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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, 2022

 

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 WORLDWIDE, INC.

(Exact name of registrant as specified in its charter)

 

California   83-3889101

(State or other jurisdiction

of incorporation or organization)

  

(I.R.S. Employer

Identification No.)

 

831 W North Ave, Pittsburgh, PA 15233

(Address of principal executive offices)

(630) 708-0750

(Registrant’s telephone number, including area code)

 

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

 

(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 Expert Market

 

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 pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files.) Yes ☐ No ☒

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “accelerated filer,” “large accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

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 Exchange Act). Yes ☐ No ☒

 

There were 8,620,188,088 shares of common stock, no par value, of the Registrant issued and outstanding as of March 24, 2023.

 

 

 

 

 

 

FOMO WORDWIDE, INC.

 

QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2022

 

TABLE OF CONTENTS

 

  PAGE
   
Part I. FINANCIAL INFORMATION:  
   
Item 1. Financial Statements: 3
   
Consolidated Balance Sheets as of September 30, 2022 (unaudited) and December 31, 2021 4
   
Consolidated Statements of Operations for the Three and Nine Months September 30, 2022 and 2021 (unaudited) 5
   
Consolidated Statement of Stockholders’ Equity (Deficit) for the Three and Nine Months ended September 30, 2022 and 2021 (unaudited) 6
   
Consolidated Statements of Cash Flows for the Nine Months ended September 30, 2022 and 2021 (unaudited) 8
   
Notes to Consolidated Financial Statements (unaudited) 9
   
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 60
   
Item 3. Quantitative and Qualitative Disclosures About Market Risk 74
   
Item 4. Controls and Procedures 75
   
Part II. OTHER INFORMATION:  
   
Item 1. Legal Proceedings 76
   
Item 1A. Risk Factors 76
   
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 76
   
Item 3. Defaults Upon Senior Securities 76
   
Item 4. Mine Safety Disclosures 76
   
Item 5. Other Information 76
   
Item 6. Exhibits 76
   
SIGNATURES 77
   
EXHIBIT INDEX  

 

2

 

 

PART I – FINANCIAL INFORMATION

 

ITEM 1. FINANCIAL STATEMENTS

 

FOMO WORLDWIDE, INC.

 

INDEX TO FINANCIAL STATEMENTS

 

Consolidated Balance Sheets, September 30, 2022 (Unaudited) and December 31, 2021 4
   
Consolidated Statements of Operations for the Three and Nine Months ended September 30, 2022 and 2021 (Unaudited) 5
   
Consolidated Statements of Stockholders’ Equity (Deficit) for the Three and Nine Months ended September 30, 2022 and 2021 (Unaudited) 6
   
Consolidated Statements of Cash Flows for the Nine Months ended September 30, 2022 and 2021 (Unaudited) 8
   
Notes to Consolidated Financial Statements (Unaudited) 9

 

3

 

 

FOMO WORLDWIDE, INC. and Subsidiaries

Consolidated Balance Sheets

(Unaudited)

 

    September 30, 2022     December 31, 2021  
Assets                
                 
Current Assets                
Cash   $ 143,548     $ 94,224  
Accounts receivable – net     1,340,948       36,790  
Loan receivable - related party     141,059       53,732  
Inventory – net     1,745,619       8,114  
Prepaids and other     53,757       223  
Total Current Assets     3,424,931       193,083  
                 
Property and equipment - net     82,745       -  
                 
Operating lease - right-of-use asset     299,199       -  
                 
Goodwill     1,443,688       -  
                 
Investments     161,006       765,463  
                 
Total Assets   $ 5,411,569     $ 958,546  
                 
Liabilities and Stockholders’ Equity (Deficit)                
                 
Current Liabilities                
Accounts payable and accrued expenses   $ 1,279,001     $ 40,117  
Accounts receivable credit facility    

1,142,320

       -  
Operating lease liability     62,302       -  
Convertible notes payable - net     590,759       89,305  
Loans payable- other     132,984       -  
Loan payable - related parties     21,119       22,714  
Preferred dividends payable     140,726       -  
Deferred revenue     2,336,450       11,100  
Derivative liabilities     655,801       1,105,537  
Total Current Liabilities     6,361,462       1,268,773  
                 
