Tribal Rides Files Amended 10-K, Reveals Stagnant Financials
Ticker: SFCX · Form: 10-K/A · Filed: Jul 28, 2025 · CIK: 1624985
| Field | Detail |
|---|---|
| Company | Tribal Rides International Corp. (SFCX) |
| Form Type | 10-K/A |
| Filed Date | Jul 28, 2025 |
| Risk Level | high |
| Sentiment | bearish |
Sentiment: bearish
Topics: 10-K/A, Financial Amendment, Accumulated Deficit, Micro-Cap, Stagnant Growth, SEC Filing, Risk Warning
TL;DR
**SFCX is a dead-money stock; the unchanged -$1M deficit screams no growth, avoid it.**
AI Summary
Tribal Rides International Corp. (SFCX) filed a 10-K/A on July 28, 2025, for the fiscal year ended December 31, 2023, primarily to address comments from its previous CPA. The filing indicates a significant accumulated deficit, with retained earnings reported as -$1,000,000 as of December 31, 2023, and -$1,000,000 as of December 31, 2022, suggesting ongoing operational losses. The company's common stock remained at $1,000,000 for both 2022 and 2023, while additional paid-in capital also held steady at $1,000,000 for both periods. The amendment highlights a lack of substantial revenue growth or net income improvement, maintaining a consistent financial position year-over-year in these key metrics. The filing also details fair value measurements, with Level 1 inputs at $1,000,000 and Level 2 inputs at $1,000,000 for both 2022 and 2023. Investments in software development and equipment were also reported at $1,000,000 each for both years, indicating a static investment in core assets. The strategic outlook remains unclear given the consistent negative retained earnings and lack of reported revenue changes in the provided data.
Why It Matters
This 10-K/A filing for Tribal Rides International Corp. (SFCX) matters because it reveals a company with persistent financial stagnation, indicated by an unchanged accumulated deficit of -$1,000,000 for both 2022 and 2023. For investors, this signals a lack of growth and potential profitability concerns, making SFCX a high-risk investment compared to competitors with positive earnings. Employees might face job insecurity if the company cannot improve its financial health, while customers could see reduced innovation or service quality due to limited investment. The broader market impact is minimal given the company's apparent small scale and lack of significant financial movement, but it underscores the challenges faced by micro-cap companies in achieving sustainable growth.
Risk Assessment
Risk Level: high — The risk level is high due to the persistent accumulated deficit of -$1,000,000 for both the 2022 and 2023 fiscal years, indicating a lack of profitability and ongoing operational losses. The static nature of key financial figures like common stock, additional paid-in capital, and investments in software development and equipment at $1,000,000 each suggests a company struggling to generate growth or significant operational changes.
Analyst Insight
Investors should exercise extreme caution and consider divesting from SFCX. The consistent -$1,000,000 retained earnings over two years signals a lack of financial improvement and potential long-term viability issues, making it a speculative investment with limited upside.
Key Numbers
- -$1,000,000 — Retained Earnings (Consistent negative retained earnings for 2022 and 2023, indicating ongoing losses.)
- $1,000,000 — Common Stock (Unchanged common stock value for 2022 and 2023, suggesting no new equity issuance or buybacks.)
- $1,000,000 — Additional Paid-In Capital (Static additional paid-in capital for 2022 and 2023, reflecting no new capital contributions.)
- $1,000,000 — Fair Value Inputs Level 1 (Consistent Level 1 fair value inputs for 2022 and 2023.)
- $1,000,000 — Fair Value Inputs Level 2 (Consistent Level 2 fair value inputs for 2022 and 2023.)
- $1,000,000 — Software Development (Unchanged investment in software development for 2022 and 2023.)
- $1,000,000 — Equipment (Unchanged investment in equipment for 2022 and 2023.)
- 2023-12-31 — Conformed Period of Report (The fiscal year-end covered by the 10-K/A filing.)
- 2025-07-28 — Filed As Of Date (The date the 10-K/A was filed with the SEC.)
Key Players & Entities
- Tribal Rides International Corp. (company) — filer of the 10-K/A
- SFCX (company) — ticker symbol
- 07 Trade & Services (company) — organization name associated with the filer
- Joe Grimes (person) — named in the filing data
- Sanjay Prasad (person) — named in the filing data
- Don Smith (person) — named in the filing data
- XINDA INTERNATIONAL CORP. (company) — former company name
- TriMax Consulting, Inc. (company) — former company name
- SEC (regulator) — regulates 10-K/A filings
- CPA (person) — addressed comments from previous CPA
FAQ
What is the primary reason Tribal Rides International Corp. filed a 10-K/A?
Tribal Rides International Corp. filed the 10-K/A on July 28, 2025, primarily to address comments received from its previous CPA regarding the fiscal year ended December 31, 2023.
What was Tribal Rides International Corp.'s retained earnings for 2023?
For the fiscal year ended December 31, 2023, Tribal Rides International Corp. reported retained earnings of -$1,000,000, which remained unchanged from December 31, 2022.
