Tap Real Estate Technologies, Inc. (formerly HUMBL, Inc.) filed its Form 10-Q for the quarterly period ended September 30, 2026 with the SEC on November 12, 2026, reporting a net loss of $5,821,491 for the nine months ended September 30, 2026.

Key Highlights

  • Nine-month net loss: The company reported a net loss of $5,821,491 for the nine months ended September 30, 2026, compared to a net loss of $7,053,580 for the same period in 2025.
  • Q3 net loss: For the three months ended September 30, 2026, the net loss was $1,309,225, compared to $17,076,996 for the same quarter in 2025.
  • Revenue emerged: The company reported revenues of $60,982 for both the nine-month and three-month periods ended September 30, 2026, compared to $0 in the corresponding 2025 periods.
  • Accumulated deficit: The accumulated deficit stood at $140,631,700 as of September 30, 2026, up from $134,810,209 as of December 31, 2025.
  • Shares outstanding: Common shares outstanding reached 64,035,618,371 as of November 12, 2026, up from 53,618,782,943 as of December 31, 2025.
  • Total stockholders' deficit: Total stockholders' deficit was $(3,371,757) as of September 30, 2026, compared to $(2,870,414) as of December 31, 2025.
  • New investments: The balance sheet reflected a new Investment in Alpenhaus Resort, LLC of $250,000 and a new License fees - related party non-current asset of $700,000, neither of which appeared as of December 31, 2025.

Tap Real Estate Technologies Reports First Revenue and Widening Deficit in September 2026 Quarter

According to the filing, Tap Real Estate Technologies, Inc. (OTCID:RWAX), formerly known as HUMBL, Inc., reported revenues of $60,982 for both the nine-month and three-month periods ended September 30, 2026, marking the company's first recorded revenues in the comparable periods, as the prior-year figures showed $0. Cost of revenues was reported as $733, yielding a gross profit of $60,249. Total operating expenses for the nine months ended September 30, 2026 were $3,287,412, driven by general and administrative expenses of $2,797,549, professional fees of $389,593, and development costs of $100,270, resulting in an operating loss of $3,227,163.

Non-operating items added further losses during the nine-month period, the company disclosed, including amortization of debt discounts of $963,373, derivative expense of $788,504, a loss on exchange of investment of $619,528, and a loss on conversion of convertible notes payable of $720,726, partially offset by a change in fair value of derivative liability of $596,390. Total non-operating expense for the nine months was $(2,594,328), bringing the net loss from continuing operations to $(5,821,491). No provision for income taxes was recorded, according to the filing.

On the balance sheet, the company disclosed total assets of $1,754,476 as of September 30, 2026, against total liabilities of $5,126,233, which included current portion of convertible notes payable, net of discount, of $2,278,696 and derivative liabilities of $1,258,755. Cash stood at $61,056, down from $126,066 at December 31, 2025. The common stock authorized was reported as 85,000,000,000 shares. The company is classified as a non-accelerated filer, smaller reporting company, and emerging growth company, and is not a shell company, according to the filing.

What Was Disclosed

Tap Real Estate Technologies filed its unaudited quarterly report covering the period ended September 30, 2026, disclosing a nine-month net loss of $5,821,491, first-time revenues of $60,982, an accumulated deficit of $140,631,700, and a total stockholders' deficit of $(3,371,757).