SEC Info - Tribus Enterprises, Inc. - ‘10-Q’ for 12/31/21

Page	(sequential)		(alphabetic)	↑Top
		Alternative Formats (Word, et al.) Condensed Consolidated Balance Sheets Controls and Procedures Defaults Upon Senior Securities Exhibits Financial Statements Item 1 Item 1A Item 2 Item 3 Item 3A Item 4 Item 5 Item 6 Legal Proceedings Management's Discussion and Analysis of Financial Condition and Results of Operation Notes to Unaudited Condensed Consolidated Financial Statements Off Balance Sheet Arrangements Other Information Part Ii -- Other Information Quantitative and Qualitative Disclosures about Market Risk Risk Factors Submission of Matters to a Vote of Security Holders Unaudited Condensed Consolidated Statement of Changes in Stockholders' Equity Unaudited Condensed Consolidated Statements of Cash Flows Unaudited Condensed Consolidated Statements of Operations Unregistered Sales of Equity Securities and Use of Proceeds
1	1st Page – Filing Submission
"	Item 1
"	Financial Statements
"	Condensed Consolidated Balance Sheets
"	Unaudited Condensed Consolidated Statements of Operations
"	Unaudited Condensed Consolidated Statement of Changes in Stockholders' Equity
"	Unaudited Condensed Consolidated Statements of Cash Flows
"	Notes to Unaudited Condensed Consolidated Financial Statements
"	Item 2
"	Management's Discussion and Analysis of Financial Condition and Results of Operation
"	Item 3
"	Quantitative and Qualitative Disclosures about Market Risk
"	Item 4
"	Controls and Procedures
"	Part Ii -- Other Information
"	Legal Proceedings
"	Item 1A
"	Risk Factors
"	Unregistered Sales of Equity Securities and Use of Proceeds
"	Defaults Upon Senior Securities
"	Item 3A
"	Off Balance Sheet Arrangements
"	Submission of Matters to a Vote of Security Holders
"	Item 5
"	Item 6
"	Exhibits

