HUMBL BEGINNINGS
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According to a November 12 press release:
“The HUMBL network was designed to disrupt entrenched regional banks, wire services and roadside finance providers in emerging markets such as Latin America, Caribbean, Asia and Africa to help reduce costs and improve settlement speeds for customers.”
“HUMBL has designed a mobile wallet (HUMBL®) and merchant software (HUMBL Hubs™), that help primarily cash economies migrate to digital money services.”
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In CEO Brian Foote’s own words:
“We didn’t build HUMBL for the 450 million digital customers using Apple Pay, but for the 7 billion people for whom money has a totally different set of global pathways, access points and cost structures.”
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In subsequent investor webinars Foote outlined a company roadmap that would see a disruptive peer-to-peer application launch in Q2 2021, a curated NFT marketplace that teased professional athletes such as Johnny Cueto and Nelson Cruz, and collaborative efforts with one of the top sports agencies in the world, Athletes First.
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As far back as May 5, 2019 Foote was on record saying:
“On a very personal level, I wanted to help people 40 and under (myself included) have a chance to ‘buy in’ on the front-end of a new hybrid investment, technology and trading market, while improving investor education and protections as that market evolved.”
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Needless to say, investors felt they had found the “unicorn of all unicorns,” a phrase later used by Charles Payne when he interviewed Foote on Fox’s Making Money.
Brian Foote appeared to be a man of the people, providing the little guys with the opportunity for generational wealth.
In late January Humbl launched a multi-city digital billboard campaign celebrating the imminent launch of their disruptive application. The stock "mooned" in early February.
CORPORATE ACTIONS
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On February 24th, HUMBL's financial advisor, George Sharp, teased on Twitter:
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“Ring out the bells and let the banners fly! FINRA will process TSNP’s corporate actions on Friday #HUMBL #yay”
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Most believed this tweet to mean that Humbl would finally receive its new ticker symbol (HMBL), but “corporate actions” turned out to be a euphemism for a pending reverse-split and the clandestine creation of a new set of Series B Preferred Shares that would make Foote and friends rich beyond their wildest dreams while leaving retail investors holding a bag.
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The details of the B shares were not released to retail investors during the February 26th Investor Call, but were quietly included in the audited year-end financials, nearly 2 months after the R/S. There was ZERO transparency on this issue with retail shareholders about this major restructuring of the stock.
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Unscrupulous corporate behavior isn’t uncommon in the OTC, but it did come as a shock to ardent believers in Foote when it was revealed that "HUMBL quietly issued preferred shares convertible into 5.54 billion common shares to insiders and family members, setting retail investors up for total annihilation when those shares unlock and become available for sale.”
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Foote had effectively made himself a paper billionaire before ever having delivered a product.
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Although the stock price began to nosedive, Humbl longs believed the ship would ultimately be righted by Foote with the delivery of their disruptive flagship application, HumblPay.
APP LAUNCH
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On April 16th, Brian Foote tweeted:
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“Proud to launch the base layers of this product at 2 PST. Goal is to build a seamless #HUMBL mobile app that you can use anywhere in the digital economy.”
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This was followed by a tweet that confirmed:
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“We have now obtained the necessary banking relationships to build Peer-to-Peer (P2P) and will be working to implement across the world, once we are done with these phased rollouts of merchant countries.”
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Investors raced to their respective app stores to download the much-awaited HumblPay, only to discover a glitchy product populated with inactive merchants, which was odd because Foote vividly described his "Mexico Sales Team" as having signed up 300 merchants in 3 days during the December 10th Investor Call.
Even more troubling was the discovery that the underlying technology was powered by Stripe’s API software solution. Certainly, this wasn’t the application that would change the way money moved for 7 billion people across the globe.
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The realization that Humbl was merely white-labeling 3rd party services and attempting to bundle them into what they described as a “super app,” would become evident in further product releases.
P2P DELAYED
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As the end of Q2 approached, P2P was quietly removed from the company roadmap on Humblpay.com. Foote appeared to admonish concerned investors that spoke up on social media during the June 30th investor call, stating that:
"Everybody just seems to have learned that acronym (P2P) in the last 3 weeks”
Foote further emphasized that the company could be derailed by “billions of dollars of fines” if they weren’t cautious about compliance.
Foote said:
“I’m not going to just plow through the crosswalk if there’s a red sign.”
