HUMBL Reduces Stockholders’ Deficit by over $33 Million Since the End of Calendar Year 2022

Rhea-AI Summary

HUMBL (OTC: HMBL) announced a significant reduction in its stockholders' deficit by over $33 million since the end of 2022. As of March 31, 2024, the deficit was reduced from $35,289,568 to $1,809,551. This achievement was attributed mainly to the conversion of debt into equity, cost negotiation with vendors and service providers, and streamlining the budget to reduce cash burn and operating expenses. CEO Brian Foote highlighted the company's commitment to cleaning up its balance sheet and improving financial health, emphasizing these efforts as top priorities over the past years.

Positive

• Reduction of stockholders' deficit by $33,480,017.
• Conversion of debt into equity.
• Successful negotiation with vendors and service providers.
• Streamlined budget reducing overall operating expenses and cash burn.

Negative

• Remaining stockholders' deficit of $1,809,551 as of March 31, 2024.

San Diego, California, May 21, 2024 (GLOBE NEWSWIRE) -- HUMBL, Inc. (OTC: HMBL) with the filing of its latest 10-Q, announced that it has continued to reduce its stockholders’ deficit significantly over the last five quarters.

The Company has reduced its stockholders’ deficit from ($35,289,568) as of the 10-K filing for the year ended December 31, 2022, to ($1,809,551) as of the 10-Q quarterly filing period ended March 31, 2024, a reduction of the deficit by $33,480,017.

Important factors in the reduction included the conversion of debt into equity, as well as the negotiating and streamlining of budget costs, resulting in less cash burn and a reduction of overall operating expenses.

“HUMBL continues to make measurable progress on cleaning up its balance sheet: converting debt into equity, negotiating with vendors and service providers, reducing the operating budget and improving our stockholders’ deficit number, all of which were among our top priorities over the last several years,” said Brian Foote, CEO of HUMBL.

About HUMBL

HUMBL is a digital technology platform with core product lines including the HUMBL Wallet^™, HUMBL.com and HUMBL Authentics^™.

HUMBL is built on fully-verified profiles, allowing consumers to have more trusted digital transactions, in areas like chat, payments, ticketing and merchandise sales.

HUMBL has performed digital integrations with athletes and teams from the NCAA, MLB, UFC, WNFC, NASCAR Xfinity, World Surfing, World Rugby and more.

​​Safe Harbor Statement

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by the use of the words "may," "will," "should," "plans," "expects," "anticipates," "continue," "estimates," "projects," "intends," and similar expressions. Forward-looking statements involve risks and uncertainties that could cause results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, the Company's ability to successfully execute its expanded business strategy, including by entering into definitive agreements with suppliers, commercial partners and customers; general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing various engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technical advances and delivering technological innovations, shortages in components, production delays due to performance quality issues with outsourced components, regulatory requirements and the ability to meet them, government agency rules and changes, and various other factors beyond the Company's control. Except as may be required by law, HUMBL undertakes no obligation, and does not intend, to update these forward-looking statements after the date of this release.

Company Information

HUMBL, Inc.
Email: PR@HUMBL.com
Web: HUMBL.com

FAQ

What recent financial progress has HUMBL made?

HUMBL reduced its stockholders' deficit by $33,480,017 since the end of 2022.

How did HUMBL reduce its stockholders' deficit?

HUMBL converted debt into equity, negotiated with vendors and service providers, and streamlined its budget.

What was HUMBL's stockholders' deficit as of March 31, 2024?

HUMBL's stockholders' deficit was $1,809,551 as of March 31, 2024.

What is the effect of HUMBL's debt conversion strategy?

The conversion of debt into equity significantly helped reduce HUMBL's stockholders' deficit.

What steps has HUMBL taken to reduce operating expenses?

HUMBL negotiated with vendors and service providers and streamlined its budget to reduce cash burn and operating expenses.