i 0001706573 i false i 2022 i Q3 i --03-31 i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i 41,931 i 2,364,288 i 1,625,022 i P23M i P24M i 10 i 4 0001706573 2021-04-01 2021-12-31 0001706573 2022-02-14 0001706573 2021-12-31 0001706573 2021-03-31 0001706573 us-gaap:SeriesAPreferredStockMember 2021-12-31 0001706573 us-gaap:SeriesAPreferredStockMember 2021-03-31 0001706573 us-gaap:SeriesBPreferredStockMember 2021-12-31 0001706573 us-gaap:SeriesBPreferredStockMember 2021-03-31 0001706573 2021-10-01 2021-12-31 0001706573 2020-10-01 2020-12-31 0001706573 2020-04-01 2020-12-31 0001706573 us-gaap:SeriesAPreferredStockMember 2020-03-31 0001706573 us-gaap:SeriesBPreferredStockMember 2020-03-31 0001706573 us-gaap:CommonStockMember 2020-03-31 0001706573 us-gaap:AdditionalPaidInCapitalMember 2020-03-31 0001706573 us-gaap:RetainedEarningsMember 2020-03-31 0001706573 2020-03-31 0001706573 us-gaap:SeriesAPreferredStockMember 2020-06-30 0001706573 us-gaap:SeriesBPreferredStockMember 2020-06-30 0001706573 us-gaap:CommonStockMember 2020-06-30 0001706573 us-gaap:AdditionalPaidInCapitalMember 2020-06-30 0001706573 us-gaap:RetainedEarningsMember 2020-06-30 0001706573 2020-06-30 0001706573 us-gaap:SeriesAPreferredStockMember 2020-09-30 0001706573 us-gaap:SeriesBPreferredStockMember 2020-09-30 0001706573 us-gaap:CommonStockMember 2020-09-30 0001706573 us-gaap:AdditionalPaidInCapitalMember 2020-09-30 0001706573 us-gaap:RetainedEarningsMember 2020-09-30 0001706573 2020-09-30 0001706573 us-gaap:CommonStockMember 2021-03-31 0001706573 us-gaap:AdditionalPaidInCapitalMember 2021-03-31 0001706573 us-gaap:RetainedEarningsMember 2021-03-31 0001706573 us-gaap:SeriesAPreferredStockMember 2021-06-30 0001706573 us-gaap:SeriesBPreferredStockMember 2021-06-30 0001706573 us-gaap:CommonStockMember 2021-06-30 0001706573 us-gaap:AdditionalPaidInCapitalMember 2021-06-30 0001706573 us-gaap:RetainedEarningsMember 2021-06-30 0001706573 2021-06-30 0001706573 us-gaap:SeriesAPreferredStockMember 2021-09-30 0001706573 us-gaap:SeriesBPreferredStockMember 2021-09-30 0001706573 us-gaap:CommonStockMember 2021-09-30 0001706573 us-gaap:AdditionalPaidInCapitalMember 2021-09-30 0001706573 us-gaap:RetainedEarningsMember 2021-09-30 0001706573 2021-09-30 0001706573 us-gaap:SeriesAPreferredStockMember 2020-04-01 2020-06-30 0001706573 us-gaap:SeriesBPreferredStockMember 2020-04-01 2020-06-30 0001706573 us-gaap:CommonStockMember 2020-04-01 2020-06-30 0001706573 us-gaap:AdditionalPaidInCapitalMember 2020-04-01 2020-06-30 0001706573 us-gaap:RetainedEarningsMember 2020-04-01 2020-06-30 0001706573 2020-04-01 2020-06-30 0001706573 us-gaap:SeriesAPreferredStockMember 2020-07-01 2020-09-30 0001706573 us-gaap:SeriesBPreferredStockMember 2020-07-01 2020-09-30 0001706573 us-gaap:CommonStockMember 2020-07-01 2020-09-30 0001706573 us-gaap:AdditionalPaidInCapitalMember 2020-07-01 2020-09-30 0001706573 us-gaap:RetainedEarningsMember 2020-07-01 2020-09-30 0001706573 2020-07-01 2020-09-30 0001706573 us-gaap:SeriesAPreferredStockMember 2020-10-01 2020-12-31 0001706573 us-gaap:SeriesBPreferredStockMember 2020-10-01 2020-12-31 0001706573 us-gaap:CommonStockMember 2020-10-01 2020-12-31 0001706573 us-gaap:AdditionalPaidInCapitalMember 2020-10-01 2020-12-31 0001706573 us-gaap:RetainedEarningsMember 2020-10-01 2020-12-31 0001706573 us-gaap:SeriesAPreferredStockMember 2021-04-01 2021-06-30 0001706573 us-gaap:SeriesBPreferredStockMember 2021-04-01 2021-06-30 0001706573 us-gaap:CommonStockMember 2021-04-01 2021-06-30 0001706573 us-gaap:AdditionalPaidInCapitalMember 2021-04-01 2021-06-30 0001706573 us-gaap:RetainedEarningsMember 2021-04-01 2021-06-30 0001706573 2021-04-01 2021-06-30 