Tribus Enterprises 10-Q 13 Nov 18 2019 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Sep. 30, 2018	Nov. 09, 2018
Document Information [Line Items]
Entity Registrant Name	Tribus Enterprises, Inc.
Entity Central Index Key	1,706,573
Trading Symbol	trib
Current Fiscal Year End Date	--03-31
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	true
Entity Small Business	true
Entity Common Stock, Shares Outstanding (in shares)		7,136,858
Document Type	10-Q
Document Period End Date	Sep. 30, 2018
Document Fiscal Year Focus	2,019
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Ex Transition Period	true

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Sep. 30, 2018	Mar. 31, 2018
Current assets
Cash	$ 279,345	$ 913,958
Prepaid inventory	250,000
Prepaid expenses	1,705
Total current assets	531,050	913,958
Deposits	33,337	2,440
Equipment, net of accumulated depreciation of $92,922 and $13,360, respectively	1,189,962	48,444
Total assets	1,754,349	964,842
Current liabilities
Accounts payable and accrued liabilities	38,604	32,936
Interest payable	10,372
Accrued rent	7,915	7,827
Deferred revenue	814
Capital lease, current (Note 7)	163,092
Loans payable, current (Note 6)	61,807	6,488
Total current liabilities	282,604	47,251
Capital lease, net of current portion (Note 7)	739,120
Loans payable, net of current portion (Note 6)	17,301	20,545
Total liabilities	1,039,025	67,796
Commitments and Contingencies
Stockholders' equity
Common stock, $0.001 par value; 100,000,000 authorized; 7,066,858 and 6,903,658 issued and outstanding at September 30, 2018 and March 31, 2018, respectively	7,067	6,904
Additional paid in capital	1,668,464	1,462,533
Accumulated deficit	(981,421)	(593,399)
Total stockholders' equity	715,324	897,046
Total liabilities and stockholders' equity	1,754,349	964,842
Series A Preferred Stock [Member]
Stockholders' equity
Preferred stock	20,000	20,000
Series B Preferred Stock [Member]
Stockholders' equity
Preferred stock	$ 1,214	$ 1,008

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)	Sep. 30, 2018	Mar. 31, 2018
Accumulated depreciation	$ 92,922	$ 13,360
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	7,066,858	6,903,658
Common stock, shares outstanding (in shares)	7,066,858	6,903,658
Series A Preferred Stock [Member]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	20,000,000	20,000,000
Preferred stock, shares issued (in shares)	19,999,998	19,999,998
Preferred stock, shares outstanding (in shares)	19,999,998	19,999,998
Series B Preferred Stock [Member]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	1,214,375	1,007,500
Preferred stock, shares outstanding (in shares)	1,214,375	1,007,500

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Operating expenses
Employee costs	$ 59,882	$ 50,167	$ 121,959	$ 104,350
Professional fees	15,812	8,401	47,103	14,042
General and administrative	45,200	48,694	64,067	98,474
Facilities	29,152	12,206	49,997	20,616
Research and development		5,931	1,140	7,911
Depreciation expense	45,655	3,258	79,562	5,827
Total operating expenses	195,701	128,657	363,828	251,220
Other income (expense)
Other income
Interest expense	(19,670)		(24,194)
Total other income (expense)	(19,670)		(24,194)
Net and comprehensive loss	$ (215,371)	$ (128,657)	$ (388,022)	$ (251,220)
Net loss per share, basic and diluted (in dollars per share)	$ (0.03)	$ (0.02)	$ (0.06)	$ (0.05)
Weighted average shares outstanding, basic and diluted (in shares)	7,060,206	5,541,658	7,023,791	5,541,658

Unaudited Condensed Consolida_2

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Cash flows from operating activities
Net loss	$ (388,022)	$ (251,220)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	79,562	5,827
Changes in operating assets and liabilities:
Prepaid expenses	(1,705)	1,267
Prepaid inventory	(250,000)
Deposits	(30,897)	(200)
Accounts payable and accrued liabilities	5,668	17,112
Interest payable	10,372
Deferred rent	88	7,049
Deferred revenue	814
Net cash used in operating activities	(574,120)	(220,165)
Cash flows from investing activities
Purchase of equipment	(58,840)	(13,481)
Net cash used in investing activities	(58,840)	(13,481)
Cash flows from financing activities
Repayments of capital leases	(260,028)
Proceeds from loans payable	60,000
Repayments of loans payable	(7,925)	(2,162)
Proceeds from sale of common stock	40,800	21,000
Proceeds from the sale of series B preferred stock	165,500
Net cash provided by financing activities	(1,653)	18,838
Cash, beginning of period	913,958	298,942
Net change in cash	(634,613)	(214,808)
Cash, end of period	279,345	84,134
Supplemental cash flow information
Cash paid for interest	9,298
Cash paid for income taxes
Capital leases entered into for purchase of equipment	1,162,240
Loan entered into for purchase of vehicle		$ 32,439

Note 1 - Nature of Operations a

Note 1 - Nature of Operations and Organization	6 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Nature of Operations [Text Block]	NOTE 1 The Company was incorporated in the State of Washington on March 29, 2017 December 1, 2015. March 29, 2017. not