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Fair enough. Perhaps P2P would have to wait.
NFT MARKETPLACE & TICKETING
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The company’s focus began to shift to the launch of Humbl’s NFT Gallery and Ticketing verticals. The HUMBL NFT Gallery launched on September 7th and HUMBL Ticketing shortly thereafter on September 16th. Both products were built by 3rd party developer Kellton Tech using APIs from OpenSea for the NFT Gallery, and a ticketing syndication database provided by Ticket Evolution.
Once again, Humbl had delivered what appeared to be 3rd party products wrapped in a Humbl label.
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Users on StockTwits were quick to point out that the NFT Gallery’s site architecture was absent of basic SEO naming conventions; a necessary feature for long-term organic user growth. It’s difficult to believe that a company on the bleeding edge of blockchain would overlook building-in rudimentary search engine optimization.
Although many of the NFTs at the launch were very good, notably absent were any NFTs from the professional athletes and Olympians that Humbl had PR’d over the summer. There was also no mention of the collaboration with Athletes First during the June 30th conference call, leading many to speculate at what point these relationships would bear fruit.
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At launch, HUMBL Ticketing offered lower fees than competitors running the same data syndication. However, organic site visitors may be nominal because Google does not appear to be indexing their web pages, possibly due to the content being duplicated elsewhere. In order for ticketing to be profitable, Humbl will likely need to incur marketing expenses, which could result in them raising ticket prices.
BLOCKS
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Anyone that has performed a modicum of due diligence on Brian Foote knows that he was the CEO of Block30, a company that was absorbed into Humbl at a cost of 249,707 Series B Preferred Shares, according to financials. What is unclear today is what exactly Humbl acquired from Block30, as Humbl appears to be building everything from the ground up - or rather, white-labeling from the ground up.
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Brian Foote launched Blocks DAO in October 2020, which aims to migrate traditional industries onto the blockchain. In a recent tweet Foote differentiated the companies as such:
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#HUMBL: Public company, focused on consumer packaging of blockchain
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#BLOCKS: Autonomous, decentralized blockchain network out of Wyoming
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This statement suggests that Humbl isn’t actually a blockchain company, but a branding wrapper around multiple traditional business verticals that may at some point employ blockchain via BLOCKS. This is very confusing, as Humbl has many times brought up their blockchain patent applications.
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If Humbl is not the beneficiary of the Block30 technology and rather BLOCKS DAO retains that IP to monetize separately, it begs the question:
What did Humbl investors pay for?
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BLOCKS launched a token sale in October, which supposedly will power Humbl’s “network,” however, the two entities maintain that they are unrelated and simply collaborating.
PREFERRED B SHARES
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Brian Foote has dismissed the potential dilution of the HMBL stock through the conversion of B shares as “FUD” on numerous occasions.
Foote has adamantly defended B holders, although he has never offered an explanation for the 1:10,000 conversion ratio that made himself a paper billionaire and his family and associates multi-millionaires regardless of the company’s outcome. He has also never addressed the nature in which retail shareholders discovered the details of the B shares, 2 months after their issuance was made known through the 2020 year-end financials statement.
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Despite Foote having disregarded the issue since it arose in late February, he did feel compelled to create a lockup proposal via a tweet on October 25th. The proposal limits the conversion of B shares as such:
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A maximum of 5% in December 2021
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A maximum of 5% in January 2022
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A maximum of 3% in February 2022 - May 2023
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Sounds great, however, when you crunch the numbers even a 5% conversion of B shares exceeds the recent monthly trading volume of HMBL. If the minimum number of shares were to convert there wouldn’t be enough buyers, ultimately collapsing the share price.
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Is it odd that Foote spent the better part of a year ignoring dilution fears only to acknowledge them as a potential issue in late October with the December 3rd lockup period nearing?
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It should be noted that although Foote has brought out his “A+ CEO scorecard” in past Investor Calls and claims to have his personal shares locked through 2022, the Stephen L and Sandra M Foote Revocable Trust have 33,561 Preferred B shares with limited restrictions. The gesture of locking his personal shares seems somewhat disingenuous in light of that fact. Even at pennies, these shares may be worth tens of millions.
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There is also the wild card of Mark Grado, the absentee co-founder of Humbl that is reported to not have spoken to Brian Foote in years and who owns 56,079 Series B Shares (560,790,000 common shares as converted). Grado alone could dilute the float by nearly 10% should he decide to take a minimum draw.
