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FOMO Corp = Fear Of Missing Outrageously as in the fear of missing out on a ridiculously underwhelming scam stock. So instead of investing in a stock with potential, you're anxiously concerned about losing all your investment as the CEO misleads investors and shuffles shares between his scam companies as he takes your hard earned money.
FOMC Breakout near!
Or was that use of misleading information to falsely prop up the stock price so that CEO could sell shares or sell/move shares to shell companies to generate false revenue figures? That announcement brought share price to 0.0007. Since then it has dropped 71% to 0.0002. Anybody who has a significant amount invested in this losing company should investigate.
How did this go? February 1st, 2022. FOMO’s goal in the next coming months is to uplist to a higher exchange.
CEO moving/transferring on paper, not purchasing shares. It's a spin. He is playing a shell game to trick investors.
A lot of smoke and mirrors here.
Something is stirring here! Another OTC comeback sign!
CEO purchased shares for a total of $989,138.
Then you'll really love it here at 0.0002 LOL. What a POS. And if you believe anything lying sack of shite Grover says or posted your credulity is shocking.
Garbage
0003s dumped.
1:100 coming and changing to IGOT
FOMC SECURITY DETAILS
Share Structure
Market Cap Market Cap
3,617,160
04/28/2023
Authorized Shares
20,000,000,000
04/24/2023
Outstanding Shares
9,042,899,754
04/24/2023
Restricted
458,623,418
04/24/2023
Unrestricted
8,584,276,336
04/24/2023
Held at DTC
8,481,716,483
04/24/2023
Float
5,800,000,000
06/30/2021
With this share structure FOMC is going nowhere fast.
FOMO WORLDWIDE REPORTS RECORD REVENUE GROWTH OF 1,044% IN 2022; FILES ANNUAL REPORT AFFIRMING SEC CURRENT REPORTING STATUS
Pittsburgh, PA, April 18, 2023 (GLOBE NEWSWIRE) -- FOMO WORLDWIDE, INC. (US OTC: FOMC) is pleased to report that it has filed its 2022 annual report under Form 10-K, affirming its SEC current status. During the year ended December 31, 2022, the Company grew operating revenues 1,044% to $7,515,451 from $657,136 in 2021. Sales for the year included the operations of SMARTSolution Technologies L.P. ("SST") acquired on February 28, 2022, which drove the majority of the increase. Gains were driven by strong K12 demand in the Company's core 190 school district markets in Eastern Ohio, Western Pennsylvania, and West Virginia. Orders that had been largely unfulfilled due to pandemic closures and supply chain constraints in 2020 - 2021 led to record backlog at SST, which continues to be strong today. On a pro forma and consolidated basis as if the SST purchase closed at the beginning of the year, FOMO generated approximately $8.8 million revenues in 2022, up from $4.3 million in 2021 and $3.2 million in 2020, representing YoY growth of 137% in 2022 and a high double digit % compound annual growth rate (CAGR).
During 2022, SST's equipment sales were $8.3 million (93%), service and installation revenues were $529K (6.9%), and shipping and other revenues were $16K (0.1%). SST's 2022 pro forma gross profit was $1.32 million (14.9%), impacted by inventory adjustments. Excluding write-downs and charges of roughly $272,000, SST's pro forma adjusted gross profit was $1.59 million (18%). SST's pro forma EBITDA excluding inventory charges, private company audit fees, one time professional fees, and interest expense, was roughly $648,000 (7.3%). Excluding non-recurring items including excess audit fees, M&A fees, legal expenses, and one-time charges, SST's 2022 unaudited pro forma unaudited adjusted net income was positive. These figures exclude public company expenses, finance and legal fees, and the impact of the rebranding of our clean tech business, which together resulted in net losses for the year that were improved by several million dollars from 2021.
Diamond Status with SMART Technologies Competitive Advantage
During 2022, SST's business benefited from its Diamond status with its primary vendor SMART Technologies, whose lead product is interactive flat panels (IFP's) commonly referred to in the industry as "Smart Boards". Today, for the first time in almost four years, this critical vendor line has been paid to a $0 balance and SST's Diamond status with SMART has been affirmed. This preserves pricing benefits, sales referrals, and other strategic synergies important for SST's competitive position in its region, which we intend to expand into neighboring markets organically and through potential acquisitions. During the year, SST's average deal size increased significantly, helping drive revenues to near record levels. Key wins included an order for over 255 IFP's from a school district in the Pittsburgh Metropolitan area with a total value of $1.3 million. Further information on SMART Technologies can be found at https://www.smarttech.com/en/education.
