FOMO WORLDWIDE, INC.: M&A transaction — FOMO closes SST acquisition for 1B shares; audited financials show losses and going concern

FOMO WORLDWIDE, INC.

Acquisition consideration: 1M Series B Preferred shares convertible into 1B common shares plus 300M warrants to employees.
FOMO took $1M secured note from Thermo Communications; CEO Vikram Grover provided personal guaranty.
SST audited 2021 revenue $3.69M; net income $318K (includes $414K PPP forgiveness); 2020 net loss $88K.
SST current liabilities exceed current assets by $225K; auditor raises substantial doubt about going concern.
SST has members' deficit of $699K; long-term debt $402K; related party lease obligations of $700K through 2030.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

FOMO WORLDWIDE, INC. completed an acquisition involving SMARTSolution Technologies L.P. and affiliates ("SST") for one (1) million Series B Preferred Shares convertible into one (1) billion common shares (closed 2022-02-28).

Action: acquisition
Counterparty: SMARTSolution Technologies L.P. and affiliates ("SST")
Consideration: one (1) million Series B Preferred Shares convertible into one (1) billion common shares
Closing: 2022-02-28

Exact text from the filing

On February 28, 2022, FOMO closed the acquisition of SMARTSolution Technologies L.P. and affiliates ("SST") for consideration of one (1) million Series B Preferred Shares convertible into one (1) billion common shares issued to Mitchell Schwartz and SMARTSolution Technologies Inc.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

FOMO WORLDWIDE, INC. entered into Promissory Note with Thermo Communications Funding, LLC valued at up to $1,000,000 (effective 2022-02-28).

Action: entry
Agreement: credit facility
Counterparty: Thermo Communications Funding, LLC
Value: up to $1,000,000
Effective: 2022-02-28

Exact text from the filing

ebruary 28, 2022, FOMO entered into a Promissory Note for up to $1,000,000 with Thermo Communications Funding, LLC. The loan is secured

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Source: SEC EDGAR

accession 0001493152-23-002497

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