TAP Real Estate Technologies Inc (RWAX)

[ListenToTheTrees]

Ah yes, “ZERO revenue 😂😂😂” classic surface-level take.

Here’s a reality check: revenue means operating income, you know, selling products or services. If a company sells all of its operating assets, there’s nothing left to generate revenue at that time, so reporting $0 is literally correct accounting, not some smoking gun.

Lets talk about that $23M in assets of which, $20M, you said over and over and over again that it did not exist, spoiler alert it does:

FinCapital a previously dormant entity and had at the time of the purchase one asset which consisted of 41,500 tons of magnesium silicate with a book value of $20,000,000. Magnesium silicate is a raw material used in industrial sectors such as fertilizer, construction, ceramics, and fireproofing

The Company’s assets as of December 2, 2024 were sold and the Company commenced a new business with the purchase of the magnesium silicate. The Company anticipates entering into profitable businesses upon the sale of the magnesium silicate.

Some of you IHub locals arent going to like this:

To the Board of Directors and Shareholders of HUMBL Inc.

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of HUMBL Inc. (“the Company”) as of December 31, 2024 and 2023, and the related consolidated statements of operations, changes in stockholders’ equity (deficit), and cash flows for each of the years in the two-year period ended December 31, 2024, and the related notes (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023 and the results of its operations and its cash flows for each of the years in the two-year period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

then:

How the Critical Audit Matter was Addressed in the Audit

Our principal audit procedures to evaluate these transactions consisted of the following, among others:

1. Evaluated the business purpose of the transactions, including reviewing for any related party relationships.
2. Evaluated analysis provided by the Company and compared to the underlying executed agreements.
3. Evaluated management’s analysis regarding ASC 805 and conclusion that the transaction was an asset purchase (Fincapital Transaction)
4. Evaluated specialist’s valuation report related to the existence and valuation of mineral inventory, recalculated the value allocable to the Company in the asset purchase (Fincapital Transaction).
5. Evaluated management’s identification and presentation of identified assets, liabilities, and results of operations presented as discontinued operations in the financial statements (WSCG Transaction).