TAP Real Estate Reports Q1 Net Loss of $2.96M; Going Concern Doubt
TAP Real Estate Technologies, Inc. (formerly HUMBL, Inc.) reported a net loss of $2.96 million for the three months ended March 31, 2026, a significant change from a net income of $12.84 million in the prior year, which included a gain on disposal of discontinued operations. The company had no revenue from continuing operations and a cash balance of only $6,682 as of March 31, 2026. Management expressed substantial doubt about the company's ability to continue as a going concern, citing operating losses and a working capital deficit of $3.59 million. The company recently rebranded to focus on real estate asset acquisition and blockchain-enabled tokenization, securing $500,000 in initial investment capital and entering a licensing agreement with TAP, Inc.
Key Highlights
- Net loss from continuing operations was $(2,963,276) for Q1 2026, compared to $(3,985,304) for Q1 2025.
- Net loss available to common shareholders was $(2,963,276) for Q1 2026, versus $12,078,414 net income in Q1 2025.
- Cash balance stood at $6,682 as of March 31, 2026, down from $126,066 at December 31, 2025.
- Working capital deficit increased to $3,592,070 as of March 31, 2026, from $2,870,414 at December 31, 2025.
- Net cash used in operating activities increased to $(389,384) in Q1 2026 from $(298,235) in Q1 2025.
- Company rebranded to TAP Real Estate Technologies, Inc. and secured $500,000 in initial investment capital.
- Weighted average common shares outstanding increased to 55.85 billion in Q1 2026 from 35.58 billion in Q1 2025.