Long Term Liabilities                
Loans payable - related parties     89,386       -  
Convertible notes payable - related party - net     195,000       -  
Operating lease liability     244,305       -  
Total Long-Term Liabilities     528,691       -  
                 
Total Liabilities     6,890,153       1,268,773  
                 
Commitments and Contingencies (Note 10)     -       -  
                 
Stockholders’ Equity (Deficit)                
Preferred stock, Class A, $0.0001 par value, 78,000,000 shares designated, 5,750,000 and 5,750,000 shares issued and outstanding, respectively     575       575  
Preferred stock, Class B, $0.0001 par value, 20,000,000 shares designated, 6,589,982 and 5,249,982 shares issued and outstanding, respectively     659       525  
Preferred stock, Class C, $0.0001 par value, 2,000,000 shares designated, 1,000,000 and 1,000,000 shares issued and outstanding, respectively     100       100  
Common stock, no par value, 20,000,000,000 shares authorized 8,435,213,242 and 7,177,931,757 shares issued and outstanding, respectively     8,941,860       8,631,776  
Additional paid-in capital     13,185,477       11,301,942  
Accumulated deficit     (23,607,255 )     (20,245,145 )
Total Stockholders’ Equity (Deficit)     (1,478,584 )     (310,227 )
                 
Total Liabilities and Stockholders’ Equity (Deficit)   $ 5,411,569     $ 958,546  

 

The accompanying notes are an integral part of these unaudited consolidated financial statements

 

4

 

 

FOMO WORLDWIDE, INC. and Subsidiaries

Consolidated Statements of Operations

(Unaudited)

 

    2022     2021     2022     2021  
    For the Three Months Ended September 30,     For the Nine Months Ended September 30,  
    2022     2021     2022     2021  
                         
Sales - net   $ 955,433     $ 107,805     $ 4,436,352     $ 398,917  
                                 
Cost of sales     885,337       97,905       4,074,424       296,631  
                                 
Gross profit     70,096       9,900       361,928       102,286  
                                 
General and administrative expenses     364,490       233,025       2,045,799       1,213,503  
                                 
Loss from operations     (294,394 )     (223,125 )     (1,683,871 )     (1,111,217 )
                                 
Other income (expense)                                
Interest expense     (116,989 )     (7,564 )     (364,161 )     (241,875 )
Amortization of debt discount     (166,906 )     -       (519,598 )     -  
Change in fair value of derivative liabilities     176,907       (38,000 )     160,082      

386,626

  
Derivative expense     -           (194,887 )      
Gain on debt extinguishment (derivative liabilities - convertible debt)     125,698       -       226,391       -  
Gain (loss) on debt extinguishment     14,484       -       (199,103 )     (231,930 )
Change in fair value of marketable equity securities     (67,330 )     53,643       (646,237 )    

(234,764

 )
Gain on debt forgiveness     -       -       -       11,593  
                                 
Total other income (expense) - net     (34,136 )     8,079       (1,537,513 )     (310,350 )
                                 
Net income (loss)     (328,530 )     (215,046 )     (3,221,384 )     (1,421,567 )
                                 
Preferred stock dividends     (47,834 )     -       (140,726 )     -  
                                 
Net loss available to common shareholders   $ (376,364 )   $ (215,046 )   $ (3,362,110 )   $ (1,421,567 )
                                 
Income (loss) per share - basic and diluted   $ (0.00 )   $ 0.00     $ (0.00 )   $ (0.00 )
                                 
Weighted average number of shares - basic and diluted     8,105,085,037       6,218,580,694       8,163,793,255       5,916,222,100  

 

The accompanying notes are an integral part of these unaudited consolidated financial statements

 

5

 

 

FOMO WORLDWIDE, INC. and Subsidiaries

Consolidated Statements of Changes in Stockholders’ Equity (Deficit)

For the Three and Nine Months Ended September 30, 2022

(Unaudited)

 

    Shares     Amount     Shares     Amount     Shares     Amount     Shares     Amount     Capital     Deficit     (Deficit)  
   

Preferred Stock -

Class A

    

Preferred Stock -

Class B

    

Preferred Stock -

Class C

     Common Stock    

Additional

Paid-in

     Accumulated    

Total

Stockholders’
Equity

  
    Shares     Amount     Shares     Amount     Shares     Amount     Shares     Amount     Capital     Deficit     (Deficit)  
                                                                   