0001706573 us-gaap:SeriesAPreferredStockMember 2021-07-01 2021-09-30 0001706573 us-gaap:SeriesBPreferredStockMember 2021-07-01 2021-09-30 0001706573 us-gaap:CommonStockMember 2021-07-01 2021-09-30 0001706573 us-gaap:AdditionalPaidInCapitalMember 2021-07-01 2021-09-30 0001706573 us-gaap:RetainedEarningsMember 2021-07-01 2021-09-30 0001706573 2021-07-01 2021-09-30 0001706573 us-gaap:SeriesAPreferredStockMember 2021-10-01 2021-12-31 0001706573 us-gaap:SeriesBPreferredStockMember 2021-10-01 2021-12-31 0001706573 us-gaap:CommonStockMember 2021-10-01 2021-12-31 0001706573 us-gaap:AdditionalPaidInCapitalMember 2021-10-01 2021-12-31 0001706573 us-gaap:RetainedEarningsMember 2021-10-01 2021-12-31 0001706573 us-gaap:SeriesAPreferredStockMember 2020-12-31 0001706573 us-gaap:SeriesBPreferredStockMember 2020-12-31 0001706573 us-gaap:CommonStockMember 2020-12-31 0001706573 us-gaap:AdditionalPaidInCapitalMember 2020-12-31 0001706573 us-gaap:RetainedEarningsMember 2020-12-31 0001706573 2020-12-31 0001706573 us-gaap:CommonStockMember 2021-12-31 0001706573 us-gaap:AdditionalPaidInCapitalMember 2021-12-31 0001706573 us-gaap:RetainedEarningsMember 2021-12-31 0001706573 trib:AmazonAndMobileToolNetworkMember 2021-12-31 0001706573 srt:MinimumMember 2021-04-01 2021-12-31 0001706573 srt:MaximumMember 2021-04-01 2021-12-31 0001706573 us-gaap:SoftwareAndSoftwareDevelopmentCostsMember 2021-04-01 2021-12-31 0001706573 us-gaap:EquipmentMember 2021-12-31 0001706573 us-gaap:IndefinitelivedIntangibleAssetsMember 2021-03-31 0001706573 2019-04-01 0001706573 2021-12-15 2021-12-16 0001706573 2021-12-16 0001706573 trib:SubleaseAgreementMember 2019-05-01 2019-05-31 0001706573 trib:NewSubleaseAgreementMember 2020-05-27 2020-05-28 0001706573 trib:SubleaseAgreementMember 2020-05-10 2020-05-11 0001706573 trib:NewSubleaseAgreementMember 2020-05-10 2020-05-11 0001706573 us-gaap:OtherNonoperatingIncomeExpenseMember 2021-04-01 2021-12-31 0001706573 us-gaap:OtherNonoperatingIncomeExpenseMember 2020-04-01 2020-12-31 0001706573 us-gaap:CapitalLeaseObligationsMember 2021-04-01 2021-12-31 0001706573 trib:FinanceLeasesMember 2021-12-31 0001706573 trib:InterestPayableMember 2021-12-31 0001706573 trib:The659LoanPayableMember 2019-06-01 0001706573 trib:The289LoanPayableMember 2021-05-07 0001706573 trib:RelatedPartyMember 2021-01-20 0001706573 trib:RelatedPartyMember 2021-01-19 2021-01-20 0001706573 us-gaap:EquipmentMember trib:VerbalLoanAgreementMember 2021-02-18 0001706573 us-gaap:EquipmentMember trib:VerbalLoanAgreementMember 2021-04-30 0001706573 trib:VerbalLoanAgreementMember 2021-09-30 0001706573 us-gaap:EquipmentMember trib:VerbalLoanAgreementMember 2021-02-17 2021-02-18 0001706573 trib:PaycheckProtectionProgramMember 2021-04-29 2021-05-01 0001706573 us-gaap:SeriesAPreferredStockMember 2021-04-01 2021-12-31 0001706573 us-gaap:SeriesBPreferredStockMember 2021-04-01 2021-12-31 0001706573 trib:CommoStockSubscriberMember trib:SubscriptionAgreementsMember 2021-12-31 0001706573 trib:CommoStockSubscriberMember trib:SubscriptionAgreementsMember 2021-10-01 2021-12-31 0001706573 trib:SaleOfEquityInstrumentMember 2021-10-01 2021-12-31 0001706573 trib:RelatedPartiesMember 2021-10-01 2021-12-31 0001706573 trib:CommoStockSubscriberMember trib:SubscriptionAgreementsMember 2021-04-01 2021-12-31 0001706573 trib:RelatedPartiesMember 2021-04-01 2021-12-31 0001706573 trib:SaleOfEquityInstrumentMember 2021-04-01 2021-12-31 0001706573 2021-04-01 2021-09-30 0001706573 us-gaap:PreferredStockMember 2021-04-01 2021-12-31 0001706573 trib:RelatedPartiesMember us-gaap:SubsequentEventMember 2021-12-30 2021-12-31 iso4217:USD xbrli:shares iso4217:USD xbrli:shares xbrli:pure trib:Number