Note 2 - Unaudited Condensed Co

Note 2 - Unaudited Condensed Consolidated Interim Financial Statements	6 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	NOTE 2 The accompanying unaudited condensed consolidated interim financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows for the periods ended September 30, 2018 Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these condensed consolidated financial statements be read in conjunction with the financial statements and notes thereto included in the Company’s March 31, 2018 September 30, 2018 not The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reported period. Actual results could differ from those estimates. Management further acknowledges that it is solely responsible for adopting sound accounting practices, establishing and maintaining a system of internal accounting control and preventing and detecting fraud. The Company’s system of internal accounting control is designed to assure, among other items, that ( 1 2 3

Note 3 - Going Concern

Note 3 - Going Concern	6 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Substantial Doubt about Going Concern [Text Block]	NOTE 3 – GOING CONCERN The Company's financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. However, the Company does not The ability of the Company to continue as a going concern is dependent upon its ability to successfully execute its plans and eventually attain profitable operations. The accompanying financial statements do not may may may no The Company has made deposits to a supplier to assist in the manufacturing process to get the manufacturing facility set up and running. The supplier will repay the deposit by discounting future product purchases. All payments made by the Company to the supplier will be repaid in the full amount in the form of a discount per each product set that is manufactured and purchased by the Company.

Note 4 - Capital Stock

Note 4 - Capital Stock	6 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	NOTE 4 – CAPITAL STOCK Authorized The Company is authorized to issue up to 20,000,000 $0.001 5,000,000 $0.001 100,000,000 $0.001 The holders of the Series A Preferred Stock are entitled to 10 10 10 The holders of the Series B Preferred Stock are entitled to 4 4 Issued During the six September 30, 2018, 163,200 $0.25 $40,800. During the six September 30, 2018, 206,875 $165,500. There were 19,999,998; 1,214,375 7,066,858 September 30, 2018. There were 19,999,998 1,007,500 6,903,658 March 31, 2018.

Note 5 - Commitments and Contin

Note 5 - Commitments and Contingencies	6 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	NOTE 5 On March 23, 2017, April 30, 2022 May 20, 2017. Year ending March 31, 2019 $ 23,724 2020 48,757 2021 50,207 2022 51,725 2023 4,321 Total $ 178,734

Note 6 - Loans Payable

Note 6 - Loans Payable	6 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Debt Disclosure [Text Block]	NOTE 6 During the prior fiscal year, the Company entered into a loan in order to acquire a vehicle. The loan is repayable over five $541 0%. not no $23,789 $27,033 September 30, 2018 March 31, 2018 $6,488 $6,488 $17,301 $20,545 On July 27, 2018, $60,000. 24.37%, twelve July 27, 2019. $55,319 $0 September 30, 2018 March 31, 2018,

Note 7 - Capital Leases Payable

Note 7 - Capital Leases Payable	6 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Capital Leases in Financial Statements of Lessee Disclosure [Text Block]	NOTE 7 The Company accounts for capital leases in accordance with ASC 840 30. six September 30, 2018, seven $1 $1,162,240 $33,111. As of September 30, 2018, $1,372,580 June 2023 $470,368 $902,212. $163,092 $739,120 September 30, 2018. Future annual payments required under the capital leases through termination are as follows: Principal Interest Total Year ended March 31, 2019 $ 67,482 $ 99,534 $ 167,016 2020 205,069 190,784 395,853 2021 270,017 125,836 395,853 2022 246,061 45,430 291,491 2023 108,323 8,686 117,009 2024 5,260 98 5,358 Total $ 902,212 $ 470,368 $ 1,372,580

Note 8 - Subsequent Events

Note 8 - Subsequent Events	6 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Subsequent Events [Text Block]	NOTE 8—SUBSEQUENT The Company has entered into several long term lease and loan agreements to purchase equipment needed to manufacture its products. The Company has been able to secure funding needed to purchase equipment required to manufacture its product. Management has examined all other events and found none November 9, 2018. September 30, 2018, eleven 70,000 $0.25 $17,500.

Note 5 - Commitments and Cont_2

Note 5 - Commitments and Contingencies (Tables)	6 Months Ended
	Sep. 30, 2018
Notes Tables
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	Year ending March 31, 2019 $ 23,724 2020 48,757 2021 50,207 2022 51,725 2023 4,321 Total $ 178,734

Note 7 - Capital Leases Payab_2

Note 7 - Capital Leases Payable (Tables)	6 Months Ended
	Sep. 30, 2018
Notes Tables
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block]	Principal Interest Total Year ended March 31, 2019 $ 67,482 $ 99,534 $ 167,016 2020 205,069 190,784 395,853 2021 270,017 125,836 395,853 2022 246,061 45,430 291,491 2023 108,323 8,686 117,009 2024 5,260 98 5,358 Total $ 902,212 $ 470,368 $ 1,372,580