HUMBL WALLET & P2P APP UPDATE
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On Friday, November 5th Humbl announced the only substantive app update since its launch in April: Humbl Wallet with P2P… powered by 3rd party provider Wyre.
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After a year of teasing a disruptive technology, Humbl finally unveiled the white-labeled product that would change the world.
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Humbl Senior Product Manager Adrian Torroella-Cruz tweeted:
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“Fun Easter Egg: Sending crypto between HUMBL wallets costs ZERO in gas fees”
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For those unfamiliar with the Wyre API, all wallet-to-wallet transactions within the Wyre ecosystem are gasless, so this isn’t a feature unique to Humbl.
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Going back to the beginning of this article and the press release from 1 year ago on November 12th:
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“HUMBL has designed a mobile wallet (HUMBL®) and merchant software (HUMBL Hubs™), that help primarily cash economies migrate to digital money services.”
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After a year in the making:
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The Humbl mobile wallet is a just white-labeled Wyre,
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The merchant software is a white-labeled Stripe
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And P2P is a wallet-to-wallet cryptocurrency.
​Q3 FINANCIALS
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Although third-quarter financials were not anticipated to be mind-blowing, the realization that the company had only earned revenues of 1.56 million YTD was still a gut punch to investors.
In a previous investor call Brian Foote threw out a target number of $100,000,000 in top-line revenue by EOY, likely a number he knew investors needed to hear to stay onboard. Although seemingly ridiculous, Foote almost made it sound likely.​​
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In addition to the worse-than-expected performance from the actual company was the shocking amount of stock used for celebrity "consultants." Among these were:
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Former Backstreet Boy Nick Carter: 1,000,000 common shares
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Glushon Sports Management: 225,000 common shares
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Country music artist Dustin Lynch, who performed at Humbl's Shareholder Concert: 400,000 common shares
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*It should be noted that Sherwood Strauss alleges that a consortium of NBA players all invested in a crypto pump & dump called HUMBL. Coincidentally, all the players are repped by the same player - Jason Glushon
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The social media activity around Humbl in the first half of 2020 was enough to get the attention of Fox Business personality Rob Luna, who appeared on the same segment of Making Money with Charles Payne when Brian Foote was interviewed.
The Humbl fanatics on Twitter enthusiastically petitioned Luna to investigate the happenings at Humbl HQ.
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Luna, enamored by the adoration of the Humbl Nation, agreed to report on Humbl as a supposed advocate for retail shareholders. Unfortunately, Luna never returned with an honest assessment of the company. Rather, his date with Brian Foote resulted in him taking on a new "consultant" role at the company.
Q3 financials would confirm the cost of Luna's services to be 500,000 common shares. It has been speculated that Luna took the position as a consultant to avoid having to pull the curtain on Humbl's bloated market cap and lack of development.
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Rob Luna - Official Statement Regarding HUMBL And Further Communication:
"Due to confidentiality and legal restrictions, I am unable to comment on HUMBL stock in any capacity during the terms of my consulting agreement with the company.
Over the past few weeks in working with HUMBL’s legal and compliance departments, it was determined that I will be unable to provide any public report due to my knowledge of non-public information.
Thank you,
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Rob Luna"
Alleged Material Misrepresentations
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Material misrepresentation is the act of intentional hiding or fabrication of a material fact which, if known to the other party, could have terminated, or significantly altered the basis of, a contract, deal, or transaction. It is a misrepresentation that would be likely to induce a reasonable person to manifest his assent, or that the maker knows would be likely to induce the recipient to do so.
November 12, 2020 Press Release
HUMBL has designed a mobile wallet (HUMBL®) and merchant software (HUMBL Hubs™), that help primarily cash economies migrate to digital money services across key vertical markets, such as: government, banking, wireless carriers and merchant services. HUMBL’s global money platform will deliver up to 50% estimated savings on transactions such as: sending, receiving, lending, borrowing, investing money and paying bills.
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The November 12th Press Release misrepresented the readiness of the product. Humbl did not have any proprietary tech to support the claims made in this press release, and they possibly used the word "designed" rather than "developed" to obfuscate the fact that they were white-labeling a third party API from Stripe.
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The November 12th Press Release and company website misrepresented "The Team," as many of the names and faces used in materials to solicit investment were not deeply involved in the actual company and many were notably absent in future iterations of "The Team."
