Tribal Rides International Corp. reported its financial results for the fiscal year ending December 31, 2024, revealing a net income of $52,842, a significant turnaround from a net loss of $185,914 in the previous year. The company did not generate any revenue during both fiscal years 2024 and 2023. The positive net income in 2024 was primarily attributed to one-time non-cash gains related to the extinguishment of derivative liabilities and debt modifications. Total operating expenses decreased to $88,196 in 2024 from $137,843 in 2023, reflecting a reduction in general and administrative costs as the company wound down its previous operations.
A notable strategic shift occurred when Tribal Rides completed the sale of its intellectual property and related intangible assets to Boumarang Inc. on December 31, 2024, for consideration valued at $5 million. This transaction marked the divestiture of the company's historical transportation technology business and initiated a transition towards the food technology sector. Following the asset sale, the company discontinued its development of ridesharing and autonomous vehicle platforms, focusing instead on identifying and acquiring food technology businesses and assets.
As of December 31, 2024, Tribal Rides reported accumulated deficits of $2,799,154 and working capital deficits of $746,001. The company had no cash on hand to execute its business plan, raising concerns about its ability to continue as a going concern. Management indicated that future operations would depend on raising additional capital, completing acquisitions, and successfully launching products in the food tech space. The company is currently in the development stage, with no operating revenues, and is evaluating strategic partnerships and product initiatives within the food technology sector.
The company’s employee count stood at zero full-time employees as of December 31, 2024, with all activities conducted through directors, officers, and third-party consultants. The board of directors consists of three members, and the company has no plans to hire full-time staff in the immediate future. Tribal Rides' common stock is traded on the OTC Bulletin Board under the symbol XNDA, and as of August 27, 2025, there were approximately 26 holders of its common stock.
Looking ahead, Tribal Rides International Corp. acknowledges the need for substantial additional capital to support its growth plan and intends to seek funding through private equity or public markets. However, the company has not established specific agreements for new funding sources, and management has expressed uncertainty regarding the availability and terms of potential financing. The company’s future performance will be closely tied to its ability to navigate these challenges and successfully pivot into the food technology sector.
About Tribal Rides International Corp.
Tribal Rides International Corp. develops proprietary software and patented technologies for ridesharing and autonomous vehicles, focusing on AI-driven demand prediction and vehicle dispatch. It previously operated in transportation tech but sold its assets in 2024 to pivot into the food technology sector. The company is in development stage, with no current revenues, relying on raising capital to fund acquisitions and product launches.
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