Capstone Companies Reports First Quarter 2021 Performance
Capstone Companies, Inc. (OTC: CAPC) reported its first quarter 2021 financial results, highlighting minimal revenue growth and the establishment of equity funding. CFO Gerry McClinton stated the focus will shift toward the rollout of the Smart Mirror, inventory building, and expanding social media outreach. Chairman and CEO Stewart Wallach emphasized that while financial performance has improved slightly, updates on the Smart Mirror program will be provided to shareholders, as it positions as the Company’s core future business.
- Equity funding is now in place, allowing for strategic initiatives.
- Revenue increased compared to previous periods, indicating positive momentum.
- Financial performance showed only minimal improvement in revenue growth.
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 |
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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 |
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Income tax refundable |
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285,673 |
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861,318 |
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Total Current Assets |
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1,991,305 |
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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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54,852 |
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Operating lease – right of use asset |
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143,950 |
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158,504 |
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Deposit |
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25,560 |
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25,560 |
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Goodwill |
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1,312,482 |
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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 |
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$ |
825,690 |
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Operating lease – current portion |
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64,967 |
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63,307 |
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Total Current Liabilities |
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1,036,333 |
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888,997 |
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Long-Term Liabilities: |
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Operating lease – long-term portion |
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90,882 |
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107,690 |
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Deferred tax liabilities-long-term |
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259,699 |
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259,699 |
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Total Long-Term Liabilities |
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350,581 |
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367,389 |
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Total Liabilities |
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1,386,914 |
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1,256,386 |
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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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- |
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- |
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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 |
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- |
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- |
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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 |
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4,630 |
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4,630 |
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Additional paid-in capital |
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