0001493152-17-013549.txt : 20171120 0001493152-17-013549.hdr.sgml : 20171120 20171120130455 ACCESSION NUMBER: 0001493152-17-013549 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 38 CONFORMED PERIOD OF REPORT: 20170930 FILED AS OF DATE: 20171120 DATE AS OF CHANGE: 20171120 FILER: COMPANY DATA: COMPANY CONFORMED NAME: XTribe P.L.C. CENTRAL INDEX KEY: 0001690622 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-214799 FILM NUMBER: 171213285 BUSINESS ADDRESS: STREET 1: 1ST FLOOR VICTORY HOUSE 99-101 STREET 2: REGENT STREET CITY: LONDON STATE: X0 ZIP: W1B4EZ BUSINESS PHONE: 4402032140420 MAIL ADDRESS: STREET 1: 1ST FLOOR VICTORY HOUSE 99-101 STREET 2: REGENT STREET CITY: LONDON STATE: X0 ZIP: W1B4EZ 10-Q 1 form10q.htm

 

 

 

U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

 

FORM 10-Q

 

(Mark One)

 

[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the fiscal quarter ended September 30, 2017

 

[  ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT

 

For the transition period from to

 

XTRIBE P.L.C.

(Exact name of small business issuer as specified in its charter)

 

England and Wales   333-214799   Not Applicable
(State of Incorporation)  

(Commission

File Number)

  

(IRS Employer

Identification No.)

 

1st floor

Victory House, 99-101

Regent Street

W1B4EZ London

United Kingdom

(Address of principal executive offices) (Zip code)

 

Issuer’s telephone number +44020 32140420

 

Securities registered under Section 12(g) of the Exchange Act:

Ordinary Shares

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for 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. Yes [X] No [  ]

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). 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. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

Large Accelerated Filer [  ]   Accelerated Filer [  ]
Non-accelerated Filer [  ] (Do not check if a smaller reporting company)   Smaller Reporting Company [X]

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). [  ] Yes [X] No

 

There were 9,100,000 shares outstanding of registrant’s Ordinary Shares as of November 15, 2017.

 

Transitional Small Business Disclosure Format (check one): Yes [  ] No [X]

 

 

 

 

 

 

TABLE OF CONTENTS

 

PART I
Item 1. Financial Statements 3
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operation 4
Item 3. Quantitative and Qualitative Disclosures About Market Risk 7
Item 4. Controls and Procedures 8
PART II
Item 1. Legal Proceedings 9
Item 1A. Risk Factors 9
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 9
Item 3. Defaults Upon Senior Securities 9
Item 4. Mine Safety Disclosures 9
Item 5. Other Information 9
Item 6. Exhibits 9
     
SIGNATURES 10

 

 2 

 

 

PART I

 

ITEM 1. FINANCIAL STATEMENTS

 

CONTENTS

 

  PAGE
CONDENSED CONSOLIDATED BALANCE SHEETS F-1
   
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS F-2
   
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS F-3
   
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ DEFICIT F-4
   
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS F-5
   
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS F-6 to F-9

 

3 

 

 

XTRIBE P.L.C.

Condensed Consolidated Balance Sheets

 

    September 30, 2017     December 31, 2016  
    (Unaudited)     (Audited)  
ASSETS            
             
CURRENT ASSETS                
Cash and cash equivalents   $ 84,471     $ 427,777  
Prepaid expenses     616       -  
Other receivable, net of allowance of $283,593     -       322,581  
                 
TOTAL CURRENT ASSETS     85,087       750,358  
                 
SOFTWARE                
Software, net of accumulated amortization of $54,518 and $37,401     30,791       37,401  
                 
TOTAL ASSETS   $ 115,878     $ 787,759  
                 
LIABILITIES AND SHAREHOLDERS’ DEFICIT                
                 
CURRENT LIABILITIES                
Accounts payable and accrued expenses   $ 95,859     $ 157,061  
Loans payable - shareholders     988,494       783,480  
                 
TOTAL CURRENT LIABILITIES     1,084,353       940,541  
                 
COMMITMENTS AND CONTINGENCIES                
                 
SHAREHOLDERS’ DEFICIT                
                 

Ordinary shares, $0.034 par value; unlimited shares authorized;

9,100,000 shares issued and outstanding at September 30, 2017 and 9,000,000 shares issued and outstanding at December 31, 2016

     309,400       306,000  
                 
Additional paid in capital     1,268,764       672,164  
                 
Accumulated deficit     (2,507,960 )     (1,178,017 )
                 
Accumulated other comprehensive income/(loss)     (38,679 )     47,071  
                 
SHAREHOLDERS’ DEFICIT     (968,475 )     (152,782 )
                 
TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIT   $ 115,878     $ 787,759  

 

See the accompanying notes to the condensed consolidated financial statements.

 

  F-1 

 

 

XTRIBE P.L.C.

Condensed Consolidated Statements of Operations

(Unaudited)

 

   For the Three Months Ended   For the Nine Months Ended 
   September 30, 2017   September 30, 2016   September 30, 2017   September 30, 2016 
                 
                 
SALES  $-   $-   $-   $- 
                     
OPERATING EXPENSES                    
General and administrative   156,895    155,808    457,034    248,523 
Provision for bad debts   272,186    -    272,186    - 
Sales and marketing   95,895    21,023    217,310    62,690 
Research and development   151,670    107,043    383,413    139,425 
Total operating expenses   676,646    283,874    1,329,943    450,638 
                     
NET OPERATING LOSS   (676,646)   (283,874)   (1,329,943)   (450,638)
                     
OTHER INCOME                    
Interest income   -    -    -    14 
Other income   -    -    -    206,694 
    -    -    -    206,708 
                     
NET LOSS  $(676,646)  $(283,874)  $(1,329,943)  $(243,930)
                     
BASIC AND DILUTED NET LOSS PER ORDINARY SHARE  $(0.07)  $(0.03)  $(0.15)  $(0.03)
                     
BASIC AND DILUTED WEIGHTED AVERAGE ORDINARY SHARES OUTSTANDING   9,100,000    8,833,660    9,038,889    8,833,660 

 

See the accompanying notes to the condensed consolidated financial statements.

 

  F-2 

 

 

XTRIBE P.L.C.

Condensed Consolidated Statements of Comprehensive Loss

(Unaudited)

 

   For the Three Months Ended   For the Nine Months Ended 
   September 30, 2017   September 30, 2016   September 30, 2017   September 30, 2016 
                 
NET LOSS  $(676,646)  $(283,874)  $(1,329,943)  $(243,930)
                     
OTHER COMPREHENSIVE LOSS                    
Foreign Currency Translation Adjustments, net of tax   (33,016)   (7,746)   (85,750)   (9,728)
TOTAL OTHER COMPREHENSIVE LOSS, net of tax   (33,016)   (7,746)   (85,750)   (9,728)
                     
COMPREHENSIVE LOSS  $(709,662)  $(291,620)  $(1,415,693)  $(253,658)

 

See the accompanying notes to the condensed consolidated financial statements.

 

  F-3 

 

 

XTRIBE P.L.C.

Condensed Consolidated Statement of Changes in Shareholders’ Deficit

For the Nine Months Ended September 30, 2017

 

   Ordinary           Accumulated     
   Shares   Additional       Other     
   Number of       Paid-In   Accumulated   Comprehensive     
   Shares   Amount   Capital   Deficit   Income (loss)   Total 
                         
Balance December 31, 2016 (Audited)   9,000,000   $306,000   $672,164   $(1,178,017)  $47,071   $(152,782)
                               
Sale of common stock   100,000    3,400    596,600    -    -    600,000 
Net loss   -    -    -    (1,329,943)   -    (1,329,943)
Cumulative translation adjustment   -    -    -    -    (85,750)   (85,750)
                               
Balance September 30, 2017 (Unaudited)   9,100,000   $309,400   $1,268,764   $(2,507,960)  $(38,679)  $(968,475)

 

See the accompanying notes to the condensed consolidated financial statements.

