FOMO Worldwide Inc (IGOT)

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Current Report Filing (8-k)
November 10 2022 - 09:13AM

We have agreed to assign a $100,000 15% August 2023 real estate development loan owed to FOMO CORP. to Mitchell Schwartz, Founder/CEO of our 100%-owned subsidiary SMARTSolution Technologies LP. The assignment is partial payment against a $185,000 11.5% September 2022 loan made by Mr. Schwartz to FOMO CORP. on March 31, 2022. Adjusted for a prepayment of $50,000 cash made earlier this year to Mr. Schwartz and the loan assignment, we will have reduced our debt to Mitchell Schwartz to $35,000 from $185,000 and eliminated a $10,000 success fee attached to his loan on maturity. The early payments and assignments reduce our collateral against the Schwartz loan pro rata to 35,897,436 common shares from 200,000,000 common shares. Mr. Schwartz has agreed to extend the maturity of his remaining loan balance to February 28, 2023, at which time his SST employment contract ends. The borrower of the real estate loan, Mr. Schwartz and FOMO CORP. have agreed to the transaction and are papering it for execution. Upon payoff of the Schwartz loan, there will be no shares issued to Mr. Schwartz or held as collateral.