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 |