 

  F-4 

 

 

XTRIBE P.L.C.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

 

    For the Nine Months Ended  
    September 30, 2017     September 30, 2016  
CASH FLOWS FROM OPERATING ACTIVITIES                
Net loss   $ (1,329,943 )   $ (243,930 )
Adjustments to reconcile net loss to cash used in operating activities:                
Depreciation     11,951       11,951  
Provision for bad debts     272,186       -  
(Increase) decrease in assets                
Prepaid expenses     (616 )     -  
Other receivable     69,764       (336,593 )
Increase (decrease) in liabilities                
Accounts payable and accrued expenses     (75,550 )     7,513  
                 
Net cash used in operating activities     (1,052,208 )     (561,059 )
                 
CASH FLOWS FROM INVESTING ACTIVITIES                
Purchase of equipment     (1,523)       -  
                 
Net cash used in investing activities     (1,523)       -  
                 
CASH FLOWS FROM FINANCING ACTIVITIES                
Proceeds from loans payable - shareholders     100,300       80,246  
Repayment of loans payable - shareholders     -       (56,506 )
Sale of common stock     600,000       442,944  
                 
Net cash provided by financing activities     704,981       466,684  
                 
EFFECT OF EXCHANGE RATE ON CASH     10,125       2,978  
                 
NET DECREASE IN CASH AND CASH EQUIVALENTS     (343,306 )     (91,397 )
                 
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD     427,777       201,603  
                 
CASH AND CASH EQUIVALENTS - END OF PERIOD   $ 84,471     $ 110,206  
                 
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:                
                 
Cash paid during period for:                
Interest   $ -     $ -  
                 
Income taxes   $ -     $ -  

  

See the accompanying notes to the condensed consolidated financial statements.

 

  F-5 

 

 

XTRIBE P.L.C.

Notes to the Condensed Consolidated Financial Statements

 

NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Nature of the Business

 

XTRIBE P.L.C. was originally registered as a private limited company in the United Kingdom as MEC FOOD (UK) LTD on December 12, 2011. On May 12, 2014, MEC FOOD (UK) changed its name to XTRIBE Limited. On April 30, 2016, the XTRIBE Limited was registered as a public limited company and changed its name to XTRIBE P.L.C.

 

On March 17, 2017, XTRIBE, P.L.C. formed a wholly owned subsidiary, XTRIBE USA Corp. in the State of Delaware. This corporation will be responsible for operations in the United States.

 

XTRIBE P.L.C. and XTRIBE USA Corp. are collectively referred to as the “Company.”

 

The Company has developed a free smartphone application which allows the user to sell, buy, swap and rent objects and services utilizing an active geolocation tool which locates all potential customers within any specified geographic target. Transactions can be completed without any intermediary, directly between the party and counter-party, without any commissions or third-party payments. Users have the option of customizing the app to best promote commerce. The Company derives revenues by its B2B division, XTRIBE Store. The XTRIBE application is available for Apple and Android devices and can be easily downloaded for free to a user’s mobile device. Once installed, the user establishes a free account and can immediately transact and communicate with other users.

 

The Company’s principal office is located in London, England.

 

Basis of Presentation

 

The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). All significant intercompany transactions and balances have been eliminated in consolidation. Certain information and note disclosures normally included in the financial statements prepared in accordance with US GAAP have been condensed. As such, the information included in these financial statements should be read in conjunction with the audited financial statements as of and for the years ended December 31, 2016 and 2015 included in the Company’s initial public offering Registration Statement (amendment no.5) as filed on May 3, 2017 which became effective on May 10, 2017. In the opinion of the management, these consolidated financial statements include all adjustments, consisting of only normal recurring nature, necessary for a fair statement of the financial position of the Company as of September 30, 2017 and its results of operations and cash flows for the three and nine months ended September 30, 2017 and 2016. The results of operations for the three and nine months ended September 30, 2017 are not necessarily indicative of the results to be expected for the full fiscal year ending December 31, 2017.

 

The Company is an emerging growth company as the term is used in The Jumpstart Our Business Startups Act enacted on April 5, 2012 and has elected to comply with certain reduced public company reporting requirements.

 

Recapitalization

 

On April 30, 2016, the Board of Directors approved and adopted a 21.1:1 recapitalization. The accompanying financial statements and notes to the financial statements give retroactive effect to the recapitalization for all periods presented unless otherwise specified.

 

On November 3, 2016, the Board of Directors approved and adopted a 36:1 recapitalization and a reduction in the par value of the ordinary shares from $1.00 to $0.034. The accompanying financial statements and notes to the financial statements give retroactive effect to the recapitalization for all periods presented unless otherwise specified.

 

  F-6 

 

 

Revenue Recognition

 

In accordance with FASB ASC 605, “Revenue Recognition,” the Company recognizes revenue when (i) persuasive evidence of a customer or distributor arrangement exists, (ii) a retailer, distributor or wholesaler receives the goods and acceptance occurs, (iii) the price is fixed or determinable, and (iv) collectability of revenue is reasonably assured.

 

Comprehensive Loss

 

The Company follows Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”) 220, “Comprehensive Income,” in reporting comprehensive income. Comprehensive income is a more inclusive financial reporting methodology that includes disclosure of certain financial information that historically has not been recognized in the calculation of net income. The Company has one item of other comprehensive income (loss), consisting of a foreign translation adjustment.

 

Use of Estimates

 

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The management makes the estimates based on its knowledge about current events and expectations about actions that it may undertake in the future. Actual results could differ materially from these estimates.

 

Foreign Currency Transactions and Translation

 

The functional currency of the operations of the Company is the Euro. The capitalization of the Company is provided in British pounds (“GBP”) and US dollars, while the Company transacts a majority of its other transactions including loans from shareholders in Euros, which makes the Euro the functional currency. Gains and losses resulting from transactions in currencies other than the functional currency of the Company are recorded in the statement of operations for the reporting periods as part of general and administrative expense. Included in general and administrative expenses were foreign currency transaction gains of $13,527 and $1,790 for the three and nine months ended September 30, 2017 and foreign transaction losses of $54,052 and $28,932 for the three and nine months ended September 30, 2016.

 

The reporting currency of the Company is the United States (U.S.) dollar. The financial statements in functional currency are translated to U.S. dollars using the closing rate of exchange for assets and liabilities and average rate of exchange for the statement of operations. The capital accounts are translated at historical rate. Translation gains and losses are recorded in accumulated other comprehensive income as a component of shareholders’ equity.

 

Advertising Costs

 

Advertising costs are expensed as incurred. Advertising costs were $16,585 and $64,115 for the three and nine months ended September 30, 2017 and $20,575 and $89,922 for the three and nine months ended September 30, 2016, and are included in sales and marketing expenses.

 

Basic and Diluted Net Income per Share of Ordinary Shares

 

The Company follows FASB ASC 260, “Earnings Per Share,” when reporting Earnings Per Share resulting in the presentation of basic and diluted earnings per share. Because the Company has no ordinary share equivalents, and has net losses for all periods presented, therefore, the amounts reported for basic and diluted loss per share were the same.

 

  F-7 

 

 

Research and Development Costs

 

In accordance with FASB ASC 730, research and development costs are expensed when incurred. Research and development costs for the three and nine months ended September 30, 2017 were $151,670 and $383,413 and were $107,043 and $139,425 for the three and nine months ended September 30, 2016.

