2021 and 46,296,364 shares at December 31, 2020 |
|
|
|
|
| 4,630 |
|
|
|
|
|
|
| 4,630 |
|
|
| Additional paid-in capital |
|
|
|
|
| 7,106,522 |
|
|
|
|
|
|
| 7,053,328 |
|
|
| Accumulated deficit |
|
|
|
|
| (4,972,383 |
| ) |
|
|
|
|
| (4,473,397) |
| Total Stockholders' Equity |
|
|
|
|
| 2,138,771 |
|
|
|
|
|
|
| 2,584,561 |
|
|
| Total Liabilities and Stockholders’ Equity |
|
|
| $ |
| 3,525,685 |
|
|
|
|
| $ |
| 3,840,947 |
|
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|
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| The accompanying notes are an integral part of these condensed consolidated financial statements. |
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| CAPSTONE COMPANIES, INC. AND SUBSIDIARIES |
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| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
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| (Unaudited) |
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| For the Three Months Ended |
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| March 31, |
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| 2021 |
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|
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| 2020 |
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|
|
|
|
|
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|
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|
|
|
|
|
|
| Revenues, net |
|
|
| $ |
| 438,423 |
|
|
|
|
| $ |
| 148,977 |
|
|
| Cost of sales |
|
|
|
|
| (309,776 |
| ) |
|
|
|
|
| (114,821 |
| ) |
| Gross Profit |
|
|
|
|
| 128,647 |
|
|
|
|
| 34,156 |
|
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|
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| Operating Expenses: |
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|
|
|
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|
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|
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| Sales and marketing |
|
|
|
|
| 4,180 |
|
|
|
|
|
|
| 211,973 |
|
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| Compensation |
|
|
|
|
| 352,079 |
|
|
|
|
|
|
| 376,675 |
|
|
| Professional fees |
|
|
|
|
| 127,224 |
|
|
|
|
|
|
| 130,530 |
|
|
| Product development |
|
|
|
|
| 26,892 |
|
|
|
|
|
|
| 51,614 |
|
|
| Other general and administrative |
|
|
|
|
| 103,122 |
|
|
|
|
|
|
| 144,366 |
|
|
| Goodwill impairment charge |
|
|
|
|
| - |
|
|
|
|
|
|
| 290,059 |
|
|
| Total Operating Expenses |
|
|
|
|
| 613,497 |
|
|
|
|
|
|
| 1,205,217 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating Loss |
|
|
|
|
| (484,850 |
| ) |
|
|
|
|
| (1,171,061 |
| ) |
|
|
|
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| Other Income (Expense): |
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|
|
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|
|
| Other income |
|
|
|
|
| 10,362 |
|
|
|
|
|
|
| - |
| Other expense |
|
|
|
|
| (24,498 |
| ) |
|
|
|
|
| - |
|
|
| Net Other Income (Expense) |
|
|
|
|
| (14,136 |
| ) |
|
|
|
|
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loss Before Tax Benefit |
|
|
|
|
| (498,986 |
| ) |
|
|
|
|
| (1,171,061 |
| ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Benefit for Income Tax |
|
|
|
|
| - |
|
|
|
|
| (573,685 |
| ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Loss |
|
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| $ |
| (498,986) |
|
|
| $ |
| (597,376) |
|
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| Net Loss per Common Share |
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|
|
|
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|
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|
