FOMC FOMO Corporation (PK)

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): August 25, 2019

 

2050 MOTORS, INC.

(Exact name of Registrant as specified in its Charter)

 

CALIFORNIA		001-13126		83-3889101
(State or other jurisdiction of incorporation)		(Commission File No.)		(IRS Employer Identification No.)

 

25 N River Lane Suite 2050, Geneva, IL 60134

(Address of principal executive offices)

 

(630) 708-0750

(Registrant’s Telephone Number)

 

 

(Former name or address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

[  ]	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ]	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[  ]	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[  ]	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2) [X]

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act [X]

 

 

 

2050 Motors, Inc. is referred to herein as “we”, “us”, or “us”

 

ITEM 8.01 Other Events

 

On August 25, 2019, 2050 Motors, Inc. reviewed the accounting treatment of its ownership of 210,000,000 free trading shares of Mobicard Inc. aka Peer to Peer Network (PTOP/OTC). After discussions with its accounting department, the Company has reclassified the position to Assets Held for Sale from Investments, which will increase Working Capital (Liquidity) and Current Assets by $273,000 based on the closing bid price of PTOP shares on August 23, 2019 ($0.0013). These changes of accounting treatment(s) will become effective for the Company’s financial statements for its third quarter ended September 30, 2019 and upcoming Form 10-Q filing with the SEC. 2050 Motors may sell some or all of the investment to fund other announced and/or planned investments and acquisitions, execute recently approved and announced share buybacks, or for general corporate purposes. Management is currently completing paperwork with brokerage firms to prepare for such actions.

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

	2050 MOTORS, INC.
Date: August 26, 2019	By:	/s/ Vikram Grover
		Vikram Grover
		Chief Executive Officer