 

On September 30, 2016, the Company entered into an agency agreement whereby the agent would receive five percent of all sales that the agent introduced to the Company. In addition, the agent would reimburse the Company 55 percent of the software development costs that the Company had expended, which were $638,720 as of September 30, 2016. Therefore, the amount of $351,296 was billed to the agent in British pounds (£262,288) and was to be paid by December 31, 2016 and has been recorded as other receivable. As a result of fluctuations in the exchange rates the amount of the other receivable was $341,098 as of September 30, 2016. The Company has extended the payment terms of the receivable, as the amounts due are from a vendor. In 2017, the Company began offsetting amounts owed to the vendor against payments due on the receivable. As of the September 30, 2017, the amounts offset totaled $63,594.

 

Software development costs that were incurred during nine months ended September 30, 2016, amounting to $163,500 have been completely offset by the agent’s reimbursement, with the remaining reimbursement balance of $206,694 reflected as other income for the three and nine months ended September 30, 2016.

 

As of September 30, 2017, the other receivable has not been collected and it has been determined that it should be reserved, due to the age of the receivable. Therefore, the company has provided a provision for bad debts in the amount of $272,186. As a result of fluctuations in the exchange rates the amount of the other receivable was $283,593 as of September 30, 2017 and has been entirely reserved.

 

Software development costs that were incurred during the three and nine months ended September 30, 2017 have been expensed as incurred and recorded in research and development costs in the statement of operations.

 

Recently Adopted Accounting Pronouncements

 

As of September 30, 2017 and for the period then ended, there were no recently adopted accounting pronouncements that had a material effect on the Company’s financial statements.

 

Recently Issued Accounting Pronouncements Not Yet Adopted

 

As of September 30, 2017, there are no recently issued accounting standards not yet adopted which would have a material effect on the Company’s financial statements through 2017.

 

NOTE 2 – MANAGEMENT PLANS

 

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company has incurred significant losses and experienced negative cash flow from operations since inception. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

 

Since inception, the Company has focused on developing and implementing its business plan. The Company believes that its existing cash resources will not be sufficient to sustain operations during the next twelve months. The Company currently needs to generate revenue in order to sustain its operations. In the event that the Company cannot generate sufficient revenue to sustain its operations, the Company will need to reduce expenses or obtain financing through the sale of debt and/or equity securities. The issuance of additional equity would result in dilution to existing shareholders. If the Company is unable to obtain additional funds when they are needed or if such funds cannot be obtained on terms acceptable to the Company, the Company would likely be unable to execute upon the business plan or pay costs and expenses as they are incurred, which would have a material, adverse effect on the business, financial condition and results of operations.

 

  F-8 

 

 

Based upon the current cash position and the Company’s planned expense run rate, management believes the Company does not have funds currently to finance its operations through December 2017.

 

NOTE 3 – LOANS PAYABLE – SHAREHOLDERS

 

On April 6, 2017, the Company obtained a loan from a shareholder in the amount of $100,300 (See Note 7).

 

The loans are interest-free and unsecured with no formal repayment terms. The decrease in value in the account, after considering the $100,300 additional loan, as of September 30, 2017 compared to December 31, 2016 relates to the change in the foreign exchange rate.

 

NOTE 4 – INCOME TAXES

 

Income tax expense was $0 for the three and nine months ended September 30, 2017 and 2016.

 

As of January 1, 2017, the Company had no unrecognized tax benefits, and accordingly, the Company did not recognize interest or penalties during 2017 related to unrecognized tax benefits. There has been no change in unrecognized tax benefits during the three and nine months ended September 30, 2017, and there was no accrual for uncertain tax positions as of September 30, 2017. Tax years from 2013 through 2016 remain subject to examination by major tax jurisdictions.

 

There is no income tax benefit for the losses for the three and nine months ended September 30, 2017 and 2016, since management has determined that the realization of the net tax deferred asset is not assured and has created a valuation allowance for the entire amount of such benefits.

 

NOTE 5 – SHAREHOLDERS’ EQUITY

 

On June 17, 2017, the Company sold 100,000 ordinary shares for $600,000.

 

NOTE 6 – OPERATING LEASES

 

As of September 30, 2017, the Company was not obligated under any non-cancelable operating lease arrangements.

 

NOTE 7 – RELATED PARTY TRANSACTIONS

 

The Company has a consulting arrangement with a company in which the Chief Financial Officer has a material interest. As of September 30, 2017 and December 31, 2016, this company was owed $0 and $18,964. During the three and nine months ended September 30, 2017, the Company paid $33,655 and $101,072 to this company. During the three and nine months ended September 30, 2016, the Company paid $21,587 and $86,485 to this company.

 

The Company received shareholder loans from a company in which the Chief Financial Officer has a material interest. As of September 30, 2017 and December 31, 2016, the balance of the loans was $328,829 and $194,540, the change in the balance resulting from an additional loan of $100,300 (see Note 3) and the remainder from the foreign currency translation.

 

As of September 30, 2017 and December 31, 2016, the Company owed $59,004 and $52,678 to one of the shareholders who is also the Chief Financial Officer of the Company.

 

NOTE 8 – SUBSEQUENT EVENTS

 

On October 9, 2017, the Company received a shareholder loan from the Chief Financial Officer in the amount of $58,663. The loan is interest-free and unsecured with no formal repayment terms.

 

On October 27, 2017, the Company received a shareholder loan from the Chief Financial Officer in the amount of $58,750. The loan is interest-free and unsecured with no formal repayment terms.

 

  F-9 

 

 

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

 

Forward Looking Statements

 

This Interim Report on Form 10-Q contains, in addition to historical information, certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (“PLSRA”), Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) regarding XTribe P.L.C. (the “Company” or “XTribe”, also referred to as “us”, “we” or “our”). Forward-looking statements give our current expectations or forecasts of future events. You can identify these statements by the fact that they do not relate strictly to historical or current facts. Forward-looking statements involve risks and uncertainties. Forward-looking statements include statements regarding, among other things, (a) our projected sales, profitability, and cash flows, (b) our growth strategies, (c) anticipated trends in our industries, (d) our future financing plans and (e) our anticipated needs for working capital. They are generally identifiable by use of the words “may,” “will,” “should,” “anticipate,” “estimate,” “plans,” “potential,” “projects,” “continuing,” “ongoing,” “expects,” “management believes,” “we believe,” “we intend” or the negative of these words or other variations on these words or comparable terminology. These statements may be found under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Description of Business,” as well as in this Form 10-Q generally. In particular, these include statements relating to future actions, prospective products or product approvals, future performance or results of current and anticipated products, sales efforts, expenses, the outcome of contingencies such as legal proceedings, and financial results.

 

Any or all of our forward-looking statements in this report may turn out to be inaccurate. They can be affected by inaccurate assumptions we might make or by known or unknown risks or uncertainties. Consequently, no forward-looking statement can be guaranteed. Actual future results may vary materially as a result of various factors, including, without limitation, the risks outlined under “Risk Factors” detailed in the Company’s Form S-1 registration statement and matters described in this Form 10-Q generally. In light of these risks and uncertainties, there can be no assurance that the forward-looking statements contained in this filing will in fact occur. You should not place undue reliance on these forward-looking statements. The forward-looking statements speak only as of the date on which they are made, and, except to the extent required by federal securities laws, we undertake no obligation to publicly update any forward-looking statements, whether as the result of new information, future events, or otherwise. We intend that all forward-looking statements be subject to the safe harbor provisions of the PSLRA.

 

Overview

 

The Company was originally registered as a private limited company in the United Kingdom as MEC FOOD (UK) LTD on December 12, 2011. On May 12, 2014, the Company changed its name to XTRIBE Limited. On April 30, 2016, the Company was registered as a public limited company and changed its name to XTRIBE P.L.C. The Company has developed a free smartphone application which allows the user to sell, buy, swap and rent objects and services utilizing an active geolocation tool which locates all potential customers within any specified geographic target. Transactions can be completed without any intermediary, directly between party and counter-party, without any commissions or third-party payments. Users have the option of customizing the app to best promote commerce. The Company derives revenues by its B2B division, XTRIBE Store. The XTRIBE application is available for Apple and Android devices and can be easily downloaded for free to a user’s mobile device. Once installed, the user establishes a free account and can immediately transact and communicate with other users.