November 19, 2020 Press Release
The November 12th Press Release:
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"The partnership will utilize the full technology stack of HUMBL products including the HUMBL® and HUMBL Hubs® applications, to deliver faster, less expensive payment and financial services gateways between the USA and Latin America."
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The headline and use of the word "partnership" may have exaggerated the significance of the business relationship, as Humbl is likely to have only signed on to work with the BEXS Payment Solutions API, which is open to many third party developers.
Use of the the phrase "full technology stack of Humbl products" may have also been an exaggeration, as there is little evidence Humbl had any functional proprietary tech at the time of this PR.
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In October 2020, nearly a year after this partnership was teased, Brian Foote tweeted:
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"Great to meet up with #BEXS at #Money2020USA. The global COVID-19 pandemic has been so challenging on international partnerships."
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The tweet is accompanied with a photo of Foote and BEXS employees at the Money 20/20 Conference, which appears open to anyone with money for a ticket to attend. The tweet appears to blame Covid-19 for the lack of progress with BEXS, despite eased travel restrictions over the past year and that API development generally doesn't require in-person meetings.
December 1, 2020 Press Release
Per the December 1st Press Release:
HUMBL® Mobile App and HUMBL Hubs™ Merchant Solutions Deliver Successful Pilot Transactions Between United States and Mexico
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According to the PR:
"The event was recorded during the production of a HUMBL brand video in the Baja California border region over the weekend."
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"HUMBL commissioned a video crew to walk-through the variety of market problems that it is addressing with its design of HUMBL® mobile wallet and HUMBL Hubs™ merchant solutions in the United States and Baja California, Mexico."
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"In the HUMBL brand video, beta testers are seen transacting within the HUMBL® mobile wallet to digitally send, receive and exchange currencies across the border; as well as paying, tipping and transacting with merchants."
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"In addition, HUMBL® showcases financial technologies such as USD Stablecoins, which enable Latin American customers to avoid domestic currency fluctuations, by holding their money in US dollars on the blockchain in the HUMBL® mobile wallet."
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"The company also demonstrated its HUMBL Hubs™ Point of Sale (POS) solutions for merchants in Mexico, designed to assist millions of 'Cash Only' Latin American merchants with a seamless migration to the digital economy."
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Given that the subsequent release of the HumblPay app in April did not feature any proprietary technology, nor what Humbl would later call the "Humbl Mobile Wallet" or stablecoins, this PR and the accompanying brand video (HUMBL: A Borderless Day in Baja) appears to have again misrepresented the readiness (or even the existence) of the product.
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Also included in the PR:
"The HUMBL website features global brand videos, product tours, market research, white papers and network architecture at www.HUMBLpay.com"
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One such white paper for Humbl Financial found at HumblPay.com contained a piece of information that really got investors excited, but has since been proven to be untrue:
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"BLOCK Indexes are already in use in the global markets, and The BLOCKS Team will be making an announcement in Calendar Year 2021, regarding a signed partnership between one of the world’s most prominent indexing firms, headquartered in the United States, with indexes and financial products that have appeared on networks like CNBC, Fox Business, Bloomberg and in areas ranging from online retail, to solar, batteries, mining, industrials and blockchain."
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Investors seeking to perform due-diligence were directed to misinformation that may have led them to invest and/or hold their investment in Humbl causing financial loss.
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December 10th, 2020 Investor Presentation
Brian Foote describes application features ready for launch that were not present when the app was released 4 months later, and some of which are still not available in the app.
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Per Foote:
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"So I'm a shareholder, what do you guys have built right now? Right now we have in the barn we have Send Money, Request Money, Receive Money, Exchange Money, Stablecoins..."
January 2020: "Pumping" the Stock with Digital Billboards
Brian Foote may have intentionally misled investors through the use of a multi-city digital billboard campaign that suggested the application described in previous PR's and Investor Calls was ready for launch.
March 20, 2020 Press Release
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HUMBL® Partners With Digital India Payments (DIPL) To Enter India Market
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According to the PR:
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"Varying by location, HUMBL Hubs® will be offering walk-in services to customers, such as cash pickup, foreign exchange, fair lending, bill payments, pre-paid cards, store credits, travel bookings, internet and cell phone minutes from local merchant ("agent") locations."
