HUMBL, Inc. reported significant financial developments in its 10-Q filing for the nine months ended September 30, 2024. The company generated revenues of $377,305, marking an increase of $92,937 from $284,368 in the same period of 2023. For the third quarter alone, revenues rose to $114,107 from $86,715 year-over-year. The revenue breakdown for the nine months included $352,822 from merchandise and $18,924 from ticket sales.
Operating expenses for the nine months decreased substantially to $5,991,858 from $11,080,030 in the prior year, reflecting a reduction of $5,088,172. This decline was attributed to lower general and administrative expenses, which fell to $830,949 from $1,657,391, and a decrease in stock-based compensation expenses from $5,894,280 to $3,549,802. The company reported an operating loss of $(5,964,478) for the nine months, an improvement from $(11,004,272) in the previous year. The net loss from continuing operations before taxes was $(5,047,455), down from $(12,465,923) in 2023.
HUMBL's cash position improved, with $274,173 reported at the end of the period, compared to $109,646 a year earlier. The working capital deficit also decreased to $1,929,470 from $4,690,800 as of December 31, 2023. The company’s monthly cash burn rate was approximately $204,000, and net cash used in operating activities was $(1,833,961), a reduction from $(2,959,691) in the prior year.
Strategically, HUMBL has undergone several significant changes. The company sold its HUMBL Financial product line assets to Avrio Worldwide, receiving a 10% stake in Avrio and a revenue share agreement. Additionally, HUMBL has discontinued operations related to Tickeri and Monster Creative, reflecting a strategic shift in its business model. The company also faced legal challenges, including a settlement with BizSecure, which resulted in the issuance of 127,000,000 shares of common stock.
As of September 30, 2024, HUMBL's total assets were reported at $3,534,125, with total liabilities of $5,571,508, leading to a stockholders' deficit of $(2,037,383). The company continues to navigate challenges related to capital raising and operational sustainability amid ongoing market conditions.
About HUMBL, INC.
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