Expanding Beyond K12
To build its business, SST is broadening its outreach beyond K12 schools. For example, SST recently won business with a fraternal order police department, a large Allegheny County correctional institution, professional sports franchises in the city, healthcare and pharmaceutical companies, a major university, and other post-secondary institutions. SST is currently negotiating contracts and installing equipment with fire departments, athletic departments of K12 schools looking to add video walls to their sports complexes, 911 centers for emergency response, medical providers, and other new segments adding to growth. Evolution of order flow beyond K12 is critical to success at SST as the business exits 2022 and looks to accelerate growth and improve profitability. SST is also looking to cross-sell clean technologies, aquaponics, digital signage, and other offerings to diversify its revenue mix and customer yields. As part of its new growth outlook and repositioning, FOMO WORLDWIDE is remodeling SST's headquarters and has made it the center of operations for all businesses including the public holding Company.
Enhanced Financial Reporting
On the finance and accounting front, FOMO's books are now in order after restating 1Q22 2Q22, filing a previously unreported 3Q22 and its Form 10K/A under iXBRL format. The Company has enhanced its internal staff with new hires and promotions as well as the engagement of external advisors. The Company engaged a world class PCAOB audit firm, Urish Popeck & Co., LLC ("UP"), which is an affiliate of the BDO network. We are looking for further expertise in our finance department and believe we may add to our team possibly through retention of key staff at planned acquisitions under letter of intent (LOI) in enterprise content, modular construction, analog and digital signage, and education technology. We are also interviewing audit and legal firms for UK and USA private company work to handle our M&A campaign and to support our public company auditors at UP.
LMS and Enterprise Growth Plans
We recently met with our primary IFP vendor SMART, and they were enthusiastic about our vision to target enterprises via learning management systems (LMS), online training and content, and compliance via acquisitions. They agreed with SST, that as far as education technology products and services go, that enterprise represents the area of greatest opportunity, upside, and margin. We now have a substantial acquisition pipeline that, if consummated, could let our Company finally break away and achieve the scope and scale necessary for success in today's volatile business, financing, and regulatory landscape.
FOMO HOUR To Be Held Weekly at 5:00pm ET
For further information, please see the investor sponsored FOMO WORLDWIDE, INC. Discord under "FOMO HOUR" @ https://discord.gg/uKMkc6XY5F. All prior sessions are available at that thread and under Forms 8-K filed with the SEC at www.sec.gov for those unable to attend or login to the chat room. This investor meeting will be held weekly at 5:00pm to update investors on our progress as we build for the future.
Management Commentary
Said Vik Grover, CFA: "The 10-K filing marks the conclusion of a complex accounting and audit process that included recasting our primary acquisition from cash accounting to accrual accounting, clean-up of certain ineffective methodologies and systems, and a complete tear-down of its books and records invoice-by-invoice matched part-by-part back to 2019. This process consumed our limited resources and staff, as they effectively worked on auditing SST as well as the public organization for an entire year. Despite that herculean effort, and even with our public company delinquent in reporting and corporate status impaired, SST still reported significant revenue growth at near record levels in its nearly three decade history.
I can state with extreme confidence that the foundation is now in place to finish what we started in 2019, which is to become a leading public incubator of high growth private and public companies looking for capital and liquidity to support their own growth. Today and in the near-term, our outlook is heavily weighted towards education technology and services, enterprise learning systems, training and compliance. But in the future, any significant growth business that can stand on its own merits and achieve scale, benefit from our capitalization strategy, and obtain hard and soft dollar synergies from our portfolio can be in play. That's where our larger acquisition opportunities in modular construction, signage, and IT services fit well."
Annual Report / Form 10-K
To read the Company's Form 10-K filing for fiscal year 2022 go to the following:
https://www.sec.gov/ix?doc=/Archives/edgar/data/0000867028/000149315223012626/form10-ka.htm.
Yes.
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Chicago, IL, April 20, 2021 (GLOBE NEWSWIRE) -- FOMO CORP. (https://www.fomoworldwide.com/ - US OTC: ETFM) is pleased to announce that today it is launching a beta test for its newly redesigned Kanab Club 2.0, a social network focused on health and wellness for cannabis users.