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"HUMBL Hubs® agents will perform these services via HUMBL® Mobile Pay and HUMBL® POS Tablet products, across a network of 30,000 trusted, highly trained DIPL retail locations, in a variety of urban and rural connectivity settings across the region."
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"HUMBL® is doing to global financial services what UBER® did to the local taxi markets," said Hari Prasath, Managing Director of DIPL. "Delivering high quality financial services by pairing local consumers and merchants together through mobile technology, anywhere in the world."
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Given that no further discussion or progress has been made by Humbl and DIPL, this PR appears to have been misleading as to the extent of the business development.
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Using the quote from the managing director of DIPL to compare HUMBL with UBER may have been a gross exaggeration of Humbl's technology.
Misrepresenting the Value and/or Ownership of BLOCK30 Intellectual Property
Humbl supposedly acquired ALL of the intellectual property from Brian Foote's previous endeavor BLOCK30 Labs, however, there is no evidence that this tech was deployed in any of Humbl's product lines. Suspiciously, Brian Foote later created BLOCKS DAO, an entity that appears to be commingled with Humbl and may be re-purposing the BLOCK30 IP (HUMBL's IP) to monetize separately from Humbl.
RECENT NEWS & OPINION
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Forwardly Arranges for $2 Million in Non-Dilutive Debt Financing; Will Commence Exercising HUMBL Warrants & ​ George Sharp Returns to HUMBL As Capital Markets Advisor ​
​There were a couple of cleverly-worded press releases pre-market on Friday November 19th from Forwardly and Humbl. Well aware that the two entities are inextricably tied, Forwardly may have been thoughtful to include a semicolon between "Non-Dilutive Debt-Financing" and "Will Commence Exercising Humbl Warrants."
For those unaware, on November 23, 2020 Forwardly and HUMBL entered into a Warrant Purchase Agreement. Pursuant to the agreement, the Company paid $200,000 to purchase 125,000,000 warrants of HUMBL at an exercise price of $0.20 per share. To put this in perspective, for each penny above $0.20 these warrants are worth in excess of $1,000,000. Is it any wonder "The Beatles are back together?"
Whereas the "debt-financing" may be non-dilutive, according to Investopedia:
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​​"Warrants ARE dilutive. When an investor exercises their warrant, they receive newly issued stock, rather than already-outstanding stock."
Forwardly's PR goes on to state:
​​"Forwardly will be unable to sell these shares until they are registered with the SEC, and the company has no intention of disposing of any stock at depreciated values."
While neither Forwardly or Sharp attempted to define what a "depreciated value" is, perhaps we should assume anything below $0.20?​
And as far a needing to register the shares with the SEC, ​a seemingly knowledgeable individual from the interwebs posted:
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​"Let me explain. While registering stock with the SEC is one way to get it free trading…IT IS NOT THE ONLY WAY. The stock will be eligible for an EXEMPTION from registration come December 3, 2021 when the “holding period” exemption under Rule 144 becomes available to that stock. George leaves that out.​"​​
Humbl's recent Q3 financial statements indicated that they had terminated their Equity Finance Agreement with Brighton Capital. According to an April 14th Press Release:
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"Brighton Capital agreed to purchase up to $50,000,000 of HUMBL common stock. If HUMBL elects to cause Brighton Capital to purchase shares, the shares will be purchased at a 20% discount. HUMBL will have the right to cause Brighton Capital to purchase shares under the agreement following the effectiveness of an S-1 Registration Statement"
In response to the termination of their EFA with Brighton, Humbl CEO Brian Foote recently tweeted that:
"​​(We) are working on additional funding for the company that does not involve highly dilutive debt-instruments.​"​
Apparently the deal with Forwardly to access $2,000,000 ​via warrants ​is more favorable and less dilutive than the EFA they had with Brighton?
The HUMBL PR​ was marginally less brazen in its attempt to confuse readers, teasing once again an uplisting to NASDAQ. ​To his credit, ​in paragraph 4​ Foote ​reigned it in a bit by stating​:
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“A NASDAQ listing will not be achieved in the short term and is by no means assured. There are many steps to contemplate, and we will provide updates only when appropriate.​"​
THE CURIOUS CASE OF BRIGHTON CAPITAL
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While Humbl's recent Q3 financial statement indicated that the $50 Million Equity Financing Agreement with Brighton Capital had been terminated, perhaps a more interesting piece of information comes from the disclosure in the S-1 filing that Brian Foote’s parents, sister and cousin own approximately 26.67% of the investor interest in Brighton Capital.
