TAP Real Estate Technologies, Inc., formerly known as HUMBL, Inc., reported a net loss of $2.96 million for the first quarter of 2026, a decrease from a net loss of $3.99 million in the same period of 2025. The company did not generate any revenue during this quarter, consistent with the previous year. Operating expenses increased to $1.75 million, up from $1.38 million year-over-year, primarily due to higher general and administrative costs, which rose by $570,027. The company attributed this increase to stock-based compensation related to new employment agreements, despite a reduction in personnel and operational costs.
In terms of financial position, TAP Real Estate's total assets increased to $2.19 million as of March 31, 2026, compared to $1.36 million at the end of 2025. This growth was driven by a rise in current assets, including cash and prepaid expenses. However, the company also reported a working capital deficit of $3.59 million, up from $2.87 million at the end of the previous fiscal year. The increase in liabilities was largely due to convertible notes payable and accrued expenses, which are expected to require cash settlement.
Strategically, TAP Real Estate has undergone a significant rebranding to focus on real estate asset acquisition and blockchain-enabled tokenization. The company has secured $500,000 in initial investment capital to support its operations and is actively evaluating various real estate opportunities for potential acquisition. Additionally, TAP Real Estate has entered into a licensing agreement with TAP, Inc. to utilize proprietary technologies for real estate applications, aiming to create a compliant model for tokenized real estate transactions.
Operationally, TAP Real Estate has not reported any customer counts or user statistics, as it is in the early stages of its new business model. The company is focusing on developing its TAP Invest platform, which will facilitate tokenized real estate investments. As of March 31, 2026, TAP Real Estate had a cash balance of $6,682, a significant decrease from $126,066 at the end of 2025, reflecting the ongoing cash burn associated with its transition and operational costs. The company has indicated that it faces substantial doubt about its ability to continue as a going concern, given its current financial position and operational losses.
Looking ahead, TAP Real Estate aims to leverage its new strategic focus to drive revenue through management and listing fees associated with tokenized real estate. The company is also exploring various real estate opportunities that align with its blockchain strategy, with the goal of enhancing operational efficiency and investor access in the real estate market.
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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