# EDGAR Filing Document

**Accession Number:** 0000867028
**File Stem:** 0001493152-23-003599
**Filing Date:** 2023-2
**Character Count:** 16200
**Document Hash:** 0c08fc504e8c6921e4cc92692242a575
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-23-003599.hdr.sgml**: 20230206

**ACCESSION NUMBER**: 0001493152-23-003599

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20230203

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230206

**DATE AS OF CHANGE**: 20230206

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FOMO WORLDWIDE, INC.
- **CENTRAL INDEX KEY:** 0000867028
- **STANDARD INDUSTRIAL CLASSIFICATION:** INVESTORS, NEC [6799]
- **IRS NUMBER:** 954040591
- **STATE OF INCORPORATION:** CA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-13126
- **FILM NUMBER:** 23588277

**BUSINESS ADDRESS:**
- **STREET 1:** 831 W NORTH AVE.
- **CITY:** PITTSBURGH
- **STATE:** PA
- **ZIP:** 15233
- **BUSINESS PHONE:** (630) 708-0750

**MAIL ADDRESS:**
- **STREET 1:** 831 W NORTH AVE.
- **CITY:** PITTSBURGH
- **STATE:** PA
- **ZIP:** 15233

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FOMO CORP.
- **DATE OF NAME CHANGE:** 20191226

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** 2050 MOTORS, INC.
- **DATE OF NAME CHANGE:** 20140508

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ZEGARELLI GROUP INTERNATIONAL INC
- **DATE OF NAME CHANGE:** 19971008

?xml version="1.0" encoding="utf-8"?

**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): February 3, 2023

**FOMO WORLDWIDE, INC.**

**(Exact name of Registrant as specified in its Charter)**

california 001-13126 83-3889101 <br> (State or other jurisdiction of incorporation) (Commission File No.) (IRS Employer Identification No.)

831 W North Ave., Pittsburgh, PA 15233

(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:

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| | | |
|:---|:---|:---|
| 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", "we", "us", or the "Company".

**Item 8.01 Other Items.**

FOMO WORLDWIDE, INC. has signed a letter of intent ("LOI") to acquire the assets of a USA-based learning management system ("LMS") and training content provider for $400,000, including $150,000 cash, $150,000 in Series B Preferred stock, and a $100,000 earn-out plus incentive stock options for employees. Execution of a definitive agreement for the proposed transaction is required by May 31, 2023. The proposed transaction is expected to have hard dollar (cost savings) and soft dollar (cross-selling) synergies with our existing businesses and planned acquisitions in the content, e-learning and training markets. There can be no assurances that we will be able to obtain required financing and/or consummate the transaction.

**Item 9.01. Exhibits**

(a) Exhibits. The following exhibit is filed with this Current Report on Form 8-K:

<u>Exhibit No.</u> <u>Description</u> <br> 10.1 [FOMO WORLDWIDE, INC. LMS LOI (redacted) – February 3, 2023](ex10-1.htm) <br> 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

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.

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| | | |
|:---|:---|:---|
|  | FOMO WORLDWIDE, INC. | FOMO WORLDWIDE, INC. |
| Date: February 6, 2023 | By: | */s/ Vikram Grover* |
|  |  | Vikram Grover |
|  |  | Chief Executive Officer |

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## Exhibit 10.1

**Exhibit 10.1**

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| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LETTER OF INTENT** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**February 3, 2023** |

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FOMO WORLDWIDE, INC., and/or assigns a California corporation ("Buyer") is pleased to present the following non-binding letter of intent ("LOI") for the acquisition by Buyer of all the assets of ______________, a Pennsylvania corporation ("Company"), which is owned by ______________ ("Seller"), subject to the general terms and conditions set forth herein ("Transaction").

This LOI summarizes the principal terms of the proposed Transaction. In consideration of the time and expense devoted and to be devoted by the parties with respect to the proposed Transaction, Sections 5e and 6 below in this LOI shall be a binding obligation of the parties. No other provisions in this LOI shall constitute legally binding obligations upon the parties; other legally binding obligations will only arise if and when a definitive agreement and any additional agreements are executed and delivered by the parties. Accordingly, the proposed transaction will be subject to both further negotiation and the execution of a written purchase and sale agreement.

