Tribus Enterprises 10-Q 19 Aug 19 2020 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Jun. 30, 2019	Aug. 19, 2019
Document Information [Line Items]
Entity Registrant Name	Tribus Enterprises, Inc.
Entity Central Index Key	0001706573
Current Fiscal Year End Date	--03-31
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Small Business	true
Entity Common Stock, Shares Outstanding (in shares)		7,184,858
Entity Shell Company	false
Document Type	10-Q
Document Period End Date	Jun. 30, 2019
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Jun. 30, 2019	Mar. 31, 2019
Current assets
Cash	$ 48,115	$ 33,970
Inventory	6,907
Deposits, current	402,000	402,000
Prepaid expenses	11	20,011
Total current assets	457,033	455,981
Deposits	41,337	41,337
Right of use asset	192,496
Equipment, net of accumulated depreciation of $243,728 and $194,226, respectively	1,341,035	1,061,675
Total assets	2,031,901	1,558,993
Current liabilities
Accounts payable and accrued liabilities	175,159	108,249
Interest payable	60,389	23,612
Accrued rent		8,027
Deferred revenue	814	814
Operating lease liability, current	55,933
Capital lease, current (Note 7)	288,570	214,529
Loans payable, current (Note 6)	346,913	82,449
Total current liabilities	927,778	437,680
Operating lease liability, net of current portion	141,979
Capital lease, net of current portion (Note 7)	597,183	667,053
Loans payable, net of current portion (Note 6)	29,656	14,057
Total liabilities	1,696,596	1,118,790
Commitments and contingencies
Stockholders' equity
Common stock, $0.001 par value; 100,000,000 authorized; 7,188,858 and 7,184,858 issued and outstanding at June 30, 2019 and March 31, 2019, respectively	7,189	7,185
Additional paid in capital	2,068,878	1,818,694
Accumulated deficit	(1,762,440)	(1,407,042)
Total stockholders' equity	335,305	440,203
Total liabilities and stockholders' equity	2,031,901	1,558,993
Series A Preferred Stock [Member]
Stockholders' equity
Preferred stock	20,000	20,000
Series B Preferred Stock [Member]
Stockholders' equity
Preferred stock	$ 1,678	$ 1,366

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)	Jun. 30, 2019	Mar. 31, 2019
Accumulated depreciation	$ 243,728	$ 194,226
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)	7,188,858	7,184,858
Common stock, shares outstanding (in shares)	7,188,858	7,184,858
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)	1,677,500	1,214,375
Preferred stock, shares outstanding (in shares)	1,677,500	1,214,375

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Operating expenses
Employee costs	$ 58,445	$ 62,077
Professional fees	60,020	31,291
General and administrative	88,574	18,867
Facilities	19,018	20,845
Research and development	9,765	1,140
Depreciation expense	65,728	33,907
Total operating expenses	301,550	168,127
Other income (expense)
Other income	9,328
Loss on sale of equipment	(1,752)
Interest expense	(61,424)	(4,524)
Total other income (expense)	(53,848)	(4,524)
Net and comprehensive loss	$ (355,398)	$ (172,651)
Net loss per share, basic and diluted (in dollars per share)	$ (0.05)	$ (0.02)
Weighted average shares outstanding, basic and diluted (in shares)	7,185,298	6,986,977

Unaudited Consolidated Statemen

Unaudited Consolidated Statement of Stockholders' Equity - USD ($)	Preferred Stock [Member]Series A Preferred Stock [Member]	Preferred Stock [Member]Series B Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Series B Preferred Stock [Member]	Total
Balance (in shares) at Mar. 31, 2018	19,999,998	1,007,500	6,903,658
Balance at Mar. 31, 2018	$ 20,000	$ 1,008	$ 6,904	$ 1,462,533	$ (593,399)		$ 897,046
Series B preferred stock issued for cash (in shares)		206,875
Series B preferred stock issued for cash		$ 206		165,294			165,500
Common stock issued for cash (in shares)			155,200
Common stock issued for cash			$ 155	38,645			38,800
Net loss					(172,651)		(172,651)
Balance (in shares) at Jun. 30, 2018	19,999,998	1,214,375	7,058,858
Balance at Jun. 30, 2018	$ 20,000	$ 1,214	$ 7,059	1,666,472	(766,050)		928,695
Balance (in shares) at Mar. 31, 2019	19,999,998	1,365,625	7,184,858
Balance at Mar. 31, 2019	$ 20,000	$ 1,366	$ 7,185	1,818,694	(1,407,042)		440,203
Series B preferred stock issued for cash (in shares)		311,875
Series B preferred stock issued for cash		$ 312		249,188			249,500
Common stock issued for cash (in shares)			4,000			311,875
Common stock issued for cash			$ 4	996			1,000
Net loss					(355,398)		(355,398)
Balance (in shares) at Jun. 30, 2019	19,999,998	1,677,500	7,188,858
Balance at Jun. 30, 2019	$ 20,000	$ 1,678	$ 7,189	$ 2,068,878	$ (1,762,440)		$ 335,305