Indicate by check mark whether the issuer (1) filed all reports required to be filed by Section13 or 15(d) of the Exchange Act of 1934 during the past 12 months (or such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. i Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). i Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. i ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

The number of shares of Common Stock, $0.001 par value, outstanding on February 14, 2022 was i 37,888,658 shares.

The accompanying notes are an integral part of these consolidated financial statements.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This Form 10-Q includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included or incorporated by reference in this Form 10-Q which address activities, events or developments which the Company expects or anticipates will or may occur in the future, including such things as future capital expenditures (including the amount and nature thereof); finding suitable merger or acquisition candidates; expansion and growth of the Company’s business and operations; and other such matters are forward-looking statements. These statements are based on certain assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate under the circumstances. However, whether actual results or developments will conform with the Company’s expectations and predictions is subject to a number of risks and uncertainties, including general economic, market and business conditions; the business opportunities (or lack thereof) that may be presented to and pursued by. the Company; changes in laws or regulation; and other factors, most of which are beyond the control of the Company.

These forward-looking statements can be identified by the use of predictive, future-tense or forward-looking terminology, such as “believes,” “anticipates,” “expects,” “estimates,” “plans,” “may,” “will,” or similar terms. These statements appear in a number of places in this Filing and include statements regarding the intent, belief or current expectations of the Company, and its directors or its officers with respect to, among other things: (i) trends affecting the Company’s financial condition or results of operations for its limited history; (ii) the Company’s business and growth strategies; and, (iii) the Company’s financing plans. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve significant risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Such factors that could adversely affect actual results and performance include, but are not limited to, the Company’s limited operating history, potential fluctuations in quarterly operating results and expenses, government regulation, technological change and competition.

Consequently, all of the forward-looking statements made in this Form 10-Q are qualified by these cautionary statements and there can be no assurance that the actual results or developments anticipated by the Company will be realized or, even if substantially realized, that they will have the expected consequence to or effects on the Company or its business or operations. The Company assumes no obligations to update any such forward-looking statements.

Tribus Enterprises Inc. was formed on March 29, 2017 in the State of Washington. Throughout this report references to “we”, “our”, “us”, “the company”, “Tribus” and similar terms refer to Tribus Enterprises, Inc.

Upon incorporation, the Company entered into a share exchange agreement with Tribus Innovations, LLC and acquired all of the outstanding ownership interests of Tribus Innovations, LLC. Tribus Innovations, LLC was formed on December 1, 2015. The transaction was accounted for as a reverse merger and these financial statements present the historical financial information of Tribus Innovations, LLC from its inception and include the financial information of the Company from the completion of the share exchange agreement on March 29, 2017. The membership interests of Tribus Innovations, LLC were all held by the officers and directors of Tribus Enterprises, Inc. The Company acquired 100% of the membership interests of Tribus Innovations, LLC in exchange for 2,600,000 of our common shares and 19,999,998 of our shares of Class A preferred stock. Tribus Innovations, LLC is currently a 100% owned subsidiary of the Company.

Tribus was formed to develop, manufacture, and market a compelling product line of innovative ratcheting flare nut wrenches which have been issued a Patent under Patent Number 10,414,029. The initial product line uses traditional manufacturing methods of metal forging, subtractive manufacturing (CNC milling), additive manufacturing (3D printing), and plastic injection molding.

Tribus’ ratcheting flare nut wrench addresses the market in a way that has never been done before; reducing the time it takes to turn inline fasteners.

● Ease of Use – There are no buttons or switches. In order to reverse the tightening direction, simply remove the tool and rotate it 180°.

● Learning Curve – This works the same as a standard open ended wrench but it has the ability to ratchet, saving valuable time. There will be a very short and slight learning curve as the users will simply need to remove the tool off the fastener and line up the open slots to remove the tool completely off the line.

● Heavy Torque Application – Due to the design of the pawls that engage into the ratchet, it has at least 4x more contact surfaces than standard ratcheting wrenches. This will translate to much more application of torque.

● Convenience in Tight Spaces – Pawls have been designed along with corresponding grooves in the ratchet so users can maximize ratchet pitch. It will only take 4° to get the ratchet to click. This is crucial in tight spaces where there is very little room to swing the ratchet.

Tribus’ ratcheting flare nut wrench product line, which includes line and O2/NOx sensor wrenches, are being sold in the hand tool industry. Historically there have been limited designs for the ratcheting flare nut and the traditional non-ratcheting flare nut wrench. These designs do not allow for small incremental movement in confined spaces, whereas Tribus’ version of the ratcheting flare nut wrench breaks new ground in this market.

In addition to manufacturing tools, the Company has been working on a software (web-based application) marketed under Mobile Tool Network to allow Mobile Tool Trucks to not only purchase Tribus products but also products from other manufacturers.

Due to the wide application of Tribus Tools, Tribus has extensive marketing opportunities. Currently, Tribus has been selling its tools through on-line sales that include Facebook and Google ads, mobile tool trucks and Amazon. In addition, Tribus is working with different distributors to increase sales.

Mobile Tool Network (MTN) has three main areas of focus which include increasing the functionality of the software, building relationships with manufacturers to obtain advantageous product selections and pricing and grow the number of Mobile Tool Truck customers.

