TAP Real Estate Technologies Inc (RWAX)

[TenKay]

Let's dig into that shall we?

our calculation of HUMBL’s WSCG investment value and ownership percentage is wrong. The Q2 says the company incurred a $15,621,171 loss from exchanging 83% of HoldCo ( $14mil loss) and 10% ($1.62mil loss to BRU), but your starting value and remaining balance are off:
The original WSCG investment was $17,000,000 in January, but was adjusted to $16,383,198 in June after a $616,802 WSCG’s net loss, not $16,800,000 as you claim. It is a small amount but affects your math and your thinking.

Then lets use your number for the starting value.

$16,383,198 - $15,621,171 = $762,027. That would be the REMAINING value of the HoldCo asset on the HMBL books...as you already pointed out, only to try and later gaslight that you were talking about something else when you realized what you concluded.

From an accounting perspective there is no other way to treat it. The Asset value on the books is reduced by the amount of the incurred losses stated.

Your subtraction ($16.8M - $15.62M = $1,178,829) oversimplifies things. The two exchanges (in July and Aug) indicate the remaining percent of HoldCo (1,740,999 of 24,555,556) are valued at $760,000 - book value adjusted for losses, not $1,178,829

Yes, using your lower "starting value" you get the remaining asset value of just over $760,000. You really should stick with my math...it gets you a higher asset value post transactions But the reason I think the total starting value is higher is because the larger of the two transactions has a starting value of $14,000,000/0.83 = $16,867,470.

You say that $1,178,829 is 3.4% of WSCG’s value (implying $34.67M total), but that isn't what HUMBL’s says: 7.44% stake after the 2 exchanges (48.6% reduced by 83% + 10%). The correct implied WSCG value is roughly $10.13 million ($760,000 ÷ 0.075), or $35 million pre-exchanges.

The 3.4% figure understates HUMBL’s remaining exposure by more than half.

I don't even know where to start. The value of WSCG itself is TOTALLY unaffected by any HoldCo transactions HMBL undertakes and has nothing to do with the "exchanges". I don't know how you could think that...and you are actually painting yourself into a corner that results in a very low "asset value" on Humbl's books.

Here is why. If WSCG's total value is now only $10.13 million (which would be about a $25 million drop from its it original value) it begs the question has to how did they lose $25 million? Also, if you use your 7.4% exposure to that value you get only $760,000 in the value of the HoldCo units on HMBL's books now.

I think you should take the 3.4% exposure to $34.7 million instead of the 7.4% exposure to $10.13 million. This is why I half seriously said I don't think you understand your own math. You are arguing a worse case for HMBL than I am. lol.