TAP Real Estate Technologies, Inc. (formerly HUMBL, Inc.) reported significant financial challenges in its latest 10-K filing for the fiscal year ending December 31, 2025. The company recorded a net loss of $15.97 million, a slight increase from the $14.45 million loss reported in the previous year. Notably, TAP Real Estate has not generated any revenue from continuing operations for both 2025 and 2024, reflecting a strategic pivot away from its previous business model focused on digital payment solutions and towards real estate asset acquisition and blockchain-enabled tokenization.
The company's operational expenses decreased to $7.62 million in 2025 from $8.30 million in 2024, primarily due to reduced professional fees and general administrative costs. However, the company incurred substantial other expenses totaling $25.15 million, which included a significant loss of $20 million on the disposal of minerals, reflecting the company's transition away from its previous asset base. The total liabilities as of December 31, 2025, stood at $4.23 million, a decrease from $26.69 million in the prior year, largely due to the sale of assets to TAP, Inc. and the restructuring of its financial obligations.
In terms of strategic developments, TAP Real Estate has undergone a corporate rebranding to focus on real estate and blockchain technologies. The company secured $500,000 in initial investment capital to support its new operations and is actively evaluating various real estate opportunities for potential acquisition and tokenization. The company has also entered into a licensing agreement with TAP, Inc. to utilize proprietary technologies for real estate applications, aiming to create a compliant model for real estate transactions within U.S. capital markets.
As of December 31, 2025, TAP Real Estate reported a working capital deficit of $2.87 million, a significant improvement from $23.69 million in the previous year. The company had cash reserves of $126,066, which raises concerns about its liquidity and ability to sustain operations. The company has one full-time employee and is facing intense competition in the emerging real estate tokenization market, which includes traditional real estate investment trusts and crowdfunding platforms.
Looking ahead, TAP Real Estate's management has expressed substantial doubt about the company's ability to continue as a going concern, citing ongoing operating losses and a lack of revenue generation. The company is focused on executing its new business strategy, which includes potential acquisitions and partnerships, but acknowledges that achieving profitability remains uncertain. The management's plans include evaluating real estate opportunities and leveraging blockchain technology to enhance operational efficiency and investor access in the real estate sector.
About HUMBL, INC.
HUMBL, Inc. is a holding company focused on digital commerce and industrial assets. It previously offered blockchain-based payment solutions, verified social media, and digital collectibles. Its core activities include operating digital wallets, e-commerce platforms, and managing mineral assets like magnesium silicate. The company targets consumers, merchants, and industrial markets in the U.S. and Latin America, leveraging proprietary technology and strategic acquisitions.
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