 

To date we have not generated material revenues. Commencing in 2017, we expect to generate revenue streams through the use of our fully developed and operational application by its registered users. The Company is currently only operating in Italy, but plans to expand its operations to the United States and other selected markets in the next 12-24 months.

 

As of September 30, 2017, the Company had $84,471 cash on hand which management believes is insufficient to fund expenses of operation through December 2017. Management further believes that it needs to raise a minimum of an additional approximately $1,000,000 in the Offering to complete its product roll-out and marketing and support in Italy. Additional proceeds will enable the Company to expand to the United States and other international markets.

 

4

 

 

Strategic Outlook

 

We believe that the connectivity between by buyers and sellers, the geolocation attributes, and the multilingual capabilities of our application will provide the source for our success in a currently underutilized market.

 

As our registered user base grows, we intend to hire additional information technology staff to maintain our product offerings and develop new products to increase our market share.

 

We believe that our near-term success will depend particularly on our ability to develop customer awareness and confidence in our application. Since we have limited capital resources, we will need to closely manage our expenses and conserve our cash by continually monitoring any increase in expenses and reducing or eliminating unnecessary expenditures. Our prospects must be considered in light of the risks, expenses and difficulties encountered by companies at an early stage of development, particularly given that we operate in new and rapidly evolving markets, that we have limited financial resources, and face an uncertain economic environment. We may not be successful in addressing such risks and difficulties.

 

Results of Operations

 

Comparison of the Three Months Ended September 30, 2017 and 2016

 

The following discussion analyzes our results of operations for the three months ended September 30, 2017 and 2016. The following information should be considered together with our condensed consolidated financial statements for such periods and the accompanying notes thereto.

 

Net Revenue/Net Loss

 

We have not generated significant revenue since our inception. For the three months ended September 30, 2017 and 2016, we have not generated any sales. For the three months ended September 30, 2017 and 2016, we had a net loss of $676,647 and $283,874.

 

General and Administrative Expenses

 

General and administrative expenses increased by $1,087 to $156,895 for the three months ended September 30, 2017 from $155,808 for the three months ended September 30, 2016. The increase is commensurate with the three months ended September 30, 2016 as management is monitoring administrative expenses closely.

 

Provision for bad debts

 

The provision for bad debts increased by $272,186 for the three months ended September 30, 2017, from $0 for the three months ended September 30, 2016. This was a result of the reserve for bad debts related to the other receivable.

 

Sales and Marketing

 

Sales and marketing expenses for the three months ended September 30, 2017 were $95,895 as compared to $21,023 for the three months ended September 30, 2016, an increase of $74,872. This is a result of the Company’s continuing marketing campaign during the three months ended September 30, 2017 to increase market awareness.

 

Research and Development

 

Research and development expenses were $151,670 and 107,043 for the three months ended September 30, 2017 and 2016, an increase of $44,627. The increase is related to the continuation of software development enhancements during the three months ended September 30, 2017 and the reclassification of reimbursed development costs to other income during the three months ended September 30, 2016.

 

5

 

 

Comparison of the Nine Months Ended September 30, 2017 and 2016

 

The following discussion analyzes our results of operations for the nine months ended September 30, 2017 and 2016. The following information should be considered together with our condensed consolidated financial statements for such periods and the accompanying notes thereto.

 

Net Revenue/Net Loss

 

We have not generated significant revenue since our inception. For the nine months ended September 30, 2017 and 2016, we have not generated any sales. For the nine months ended September 30, 2017 and 2016, we had a net loss of $1,329,943 and $243,930.

 

General and Administrative Expenses

 

General and administrative expenses increased by $208,511 to $457,034 for the nine months ended September 30, 2017 from $248,523 for the nine months ended September 30, 2016. The increase resulted primarily from increases in consulting costs and the opening of an office in the United States.

 

Provision for bad debts

 

The provision for bad debts increased by $272,186 for the nine months ended September 30, 2017, from $0 for the nine months ended September 30, 2016. This was a result of the reserve for bad debts related to the other receivable.

 

Sales and Marketing

 

Sales and marketing expenses for the nine months ended September 30, 2017 were $217,310 as compared to $62,690 for the nine months ended September 30, 2016, an increase of $154,620. This is a result of the Company’s continuing marketing campaign during the nine months ended September 30, 2017 to increase market awareness.

 

Research and Development

 

Research and development expenses were $383,413 and $139,425 for the nine months ended September 30, 2017 and 2016, an increase of $243,988. The increase is related to the continuation of software development enhancements during the nine months ended September 30, 2017.

 

Other Income

 

Other income was $0 and $206,694 for the nine months ended September 30, 2017 and 2016 a decrease of $206,694. The 2016 income was a result of the Company entering into an agency agreement, on September 30, 2016 whereby the agent would receive five percent of all sales that the agent introduced to the Company. In addition, the agent would reimburse the Company 55 percent of the software development costs that the Company had expended, which were $638,720 as of September 30, 2016. Software development costs that were incurred during nine months ended September 30, 2016 were completely offset by the agent’s reimbursement, with the remaining reimbursement balance of $206,694 reflected as other income for the nine months ended September 30, 2016.

 

Liquidity and Capital Resources

 

As of November 15, 2017 we had cash on hand of approximately $44,000.

 

Net cash used in operating activities increased by $491,149 to $1,052,208 for the nine months ended September 30, 2017 as compared to $561,059 for the nine months ended September 30, 2016. The increase resulted primarily from the net loss, decreases in accounts payable and accrued expenses, offset by the decrease in the other receivable and the reserve for the other receivable.

 

6

 

 

Net cash provided by financing activities increased by $233,616 to $700,300 for the nine months ended September 30, 2017 as compared to $466,684 for the nine months ended September 30, 2016. The increase resulted from proceeds from a loan from a shareholder and sales of common stock.

 

As we have not realized significant revenues since our inception, we have financed our operations through private offerings of debt and equity securities. We do not currently maintain a line of credit or term loan with any commercial bank or other financial institution.

 

Since our inception, we have focused on developing and implementing our business plan. We believe that our existing cash resources will not be sufficient to sustain our operations during the next twelve months. We currently need to generate sufficient revenues to support our cost structure to enable us to pay ongoing costs and expenses as they are incurred, finance the development of our platform, and execute the business plan. If we cannot generate sufficient revenue to fund our business plan, we intend to seek to raise such financing through the sale of debt and/or equity securities. The issuance of additional equity would result in dilution to existing shareholders. If we are unable to obtain additional funds when they are needed or if such funds cannot be obtained on terms acceptable to us, we will be unable to execute upon the business plan or pay costs and expenses as they are incurred, which would have a material, adverse effect on our business, financial condition and results of operations.

 

Even if we are successful in generating sufficient revenue or in raising sufficient capital in order to complete the platform, our ability to continue in business as a viable going concern can only be achieved when our revenues reach a level that sustains our business operations. There can be no assurance that we will raise sufficient proceeds, or any proceeds, for us to implement fully our proposed business plan. Moreover there can be no assurance we will generate revenues sufficient to fund our operations. In either such situation, we may not be able to continue our operations and our business might fail.

 

The foregoing forward-looking information was prepared by us in good faith based upon assumptions that we believe to be reasonable. No assurance can be given, however, regarding the attainability of the projections or the reliability of the assumptions on which they are based. The projections are subject to the uncertainties inherent in any attempt to predict the results of our operations, especially where new products and services are involved. Certain of the assumptions used will inevitably not materialize and unanticipated events will occur. Actual results of operations are, therefore, likely to vary from the projections and such variations may be material and adverse to us. Accordingly, no assurance can be given that such results will be achieved. Moreover due to changes in technology, new product announcements, competitive pressures, system design and/or other specifications we may be required to change the current plans.

