FOMO Worldwide faces $1.07M judgment; plans acquisition of EcoChem North America assets

FOMO WORLDWIDE, INC.

Thermo Communications obtained confession of judgment for $1,074,276.15 against FOMO on Feb 26, 2024 after loan default.
Definitive agreement to acquire North America assets of EcoChem Alternative Fuels LLC; expected signing March 18, closing March 31, 2024.
Dissolved subsidiary Energy Intelligence Center LLC; assets assigned to Diamond Technology Solutions LLC on Feb 6, 2024.
Appointed Joshua Koch and John Bolus (EcoChem execs) to Advisory Board; each received 400,000 warrants at $0.05 for three-year term.
FINRA completed reviews for ticker change to IGOT (eff. ~March 21), name change, redomicile, and 1-100 reverse split (eff. Feb 22, 2024).

Key facts

Extracted from this filing and checked against the source text.

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

FOMO WORLDWIDE, INC. terminated a credit facility with Thermo Communications Funding, LLC valued at $1,074,276.15 (effective 2024-01-04).

Action: termination
Agreement: credit facility
Counterparty: Thermo Communications Funding, LLC
Value: $1,074,276.15
Effective: 2024-01-04

Exact text from the filing

On January 4, 2024, Thermo Communications Funding, LLC (“Thermo”) defaulted us and our subsidiary SMARTSolution Technologies, Inc. (“SST”), terminated its senior secured asset backed lending agreement executed with us on February 28, 2022, and subsequently obtained a confession of judgment against us and certain of our subsidiaries.

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Source: SEC EDGAR

accession 0001493152-24-009462

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