As of December 31, 2021, Tribus had $1,143,397 in total current assets and total current liabilities of $1,459,833. Current assets consisted mainly of $424,278 of cash and $654,749 of inventory. Current liabilities consisted mainly of $252,049 of accounts payable and accrued liabilities, finance lease liabilities of $139,302, operating lease liabilities of $27,937 and current loans payable of $1,037,160.

Net cash used in operating activities was $1,445,876 compared to $865,783 for the nine months ended December 31, 2021 and 2020, respectively. The increase in net cash used in operating activities was the result of our net loss increasing. See results of operations for further information.

Net cash used in investing activities was $321,417 and $68,303 for the nine months ended December 31, 2021 and 2020, respectively. The majority of the difference is related to the Company selling equipment in the nine months ended December 31, 2020, which provided net cash in the amount of $370,000.

Net cash provided by financing activities was $1,801,374 and $1,014,927 for the nine months ended December 31, 2021 and 2020, respectively. Compared to the nine months ended December 31, 2020 repayments of finance leases and loans payable were approximately $670,000 lower in the nine months ended December 31, 2021.

The future of Tribus is dependent upon its ability to obtain financing and upon future profitable operations. Management is currently seeking additional capital through a private placement offering. See Note 3 to the financial statements for additional information.

Tribus generated revenues totaling $206,677 during the nine months ended December 31, 2021 and $80,961 during the nine months ended December 31, 2020. The majority of the revenue generated during this period in 2021 occurred during the three months ended December 31, 2021 with the introduction of Mobile Tool Network. Of the $206,677 revenue generated, $126,423 was generated by MTN in the three months ended December 31, 2021.

Total operating expenses were $1,067,828 and $644,055 during the nine months ended December 31, 2021 and 2020, respectively. Net loss for the nine months ended December 31, 2021 was $1,349,856 compared to $722,001 for the same period in 2020. Most of the increase in net loss was the result of increased employee costs of approximately $316,000, an increase in general and administrative costs of $161,000 and inventory of $275,000 being written off to scrap or loss on obsolete inventory.

In Financial Reporting release No. 60, “CAUTIONARY ADVICE REGARDING DISCLOSURE ABOUT CRITICAL ACCOUNTING POLICIES” (“FRR 60”), the Securities and Exchange Commission suggested that companies provide additional disclosure and commentary on their most critical accounting policies. In FRR 60, the SEC defined the most critical accounting policies as the ones that are most important to the portrayal of a company’s financial condition and operating results and require management to make its most difficult and subjective judgments, often as a result of the need to make estimates of matters that are inherently uncertain. Based on this definition, our most critical accounting policies include: going concern, inventory, revenue recognition and finance leases payable. The methods, estimates and judgments we use in applying these most critical accounting policies have a significant impact on the results we report in our financial statements. In addition, certain prior year amounts have been reclassified for comparative purposes to conform to the current-year financial statement presentation. These reclassifications had no effect on previously reported results of operations.

The Company is not exposed to market risk related to interest rates or foreign currencies.

As required by Rule 13a-15 under the Securities Exchange Act of 1934 (the “1934 Act”), as of March 31, 2021, we carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures. This evaluation was carried out under the supervision and with the participation of our Chief Executive Officer (our principal executive officer) and our Chief Financial Officer (our principal financial officer), who concluded, that because of the material weakness in our internal control over financial reporting (“ICFR”) our disclosure controls and procedures were not effective as of March 31, 2021.

Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Securities Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in our reports filed under the Exchange Act is accumulated and communicated to our management, including our principal executive officer and our principal financial officer, as appropriate, to allow timely decisions regarding required disclosure.

While significant work is being done to improve the Company’s internal controls, there have been no significant changes in our internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Exchange Act Rules 13a-15 or 15d-15 that occurred during the current quarter that have materially affected, or are reasonable likely to materially affect, our internal control over financial reporting.

During the three months ended December 31, 2021, the Company accepted stock subscriptions to issue a total of 365,500 shares of common stock at $1.00 per share resulting in total cash proceeds of $365,500. Of this amount, all shares of common stock were issued to related parties.

During the nine months ended December 31, 2021, the Company accepted stock subscriptions to issue a total of 2,128,200 shares of common stock at $1.00 per share resulting in total cash proceeds of $2,128,200. Of this amount, 1,400,000 shares of common stock were issued to related parties for total cash proceeds of $1,400,000.