 

Off-Balance Sheet Arrangements

 

As of September 30, 2017, we do not have any off-balance sheet arrangements.

 

Critical Accounting Policies

 

Our financial statements are impacted by the accounting policies used and the estimates and assumptions made by management during their preparation. A complete summary of these policies is included in Note 1 of the Notes to Financial Statements included elsewhere herein.

 

Recently Issued Accounting Pronouncements

 

Recently issued accounting pronouncements are discussed in Note 1 of the Notes to Financial Statements contained elsewhere in this prospectus.

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

Not applicable.

 

7

 

 

ITEM 4. CONTROLS AND PROCEDURES

 

(a) Evaluation of Disclosure Controls and Procedures

 

Our Chief Executive Officer and Chief Financial Officer, after evaluating the effectiveness of our disclosure controls and procedures (as defined in Securities Exchange Act Rule 13a-15(e)) as of the end of the quarterly period covered by this report, have concluded that our disclosure controls and procedures are not effective to reasonably ensure that material information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified by the Securities and Exchange Commission’s Rules and forms and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. The principal basis for this conclusion is the lack of segregation of duties within our financial function and the lack of an operating Audit Committee.

 

(b) Changes in Internal Control over Financial Reporting

 

There have not been any changes in the Company’s internal control over financial reporting (as such term is defined in Rules 13a-15(f) under the Exchange Act) during the fiscal period to which this report relates that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

 

8

 

 

PART II. OTHER INFORMATION

 

Item 1. Legal Proceedings

 

None.

 

ITEM 1A. RISK FACTORS

 

Smaller reporting companies are not required to provide the information required by this item.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

The following is a list of securities issued for cash or converted with debentures or as stock compensation to consultants during the period from January 1, 2017 through November 15, 2017, which were not registered under the Securities Act:

 

100,000 shares of Ordinary Stock were sold to a third party for an aggregate consideration of $600,000.

 

Item 3. Defaults Upon Senior Securities

 

None.

 

Item 4. Mine safety disclosures

 

Not applicable.

 

Item 5. Other Information

 

None.

 

Item 6. Exhibits

 

Exhibit
No.		   Description
     
31.1   Certification of Principal Executive Officer and Principal Financial Officer pursuant to Rule 13a-14(a) and Rule15d-14(a) of the Securities Exchange Act of 1934, as amended
     
31.2   Certification of Principal Executive Officer and Principal Financial Officer pursuant to Rule 13a-14(a) and Rule15d-14(a) of the Securities Exchange Act of 1934, as amended
     
32.1   Certification of Principal Executive Officer and Principal Financial Officer, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
     
32.2   Certification of Principal Executive Officer and Principal Financial Officer, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
     
101.INS   XBRL Instance Document
     
101.SCH   XBRL Taxonomy Extension Schema Document
     
101.PRE   XBRL Taxonomy Extension Presentation Linkbase Document
     
101.CAL   XBRL Taxonomy Extension Calculation Linkbase Document
     
101.LAB   XBRL Taxonomy Extension Label Linkbase Document
     
101.DEF   XBRL Taxonomy Extension Definition Linkbase Document

 

9

 

 

SIGNATURES

 

In accordance with the requirements of the Securities Exchange Act of 1934, the Registrant has caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  XTRIBE P.L.C.
     
November 20, 2017 By: /s/ Enrico dal Monte
    Enrico dal Monte, Chief Executive Officer

 

10

 

 

 

 EX-31.1 2 ex31-1.htm

 

EXHIBIT 31.1

 

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

(18 U.S.C. SECTION 1350)

 

I, Enrico dal Monte, certify that:

 

  1. I have reviewed this Form 10-Q for the period ended September 30, 2017 of XTribe P.L.C.;
     
  2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
     
  3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
     
  4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
  b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
     
  c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
     
  d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

  5. I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
     
  b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: November 20, 2017  
   
/s/ Enrico dal Monte  
Enrico dal Monte  
Principal Executive Officer  

 

 

 

 

 

 

 

 

 EX-31.2 3 ex31-2.htm

 

EXHIBIT 31.2

 

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

(18 U.S.C. SECTION 1350)

 

I, Brunello Pianca, certify that:

 

  1. I have reviewed this Form 10-Q for the period ended September 30, 2017 of XTribe P.L.C.;
     
  2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
     
  3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
     
  4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
  b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
     
  c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
     
  d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

  5. I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
     
  b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: November 20, 2017  
   
/s/ Brunello Pianca  
Brunello Pianca  
Principal Financial Officer  

 

 

 

 

 EX-32.1 4 ex32-1.htm

 

EXHIBIT 32.1

 

CERTIFICATIONS PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

(18 U.S.C. SECTION 1350)

 

Pursuant to section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), the undersigned officer of XTribe P.L.C. (the “Company”), does hereby certify, to such officer’s knowledge, that:

 

The quarterly report on Form 10-Q for the period ended September 30, 2017 (the “Form 10-Q”) of the Company fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Date: November 20, 2017  
   
  /s/ Enrico dal Monte
  Enrico dal Monte
  Principal Executive Officer

 

A signed original of this written statement required by Section 906 has been provided to XTRIBE P.L.C. and will be retained by XTRIBE P.L.C. and furnished to the Securities and Exchange Commission or its staff upon request.

 

 

 

 

 

 EX-32.2 5 ex32-2.htm

 

EXHIBIT 32.2

 

CERTIFICATIONS PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

(18 U.S.C. SECTION 1350)

 

Pursuant to section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), the undersigned officer of XTribe P.L.C. (the “Company”), does hereby certify, to such officer’s knowledge, that:

 

The quarterly report on Form 10-Q for the period ended September 30, 2017 (the “Form 10-Q”) of the Company fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Date: November 20, 2017  
   
  /s/ Brunello Pianca
  Brunello Pianca
  Principal Financial and Accounting Officer

 

A signed original of this written statement required by Section 906 has been provided to XTRIBE P.L.C. and will be retained by XTRIBE P.L.C. and furnished to the Securities and Exchange Commission or its staff upon request.

 

 

 

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Entity Central Index Key 0001690622  
Document Type 10-Q  
Document Period End Date Sep. 30, 2017  
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Dec. 31, 2016
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Other receivable, net of allowance of $283,593 322,581
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SOFTWARE    
Software, net of accumulated amortization of $54,518 and $37,401 30,791 37,401
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CURRENT LIABILITIES    
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Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
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SALES
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Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Statement of Comprehensive Income [Abstract]        
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OTHER COMPREHENSIVE LOSS        
Foreign Currency Translation Adjustments, net of tax (33,016) (7,746) (85,750) (9,728)
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Additional Paid-In Capital [Member]
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Net loss (1,329,943) (1,329,943)
Cumulative translation adjustment (85,750) (85,750)
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 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES    
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Provision for bad debts 272,186
(Increase) decrease in assets    
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Increase (decrease) in liabilities    
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CASH FLOWS FROM INVESTING ACTIVITIES    
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CASH FLOWS FROM FINANCING ACTIVIITES    
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Repayment of loans payable - shareholders (56,506)
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EFFECT OF EXCHANGE RATE ON CASH 10,125 2,978
NET DECREASE IN CASH AND CASH EQUIVALENTS (343,306) (91,397)
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD 427,777 201,603
CASH AND CASH EQUIVALENTS - END OF PERIOD 84,471 110,206
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Interest
Income taxes
XML 19 R8.htm IDEA: XBRL DOCUMENT v3.8.0.1
Summary of Significant Accounting Policies
 9 Months Ended
Sep. 30, 2017
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies

NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Nature of the Business

 

XTRIBE P.L.C. was originally registered as a private limited company in the United Kingdom as MEC FOOD (UK) LTD on December 12, 2011. On May 12, 2014, MEC FOOD (UK) changed its name to XTRIBE Limited. On April 30, 2016, the XTRIBE Limited was registered as a public limited company and changed its name to XTRIBE P.L.C.