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According to the S-1:
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​Lucas Hales is the Manager of Brighton Capital Partners, LLC and may be deemed to have voting and investment power over the shares. The address of Brighton Capital is 3500 San Mateo Court, Austin, Texas 78738, Attention: Lucas Hales, Manager. Brighton Capital is not a licensed broker dealer or an affiliate of a licensed broker dealer.
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The Texas Secretary of State website indicates that Brighton Capital Partners, LLC was registered on March, 24 2021 - just 3 weeks before Humbl issued the PR about the EFA. The address of the LLC is a residential property, owned by Hales.
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Most investors attempting to perform their DD in April made the assumption that Brighton Capital Partners was an established firm, likely the first Google search result for "Brighton Capital Partners."
Had shareholders been made aware that Brighton Capital Partners was a new legal entity composed of several Foote family members with (apparently) the singular purpose of issuing the aforementioned press release, would that information have been deemed a red flag? Did Brighton even have the capacity to buy 50M in shares?
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On November 10th Brian Foote tweeted:
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"​​(We) are working on additional funding for the company that does not involve highly dilutive debt-instruments.​"​
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While Foote seems to imply that the termination of the EFA with Brighton was a unilateral decision made by Humbl, subsequently tapping into George Sharp's warrants with Forwardly for a measly $2,000,000 in funding doesn't appear to corroborate Humbl's intent to spare shareholders by avoiding "highly dilutive debt-instruments."
ARE BRIAN FOOTE'S MOST STRATEGIC COLLABORATIONS WITH HIMSELF?
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If you perform a search for "Latin America Blockchain Accelerator (LABS)" or "Laboratorio de Blockchain Latinoamericano (LABS)", you won't find many results. That's because Brian Foote appears to have just formed the organization in the past 24 hours.
According to a Globe Newswire PR that indexed about an hour after Brian Foote tweeted about the relationship:
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"At a private event at The W Hotel in Santiago, Chile, the formation of the Laboratorio de Blockchain Latinoamericano (“LABS”) for the accelerated recruitment of blockchain technologists and development projects in Latin America was formally announced."
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Once again, Brian Foote appears to be celebrating another newly formed "global" business relationship... with himself.
Try to follow along:
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Brian Foote was the CEO of Block30 Labs, a now defunct "blockchain" company
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Brian Foote is the current CEO of Humbl, a publicly-traded company on the OTC that purchased all of the Block30 Labs IP with stock in early 2021
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Brian Foote is the Founder/Manager of Blocks DAO, a decentralized autonomous organization founded in June 2021, that appears to be using Block30's IP, to the detriment of Humbl shareholders
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Brian Foote is now somehow involved in the Latin America Blockchain Accelerator (LABS), though his title with the organization is yet to be announced
Here's a bit of history on Foote's use of vaguely-worded, yet bold, PR's that have captured the money and imaginations of hopeful investors:
In April, 2019 Block30 Labs issued the following press release:
In the body of the PR Brian Foote states "Blackmoon is literally years ahead of the traditional markets," "We're honored to partner with them." The former CPO of Blackmoon was listed as an author in the Humbl Financial whitepapers. While the relationship with Foote is vague, Blackmoon appears to have suspended operations shortly after the issuance of the press release, and the ETX partnership never came to fruition.
In November, 2020 Humbl announced they were going public via a reverse merger:
Tesoro Enterprises, Inc. to Merge with HUMBL, LLC - A Global Payments and Financial Services Network
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In late 2020, the reverse merger of Humbl with Tesoro Enterprises was announced, leading investors to do a deep dive on its future CEO, Brian Foote. The information available to the public indicated that Foote had been hard at work for years prior, incubating what would become the Humbl product line with Block30 Labs. Therefore, it didn't come as a huge surprise when during the January 2021 investor call Foote confirmed that Humbl had performed "an acquisition of all of the intellectual property from Block30." Block30 supposedly had a variety of case studies in the Oceania region that were now assumed to be monetized via Humbl.
The announcement of the merger was followed by additional press releases touting even more "global" business relationships:
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Post merger Humbl PR'd the following:
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While most of the aforementioned relationships appear to have gone nowhere, there was some substance to the deals with Aurea Group and Brighton Capital. The interesting thing about Aurea and Brighton is that each of these entities may have been newly created in the previous year.
