Conversions are almost done..lol
FOMO CORP. (“FOMO”) is hereby updating investors with regard to convertible debentures and accrued interest as of January 6, 2021. Three loans to “Jabro” and “Other” are unable to be confirmed. No documentation of such loans was provided by prior management, previous accountants or prior auditors when FOMO’s current management was appointed on or around March 6, 2019. In discussion with the Company’s audit firm Boyle CPA, LLC, management believes it is appropriate to move these undocumented loans out of long-term debt and make adjustments to shareholders’ equity if/when extinguished. Separately, though substantial common shares have been reserved for conversions of “aged loans” subject to Rule 144, management believes reserves are conservative at an estimated 10x amounts required by lenders because, at the times of these loans, the Company’s common stock price was substantially lower than recent levels. If and when lenders complete conversions of their positions, remaining common stock reserves will be released back to the Company, which management believes will mitigate the need for an increase in authorized shares or other corporate actions including a change to the Company’s share structure. A debt scheduled is attached as Exhibit 10.1.
Item 9.01. Exhibits
(a) Exhibits. The following exhibit is filed with this Current Report on Form 8-K:
Exhibit No. Description10.1 FOMO CORP. Debt Schedule 01-06-2021
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