Unaudited Condensed Consolida_2

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash flows from operating activities
Net loss	$ (355,398)	$ (172,651)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	65,728	33,907
Loss on sale of equipment	1,751
Changes in operating assets and liabilities:
Prepaid expenses	20,000	(2,454)
Deposits		(280,897)
Accounts payable and accrued liabilities	66,910	(2,995)
Interest payable	43,438
Deferred rent	(2,448)	33
Inventory	(6,907)
Net cash used in operating activities	(157,644)	(425,057)
Cash flows from investing activities
Purchase of equipment	(30,918)
Net cash used in investing activities	(30,918)
Cash flows from financing activities
Repayments of capital leases	(2,490)	(195,880)
Payments on operating lease liability	(9,447)
Repayments of loans payable	(35,856)
Proceeds from sale of common stock	1,000	38,800
Proceeds from the sale of series B preferred stock	249,500	165,500
Net cash provided by financing activities	202,707	8,420
Cash, beginning of period	33,970	913,958
Net change in cash	14,145	(416,637)
Cash, end of period	48,115	497,321
Supplemental cash flow information
Cash paid for interest	22,912	4,156
Cash paid for income taxes
Supplemental disclosure of non-cash financing activities
Capital leases entered into for purchase of equipment		960,340
Loan entered into for purchase of fixed assets	$ 335,383

Note 1 - Nature of Operations a

Note 1 - Nature of Operations and Organization	3 Months Ended
	Jun. 30, 2019
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	3 Months Ended
	Jun. 30, 2019
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 June 30, 2019 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, 2019 June 30, 2019 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	3 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Substantial Doubt about Going Concern [Text Block]	NOTE 3 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

Note 4 - Current Deposits

Note 4 - Current Deposits	3 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Inventory Disclosure [Text Block]	NOTE 4 During the year ended March 31, 2019, third $402,000 $2.46 first 163,415 During the three June 30, 2019, third $402,000. $402,000 no June 30, 2019 March 31, 2019.

Note 5 - Capital Stock

Note 5 - Capital Stock	3 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	NOTE 5 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 three June 30, 2019, 4,000 $0.25 $1,000. During the three June 30, 2019, 311,875 $249,500. There were 19,999,998 1,677,500 7,188,858 June 30, 2019. There were 19,999,998 1,365,625 7,184,858 March 31, 2019.

Note 6 - Operating Leases

Note 6 - Operating Leases	3 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	NOTE 6 OPERATING LEASES On March 23, 2017, April 30, 2022 May 20, 2017. March 12, 2019, March 31, 2022. On April 1, 2019, $207,359 25% three June 30, 2019, $9,447. $197,912 June 30, 2019 $55,933 $141,979 The leases require future minimum payments as shown below: Year ending March 31, 2020 $ 72,657 2021 98,207 2022 99,725 2023 4,321 Total payments 274,910 Less: imputed interest (76,998 ) Operating lease liability, total $ 197,912 On November 5, 2018, $5,700 first $9,000 three June 30, 2019.