 

On March 17, 2017, XTRIBE, P.L.C. formed a wholly owned subsidiary, XTRIBE USA Corp. in the State of Delaware. This corporation will be responsible for operations in the United States.

 

XTRIBE P.L.C. and XTRIBE USA Corp. are collectively referred to as the “Company.”

 

The Company has developed a free smartphone application which allows the user to sell, buy, swap and rent objects and services utilizing an active geolocation tool which locates all potential customers within any specified geographic target. Transactions can be completed without any intermediary, directly between the party and counter-party, without any commissions or third-party payments. Users have the option of customizing the app to best promote commerce. The Company derives revenues by its B2B division, XTRIBE Store. The XTRIBE application is available for Apple and Android devices and can be easily downloaded for free to a user’s mobile device. Once installed, the user establishes a free account and can immediately transact and communicate with other users.

 

The Company’s principal office is located in London, England.

 

Basis of Presentation

 

The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). All significant intercompany transactions and balances have been eliminated in consolidation. Certain information and note disclosures normally included in the financial statements prepared in accordance with US GAAP have been condensed. As such, the information included in these financial statements should be read in conjunction with the audited financial statements as of and for the years ended December 31, 2016 and 2015 included in the Company’s initial public offering Registration Statement (amendment no.5) as filed on May 3, 2017 which became effective on May 10, 2017. In the opinion of the management, these consolidated financial statements include all adjustments, consisting of only normal recurring nature, necessary for a fair statement of the financial position of the Company as of September 30, 2017 and its results of operations and cash flows for the three and nine months ended September 30, 2017 and 2016. The results of operations for the three and nine months ended September 30, 2017 are not necessarily indicative of the results to be expected for the full fiscal year ending December 31, 2017.

 

The Company is an emerging growth company as the term is used in The Jumpstart Our Business Startups Act enacted on April 5, 2012 and has elected to comply with certain reduced public company reporting requirements.

 

Recapitalization

 

On April 30, 2016, the Board of Directors approved and adopted a 21.1:1 recapitalization. The accompanying financial statements and notes to the financial statements give retroactive effect to the recapitalization for all periods presented unless otherwise specified.

 

On November 3, 2016, the Board of Directors approved and adopted a 36:1 recapitalization and a reduction in the par value of the ordinary shares from $1.00 to $0.034. The accompanying financial statements and notes to the financial statements give retroactive effect to the recapitalization for all periods presented unless otherwise specified.

 

Revenue Recognition

 

In accordance with FASB ASC 605, “Revenue Recognition,” the Company recognizes revenue when (i) persuasive evidence of a customer or distributor arrangement exists, (ii) a retailer, distributor or wholesaler receives the goods and acceptance occurs, (iii) the price is fixed or determinable, and (iv) collectability of revenue is reasonably assured.

 

Comprehensive Loss

 

The Company follows Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”) 220, “Comprehensive Income,” in reporting comprehensive income. Comprehensive income is a more inclusive financial reporting methodology that includes disclosure of certain financial information that historically has not been recognized in the calculation of net income. The Company has one item of other comprehensive income (loss), consisting of a foreign translation adjustment.

 

Use of Estimates

 

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The management makes the estimates based on its knowledge about current events and expectations about actions that it may undertake in the future. Actual results could differ materially from these estimates.

 

Foreign Currency Transactions and Translation

 

The functional currency of the operations of the Company is the Euro. The capitalization of the Company is provided in British pounds (“GBP”) and US dollars, while the Company transacts a majority of its other transactions including loans from shareholders in Euros, which makes the Euro the functional currency. Gains and losses resulting from transactions in currencies other than the functional currency of the Company are recorded in the statement of operations for the reporting periods as part of general and administrative expense. Included in general and administrative expenses were foreign currency transaction gains of $13,527 and $1,790 for the three and nine months ended September 30, 2017 and foreign transaction losses of $54,052 and $28,932 for the three and nine months ended September 30, 2016.

 

The reporting currency of the Company is the United States (U.S.) dollar. The financial statements in functional currency are translated to U.S. dollars using the closing rate of exchange for assets and liabilities and average rate of exchange for the statement of operations. The capital accounts are translated at historical rate. Translation gains and losses are recorded in accumulated other comprehensive income as a component of shareholders’ equity.

 

Advertising Costs

 

Advertising costs are expensed as incurred. Advertising costs were $16,585 and $64,115 for the three and nine months ended September 30, 2017 and $20,575 and $89,922 for the three and nine months ended September 30, 2016, and are included in sales and marketing expenses.

 

Basic and Diluted Net Income per Share of Ordinary Shares

 

The Company follows FASB ASC 260, “Earnings Per Share,” when reporting Earnings Per Share resulting in the presentation of basic and diluted earnings per share. Because the Company has no ordinary share equivalents, and has net losses for all periods presented, therefore, the amounts reported for basic and diluted loss per share were the same.

 

Research and Development Costs

 

In accordance with FASB ASC 730, research and development costs are expensed when incurred. Research and development costs for the three and nine months ended September 30, 2017 were $151,670 and $383,413 and were $107,043 and $139,425 for the three and nine months ended September 30, 2016.

 

On September 30, 2016, the Company entered into an agency agreement whereby the agent would receive five percent of all sales that the agent introduced to the Company. In addition, the agent would reimburse the Company 55 percent of the software development costs that the Company had expended, which were $638,720 as of September 30, 2016. Therefore, the amount of $351,296 was billed to the agent in British pounds (£262,288) and was to be paid by December 31, 2016 and has been recorded as other receivable. As a result of fluctuations in the exchange rates the amount of the other receivable was $341,098 as of September 30, 2016. The Company has extended the payment terms of the receivable, as the amounts due are from a vendor. In 2017, the Company began offsetting amounts owed to the vendor against payments due on the receivable. As of the September 30, 2017, the amounts offset totaled $63,594.

 

Software development costs that were incurred during nine months ended September 30, 2016, amounting to $163,500 have been completely offset by the agent’s reimbursement, with the remaining reimbursement balance of $206,694 reflected as other income for the three and nine months ended September 30, 2016.

 

As of September 30, 2017, the other receivable has not been collected and it has been determined that it should be reserved, due to the age of the receivable. Therefore, the company has provided a provision for bad debts in the amount of $272,186. As a result of fluctuations in the exchange rates the amount of the other receivable was $283,593 as of September 30, 2017 and has been entirely reserved.

 

Software development costs that were incurred during the three and nine months ended September 30, 2017 have been expensed as incurred and recorded in research and development costs in the statement of operations.

 

Recently Adopted Accounting Pronouncements

 

As of September 30, 2017 and for the period then ended, there were no recently adopted accounting pronouncements that had a material effect on the Company’s financial statements.

 

Recently Issued Accounting Pronouncements Not Yet Adopted

 

As of September 30, 2017, there are no recently issued accounting standards not yet adopted which would have a material effect on the Company’s financial statements through 2017.
XML 20 R9.htm IDEA: XBRL DOCUMENT v3.8.0.1
Management Plans
 9 Months Ended
Sep. 30, 2017
Management Plans  
Management Plans

NOTE 2 – MANAGEMENT PLANS

 

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company has incurred significant losses and experienced negative cash flow from operations since inception. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

 

Since inception, the Company has focused on developing and implementing its business plan. The Company believes that its existing cash resources will not be sufficient to sustain operations during the next twelve months. The Company currently needs to generate revenue in order to sustain its operations. In the event that the Company cannot generate sufficient revenue to sustain its operations, the Company will need to reduce expenses or obtain financing through the sale of debt and/or equity securities. The issuance of additional equity would result in dilution to existing shareholders. If the Company is unable to obtain additional funds when they are needed or if such funds cannot be obtained on terms acceptable to the Company, the Company would likely be unable to execute upon the business plan or pay costs and expenses as they are incurred, which would have a material, adverse effect on the business, financial condition and results of operations.

