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Replies to post #145388 on TAP Real Estate Technologies Inc (RWAX)
05/30/25 10:52 PM
And revenue is ZERO for two years now... Profits are an impossibility.
GOING CONCERN WARNING:
Liquidity and Capital Resources
Liquidity is the ability of a company to generate funds to support its current and future operations, satisfy its obligations, and otherwise operate on an ongoing basis. Significant factors in the management of liquidity are funds generated by operations, levels of accounts receivable and accounts payable and capital expenditures.
As of December 31, 2024, we had $20,487 in cash. During the last two years we built our platform and grew our operations by acquiring companies to support what we have just recently consolidated into HUMBL.com. The acquisitions increased our debt and our common shares issued as we spent very little cash in these acquisitions. The impact of COVID-19, supply chain issues, challenges in the cryptocurrency market and recent bank failures have had a minimal impact on the Company’s operations.
We had a working capital deficit of $23,693,753 and $4,690,800 as of December 31, 2024 and 2023, respectively. The majority of our current liabilities are in the form of long-term debt and notes payable, and accounts payable and accrued expenses. The decrease in working capital is the direct result of reductions of notes payable, accrued interest and accrued expenses as well as the change in the contingent consideration. 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. As a result of the operating losses and working capital deficit, management has determined that there is substantial doubt about the Company’s ability to continue as a going concern.
As of the date of this annual report, we have one full-time employee.
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
Since December 31, 2020, we have engaged in the following transactions in an amount that exceeds $120,000 with our directors, executive officers, holders of more than 5% of our voting securities, and affiliates or immediately family members of our directors, executive officers and holders of more than 5% of our voting securities, and our co-founders. We believe that all of these transactions were on terms as favorable as could have been obtained from unrelated third parties.
Since February 2, 2022, we have entered into five loan transactions with Sartorii, LLC, an entity owned by our former CEO Brian Foote’s parents. All of these previous outstanding loans from Sartorii, LLC were subsequently exchanged for 8,775 shares of Series C Preferred Stock of the Company. All transactions were made at arm’s length and approved by the disinterested directors. We have a new loan with Sartorii, LLC in the amount of $353,000 that is still outstanding as of December 31, 2024.
Pasquinelli et al v. Humbl, LLC. et al
Delaware District Court
Judge: Jennifer L Hall
Case #: 1:23-cv-00743
Nature of Suit 850 Other Statutes - Securities/Commodities/Exchange
Cause 15:78m(a) Securities Exchange Act
95 pgs cmp Complaint - Amended Thu 04/10 4:22 PM
Second AMENDED Class Action Complaint for Violation of the Federal Securities Laws against Brian Foote, Karen Garcia, Jeffrey Hinshaw, Humbl, LLC., Michele Rivera, George Sharp, BF Borgers CPA, PC - filed by Alfred Miller, Matt Pasquinelli.(Alderson, Paige) Modified on 4/10/2025 (ceg)
SEC Charges Audit Firm BF Borgers and Its Owner with Massive Fraud
Washington D.C., May 3, 2024 —
The Securities and Exchange Commission today charged audit firm BF Borgers CPA PC and its owner, Benjamin F. Borgers (together, “Respondents”), with deliberate and systemic failures to comply with Public Company Accounting Oversight Board (PCAOB) standards
The SEC also charged the Respondents with falsely representing to their clients that the firm’s work would comply with PCAOB standards; fabricating audit documentation to make it appear that the firm’s work did comply with PCAOB standards; and falsely stating in audit reports public company SEC filings that the firm’s audits complied with PCAOB standards.
To settle the SEC’s charges, BF Borgers agreed to pay a $12 million civil penalty, and Benjamin Borgers agreed to pay a $2 million civil penalty. Both Respondents also agreed to permanent suspensions from appearing and practicing before the Commission as accountants, effective immediately.
“Ben Borgers and his audit firm, BF Borgers, were responsible for one of the largest wholesale failures by gatekeepers in our financial markets,” said Gurbir S. Grewal, Director of the SEC’s Division of Enforcement.
$HMBL will be a holding company which includes $20M in Magnesium Silicate, WSCG Equity, Nuburu shares issued as a dividend, and whatever else Thiago negotiates, but call it what you want on the chat board specifics, but it won’t be HUMBL, Inc.
Actually it's been that way for quite some time, newcomer...
Kinda happens when you fleece thousands of people before this new promotional blitz.
PacerMonitor
https://www.pacermonitor.com › filings › DMKDTIMQ
Merida_Capital_Partners_III_LP..v Liqueous, Fernane et al
... Jacob Fernane, Pacific Lion LLC, Liqueous LP, "ABC Corp." and "John Does 1-3" Jacob Fernane 18975 Collins Ave Unit 801 Sunny Isles Beach, FL 33160-2344 Joshua K ...
1
1 From FOOTE BRIAN STATE OF CALIFORNIA FRANCHISE TAX BOARD 2023-0229614 08/23/2023 NOTICE OF STATE TAX LIEN OR
2
1 From FOOTE BRIAN INTERNAL REVENUE SERVICE 2025-0032477 02/07/2025 NOTICE OF FEDERAL TAX LIEN OR
YBYRA DE-LISTED
YBYRA S/A (YBRA) - Cancellation of Listing
YBYRA S/A (YBRA) Cancellation of Listing On January 24, 2024, B3 cancelled the listing of this company under the terms of art. 65, item IV, and art. 70, sole paragraph, of the Issuers Regulation ("Regulation"), in view of the non-compliance with the requirements set forth in the Regulation. Note: As of January 24, 2024, the securities issued by this company will no longer be traded on B3.
AI