Features of Kanab Club 2.0 include:
For users who would like to participate in the beta test, please access this link and create an account to obtain further instructions: https://kanab.club
Vik Grover, FOMO CEO, commented: “Building a social network tailored to the interests of cannabis users has been a dream of mine since we formed KANAB CORP. in mid-2019 as a FOMO subsidiary. I am proud to announce this closed beta launch of the functionality of Kanab Club 2.0 and welcome the feedback of users to further strengthen the site as we head towards a planned open launch in summer 2021. With several hundred million people worldwide using THC and non-THC cannabis products (“CBD”) and/or working in the cannabis industry, given major social platforms today do not target this market, and ahead of potential federal legalization of cannabis in the USA, I believe Kanab Club is well positioned to carve out a lucrative business in this fast-growing global market and create value for our shareholders.”
April 19, 2021 (4) FORM 8KItem 7.01 Regulation FD Disclosure.
On April 18, 2021, FOMO CORP. (“FOMO”) and the owners of SmartGuard agreed to negotiate the acquisition of 51% of SmartGuard’s disinfection unit @ www.smartguard-disinfection.com. The Companies are in due diligence for a step transaction that is expected to be papered by May 1, 2021 and would allow FOMO to acquire the balance 49% by December 31, 2022, though there can be no assurances.
Item 3.02 Unregistered Sales of Equity Securities.
On April 8, 2021, FOMO CORP. (“FOMO”) sold to a third-party lender $103,500.00 in 12% junior debt with a one-year maturity. The transaction netted the Company $100,000.00 after fees/expenses. The note, which has no warrant coverage, has a buyout option and is attached as exhibit 10.1 herein. Proceeds are being used for working capital purposes including legal/due diligence fees for planned and announced acquisition agreements.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits. The following exhibit is filed with this Current Report on Form 8-K:
| Exhibit No. | Description | |
| 10.1 | FOMO CORP. Power Up Lending Group Ltd. Junior Unsecured Note – April 8, 2021 |
Item 8.01 Other Events.
On April 16, 2021, FOMO CORP. (“FOMO”) and the owners of EcoLite Holding LLC (“EcoLite”) and PPE Source International LLC (“PPESI”) extended the deadline for execution of a definitive agreement to acquire EcoLite to July 1, 2021 and the exclusivity period to negotiate the purchase of PPESI to same.
Item 5.03 Amendments to Articles of Incorporation or Bylaws.
FOMO CORP. (“FOMO”) today adopted corporate bylaws on April 12, 2021 for governance purposes. A copy is attached herewith as Exhibit 10.1.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits. The following exhibit is filed with this Current Report on Form 8-K:
| Exhibit No. | Description | |
| 10.1 | FOMO CORP. Corporate Bylaws – April 12, 2021 |
Item 1.01 Entry Into A Material Definitive Agreement.
FOMO CORP. (“FOMO”) today executed a definitive agreement to acquire 100% of the member interests of Lux Solutions, LLC (www.luxsolutions.com / www.luxsolutions.solar). The transaction requires a simultaneous closing of a purchase of LED Funding IV, LLC (a unit of www.smartguard-solutions.com) an energy and lighting management that supports Lux Solutions’ business in LED lighting and energy audit/design services. The LED Funding IV transaction is now signed under definitive agreement. Terms of the combined deal include FOMO issuing owners of both entities three million Series B Preferred shares, $3,000,000 cash, and a $3,000,000 non-convertible seller note subject to adjustments for net debt on closing plus an earn-out based on revenues greater than $10 million per annum. The combined LED Funding IV LLC and Lux Solutions LLC entities to be named “SmartGuard Energy” as a subsidiary of FOMO generated several million dollars of revenue (unaudited) in 2020 with material growth expected in 2021 in the USA and abroad, though there can be no assurances. FOMO is also in discussions to acquire some or all of SmartGuard’s disinfection business and robots as a service (“RaaS”) unit (www.smartguard-disinfection.com). FOMO will provide additional information to investors as it becomes available in compliance with SEC disclosure rules.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits. The following exhibit is filed with this Current Report on Form 8-K:
| Exhibit No. | Description | |
| 10.1 | FOMO CORP. / Lux Solutions LLC Definitive Agreement – April 14, 2021 |
On April 14th, we executed a definitive agreement to acquire LED Funding IV LLC, a provider of energy management, smart lighting, and power purchase agreements (“PPAs”) to commercial, industrial and government customers. A draft agreement was filed under Form 8-K on April 11, 2021.