This LOI is further conditioned on the completion of due diligence, legal and accounting review, documentation that is satisfactory to all parties, and the successful raise by the Buyer of certain financing, if any. This LOI shall be governed in all respects by the laws of the State of Pennsylvania, without regard to its conflict of law provisions. The parties are reminded there is a non-disclosure agreement already in place and those terms govern the confidentiality of this LOI and ongoing efforts related to this Transaction.

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| | | | |
|:---|:---|:---|:---|
| **1.** | **Terms of the Offer** | This LOI is based on the following terms: | This LOI is based on the following terms: |
|  | a) | An Asset Purchase Agreement ("APA") between Seller and the Buyer that will contain customary terms and conditions and provide for the purchase of all of the Seller's assets related to the Company (debt-free) for a purchase price of $400,000 (four hundred thousand dollars) (the "Purchase Price"), to be paid as follows: | An Asset Purchase Agreement ("APA") between Seller and the Buyer that will contain customary terms and conditions and provide for the purchase of all of the Seller's assets related to the Company (debt-free) for a purchase price of $400,000 (four hundred thousand dollars) (the "Purchase Price"), to be paid as follows: |
|  |  | 1. | $150,000 cash at close, plus |
|  |  | 2. | $150,000 of Series B Preferred Stock priced at $0.50 per share (i.e., 300,000 Series B Preferred Stock based on a common stock price of $0.0005 and a 1-1,000 conversion ratio), plus |
|  |  | 3. | $100,000 cash in 1 year after close, subject to exceeding $1 million in revenue for the full year (the "Earn-out") after Closing (defined below), plus |
|  |  | 4. | Seller's participation in stock options as an employee, as per Board approval. |
|  | b) | As a condition to Closing, Buyer expects certain employees to continue employment on terms acceptable to Buyer. As such, Buyer is to meet and interview each employee for consideration of ongoing employment after Closing. Additionally, ______________ must agree to a minimum one-year employment agreement and bonus package, beginning with the Closing Date, at an annual salary equal to the rate of pay in 2022 for ______________ and bonus package to be confirmed. Additionally, ______________ must agree to a non-competition and non-solicitation agreement from the Closing Date until 5-years after the end of his employment with the Buyer (the "Condition"), which would include a non-solicitation of the Company's past, current, and prospective customers currently engaged in discussion with the Company. | As a condition to Closing, Buyer expects certain employees to continue employment on terms acceptable to Buyer. As such, Buyer is to meet and interview each employee for consideration of ongoing employment after Closing. Additionally, ______________ must agree to a minimum one-year employment agreement and bonus package, beginning with the Closing Date, at an annual salary equal to the rate of pay in 2022 for ______________ and bonus package to be confirmed. Additionally, ______________ must agree to a non-competition and non-solicitation agreement from the Closing Date until 5-years after the end of his employment with the Buyer (the "Condition"), which would include a non-solicitation of the Company's past, current, and prospective customers currently engaged in discussion with the Company. |

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**2.** **Financing Contingency** The
 Transaction would be subject to certain conditions precedent being satisfied, including without limitation, acceptable financing
 to be secured by Buyer, board and shareholder approvals as necessary, possible regulatory approvals, and execution of definitive
 agreements.

**3.** **Expiration** This
 LOI expires on February 3, 2023 if not countersigned.

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| | | |
|:---|:---|:---|
| **4.** | **Assumptions** | With respect to the Company, the following must be acceptable to Buyer: |
|  | a) | Execution of an APA and related definitive agreements as soon as practical but not later than May 31, 2023 (the "Closing" and such date, the "Closing Date"). |
|  | b) | Seller's cooperation with due diligence requests and fulfillment of the conditions herein. |
|  | c) | There being no material adverse change in the business of the Company (financial, trading, or otherwise), profit, or prospects of the Company prior to Closing of the Transaction (for clarity, relative to conditions now and anticipated short-term performance). |

