Form 8-K/A - Current report: [Amend]
August 01 2023 - 5:21PM
Edgar (US Regulatory)
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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM
8-K/A
(Amendment
No. 1)
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date
of Report (Date of earliest event reported): July 17, 2023
FOMO
WORLDWIDE, 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.) |
831
W North Ave., Pittsburgh, PA 15233
(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)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
symbol(s) |
|
Name
of each exchange on which registered |
Common |
|
FOMC
|
|
OTC
Pink |
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) ☐
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 ☐
Background.
This
First Amendment to Form 8-K filed July 17, 2023 notifies investors that FOMO WORLDWIDE, INC. and its subsidiaries, affiliates and successors
in interest have executed a purchase order (“PO”) financing facility for up to $20 million per transaction with a third-party
investor. We are in negotiations with our primary vendor SMART Technologies to release substantial customer orders that are pending following
our paydown of SMART and their subsequent cut to our vendor credit line from $1 million to $350,000. We are in discussions for additional
capital for pending orders and working capital with other third parties, though there can be no assurances we will execute additional
financing agreements over the near term if at all. The signed purchase order agreement and supporting documentation are included herein
as Exhibits10.1 and 10.2.
FOMO
WORLDWIDE, INC. is referred to in this Current Report on Form 8-K as “FOMO,” the “Company,” “we,”
or “us.”
Item
1.01 Entry into a Material Definitive Agreement.
On
August 1, 2023, we entered into a purchase order (“PO”) financing agreement with Aurous Financial Services LLC to fund significant
equipment orders at our primary and secondary vendors. The Agreement calls for us to pay 2.5% fees for orders requiring up to 15 days
to ship and deliver to end users, and 0.1% daily fees thereafter, all of which will be paid by our secured asset backed lender Thermo
Credit LLC on invoicing. The Agreement and supporting documentation are included herein as Exhibits 10.1 and 10.2.
Item
7.01 Regulation FD Disclosure.
On
July 17, 2023, we entered into negotiations with multiple providers of purchase order (“PO”) financing including: 1) up to
$20 million per transaction charged on a daily basis, 2) a 10% $750,000 credit line that shares in the profitability of the jobs underlying
each order obtained from the line, and 3) traditional 30-60-90 day terms. Our book of business is expanding following a credit line cut
by our primary vendor SMART Technologies, which is moving us to use distributors including Ingram Micro and TD Synnex. We remain in discussions
with distributors to provide credit lines for customer orders through their systems, are in discussions with providers of non-dilutive
unsecured financing for working capital and are working to consolidate our merchant cash advance (“MCA”) facilities to which
we are paying reduced amounts while we reposition our supply chain and resources. Though management intends to secure adequate financing
for growth, though there can be no assurances we will be able to finance our order stack, continue to generate orders, or deliver on
recently signed new supplier relationships with any of our subsidiaries given market conditions.
Item
9.01. Exhibits.
(a)
Exhibits. The following exhibits are filed with this Current Report on Form 8-K:
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.
|
FOMO
WORLDWIDE, INC. |
|
|
|
Date:
August 1, 2023 |
By:
|
/s/
Vikram Grover |
|
|
Vikram
Grover, Chief Executive Officer |
Exhibit 10.1
Exhibit 10.2
v3.23.2
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