Current Report Filing (8-k)
November 16 2022 - 1:34PM
Edgar (US Regulatory)
0000867028
false
0000867028
2022-11-16
2022-11-16
iso4217:USD
xbrli:shares
iso4217:USD
xbrli:shares
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date
of Report (Date of earliest event reported): November 16, 2022
FOMO WORLDWIDE, INC.
(Exact
name of Registrant as specified in its Charter)
california |
|
001-13126 |
|
83-3889101 |
(State
or other jurisdiction
of
incorporation) |
|
(Commission
File
No.) |
|
(IRS
Employer
Identification
No.) |
1
E Erie St, Ste 525 Unit #2250, Chicago, IL 60611
(Address
of principal executive offices)
(630)
708-0750
(Registrant’s
Telephone Number)
(Former
name or address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions (see General Instruction A.2. below):
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
symbol(s) |
|
Name
of each exchange on which registered |
Common |
|
FOMC |
|
OTC
Pink |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405)
or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2) ☒
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act
FOMO
WORLDWIDE, INC. is referred to herein as “FOMO”, the “Company”, “we”, or “us”.
Item
4.02 Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review.
FOMO’s
Board of Directors has concluded that previously issued financial statements, covering the three months ended March 31, 2022 and the
three months ended June 30, 2022, for which we are required to provide financial statements under Regulation S-X (17 CFR 210), should
no longer be relied upon because of errors in such financial statements as addressed in FASB ASC Topic 250, Accounting Changes and Error
Corrections.
We
recently promoted an existing member of staff to the position of Senior Vice President of Finance. During the course of due diligence,
it became apparent that there were accounting errors during 1Q22 and 2Q22 generally attributable to our revenue recognition policies.
In particular, our percentage of completion calculations as well as work in progress (“WIP”) billings for our wholly owned
subsidiary, SMARTSolution Technologies, LP. were incorrect.
We
estimate that the impact to our 1Q22 revenues will be a decline of $550,000 - $650,000, that the impact to our 2Q22 revenues
will be an increase of $350,000 - $400,000, and that the impact of timing issues will be further corrected in 3Q22 - 4Q22.
Upon a review of our purchase orders, invoices, accounts receivable and bank records, our credit facilities and liquidity remain
intact, adequately funding backlog of more than $2,000,000 and a sales funnel of an additional several hundred thousand dollars in
unsigned projects.
We
were not notified of these discrepancies by our previous public company auditors. We have notified them and our private company auditors
reviewing the books and records of SST. We are working with our private company auditors to implement improved financial policies and
controls for SST going forward.
Item
9.01. Exhibits
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
|
FOMO
WORLDWIDE, INC. |
|
|
Date:
November 16, 2022 |
By:
|
/s/
Vikram Grover |
|
|
Vikram
Grover |
|
|
Chief
Executive Officer |
FOMO (PK) (USOTC:FOMC)
Historical Stock Chart
From Apr 2024 to May 2024
FOMO (PK) (USOTC:FOMC)
Historical Stock Chart
From May 2023 to May 2024