Aurea Group was incorporated in March 2020, according to Chilean corporate records. Aurea CEO Juan Pablo Morales told Hindenburg Research by phone:
“HUMBL is the first company we have formed an alliance with and we´re looking for more of these companies in order to connect Latin America with the technology from developed markets.”
Humbl's recent S-1 filed on November 29th indicated that Brighton Capital Partners was an entity created just 3 weeks before the associated PR and was composed of Foote's parents, sister, and cousin. This information may have been important to Humbl investors back when the EFA was announced in April.
When Foote's business relationships with outside entities don't take root, he may have a history of creating excitement by partnering with himself.
Another strange example is Blocks DAO, LLC. Despite Foote's clarity on Humbl's acquisition of Block30, the DAO now appears to be the real beneficiary of the Block30 IP. Humbl is now described as a sort of "case study" for BLOCKS. Foote attempted to clarify the difference between these two businesses in a tweet:
#HUMBL: Public company, focused on consumer packaging of blockchain
#BLOCKS: Autonomous, decentralized blockchain network out of Wyoming
On October 18th, as Humbl stock continued its steady decline, desperate shareholders were provided a glimmer of hope:
HUMBL and BLOCKS Announce Strategic Collaboration on Blockchain Initiatives
If in fact the DAO is using Humbl's rightful IP, this is perhaps Foote's greatest achievement:
Taking Block30 Labs public as Humbl, stripping away the intellectual property for Blocks DAO, and leaving the carcass for retail investors.
Foote has a history of over-promising and under-delivering. Will the newly formed "Latin America Blockchain Accelerator (LABS)" be a new beginning, or just another "global partnership" that disappears into the ether?
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WHERE IS FOOTE & WHO IS "GHOST?"
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You may have noticed that Humbl CEO Brian Foote has receded from the public eye over the past few months. Perhaps he’s avoiding having to address criticisms of Humbl’s perpetually red stock price and allegations that the company is an insider-enrichment scam. Maybe his lawyer has advised him that it’s best to dilute shareholders quietly. Regardless of the reason for his absence, there’s a lot of shares to unload and someone needs to keep the Humbl Nation clinging to hope so Foote and friends can cash-out the warrants and Bs.
With Foote muzzled by his attorneys, the Humbl community has increasingly turned to the BLOCKS DAO and some guy that calls himself “Ghost” for the latest hopium.
SO WHO IS "GHOST?"
Well, some of the good folks on the internet claim to have identified the camera-shy influencer from BLOCKS as a man called David Weil.
Here’s some interesting info about David:
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Weil is named in the Authors and Acknowledgements section of the Humbl White Paper
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​Weil is a Series B Preferred Shareholder in Humbl​
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Weil was the acting COO of Amplify from October 2018 – February 2020
- Amplify was supposedly set to occupy a "cozy 6,000-square-foot office" in Tennessee back in late 2018 - what happened?
- It was speculated that Amplify was the “prominent indexing firm” with which the Humbl BLOCKS Team had a signed partnership to announce in calendar year 2021; This never happened and BLOCKS has denied that the Humbl Whitepaper is related to the DAO
- Amplify is a sister company to Substratum, an open-source network that claimed to be building a “decentralized internet”
- Substratum fell apart in 2019 and is an alleged ICO/altcoin scam project that touted “fake partnerships” (similar to Humbl?)
- Substratum had a private insiders group that “actively fudded other coins and organized campaigns to try and damage Substratum’s competitors”
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Although all of the dots haven’t been connected yet, Weil's history with Humbl, BLOCKS and an alleged ICO scam is quite fascinating.
Did Weil seed the Humbl Whitepaper with false information about a signed partnership with a prominent indexing firm to pump the stock price?
Is Weil complicit in the formation of a DAO that allegedly stole valuable IP from Humbl shareholders?
Are Humbl and BLOCKS following the Substratum playbook to scam investors with the announcement of “fake partnerships” and coordinated social media posts?
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As dilution becomes a reality (Humbl’s O/S has increased by an astounding 200m shares recently), and infighting between Humbl cult-members intensifies, hopefully more individuals will find the courage to ask these questions of Foote and Weil.
*As of 1/19/2022 Humbl has never attempted to address any of the concerns and allegations on this website.
