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Subsequent Events
3 Months Ended
Mar. 31, 2023
Subsequent Events [Abstract]  
Subsequent Events

Note 15 – Subsequent Events

 

Subsequent to March 31, 2023, the Company had the following transactions:

 

On April 12, 2023, the Company exercised 100,000,000 warrants issued by Himalaya Technologies, Inc. (OTC: HMLA) to purchase two million (2,000,000) restricted Series A Preferred shares of HMLA’s stock that convert 1-50 into HMLA restricted common stock and vote on an as converted basis. For the purchase, FOMO used $10,000 consideration of its credit line made available to HMLA in cash funding since June 28, 2021 and maturing December 31, 2023.

 

The Company’s asset backed lender Thermo Communications Funding, LLC has agreed to waive all covenants on our $1.5 million credit line secured by all of our assets until May 31, 2023 while we perform due diligence with them and other equity and debt investors on proposed acquisitions under letter of intent for purchase.

 

On April 14, 2023, FOMO’s SMARTSolution Technologies L.P. subsidiary drew $462,398.28 from its purchase order (“PO”) line with First Avenue Funding, LLC, which has been in place since April 4, 2022 and has a limit of $500,000. The Company used proceeds to pay down its $1,000,000 credit line with its primary vendor SMART Technologies, which had a past due balance and was in a credit freeze, to $0.00. The payment unlocked full availability of the SMART facility.

 

On April 26, 2023, our CEO Vikram Grover converted $10,000 of accrued compensation into 5,333,333 restricted Series A Preferred shares

 

On May 1, 2023, the Board of Directors of the Company, has approved a change the Company’s common stock symbol to IGOT from FOMC, to apply to FINRA to change the Company’s name to FOMO WORLDWIDE, INC. from FOMO CORP. to match the Company’s legal name in the state of California and on the SEC’s EDGAR system, To apply under Rule 15c2-11 to reinstate market makers for the Company’s common stock, to redomicile the Corporation to the State of Wyoming from the State of California, and reverse split all issued and outstanding shares of all classes of stock and authorized shares of all classes of stock equally by a ratio of 1-100. The above actions are not yet effective.

 

On May 1, 2023, our CEO Vikram Grover converted $10,000 of accrued compensation into 166,667 restricted Series B Preferred shares.

 

On May 2, 2023, our CEO Vikram Grover converted $10,000 of accrued compensation into 33,333,333 restricted common shares.

 

On May 3, 2023, our CEO Vikram Grover converted $10,000 of accrued compensation into 33,333,334 restricted common shares.

 

On May 4, 2023, our CEO Vikram Grover converted $5,000 of accrued compensation into 25,000,000 restricted common shares.

 

On May 5, 2023, our CEO Vikram Grover converted $5,000 of accrued compensation into 25,000,000 common shares.

 

On May 5, 2023, the Company entered into an unsecured non-dilutive financing with a third-party netting $94,000 after $40,000 upfront amortization/original issue discount (“OID”) and $6,000 fees. The Company can obtain early payment discounts under the contract terms.

 

On May 5, 2023, we received an advance from a third party against future sales of $140,000, netting us $94,000 after fees.

 

On May 10, 2023, the Company purchased 100% of KANAB CORP. from Himalaya Technologies, Inc. for partial forgiveness of monies loaned to the business on June 28, 2021 and as amended on November 9, 2021 and September 1, 2022. The transaction, which closed May 10, 2023, makes KANAB CORP., owner and operator of an Internet social site www.Kanab.Club, a wholly owned Wyoming C-Corp. subsidiary of FOMO WORLDWIDE, INC.

 

On May 11, 2023, our CEO Vikram Grover converted $5,000 of accrued compensation into 25,000,000 restricted common shares.

 

On May 19, 2023, our CEO Vikram Grover converted $5,000 of accrued compensation into 25,000,000 restricted common shares.