How has Tribal Rides International Corp.'s common stock changed between 2022 and 2023?
Tribal Rides International Corp.'s common stock remained constant at $1,000,000 for both December 31, 2022, and December 31, 2023, indicating no new stock issuances or buybacks during this period.
What are the implications of Tribal Rides International Corp.'s consistent negative retained earnings?
The consistent negative retained earnings of -$1,000,000 for both 2022 and 2023 imply that Tribal Rides International Corp. has not been profitable and has accumulated losses, which is a significant concern for its financial health and future viability.
What were Tribal Rides International Corp.'s investments in software development and equipment for 2023?
As of December 31, 2023, Tribal Rides International Corp. reported investments of $1,000,000 in software development and $1,000,000 in equipment, both figures being consistent with the amounts reported for December 31, 2022.
Who are some of the individuals mentioned in Tribal Rides International Corp.'s filing data?
The filing data for Tribal Rides International Corp. mentions individuals such as Joe Grimes, Sanjay Prasad, and Don Smith, indicating their association with the company in some capacity.
What was the previous name of Tribal Rides International Corp.?
Tribal Rides International Corp. was formerly known as XINDA INTERNATIONAL CORP. until July 10, 2017, and before that, TriMax Consulting, Inc. until November 12, 2014.
What is the business address for Tribal Rides International Corp.?
The business address for Tribal Rides International Corp. is 25108 Marguerite Parkway, Suite A-450, Mission Viejo, CA 92692, with a business phone number of 805.729.1524.
How does the 10-K/A filing impact investors in Tribal Rides International Corp.?
The 10-K/A filing indicates a lack of financial improvement and persistent losses for Tribal Rides International Corp., which should prompt investors to reassess their positions due to the high risk associated with stagnant financial performance.
What is the significance of the unchanged additional paid-in capital for Tribal Rides International Corp.?
The unchanged additional paid-in capital of $1,000,000 for both 2022 and 2023 suggests that Tribal Rides International Corp. did not raise new equity capital from investors beyond its initial contributions during this period, which could limit its ability to fund growth initiatives.
Industry Context
Tribal Rides International Corp. operates within the business services sector (SIC 7389). This sector is broad and can include various services. However, the company's financial statements do not provide specific details on its niche within business services, making it difficult to assess competitive positioning or specific industry trends.
Regulatory Implications
The filing of a 10-K/A indicates that Tribal Rides International Corp. is subject to SEC reporting requirements. The amendment suggests a need for greater transparency and accuracy in financial disclosures, potentially stemming from previous accounting issues or auditor scrutiny.
What Investors Should Do
- Seek clarification on revenue streams and operational strategy.
- Investigate the reasons for the persistent accumulated deficit.
- Monitor future filings for signs of operational improvement or strategic shifts.
Key Dates
- 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K/A filing.
- 2025-07-28: 10-K/A Filing Date — The date the amended filing was submitted to the SEC, indicating it addresses prior comments.
Glossary
- 10-K/A
- An amended annual report filed with the SEC to correct or supplement information previously filed in a 10-K. (This filing is an amendment to the company's annual report, suggesting previous disclosures required correction.)
- Retained Earnings
- The cumulative amount of net income that a company has retained over time, after paying out dividends. (A negative retained earnings balance of -$1,000,000 for both 2022 and 2023 indicates persistent operational losses.)
- Common Stock
- Represents ownership in a corporation and entitles the shareholder to a portion of the company's profits and assets. (The static $1,000,000 value for 2022 and 2023 suggests no new equity issuance or significant changes in outstanding shares.)
- Additional Paid-In Capital
- The amount of capital a company receives from shareholders in exchange for stock, above the stock's par value. (The unchanged $1,000,000 value for 2022 and 2023 indicates no new capital contributions from investors.)
- Fair Value Inputs Level 1
- The highest level of fair value input, based on unadjusted quoted prices in active markets for identical assets or liabilities. (The consistent $1,000,000 value for 2022 and 2023 suggests stability in the valuation of assets/liabilities using observable market data.)
- Fair Value Inputs Level 2
- Fair value inputs based on observable inputs other than Level 1 quoted prices, such as quoted prices for similar assets or liabilities in active markets. (The consistent $1,000,000 value for 2022 and 2023 indicates stability in valuations derived from market-corroborated data.)
Year-Over-Year Comparison
The 10-K/A filing for the fiscal year ended December 31, 2023, shows a consistent financial picture compared to the prior year. Retained earnings remain at a negative $1,000,000, common stock and additional paid-in capital are unchanged at $1,000,000 each, and investments in software development and equipment are static at $1,000,000. Fair value inputs for Level 1 and Level 2 also remained constant at $1,000,000. This consistency suggests no significant operational changes or financial performance improvements year-over-year.
Filing Details
This Form 10-K/A (Form 10-K/A) was filed with the SEC on July 28, 2025 by Joe Grimes regarding Tribal Rides International Corp. (SFCX).