Humbl Inc - HMBL stock

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OTC Symbol: HMBL | OTC Tier: Pink Current

About

Humbl Inc. (OTC: HMBL) is a technology company based in the United States that provides a platform for global digital payments, mobile banking, and eCommerce services. The company was founded in 2017 and has its headquarters in Arizona. Humbl's platform enables users to conduct cross-border transactions, send and receive money, pay bills, purchase goods and services online, and more. The platform utilizes blockchain technology to provide secure and efficient transactions. Humbl also offers a mobile app called Humbl Pay, which allows users to make payments, track their transactions, and manage their finances from their mobile devices. The app is available for both iOS and Android devices. In addition to its digital payment services, Humbl has also expanded into other areas such as e-commerce, entertainment, and transportation. For example, the company has partnered with music labels to offer streaming services, and with ride-sharing companies to provide payment options for their services.

HMBL, as it currently operates, was formed by a merger of Tesoro Enterprises, Inc. and HUMBL, LLC annouced in November of 2020. At the time, Tesoro was trading on the TTC Pink exchange under the ticker TSNP. The owners of HUMBL received preferrend shares of Tesoro. The surviving entity was renamed HUMBL, Inc. and the ticker symbol was eventually changed to HMBL. HUMBL Managing Member and Founder Brian M. Foote was apponted to the position of President by the Board of Directors. Henry Boucher, former President of Tesoro, did not take a position with the merged organization.

Products

Humbl's premier product is the HUMBL Pay app which is currently available from Google Play and iPhone App Store.

The company previously offered a number of blockchain ETXs which could be purchased on their website. However, the company has suspended these products. In a statement released on February 14, 2022, HUMBL CEO, Brian Foote said, "We do not believe that our non-custodial, algorithmically driven, software-as-a-service BLOCK ETX subscription products are securities, nor that the underlying digital assets are securities...However, after additional dialogue with the SEC surrounding our S-1 filing, we’ve determined this is the best path forward in the approval process.”

The HUMBL Marketplace sells event tickets, NFT's, and a variety of consumer products.

Hindenburg Research Report

In May 2021 Hinderburg Research issued a report titled "Illusions of Grandeur, Collapsing International Deals, And Lurking Dilution". As the title indicates, the report was highly negative. Hindenburg Research, which is a research firm that specializes in uncovering fraudulent or overhyped companies. The report raises concerns about Humbl Inc., alleging that the company has made false and misleading statements to investors about its financial performance, partnerships, and technology.

According to the report, Humbl's financial statements are inconsistent and raise questions about the company's revenue and profitability. The report also suggests that Humbl has exaggerated the extent of its partnerships and the capabilities of its technology. Furthermore, the report alleges that Humbl has engaged in deceptive practices to promote its stock, including paying for promotional articles and using fake social media accounts to generate buzz.

It is important to note that the report is based on the findings of Hindenburg Research, which may have its own biases and motivations. It is also important to consider additional sources of information and conduct further research before making any investment decisions. Humbl has responded to the report, stating that it believes the allegations are false and misleading, and that it will defend itself against any false claims or allegations.

Financial Performance

2022

For the year ending 12/31/2022, total revenue was $2,768,000 and net income was ($41,187,000). Cash at year end was $616,000 and current liabilities were $30,258,000.

2021

For the year ending 12/31/2021, total revenue was $1,372,000 and net income was ($49,656,000). Cash at year end was $3,173,000 and current liabilities were $24,842,000.