Note 4 - Capital Stock (Details

Note 4 - Capital Stock (Details Textual)	6 Months Ended
	Sep. 30, 2018USD ($)$ / sharesshares	Sep. 30, 2017USD ($)	Mar. 31, 2018$ / sharesshares
Common Stock, Shares Authorized	100,000,000		100,000,000
Common Stock, Par or Stated Value Per Share | $ / shares	$ 0.001		$ 0.001
Proceeds from Issuance of Common Stock | $	$ 40,800	$ 21,000
Common Stock, Shares, Issued, Total	7,066,858		6,903,658
Common Stock, Shares, Outstanding, Ending Balance	7,066,858		6,903,658
Subscription Agreements [Member]
Common Stock, Par or Stated Value Per Share | $ / shares	$ 0.25
Common Stock, Shares Subscribed but Unissued	163,200
Proceeds from Issuance of Common Stock | $	$ 40,800
Series A Preferred Stock [Member]
Preferred Stock, Shares Authorized	20,000,000		20,000,000
Preferred Stock, Par or Stated Value Per Share | $ / shares	$ 0.001		$ 0.001
Preferred Stock, Voting Rights, Votes Per Share Held	10
Convertible Preferred Stock, Shares Issuable upon Conversion	10
Preferred Stock, Shares Issued, Total	19,999,998		19,999,998
Preferred Stock, Shares Outstanding, Ending Balance	19,999,998		19,999,998
Series B Preferred Stock [Member]
Preferred Stock, Shares Authorized	5,000,000		5,000,000
Preferred Stock, Par or Stated Value Per Share | $ / shares	$ 0.001		$ 0.001
Preferred Stock, Voting Rights, Votes Per Share Held	4
Convertible Preferred Stock, Shares Issuable upon Conversion	4
Proceeds from Issuance of Common Stock | $	$ 165,500
Stock Issued During Period, Shares, New Issues	206,875
Preferred Stock, Shares Issued, Total	1,214,375		1,007,500
Preferred Stock, Shares Outstanding, Ending Balance	1,214,375		1,007,500

Note 5 - Commitments and Cont_3

Note 5 - Commitments and Contingencies - Future Minimum Payments (Details)	Sep. 30, 2018USD ($)
2,019	$ 23,724
2,020	48,757
2,021	50,207
2,022	51,725
2,023	4,321
Total	$ 178,734

Note 6 - Loans Payable (Details

Note 6 - Loans Payable (Details Textual) - USD ($)	Jul. 27, 2018	Sep. 30, 2018	Mar. 31, 2018
Secured Debt, Current		$ 61,807	$ 6,488
Secured Long-term Debt, Noncurrent		$ 17,301	20,545
0% Loan Payable [Member]
Debt Instrument, Term		5 years
Debt Instrument, Periodic Payment, Total		$ 541
Debt Instrument, Interest Rate, Stated Percentage		0.00%
Secured Debt, Total		$ 23,789	27,033
Secured Debt, Current		6,488	6,488
Secured Long-term Debt, Noncurrent		$ 17,301	20,545
Loan Agreement [Member]
Debt Instrument, Term	1 year
Debt Instrument, Interest Rate, Stated Percentage	24.37%
Debt Instrument, Face Amount	$ 60,000
Short-term Debt, Total	$ 55,319		$ 0

Note 7 - Capital Leases Payab_3

Note 7 - Capital Leases Payable (Details Textual)	6 Months Ended
	Sep. 30, 2018USD ($)	Mar. 31, 2018USD ($)
Capital Leased Assets, Number of Units	7
Capital Leases, Buyout Option	$ 1
Capitalized Contract Cost, Net, Current	1,162,240
Capital Leases, Future Minimum Payments, Present Value of Net Minimum Payments, Total	1,372,580
Capital Leases, Future Minimum Payments, Interest Included in Payments	470,368
Capital Leases, Future Minimum Payments, Net Minimum Payments, Total	902,212
Capital Lease Obligations, Current	163,092
Capital Lease Obligations, Noncurrent	739,120
Capital Lease Obligations [Member]
Debt Instrument, Periodic Payment, Total	$ 33,111

Note 7 - Capital Lease Payable

Note 7 - Capital Lease Payable - Future Annual Principal Payments Under Capital Leases (Details)	Sep. 30, 2018USD ($)
2,019	$ 167,016
2,020	395,853
2,021	395,853
2,022	291,491
2,023	117,009
2,024	5,358
Total	1,372,580
Capital Lease [Member]
2,019	67,482
2,020	205,069
2,021	270,017
2,022	246,061
2,023	108,323
2,024	5,260
Total	902,212
Interest Payable [Member]
2,019	99,534
2,020	190,784
2,021	125,836
2,022	45,430
2,023	8,686
2,024	98
Total	$ 470,368

Note 8 - Subsequent Events (Det

Note 8 - Subsequent Events (Details Textual) - Subsequent Event [Member]	1 Months Ended
	Nov. 12, 2018USD ($)$ / sharesshares
Common Stock, Subscription Agreements Accepted During the Period	11
Common Stock, Shares Subscribed but Unissued | shares	70,000
Common Stock, Value, Subscriptions | $	$ 17,500
Common Stock [Member]
Shares Issued, Price Per Share | $ / shares	$ 0.25