XML 36 R28.htm IDEA: XBRL DOCUMENT v3.23.1
Debt (Tables)
 3 Months Ended
Mar. 31, 2023
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]  
Schedule of Convertible Notes Payable

The Company executed several convertible notes with various lenders as follows:

 

   GS Capital   PowerUp Lending   Sixth Street Lending 
             
Issuance Dates of Convertible Notes   

June 2021 - April 2022

    September 2021    October 2021 - January 2022 
Maturity Dates of Convertible Notes   

June 2022 - April 2023

    September 2022    October 2022 - January 2023 
Interest Rate   10%   12%   12%
Default Interest Rate   24%   22%   22%
Collateral   Unsecured    Unsecured    Unsecured 
Conversion Rate   $0.001 or 60% of the average of the two (2) lowest prices in the prior 20-day period    61% of the average of the two (2) lowest prices in the prior 20-day period    61% of the average of the two (2) lowest prices in the prior 20-day period 

 

 

FOMO WORLDWIDE, INC AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2023

UNAUDITED

 

  

GS

Capital

  

PowerUp

Lending

  

Sixth Street

Lending

   Total 
                 
Balance - December 31, 2021  $380,000   $43,750   $78,750   $502,500 
Proceeds from issuance of notes   335,000    -    43,750    378,750 
Conversion of accrued interest to note   16,206              16,206 
Repayment of notes   -    -    (122,500)   (122,500)
Conversion of debt to common stock   (55,000)   (43,750)   -    (98,750)
Balance   676,206    -    -    676,206 
Less: unamortized debt discount   (31,200)   -    -    (31,200)
Balance - December 31, 2022  $645,006   $-   $-   $645,006 

 

  

GS

Capital

  

PowerUp

Lending

  

Sixth Street

Lending

   Total 
                 
Balance - December 31, 2022  $676,206   $-   $-   $676,206 
Proceeds from issuance of notes   -        -    -    - 
Conversion of accrued interest to note   -    -    -    - 
Repayment of notes   -    -    -    - 
Conversion of debt to common stock   -    -    -    - 
Balance   676,206                 -                   -    676,206 
Less: unamortized debt discount   -    -    -    - 
Balance - March 31, 2023  $676,206   $-   $-   $676,206 
Schedule of Convertible Note payable Related Party

In March 2022, the Chief Executive Officer of SST advanced funds to the Company as follows:

 

   Convertible Debt 
   Related Party 
     
Issuance Date of Convertible Note   March 31, 2022  
Maturity Date of Convertible Note   September 30, 2022  
Interest Rate   11.50%
Default Interest Rate   0.00%
Collateral   1 
Conversion Rate   2 
      
Balance - December 31, 2021   $- 
Proceeds from issuance of note    195,000 
Repayments    (195,000)
Balance – December 31, 2022   $- 

 

1 200,000 shares of Series B, Preferred Stock
2 Converts into Series B, preferred stock at $1/share ($0.001/share in common stock – 1:1,000 ratio)
Schedule of Loans Payable - Related Parties

Loans payable - related parties is as follows:

 

    1    2    3      
    Loan Payable     Loan Payable     Loan Payable       
    Related Party     Related Party     Related Party     Total  
                     
Issuance Date of Loan   Various     Various     Various       
Maturity Date of Convertible Note   Due on Demand     Due on Demand     Due on Demand       
Interest Rate   0.00%   0.00%   0.00%     
Default Interest Rate   0.00%   0.00%   0.00%     
Collateral   Unsecured     Unsecured     Unsecured       
Conversion Rate   None     None     None       
                     
Balance - December 31, 2021   -    5,168    17,546    22,714 
                     
Debt acquired in SST acquisition   321,705    -    -    321,705 
Advances   326,911    -    14,741    341,652 
Repayments   (364,136)   -    (12,407)   (376,543)
Balance - December 31, 2022  $284,480   $5,168   $19,880   $309,528 
                     
Advances   -    -    3,090    3,090 
Repayments   -    -    (3,900)   (3,900)
Balance - March 31, 2023  $284,480   $5,168   $19,070   $308,718 
Short Term Portion of Balance  $    $5,168  $19,070   $24,238 
Long Term Portion of Balance  $284,480   $-   $-   $284,480 

 

1 - reflects activity related to the Company’s current Chief Executive Officer of SST.
2 - reflects activity related to the Company’s former Chief Executive Officer of FOMO.
3 - reflects activity related to the Company’s current Chief Executive Officer of FOMO.
Schedule of Loan Payable Other

 

   Loan Payable - Other 
     
Issuance Date of Loan   April 1, 2022 
Maturity Date of Loan   April 1, 2023 
Interest Rate   16.00%
Default Interest Rate   0.00%
Collateral   Unsecured 
Conversion Rate   None 
      
Balance - December 31, 2021  $- 
Proceeds   443,060 
Repayments   (199,368)
Balance – December 31, 2022  $243,692 
Proceeds   - 
Repayments   (66,001)
Balance – March 31, 2023  $177,691 
Schedule of Accounts Receivable Credit Facility

The Company and its subsidiaries are guarantors of this Agreement.

 

   Accounts Receivable 
   Credit Facility 
     
Issuance Date of credit facility   February 28, 2022 
Maturity Date of credit facility   February 28, 2024 
Interest Rate   11.50%
Default Interest Rate   0.00%
Collateral   All assets  
Conversion Rate   None 
      
Balance - December 31, 2021  $- 
Proceed from drawdowns   7,269,906 
Repayments   (5,993,439)
Balance - December 31, 2022   1,267,467 
Proceed from drawdowns   1,112,819 
Repayments   (949,024)
Balance - March 31, 2023  $1,440,262 
Third Party Lender [Member]  
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]  
Schedule of Loan Payable Other

 

   Loan Payable - Other 
     
Issuance Date of Loan   January 17, 2023 and March 27, 2023 
Maturity Date of Loan   January 17, 2024 and March 27, 2024 
Interest Rate   18.00 – 33.00%
Default Interest Rate   0.00%
Collateral   Unsecured 
Conversion Rate   None 
      
Balance – December 31, 2022  $- 
Proceeds   368,800 
Repayments   (40,720)
Balance – March 31, 2023  $328,080