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|
|
|
|
|
|
| Basic and Diluted |
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|
| $ |
| (0.01) |
|
|
| $ |
| (0.01) |
|
|
|
|
|
|
|
|
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|
|
|
|
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|
|
|
|
| Weighted Average Shares Outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic and Diluted |
|
|
| 46,296,364 |
|
|
|
|
|
|
| 46,463,365 |
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
The accompanying notes are an integral part of these condensed consolidated financial statements. |
|
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|
| CAPSTONE COMPANIES, INC. AND SUBSIDIARIES |
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| CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY |
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| FOR THE THREE MONTHS ENDED MARCH 31, 2021 AND MARCH 31, 2020 |
|
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| (Unaudited) |
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|
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|
|
|
|
|
|
|
|
| Preferred Stock |
|
|
| Preferred Stock |
|
|
| Preferred Stock |
|
|
|
|
|
|
| Additional |
|
|
|
|
|
|
|
|
|
|
|
|
| Series A |
|
|
| Series B |
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| Series C |
|
|
| Common Stock |
|
|
| Paid-In |
|
|
| Accumulated |
|
|
| Total |
|
|
|
|
| Shares |
|
|
|
|
| Par Value |
|
|
| Shares |
|
|
| Par Value |
|
|
| Shares |
|
|
| Par Value |
|
|
| Shares |
|
|
| Par Value |
|
|
| Capital |
|
|
| Deficit |
|
|
| Equity |
|
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|
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|
| Balance at December 31, 2020 |
|
|
|
|
| - |
|
|
|
|
| $ |
| - |
|
|
|
|
|
|
| - |
|
|
|
|
| $ |
| - |
|
|
|
|
|
|
| - |
|
|
|
|
| $ |
| - |
|
|
|
|
|
|
| 46,296,364 |
|
|
|
|
|
|
| $4,630 |
|
|
|
|
|
|
| $7,053,328 |
|
|
|
|
|
|
| $(4,473,397) |
|
|
|
|
|
|
| $2,584,561 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
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|
|
|
|
|
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|
|
|
|
|
|
|
|
| Stock options for compensation |
|
|
|
|
| - |
|
|
|
|
|
|
| - |
|
|
|
|
|
|
| - |
|
|
|
|
|
|
| - |
|
|
|
|
|
|
| - |
|
|
|
|
|
|
| - |
|
|
|
|
|
|
| - |
|
|
|
|
|
|
| - |
|
|
|
|
|
|
| 4,200 |
|
|
|
|
|
|
| - |
|
|
|
|
|
|
| 4,200 |
|
|
| Stock issued to Director’s for loan |
|
|
|
|
| - |
|
|
|
|
|
|
| - |
|
|
|
|
|
|
| 15,000 |
|
|
|
|
|
|
| 2 |
|
|
|
|
|
|
| - |
|
|
|
|
|
|
| - |
|
|
|
|
|
|
| - |
|
|
|
|
|
|
| - |
|
|
|
|
|
|
| 48,994 |
|
|
|
|
|
|
| - |
|
|
|
|
|
|
| 48,996 |
|
|
| Net Loss |
|
|
|
|
| - |
|
|
|
|
|
|
| - |
|
|
|
|
|
|
| - |
|
|
|
|
|
|
| - |
|
|
|
|
|
|
| - |
|
|
|
|
|
|
| - |
|
|
|
|
|
|
| - |
|
|
|
|
|
|
| - |
|
|
|
|
|
|
| - |
|
|
|
|
|
|
| (498,986 |
| ) |
|
|
|
|
| (498,986 |
| ) |
| Balance at March 31, 2021 |
|
|
|
|
| - |
|
|
|
|
| $ |
| - |
|
|
|
|
|
|
| 15,000 |
|
|
|
|
| $ |
| 2 |
|
|
|
|
|
|
| - |
|
|
|
|
| $ |
| - |
|
|
|
|
|
|
| 46,296,364 |
|
|
|
|
|
|
| $4,630 |
|
|
|
|
|
|
| $7,106,522 |
|
|
|
|
|
|
| $(4,972,383) |
|
|
|
|
|
|
| $2,138,771 |
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance at December 31, 2019 |
|
|
|
|
| - |
|
|
|
|
| $ |
| - |
|
|
|
|
|
|
| - |
|
|
|
|
| $ |
| - |
|
|
|
|
|
|
| - |
|
|
|
|
| $ |
| - |
|
|
|
|
|
|
| 46,579,747 |
|
|
|
|
| $4,658 |
|
|
|
|
| $7,061,565 |
|
|
|
|
| $(2,089,581) |
|
|
|
|
| $4,967,642 |
|
|
| Stock options for compensation |
|
|
|
|
| - |
|
|
|
|
|
|
| - |
|
|
|
|
|
|
| - |
|
|
|
|
|
|
| - |
|
|
|
|
|
|
| - |
|
|
|
|
|
|
| - |
|
|
|
|
|
|
| - |
|
|
|
|
|
|
| - |
|
|
|
|
|
|
| 8,925 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 8,925 |
