Tribal Rides International Corp. Files Q1 2024 10-Q

TL;DR

Tribal Rides (XNDA) filed its Q1 2024 10-Q. Check financials.

AI Summary

Tribal Rides International Corp. filed a 10-Q for the period ending March 31, 2024. The company, formerly known as XINDA INTERNATIONAL CORP. and TriMax Consulting, Inc., is incorporated in Nevada and headquartered in Mission Viejo, California. The filing covers the first quarter of 2024, with financial data for fiscal year-end December 31, 2023, and comparative periods.

Why It Matters

This filing provides investors with the latest financial performance and operational updates for Tribal Rides International Corp. for the first quarter of 2024.

Risk Assessment

Risk Level: medium — The company has undergone name changes and its SIC code suggests a broad 'business services' category, indicating potential for diverse and possibly less specialized operations.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Marks the end of the financial quarter being reported.)
• 2023-12-31 — Fiscal Year End (Indicates the company's annual financial reporting cycle.)
• 2023-03-31 — Prior Year Q1 End Date (Provides a comparative period for Q1 2024 results.)

Key Players & Entities

• Tribal Rides International Corp. (company) — Filer of the 10-Q
• XINDA INTERNATIONAL CORP. (company) — Former company name
• TriMax Consulting, Inc. (company) — Former company name
• 20240331 (date) — End of reporting period
• 20250204 (date) — Filing date
• 805.729.1524 (phone_number) — Business phone number

FAQ

Key Financial Figures

• $3,500 — was to receive monthly cash payments of $3,500. The amounts charged by Mr. Smith for s
• $8,000 — is to receive monthly cash payments of $8,000. His company performs services related
• $45,550 — pay $ 16,550 in expenses. The total of $45,550 has been recorded as original issue dis

Filing Documents

• tribalrides_i10q-033124.htm (10-Q) — 466KB
• tribalrides_ex3101.htm (EX-31.1) — 11KB
• tribalrides_ex3102.htm (EX-31.2) — 11KB
• tribalrides_ex3201.htm (EX-32.1) — 4KB
• tribalrides_ex3202.htm (EX-32.2) — 4KB
• 0001683168-25-000678.txt ( ) — 3320KB
• xnda-20240331.xsd (EX-101.SCH) — 27KB
• xnda-20240331_cal.xml (EX-101.CAL) — 33KB
• xnda-20240331_def.xml (EX-101.DEF) — 89KB
• xnda-20240331_lab.xml (EX-101.LAB) — 253KB
• xnda-20240331_pre.xml (EX-101.PRE) — 204KB
• tribalrides_i10q-033124_htm.xml (XML) — 438KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION 4

Financial Statements

Item 1. Financial Statements 4

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 20

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 25

Controls and Procedures

Item 4. Controls and Procedures 25

– OTHER INFORMATION

PART II – OTHER INFORMATION 26

Unregistered sales of equity securities and use of proceeds

Item 2. Unregistered sales of equity securities and use of proceeds 26

Other Information

Item 5. Other Information 26

Exhibits

Item 6. Exhibits 26

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements Consolidated Financial Statements Tribal Rides International Corp. INDEX TO FINANCIAL STATEMENTS Page Consolidated Balance Sheets as of March 31, 2024 (unaudited) and December 31, 2023 4 Consolidated Statements of Operations (unaudited) for the three months ended March 31, 2024 and 2023 5 Consolidated Statements of Stockholders' Deficit (unaudited) for the three months ended March 31, 2024 and 2023 6 Consolidated Statements of Cash Flows (unaudited) for the three months ended March 31, 2024 and 2023 7 Notes to the Unaudited Consolidated Financial Statements 8 3 TRIBAL RIDES INTERNATIONAL CORP. BALANCE SHEETS March 31, 2024 (Unaudited) December 31, 2023 (Audited) ASSETS Current assets: Cash $ – $ – Total current assets – – Software and equipment, net 136,284 136,284 Prepaid Insurance – 35,700 Patents, net 6,173 6,173 Total noncurrent assets 142,457 178,157 Total Assets $ 142,457 $ 178,157 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities: Accounts payable and accrued liabilities $ 259,016 $ 237,657 Deferred revenue 9 9 Notes payable, net of debt discount 413,075 431,302 Due to related party 216,350 213,350 Total current liabilities 888,450 882,318 Total Liabilities 888,450 882,318 Commitments and contingencies – – Stockholders' equity (deficit): Common stock, $ 0.00001 par value, 500,000,000 shares authorized; 39,935,500 and 39,935,500 shares issued and outstanding as of March 31, 2024, and December 31, 2023, respectively 396 396 Common stock to be issued, 4,224,559 and 1,624,000 shares as of March 31, 2024 and December 31, 2023, respectively 46 46 Additional paid-in capital 2,147,393 2,147,393 Accumulated deficit ( 2,893,828 ) ( 2,851,996 ) Total Stockholders' Deficit ( 745,993 ) ( 704,161 ) Total Liabilities and Stockholders' Deficit $ 142,457 $ 178,157 See accompanying Notes to Financial Statements 4 T

NOTES TO FINANCIAL STATEMENTS

NOTES TO FINANCIAL STATEMENTS 1. Organization and Business Organization and Business We were incorporated on May 19, 2014 in the State of Nevada as Trimax Consulting, Inc. with an initial business plan of providing real estate consulting services and purchasing tax liens. On March 16, 2017, Newfield Global Holdings Limited acquired 25.0 million shares of our common stock representing 96.3% of our then outstanding shares. Upon election of a new Board of Directors and appointment of new management, we altered our business plan to provide end-to-end Human Resource services. On May 8, 2017, we filed an Amendment to our Articles of Incorporation changing our name to Xinda International Corp. On February 24, 2021, we filed an Amendment to our Articles of Incorporation changing our name to Tribal Rides International Corp. On February 23, 2022, we filed an application with the Financial Industry Regulatory Authority ("FINRA") to change our ticker symbol. Until that change is made, our ticker symbol remains XNDA. On March 13, 2023, we amended our Articles of Incorporation to increase the total number of authorized common shares to five hundred million ( 500,000,000 ) shares. We are engaged in the business of digital transformation of transportation. The digital transportation enablement and enhancement platform provides fully automated dispatching and bookings management built for taxi companies, limousine companies and ride-sharing service providers. The platform gives customers an app-based experience and provides service providers a range of functions which include customer booking, accounts management, driver tracking, real-time notifications, auto dispatching algorithms, accounting and settlements, corporate account management as well as providing reporting and analytics. The platform has also shown to have a direct application in the B2B space in providing corporations with a more efficient taxi chit solution to combat fraud and excessive administration costs.

View Full Filing

View this 10-Q filing on SEC EDGAR