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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-Q

 

(Mark One)

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the Quarterly Period Ended September 30, 2021

 

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from ______________ to ______________

 

Commission File No. 001-13126

 

FOMO CORP.

(Exact name of small business issuer as specified in its charter)

 

california   5511   83-3889101

(State or other jurisdiction of

incorporation or organization)

 

(Primary Standard Industrial

Classification Code Number)

 

(I.R.S. Employer

Identification No.)

 

1 E Erie St, Ste 525 Unit #2250, Chicago, IL 60611

(Address of principal executive offices)

 

(630) 286-9560

(Registrant’s telephone number, including area code)

 

 

(Former name, former address and former fiscal year, if changed since last report)

 

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 (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer” and “large accelerated filer” in Rule 12b-2 of the Exchange Act. (Check one):

 

  Large accelerated filer ☐ Accelerated filer ☐
  Non-accelerated filer

Smaller reporting company

Emerging growth company

 

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. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No

 

The number of shares of Common Stock (no par value) of the registrant outstanding was 7,036,376,973 at October 28, 2021. The number of shares of Series A Preferred Stock ($0.0001 par value and that each convert into one share of common stock) of the registrant outstanding was 5,750,000 at October 28 2021. The number of shares of Series B Preferred Stock ($0.0001 par value and that each convert into 1,000 shares of common stock) of the registrant outstanding was 5,253,815 at October 28, 2021. The number of shares of Series C Preferred Stock ($0.0001 par value and that each convert into one share of common stock) of the registrant outstanding was 1,000,000 at October 28, 2021. The market value of diluted shares outstanding as of October 28 was $20,661,862.

 

 

 

 
 

 

FOMO CORP.

 

QUARTERLY REPORT ON FORM 10-Q FOR THE PERIOD ENDED SEPTEMBER 30, 2021

 

TABLE OF CONTENTS

 

  PAGE
Part I. FINANCIAL INFORMATION:  
   
Item 1. Financial Statements: 3
   
Condensed Balance Sheets as of September 30, 2021 (unaudited) and December 31, 2020 (audited) 4
   
Condensed Statements of Operations (unaudited) for the Three Months and Nine Months ended September 30, 2021 and 2020 5
   
Condensed Statement of Stockholders’ Deficit (unaudited) Nine Months ended September 30, 2021 and 2020 6
   
Condensed Statements of Cash Flows (unaudited) for the Nine Months ended September 30, 2021 and 2020 7
   
Notes to Condensed Financial Statements (unaudited) 8
   
Item 2. Management’s Discussion and Analysis and Plan of Operation 21
   
Item 3. Quantitative and Qualitative Disclosures About Market Risk 23
   
Item 4. Controls and Procedures 23
   
Part II. OTHER INFORMATION:  
   
Item 1. Legal Proceedings 23
   
Item 1A. Risk Factors 23
   
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 23
   
Item 3. Defaults Upon Senior Securities 24
   
Item 4. Mine Safety Disclosures 24
   
Item 5. Other Information 24
   
Item 6. Exhibits 24
   
SIGNATURES 25
   
EXHIBIT INDEX 25

 

2
 

 

PART I

 

ITEM 1. FINANCIAL STATEMENTS

 

FOMO CORP. and Subsidiaries

 

INDEX TO FINANCIAL STATEMENTS

 

Condensed Balance Sheets, September 30, 2021 (unaudited) and December 31, 2020 4
   
Condensed Statements of Operations (unaudited) for the Three Months and Nine Months ended September 30, 2021 and 2020 5
   
Condensed Statements of Stockholders’ Deficit (unaudited) for the Nine Months ended September 30, 2021 and 2020 6
   
Condensed Statements of Cash Flows (unaudited) for the Nine Months ended September 30, 2021 and 2020 7
   
Notes to Condensed Financial Statements (unaudited) 8

 

3
 

 

FOMO CORP and Subsidiary

(Formerly 2050 Motors, Inc.)

