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HUMBL, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing revenues of $377,305, an increase from $284,368 in the same quarter the previous year. The increase is attributed to sales of merchandise from the company's marketplace.
Cost of revenues for the quarter was $349,925, compared to $208,610 in the same quarter of the previous year. This increase is due to higher marketplace costs.
The company reported a gross profit of $27,380 for the quarter, compared to $75,758 in the previous year.
Operating expenses decreased to $5,991,858 from $11,080,030, primarily due to reductions in stock-based compensation and impairment expenses.
Net loss from continuing operations for the quarter was $5,047,455, down from $12,465,923 in the previous year.
Cash used in operating activities was $1,833,961, while cash provided by financing activities was $1,744,880.
HUMBL had a working capital deficit of $1,929,470 as of September 30, 2024. The company acknowledges substantial doubt about its ability to continue as a going concern.
The filing also details various legal proceedings, including lawsuits related to shareholder derivative actions and contract disputes.
HUMBL continues to focus on its digital commerce platform and aims to improve liquidity through revenue-generating operations and consolidation of its platform.
The company has been issued a patent for a system and method for transferring currency using blockchain, which it plans to leverage in its operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the HUMBL Inc quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.