In accordance with Section 13 or 15 (d) of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Date: February 14, 2022.

i ☒	Quarterly Report under Section 13 or 15(d) of the Securities Exchange Act of 1934

	For the quarterly period ended i December 31, 2021

i ☐	Transition Report under Section 13 or 15(d) of the Exchange Act

	For the Transition Period from ________to __________

i Washington	i 82-1104757
(State of other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification Number)

i 155 Haas Drive
i Englewood, i OH	i 45322
(Address of principal executive offices)	(Zip Code)

Large accelerated filer ☐	Accelerated filer ☐
i Non-accelerated filer ☒	Smaller reporting company i ☒
	Emerging Growth Company i ☒

	December 31, 2021			March 31, 2021
	(unaudited)			(audited)
ASSETS
Current assets
Cash	$	i 424,278		$	i 390,197
Accounts receivable (Note 5)		i 52,974		$	i 3,374
Inventory, net of inventory valuation of $ i 41,931 and $ i 3,891, respectively (Note 6)		i 654,749			i 403,951
Prepaid expenses		i 11,396			i 270
Deposits, current (Note 7)		-			i 100,000
Total current assets		i 1,143,397			i 897,792

Deposits		i 14,240			i 10,240
Right of use asset, operating leases		i 34,508			i 93,929
Equipment and intangibles, net of accumulated depreciation of $ i 552,930 and $ i 368,180, respectively (Note 8)		i 2,364,288			i 1,625,022

Total assets	$	i 3,556,433		$	i 2,626,983

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued liabilities	$	i 252,049		$	i 291,144
Deferred revenue (Note 9)		i 3,385			i 12,249
Operating lease liability, current (Note 10)		i 27,937			i 86,495
Finance lease, current (Note 11)		i 139,302			i 137,213
Loans payable, current (Note 12)		i 1,037,160			i 273,528
Total current liabilities		i 1,459,833			i 800,629

Operating lease liability, net of current portion (Note 10)		-			i 4,233
Finance lease, net of current portion (Note 11)		i 5,696			i 110,435
Loans payable, net of current portion (Note 12)		i 17,274			i 255,887
Other long-term liabilities		i 6,642			i 6,255

Total liabilities		i 1,489,445			i 1,177,439

Commitments and contingencies

Stockholders’ equity
Series A convertible preferred stock, $ i i 0.001 / par; i i 20,000,000 / authorized; i i i i 6,666,666 / / / issued and outstanding at December 31, 2021 and March 31, 2021 (Note 13)		i 6,667			i 6,667
Series B convertible preferred stock, $ i i 0.001 / par; i i 5,000,000 / authorized; i i i i 4,999,800 / / / issued and outstanding at December 31, 2021 and March 31, 2021 (Note 13)		i 5,000			i 5,000
Common stock, $ i i 0.001 / par value; i i 100,000,000 / authorized; i i 36,549,358 / and i i 34,421,158 / issued and outstanding at December 31, 2021 and March 31, 2021, respectively (Note 13)		i 36,549			i 34,421
Additional paid in capital		i 8,015,006			i 6,249,834
Accumulated deficit		( i 5,996,234	)		( i 4,846,378	)
Total stockholders' equity		i 2,066,988			i 1,449,544

Total liabilities and stockholders’ equity	$	i 3,556,433		$	i 2,626,983

Tribus Enterprises, Inc. – ‘10-Q’ for 12/31/21

On: Monday, 2/14/22, at 3:29pm ET · For: 12/31/21 · Accession #: 1539497-22-388 · File #: 0-55799

Previous ‘10-Q’: ‘10-Q’ on 11/10/21 for 9/30/21 · Latest ‘10-Q’: This Filing

Quarterly Report — Form 10-Q

Filing Table of Contents

‘10-Q’ — Quarterly Report

Document Table of Contents

This is an HTML Document rendered as filed. [ Alternative Formats ]

Dates Referenced Herein and Documents Incorporated by Reference

	TABLE OF CONTENTS	Page

	PART I – FINANCIAL INFORMATION

Item 1.	Financial Statements
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operation	11
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	13
Item 4.	Controls and Procedures	13