Condensed Balance Sheets

 

    As of     As of  
    September 30, 2021     December 31, 2020  
    (unaudited)     (audited)  
Assets                
Current assets                
Cash   $ 201,574     $ 12,069  
Accounts receivable, net     68,677       20,859  
Investment securities     272,736        
Deposit on option to purchase business     17,500       -  
Inventory     233,252       -  
Loan receivable     45,549       -  
Prepaid expense     171,287       910  
Total current assets     1,010,575       33,838  
                 
Other assets:                
Investments     168,000       168,000  
Intangible assets     1,138,547       206,250  
Goodwill     596,906       596,906  
Total other assets     1,903,453       971,156  
                 
Total assets   $ 2,914,028     $ 1,004,994  
                 
Liabilities and stockholders’ deficit                
                 
Liabilities                
                 
Current liabilities                
Accounts payable   $ 72,290     $ 63,291  
Accrued intertest on loans payable     24,945       24,945  
Customer deposit     193,897       5,614  
Loan payable related party     5,168       3,574  
Loans payable due to non-related parties, net     349,920       226,186  
Warranty reserve     48,136       -  
Loan Cares PPP     -       11,593  
Derivative liability     447,605       834,230  
Total current liabilities     1,141,961       1,169,433  
                 
Total liabilities     1,141,961       1,169,433  
                 
Stockholders’ deficit                
Common stock; no par value authorized: 10,000,000,000 issued and outstanding 6,772,436,746 at September 30, 2021 and 4,713,543,121 December 31, 2020, respectively     5,898,784       4,232,960  
Preferred stock Class A; $0.0001 par value authorized: 78,000,000 issued and outstanding 5,750,000 and 3,000,000 at September 30, 2021 and December 31, 2020, respectively: discretionary 1% dividend     575       300  
Preferred stock Class B; $0.0001 par value authorized: 20,000,000 issued and outstanding 5,253,815 and 4,463,815 at September 30, 2021 and December 31, 2020, respectively: discretionary 1% dividend     525       446  
Preferred stock Class C; $0.0001 par value authorized: 2,000,000 and issued and outstanding 1,000,000 at September 30, 2021 and December 31, 2020, respectively: discretionary 1% dividend     100       100  
Additional paid-in-capital     4,831,295       3,139,400  
Accumulated deficit     (9,084,212 )     (7,662,645 )
Common stock issuable     125,000       125,000  
Total stockholders’ deficit     1,772,067       (164,439 )
                 
Total liabilities and stockholders’ deficit   $ 2,914,028     $ 1,004,994  

 

The accompanying notes are an integral part of these financial statements

 

4
 

 

FOMO Corp

(Formerly 2050 Motors, Inc.)

Condense Statement of Operations

(Unaudited)

 

                         
    Three Months Ended     Nine Months Ended  
    September 30, 2021     September 30, 2020     September 30, 2021     September 30, 2020  
                         
Operating revenue   $ 107,805     $ -     $ 398,917     $ -  
                                 
Cost of revenues     97,905       -       296,631       -  
                                 
Gross profit     9,900       -       102,286       -  
                                 
Operating expenses:                                
General and administrative     233,025       215,372       1,213,503       314,646  
                                 
                                 
Net loss from operations     (223,125 )     (215,372 )     (1,111,217 )     (314,646 )
                                 
Other income (expenses)                                
Interest expense     (7,564 )     (33,206 )     (241,875 )     (64,930 )
Loan forgiveness     -               11,593          
Gain (Loss) on investment     53,643       42,000       (234,764 )     (21,000 )
Impairment loss     -       -       -       -  
Derivative liability gain (loss)     (38,000 )     (150,173 )     386,626       529,909  
Debt settlement gain (loss)     -       25,000       (231,930 )     25,000  
Total other income (expenses)     8,079       (116,379 )     (310,350 )     468,979  
                                 
Income (loss) before income taxes     (215,046 )     (331,751 )     (1,421,567 )     154,333  
                                 