Note 7 - Loans Payable

Note 7 - Loans Payable	3 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Debt Disclosure [Text Block]	NOTE 7 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 three June 30, 2019, $0 June 30, 2019. On July 27, 2018, $100,000. 24.37%, twelve July 27, 2019. $40,594 $65,464 June 30, 2019 March 31, 2019, During the year ended March 31, 2019, twelve $954 0%. not no $8,588 $10,497 June 30, 2019 March 31, 2019, On various dates during the three June 30, 2019, three $301,651, no 6.59% first three $270,604 $27,990 six $5,000 $221,910 second three $24,163 $2,500 six $1,000 $16,395 three $36,884 $5,000 On June 1, 2019, $34,222 $19,464 $1,751. 6.59% September 2025. June 30, 2019, $34,222 $4,666

Note 8 - Capital Leases Payable

Note 8 - Capital Leases Payable	3 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Capital Leases in Financial Statements of Lessee Disclosure [Text Block]	NOTE 8 The Company accounts for capital leases in accordance with ASC 842. March 31, 2019, seven $1 $1,162,240 $34,171. As of June 30, 2019, $1,282,756 June 2023 $416,238 $885,753. $288,570 $597,183 June 30, 2019. Future annual payments required under the capital leases through termination are as follows: Principal Interest Total Year ended March 31, 2020 $ 255,376 $ 217,995 $ 473,371 2021 271,026 125,564 396,590 2022 247,275 44,953 292,228 2023 104,863 8,317 113,180 2024 7,213 174 7,387 Total $ 885,753 $ 416,238 $ 1,282,756

Note 9 - Subsequent Events

Note 9 - Subsequent Events	3 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Subsequent Events [Text Block]	NOTE 9 The Company evaluated all events occurring subsequent to June 30, 2019 no

Note 6 - Operating Leases (Tabl

Note 6 - Operating Leases (Tables)	3 Months Ended
	Jun. 30, 2019
Notes Tables
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	Year ending March 31, 2020 $ 72,657 2021 98,207 2022 99,725 2023 4,321 Total payments 274,910 Less: imputed interest (76,998 ) Operating lease liability, total $ 197,912

Note 8 - Capital Leases Payab_2

Note 8 - Capital Leases Payable (Tables)	3 Months Ended
	Jun. 30, 2019
Notes Tables
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block]	Principal Interest Total Year ended March 31, 2020 $ 255,376 $ 217,995 $ 473,371 2021 271,026 125,564 396,590 2022 247,275 44,953 292,228 2023 104,863 8,317 113,180 2024 7,213 174 7,387 Total $ 885,753 $ 416,238 $ 1,282,756

Note 4 - Current Deposits (Deta

Note 4 - Current Deposits (Details Textual)	3 Months Ended	12 Months Ended
	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)$ / shares
Advances for Inventory Units		$ 402,000
Inventory, Discount Price Per Unit | $ / shares		$ 2.46
Inventory, Number of Units to be Purchased		163,415
Loss Contingency, Damages Sought, Value	$ 402,000
Reserve Against Deposit	$ 0	$ 0

Note 5 - Capital Stock (Details

Note 5 - Capital Stock (Details Textual)	3 Months Ended
	Jun. 30, 2019USD ($)$ / sharesshares	Jun. 30, 2018USD ($)	Mar. 31, 2019$ / sharesshares	Mar. 31, 2018shares
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 | $	$ 1,000	$ 38,800
Common Stock, Shares, Issued, Total	7,188,858		7,184,858
Common Stock, Shares, Outstanding, Ending Balance	7,188,858		7,184,858
Subscription Agreements [Member] | Commo Stock Subscriber [Member]
Common Stock, Par or Stated Value Per Share | $ / shares	$ 0.25
Common Stock, Shares Subscribed but Unissued	4,000
Proceeds from Issuance of Common Stock | $	$ 1,000
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	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
Stock Issued During Period, Shares, New Issues	311,875
Proceeds from Issuance of Convertible Preferred Stock | $	$ 249,500
Preferred Stock, Shares Issued, Total	1,677,500		1,214,375
Preferred Stock, Shares Outstanding, Ending Balance	1,677,500		1,214,375

Note 6 - Operating Leases (Deta

Note 6 - Operating Leases (Details Textual) - USD ($)	Nov. 05, 2018	Jun. 30, 2019	Jun. 30, 2018	Apr. 01, 2019	Mar. 31, 2019
Operating Lease, Right-of-Use Asset		$ 192,496		$ 207,359
Operating Lease, Liability, Total		197,912		$ 207,359
Lessee, Operating Lease, Discount Rate				25.00%
Operating Lease, Payments		9,447
Operating Lease, Liability, Current		55,933
Operating Lease, Liability, Noncurrent		141,979
Operating Sublease, Monthly Rental Payments	$ 5,700
Other Nonoperating Income (Expense) [Member]
Operating Sublease, Payments Received		$ 9,000