December 31, 2021     5,750,000     $ 575       5,249,982     $ 525       1,000,000     $ 100       7,177,931,757     $ 8,631,776     $ 11,301,942   -  $ (20,245,145 )   $ (310,227 )
                                                                                         
Issuance of stock in cashless exercise of warrants     -       -       -       -       -       -       437,500,000       -       -       -       -  
                                                                                         
Issuance of stock for services     -       -       650,000       65       -       -       -       -       534,935       -       535,000  
                                                                                         
Acquisition of Smart Solutions Technologies, Inc. - net of broker fees     -       -       1,000,000       100       -       -       -       -       699,900       -       700,000  
                                                                                         
Issuance of stock in conversion of debt and accrued interest     -       -       -       -       -       -       301,448,152       310,059       -       -       310,059  
                                                                                         
Conversion of Series B preferred stock into common stock     -       -       (60,000 )     (6 )     -       -       60,000,000       -       6       -       -  
                                                                                         
Warrants issued for services     -       -       -       -       -       -       -       -       209,713       -       209,713  
                                                                                         
Warrants issued for services - related party     -       -       -       -       -       -       -       -       13,981       -       13,981  
                                                                                         
Reclassification of financial instruments that ceased to be derivative liabilities (warrants)     -       -       -       -       -       -       -       -       325,000       -       325,000  
                                                                                         
Preferred stock dividends     -       -       -       -       -       -       -       -       -       (45,059 )     (45,059 )
                                                                                         
Net loss     -       -       -       -       -       -       -       -       -   -   (1,825,808 )     (1,825,808 )
                                                                                         
March 31, 2022     5,750,000       575       6,839,982       684       1,000,000       100       7,976,879,909       8,941,835       13,085,477    -   (22,116,012 )     (87,341 )
                                                                                         
Issuance of stock in cashless exercise of warrants     -       -       -       -       -       -       208,333,333       -       -       -       -  
                                                                                         
Conversion of Series B preferred stock into common stock                     (250,000 )     (25 )                     250,000,000       25                       -  
                                                                                         
Reclassification of financial instruments that ceased to be derivative liabilities (warrants)     -       -       -       -       -       -       -       -       100,000       -       100,000  
                                                                                         
Preferred stock dividends     -       -       -       -       -       -       -       -       -       (47,833 )     (47,833 )
                                                                                         
Net loss     -       -       -       -       -       -       -       -       -   -    (1,067,046 )     (1,067,046 )
                                                                                         
June 30, 2022     5,750,000     $ 575       6,589,982     $ 659       1,000,000     $ 100       8,435,213,242     $ 8,941,860     $ 13,185,477   -  $ (23,230,891 )   $ (1,102,220 )
                                                                                         
Preferred stock dividends     -       -       -       -       -       -       -       -       -       (47,834 )     (47,834 )
                                                                                         
Net loss     -       -       -       -       -       -       -       -       -   -    (328,530 )     (328,530 )
                                                                                         
September 30, 2022     5,750,000     $ 575       6,589,982     $ 659       1,000,000     $ 100       8,435,213,242     $ 8,941,860     $ 13,185,477   -  $ (23,607,255 )   $ (1,478,584 )

 

The accompanying notes are an integral part of these unaudited consolidated financial statements

 

6

 

 

FOMO WORLDWIDE, INC. and Subsidiaries

Consolidated Statements of Changes in Stockholders’ Equity (Deficit)

For the Three and Nine Months Ended September 30, 2021

(Unaudited)

 

    Shares     Amount     Shares     Amount     Shares     Amount     Shares     Amount     Capital     Issuable     Deficit     (Deficit)  
    Preferred Stock - Class A     Preferred Stock - Class B     Preferred Stock - Class C     Common Stock     Additional Paid-in     Common Stock     Accumulated    

Total Stockholders’

Equity

  
    Shares     Amount     Shares     Amount     Shares     Amount     Shares     Amount     Capital     Issuable     Deficit     (Deficit)  
                                                                         
December 31, 2020     3,000,000     $ 300       4,463,815     $ 446       1,000,000     $ 100       4,713,543,121     $ 4,232,960     $ 3,139,400     $ 125,000     $ (7,662,645 )   $ (164,439 )
                                                                                                 
Conversion of convertible debt     -       -       -       -       -       -       905,435,038       563,643       -       -       -       563,643  
                                                                                                 