 

Based upon the current cash position and the Company’s planned expense run rate, management believes the Company does not have funds currently to finance its operations through December 2017.
XML 21 R10.htm IDEA: XBRL DOCUMENT v3.8.0.1
Loans Payable - Shareholders
 9 Months Ended
Sep. 30, 2017
Debt Disclosure [Abstract]  
Loans Payable - Shareholders

NOTE 3 – LOANS PAYABLE – SHAREHOLDERS

 

On April 6, 2017, the Company obtained a loan from a shareholder in the amount of $100,300 (See Note 7).

 

The loans are interest-free and unsecured with no formal repayment terms. The decrease in value in the account, after considering the $100,300 additional loan, as of September 30, 2017 compared to December 31, 2016 relates to the change in the foreign exchange rate.
XML 22 R11.htm IDEA: XBRL DOCUMENT v3.8.0.1
Income Taxes
 9 Months Ended
Sep. 30, 2017
Income Tax Disclosure [Abstract]  
Income Taxes

NOTE 4 – INCOME TAXES

 

Income tax expense was $0 for the three and nine months ended September 30, 2017 and 2016.

 

As of January 1, 2017, the Company had no unrecognized tax benefits, and accordingly, the Company did not recognize interest or penalties during 2017 related to unrecognized tax benefits. There has been no change in unrecognized tax benefits during the three and nine months ended September 30, 2017, and there was no accrual for uncertain tax positions as of September 30, 2017. Tax years from 2013 through 2016 remain subject to examination by major tax jurisdictions.

 

There is no income tax benefit for the losses for the three and nine months ended September 30, 2017 and 2016, since management has determined that the realization of the net tax deferred asset is not assured and has created a valuation allowance for the entire amount of such benefits.
XML 23 R12.htm IDEA: XBRL DOCUMENT v3.8.0.1
Shareholders' Equity
 9 Months Ended
Sep. 30, 2017
Equity [Abstract]  
Shareholders' Equity

NOTE 5 – SHAREHOLDERS’ EQUITY

 

On June 17, 2017, the Company sold 100,000 ordinary shares for $600,000.
XML 24 R13.htm IDEA: XBRL DOCUMENT v3.8.0.1
Operating Leases
 9 Months Ended
Sep. 30, 2017
Leases [Abstract]  
Operating Leases

NOTE 6 – OPERATING LEASES

 

As of September 30, 2017, the Company was not obligated under any non-cancelable operating lease arrangements.
XML 25 R14.htm IDEA: XBRL DOCUMENT v3.8.0.1
Related Party Transactions
 9 Months Ended
Sep. 30, 2017
Related Party Transactions [Abstract]  
Related Party Transactions

NOTE 7 – RELATED PARTY TRANSACTIONS

 

The Company has a consulting arrangement with a company in which the Chief Financial Officer has a material interest. As of September 30, 2017 and December 31, 2016, this company was owed $0 and $18,964. During the three and nine months ended September 30, 2017, the Company paid $33,655 and $101,072 to this company. During the three and nine months ended September 30, 2016, the Company paid $21,587 and $86,485 to this company.

 

The Company received shareholder loans from a company in which the Chief Financial Officer has a material interest. As of September 30, 2017 and December 31, 2016, the balance of the loans was $328,829 and $194,540, the change in the balance resulting from an additional loan of $100,300 (see Note 3) and the remainder from the foreign currency translation.

 

As of September 30, 2017 and December 31, 2016, the Company owed $59,004 and $52,678 to one of the shareholders who is also the Chief Financial Officer of the Company.
XML 26 R15.htm IDEA: XBRL DOCUMENT v3.8.0.1
Subsequent Events
 9 Months Ended
Sep. 30, 2017
Subsequent Events [Abstract]  
Subsequent Events

NOTE 8 – SUBSEQUENT EVENTS

 

On October 9, 2017, the Company received a shareholder loan from the Chief Financial Officer in the amount of $58,663. The loan is interest-free and unsecured with no formal repayment terms.

 

On October 27, 2017, the Company received a shareholder loan from the Chief Financial Officer in the amount of $58,750. The loan is interest-free and unsecured with no formal repayment terms.
XML 27 R16.htm IDEA: XBRL DOCUMENT v3.8.0.1
Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2017
Accounting Policies [Abstract]  
Nature of the Business

Nature of the Business

 

XTRIBE P.L.C. was originally registered as a private limited company in the United Kingdom as MEC FOOD (UK) LTD on December 12, 2011. On May 12, 2014, MEC FOOD (UK) changed its name to XTRIBE Limited. On April 30, 2016, the XTRIBE Limited was registered as a public limited company and changed its name to XTRIBE P.L.C.

 

On March 17, 2017, XTRIBE, P.L.C. formed a wholly owned subsidiary, XTRIBE USA Corp. in the State of Delaware. This corporation will be responsible for operations in the United States.

 

XTRIBE P.L.C. and XTRIBE USA Corp. are collectively referred to as the “Company.”

 

The Company has developed a free smartphone application which allows the user to sell, buy, swap and rent objects and services utilizing an active geolocation tool which locates all potential customers within any specified geographic target. Transactions can be completed without any intermediary, directly between the party and counter-party, without any commissions or third-party payments. Users have the option of customizing the app to best promote commerce. The Company derives revenues by its B2B division, XTRIBE Store. The XTRIBE application is available for Apple and Android devices and can be easily downloaded for free to a user’s mobile device. Once installed, the user establishes a free account and can immediately transact and communicate with other users.

 

The Company’s principal office is located in London, England.
Basis of Presentation

Basis of Presentation

 

The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). All significant intercompany transactions and balances have been eliminated in consolidation. Certain information and note disclosures normally included in the financial statements prepared in accordance with US GAAP have been condensed. As such, the information included in these financial statements should be read in conjunction with the audited financial statements as of and for the years ended December 31, 2016 and 2015 included in the Company’s initial public offering Registration Statement (amendment no.5) as filed on May 3, 2017 which became effective on May 10, 2017. In the opinion of the management, these consolidated financial statements include all adjustments, consisting of only normal recurring nature, necessary for a fair statement of the financial position of the Company as of September 30, 2017 and its results of operations and cash flows for the three and nine months ended September 30, 2017 and 2016. The results of operations for the three and nine months ended September 30, 2017 are not necessarily indicative of the results to be expected for the full fiscal year ending December 31, 2017.

 

The Company is an emerging growth company as the term is used in The Jumpstart Our Business Startups Act enacted on April 5, 2012 and has elected to comply with certain reduced public company reporting requirements.
Recapitalization

Recapitalization

 

On April 30, 2016, the Board of Directors approved and adopted a 21.1:1 recapitalization. The accompanying financial statements and notes to the financial statements give retroactive effect to the recapitalization for all periods presented unless otherwise specified.

