Item 1.01 Entry into a Material Definitive Agreement.
On May 23, 2023, we entered into a short-term non-dilutive financing agreement
with a third-party netting us $88,000, which is included herein as Exhibit 10.1.
Item 7.01 Regulation FD Disclosure.
On May 23, 2023, we disclosed on our Twitter feed the following update on
monthly sales trends:
"Mar $16.9K Apr $231.8K May(e) $550K (already invoiced $489K) June(e) $612K
July(e) $824K. Paydown of primary vendor SMART Tech to $0 after credit freeze
over, orders did not get lost from K12, order book strong."
FOMO has notified investors that our SMARTSolution Technologies LP ("SST")
subsidiary currently has an estimated $500,000 in collections being processed by
customers and/or in route to our asset backed credit line provider, over
$300,000 in project installations expected to be completed in the next four
weeks, and approximately $1 million in project and dropship orders signed or
expected to be signed over the near-term. Because funding for K12 customers is
typically released on July 1st of each calendar year after the May budgeting
window, our SST order book and visibility is strong. Further, our March 2023
credit freeze by our primary vendor SMART Technologies has been cured allowing
us to deliver against our WIP, PO's and sales backlog.
Separately, the Company is currently in discussions with banks and non-bank
lenders for permanent financing of up to $3 million to replace high interest
debt and fund growth, including sales hires, support personnel, and equipment
for higher sales volumes at SST. There can be no assurances funding will be
available given market conditions.
Item 8.01 Other Events.
We are amending ownership filings for SST with the State of Pennsylvania. We
intend to dissolve the SST LP and assign all of its assets to our wholly owned
subsidiary SST Inc. for reporting, regulatory, tax, and legal purposes. There
will be no impact to our 100% ownership of the SST business or change to its
financials as a result of this corporate action.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No Description
10.1 FOMO WORLDWIDE, INC. Globex Financing Agreement: 05/23/2023
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