Note 6 - Operating Lease - Futu

Note 6 - Operating Lease - Future Minimum Payments (Details) - USD ($)	Jun. 30, 2019	Apr. 01, 2019
2020	$ 72,657
2021	98,207
2022	99,725
2023	4,321
Total payments	274,910
Less: imputed interest	(76,998)
Operating lease liability, total	$ 197,912	$ 207,359

Note 7 - Loans Payable (Details

Note 7 - Loans Payable (Details Textual)	Jul. 27, 2018USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2019USD ($)	Jun. 01, 2019USD ($)
Gain (Loss) on Disposition of Property Plant Equipment, Total		$ (1,751)
Secured Long-term Debt, Noncurrent		29,656		$ 14,057
Secured Debt, Current		346,913		$ 82,449
Vehicles [Member]
Proceeds from Sale of Property, Plant, and Equipment, Total		19,464
Gain (Loss) on Disposition of Property Plant Equipment, Total		(1,751)
0% Loan Payable [Member]
Debt Instrument, Term				5 years
Debt Instrument, Periodic Payment, Total				$ 541
Debt Instrument, Interest Rate, Stated Percentage				0.00%
Debt Instrument, Unamortized Discount, Total				$ 0
Secured Debt, Total		0
Loan Agreement [Member]
Debt Instrument, Term	1 year
Debt Instrument, Interest Rate, Stated Percentage	24.37%
Debt Instrument, Face Amount	$ 100,000
Short-term Debt, Total		40,594		$ 65,464
Loan In Order to Acquire Equipment [Member]
Debt Instrument, Term				1 year
Debt Instrument, Periodic Payment, Total				$ 954
Debt Instrument, Interest Rate, Stated Percentage				0.00%
Debt Instrument, Unamortized Discount, Total				$ 0
Short-term Debt, Total		$ 8,588		$ 10,497
Verbal Loan Agreements [Member]
Debt Instrument, Interest Rate, Stated Percentage		0.00%
Debt Instrument, Face Amount		$ 301,651
Number of Verbal Loan Agreements		3
Debt Instrument, Interest Rate, Effective Percentage		6.59%
Verbal Loan Agreements One [Member]
Debt Instrument, Periodic Payment, Total		$ 5,000
Debt Instrument, Face Amount		270,604
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid		221,910
Verbal Loan Agreements One [Member] | Equipment [Member]
Payments to Acquire Property, Plant, and Equipment, Down Payment		27,990
Verbal Loan Agreements Two [Member]
Debt Instrument, Periodic Payment, Total		1,000
Debt Instrument, Face Amount		24,163
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid		16,395
Verbal Loan Agreements Two [Member] | Equipment [Member]
Payments to Acquire Property, Plant, and Equipment, Down Payment		2,500
Verbal Loan Agreements Three [Member]
Debt Instrument, Periodic Payment, Total		5,000
Debt Instrument, Face Amount		36,884
The 6.59% Loan Payable [Member]
Debt Instrument, Interest Rate, Stated Percentage					6.59%
Debt Instrument, Face Amount					$ 34,222
Secured Long-term Debt, Noncurrent		34,222
Secured Debt, Current		$ 4,666

Note 8 - Capital Leases Payab_3

Note 8 - Capital Leases Payable (Details Textual)	12 Months Ended
	Mar. 31, 2019USD ($)	Jun. 30, 2019USD ($)
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		$ 1,282,756
Capital Leases, Future Minimum Payments, Interest Included in Payments		416,238
Capital Leases, Future Minimum Payments, Net Minimum Payments, Total		885,753
Capital Lease Obligations, Current	214,529	288,570
Capital Lease Obligations, Noncurrent	667,053	$ 597,183
Capital Lease Obligations [Member]
Debt Instrument, Periodic Payment, Total	$ 34,171

Note 8 - Capital Leases Payab_4

Note 8 - Capital Leases Payable - Future Annual Principal Payments Under Capital Leases (Details)	Jun. 30, 2019USD ($)
2020	$ 473,371
2021	396,590
2022	292,228
2023	113,180
2024	7,387
Total	1,282,756
Capital Lease [Member]
2020	255,376
2021	271,026
2022	247,275
2023	104,863
2024	7,213
Total	885,753
Interest Payable [Member]
2020	217,995
2021	125,564
2022	44,953
2023	8,317
2024	174
Total	$ 416,238