 

On November 3, 2016, the Board of Directors approved and adopted a 36:1 recapitalization and a reduction in the par value of the ordinary shares from $1.00 to $0.034. The accompanying financial statements and notes to the financial statements give retroactive effect to the recapitalization for all periods presented unless otherwise specified.
Revenue Recognition

Revenue Recognition

 

In accordance with FASB ASC 605, “Revenue Recognition,” the Company recognizes revenue when (i) persuasive evidence of a customer or distributor arrangement exists, (ii) a retailer, distributor or wholesaler receives the goods and acceptance occurs, (iii) the price is fixed or determinable, and (iv) collectability of revenue is reasonably assured.
Comprehensive Loss

Comprehensive Loss

 

The Company follows Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”) 220, “Comprehensive Income,” in reporting comprehensive income. Comprehensive income is a more inclusive financial reporting methodology that includes disclosure of certain financial information that historically has not been recognized in the calculation of net income. The Company has one item of other comprehensive income (loss), consisting of a foreign translation adjustment.
Use of Estimates

Use of Estimates

 

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The management makes the estimates based on its knowledge about current events and expectations about actions that it may undertake in the future. Actual results could differ materially from these estimates.
Foreign Currency Transactions and Translation

Foreign Currency Transactions and Translation

 

The functional currency of the operations of the Company is the Euro. The capitalization of the Company is provided in British pounds (“GBP”) and US dollars, while the Company transacts a majority of its other transactions including loans from shareholders in Euros, which makes the Euro the functional currency. Gains and losses resulting from transactions in currencies other than the functional currency of the Company are recorded in the statement of operations for the reporting periods as part of general and administrative expense. Included in general and administrative expenses were foreign currency transaction gains of $13,527 and $1,790 for the three and nine months ended September 30, 2017 and foreign transaction losses of $54,052 and $28,932 for the three and nine months ended September 30, 2016.

 

The reporting currency of the Company is the United States (U.S.) dollar. The financial statements in functional currency are translated to U.S. dollars using the closing rate of exchange for assets and liabilities and average rate of exchange for the statement of operations. The capital accounts are translated at historical rate. Translation gains and losses are recorded in accumulated other comprehensive income as a component of shareholders’ equity.
Advertising Costs

Advertising Costs

 

Advertising costs are expensed as incurred. Advertising costs were $16,585 and $64,115 for the three and nine months ended September 30, 2017 and $20,575 and $89,922 for the three and nine months ended September 30, 2016, and are included in sales and marketing expenses.
Basic and Diluted Net Income per Share of Ordinary Shares

Basic and Diluted Net Income per Share of Ordinary Shares

 

The Company follows FASB ASC 260, “Earnings Per Share,” when reporting Earnings Per Share resulting in the presentation of basic and diluted earnings per share. Because the Company has no ordinary share equivalents, and has net losses for all periods presented, therefore, the amounts reported for basic and diluted loss per share were the same.
Research and Development Costs

Research and Development Costs

 

In accordance with FASB ASC 730, research and development costs are expensed when incurred. Research and development costs for the three and nine months ended September 30, 2017 were $151,670 and $383,413 and were $107,043 and $139,425 for the three and nine months ended September 30, 2016.

 

On September 30, 2016, the Company entered into an agency agreement whereby the agent would receive five percent of all sales that the agent introduced to the Company. In addition, the agent would reimburse the Company 55 percent of the software development costs that the Company had expended, which were $638,720 as of September 30, 2016. Therefore, the amount of $351,296 was billed to the agent in British pounds (£262,288) and was to be paid by December 31, 2016 and has been recorded as other receivable. As a result of fluctuations in the exchange rates the amount of the other receivable was $341,098 as of September 30, 2016. The Company has extended the payment terms of the receivable, as the amounts due are from a vendor. In 2017, the Company began offsetting amounts owed to the vendor against payments due on the receivable. As of the September 30, 2017, the amounts offset totaled $63,594.

 

Software development costs that were incurred during nine months ended September 30, 2016, amounting to $163,500 have been completely offset by the agent’s reimbursement, with the remaining reimbursement balance of $206,694 reflected as other income for the three and nine months ended September 30, 2016.

 

As of September 30, 2017, the other receivable has not been collected and it has been determined that it should be reserved, due to the age of the receivable. Therefore, the company has provided a provision for bad debts in the amount of $272,186. As a result of fluctuations in the exchange rates the amount of the other receivable was $283,593 as of September 30, 2017 and has been entirely reserved.

 

Software development costs that were incurred during the three and nine months ended September 30, 2017 have been expensed as incurred and recorded in research and development costs in the statement of operations.
Recently Adopted Accounting Pronouncements

Recently Adopted Accounting Pronouncements

 

As of September 30, 2017 and for the period then ended, there were no recently adopted accounting pronouncements that had a material effect on the Company’s financial statements.
Recently Issued Accounting Pronouncements Not Yet Adopted

Recently Issued Accounting Pronouncements Not Yet Adopted

 

As of September 30, 2017, there are no recently issued accounting standards not yet adopted which would have a material effect on the Company’s financial statements through 2017.
XML 28 R17.htm IDEA: XBRL DOCUMENT v3.8.0.1
Summary of Significant Accounting Policies (Details Narrative)
 3 Months Ended 9 Months Ended
Sep. 30, 2016
USD ($)
Sep. 30, 2017
USD ($)
$ / shares
Sep. 30, 2016
USD ($)
Sep. 30, 2017
USD ($)
$ / shares
Sep. 30, 2016
USD ($)
Dec. 31, 2016
USD ($)
$ / shares
Dec. 31, 2016
GBP (£)
Nov. 03, 2016
$ / shares
Ordinary shares, par value | $ / shares   $ 0.034   $ 0.034   $ 0.034    
Research and development costs   $ 151,670 $ 107,043 $ 383,413 $ 139,425      
Sale of ownership by agreement 5.00%              
Software development cost         638,720      
Other receivables $ 341,098 283,593 341,098 283,593 341,098 $ 351,296    
Vendor offset amount   63,594   63,594        
Other income     206,694   206,694      
Provision for bad debts   272,186 272,186      
Agent Reimbursement [Member]                
Software development cost         163,500      
GBP Currency [Member]                
Other receivables | £             £ 262,288  
General and Administrative Expense [Member]                
Foreign currency transaction gain loss   13,527 54,052 1,790 28,932      
Selling and Marketing Expense [Member]                
Advertising costs   $ 16,585 $ 20,575 $ 64,115 $ 89,922      
Maximum [Member]                
Ordinary shares, par value | $ / shares               $ 1.00
Minimum [Member]                
Ordinary shares, par value | $ / shares               $ 0.034
XML 29 R18.htm IDEA: XBRL DOCUMENT v3.8.0.1
Loans Payable - Shareholders (Details Narrative) - USD ($)
Sep. 30, 2017
Apr. 06, 2017
Debt Disclosure [Abstract]    
Loans from shareholders   $ 100,300
Changes in foreign exchange rate additional loan value $ 100,300  
XML 30 R19.htm IDEA: XBRL DOCUMENT v3.8.0.1
Income Taxes (Details Narrative) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Income Tax Disclosure [Abstract]        
Income tax expense $ 0 $ 0 $ 0 $ 0
XML 31 R20.htm IDEA: XBRL DOCUMENT v3.8.0.1
Shareholders' Equity (Details Narrative) - USD ($)
 9 Months Ended
Jun. 17, 2017
Sep. 30, 2017
Equity [Abstract]    
Number of ordinary shares sold during period 100,000  
Ordinary shares, value $ 600,000 $ 600,000
XML 32 R21.htm IDEA: XBRL DOCUMENT v3.8.0.1
Related Party Transactions (Details Narrative) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Dec. 31, 2016
Repayments of related party debt     $ 56,506  
Additional loan payable $ 988,494   988,494   $ 783,480
Consulting Agreement [Member] | Chief Financial Officer [Member]          
Due to related parties 0   0   18,964
Repayments of related party debt 33,655 $ 21,587 101,072 $ 86,485  
Loans outstanding resulting from the foreign currency translation 328,829   328,829   194,540
Additional loan payable 100,300   100,300    
Consulting Agreement [Member] | Shareholders [Member]          
Due to related parties $ 59,004   $ 59,004   $ 52,678
XML 33 R22.htm IDEA: XBRL DOCUMENT v3.8.0.1
Subsequent Events (Details Narrative) - USD ($)
 9 Months Ended
Oct. 27, 2017
Oct. 09, 2017
Sep. 30, 2017
Sep. 30, 2016
Proceeds from related party debt     $ 100,300 $ 80,246
Subsequent Event [Member] | Chief Financial Officer [Member]        
Proceeds from related party debt $ 58,750 $ 58,663    
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