Mon, May 20, 8:23 PM (154 days ago)
HUMBL, Inc. reported a net loss of $232,022 for Q1 2024, a significant improvement from the $4,429,896 loss in Q1 2023. Revenue increased by $71,694 to $342,379, driven by merchandise sales and services from its Mexican subsidiary, Ixaya. Operating expenses decreased by $1,216,852 to $2,615,640, primarily due to lower stock-based compensation and general administrative costs. The company recorded a $2.8 million gain from the sale of HUMBL Financial assets to Avrio, contributing to other income. Cash flow from operations improved, with a net cash used of $807,565, down from $1,157,741 in Q1 2023. Despite improvements, the company faces liquidity challenges with a working capital deficit of $2,057,151 and substantial doubt about its ability to continue as a going concern. Future operations are expected to benefit from the consolidation into HUMBL.com and the Arena Football League partnership.