Provision for income taxes                                
                                 
Net income (loss)   $ (215,046 )   $ (331,751 )   $ (1,421,567 )   $ 154,333  
                                 
Net income (loss) per share, basic and diluted   $ (0.0000 )   $ (0.0001 )   $ (0.0002 )   $ 0.0001  
                                 
Weighted average common equivalent share outstanding, basic and diluted     6,218,580,694       2,344,262,083       5,916,222,100       2,202,595,038  

 

The accompanying notes are an integral part of these financial statements

 

5
 

 

FOMO Corp

(Formerly 2050 Motors, Inc.)

Condensed Statement of Stockholders’ Deficit

(Unaudited)

 

                                                                                                 
    Common Stock     Preferred Stock                          
                Class A     Class B     Class C     Common     Additional           Total  
    Number     No     Number     $0.0001     Number     $0.0001     Number     $0.0001     Stock     paid-in     Accumulated     stockholders’  
    of Shares     par value     of Shares     par value     of Shares     par value     of Shares     par value     Issuable     capital     deficit     deficit  
Balance, December 31, 2019     1,777,198,805     $ 3,800,405       3,000,000     $ 300       400,000     $ 40       1,000,000     $ 100     $ 125,000     $ 858,218     $ (6,025,926 )   $ (1,241,863 )
                                                                                                 
 Conversion of convertible debt     428,306,667       22,582       -       -       -       -       -       -       -       -       -       22,582  
                                                                                                 
Warrants     -       -       -       -       -       -       -       -       -       5,781       -       5,781  
Net income     -       -       -       -       -       -       -       -       -       -       359,710       359,710  
                                                                                                 
Balance, March 31, 2020     2,205,505,472       3,822,987       3,000,000       300       400,000       40       1,000,000       100       125,000       863,999       (5,666,216 )     (853,790 )
                                                                                                 
Warrants     -       -       -       -       -       -       -       -       -       5,781       -       5,781  
                                                                                                 
Net income     -       -       -       -       -       -       -       -       -       -       154,333       154,333  
                                                                                                 
Balance, June 30, 2020     2,205,505,472       3,822,987       3,000,000       300       400,000       40       1,000,000       100       125,000       869,780       (5,511,883 )     (693,676 )
                                                                                                 
Conversion of convertible debt     6,704,695,141       62,804       -       -       -       -       -       -       -       -       -       62,804  
                                                                                                 
Preferred series B issued for services     -       -       -       -       250,000       25               -               154,975       -       155,000  
                                                                                                 
Preferred series B issued for accrued compensation     -       -       -       -       1,495,065       150       -       -       -       161,915               162,065  
                                                                                                 
Preferred series B issued for deposit on asset purchase     -       -       -       -       100,000       10       -       -       -       49,990               50,000  
                                                                                                 
Preferred series B issued for investment     -       -       -       -       160,851       16       -       -       -       64,324       -       64,340  
                                                                                                 
Warrants     -       -       -       -       -       -       -       -       -       5,844       -       5,844  
                                                                                                 
Net loss     -       -       -       -       -       -       -       -       -       -       (331,751 )     (331,751 )
                                                                                                 
Balance, September 30, 2020     8,910,200,613     $ 3,885,791.00       3,000,000     $ 300.00       2,405,916     $ 241.00       1,000,000     $ 100.00     $ 125,000.00     $ 1,306,828.00     $ (5,843,634.00 )   $ (525,374.00 )
                                                                                                 
                                                                                                 
Balance December 31, 2020     4,713,543,121     $ 4,232,960       3,000,000     $ 300       4,463,815     $ 446       1,000,000     $ 100     $ 125,000     $ 3,139,400     $ (7,662,645 )   $ (164,439 )
                                                                                                 
Conversion of convertible debt     905,435,038       563,643       -       -       -       -       -       -       -       -       -       563,643  
                                                                                                 
