Acquisition and Pro Forma Financial Information (Tables)

3 Months Ended

Mar. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Fair Value of Assets Acquired and Liabilities Assumed

The acquisition of SST was reflected in the accompanying consolidated financial statements at March 31, 2023 and 2022, the results of operations and cash flows are included in the consolidated financial statements as of and from the acquisition date.

Consideration
Value of earn out agreement	$	75,328
Fair value of consideration transferred		75,328
Recognized amounts of identifiable assets acquired and liabilities assumed:
Cash		223,457
Accounts receivable		669,580
Inventory		208,431
Property and equipment		82,553
Operating lease - right-of-use asset		345,229
Supplier relationships		149,000
Trade name		420,000
Total assets acquired		2,098,250
Accounts payable and accrued expenses		268,553
Contract liabilities (deferred revenue)		671,217
Loan payable - related party		421,799
Note payable - government – SBA		150,000
Notes payable		516,234
Operating lease liability		345,229
Total liabilities assumed		2,373,032

FOMO WORLDWIDE, INC AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2023

UNAUDITED

Total net liabilities assumed		(274,782	)
Goodwill in purchase of SMARTSolution Technologies L.P.	$	350,110

Schedule of Future Amortization of Acquired Supplier Relationships and Trade Name

The estimated future amortization of the acquired supplier relationships and trade name are as follows at March 31, 2023:

2023	$	48,937
2024		65,250
2025		65,250
2026		34,123
2027		28,000
Thereafter		256,604
	$	498,164

Schedule of Intangible Assets

The following summarizes the intangible assets at March 31, 2023 and December 31, 2022:

	March 31, 2023			December 31, 2022			Useful Life
Supplier relationships	$	149,000		$	149,000		4 years
Trade name		420,000			420,000		15 years
		569,000			569,000
Accumulated amortization		(70,836	)		(54,524	)
	$	498,164		$	514,476