Item 1.01 Entry Into A Material Definitive Agreement.
FOMO CORP. (“FOMO”) today executed a definitive agreement to acquire 100% of the member interests of LED Funding IV LLC from SmartGuard Solutions (www.smartguard-solutions.com). The transaction requires a simultaneous signing of a definitive agreement to acquire Lux Solutions LLC (www.luxsolutions.com / www.luxsolutions.solar), an energy and lighting project management and design firm that supports LED Funding’s business in smart lighting and energy management services. The Lux Solutions LLC documents are under legal review today. Terms of the combined deal include FOMO issuing owners of both entities three million Series B Preferred shares, $3,000,000 cash, and a $3,000,000 non-convertible seller note subject to adjustments for net debt on closing plus an earn-out based on revenues greater than $10 million per annum. The combined LED Funding IV LLC and Lux Solutions LLC entities to be named “SmartGuard Energy” as a subsidiary of FOMO generated several million dollars of revenue (unaudited) in 2020 with material growth expected in 2021 in the USA and abroad, though there can be no assurances. FOMO also is in discussion to acquire some or all of SmartGuard Solutions’ disinfection business and robots as a service (“Raas”) unit (www.smartguard-disinfection.com). FOMO will provide additional information to investors as it becomes available in compliance with SEC disclosure rules.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits. The following exhibit is filed with this Current Report on Form 8-K:
| Exhibit No. | Description | |
| 10.1 | FOMO CORP. / LED Funding IV LLC Definitive Agreement – April 14, 2021 |
Item 7.01 Regulation FD Disclosure.
FOMO CORP. (“FOMO”) has negotiated a definitive agreement to acquire LED Funding IV LLC from SmartGuard Solutions (www.smartguard-solutions.com). The transaction requires a simultaneous signing of a definitive agreement to acquire Lux Solutions LLC (www.luxsolutions.com), an energy and lighting project management and design firm that supports LED Funding’s business in smart lighting and energy management services. The LED Funding IV LLC and Lux Solutions LLC documents are pending legal review. FOMO is engaging counsel to assist on the closing process. Proposed terms of the combined deal include FOMO issuing three million Series B Preferred shares, $3,000,000 cash, and a $3,000,000 non-convertible seller note subject to adjustments for net debt on closing plus an earn-out based on revenues greater than $10 million per annum. The combined LED Funding IV LLC and Lux Solutions LLC entities to be named “SmartGuard Energy” as a subsidiary of FOMO generated several million dollars of revenue (unaudited) in 2020 with material growth expected in 2021 in the USA and abroad, though there can be no assurances. FOMO is also in discussions to acquire some or all of SmartGuardUV’s disinfection business and robots as a service (“RaaS”) unit (www.smartguardUV.com). FOMO will provide additional information to investors as it becomes available in compliance with SEC disclosure rules.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits. The following exhibit is filed with this Current Report on Form 8-K:
| Exhibit No. | Description | |
| 10.1 | FOMO CORP. / LED IV Funding LLC Preliminary Definitive Agreement – April 11, 2021 |
Chicago, IL, April 08, 2021 (GLOBE NEWSWIRE) -- FOMO CORP. (https://www.fomoworldwide.com/ - US OTC: ETFM) has signed a $10 million financing term sheet with an institutional investor. The fund has committed funding in an equity structure that allows FOMO to obtain capital on its own terms and at its discretion, unlike variable structures of the past. Terms of the funding can be found on the SEC’s EDGAR system at:
https://www.sec.gov/Archives/edgar/data/0000867028/000149315221008256/form8-k.htm
Said Vik Grover, CEO: “This financing, on the heels of FOMO eliminating all default debt as of 03-31-2021, sets the stage for our new era. We are close to moving our letters of intent (“LOI”) for SmartGuard Energy, Lux Solutions, EcoLite Holdings, and a national HVAC services contractor to definitive agreements. We are very serious and earnest in our vision to create an ecosystem of companies targeting clean/smart buildings that will help reopen ou