Issuance of stock for services     -       -       -       -       -       -       6,550,000       99,640       -       -       -       99,640  
                                                                                                 
Stock issued for loan cost     -       -       -       -       -       -       10,000,000       20,000       -       -       -       20,000  
                                                                                                 
Issuance of stock for cash - common stock     -       -       -       -       -       -       65,000,000       250,000       -       -       -       250,000  
                                                                                                 
Issuance of stock for cash - class A preferred stock     2,750,000       275       -       -       -       -       -       -       274,725       -       -       275,000  
                                                                                                 
Issuance of stock for services     -       -       300,000       30       -       -       -       -       123,970       -       -       124,000  
                                                                                                 
Issuance of class B preferred stock as non-refundable deposit to acquire business     -       -       175,000       17       -       -       -       -       38,483       -       -       38,500  
                                                                                                 
Issuance of class B preferred stock to acquire assets     -       -       375,000       38       -       -       -       -       924,962       -       -       925,000  
                                                                                                 
Warrants issued for services     -       -       -       -       -       -       -       -       194,000       -       -       194,000  
                                                                                                 
Net loss     -       -       -       -       -       -       -       -       -               (2,389,230 )     (2,389,230 )
                                                                                                 
March 31, 2021     5,750,000       575       5,313,815       531       1,000,000       100       5,700,528,159       5,166,243       4,695,540       125,000       (10,051,875 )     (63,886 )
                                                                                                 
Issuance of stock for cash - common stock     -       -       -       -       -       -       75,000,000       176,000       -       -       -       176,000  
                                                                                                 
Net income     -       -       -       -       -       -       -       -       -               1,182,709       1,182,709  
                                                                                                 
June 30, 2021     5,750,000     $ 575       5,313,815     $ 531       1,000,000     $ 100       5,775,528,159     $ 5,342,243     $ 4,695,540     $ 125,000     $ (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 shares2     -       -       (260,000 )     (26 )     -       -       260,000,000       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     -       -       -       -       -       -       -       -       115,575       -       -       115,575  
                                                                                                 
Net loss     -       -       -       -       -       -       -       -       -       -       (215,046 )     (215,046 )
                                                                                                 
September 30, 2021     5,750,000     $ 575       5,253,815     $ 525       1,000,000     $ 100       6,772,436,746     $ 5,898,784     $ 4,831,295     $ 125,000     $ (9,084,212 )   $ 1,771,867  

 

The accompanying notes are an integral part of these unaudited consolidated financial statements

 

7

 

 

FOMO WORLDWIDE, INC. and Subsidiaries

Consolidated Statements of Cash Flows

(Unaudited)

 

    2022     2021  
    For the Nine Months Ended September 30,  
    2022     2021  
Operating activities                
Net loss   $ (3,221,384 )   $ (1,421,567 )
Adjustments to reconcile net loss to net cash used in operations                
Stock based compensation     535,000       459,000  
Warrants issued for services     209,713       -  
Warrants issued for service - related party     13,981       -  
Amortization of debt discount     519,598       91,000  
Amortization of operating lease - right-of-use asset     46,030       -  
Depreciation and amortization expense     4,216       -  
Change in fair value of derivative liabilities     (160,082 )     (386,626 )
Derivative expense     194,887       -  
Gain on debt extinguishment (derivative liabilities - convertible debt)     (226,391 )     -  
Loss on debt extinguishment     199,103       231,930  
Change in fair value of marketable equity securities     646,237       234,764  
Gain on debt forgiveness     -       (11,593 )
Changes in operating assets and liabilities                
(Increase) decrease in                
Accounts receivable     (634,578 )     (47,818 )
Inventory     (1,529,074 )     (233,252 )
Prepaids and other     (53,534 )     (145,930 )
Increase (decrease) in                
Accounts payable and accrued expenses     982,538       250,874  
Customer deposits     -       188,283  
Deferred revenue     1,654,133       -  
Operating lease liability     (38,622 )     -  
Net cash used in operating activities     (858,229 )     (790,935 )
                 
Investing activities                
Cash acquired in acquisition of Smart Solutions Technologies, Inc.     223,457       -  
Purchase of property and equipment     (4,408 )        
Proceeds from sales of securities - net of purchases     (41,781 )     -