10-Q - Tribal Rides International Corp. (0001624985) (Filer)
Tue, Feb 4, 6:09 PM (7 days ago)
For the quarter ended March 31, 2024, Tribal Rides International Corp. (XNDA) reported no revenue, continuing a trend from the previous year. The company incurred a net loss of $41,831, significantly reduced from $458,042 in Q1 2023, primarily due to lower operating expenses, which fell from $338,849 to $38,900. The decrease in expenses reflects cost-cutting measures and reduced stock-based compensation. As of March 31, 2024, total assets were $142,457, down from $178,157 at year-end 2023, with liabilities slightly increasing to $888,450. The company's accumulated deficit grew to $2,893,828. Cash flow from operations remained negative, with $NIL cash on hand, indicating an urgent need for capital to sustain operations. The company is in the beta testing phase of its digital transportation platform and anticipates launching additional features. However, uncertainties regarding funding and market conditions pose risks to its operational continuity. Future revenue projections estimate between $250,000 to $500,000 in 2023 and upwards of $10 million in 2024, contingent on successful product adoption.