Stock issued for compensation     6,550,000       99,640       -       -       -       -       -       -       -       -       -       99,640  
                                                                                                 
Stock issued for loan cost     10,000,000       20,000       -       -       -       -       -       -       -       -       -       20,000  
                                                                                                 
Purchase common share     65,000,000       250,000       -       -       -       -       -       -       -       -       -       250,000  
                                                                                                 
Purchase Preferred A shares     -       -       2,750,000       275       -       -       -       -       -       274,725       -       275,000  
                                                                                                 
Stock issued for compensation     -       -       -       -       300,000       30       -       -       -       123,970       -       124,000  
                                                                                                 
Options to purchase business     -       -       -       -       175,000       17       -       -       -       38,483       -       38,500  
                                                                                                 
Purchase assets     -       -       -       -       375,000       38                               924,962               925,000  
                                                                                                 
Warrants     -       -       -       -       -       -       -       -       -       194,000               194,000  
                                                                                                 
Net income     -       -       -       -       -       -       -       -       -       -       (2,389,230 )     (2,389,230 )
                                                                                                 
Balance, March 31, 2021     5,700,528,159       5,166,243       5,750,000       575       5,313,815       531       1,000,000       100       125,000       4,695,540       (10,051,875 )     (63,886 )
                                                                                                 
Purchase common shares     75,000,000       176,000                                                                               176,000  
                                                                                                 
Net income     -       -       -       -       -       -       -       -       -       -       1,182,709       1,182,709  
                                                                                                 
Balance June 30, 2021     5,775,528,159       5,342,243       5,750,000       575       5,313,815       531       1,000,000       100       125,000       4,695,540       (8,869,166 )     1,294,823  
                                                                                                 
Conversion of convertible debt     504,396,087       44,015                                                                               44,015  
                                                                                                 
Preferred series B issued for services     -       -       -       -       200,000       20       -       -       -       19,980       -       20,000  
                                                                                                 
Conversion of preferred series B shares to common shares     260,000,000       26       -       -       (260,000 )     (26 )     -       -       -       -       -       -  
                                                                                                 
Common shares issued for services     7,512,500       87,500       -       -       -       -       -       -       -       -       -       87,500  
                                                                                                 
Common shares issued for retainer     25,000,000       25,000       -       -       -       -       -       -       -       -       -       25,000  
                                                                                                 
Purchase common shares     200,000,000       400,000       -       -       -       -       -       -       -       -       -       400,000  
                                                                                                 
Warrants                                                                             115,775               115,775  
                                                                                                 
Net loss     -       -       -       -       -       -       -       -       -       -       (215,046 )     (215,046 )
                                                                                                 

Balance September 30, 2021

    6,772,436,746     $ 5,898,784       5,750,000     $ 575       5,253,815     $ 525       1,000,000     $ 100     $ 125,000     $ 4,831,295     $ (9,084,212 )   $ 1,772,067  

 

The accompanying notes are an integral part of these financial statements

 

6
 

 

FOMO Corp

(Formerly 2050 Motors, Inc)

Condensed Statement of Cash Flows

(Unaudited)

 

    September 30, 2021     September 30, 2020  
    Nine Months Ended  
    September 30, 2021     September 30, 2020  
Cash flows provided by (used for) operating activities:                
Net income (loss)   $ (1,421,567 )   $ 154,333  
Adjustments to reconcile net loss to net cash provided by (used for) operating activities:                
Amortization     91,000       -  
Debt settlement (income) loss     231,930        (25,000 )
Issuance of common stock for services     459,000       172,406  
Derivative liability adjustment     (386,626 )     (529,909 )
Loan forgiveness     (11,593 )     -  
Loss on investment     234,764       21,000  
Increase (decrease) in assets and liabilities:                
Accounts receivable     (47,818 )     -  
Accounts payable     8,999       5,000  
Inventory     (233,252 )     -  
Prepaid expenses     (145,930 )        
Accrued interest expense    

241,875

         
Customer deposits