	PART II – OTHER INFORMATION

Item 1.	Legal Proceedings	13
Item 1A.	Risk Factors	13
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	13
Item 3.	Defaults Upon Senior Securities	14
Item 3A.	Off Balance Sheet Arrangements	14
Item 4.	Submission of Matters to a Vote of Security Holders	14
Item 5.	Other Information	14
Item 6.	Exhibits	14


	Nine months ended December 31,
	2021			2020
Cash flows from operating activities
Net loss	$	( i 1,349,856	)	$	( i 722,001	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation		i 184,750			i 156,123
Change in right of use assets		i 59,421			i 45,822
Inventory allowance		i 10,347			i 8,604
(Gain)/loss on sale of equipment		-			i 34,562
Changes in operating assets and liabilities:
Accounts receivable		( i 49,600	)		( i 2,411	)
Prepaid expenses		( i 11,126	)		i 15,511
Deposits, current		i 100,000			-
Deposits		( i 4,000	)		i 31,097
Inventory		( i 261,145	)		( i 358,303	)
Accounts payable and accrued liabilities		( i 39,095	)		i 34,189
Interest payable		-			( i 61,938	)
Deferred rent		-			i 1,247
Estimated warranty liability		i 387			-
Deferred revenue		( i 8,864	)		( i 3,429	)
Sub lease security deposit		-			i 3,200
Payments of operating lease liability		( i 62,791	)		( i 48,056	)
Forgiveness of CARES act loan		( i 14,304	)
Net cash used in operating activities		( i 1,445,876	)		( i 865,783	)

Cash flows from investing activities
Purchase of equipment		( i 321,417	)		( i 438,303	)
Sale of equipment		-			i 370,000
Net cash used in investing activities		( i 321,417	)		( i 68,303	)

Cash flows from financing activities
Repayments of finance leases		( i 102,651	)		( i 447,671	)
Repayments of loans payable		( i 87,994	)		( i 412,566	)
Proceeds from loan payable		i 24,719			-
Proceeds from CARES act loan		-			i 14,304
Shareholder contribution		-			( i 3,200	)
Proceeds from sale of common stock		i 2,128,200			i 1,546,200
Proceeds from the sale of series B preferred stock		-			i 517,860
Payments of direct incremental costs associated with the sale of stock		( i 160,900	)		( i 200,000	)
Net cash provided by financing activities		i 1,801,374			i 1,014,927

Cash, beginning of period		i 390,197			i 150,741
Net change in cash		i 34,081			i 80,841
Cash, end of period	$	i 424,278		$	i 231,582

Supplemental cash flow information
Cash paid for interest	$	i 8,116		$	i 105,162
Cash paid for income taxes	$	-		$	-

Supplemental disclosure of non-cash financing activities
Returned equipment purchased through a finance lease	$	( i 497,302	)	$	-
Finance leases entered into for purchase of equipment					i 280,012
Loan entered into for purchase of equipment	$	i 1,099,900		$	i 146,340

Year Ending March 31,
2022		i 51,363
2023		i 47,521
future minimum payments		i 98,884
Less imputed interest		( i 1,347	)
Operating lease liability, total	$	i 97,537

Year Ending March 31,
2022		i 9,225
2023		i 3,075
Other income from subleases, total	$	i 12,300

Exhibit Number		Description
31.1		Certification of Chief Executive Officer pursuant to Securities Exchange Act Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2		Certification of Chief Financial Officer pursuant to Securities Exchange Act Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1		Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

	Tribus Enterprises, Inc.
	Registrant

	By:	/s/ Kendall Bertagnole
		Kendall Bertagnole
		Chief Executive Officer

This ‘10-Q’ Filing	Date	Other Filings

	5/7/26
	12/31/22
	4/30/22
	3/31/22
Filed on:	2/14/22
	1/1/22
For Period end:	12/31/21
	12/16/21
	9/30/21	10-Q
	7/27/21
	7/12/21	10-K
	6/30/21	10-Q
	6/16/21
	5/7/21
	3/31/21	10-K, NT 10-K
	2/18/21
	1/20/21
	12/31/20	10-Q
	9/30/20	10-Q
	6/30/20	10-Q, NT 10-K, NT 10-Q
	6/1/20
	5/28/20
	5/11/20
	5/1/20
	3/31/20	10-K, NT 10-K
	6/1/19
	5/8/19
	5/1/19
	4/1/19
	3/31/19	10-K, NT 10-K
	3/12/19
	5/20/17
	3/29/17
	3/23/17
	12/1/15
		List all Filings