As of the market close 3/4/21, FORW market cap is $233.8MM. However, according to this tweet from the FORW CEO George Sharp, the value of their Humbl warrants, pre-split, are:

$.19 (market price of Humbl on 1/13/21) - $.159 (profit/“in the black”) = $.031 (presumed cost of FORW warrants per share)

This was pre-split, so with the reverse split, FORW’s 125MM warrants are at a cost of $.124/shr. Assuming the CEO of FORW knows what he’s talking about, the profit from those warrants are now 125,000,000 x (market price of Humbl - cost per Humbl warrant), or 125,000,000 x ($3.15 - $.124) = $378.3MM. That doesn’t even consider the what Sharp said about every Humbl $.01 increase being a $.0113 increase for FORW.

However, FORW only has a current market cap of $233.4MM = 440,324,326 shares outstanding x $.53/share price. Why? They can’t possibly have $145MM in debt - 3 months ago they weren’t worth more than $30MM as an entire company.

FORW’s press release a couple months ago scheduled a Zoom call for their shareholder update and annual financial report on 1/12/21. On 1/4/21 they rescheduled the annual report and Zoom calm for 2/16/21. However, as part of a share offering and shareholder dilution on 2/09/21, Mr Sharp announced the Zoom meeting and annual report would be delayed again to 3/05/21. Mr Sharp commented:

quote:
Mr. Sharp commented, “While I realize that some will be disappointed in this postponement of the shareholder call, the Board of Directors determined that delaying it was prudent in light of some ongoing developments. I am sure that the shareholders will appreciate the need for the delay once the discussion takes place. I don’t anticipate that there will be any further postponements.”

Unfortunately, Mr Sharp delayed the shareholder update meeting and financial report again yesterday. The meeting is now scheduled for 3/11/21. Interested persons can register by clicking on this “humble” image:

Seriously, that image was take directly off the FORW website and should work. Mr Sharp also took his Twitter private around the time he changed the date of the update/meeting once again.

So, the question is why does FORW continue to trade at such a significant discount to the presumed profit of their Humbl warrants? There is simply no way a company like FORW, whose corporate address of 1022 Nevada Hwy, Boulder Cit, NV takes you to this PostNet solution:

could have anywhere near the debt necessary to drag on its market cap so much. Even if you consider it’s corporate history:

quote:
Formerly known as: Guard Dog, Inc. until 1-2020
FSBO Media Holdings, Inc. until 9-2008 Discover Capital Holdings Corp. until 11-2005 Sunlite Technologies Corp. until 11-2001 Hospitality Concepts, Inc. to 1-1990

Their most recent financials don’t suggest they have anywhere close to the debt necessary to explain the market cap gap vs the warrant values.

So, can money be made on the illogical gap between FORW and Humbl? Should FORW really be trading for 62% higher, should TSNPD (Humbl) be trading for 62% lower, or somewhere in between?