The statement “48.6% of USD17 Million is USD8.2 Million” is based on a fundamental misreading of the 10-Q. The 48.6% does not represent a fraction of $17 million, it represents the ownership percentage of WSCG that HUMBL holds through HoldCo. The $17 million is the implied value of HoldCo’s ownership stake in WSCG after the updated cap table that removed real estate and repositioned WSCG as a technology company.
Here’s what the 10-Q actually says:
“The value of the HoldCo Units held by the Company at the time of the acquisition by WSCG is $17,000,000 based on the percentage that HoldCo owns in WSCG based on the last valuation of WSCG.”
So, let’s break that down:
HUMBL owns 100% of HoldCo. HoldCo owns 48.6% of WSCG. The implied value of HoldCo’s equity in WSCG (i.e., 48.6%) is $17 million. Therefore, the implied valuation of WSCG is about $35 million ($17M ÷ 0.486=$35M)
What This Means:
The 48.6% is not 48.6% of $17 million. Rather, the $17 million is 48.6% of WSCG’s implied value. There’s no logical basis for taking 48.6% of $17M and claiming that’s the correct framing. That flips the relationship entirely backward.
On the Real Estate and “Goosing the Value”:
Yes, the 10-Q clearly states:
“The Company agreed that WSCG would not contribute any real estate assets and WSCG would be solely a technology company in exchange for a larger percentage of WSCG owned by the Company through HoldCo.”
So rather than reducing the total pie, the equity split was rebalanced to compensate for the removal of real estate. That means HUMBL’s HoldCo received a larger slice of a potentially smaller or more focused pie with WSCG as a tech-only entity, not an artificial boost in valuation.
Market Data 
Markets 
AI