|
|
| Repurchase of shares |
|
|
|
|
| - |
|
|
|
|
|
|
| - |
|
|
|
|
|
|
| - |
|
|
|
|
|
|
| - |
|
|
|
|
|
|
| - |
|
|
|
|
|
|
| - |
|
|
|
|
|
|
| (283,383 |
| ) |
|
|
|
|
| (28 |
| ) |
|
|
|
|
| (36,305 |
| ) |
|
|
|
|
| - |
|
|
|
|
|
|
| (36,333 |
| ) |
| Net Loss |
|
|
|
|
| - |
|
|
|
|
|
|
| - |
|
|
|
|
|
|
| - |
|
|
|
|
|
|
| - |
|
|
|
|
|
|
| - |
|
|
|
|
|
|
| - |
|
|
|
|
|
|
| - |
|
|
|
|
|
|
| - |
|
|
|
|
|
|
| - |
|
|
|
|
|
|
| (597,376 |
| ) |
|
|
|
|
| (597,376 |
| ) |
| Balance at March 31, 2020 |
|
|
|
|
| - |
|
|
|
|
| $ |
| - |
|
|
|
|
|
|
| - |
|
|
|
|
| $ |
| - |
|
|
|
|
|
|
| - |
|
|
|
|
| $ |
| - |
|
|
|
|
|
|
| 46,296,364 |
|
|
|
|
| $4,630 |
|
|
|
|
| $7,034,185 |
|
|
|
|
| $(2,686,957 |
| ) |
|
|
| $4,351,858 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these condensed consolidated financial statements. |
|
|
| CAPSTONE COMPANIES, INC. AND SUBSIDIARIES |
|
|
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|
|
| (Unaudited) |
|
|
|
|
|
|
| For the Three Months Ended |
|
|
|
|
|
|
| March 31, |
|
|
|
|
|
|
| 2021 |
|
|
|
|
| 2020 |
|
|
| CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
| Net loss |
|
|
| $ |
| (498,986 |
| ) |
|
|
| $ |
| (597,376) |
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Depreciation and amortization |
|
|
|
|
| 2,464 |
|
|
|
|
|
|
| 6,074 |
|
|
| Stock based compensation expense |
|
|
|
|
| 4,200 |
|
|
|
|
|
|
| 8,925 |
|
|
| Non-cash stock issued to Director’s for loan |
|
|
|
|
| 24,498 |
|
|
|
|
|
|
| - |
|
|
| Non-cash lease expense |
|
|
|
|
| 14,554 |
|
|
|
|
|
|
| 13,583 |
|
|
| Goodwill impairment charge |
|
|
|
|
| - |
|
|
|
|
|
|
| 290,059 |
|
|
| Provision for deferred income tax |
|
|
|
|
| - |
|
|
|
|
|
|
| 172,287 |
| Increase in accounts receivable, net |
|
|
|
|
| (47,038 |
| ) |
|
|
|
|
| (56,515) |
| Decrease in inventories |
|
|
|
|
| - |
|
|
|
|
|
|
| 11,392 |
|
|
| Decrease in prepaid expenses |
|
|
|
|
| 32,333 |
|
|
|
|
|
|
| 42,199 |
|
|
| Decrease in deposits |
|
|
|
|
| - |
|
|
|
|
|
|
| 34,874 |
| Increase in accounts payable and accrued liabilities |
|
|
|
|
| 145,676 |
|
|
|
|
|
|
| 201,752 |
|
|
| (Increase) decrease in income tax refundable |
|
|
|
|
| 575,645 |
|
|
|
|
| (745,972) |
|
|
| (Decrease) in operating lease liabilities |
|
|
|
|
| (15,148 |
| ) |
|
|
|
|
| (7,807) |
|
|
| Net cash provided by (used in) operating activities |
|
|
|
|
| 238,198 |
|
|
|
|
| (626,525) |
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Purchase of property and equipment |
|
|
|
|
| - |
|
|
|
|
| (15,739) |
|
|
| Net cash used in investing activities |
|
|
|
|
| - |
|
|
|
|
| (15,739) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Repurchase of shares |
|
|
|
|
| - |
|
|
|
|
|
|
| (36,333) |
|
|
| Net cash used in financing activities |
|
|
|
|
| - |
|
|
|
|
| (36,333) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Increase (decrease) in Cash |
|
|
|
|
| 238,198 |
|
|
|
|
| (678,597) |
| Cash at Beginning of Period |
|
|
|
|
| 1,223,770 |
|
|
|
|
|
|
| 3,131,249 |
|
|
| Cash at End of Period |
|
|
| $ |
| 1,461,968 |
|
|
|
|
| $ |
| 2,452,652 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash paid during the period for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest |
|
|
| $ |
| - |
|
|
|
|
| $ |
| - |
|
|
| Income taxes |
|
|
| $ |
| - |
|
|
|
|
| $ |
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Stocks issued to Directors for prepaid loan fee |
|
|
| $ |
| 24,498 |
|
|
|
|
| $ |
| - |
|
|
| The accompanying notes are an integral part of these condensed consolidated financial statements. |
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20210517005850/en/
Company:
Aimee C. Brown
Corporate Secretary
(954) 252-3440, ext. 313