---

**5.** **Principal Terms and Conditions** The
 LOI is subject to the following additional principal terms and conditions:

a) That
 from the date of acceptance of this LOI until the Closing Date, the business and operations of the Company will be carried out in
 the ordinary and usual course of business, and that the Company will not enter into any contract or arrangement that is extraordinary
 and/or not in accordance with customary provisions of business or which might adversely affect the Company.

b) Buyer
 and its financing partner being satisfied with the results of commercial, financial, tax, and legal due diligence of the Company
 (the "Due Diligence").

c) The
 Company's management, shareholders, and board of directors (as well as Seller and any advisers or consultants) will fully cooperate
 with Buyer and its advisers, including Elmcore Securities LLC. Seller's cooperation presumes a reasonable expenditure of time
 appropriate and normal for a transaction of this nature.

d) Satisfactory
 legal documentation, including but not limited to the APA containing such provisions, covenants, warranties, and indemnities appropriate
 and normal for a transaction of this nature.

e) Through
 the Closing Date, Seller agrees to an exclusivity and no-shop provision in order for the Buyer to complete the proposed Transaction,
 including that Seller and its equity holders, directors, officers, employees, representatives and agents will not discuss or pursue
 any sale, recapitalization, liquidation or other disposition of the Company, any sale or transfer of any capital stock or any assets
 of the Company or any interest therein, or any transaction, investment, recapitalization, or sale similar to the proposed Transaction
 with any other party, or provide any information regarding the Company to any other party other than the Buyer. In the event that
 the Company violates this exclusivity and no-shop provision, the Company shall reimburse the Buyer for all costs and expenses through
 the time of discovery by the Buyer.

Page 2 of 4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) Neither
 the Buyer, nor Seller, nor the Company, nor their respective affiliates, shareholders, or representatives will make any press release
 or public announcement concerning the existence or completion of the Transaction contemplated hereby without the prior written approval
 of the other parties hereto.

g) Representations
 and Warranties of Buyer: The Buyer agrees to reasonable and customary reps and warranty language to be included in the definitive
 APA; which will survive through Buyer's payment of the Earn-out and beyond in certain circumstances yet to be determined and
 negotiated between the Buyer and Seller. These representations and warranties will include, but not be limited to, assurances in
 regard to: the best efforts of the Buyer to retain the Seller's business and customers; the providing of current updated information
 to the Seller, upon Company's request and at reasonable intervals, about sales upon which the Earn-out is based; the right
 of Seller to contact the Company's customers solely for the purpose of inducing them to continue to do business with the Buyer;
 for the period of the Earn-out, a prohibition on the sale by Buyer of customer accounts to a 3rd party without Seller's consent;
 and Buyer not being able to discriminate in the pricing or terms of service offered between the customers whose accounts are being
 sold and Buyer's other customers.

h) Sales
 and Transfer Taxes: Each of the parties will pay their respective sales and transfer taxes, if any, arising from this transaction.

**6.** **Costs** Each
 of Buyer and Seller will be responsible for their own costs and expenses in relation to the proposal in this LOI, the definitive
 agreements, and any conditions contained herein. Each party shall indemnify and hold the other harmless from any claims of brokers
 or finders claiming through it. Buyer shall be solely responsible for any sums claimed due by Elmcore.

**7.** **Good Faith Negotiation** Following
 the execution of this LOI, the parties will negotiate all definitive agreements in good faith, consistent with the principles and
 other terms set forth in this LOI, which are necessary to effect the contemplated Transaction in form and substance mutually satisfactory
 to the parties. If the parties are unable to complete the Transaction by the Closing Date, the obligation to continue negotiating
 shall cease and this LOI shall terminate, unless extended by mutual agreement.

[Signatures appear on following page.]

Page 3 of 4

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| | | | |
|:---|:---|:---|:---|
| **Agreed and accepted by the parties:** | **Agreed and accepted by the parties:** | | |
| **For and on behalf of Buyer** | **For and on behalf of Buyer** | **For and on behalf of Seller** | **For and on behalf of Seller** |
| Signature: |  | Signature: |  |
| By: | Vikram Grover | By: |  |
| Title: | CEO | Title: | President and CEO |
| Date: | February 3, 2023 | Date: | February 3, 2023 |

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