Commitments and Contingencies

3 Months Ended

Mar. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 10 – Commitments and Contingencies

Right-of-Use Operating Lease

On February 28, 2022, in connection with the acquisition of SST, the Company assumed a Right-of-Use (“ROU”) operating lease for its office space. The lease is for an initial term of five (5) years at $7,000 per month. There are no stated renewal terms. There were no other ROU leases in effect prior to the acquisition of SST.

At March 31, 2022, the Company has no financing leases as defined in ASC 842, “Leases.”

FOMO WORLDWIDE, INC AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2023

UNAUDITED

The tables below present information regarding the Company’s operating lease assets and liabilities at March 31, 2022:

	March 31, 2023
Assets
Operating lease - right-of-use asset - non-current	$	264,676
Liabilities
Operating lease liability	$	275,840
Weighted-average remaining lease term (years)		3.84
Weighted-average discount rate		8	%
The components of lease expense were as follows:
Operating lease costs
Amortization of right-of-use operating lease asset	$	17,261
Lease liability expense in connection with obligation repayment		5,583
Total operating lease costs	$	22,844
Supplemental cash flow information related to operating leases was as follows:
Operating cash outflows from operating lease (obligation payment)	$	15,417

Future minimum lease payments required under leases that have initial or remaining non-cancelable lease terms in excess of one year at March 31, 2023:

2023 (9 Months)	$	63,000
2024		84,000
2025		84,000
2026		84,000
2027		7,000
Total undiscounted cash flows		322,000
Less: amount representing interest		(46,160	)
Present value of operating lease liability		275,840
Less: current portion of operating lease liability		(64,836	)
Long-term operating lease liability	$	211,004

FOMO WORLDWIDE, INC AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2023

UNAUDITED