Wed, Oct 2, 3:07 PM (79 days ago)
Tribal Rides International Corp. reported no revenue for the fiscal year ending December 31, 2023, maintaining an accumulated deficit of $2,851,996. Operating expenses significantly decreased to $185,914 from $1,098,690 in 2022, primarily due to reduced stock-based compensation and other operational costs. The net loss for the year was $185,918, or $0.01 per share, compared to a loss of $1,491,513, or $0.04 per share, in the previous year. The company’s total assets increased to $1,789,157 from $137,652 in 2022, while total liabilities rose to $882,318, leading to a stockholders' deficit of $704,161. The financial condition remains precarious, with a negative working capital of $846,618, raising doubts about the company's ability to continue as a going concern. Strategically, Tribal Rides is focused on developing a cloud-based SaaS platform for ride-sharing, aiming to tap into the growing autonomous vehicle market. However, they face significant competition and must secure capital to support ongoing development. The company has made efforts to raise funds through private placements and continues to explore additional financing options. Risk factors include market volatility, reliance on external funding, and potential regulatory challenges.