secwatch.observer — SEC 8-K summary
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Issuer:     FOMO WORLDWIDE, INC. (—)
CIK:        0000867028
Form:       8-K/A
Filed at:   2023-01-26T23:59:59+00:00
Accession:  0001493152-23-002497
Event type: m_and_a
Sentiment:  negative
Materiality: 0.75
Item codes: 1.01, 2.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

FOMO closes SST acquisition for 1B shares; audited financials show losses and going concern
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/867028/000149315223002497/0001493152-23-002497-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/867028/000149315223002497/form8k-a.htm
  HTML page:      https://secwatch.observer/filing/0001493152-23-002497

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