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TAP Real Estate Technologies, Inc. (formerly HUMBL, Inc.) filed its annual report outlining a full pivot from fintech into blockchain-enabled real estate tokenization and asset ownership. The company sold essentially all prior HUMBL assets to TAP, Inc. and now plans to acquire, manage and tokenize real estate using licensed TAP technology.
The new model is backed by an initial $500,000 investment but the business remains pre-revenue, with 2025 net loss from continuing operations of $(32,773,081) and an accumulated deficit of $(134,810,209) as of December 31, 2025. Liquidity is tight, with cash of $126,066 and a working capital deficit, and management explicitly notes substantial doubt about continuing as a going concern.
Key 2025 items include a $(20,000,000) loss on disposal of magnesium silicate minerals tied to the short-lived FinCapital acquisition, complex preferred stock and control changes that were later unwound, and heavy reliance on a short-term, negotiable license from TAP, Inc. for the core tokenization platform. Non-affiliate common stock had a market value of $13,171,807 as of June 30, 2025, and there were 56,743,782,943 common shares outstanding as of March 31, 2026.
TAP Real Estate Technologies, Inc. entered into an Option to Purchase Agreement on March 24, 2026 with Wasatch Springs Management Holdings, LLC for the potential acquisition of the Zermatt Resort in Midway, Utah. The company paid $250,000 for a 60-day option to buy the resort.
During the option period, TAP Real Estate Technologies will assume operational control of the resort, perform due diligence on the property and operations, negotiate with existing creditors and debtholders, pursue capital raising discussions with its funding sources, and advance preliminary renovation plans. Exercising the option would lead to a purchase at the appraised value minus any debt the company assumes, or another price mutually agreed, with the $250,000 credited toward the purchase price.
The decision to exercise the option depends on completing due diligence, successful restructuring talks with Wasatch Springs and creditors, capital raising efforts, and initial renovation planning. If the company proceeds, it intends to operate and renovate the resort.